Presale Report

Navient Private Education Refi Loan Trust 2024-A

Morningstar DBRS Credit Rating Summary

May 8, 2024 Class Principal ($) Coupon (%) Credit Rating Credit Rating Action
A 479,500,000 [TBD] AAA (sf) New Rating - Provisional
B 58,700,000 [TBD] AA (sf) New Rating - Provisional
Contents Total 538,200,000
1 Credit Rating Summary Note: In addition to the Notes listed above, the trust has issued the Class R Certificates.
1 Executive Summary
2 Transaction Parties and Relevant Dates
Executive Summary
2 Credit Rating Rationale
3 Credit Rating Considerations DBRS, Inc. (Morningstar DBRS) assigned provisional credit ratings to the Navient Private Education Refi
5 Collateral Loan Trust 2024-A (Navient 2024-A) notes (the Notes) as listed above. The Morningstar DBRS credit
8 Company Description
ratings on the Notes address the timely payment of interest and the full payment of principal in
9 Transaction Structure
13 Cash Flow Analysis accordance with the terms and conditions of the Navient 2024-A transaction documents. Navient 2024-A
16 Legal Structure and Opinions represents the 72nd private education loan asset-backed securitization sponsored by Navient Solutions,
17 Appendix A—Cash Flow Details
19 Appendix B – ESG Considerations
LLC (Navient) along with legacy SLM Corporation (SLM), and the 38th since the spinoff from SLM in
21 Appendix C— Scope and Meaning of 2014. Navient, formerly known as Navient Solutions, Inc., is a wholly owned subsidiary of Navient
Financial Obligations Corporation.

The collateral backing the Notes will consist of fixed-rate student loan refinancings that were originated
Jonathan Riber
by (1) Navient’s affiliate, Earnest Operations LLC (Earnest) and underwritten under a loan program
+1 212 806-3250
jonathan.riber@morningstar.com administered by Navient under its student loan refinancing program (NaviRefi loans) or (2) Earnest and
underwritten by Earnest (Earnest loans). Earnest, acquired by Navient Corporation in November 2017, is
Gregory Gemson
an online lending platform focused on offering student loan refinancings and in-school student loans
+1 212 806-3931
gregory.gemson@morningstar.com throughout the United States. Earnest offers a student loan refinancing product to borrowers who have
graduated with an undergraduate or graduate degree and demonstrate a strong ability to repay their
Brian Medwig
+1 212 806-3290
debt. As of March 31, 2024, Earnest has funded approximately $22.7 billion of student loan refinancings
brian.medwig@morningstar.com to more than 270,000 borrowers.

The transaction’s credit enhancement consists of overcollateralization, note subordination, a reserve

account for the Class A Notes, a reserve account for the Class B Notes, and excess spread. The
subordination in the transaction refers to the Class B Notes, which are subordinated to the
Class A Notes.

In general, the trust will pay principal sequentially, first to the Class A Notes until the principal balance
of such class is paid in full and second to the Class B Notes until the principal balance of such class is
paid in full.
Page 2 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Transaction Parties and Relevant Dates

Issuing Entity: Navient Private Education Refi Loan Trust 2024-A

Sellers: Navient Credit Finance Corporation
VL Funding LLC
Blacksburg Funding, LLC
Sponsor, Servicer, and Administrator: Navient Solutions, LLC
Subservicer: Earnest Operations LLC
Depositor: Navient Credit Funding, LLC
Underlying Trust: Navient Private Education Refi Loan Grantor Trust 2024-A
Trustee and Underlying Trust Trustee: UMB Bank, N.A.
Indenture Trustee, Paying Agent, and UMB Bank, N.A.
Underlying Trust Certificate Paying Agent:
Delaware Trustee and Underlying Trust UMB Delaware Inc.
Delaware Trustee:
Statistical Cutoff Date: March 31, 2024
Expected Closing Date: May 22, 2024
Payment Date: Monthly, on the 15th of each month, or next business day
First Payment Date: July 15, 2024
Final Maturity Date: Class A Notes: October 15, 2072
Class B Notes: October 15, 2072
Note: Various capitalized terms are used throughout this report. Please refer to the transaction documents for more information and/or
definitions of those terms.

Credit Rating Rationale

The provisional credit ratings on the Notes are based on Morningstar DBRS' review of the following
considerations:
• The transaction’s form and sufficiency of available credit enhancement.
• Overcollateralization, subordination of the Class B Notes to the Class A Notes, cash on
deposit in the reserve accounts, and excess spread create credit enhancement levels that are
commensurate with the proposed credit ratings.
• Transaction cash flows are sufficient to repay investors under all AAA (sf) and AA (sf) stress
scenarios in accordance with the terms of the Navient 2024-A transaction documents.
• The sequential-pay structure.
• Structural features of the transaction that require the Class A Notes to enter into full turbo principal
amortization under certain circumstances.
• The quality and credit characteristics of the student loans and underlying borrowers.
• The ability of the servicer and the subservicer to perform collections on the collateral pool and other
required activities.
• The legal structure and expected legal opinions that will address the true sale of the student loans, the
nonconsolidation of the trust, that the trust has a valid first-priority security interest in the assets, and
the consistency with Morningstar DBRS' Legal Criteria for U.S. Structured Finance.
Page 3 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Credit Rating Considerations

Coronavirus Disease (COVID-19)
• The transaction assumptions consider Morningstar DBRS' baseline macroeconomic scenarios for rated
sovereign economies, available in its commentary Baseline Macroeconomic Scenarios For Rated
Sovereigns March 2024 Update, published on March 27, 2024. These baseline macroeconomic scenarios
replace Morningstar DBRS' moderate and adverse COVID-19 pandemic scenarios, which were first
published in April 2020.

