Navient Credit Funding is planning its first private student loan securitization since being spun off from Sallie Mae in April, according to a presale report published by Moody’s Investors Service.
The $462.5 million transaction, Navient Private Education Loan Trust 2014-CT, is collateralized primarily by private career training loans. The pool also consists of 8.3% of tutorial loans. Career training loans are typically made to borrowers who attend non degree granting technical training, trade or vocational schools, and certain online courses. Tutorial loans are made to parents to fund the cost of children attending private tutoring centers or private kindergarten through secondary school.