Presale:

SoFi Professional Loan Program 2019-B Trust

March 20, 2019

PRIMARY CREDIT ANALYST

Preliminary Ratings Lyuda Ryabkova

New York
Class Preliminary rating Preliminary amount (mil. $) Interest rate (%)(i)
(1) 212-438-2897
A-1FX AAA (sf) 251.00 Fixed lyuda.ryabkova
@spglobal.com
A-2FX AAA (sf) 199.10 Fixed
SECONDARY CONTACT
B-FX NR 32.50 Fixed
Tianfei Wang
Note: This presale report is based on information as of March 20, 2019. The ratings shown are preliminary. Subsequent information may result Centennial
in the assignment of final ratings that differ from the preliminary ratings. Accordingly, the preliminary ratings should not be construed as
+ 1 (303) 721 4695
evidence of final ratings. This report does not constitute a recommendation to buy, hold, or sell securities. (i)The interest rates will be
determined on the pricing date. NR--Not rated. tianfei.wang
@spglobal.com

Profile

Closing date March 29, 2019.

Collateral Private student loans.

Loan originator, sponsor, seller, and SoFi Lending Corp.

administrator

Servicer Higher Education Loan Authority of the State of Missouri.

Trustee, underlying trustee, and Wilmington Trust N. A.

bank account provider

Underwriters Mizuho Securities USA LLC, Citigroup Global Markets Inc., Deutsche Bank Securities
Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, and
Cantor Fitzgerald & Co.

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Presale: SoFi Professional Loan Program 2019-B Trust

Credit Enhancement Summary

SoFi SoFi
SoFi 2019-B SoFi 2019-A SoFi 2018-D SoFi 2018-C 2018-B(i) 2018-A(i)

Subordination (% of the initial bond balance)

Class A 6.73 7.68 8.33 8.86 9.84 9.69

Class B 0.00 0.00 0.00 0.00 0.00 0.0

O/C

Initial class A O/C (% of the 10.22 11.23 12.19 12.70 13.19 13.52
initial pool balance and
class A reserve balance)

Initial class B O/C (% of 3.76 3.86 4.23 4.23 3.73 4.24

initial adjusted aggregate
pool balance(ii)

Target O/C (% of 7.65 7.75 6.80 8.00 8.00 9.00

outstanding adjusted
aggregate pool balance(ii))

O/C floor (% of initial 1.15 1.15 1.15 1.15 1.15 1.15

adjusted aggregate pool
balance(ii))

Payment priority Fully Fully Fully Fully Fully Fully

sequential sequential sequential sequential sequential sequential

(i)The series 2018-A and 2018-B transactions were upsized after S&P Global Ratings issued its respective presale reports and preliminary
ratings. (ii)Adjusted aggregate pool balance includes the pool balance, class A reserve account balance, and class B liquidity account balance.
SoFi--SoFi Professional Loan Program. O/C—Overcollateralization.

Rationale
The preliminary ratings assigned to SoFi Professional Loan Program 2019-B Trust's (SoFi
2019-B's) class A post-graduate loan asset-backed notes reflect:

- The approximately 11.8%-12.2% credit support available (including excess spread), based on
our 'AAA' break-even cash flow scenarios. The credit support is defined as break-even net loss
rates achieved under our 'AAA' stressed break-even cash flow scenarios with front- and
back-loaded default curves. These credit support levels provide coverage of approximately
7.0x-7.2x our base-case net loss assumption in the 'AAA' break-even cash flow scenarios. The
turbo principal payment trigger was in effect in these break-even scenarios because our stress
default rate assumption exceeds 4.0%.

- The subordinate lockout trigger, which accelerates note principal repayments (i.e., a turbo
principal payment trigger) if the cumulative default rate exceeds 4.0% of the initial pool
balance, if the rolling six-month average deferment and forbearance rate exceeds 8.0% of the
current pool, or if the outstanding pool balance is less than 10.0% of the initial pool balance.
The subordinate lockout will also be in effect on each monthly payment date before November
2019.