Structural Features
• The transaction will have a sequential-pay structure. No principal will be allocated to the Class B Notes
until the Class A Notes are paid in full.
• To build additional credit support early in the transaction, the structure incorporates a full turbo feature
whereby 100% of remaining available funds after paying senior transaction fees, Note interest, and
certain shortfalls will be used to pay principal on the Class A Notes until the Specified
Overcollateralization Amount, equal to the greater of 6.30% of the then-current pool balance or
$8,388,537 is reached.
• The Specified Overcollateralization Amount is intended to protect the Notes from losses on the portfolio
in excess of those anticipated. Until the Specified Overcollateralization Amount is met, or if such levels
are not maintained, excess cash may not be released from the trust and it is possible that the Class B
Notes will not receive any interest payments.
• If the Specified Overcollateralization Amount has been reached, the Class A Notes may revert to full
turbo mode if the Note factor is equal to or less than 10%.
• Sequential amortization of the Notes, the overcollateralization target, the subordination of the Class B
Notes, and separate reserve accounts for the Class A Notes and Class B Notes are expected to create
increasing credit enhancement over time for the Class A Notes as a percentage of the outstanding
pool balance.
• If the outstanding principal balance of the Class A Notes exceeds the outstanding pool balance, 100% of
remaining available funds after paying senior transaction fees and Class A Note interest will be used to
turbo principal on the Class A Notes. Interest on the Class B Notes will become subordinate to principal
payments on the Class A Notes until this trigger is cured.

Quality of Borrowers
• Navient 2024-A exhibits high-quality attributes in borrower credit. As of the Statistical Cut-Off Date, the
portfolio has a weighted-average (WA) original borrower FICO score of 743 at origination. Additionally,
the Navient 2024-A portfolio has a WA borrower income of $126,191 and a WA monthly borrower free
cash flow after expenses of $4,379.
• Navient Refi borrowers are expected to remain resilient through adverse economic conditions because
the majority of borrowers have significant financial strength and are in professions that generally exhibit
low unemployment rates. Furthermore, Navient Refi borrowers typically work in industries or professions
that are less susceptible to lost income during a natural disaster or an economic downturn.
• As of March 2024, Earnest has observed only 45 basis points of cumulative losses, amounting to
approximately $102 million out of $22.7 billion originated.
Page 4 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Attributes of Refinancing Loans

• 100% of the pool contains refinancings of existing student loan debt. Loans are used to prepay a
borrower’s existing eligible educational loan debt.
• Borrowers under the Earnest student loan program have already graduated (or will graduate within six
months of issuance of the loan) and are employed (or have presented evidence of employment upon
graduation); thus, they have a lower likelihood of defaulting compared with more typical student loan
borrowers who may be in school or have just entered repayment.
• As of the Statistical Cut-Off Date, the WA amount of time since borrower graduation is approximately
82 months.

Graduate Degree Types

• Approximately 41.8% of the pool (by outstanding principal balance) consists of loans made to borrowers
that obtained a graduate degree. Loans made to graduate students have historically defaulted at much
lower rates than loans made to undergraduate students.
• Approximately 25.9% of the Navient 2024-A graduate school borrowers have a medical degree and have
a WA income of approximately $285,701. Approximately 13.8% of the graduate school borrowers have
graduated from law school and have a WA income of approximately $213,459. Approximately 14.5% of
the graduate school borrowers hold an MBA degree and have a WA income of approximately $179,574.
• Professionals with advanced graduate degree types typically have higher average incomes and monthly
free cash flow amounts, and are generally expected to have lower default rates compared with loans
made to borrowers with undergraduate or other graduate degree types.
• In particular, those with medical degrees demonstrate significantly lower unemployment rates compared
with the vast majority of other occupations.
• Less than 1% of physicians and dentists are unemployed according to data from U.S. News & World
Report and the U.S. Bureau of Labor Statistics. Unemployment rates for those in the medical field are
among the lowest for all occupations and are expected to remain low as the healthcare sector continues
to expand.

Capabilities of the Servicer and Subservicer

• Navient will act as servicer for Navient 2024-A. Navient is one of the nation’s largest servicers of student
loans and has a long history of successfully servicing both private and federally funded student loan
securitizations. To date, Navient has serviced approximately 71 private student loan securitizations.
• Earnest, as subservicer, will perform certain loan servicing functions with respect to the transaction’s
student loans using loan data, servicing information, and software applications currently housed on
Earnest’s legacy servicing technology platform on behalf of Navient.
• In January 2024, Navient announced that it had entered into a binding letter of intent that will transfer
its student loan servicing to the Higher Education Loan Authority of the State of Missouri (MOHELA).
After the transfer, MOHELA will act as a subservicer to service all or substantially all of the loan
servicing functions of Navient and some of the loan servicing functions of Earnest.
• Morningstar DBRS has performed an operational review of Navient and MOHELA and considers each to
be an acceptable servicer.
Page 5 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Limited Performance History of Earnest and NaviRefi Student Loans

• Because the student loan refi sector is relatively new and has been untested through a recession,
Morningstar DBRS has limited performance data to determine its expectations for the Navient 2024-A
pool. As further described in the Cash Flow Analysis section, Morningstar DBRS derived Navient 2024-
A’s expected default rate and other key cash flow assumptions by analyzing the historical performance
of other student loan pools in the industry through both stressed and benign economic environments.
Morningstar DBRS considers the data set it reviewed to be adequate to perform its credit rating analysis
for the credit ratings assigned.

Collateral
Set forth in the following tables are summary descriptions of certain characteristics (as of the Statistical
Cut-Off Date) of the student loans backing Navient 2024-A (and other recent Navient Refi transactions).

