Total SLABS year-to-date issuance is $3 billion this year. which includes the most recent Sallie Mae offering, Standard & Poor's analysts said in an emailed market summary this morning.

This number dropped from 1Q11's figure of $3.5 billion, according to analysts.

The private student loan ABS market, which is led by Sallie Mae, comprises approximately half of year-to-date issuance, they said.

Analysts expect full-year SLABS issuance to be close to $15 billion. They asset class' outstanding decreased 2.5% in 2011, which is the first yearly drop.

S&P analysts stated in the report that the total student loan debt outstanding rose to over $1 trillion last year, which was mostly from federal student loan originations.

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