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SLFC, INC. $100 MILLION SENIOR 1993A NOTES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 21 /PRNewswire/ -- SLFC, Inc.'s $100 million taxable, variable rate senior student loan asset-backed notes, series 1993A are rated 'AAA'. The ratings of the notes, issued in four tranches, are based on the quality of the student loan portfolios, the reserve fund, and 12 percent subordination available from the Student Loan Funding Corp. student loan senior subordinated and junior subordinated revenue bonds, series 1993A and 1993B. Student Loan Funding Corp.'s 'A+' 1993A bonds and 'A' 1993B bonds are affirmed. The senior ratings reflect the ability of the trust estate to redeem notes at maturity and pay accrued interest. The ratings do not address the liquidity for variable rate series 1993A-2/A-3/A-4 senior notes, nor do they 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 acquire new loans, establish a debt service reserve fund, a capitalized interest fund, and a consolidation fund equal to 2.25 percent, 1.5 percent, 1.0 percent of total issuance, respectively, and pay issuance costs. Up to $900 million taxable senior notes may be issued under the master indenture to acquire new poolsd to ensure t repayment of the series 1993A notes on their respective maturity dates. The latest maturing senior note is scheduled to be retired Jan. 1, 2009.
 Federal guarantors for loans financed by 1993A notes will be Pennsylvania Higher Education Assistance Authority (PHEAA) and American Student Assistance Guarantor. Private loans will be guaranteed by The Education Resources Institute.
 PHEAA, one of two exclusive servicers for the 1992-93 Law Access Loan Program, will service the 1993A student loan portfolio. PHEAA is one of the largest student loan servicers in the country with 1.18 million accounts having an aggregate balance exceeding $6.2 billion.
 -0- 10/21/93
 /CONTACT: Steven B. Schoen, 212-908-0615, or Carol Pfeiffer, 212-908-0534/ CO: SLFC, Inc. ST: New York IN: FIN SU: RTG


TM -- NY117 -- 2110 10/21/93 17:22 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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