- The pool characteristics of the initial portfolio loans as of the cut-off date, including a weighted
average FICO score of 766, a weighted average gross income of $176,238, and a weighted
average monthly free cash flow of $7,269. Free cash flow, as calculated by SoFi Lending Corp.
at the time of loan origination, is defined as the obligor's income minus debt payments and

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Presale: SoFi Professional Loan Program 2019-B Trust

estimated expenses, such as taxes and mortgage or rent payments. All of the above
characteristics are reported at the time of loan application.

- The characteristics of the additional portfolio loans that the underlying trustee is expected to
purchase from the sponsor per the loan sale agreement on the closing date. The additional
portfolio loans will be purchased with the funds equal to the reduction in the initial portfolio
loans' principal balance between the cut-off date and the day before the closing date. The
additional student loans will be selected based on the eligibility criteria in the loan purchase
agreement designed to preserve the pool's initial credit quality.

- The initial class A overcollateralization of approximately 10.22%. Class A overcollateralization

is defined as the excess of the asset balance over the class A note balance, divided by the asset
balance. The asset balance includes the pool balance and the class A reserve account balance,
but excludes the class B liquidity account balance.

- The initial total overcollateralization of approximately 3.76%. Total overcollateralization is

defined as the excess of the adjusted aggregate asset balance over the total note balance,
divided by the adjusted aggregate asset balance. The adjusted aggregate asset balance
includes the pool balance, the class A reserve account, and the class B liquidity account.

- The transaction's fully sequential payment structure, which builds total overcollateralization
for the class A and B notes to the greater of 7.65% of the outstanding adjusted aggregate asset
balance and 1.15% of the initial adjusted aggregate asset balance.

- Detailed loan-level data, which allowed for a more in-depth analysis of the obligor
characteristics.

- Social Finance Inc.'s (SoFi's) experienced executive management team with expertise in capital
markets, credit and risk management, data analytics, and the regulatory regime surrounding
private student loans.

- The moderately low level of servicing intensity, given the collateral pool's strong credit profile
and the fact that approximately 74% of the series 2019-B pool loan payments are made by
automated account debit via Automated Clearing House as of the cutoff date (Jan. 29, 2019).

- Our view of the servicer, The Higher Education Loan Authority of the State of Missouri
(MOHELA), a public instrumentality of Missouri. MOHELA provides full-service private student
loan servicing and federal loan servicing for its own student loans and those owned by third
parties.

- The timely interest and principal payments made on the class A notes by the final maturity date
in the cash flow runs that simulated our 'AAA' rating stress scenarios.

- A sensitivity scenario analysis indicating that under moderately stressful economic conditions
(defined as about 2.25x our base-case default assumption), the ratings would not decline more
than one rating category from the preliminary 'AAA (sf)' ratings in the first year, which is
consistent with our credit stability criteria.

- Our view of the transaction's legal structure.

Significant Changes From SoFi 2019-A

On Feb. 25, 2019, the Federal Trade Commission announced that it had given final approval to a
settlement with SoFi regarding savings calculations in SoFi's student loan refinancing
advertisements. The settlement and related consent order resolved issues raised more than two

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Presale: SoFi Professional Loan Program 2019-B Trust

years ago in a civil investigative demand, which had been narrowed to a single issue related to
past savings calculations in student loan refinancing advertisements. Under the terms of the
consent order, SoFi does not agree to pay a monetary penalty or admit any wrongdoing; however,
SoFi agrees to adhere to certain guidelines for future advertisements that include specific savings
claims. At this point, S&P Global Ratings does not expect this settlement to negatively affect the
performance of this transaction or SoFi's other outstanding transactions that we rate.

The structural and credit enhancement changes from the series 2019-A transaction include the
following:

- The initial class A overcollateralization decreased to 10.22% from 11.23%.

- The initial class B overcollateralization decreased to 3.76% from 3.86%.

- The target overcollateralization decreased to 7.65% from 7.75%, while the overcollateralization
floor remained at 1.15%.

- The class A subordination decreased to 6.73% from 7.68%.The time-weighted cost of funds
decreased to 3.62% from 3.66%.

