Fitch Rates Access Group's Federal Student Loan A-B Notes Series 2002.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 8, 2002

Fitch rates the following notes issued by Access Group, Inc.:

Ratings for new issuance:

--$60,803,000 class A-1 federal student loan asset-backed notes 'AAA';

--$297,547,000 class A-2 federal student loan asset-backed notes 'AAA';

--$53,400,000 class A-3 federal student loan asset-backed notes 'AAA';

--$53,400,000 class A-4 federal student loan asset-backed notes 'AAA';

--$23,750,000 class B federal student loan asset-backed notes 'A'.

The ratings on the notes are based on the quality of the student loan portfolio; the excess spread; the ability of the notes to pass stressful cash flow tests at each rating level; and the sound legal structure. In addition, the ratings on the class A-1, A-2, A-3 and A-4 senior notes are enhanced by the 4.86% subordination provided by the class B subordinate notes.

The ratings reflect the ability of the trust estate to redeem the notes at maturity and pay accrued interest. The ratings do not address any carry-over interest that may accrue on the notes nor do they address the ability of the trust to auction the collateral pool prior to the stated maturity of the notes.

The collateral securing the notes are loans originated under the Federal Family Education Loan Program (FFELP). The loans are guaranteed at either 100% or 98% of principal and accrued interest by an eligible guarantor(s), depending on loan origination date, and reinsured by the U.S. Department of Education up to the same amounts.

UBS PaineWebber, Inc. and Deutsche Bank Securities Inc. served as co-lead underwriters.