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NEBRASKA HIGHER EDUCATION LOAN PROGRAM MASTER TRUST $290.4 MILLION SERIES 1993-1&2 'AAA/AA/A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 10 /PRNewswire/ -- Nebraska Higher Education Loan Program, Inc.'s (NEBHELP) $155 million taxable, variable rate 1993-1 senior series A-2 notes are rated 'AAA'. The $55.4 million tax-exempt, fixed rate 1993-2 senior subordinate series A-5A and A-5B bonds are rated 'AA', and the $80 million tax-exempt, fixed rate 1993-2 junior subordinate series A-6 bonds are rated 'A'.
 The ratings are based on the quality of the student loan portfolios, the reserve fund, and the subordination available to support note and bond issuance under the master trust. The ratings also reflect the ability of the trust estate to redeem notes and bonds at maturity and pay accrued interest. This rating does not address the market liquidity for variable rate series A-2 senior notes, nor does it address the ability for variable rate noteholders to redeem notes on a repricing date either now or in the future.
 Proceeds will be used to refinance existing pools of loans, acquire new loans, fund a debt service reserve fund equal to the greater of 2 percent of total issuance or 10 percent of subordinated bonds, and pay issuance costs. Additional debt may be issued from the master trust to acquire new pools of student loans, refinance an existing pool, or refund debt previously issued from the trust. NEBHELP anticipates issuing approximately $1 billion in senior debt during the five-year acquisition period ending June 1, 1998. As a condition to the issuance of additional debt, each new tranche must carry a rating equivalent to that of other issues in its class and ratings on the outstanding debt must be affirmed.
 Cash flow from the loans proved extremely strong under two varying 'AAA' scenarios. The scenarios assumed a 25 percent cumulative default rate over the first three years (75 percent year one; 12.5 percent years two and three) in both low and high rate environments. Under the high rate scenario, 100 percent (rounded) of all debt was repaid on schedule. As for the low rate stress case, 88 percent of all bonds were redeemed in a timely manner. In each case, all senior notes were repaid.
 The guarantors for loans financed by securities issued from the trust are: Nebraska Student Loan Program, Inc. (NSLP), Higher Education Assistance Foundation (HEAF), United Student Aid Funds, Inc., Colorado Student Loan Program, Northstar Guarantee, Inc., Great Lakes Higher Education Corporation, and the Secretary of Education. All loans currently guaranteed by HEAF will be guaranteed by NSLP as of January 1994.
 Unipac Service Corp. and EduServ Technologies, Inc. will service the loans. Unipac services the majority of NEBHELP's portfolio, including all loans to students attending school in Nebraska. EduServ, the country's largest student loan servicer, will service NEBHELP's growing out-of-state portfolio.
 -0- 6/10/93
 /CONTACT: Steven B. Schoen, 212-908-0615 or Mary Griffin, 212-908-0537, both of Fitch/


CO: Nebraska Higher Education Loan Program, Inc. ST: Nebraska IN: SU: RTG

LR -- NY070 -- 0760 06/10/93 15:37 EST
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Date:Jun 10, 1993
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