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NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings affirms both the senior and subordinate student loan notes for SLM Student Loan Trust 2003-8 at 'AAAsf' . The Rating Outlook on the notes remains Negative based on the sovereign Rating Outlook of the U.S. government.

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. The senior notes also benefit from subordination provided by the class B note. The trust is currently in turbo and will use excess funds to accelerate payment for note principal until paid in full.

Fitch has affirmed the following notes:

SLM Student Loan Trust 2003-8:

--Class A-4 at 'AAAsf'; Outlook Negative;

--Class B at 'AAAsf'; Outlook Negative.

Additional information is available at '[ www.fitchratings.com ]'

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 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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