Deal Comparison
NAVSL 2024-A NAVSL 2023-A NAVSL 2022-B NAVSL 2022-A NAVSL 2021-G NAVSL 2021-F NAVSL 2021-E NAVSL 2021-C
Statistical Cut-Off Date 31-Mar-24 6-Mar-23 3-Apr-22 21-Dec-21 13-Oct-21 11-Aug-21 6-Jun-21 11-Apr-21
Aggregate Principal Balance ($) 559,235,787 809,347,824 803,084,359 998,875,580 1,048,109,318 1,011,509,050 1,041,710,396 809,924,688
Fixed-Rate Loans ($) 559,235,787 809,347,824 787,258,831 981,200,732 1,032,522,864 975,638,389 1,017,482,174 783,339,471
Variable-Rate Loans ($) 0 0 15,825,529 17,674,847 15,586,454 35,870,661 24,228,222 26,585,217
Variable Loans - Libor (%) 0.0 0.0 0.4 1.5 1.2 3.1 2.3 3.3
Variable Loans - SOFR (%) 0.0 0.0 1.6 0.3 0.3 0.4 0.0 0.0
Average Balance ($) 55,513 58,500 68,018 69,448 68,379 64,629 60,621 71,866
WA Borrower Income ($) 126,191 124,012 131,785 134,340 135,114 131,458 136,528 139,591
WA FICO Score 743 744 758 764 766 767 768 772
WA Monthly Free Cash Flow ($) 4,379 4,269 4,452 4,691 4,667 4,479 4,624 4,511
WA Age of Borrower 34 34 34 34 34 33 34 32
WA Fixed-Rate Coupon without 7.77 5.40 4.19 3.91 3.82 3.94 3.91 3.92
Benefit (%)
WA Margin to 1mL (%) N/A N/A 4.12 3.71 3.24 3.56 3.08 2.97
WA Margin to SOFR (%) N/A N/A 4.28 3.68 3.27 3.24 N/A N/A
Graduate Degree (%) 41.8 45.2 52.3 54.2 56.7 55.7 54.1 58.8
Undergraduate Degree (%) 54.8 51.5 44.3 42.6 41.1 42.1 43.5 38.9
Unknown Degree (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non-Graduate (%) 2.1 1.3 0.8 0.8 0.7 0.6 0.8 0.0
Parent (%) 1.3 2.0 2.6 2.4 1.6 1.6 1.7 2.3
Active Repayment (%) 98.3 98.2 99.8 99.8 99.5 99.6 99.8 99.7
Forbearance (%) 0.8 0.9 0.1 0.1 0.2 0.1 0.1 0.1
Deferment (%) 0.9 0.9 0.1 0.2 0.4 0.3 0.1 0.2
WA Original Term (Months) 175 164 154 155 151 154 144 142
WA Remaining Term (Months) 167 154 153 154 151 150 144 141
Top States (%) NY (10.1) CA (9.8) CA (11.0) CA (10.8) CA (10.5) CA (10.9) CA (11.4) CA (10.6)
CA (9.4) NY (8.5) NY (8.3) NY (8.5) NY (8.4) PA (8.0) NY (8.8) PA (7.9)
PA (7.6) PA (7.8) PA (7.9) PA (7.5) PA (7.2) NY (7.6) PA (7.4) NY (7.8)
Top Schools (%) California Penn State California Penn State Penn State Penn State Penn State Penn State
Northstate (1.1) Northstate (1.1) (1.0) (1.1) (1.1) (1.0)
(1.2) (0.8)
Penn State NYU (1.0) NYU (0.8) NYU (1.0) Temple (0.8) Temple (0.9) NYU (0.9) NYU (0.9)
(1.0)
U Penn (0.8) Temple (0.8) Penn State Drexel (0.9) Drexel (0.8) NYU (0.8) Drexel (0.9) Temple (0.9)
(0.8)
Page 6 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Balance
NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL
2024-A 2023-A 2022-B 2022-A 2021-G 2021-F 2021-E 2021-C
(%) (%) (%) (%) (%) (%) (%) (%)
<$50,001 27.3 25.3 20.3 19.1 20.0 22.0 24.0 19.0
$50,001 – $100,000 35.6 35.1 33.2 34.2 33.0 35.0 36.0 33.0
$100,001 – $150,000 18.8 19.4 21.1 21.1 21.0 19.0 19.0 20.0
$150,001 – $200,000 8.9 10.0 10.1 10.3 11.0 10.0 9.0 11.0
$200,001+ 9.4 10.2 15.4 15.3 15.0 15.0 12.0 17.0
Average Balance ($) 55,513 58,500 68,018 69,448 68,379 64,629 60,621 71,675

FICO Score
NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL
2024-A 2023-A 2022-B 2022-A 2021-G 2021-F 2021-E 2021-C
(%) (%) (%) (%) (%) (%) (%) (%)
<680 3.5 12.8 5.3 3.2 3.0 3.0 2.0 3.0
680 – 699 16.7 11.1 8.7 6.9 6.0 6.0 6.0 5.0
700 – 719 14.9 10.7 9.4 8.4 8.0 8.0 8.0 6.0
720 – 739 16.6 13.0 12.8 12.6 11.0 11.0 11.0 9.0
740 – 759 14.3 13.2 14.3 14.7 14.0 14.0 14.0 13.0
760 – 779 10.1 11.9 14.0 14.5 14.0 15.0 15.0 16.0
780 – 799 10.3 10.4 13.9 14.5 16.0 16.0 15.0 17.0
800+ 13.6 16.9 21.7 25.2 26.0 27.0 29.0 31.0
WA FICO Score 743 744 758 764 766 767 768 772

Free Cash Flow

NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL
2024-A 2023-A 2022-B 2022-A 2021-G 2021-F 2021-E 2021-C
(%) (%) (%) (%) (%) (%) (%) (%)
<$1,500 23.6 26.4 17.3 15.3 14.0 14.0 10.0 11.0
$1,500 – $2,499 24.5 20.6 20.9 20.3 20.0 21.0 21.0 22.0
$2,500 – $3,499 13.7 13.1 16.5 16.5 16.0 17.0 18.0 18.0
$3,500 – $4,499 8.7 9.1 11.1 12.1 13.0 13.0 14.0 13.0
$4,500 – $5,499 6.0 6.6 8.3 8.1 9.0 9.0 9.0 10.0
$5,500+ 23.4 24.2 25.8 27.8 28.0 25.0 27.0 26.0
WA Free Cash 4,379 4,269 4,452 4,691 4,667 4,479 4,624 4,511
Flow ($)
Page 7 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Borrower Income
NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL
2024-A 2023-A 2022-B 2022-A 2021-G 2021-F 2021-E 2021-C
(%) (%) (%) (%) (%) (%) (%) (%)
<$50,000 10.9 16.6 12.0 11.4 10.0 11.0 8.0 9.0
$50,000 – 46.3 39.6 37.7 37.6 37.0 39.0 38.0 37.0
$99,999
$100,000 – 17.8 18.1 21.7 22.2 23.0 23.0 24.0 24.0
$149,999
$150,000 – 8.8 9.7 11.6 10.8 12.0 11.0 12.0 12.0
$199,999
$200,000+ 16.2 15.9 17.0 18.1 18.0 17.0 18.0 20.0
WA Borrower 126,191 124,012 131,785 134,340 135,114 131,458 136,528 139,591
Income ($)

