Fitch Rates Access Group, Inc. Private Student Asset-Backed Notes 2005-B Issue.

NEW YORK -- Fitch rates the following notes issued by Access Group, Inc. private student asset-backed notes, series 2005-B:

Ratings for New Issuance:

-- $156,000,000 floating-rate asset-backed notes, class A-1, 'AAA';

-- $101,200,000 floating-rate asset-backed notes, class A-2, 'AAA';

-- $76,674,000 floating-rate asset-backed notes, class A-3, 'AAA';

-- $37,100,000 auction-rate asset-backed notes, class B-1, 'A'.

The ratings are based on the quality of the collateral, the credit enhancement provided, and the sound legal structure. Additionally, the ratings rely on a basis swap agreement and an interest rate cap agreement with Lehman Brothers Special Financing Inc., whose obligations are unconditionally guaranteed by Lehman Brothers Holdings Inc., rated 'A+/F1+' by Fitch..

The ratings reflect the ability of the trust to pay note principal at maturity and timely interest. The ratings do not address the trust's ability to pay any carry-over interest that may accrue on the notes nor do they address the ability of auction-rate noteholders to redeem their notes at an auction now or in the future.

Interest on the class A-1, A-2 and A-3 notes will be indexed to the three-month London Interbank Offered Rate (LIBOR) plus a spread of 0.08%, 0.23% and 0.37%, respectively, and paid quarterly on the 25th of each January, April, July and October, commencing on Jan. 25, 2006. The trust will pay interest on the subordinate class B-1 notes every 28 days based on the applicable auction rate determined on the preceding auction date.

The collateral securing the notes are private student loans made primarily to credit-tested graduate and professional students under the Access Group Loan Program. The private student loans are intended to assist individuals in financing their undergraduate or graduate education beyond what is afforded by the FFELP.

The private loans are available to students enrolled in or recently graduated from graduate-level certificate or degree programs. The program offers several different types of loans, including Graduate Access, Law Access, Medical Access, Dental Access, Business Access, Bar Examination, and Residency loans. Loan proceeds are used by students to finance a portion of the costs of attending law school, medical school, dental school, graduate business school, and other graduate schools, as well as preparing for and taking state bar examinations or participating in a medical residency program.

The loans will be serviced by Access Group, Inc. and Kentucky Higher Education Student Loan Corporation.

Access Group, Inc., located in Wilmington, Delaware, is a 501(c)(3) tax-exempt Delaware non-stock corporation organized to promote access to legal and other post graduate education through affordable financing and related services.

The Access Group Loan Program was originated in 1983 and initially provided loans exclusively to law students under the FFELP. In 1986, the program was expanded to include supplemental private loans to meet the borrowing needs of law students that were not being met by the FFELP. In 1993, Access Group (then known as Law Access, Inc.) was organized to operate and oversee the program, then known as the Law Access Loans Program. In 1997, the organization changed its name to Access Group, Inc. to reflect the expanded program that included loans to other graduate and professional students.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.