外文报告：MOODY’S-Student Loan Scholar-121004

http://wendang.chazidian.com

4 OCTOBER 2012

AUTHORS
Moody’s Investors Service
Structured Finance Group
Tracy Rice
Aleksandra Simanovsky
Barbara Lambotte
Jingjing (Nicky) Dang
Stephanie Fustar
Jinwen Chen
Pedro Sancholuz Ruda
Laura Kim
Irina Faynzilberg
Haksun Kim
Moody’s Analytics
Scott Hoyt

KEY LINKS
? US Private Student Loan
Securitizations: 2012 Outlook
? Private Student Loan Indices
? Private Student Loan Interactive
Charting Tool
? Student Loan ABS page on http://wendang.chazidian.com
Methodology – Private Student Loan ABS
? Moody’s Approach to Rating U.S. Private
Student Loan-Backed Securities
Methodology – FFELP Student Loan ABS
? Moody's Approach to Rating Securities
Backed by FFELP Student Loans
Methodology – Rating Implementation
Guidance
? US Student Loan ABS Operational Risk
Guidelines

Moody's is proud to be a lead sponsor at IMN’s 18th
Annual ABS East Conference, which will be held in Miami,
FL from October 21-23. In addition to participating in
several presentations, the senior analysts in each of
the major Structured Finance asset classes will also be
available to meet with you one-on-one to discuss their
respective industries. Please email Taylor Fragapane if
you are interested in scheduling a meeting.


ALL STUDENT LOAN ABS
Increase in For-Profit College Dropouts Hurts Student Loan Securitizations
The reported increase is credit negative because students who drop out are significantly more
likely to default on their loans. For-profit college loans typically make up 5% to 20% of the
loans in student loan securitizations.
3
Tax Amnesty Program Is Credit Negative for Tax-Exempt Student
Loan Securitizations
The IRS investigation into sponsors of tax-exempt student loan securitizations and the VCAP
tax amnesty program is credit negative because if sponsors settle and pay settlements with
funds from a securitization, that securitization suffers a loss of cash.
5
PRIVATE STUDENT LOAN ABS
Private (Non-Guaranteed) Student Loans Defaults Improve But Will
Remain High through 2012
For the remainder of 2012, the default rate of securitized private student loans will remain
high; however, it will continue to improve slowly on a year-to-year basis. The default rate
in second-quarter 2012 was 4.2%, according to our Private Student Loan Indices.
8
Loan Consolidations Are Credit Negative for Private Student
Loan Securitizations
Bank products that consolidate a borrower’s private student loans is credit negative for
securitizations because prepayments by high-quality borrowers will increase.
9
Discover’s Servicing Transfer Is Credit Positive for Its SLC Private
Student Loan Securitizations
The announcement that DPI would be taking over the sub-servicing duties of three of SLC’s
private student loan securitizations is credit positive because DPI’s private student loan
servicing stability is stronger than Citibank’s. Also, DPI’s interests align more closely with
those of the noteholders than do Citibank’s.
10
Elimination of Federally Subsidized Stafford Loans to Grad Students
Hurts Non-Guaranteed Student Loan Securitizations
The recently enacte d law eliminating the federal interest subsidy on Stafford loans to
graduate students is credit negative for securitizations because it will increase the aggregate
debt of these students, thereby increasing their likelihood of default.
Continued on page 2
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