Original Term
NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL
2024-A 2023-A 2022-B 2022-A 2021-G 2021-F 2021-E 2021-C
(%) (%) (%) (%) (%) (%) (%) (%)
0 – 59 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
60 – 119 21.2 28.6 33.7 32.8 34.0 33.0 37.0 42.0
120 – 179 21.7 21.4 26.3 26.4 28.0 28.0 31.0 28.0
180 – 239 29.0 34.8 30.1 29.0 28.0 29.0 24.0 26.0
240+ 28.1 15.2 9.9 11.7 10.0 10.0 8.0 4.0
WA Original 175 164 154 155 151 154 144 142
Term

Degree Type
NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL
2024-A 2023-A 2022-B 2022-A 2021-G 2021-F 2021-E 2021-C
(%) (%) (%) (%) (%) (%) (%) (%)
Medical 10.8 13.6 18.5 18.4 20.0 19.0 18.0 23.0
Law 5.8 6.6 7.2 6.9 8.0 8.0 8.0 8.0
MBA 6.1 7.2 7.1 8.0 8.0 8.0 7.0 7.0
Other Graduate 19.1 17.7 19.6 20.8 21.0 22.0 22.0 20.0
Undergraduate 54.8 51.5 44.3 42.6 41.0 42.0 43.0 39.0
Unknown 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non-Graduate 2.1 1.3 0.8 0.8 1.0 1.0 1.0 0.0
Parent 1.3 2.0 2.6 2.4 2.0 2.0 2.0 2.0
Page 8 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

School Concentrations
NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL NAVSL
2024-A (%) 2023-A (%) 2022-B (%) 2022-A (%) 2021-G (%) 2021-F (%) 2021-E (%) 2021-C (%)
1 California Penn State California Penn State Penn State Penn State Penn State Penn State
Northstate (1.1) Northstate (1.1) (1.0) (1.1) (1.1) (1.0)
(1.2) (0.8)
2 Penn State NYU (1.0) NYU (0.8) Drexel (1.0) Temple Temple NYU (0.9) NYU (0.9)
(1.0) (0.8) (0.9)
3 U Penn Temple Penn State NYU (0.9) Drexel (0.8) NYU (0.8) Drexel (0.9) Temple
(0.8) (0.8) (0.8) (0.9)
4 NYU (0.8) U Penn Ohio State U of S. CA NYU (0.7) Boston U MCPHS Boston U
(0.7) (0.6) (0.9) (0.7) (0.8) (0.8)
5 University U of Boston U Boston U MCPHS U of S. CA U of S. CA Drexel (0.8)
of Phoenix Chicago (0.6) (0.7) (0.7) (0.7) (0.8)
(0.7) (0.7)

Company Description
Navient Corporation is the largest holder of private student loans, as well as the largest holder of loans
insured or guaranteed under the Federal Family Education Loan Program (FFELP). Navient Corporation’s
loan holdings were either originated by Sallie Mae affiliates prior to the company’s separation from
Sallie Mae in 2014 or by Earnest, or acquired from third parties. Navient Corporation acquired Earnest in
2017 and Earnest’s primary business is originating refi student loans.

Navient, a subsidiary of Navient Corporation, has been servicing student loans for over 20 years. Navient
primarily services its own portfolio of education loans, as well as those owned by the Department of
Education. Navient also services student loans for banks, credit unions, and nonprofit education lenders.
As of December 31, 2023, Navient Solutions (on behalf of Navient, Legacy SLM and SLMA) has
sponsored approximately 224 student loan securitizations involving approximately 153 FFELP student
loan transactions and approximately 71 private education loan transactions. Navient acts as the sponsor
and administrator of Navient’s student loan securitization programs.

Earnest, an indirect subsidiary of Navient Corporation based in San Francisco, began lending in 2014
and today originates and refinances education loans. Earnest uses a number of marketing channels that
contribute to its origination volume, substantially all of which are online, including search engine
optimization (SEO), paid digital, email, direct mail, and affiliate partnerships. Earnest is the originator of
all of the initial trust student loans, and uses an Internet-based loan origination platform for origination,
including automated application processing, document fulfillment, and underwriting.

The credit underwriting standards relating to the trust student loans originated under the NaviRefi
program and the Earnest program include several applicant eligibility requirements. The underwriting
process related to the NaviRefi program and the Earnest program allocates weight to various factors
based on the individual borrower’s overall personal circumstances and credit history at the time that the
underwriting decision is made. The credit underwriting standards related to the trust student loans are
further described in the transaction's offering memorandum.
Page 9 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Borrowers experiencing financial hardship are offered protections including forbearance for up to 12
months, "Skip-a-payment," which allows borrowers to periodically postpone payments for one month, in
addition to certain loan modification programs.

Transaction Structure
Structural Summary*

* This chart provides a simplified overview of the relations between the key parties to the transaction.
** Each of these entities is a direct or indirect wholly-owned subsidiary of Navient corporation.
*** This entity is an indirect majority-owned subsidiary of Navient Corporation.

Cash Flow Structure and Features

Credit Enhancement
Credit Enhancement Summary

Initial Class A Note Subordination (% of Notes) 10.91%

Initial Class A Note Overcollateralization 14.26%
Initial Class B Note Overcollateralization 3.76%

Specified Overcollateralization Amount 6.30% of the current pool balance, subject to a floor equal to $8,388,537.
Initial Overcollateralization Percentage 3.76% of the initial pool balance.
Class A Specified Reserve Account Balance 0.25% of the initial Class A Note balance, non-declining.
Class B Specified Reserve Account Balance 0.25% of the outstanding Class B Note balance, subject to a floor equal to
$88,050.