There was also a change in the definitions governing certain principal payments to the
noteholders. The revised definitions reduce the principal payments to the noteholders only when
the following two conditions are met: (1) the subordinate lockout is not in effect and (2) the total
overcollateralization is below its target level (7.65% of the outstanding adjusted aggregate asset
balance with a floor of 1.15% of the initial adjusted aggregate asset balance). In such a case, the
principal payments to the noteholders are to be reduced by the net investment earnings received
on the funds in the issuer's accounts and grantor trust's account. Prior to this transaction, there
was no such reduction by the net investment earnings. The revised definition has no impact on the
first-priority principal distribution amount. In our 'AAA' cash flow scenarios, we assumed the
issuing trust receives no reinvestment income on the funds held in the issuer's and grantor trust's
accounts.

Collateral composition changes from the SoFi 2019-A collateral pool include the following:

- The weighted average FICO of the pool increased to 766 from 762.

- The average loan balance decreased to $80,070 from $83,112.

- The concentration of medical and dental resident refinance loans decreased to 3.24% from
4.21% of the pool.

Transaction Summary
The actual loan pool sold to the underlying trust on the closing date will include the initial portfolio
loans and the additional portfolio loans. The SoFi 2019-B initial pool consists of approximately
$500.1 million in private student loans (calculated as of the Jan. 29, 2019, cut-off date).

Additional portfolio loans are expected to be purchased from the sponsor by the underlying
trustee per the loan sale agreement on the closing date. The additional portfolio loans will be
purchased with the funds equal to the reduction in the principal balance of the initial portfolio
loans between the cut-off date and the business day before the closing date. The additional
student loans will be selected based on the eligibility criteria in the loan purchase agreement
designed to preserve the pool's initial credit quality. Loans in the SoFi 2019-B pool are not
guaranteed or reinsured under Federal Family Education Loan Program (FFELP) or any other
federal student loan program. The sponsor originated these loans under its SoFi loan program.

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Presale: SoFi Professional Loan Program 2019-B Trust

The series 2019-B transaction incorporates the following structural features:

- The senior notes include two senior fixed-rate note classes (class A-1FX and A-2FX). Any
amount to be distributed as principal of the class A notes will be payable first to the class
A-1FX notes until the class A-1FX notes have been paid in full, and then to the class A-2FX
notes. However, if a subordinate lockout is in effect on or after Nov. 15, 2019, the principal
amounts will be payable to the class A-1FX and A-2FX noteholders, pro rata.

- The class B notes provide approximately 6.73% subordination for the class A notes. The class B
subordination is defined as the class B note balance divided by the total note balance. The
class B notes will receive principal payments only after the class A notes have been paid in full.

- At closing, the issuer will use a portion of the notes' proceeds to make an initial deposit to the
class A reserve account in an amount equal to 0.25% of the initial class A note balance. The
reserve account has a target balance of 0.25% of the outstanding class A note balance and is
subject to a floor of 0.15% of the initial class A note balance. If the collections on the loan pool
are not sufficient to pay monthly senior fees, class A interest, or class A principal on the final
maturity date, the reserve account can be accessed for these payments. The funds in the
reserve accounts are replenishable according to the payment priority if the funds are available
after the payment of the first three items in the payment waterfall table below.

- At closing, the issuer will use a portion of the notes' proceeds to make an initial deposit to the
class B liquidity account in an amount equal to 0.25% of the class B initial note balance. The
liquidity account has a target balance of 0.25% of the outstanding class B note balance and is
subject to a floor of 0.15% of the initial class B note balance. Funds in the liquidity account will
be available only for the class B notes.

Payment Structure
The issuer will make payments on the notes in the following priority (see table 1) on the 15th day of
each calendar month or the following business day, beginning in May 2019.

Table 1

Payment Waterfall

Priority Payment

1 Senior transaction fees.

2 Class A interest payment

3 Class A principal on the final maturity date(i)

4 Replenishment of the class A reserve account to the required level, if necessary(ii)

5 Class A first-priority principal distribution amount(i)(iii)

6 Class B interest payment

7 Class A regular principal distribution amount(i)(iv)

8 Replenishment of the class B liquidity account to the required level, if necessary

9 Class B principal distribution amount(iv)

10 Subordinate transaction fees

11 Investment income received with respect to the issuer's accounts or grantor trust's collection account

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Presale: SoFi Professional Loan Program 2019-B Trust

Table 1

Payment Waterfall (cont.)

