Here is the report, "The Student Loan Report Card."
- Performance of FFELP collateral stable although jump in forbearances and deferment occurred in 4Q 2008:
guarantee of at least 97% of defaulted principal and interest from the federal government. In
2008, negative rating actions mainly occurred due to structural features in transactions that
finance primarily auction rate debt. To date, transactions financing solely floating rate debt have had no negative rating actions. Fitch did see a spike in the deferment and forbearance indices in the fourth quarter of 2008 as borrowers took advantage of payment delay options either by returning to school or entering forbearance due to economic hardship."