OREANDA-NEWS. Fitch Ratings has affirmed the senior and subordinate notes issued by Nelnet Student Loan Trust 2014-6 at 'AAAsf' and 'A+sf', respectively. The Rating Outlook on the senior and subordinate notes is Stable and Positive, respectively.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral is comprised of 100% of Federal Family Education Loan Program (FFELP) loans including 65.7% rehabilitated FFELP loans. The credit quality of the trust collateral is high, in Fitch's opinion, based on the guarantees provided by the transaction's eligible guarantors and reinsurance provided by the U. S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch currently rates the U. S. 'AAA'/Stable Outlook.

Sufficient Credit Enhancement: CE is provided by overcollateralization (OC; the excess of trust's asset balance over bond balance) and excess spread, and for the senior notes, subordination of the class B notes. As of April 2016 collection period, total parity is 102.32% (2.27% OC) and senior parity is 104.33% (3.81% OC). The trust will continue to release cash given it maintains the Specified Overcollateralization Amount equal to the greater of 2.27% of the adjusted pool balance and $2,000,000.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at the greater of 2.25% of the outstanding bond balance and $573,300, currently equal to $1,110,705.

Acceptable Servicing Capabilities: Acceptable Servicing Capabilities: Day to day servicing is provided by Nelnet, Pennsylvania Higher Education Assistance Agency (PHEAA), Great Lakes Higher Education Loan Services Inc. (GLELSI) and Xerox-ES. In Fitch's opinion, all servicers are acceptable servicers of FFELP student loans.

In certain LIBOR-down interest rate stress scenarios the basis spread may be compressed, as Fitch would apply a floor to 1-month LIBOR at a negative rate level in accordance with Fitch's "Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds" dated May 2016. Since the updated interest rate stresses are not addressed yet in existing FFELP criteria, this represents a criteria variation. Use of the criteria variation did not have a measurable impact upon the ratings assigned.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U. S. government to reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in tandem with the 'AAA' U. S. sovereign rating. Aside from the U. S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch's published stresses could result in future downgrades. Likewise, a build-up of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings:

Nelnet Student Loan Trust 2014-6

--Class A at 'AAAsf'; Outlook Stable;

--Class B at 'A+sf''; Outlook Positive.