Navient Private Education Loan Trust 2020-C: Presale Report

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the Navient Private Education Loan Trust 2020-C (Navient 2020-C) notes (the Notes) as listed above. The DBRS Morningstar ratings of the Notes address the timely payment of interest and the full payment of principal in accordance with the terms and conditions of the Navient 2020-C transaction documents. Navient 2020-C represents the 54th private education loan asset-backed securitization sponsored by Navient Solutions, LLC (Navient; along with legacy SLM Corporation (SLM)) and the 20th since the spinoff from SLM in 2014. Navient, formerly known as Navient Solutions, Inc. is a wholly owned subsidiary of Navient Corporation.