Note Subordination
• The Class A Notes benefit from 10.91% initial subordination provided by the Class B Notes. Class A Note
subordination is defined as the sum of the initial Class B Note balance divided by the total Note balance.
Page 10 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Overcollateralization
• At closing, overcollateralization for the Class A Notes will be 14.26%. Class A overcollateralization is
defined as the excess of the initial pool balance over the aggregate initial principal balance of the
Class A Notes divided by the initial pool balance.
• At closing, overcollateralization for the Class B Notes will be 3.76%. Class B overcollateralization is
defined as the excess of the initial pool balance over the aggregate initial principal balance of the
Class A Notes and Class B Notes divided by the initial pool balance.
• The initial Overcollateralization Percentage is 3.76%. The initial Overcollateralization Percentage is
defined as the excess of the initial pool balance over the aggregate initial principal balance of the Notes
divided by the initial pool balance.
• The initial Overcollateralization Percentage will grow to a target of 6.30% of the current pool balance
and will have a floor of $8,388,537.

Reserve Accounts
• A non-declining reserve account benefiting the Class A Notes will be fully funded at closing with
$1,198,750 (Class A Specified Reserve Account Balance). The Class A reserve account will be available to
pay shortfalls, if any, of senior transaction fees, Class A Note interest, and Class A Note principal on the
final maturity date.
• A reserve account benefiting the Class B Notes will be fully funded at closing with $146,750 (Class B
Specified Reserve Account Balance) and at all times will be a balance equal to the greater of 0.25% of
the outstanding balance of the Class B Notes and $88,050. The Class B reserve account will be available
to pay shortfalls, if any, of senior transaction fees, Class B Note interest, and Class B Note principal on
the final maturity date.

Excess Spread
• The overall rate of return on the loans is expected to exceed the expected WA interest rate of the Notes
and ongoing transaction fees. This positive difference, or excess spread, will be used to turbo the
Class A Notes if the Specified Overcollateralization Amount has not been met.

Note Principal and Interest

• In general, the trust will pay principal sequentially, first to the Class A Notes until the principal balance
of such class is paid in full and then to the Class B Notes until the principal balance of such class is paid
in full.
• The first interest accrual period begins on the Closing Date and ends the day before the first distribution
date. For all other monthly distribution dates the interest accrual period will begin on the 15th day of the
month of the immediately preceding distribution date and end on the 14th day of the month of such
distribution date.
• Interest will be calculated on each class of Notes based on a 30-day accrual period divided by 360
(except for the initial accrual period, which will be based on the actual number of days elapsed in a year
of 360 days consisting of 12 30-day months).
Page 11 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Available Distribution Amount

As of any distribution date, available funds will generally equal the sum of the following amounts
collected within the related collection period:
• Amounts received as interest and principal payments with respect to the student loans, including
prepayments;
• Amounts received as recoveries;
• Amounts received from loan repurchases;
• Amounts related to yield or principal adjustments;
• Amounts received as earnings on investments; and
• Amounts transferred from the Class A reserve account and Class B reserve account in excess of each
respective specified reserve account balance.

Priority of Payments
On each payment date, available funds will be applied in the following order of priority:
1. Senior Transaction Fees (which includes Trustee fees (including extraordinary expenses up to
$150,000 per annum), primary servicing fees, and administration fees).
2. Interest due on the Class A Notes.
3. To increase the Class A reserve account balance up to the Class A Specified Reserve Account
Balance, if applicable.
4. First-Priority Principal Distribution Amount, if any.
5. Interest due on the Class B Notes.
6. To increase the Class B reserve account balance up to the Class B Specified Reserve Account
Balance, if applicable.
7. Regular Principal Distribution Amount, first to the Class A Notes until paid in full and then to the
Class B Notes until paid in full.
8. Additional Principal Distribution Amount, if any.
9. First, Subordinate Transaction Fees owed to the administrator and the servicer, and second, any
unpaid Extraordinary Expenses owed to the Trustee, Delaware Trustee, and Indenture Trustee.
10. To Navient Credit Finance Corporation, repayment of any amounts borrowed under its revolving
credit agreement.
11. To the Certificates, any remainder as distributions.
Page 12 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Priority of Payments Summary

Distribution Account

1 Senior Transaction Fees

2 Class A Note Interest

3 Class A Reserve Account, if applicable

4 First Priority Distribution Amount, if any

5 Class B Note Interest

6 Class B Reserve Account, if applicable

7 Regular Principal Distribution Amount, if any

8 Additional Principal Distribution Amount, if any, sequentially

9 Subordinate Transaction Fees and any unpaid Extraordinary Expenses

10 To Navient Credit Finance Corporation, repayment of any amounts borrowed under its revolving credit agreement

11 Any remaining amounts to the Class R Certificateholder

The First-Priority Principal Distribution Amount is the amount by which the outstanding principal
balance of the Class A Notes exceeds the current pool balance.

The Regular Principal Distribution Amount is the amount by which the outstanding principal balance of
the Notes exceeds the current pool balance less the Specified Overcollateralization Amount of 6.30%
(subject to a floor of $8,388,537).

Once the transaction’s bond factor is equal to or less than 10% and the trust has not exercised its
optional redemption right, the Additional Principal Distribution Amount is the amount equal to the
lesser of (1) 100% of the available funds after steps 1 to 7 of the priority of payments and (2) the
aggregate outstanding principal balance of the Notes.

Events of Default
The transaction will include standard events of default that contain cure periods and call for the sale of
the assets of the trust and acceleration of the repayment of the principal balance of the Notes.

Events of default include the following:

• Failure to pay note interest within five business days after it is due.
• Failure to pay 100% of any outstanding note principal balance at the final maturity date.
• Covenant or agreement breaches that are not cured within 30 days.
• Failure to properly address material breaches of representations and warranties within 30 days.
• Occurrence of an insolvency/bankruptcy event involving the trust.
Page 13 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Cash Flow Analysis

In its cash flow analysis, Morningstar DBRS stressed several inputs to test whether the transaction cash
flows could withstand potential performance and liquidity deterioration at the credit rating levels of AAA
(sf) and AA (sf).

The key inputs of the cash flow modeling that were analyzed include the following:
• Defaults,
• Timing of defaults,
• Recoveries,
• Voluntary Prepayments,
• Forbearances and deferments,
• Borrower benefits, and
• Transaction fees.

As indicated in the table below, a baseline of three prepayment scenarios and three default timing
curves were applied to test the resilience of the rated classes of Notes. Morningstar DBRS ran a total of
10 cash flow scenarios at each credit rating level for this transaction. A maturity stress scenario (10) was
evaluated to test whether each class of Notes received its ultimate principal amount by its final maturity
date. In each of the stressed cash flow scenarios, the Class A Notes and the Class B Notes all received
timely payment of interest and ultimate payment of principal by the related final maturity date.

