The preliminary ratings assigned to New Jersey Higher Education Student Assistance Authority's (HESAA) $486.8 million series 2025-1, 2025-2, and 2025-3 student loan revenue bonds (collectively, the series 2025 bonds) reflect our views of: The availability of approximately 21.4%-25.5% and 23.0%-23.9% credit support (including excess spread) for the senior and subordinate bonds, respectively, based on our 'AA' and 'BBB' stressed break-even cash flow scenarios. The expected initial total parity of 103.8%. Total parity consists of the total assets, the acquisition fund and the reserve accounts divided by the initial total bond balance. The expected initial senior parity of 110.5%. Senior parity consists of the total assets, the acquisition fund, and the reserve accounts, divided by the initial senior bond balance. The
