PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. government ...

1. Fitch Rates Nelnet Student Loan Trust 2014-3
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT
ALL TIMES. government to reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in
tandem with the 'AAA' U.S. Likewise, a new buildup involving credit rating enhancement driven by
simply positive excessive spread given favorable foundation factor conditions could result in future
upgrades. Federal Family Members Education And Learning Loan Plan Student Loan ABS Criteria'
(May 17, 2013);
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496
Applicable Criteria along with Associated Research:
Additional Disclosure
KEY RATING DRIVERS
High Collateral Quality: The Particular believe in collateral consists associated with 100% Federal
family education Loan Plan (FFELP) loans including 25.0% regarding rehabilitated (rehab) loans.
Aside from the U.S. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST
IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE
FOR THIS ISSUER ON THE FITCH WEBSITE.
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
Representations, Warranties, and Enforcement Mechanisms inside Global Structured Finance
Transactions -- Amended
--'Representations, Warranties and Enforcement Mechanism within Global Composition Finance
Transactions' (April 17, 2012)
Adequate Liquidity Support: Liquidity support is actually
initially provided by a $6,478,200 reserve account (0.90% of
outstanding note balance), funded with closing together with
note proceeds. (2%) will services your remaining portfolio.
sovereign rating, defaults along with basis danger account
for the majority with the risk embedded inside FFELP
student loan transactions. Department associated with
Education And Learning (ED). In closing, total parity is
anticipated to be 101.00% and also senior parity is predicted
to become 103.75%. About as well as after the Could 2019
distribution date, the actual specified reserve requirement is
reduced to end up being able to 0.25% with the outstanding
note stability using a floor of $719,800.
Since FFELP student loan ABS rely around the U.S. in Fitch's opinion, all the servicers outlined are
generally appropriate servicers of FFELP student loans.

2. RATING SENSITIVITIES
Applicable Criteria as well as related Research:
. Sovereign rating in March 24, 2014.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS
RELATED THIRD PARTIES. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY
FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
Sufficient credit Enhancement: Money flow scenarios for that class A New as well as B notes had
been satisfactory under Fitch's stresses. Fitch affirmed and assigned a stable Outlook to the U.S.
Federal Loved Ones Education And Learning Loan Plan Student Loan ABS Criteria -- Amended
Global Structured Finance Ranking Criteria
--'Rating U.S. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS
ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. additional
defaults and basis shock beyond Fitch's published stresses could bring about long term downgrades.
the credit excellence of the have confidence in collateral is actually high, inside Fitch's opinion,
based about the ensures provided from the transaction's eligible guarantors along with a minimal of
97% reinsurance involving principal and also accrued curiosity provided from the U.S. Total credit
enhancement (CE) is actually given by overcollateralization (OC), excessive spread and, for the class
Any notes, 3.61% throughout subordination provided by the class B notes.
NEW YORK--(BUSINESS WIRE)--Fitch Ratings features assigned your following ratings for the
Nelnet Student Loan trust 2014-3, student loan asset-backed notes:
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795
--$19,100,000 class B notes 'A+sf'; Outlook Stable.
Rating U.S. sovereign rating. Regarding further dialogue regarding Fitch's sensitivity analysis,
please see the presale titled 'NSLT 2014-2', dated March 3, 2014, offered by www.fitchratings.com.
--$700,700,000 class Any notes 'AAAsf'; Outlook Stable;
Additional information can end up being acquired at 'www.fitchratings.com'.

3. --'Global Structured Finance rating Criteria' (May 24, 2013);
Target Overcollateralization Level: Regarding the particular pass-through structure, excessive
spread must develop for the greater of: 1.00% of the adjusted pool stability or $2 million just before
extra money might end up being launched in the trust.
Acceptable Servicing Capabilities: PHEAA is likely to be accountable for servicing approximately
82% with the NSLT 2014-3 portfolio; Nelnet (16%), as well as Excellent Lakes Educational Loan
services Inc. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST,
AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE
ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE