Press Release

DBRS Confirms Ratings on U.S. ABS Transactions

Student Loans

September 06, 2017

DBRS, Inc. (DBRS) confirmed 29 classes from 11 outstanding publicly rated Navient Student Loan transactions. The confirmations are a result of credit enhancement levels being sufficient to cover DBRS’s expected losses at their current respective rating levels.

The DBRS ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- Credit quality of the collateral pool and the historical performance of the Navient Solutions, Inc. portfolio.

Notes:
The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

Ratings

Navient Student Loan Trust 2014-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Sep-17	Series 2014-1 Notes, Class A-2	AAA (sf)	--	Confirmed	US
06-Sep-17	Series 2014-1 Notes, Class A-3	AAA (sf)	--	Confirmed	US
06-Sep-17	Series 2014-1 Notes, Class A-4	AAA (sf)	--	Confirmed	US
06-Sep-17	Series 2014-1 Notes, Class B	AA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Sep-17	Series 2014-8 Notes, Class A-2	AAA (sf)	--	Confirmed	US
06-Sep-17	Series 2014-8 Notes, Class A-3	AAA (sf)	--	Confirmed	US
06-Sep-17	Series 2014-8 Notes, Class B	AA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Sep-17	Series 2015-1 Notes, Class A-1	AAA (sf)	--	Confirmed	US
06-Sep-17	Series 2015-1 Notes, Class A-2	AAA (sf)	--	Confirmed	US
06-Sep-17	Series 2015-1 Notes, Class B	A (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Sep-17	Class A-1 Notes	AAA (sf)	--	Confirmed	US
06-Sep-17	Class A-2 Notes	AAA (sf)	--	Confirmed	US
06-Sep-17	Class A-3 Notes	AAA (sf)	--	Confirmed	US
06-Sep-17	Class B Notes	AA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Sep-17	Class A-1 Notes	AAA (sf)	--	Confirmed	US
06-Sep-17	Class A-2 Notes	AAA (sf)	--	Confirmed	US
06-Sep-17	Class B Notes	AA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Sep-17	Class A-1 Notes	AAA (sf)	--	Confirmed	US
06-Sep-17	Class A-2 Notes	AAA (sf)	--	Confirmed	US
06-Sep-17	Class A-3 Notes	AAA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Sep-17	Class A-1 Notes	AAA (sf)	--	Confirmed	US
06-Sep-17	Class A-2 Notes	AAA (sf)	--	Confirmed	US
06-Sep-17	Class A-3 Notes	AAA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Sep-17	Class A Notes	AAA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Sep-17	Class A Notes	AAA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Sep-17	Class A-1 Notes	AAA (sf)	--	Confirmed	US
06-Sep-17	Class A-2 Notes	AAA (sf)	--	Confirmed	US
06-Sep-17	Class A-3 Notes	AAA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
06-Sep-17	Class A Notes	AAA (sf)	--	Confirmed	US

Navient Student Loan Trust 2014-1

Series 2014-1 Notes, Class A-2

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-3

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-4

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class B

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Navient Student Loan Trust 2014-8

Series 2014-8 Notes, Class A-2

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-8 Notes, Class A-3

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-8 Notes, Class B

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Navient Student Loan Trust 2015-1

Series 2015-1 Notes, Class A-1

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class A-2

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class B

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Navient Student Loan Trust 2015-2

Class A-1 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-3 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Navient Student Loan Trust 2015-3

Class A-1 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Navient Student Loan Trust 2016-2

Class A-1 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-3 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Navient Student Loan Trust 2016-3

Class A-1 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-3 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Navient Student Loan Trust 2016-4

Class A Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Navient Student Loan Trust 2016-5

Class A Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Navient Student Loan Trust 2016-6

Class A-1 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-3 Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Navient Student Loan Trust 2016-7

Class A Notes

Date Issued:Sep 6, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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