NelNet is shipping its fifth student loan securitization of 2014. The $603 million deal, NSLT 2014-5, is backed entirely by Federal Family Education Loan Program (FFELP) loans, inlcuding Stafford loans, PLUS loans, consolidation and rehabilitated loans, according to Moody’s Investors Service.

Moody’shas assigned preliminary ratings to the deal. The $587 million of class A, floating-rate notes will be rated ‘Aaa’ and the $16 million of class, floating-rate notes will be rated ‘A3’. Interest on the floating rate notes will be paid monthly and will be equal to the one-month LIBOR rate plus a spread.

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