SMB Private Education Loan Trust 2016-A

149,000,000 Class A-1 Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 0.70%
144A CUSIP: 78449FAA9
Reg S CUSIP: U8306RAA9

218,000,000 Class A-2A Private Education Loan-Backed Notes
Security Details:

Fixed Rate: 2.70%
144A CUSIP: 78449FAB7
Reg S CUSIP: U8306RAB7

134,000,000 Class A-2B Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 1.50%
144A CUSIP: 78449FAC5
Reg S CUSIP: U8306RAC5

50,000,000 Class B Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 2.50%
144A CUSIP: 78449FAD3
Reg S CUSIP: U8306RAD3

100,000 Residual Certificates
Security Details:

144A CUSIP: 78449FAE1
Reg S CUSIP: U8306RAE1

Date of Issue: May 26, 2016

Issue Amount: $551,000,000

Servicer:
Sallie Mae Bank

Indenture Trustee:
Deutsche Bank National Trust Company

Administrator:
Sallie Mae Bank

Underwriters:
J.P.Morgan
Credit Suisse