Priority Payment

12 Any remainder to the residual certificateholders

(i)Principal allocation between classes A-1FX and A-2FX is sequential but can switch to a pro rata allocation on or after Nov. 15, 2019, if the
subordinate lockout goes into effect. (ii)If the class A reserve account balance is below its target balance, it must be replenished after the
payment of the first three items in the waterfall if funds are available. (iii)The class A first-priority principal distribution amount is designed to
restore, if necessary, the class A overcollateralization of 0.25% of initial adjusted pool balance. (iv)The regular principal distribution amount
payable on and after Nov. 15, 2019, and before the subordinate lockout occurs is designed to build up, maintain, and restore (if necessary) the
total overcollateralization of 7.65% of the outstanding adjusted aggregate pool balance with a floor of 1.15% of the initial adjusted aggregate
pool balance. When the subordinate lockout is not in effect and the overcollateralization is below its target, the principal payments to the
noteholders will equal the available funds remaining after the preceding items of the waterfall that are further reduced by the net investment
income received on the issuer's and grantor trust's accounts. Before Nov. 15, 2019, and after the subordinate lockout occurs, all funds
remaining after paying the preceding items of the payment waterfall will be used to repay principal (i.e., the turbo principal payment).

The administrator may purchase all remaining trust student loans when the pool balance is less
than 10% of the initial pool balance at a price sufficient to fully repay the notes' outstanding
principal amount together with the accrued interest.

Transaction Overview
The portfolio loans were all originated by the sponsor under the SoFi loan program. Certain
portfolio loans have been sold to special-purpose financing subsidiaries of the sponsor. On the
closing date, the sponsor will reacquire these initial portfolio loans and the additional portfolio
loans owned by those subsidiaries, and sell the initial portfolio loans and the additional portfolio
loans to the underlying trust. The additional portfolio loans will be purchased with the funds
deposited into the acquisition account, which will equal the reduction in the principal balance of
the initial portfolio loans between the cut-off date and the business day before the closing date.

On the closing date, the issuer will transfer a portion of the note sale proceeds to the underlying
trust in exchange for the issuance of the underlying certificate, and the underlying trust will use a
portion of that amount to acquire the portfolio loans. The underlying trust certificate will represent
the entire ownership interest in the underlying trust. The assets of the underlying trust include:

- The SoFi 2019-B loan pool (initial and additional portfolio loans);

- The funds and investment securities in the accounts established under the underlying trust
agreement; and

- The rights under related contracts.

See chart 1 for the transaction structure.

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Presale: SoFi Professional Loan Program 2019-B Trust

Pool Analysis
The noteholders will receive payments primarily from collections on the loan pool. Table 2 outlines
the SoFi 2019-B initial pool's characteristics as of Jan. 29, 2019.

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Presale: SoFi Professional Loan Program 2019-B Trust

Table 2

Initial Pool Characteristics

Series

2019-B 2019-A 2018-D 2018-C 2018-B(iv) 2018-A(iv)

Cut-off date Jan. 29, Dec. 10, Aug. 12, June 24, Feb. 6, 2018 Dec. 11, 2017
2019 2018 2018 2018

Principal amount (mil. $) 500.11 500.00 601.34 740.08 900.01 1,000.25

Accrued interest to be capitalized 0.12 0.16 0.28 0.24 0.26 0.1

(mil. $)

Total (mil. $) 500.23 500.16 601.62 740.31 900.27 1,000.35

Average loan amount ($) 80,070 83,112 72,303 68,678 70,368 73,716

Weighted average annual gross 176,238 177,554 177,623 161,476 165,803 170,831
income at origination ($)

% of gross income less than or 26 25 28 30 30 30

equal to $100,000

Weighted average monthly free 7,269 7,294 7,495 6,845 7,013 7,274
cash flow at origination ($)(i)

% of pool balance using ACH 74 79 83 74 76 75

(automatic account debit)

Weighted average obligor's age 33 32 34 34 34 33

School ranking (% of the pool)(ii)

