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TEXT-Fitch assigns EFS Volunteer 3 2012-1 final ratings
June 22, 2012 / 6:12 PM / in 5 years

TEXT-Fitch assigns EFS Volunteer 3 2012-1 final ratings

June 22 - Fitch Ratings has assigned the following ratings and Rating
Outlooks to EFS Volunteer No. 3, LLC, series 2012-1, as shown below:

--$358,600,000 student loan asset backed notes, series 2012-1 A-1 'AAAsf';
Outlook Negative;
--$154,000,000 student loan asset backed notes, series 2012-1 A-2 'AAAsf';
Outlook Negative;
--$167,200,000 student loan asset backed notes, series 2012-1 A-3 'AAAsf';
Outlook Negative.

Fitch's stress analysis is discussed in its June 8 presale report, 'EFS
Volunteer No. 3, LLC Series 2012-1', available at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);
--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria'
(April 4, 2012).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

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