$277,000,000 Class A-1 Student Loan-Backed Notes
$360,000,000 Class A-2 Student Loan-Backed Notes
$575,000,000 Class A-3 Student Loan- Backed Notes
$37,400,000 Class B Student Loan- Backed Notes
| Date of Issue: | September 20, 2012 |
| Issue Amount: | $1,249,400,000 |
Securities Offered:
| Class A-1 Floating Rate Asset-Backed Notes |
|---|
| Rate: | One Month LIBOR + 0.16% |
| CUSIP: | 78447GAA9 |
| Class A-2 Floating Rate Asset-Backed Notes |
|---|
| Rate: | One Month LIBOR + 0.28% |
| CUSIP: | 78447GAB7 |
| Class A-3 Floating Rate Asset- Backed Notes |
|---|
| Rate: | One Month LIBOR + 0.75% |
| CUSIP: | 78447GAC5 |
| Class B Floating Rate Asset- Backed Notes |
|---|
| Rate: | One Month LIBOR + 1.00% |
| CUSIP: | 78447GAD3 |
| Master Servicer: | Sallie Mae, Inc. |
| Eligible Lender Trustee: | Deutsche Bank Trust Company Americas |
| Indenture Trustee: | Deutsche Bank National Trust Company |
| Administrator: | Sallie Mae, Inc. |
| Underwriters: | Barclays
RBC Capital markets
Royal Bank of Scotland |