OVERVIEW New Jersey Higher Education Student Assistance Authority's series 2010-FFELP issuance is a securitization backed by student loans that are at least 97% reinsured by the U.S. federal government. We assigned our preliminary 'AAA' rating to the series 2010-FFELP bonds. The preliminary rating reflects our view of the transaction's initial parity, the U.S. federal government's reinsurance, and our stressed cash flow modeling scenarios. NEW YORK (Standard&Poor's) April 23, 2010--Standard&Poor's Ratings Services today assigned its preliminary 'AAA' rating to New Jersey Higher Education Student Assistance Authority's $145 million tax-exempt LIBOR floating-rate student loan revenue bonds series 2010-FFELP. The preliminary rating is based on information as of April 23, 2010. Subsequent information may result in the assignment of
