SMB Private Education Loan Trust 2016-C

247,000,000 Class A-1 Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 0.55%
144A CUSIP: 78449K AA8
Reg S CUSIP: U8307H AA0

227,000,000 Class A-2A Private Education Loan-Backed Notes
Security Details:

Fixed Rate: 2.34%
144A CUSIP: 78449K AB6
Reg S CUSIP: U8307H AB8

150,000,000 Class A-2B Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 1.10%
144A CUSIP: 78449K AC4
Reg S CUSIP: U8307H AC6

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

Fixed Rate: 3.41%
144A CUSIP: 78449GAD1
Reg S CUSIP: U8306TAD9

100,000 Residual Certificates
Security Details:

144A CUSIP: 78449K 100
Reg S CUSIP: U8307H 102

Date of Issue: October 12, 2016

Issue Amount: $674,000,000

Servicer:
Sallie Mae Bank

Indenture Trustee:
Deutsche Bank National Trust Company

Administrator:
Sallie Mae Bank

Underwriters:
Barclays
J.P.Morgan
Royal Bank of Canada
Credit Suisse
Goldman Sachs