Sallie Mae upsized its  SLM Student Loan Trust 2013-6, to $995.6 million from $746.8 million, and priced the deal today.

SLM Student Loan Trust 2013-6 is backed by Federal Family Education Loan Program (FFELP) non-consolidation loans that are reinsured by the U.S. Department of Education for at least 97% of defaulted and accrued interest.

Moody’s Investors Service and Fitch Ratings assigned preliminary ratings on the floating-rate notes. The triple-A rated, class A1 notes with a weighted average life of 1.25-years priced at 28 basis points over the one-month Libor.

The triple-A rated, class A2 notes with a weighted average life of 3.25-years priced at 50 basis points over the one-month Libor.

The triple-A rated, class A3 notes with a weighted average life of 6.82-years priced at 65 basis points over the one-month Libor.

The class B notes structured with a weighted average life of 9.11-years and rated single-A, priced at 150 basis points over the one month Libor.

This is the lender’s sixth securitization of FFELP loans so far this year. Barclays and RBC Securities are joint-lead managers.

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