Cash Flow Scenarios Applied by Morningstar DBRS

Cash Flow Scenario Prepayments (CPR %) Loss Timing
1–3 5, 7.5, 12.5 Front-loaded
4–6 5, 7.5, 12.5 Mid-loaded
7–9 5, 7.5, 12.5 Back-ended
10 No Prepayments No Defaults

Defaults
Earnest has limited experience originating student loans. There are approximately nine years of historical
data to demonstrate performance under Earnest’s Refi program, which was introduced in 2014.
Therefore, Morningstar DBRS has limited data from the company to determine its default expectations
for the Navient 2024-A student loan pool. Furthermore, although Earnest’s loans have performed very
well with minimal charge-offs, there has yet to be a full economic cycle for loans originated through
Earnest’s lending platform or for the Refi sector in general. Therefore, the actual performance of this
particular type of student loan has yet to be established.

To determine default expectations for this transaction, Morningstar DBRS reviewed static pool default
data, segmented by credit quality and loan type, from other student loan lenders that covers at least one
economic cycle, including the financial crisis of 2008–09. Adjustments due to seasoning were calculated
based on the WA number of months since the underlying borrowers graduated from school. Based on
the Morningstar DBRS analysis, the base-case cumulative default rate for the Navient 2024-A pool is
Page 14 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

1.95%. This default expectation was stressed by 5.0 times (x) for a AAA (sf) credit rating and 4.0x for a
AA (sf) credit rating, resulting in stress level default rates of 9.75% for AAA (sf) and 7.80% for AA (sf).

Timing of Defaults
Default timing curves based on an even distribution, a front-loaded distribution, and a back-ended
scenario were modeled to test the sensitivity of the transaction structure. The timing of defaults reflects
the potential for various economic conditions and applies a high level of stress on the transaction’s cash
flows to test the resilience of the Notes. Typical private student loan securitizations have historically
experienced front-loaded gross defaults whereby as much as 50% of total collateral defaults (depending
on pool composition) have occurred by the third year of repayment. For the Navient 2024-A pool,
Morningstar DBRS expects a longer and much more evenly distributed default timing curve because of
the nature of the refi borrowers as it relates to their ability to repay. In addition, the average time from
graduation for the underlying borrowers prior to being refinanced into an Earnest loan is approximately
81 months for this pool. This, coupled with the fact that the vast majority of the underlying borrowers
are currently employed and in repayment, mitigates the liquidity risk inherent with front-loaded defaults.

Recoveries
The cumulative recovery rate on defaulted loans was assumed to be 15.0% for AAA (sf) and 17.5% for
AA (sf). Recoveries were applied to the cash flow stresses in equal amounts over a 10-year period and
after a six-month lag from the period of borrower default. Because of Earnest’s limited operating history,
recovery assumptions were determined based on an analysis of historical data from seasoned private
student loan securitizations, which demonstrate cumulative recoveries of about 25% after 10 years from
default. Because this proxy data reflects lower-quality schools and degree types compared with the
Earnest loans, in addition to lower-quality borrowers from a credit standpoint, including those that may
have been unemployed or that may have dropped out of school, Morningstar DBRS expects a higher and
more accelerated recovery rate for the Earnest loans.

Voluntary Prepayments
Industrywide data reflects consistently low historical voluntary prepayments for student loans relative to
other types of consumer loans, primarily because recent college graduates and younger adults are less
able to afford to prepay their student loans; however, since the majority of the Navient 2024-A
securitization pool consists of refinancings to seasoned borrowers with high incomes and significant free
cash flow, prepayment speeds are expected to be faster than typical student loans with similar
seasoning. Morningstar DBRS notes that, unlike its competitors, Earnest borrowers may tailor their exact
monthly payment amount. Consequently, Morningstar DBRS believes that this approach may help
mitigate overall prepayments.

The company’s historical prepayment rates may not be indicative of the future prepayment rates of the
Navient 2024-A pool or of Earnest’s loans generally. Prepayment experience may be influenced by a
variety of factors, including economic, social, interest rate, competitive, individual, and geographic
conditions. While faster-than-expected prepayments may improve credit risk because the securitization
trust is exposed to a shorter period of default risk, at the same time, faster prepayments may lower the
Page 15 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

amount of excess spread generated by the underlying collateral, thus reducing the amount of credit
enhancement that can be used to absorb losses.

A wide range of prepayment speeds were assumed in the Morningstar DBRS cash flow stresses. The
conditional prepayment rate (CPR) assumptions used for the AAA (sf) and AA (sf) nonmaturity cash flow
stress scenarios were varied, ranging from 5.0% to 12.5%.

Forbearances and Deferments

Forbearance and deferment stresses were formulated based on the Morningstar DBRS evaluation of
industry historical data, which was adjusted to reflect Earnest’s experience, the Navient 2024-A pool
composition, and the proposed credit ratings. Historically, the Refi sector has experienced minimal
forbearances because the majority of borrowers have been employed for a significant period of time and
have significant financial strength. Furthermore, borrowers with advanced graduate degrees are unlikely
to return to school in order to pursue additional education.

Morningstar DBRS stressed forbearances and deferments concurrently to test the transaction’s ability to
absorb liquidity risk. In each case, the maximum allowable forbearance and deferment periods were
assumed. The forbearance and deferment assumptions used for the AAA (sf) cash flow stress scenarios
were 6.0% and 5.0%, respectively. The forbearance and deferment assumptions used for the AA (sf) cash
flow stress scenarios were 5.0% and 4.0%, respectively.

As mentioned in the Company Description section of this report, Earnest offers a temporary forbearance
option called Skip-a-payment whereby, after 12 consecutive on-time payments, a borrower may request
a month of no loan payments for reasons that are generally less restrictive than under the standard
forbearance policy. Borrowers may only use this feature once every 12 months and for a maximum of 12
times over the life of their loan. A skipped payment counts toward the borrower's 12-month forbearance
limit. To account for Skip-a-payment, Morningstar DBRS subjected 5% for AAA (sf) and 4% for AA (sf) of
all borrower principal payments to a one-month delay for the life of the transaction cash flows.

