OREANDA-NEWS. Fitch Ratings affirms the ratings of the student loan revenue bonds issued by the New Jersey Higher Education Student Assistance Authority (NJHESAA) under the 2010 indenture at 'Asf'. The Rating Outlook is revised to Stable from Negative.

A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Adequate Collateral Quality: The trust is collateralized by approximately \$434.8 million of private student loans as of January 2014. The loans were originated by NJHESAA. The projected remaining defaults are expected to range between 16%-18% of the current pool balance. A recovery rate of 60% was applied which was determined to be appropriate based on data provided by the issuer.

Sufficient Credit Enhancement (CE): CE is provided by and excess spread. Total parity is currently 112.40% as of the December 2014 servicer report. Total parity level has consistently increased over the years since the trust has not reached its release level of 117%. On or after December 2021, no cash releases will be permitted and any excess will be used to turbo existing bond.

Adequate Liquidity Support: Liquidity support for the trust is provided by a debt service reserve fund which is currently at \$9,400,000, representing approximately 2% of the bond balance.

Satisfactory Servicing Capabilities: Day-to-day servicing is provided by NJHESAA. Fitch believes the servicing operations are acceptable at this time.

RATING SENSITIVITIES

As Fitch's base case default proxy is derived primarily from historical collateral performance, actual performance may differ from the expected performance, resulting in higher loss levels than the base case. This will result in a decline in CE and remaining loss coverage levels available to the notes and may make certain note ratings susceptible to potential Stable rating actions, depending on the extent of the decline in coverage. Fitch will continue to monitor the performance of the trust.

Fitch affirms and revises Outlook for the following classes:

New Jersey Higher Education Student Assistance Agency Series 2010-2
--Serial 2015-1 at 'Asf'; Outlook to Stable from Negative;
--Serial 2015-2 at 'Asf'; Outlook to Stable from Negative;
--Serial 2016-1 at 'Asf'; Outlook to Stable from Negative;
--Serial 2016-2 at 'Asf'; Outlook to Stable from Negative;
--Serial 2017-1 at 'Asf'; Outlook to Stable from Negative;
--Serial 2017-2 at 'Asf'; Outlook to Stable from Negative;
--Serial 2018-1 at 'Asf'; Outlook to Stable from Negative;
--Serial 2018-2 at 'Asf'; Outlook to Stable from Negative;
--Serial 2018-3 at 'Asf'; Outlook to Stable from Negative;
--Serial 2019-1 at 'Asf'; Outlook to Stable from Negative;
--Serial 2019-2 at 'Asf'; Outlook to Stable from Negative;
--Serial 2020-1 at 'Asf'; Outlook to Stable from Negative;
--Serial 2020-2 at 'Asf'; Outlook to Stable from Negative;
--Serial 2021 at 'Asf'; Outlook to Stable from Negative;
--Serial 2022 at 'Asf'; Outlook to Stable from Negative;
--Serial 2023 at 'Asf'; Outlook to Stable from Negative;
--Serial 2024 at 'Asf'; Outlook to Stable from Negative;
--Serial 2025 at 'Asf'; Outlook to Stable from Negative;
--Serial 2026 at 'Asf'; Outlook to Stable from Negative;
--Serial 2027 at 'Asf'; Outlook to Stable from Negative;
--Serial 2028 at 'Asf'; Outlook to Stable from Negative;
--Serial 2030 at 'Asf'; Outlook to Stable from Negative;
--Serial 2036 at 'Asf'; Outlook to Stable from Negative.

New Jersey Higher Education Student Assistance Agency Series 2011-1:
--Serial 2015 at 'Asf'; Outlook to Stable from Negative;
--Serial 2015a at 'Asf'; Outlook to Stable from Negative;
--Serial 2016 at 'Asf'; Outlook to Stable from Negative;
--Serial 2016a at 'Asf'; Outlook to Stable from Negative;
--Serial 2017 at 'Asf'; Outlook to Stable from Negative;
--Serial 2017a at 'Asf'; Outlook to Stable from Negative;
--Serial 2018 at 'Asf'; Outlook to Stable from Negative;
--Serial 2019 at 'Asf'; Outlook to Stable from Negative;
--Serial 2019a at 'Asf'; Outlook to Stable from Negative;
--Serial 2020 at 'Asf'; Outlook to Stable from Negative;
--Serial 2020a at 'Asf'; Outlook to Stable from Negative;
--Serial 2021 at 'Asf'; Outlook to Stable from Negative;
--Serial 2021a at 'Asf'; Outlook to Stable from Negative;
--Serial 2022 at 'Asf'; Outlook to Stable from Negative;
--Serial 2023 at 'Asf'; Outlook to Stable from Negative;
--Serial 2024 at 'Asf'; Outlook to Stable from Negative;
--Serial 2025 at 'Asf'; Outlook to Stable from Negative;
--Serial 2026 at 'Asf'; Outlook to Stable from Negative;
--Serial 2027 at 'Asf'; Outlook to Stable from Negative;
--Super Sinker 2027 at 'Asf'; Outlook to Stable from Negative;
--Serial 2028 at 'Asf'; Outlook to Stable from Negative;
--Serial 2029 at 'Asf'; Outlook to Stable from Negative;
--Serial 2033 at 'Asf'; Outlook to Stable from Negative.