SMB Private Education Loan Trust 2020-B

600,000,000 Class A-1A Private Education Loan-Backed Notes

Security Details:

Fixed Rate: 1.29%
144A CUSIP: 78449XAA0
Reg S CUSIP: U8308BAA2

54,000,000 Class A-1B Private Education Loan-Backed Notes
Security Details:

One Month LIBOR + 1.10%
144A CUSIP: 78449XAB8
Reg S CUSIP: U8308BAB0

53,000,000 Class B Private Education Loan-Backed Notes
Security Details:

Fixed Rate: 2.76%
144A CUSIP: 78449XAC6
Reg S CUSIP: U8308BAC8

100,000 Residual Certificates
Security Details:

144A CUSIP: 78449X102
Reg S CUSIP: U8308B104

Date of Issue: August 12, 2020

Issue Amount: $707,000,000

Servicer:
Sallie Mae Bank

Indenture Trustee:
Deutsche Bank National Trust Company

Administrator:
Sallie Mae Bank

Underwriters:
J.P. Morgan
Barclays
Goldman Sachs & Co. LLC
Royal Bank of Canada