While forbearance and deferment cash flow stresses test a transaction’s liquidity, forbearances and
deferments may create additional credit enhancement to a structure because capitalized interest that
accrues during the forbearance and deferment period is added to the principal balance of the loan. To
account for this, Morningstar DBRS applied forbearance and deferment assumptions of 0% and 0%
(except for loans already in those statuses as of the Statistical Cut-Off Date), respectively, under its most
constraining cash flow scenario.

Borrower Benefits
Each trust student loan may benefit from an interest rate reduction of 0.25% per annum for borrowers
that arrange to have their loan payments automatically withdrawn from a bank account. This reduction
is lost for periods in which the borrower does not actually have loan payments automatically withdrawn.
As of the Statistical Cut-Off Date, the overall WA interest rate reduction resulting from this repayment
Page 16 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

incentive was 0.22%. In the Morningstar DBRS stressed cash flow scenarios, it was assumed that 100%
of the Navient 2024-A borrowers use automatic withdrawal.

Transaction Fees
Transaction fees were included in the cash flow stresses at their contractual or maximum allowable
amounts. Please see Appendix A for more detail on transaction fees.

Breakeven Stresses
Breakeven cash flow stresses were performed that maximized cumulative defaults (until the first dollar
of Note losses) while keeping all other AAA (sf) and AA (sf) assumptions the same. Based on the most
constraining cash flow scenario, the Navient 2024-A transaction is able to withstand cumulative defaults
of approximately 17.24% for AAA (sf) and 7.90% for AA (sf), representing a multiple of 8.84x for AAA (sf)
and 4.05x for AA (sf) of the Morningstar DBRS base-case cumulative default expectation for the
Navient 2024-A pool.

Maturity Stresses
In order to test the ability of the transaction to redeem each class of Notes before its respective final
maturity date, maturity stress scenarios were run whereby it was assumed that no defaults occur, there
are no prepayments, and deferments and forbearances occur consecutively.

In each of the stressed cash flow scenarios, each class of Notes received timely payment of interest and
ultimate payment of principal by its respective final maturity date.

Please refer to Appendix A for cash flow assumption details.

Legal Structure and Opinions

Navient 2024-A is expected to be a special-purpose entity structured to be bankruptcy remote by
restricting the Issuer’s operations so that it does not engage in business with, or incur liabilities in
relation to, any other entity that may bring bankruptcy proceedings against the Issuer. The activities of
the trust are limited to issuing the Notes, making payments on the Notes, and acquiring the collateral
from the Depositor. The Depositor’s activities are limited to acquiring the student loans from the Sellers.
The assets of the trust are expected to include the student loans, all amounts collected with respect to
such student loans, and all amounts on deposit in the various trust accounts.

Morningstar DBRS expects to receive an opinion of counsel to the effect that the transfer of the loans to
the trust constitutes a true sale and that the trust assets will not be consolidated with those of Navient
in the event of bankruptcy. Additionally, Morningstar DBRS expects to receive an opinion of counsel that
the Trustee has a first-perfected security interest in the trust assets.

Morningstar DBRS expects to receive an opinion of counsel to the effect that the Notes will be treated
as debt for federal income tax purposes rather than as an interest in the loans and other assets of the
trust, or as an equity interest in the Issuer.
Page 17 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Appendix A—Cash Flow Details

Capital Structure
Class Size ($) Collateral (%) Hard Credit Coupon Multiple Morningstar Credit Rating Constraining
Enhancement (%) Range (x) DBRS Scenario
(%)1, 2 Multiple (x)
A 479,500,000 85.74 14.44 [TBD] 3.00 – 4.50 5.00 AAA (sf) Default Curve 3 / 12.5% CPR
B 58,700,000 10.50 3.99 [TBD] 2.25 – 3.25 4.00 AA (sf) Default Curve 1 / 12.5% CPR
Total 538,200,000 96.24
OC 21,035,787 3.76
1. Class A hard credit enhancement is defined as the excess of the trust assets over the aggregate initial principal balance of the Class A Notes divided by the trust assets (does not include the Class
B reserve account).
2. Class B hard credit enhancement is defined as the excess of the trust assets over the aggregate initial principal balance of the Notes divided by the trust assets.

Initial (%)3 Target (%)4 Floor ($)

Overcollateralization 3.76 6.30 8,388,537
Class A Reserve Account5 0.25 0.25 1,198,750
Class B Reserve Account6 0.25 0.25 88,050
3. Initial overcollateralization is calculated as a percentage of the initial pool balance.
4. Target overcollateralization (Specified Overcollateralization Amount) is calculated as a percentage of the current outstanding pool balance as
of any distribution date.
5. Class A reserve account balance is calculated as a percentage of the initial Class A Note balance.
6. Class B reserve account balance is calculated as a percentage of the outstanding Class B Note balance as of any distribution date.

Model Assumptions

AAA (sf) AA (sf)

Default Rate (%) 9.75 7.80
Recovery Rate (%) 15.0 17.5
Deferment / Forbearance (%) 5.0 / 6.0 4.0 / 5.0
Borrower Benefits (ACH) (%) 100.0 100.0
Voluntary Prepay Speeds (CPR %) 5 / 7.5 / 12.5 5 / 7.5 / 12.5

Default Curves
10+ Years Original Term < 10 Years Original Term
Default Curve 1 (%) Default Curve 2 (%) Default Curve 3 (%) Default Curve 4 (%)
Year 1 20 20 10 20
Year 2 20 20 10 20
Year 3 20 15 10 20
Year 4 20 15 10 20
Year 5 20 15 10 20
Year 6 15 10
Year 7 10
Year 8 10
Year 9 10
Year 10 10
Page 18 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Transaction Fees & Expenses7,8,9

Servicing Fee (%) 0.50 per annum

Trustee Fee ($)9 15,000 per annum
Administrator Fee ($) 6,667 per month
7. Morningstar DBRS typically assumes the maximum fees and expenses considered in the Priority of Payments. Morningstar DBRS runs the
maximum fees and expenses in the earliest period possible.
8. Reinvestment rate is assumed to be the greater of 0.0% and 1mL – 25 bps.
9. Trustee fees include (A) $10,000 per annum for Indenture Trustee, Trustee, and Underlying Trust Trustee; (B) $5,000 per annum for Delaware
Trustee and Underlying Trust Delaware Trustee; and (C) extraordinary expenses. The sum of (A), (B), and (C) may not exceed $150,000 per annum.

