Nelnet is marketing its third securitization of federally guaranteed student loans of the year, according to a presale report published by Fitch Ratings.

The $402 million Nelnet Student Loan Trust 2015-3 is backed entirely by Federal Family Education Loan Program (FFELP) loans. It will issue two tranches of notes: a $394.5 million senior tranche with a preliminary ‘AAA’ rating from Fitch and a $7.5 million subordinated tranche with a preliminary ‘A+’ rating.

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