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NELLIE MAE, INC. $143.1 MILLION SERIES 1993A&B NOTES 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, May 13 /PRNewswire/ -- Nellie Mae, Inc.'s (NMI) education loan asset-backed notes, series 1993A and 1993B are rated `AAA' by Fitch. Ratings on the $136.1 million senior series A-1 and A-2 reflect the quality of the student loan portfolio, a minimum 2 percent reserve fund, the subordinated series B notes, and servicing provided by Education Loan Services, Inc. (ELSI). The $7.1 million subordinated series B rating is based on the quality of the loans, the reserve fund, ELSI's servicing, and a $7.3 million State Street Bank and Trust Co. letter of credit (LOC).
 Through five different loan products, NMI underwrites education loans not originated under the Department of Education program. The loans are insured by The Education Resources Institute, a private guaranty agency.
 Series A credit enhancement is provided by the reserve fund and the series B notes. The reserve, funded at closing from note proceeds, must be a minimum 2 percent of the outstanding principal balance of the notes or $500,000. Debt service payments from the reserve fund will be replenished from future excess student loan interest.
 Series B credit enhancement is provided by the reserve fund and the LOC. The LOC covers 100 percent of principal plus one month of interest and will be drawn on to cover any series B interest or principal shortfalls. If the LOC asset-to-liability ratio falls below 102 percent, the remaining available LOC amount will be drawn and proceeds will be used to redeem the 1993B notes and pay accrued interest.
 If the `AA' rated LOC issuer is downgraded to `A+', the trustee will have 60 days to find an `AA' rated replacement bank or an automatic draw will be made and the funds will be deposited into the funding account for the benefit of the series B notes. If the LOC issuer is placed on FitchAlert negative or downgraded below `A+', an automatic draw will occur on the next business day.
 Note proceeds and a $5.4 million contribution from NMI will fund the purchase of $145.0 million in student loans and the establishment of a $3.4 million debt service reserve account. Interest will be paid to noteholders monthly until the notes mature or prepay. The 1993A-1 notes must be retired in full prior to any principal payments on the 1993A-2 notes. Principal on 1993B notes may be redeemed simultaneously with the 1993A-2 notes only if after the redemptions are made, the senior notes parity trigger equals or exceeds 109.4 percent. The stated maturity dates on the notes are May 15, 1998 (1993A-1) and May 15, 2014 (1993A-2 and 1993B).
 -0- 5/13/93
 /CONTACT: Steven B. Schoen, 212-908-0615 or Mary E. Griffin, 212-908-0537, both of Fitch/


CO: Nellie Mae, Inc. ST: IN: FIN SU: RTG

WB -- NY047 -- 8104 05/13/93 12:27 EDT
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Date:May 13, 1993
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