Top 20 schools 10 11 8 9 10 11

Top 21-30 schools 6 5 5 5 5 5

Top 31-50 schools 11 11 11 11 10 11

Top 51-100 schools 15 16 15 14 15 15

Schools ranked 101 or higher 2 1 1 2 1 2

Schools not ranked or not 57 56 59 59 57 56

disclosed (Parent Refi loans
only)

Total 100 100 100 100 100 100

Degree level (% of the pool)

Advanced degrees 70 68 71 69 69 71

Bachelor's degrees 29 30 28 29 29 28

Degree not disclosed (Parent 1 2 1 2 2 2

Refi loans only)

Total 100 100 100 100 100 100

Credit score (% of the pool)(iii)

740 and above 83 81 87 84 80 80

700-739 14 14 10 12 14 14

670–699 3 4 3 4 5 5

640–669 0 1 0 0 1 1

600-639 0.00 0.00 0.00 0.00 0.00 0.00

300-599 0.00 0.00 0.00 0.00 0.00 0.00

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Presale: SoFi Professional Loan Program 2019-B Trust

Table 2 (cont.)

Initial Pool Characteristics

Series

2019-B 2019-A 2018-D 2018-C 2018-B(iv) 2018-A(iv)

Total 100 100 100 100 100 100

Weighted average credit score(iii) 777 775 782 779 774 772

Current weighted average interest 5.34 5.37 5.10 5.02 5.08 5.02
rate reduced by the borrower
benefits (%)

(i)Free cash flow, as calculated by SoFi Lending Corp. at the time of loan origination, is defined as the obligor's income minus debt payments
and estimated expenses such as taxes and mortgage or rent payments. (ii)The higher of the two rankings: undergraduate school attended and
graduate school attended. The rankings are based on the SoFi Select 100 ranking. (iii)Credit scores are based on the statistical credit models
developed by Fair Isaac Corp. or VantageScore Solutions LLC. The credit score shown is the higher of the two scores, where applicable.
(iv)Series 2018-A and 2018-B were upsized after S&P Global Ratings assigned related preliminary ratings and issued the related presale
reports. ACH--Automated Clearing House.

S&P Global Ratings' Expected Default Rate: 2.25%

To arrive at our cumulative base-case default rate assumption for the SoFi 2019-B transaction, we
considered the historical cumulative default, forbearance, and delinquency roll rates reported on
the four seasoned SoFi student loan securitizations: series 2014-A, 2014-B, 2015-A, and 2015-B.
We also analyzed the credit characteristics of defaulted loans in SoFi's total portfolio, as well as
performance data for similar loan types from other issuers. We adjusted our analysis to reflect the
series 2019-B pool composition.

S&P Global Ratings completed its surveillance review of the four seasoned SoFi student loan
securitizations in November 2017 (see "Eight SoFi Professional Loan Program LLC Ratings
Affirmed," published Nov. 30, 2017). Table 3 provides a summary of our revised lifetime cumulative
default rate assumptions for the four deals.

Table 3

S&P Global Ratings' Revised Default Assumptions (As Of November 2017)

Reported cumulative default rate between Revised lifetime cumulative base-case default
Transaction the closing date and Sept. 30, 2017 (%) rate assumption (% of initial pool balance)

SoFi 2014-A 0.18 Below 1.0

SoFi 2014-B 0.21 Below 1.0

SoFi 2015-A 0.28 Below 1.0

SoFi 2015-B 0.22 Below 1.0

SoFi--SoFi Professional Loan Program.

Additionally, we analyzed the credit characteristics of the defaulted refinanced student loans in
SoFi's total portfolio. Based on our analysis, we believe that loan obligors without advanced
degrees or those with credit scores below 700 have historically defaulted more frequently than
their counterparts. We compared the series 2019-B pool with the initial characteristics of the
series 2014-A through 2015-B pools in terms of concentrations of obligors without advanced
degrees and obligors with FICO scores below 700 (see table 4).

