Navient is preparing its first federally guaranteed student loan securitization of the year.

The $750 million Navient Student Loan Trust 2015-1 is backed entirely by Federal Family Education Loan Program (FFELP) loans, including approximately 15.1% of which were once delinquent but are now current again.

The trust will issue two senior tranches with a preliminary ‘AAA’ rating from Fitch Ratings and a $20 million subordinated tranche with a preliminary ‘A+’ rating.

Navient will service 100% of the trust’s student loan pool

Sellers include Navient Credit Finance Corp., Blue Ridge Funding, VL Funding, and Red Wolf Funding.

Navient, formerly part of Sallie Mae, completed eight FFELP securitizations in 2014. So far this year, it has completed a single deal, backed by private student loans.

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