263,000,000 Class A-1 Private Education Loan-Backed Notes

Security Details:

Floating Rate: One Month LIBOR + 0.60%
144A CUSIP: 78448PAA8
Reg S CUSIP: U83066AA5

164,000,000 Class A-2a Private Education Loan-Backed Notes
Security Details:

Fixed Rate: 2.49%
144A CUSIP: 78448PAB6
Reg S CUSIP: U83066AB3

82,000,000 Class A-2b Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 1.00%
144A CUSIP: 78448PAC4
Reg S CUSIP: U83066AC1

70,000,000 Class A-3 Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 1.50%
144A CUSIP: 78448PAD2
Reg S CUSIP: U83066AD9

75,000,000 Class B Private Education Loan-Backed Notes
Security Details:

Fixed Rate: 3.50%
144A CUSIP: 78448PAE0
Reg S CUSIP: U83066AE7

50,000,000 Class C Private Education Loan-Backed Notes
Security Details:

Fixed Rate: 4.50%
144A CUSIP: 78448PAF7
Reg S CUSIP: U83066AF4

100,000 Residual Certificates
Security Details:

144A CUSIP: 78448P100
Reg S CUSIP: U83066107

Date of Issue: April 23, 2015

Issue Amount: $704,000,000

Servicer:
Sallie Mae Bank

Indenture Trustee:
Deutsche Bank National Trust Company

Administrator:
Sallie Mae Bank

Underwriters:
Credit Suisse
Barclays
J.P. Morgan
Goldman Sachs
Royal Bank of Canada