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Fitch Affirms All Ratings of SLM Student Loan Trust 2005-2

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms senior student loan notes at 'AAAsf' and subordinate notes at 'AAsf' issued by SLM Student Loan Trust 2005-2. The Rating Outlook on the senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative, while the Rating Outlook on the subordinate notes remains Stable.

The ratings on the senior and subordinate notes are affirmed based on the sufficient level of credit to cover the applicable risk factor stresses. Credit enhancement for the senior and subordinate notes consists of overcollateralization and projected minimum excess spread, while the senior notes also benefit from subordination provided by the class B note.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2005-2:

--Class A-5 affirmed at 'AAAsf'; Outlook Negative;

--Class B affirmed at 'AAsf'; Outlook Stable.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Jun. 6, 2012);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria' (April 3, 2012).

Applicable Criteria and Related Research:

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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Fitch, Inc.
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Kinga Gorniak, +1-212-908-0792
Analyst
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Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Source: Fitch Ratings