$332,000,000 Class A-1 Student Loan-Backed Notes
$90,000,000 Class A-2A Student Loan-Backed Notes
$299,000,000 Class A-2B Student Loan-Backed Notes
| Date of Issue: | November 29, 2011 |
| Issue Amount: | $721,000,000 |
Securities Offered:
| Class A-1 Floating Rate Asset-Backed Notes |
|---|
| Rate: | One Month LIBOR + 1.40% |
| CUSIP: | 78446TAA2 |
| Class A-2A Fixed Rate Asset-Backed Notes |
|---|
| Rate: | 3.25% |
| CUSIP: | 78446TAB0 |
| Class A-2B Floating Rate Asset-Backed Notes |
|---|
| Rate: | Fixed 4.54% |
| CUSIP: | 78446TAC8 |
| Servicer: | Sallie Mae, Inc. |
| Indenture Trustee: | The Bank of New York Mellon |
| Administrator: | Sallie Mae, Inc. |
| Luxembourg Paying Agent: | Deutsche Bank Luxembourg SA |
| Underwriters: | Barclays Capital
Credit Suisse
RBC Capital Markets
BofA Merrill Lynch |