The South Texas Higher Education Authority has lined up a $104.3 million Federal Family Education Loan Program (FFELP) –backed student loan securitization deal.

The series 2013-1, floating rate notes have been assigned a preliminary rating of ‘AA+’ by Standard & Poor’s.

The deal is backed by a pool of FFELP student loans, which are loans that are indirectly guaranteed by the U.S. Department of Education for a minimum of 97% of defaulted principal and accrued interest, according to a deal memorandum.

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