OREANDA-NEWS. Fitch Ratings affirms the South Carolina Student Loan Corp. - 1996 General Resolution senior and subordinate notes at 'AAAsf' and 'AAsf', respectively. The Rating Outlook for both classes remains Stable.

KEY RATING DRIVERS
High Collateral Quality: The trust collateral is comprised of Federal Family Education Loan Program (FFELP) loans with guaranties provided by 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' with a Stable Rating Outlook.

Sufficient Credit Enhancement: Credit enhancement (CE) is provided by overcollateralization, excess spread, and for the senior bonds, subordination provided by the class B bonds. As of June 2015, senior and total parities are 114.69% and 105.43%, respectively. Excess cash cannot be released from the trust until all the bonds are paid in full.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at the greater of (a) 1% of the outstanding balance of the 2005 and 2006 bonds and 0.25% of the outstanding balance of the 2014 series bonds, (b) 0.10% of the original principal of all bonds outstanding, and (c) $750,000.

Acceptable Servicing Capabilities: Day-to-day servicing will be provided by SCSLC and Nelnet Servicing, LLC (Nelnet) will be the back-up servicer. All servicers have demonstrated adequate servicing capabilities.

RATING SENSITIVITIES
Since the FFELP student loan ABS relies 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 buildup of CE 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.

A comparison of the transaction's Representations, Warranties & Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that asset class is available by accessing the appendix that accompanies the initial Presale Report. Please refer to 'South Carolina Student Loan Corporation 2014 Series -- Appendix', published on Aug. 6, 2014 at 'www.fitchratings.com'.

Initial Key Rating Drivers and Rating Sensitivities further described in the presale report published on Aug. 6, 2014.

Fitch affirms the following ratings:

South Carolina Student Loan Corp. - 1996 General Resolution
--Series 2005 A-2 at 'AAAsf'; Outlook Stable;
--Series 2005 A-3 at 'AAAsf'; Outlook Stable;
--Series 2006 A-2 at 'AAAsf'; Outlook Stable;
--Series 2014 A-1 at 'AAAsf'; Outlook Stable;
--Series 2014 A-2 at 'AAAsf'; Outlook Stable;
--Series 2014 B at 'AAsf'; Outlook Stable.