Notes:
All figures are in U.S. dollars unless otherwise noted.

This report is based on information as of May 8, 2024. Subsequent information may result in material changes to the rating assigned herein and/or
the contents of this report.
Page 19 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Appendix B—Environmental, Social and Governance

(ESG) Considerations
Extent of the Effect on the
ESG Factor on the Credit
Analysis: Relevant (R) or
ESG Factor ESG Credit Consideration Applicable to the Credit Analysis: Y/N Significant (S)*

Environmental Overall: N N
Emissions, Effluents, and Do the costs or risks result in a higher default risk or lower recoveries for the
Waste securitized assets? N N
Do the costs or risks related to GHG emissions, and related regulations
and/or ordinances result in higher default risk or lower recoveries of the
Carbon and GHG Costs securitized assets? N N
Are there potential benefits of GHG-efficient assets on affordability,
financeability, regulatory compliance, or future values (recoveries)? N N
Carbon and GHG Costs N N
Are the securitized assets in regions exposed to climate change and adverse
weather events affecting expected default rates, future valuations, and/or
recoveries, considering key IPCC climate scenarios up to a 2°C rise in
Climate and Weather Risks temperature by 2050? N N
Passed-through Does this rating depend to a large extent on the creditworthiness of another
Environmental credit rated issuer which is impacted by environmental factors (see respective ESG
considerations checklist for such issuer)? N N

Social Overall: N N

Do the securitized assets have an extraordinarily positive or negative social

Social Impact of Products and impact on the borrowers and/or society, and do these characteristics of
Services these assets result in different default rates and/or recovery expectations? N N
Does the business model or the underlying borrower(s) have an
extraordinarily positive or negative effect on their stakeholders and/or
society, and does this result in different default rates and/or recovery
expectations? N N
Considering changes in consumer behavior or secular social trends: does
this affect the default and/or loss expectations for the securitized assets? N N
Social Impact of Products and Services N N
Are the originator, servicer, or underlying borrower(s) exposed to staffing
Human Capital and Human risks and could this have a financial or operational effect on the structured
Rights finance issuer? N N
Is there unmitigated compliance risk due to mis-selling, lending practices, or
work-out procedures that could result in higher default risk and/or lower
recovery expectations for the securitized assets? N N
Human Capital and Human Rights N N

Does the originator's, servicer's, or underlying borrower(s)' failure to deliver

quality products and services cause damage that may result in higher
Product Governance default risk and/or lower recovery expectations for the securitized assets? N N
Does the originator's, servicer's, or underlying borrower(s)' misuse or
negligence in maintaining private client or stakeholder data result in
Data Privacy and Security financial penalties or losses to the issuer? N N
Does this rating depend to a large extent on the creditworthiness of another
Passed-through Social credit rated issuer which is impacted by social factors (see respective ESG
considerations checklist for such issuer)? N N

Governance Overall: N N
Does the transaction structure affect the assessment of the credit risk posed
Corporate / Transaction to investors due to a lack of appropriate independence of the issuer from
Governance the originator and/or other transaction parties? N N
Considering the alignment of interest between the transaction parties and
noteholders: does this affect the assessment of credit risk posed to investors
because the alignment of interest is inferior or superior to comparable
transactions in the sector? N N
Does the lack of appropriately defined mechanisms in the structure on how
to deal with future events affect the assessment of credit risk posed to
investors? N N
Considering how the transaction structure provides for timely and
appropriate performance and asset reporting: does this affect the
assessment of credit risk posed to investors because it is inferior or superior
to comparable transactions in the sector? N N
Corporate / Transaction Governance N N
Does this rating depend to a large extent on the creditworthiness of another
Passed-through Governance rated issuer which is impacted by governance factors (see respective ESG
credit considerations checklist for such issuer)? N N

Consolidated ESG Criteria Output: N N

* A Relevant Effect means that the impact of the applicable ESG risk factor has not changed the rating or rating trend on the issuer.
A Significant Effect means that the impact of the applicable ESG risk factor has changed the rating or trend on the issuer.
Page 20 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Environmental
There were no Environmental factors that had a relevant or significant effect on the credit analysis. For
more details about which Environmental factors could have an effect on the credit analysis, please refer
to the checklist above.

Social
There were no Social factors that had a relevant or significant effect on the credit analysis. For more
details about which Social factors could have an effect on the credit analysis, please refer to the
checklist above.

Governance
There were no Governance factors that had a relevant or significant effect on the credit analysis. For
more details about which Governance factors could have an effect on the credit analysis, please refer to
the checklist above.

The above ESG discussion relates to credit risk factors that could impact the Issuer's credit profile and,
therefore, the ratings of the Notes. They are separate from ESG sustainability factors, which are
generally outside the scope of this analysis. A description of how Morningstar DBRS considers ESG
factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS
Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at
https://dbrs.morningstar.com/research/427030/morningstar-dbrs-criteria-approach-to-environmental-
social-and-governance-risk-factors-in-credit-ratings.
Page 21 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

Appendix C—Scope and Meaning of Financial

Obligations

Morningstar DBRS' credit ratings on the Class A and Class B Notes address the credit risk associated
with the identified financial obligations in accordance with the relevant transaction documents. For
information on the associated financial obligations, please refer to the corresponding press release
published for this credit rating action.

Morningstar DBRS’ credit ratings do not address nonpayment risk associated with contractual payment
obligations contemplated in the applicable transaction documents that are not financial obligations. The
associated contractual payment obligation that is not a financial obligation for each of the rated notes is
the interest on any unpaid interest from the preceding distribution date.

Morningstar DBRS’ long-term credit ratings provide opinions on risk of default. Morningstar DBRS
considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in
accordance with the terms under which a long-term obligation has been issued. The Morningstar DBRS
short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term
financial obligations in a timely manner.
Page 22 of 22 Navient Private Education Refi Loan Trust 2024-A | May 8, 2024

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