Fitch Assigns Ratings To SLM Student Loan Trust 2003-1 Issue.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 3, 2003

Fitch rates the following notes issued by SLM Student Loan Trust 2003-1:

Ratings for new issuance:

-- $212,000,000 class A-1 floating-rate student loan-backed notes, 'AAA';

-- $231,000,000

-- $211,000,000 class A-3 floating-rate student loan-backed notes, 'AAA';

-- $197,000,000 class A-4 floating-rate student loan-backed notes, 'AAA';

-- $332,650,000 class A-5A reset-rate student loan-backed notes, 'AAA';

-- $430,000,000 class A-5B reset-rate student loan-backed notes, 'AAA';

-- $400,000,000 class A-5C reset-rate student loan-backed notes, 'AAA';

-- $62,280,000 class B floating-rate student loan-backed notes, 'AA+'.

The ratings are based on: the quality of the student loan portfolio, the credit enhancement provided, and the sound legal structure. The ratings are independent of the interest rate cap agreement between the trust and Student Loan Marketing Association, however the ratings do rely on the interest rate swap agreement between the trust and Morgan Stanley Capital Services Inc., rated 'AA-/F1+' by Fitch.

The ratings reflect the ability of the trust estate to pay note principal at the legal final maturity and timely interest. The ratings do not address the ability of the Class A-5A, A-5B, or A-5C noteholders to tender their notes at a remarketing date, nor do they 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 loans originated under the Federal Family Education Loan Program (FFELP). The loans are guaranteed at either 100% or 98% of principal and accrued interest by an eligible guarantor(s), depending on loan origination date, and reinsured by the U.S. Department of Education up to the same amounts. Sallie Mae Servicing L.P. will service the loans.

Deutsche Bank Securities, Merrill Lynch & Co., and Morgan Stanley served as co-lead underwriters.