Sallie mae signature student loan

Business Editors

NEW YORK--(BUSINESS WIRE)--May 26, 2004

Fitch rates the following notes issued by SLM Private Credit Student Loan Trust 2004-B:

Ratings for new issuance:

-- $635,000,000 floating-rate student loan-backed notes class A-1

'AAA';

-- $378,000,000 floating-rate student loan-backed notes class A-2

'AAA';

-- $277,150,000 floating-rate student loan-backed notes class A-3

'AAA';

-- $100,000,000 floating-rate student loan-backed notes class A-4

'AAA';

-- $49,242,000 floating-rate student loan-backed notes class B

'A+';

-- $68,182,000 floating-rate student loan-backed notes class C

'BBB+'.

The ratings are based on the quality of the collateral, the credit enhancement provided, and the sound legal structure. Additionally, the ratings rely on the basis swap agreements between the trust and JP Morgan Chase Bank, rated 'A+/F1' by Fitch, and the interest rate cap agreement between the trust and Merrill Lynch Capital Services, Inc., rated 'AA-/F1+'.

The assigned ratings reflect the ability of the trust estate to pay note principal at maturity and timely interest. The ratings do not address the ability of the indenture trustee to auction the collateral pool prior to the stated maturity of the notes.

The collateral securing the notes are credit-tested private student loans originated under the Student Loan Marketing Association's Signature Loans, LAWLOANS, MBA Loans, and MEDLOANS programs. The loans are self-insured from borrower fees paid at repayment and capitalized to the borrower's balance; borrower payments, including those received from collection activities on defaulted loans; and excess spread. Sallie Mae, Inc. will service the loans.

Merrill Lynch & Co. and Morgan Stanley served as co-lead underwriters.