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Presale: SoFi Professional Loan Program 2019-B Trust

Table 4

Credit Score Distribution And Advanced Degree Percentage

(% of initial pool)

2019-B 2015-B 2015-A 2014-B 2014-A(i)

FICO score distribution for undergraduate degree holders

Below 600 0 0 0 0 0

600-639 0.1 0 0 0 0

640-669 0.5 0 0 0 0

670-699 3 0.5 0.4 0.6 0.5

700-739 8 4 3 3 2

740-850 17 10 9 10 9

Total undergraduate degree holders 29 14 13 13 11

FICO score distribution for advanced degree holders(i)

Below 600 0 0 0 0 0

600-639 0 0 0 0 0

640-669 1 0 0 0 0

670-709 4 3 4 3 3

710-769 25 31 33 30 31

770-850 40 51 50 52 54

Total advanced degree holders 70 85 87 87 89

Degree not disclosed (Parent Refi loans) 1 N/A N/A N/A N/A

(i)The credit score distributions for series 2014-A are based on the higher of the FICO and the Vantage Score. The other deals are based on FICO
scores only. N/A--Not applicable.

As indicated in table 4, the series 2019-B pool has higher concentrations of obligors without
advanced degrees and with credit scores below 700 than the series 2014-A through 2015-B pools.
Based on our revised default rate assumptions for the series 2014-A through 2015-B transactions
and the series 2019-B pool composition, our base-case default rate assumption for the series
2019-B pool is 2.25% (the same as our base-case assumptions for the series 2017-F, 2018-A,
2018-B, 2018-C, and 2018-D pools). Assuming a 25.00% base-case recovery rate, our base-case
net loss rate assumption for the series 2019-B pool is 1.69%.

Cash Flow Modeling Assumptions And Results

We modeled the SoFi 2019-B transaction to test its ability to pay timely interest and full principal
payment by the notes' respective maturity dates under various stress cash flow scenarios that we
believe are commensurate with the assigned preliminary ratings (see table 5).

Table 5

Stressed Cash Flow Modeling Assumptions For Stress Scenarios

Preliminary rating AAA (sf)

Cumulative default rate (%) 11.25

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Table 5

Stressed Cash Flow Modeling Assumptions For Stress Scenarios (cont.)

Cumulative default timing--fast scenario 20/20/20/20/20

(approximate %) per year(i)

Cumulative default timing--slow scenario 15/15/15/15/10/10/10/10; loans with a five-year term:

(approximate %) per year(i) 20/20/20/20/20

Cumulative recovery rate (%) 10.0

Cumulative recovery rate timing (approximate %) per 1.0/1.0/1.0/1.0/1.0/1.0/1.0/1.0/1.0/1.0 beginning one month after
year default

Voluntary prepayment rate--standard prepayment 5/6/7/8/9/10 for the transaction's remaining life
scenario (% CPR) per year(ii)

Voluntary prepayment rate--high prepayment 20% for the life of the deal
scenario (% CPR) per year(ii)

Deferment (% of borrowers without advanced 2% of loans go into deferment for a maximum period permitted by the
degree) policy

Forbearance % per year (for all loans in repayment 1% of loans go into forbearance for 12 months
and in school/grace loans as they enter repayment)

Senior servicing and administration fees 0.49% per year

combined(iii)

Reinvestment rate for the funds held in the issuer's 0.0%

and grantor trust's accounts

(i)We ran separate fast and slow default timing scenarios. (ii)We ran standard and high prepayment speeds in the credit scenarios. (iii)The senior
transaction fee payable under the first item of the waterfall includes the sum of the servicing and administration fees. We modeled the sum of
the two fees at 0.49% per year (subject to an annual inflation of 3.00%) even though it is defined as 0.30% in the indenture. CPR--Constant
prepayment rate.

'AAA' Stressed Cash Flow Results

We stressed the cumulative default rates for the pool at approximately 11.25% in the 'AAA' cash
flow scenarios. We derived the voluntary prepayment rate, forbearance rate, and recovery rate
assumptions from our review of the sponsor's and the industry's historical data, which we
adjusted to reflect the series 2019-B's pool composition and the assigned preliminary ratings. The
principal repayment on the notes switched to the turbo mode in all of our credit scenarios due to
the subordinate lockout trigger. In the 'AAA' cash flow scenarios, the class A notes received
interest payments due on every monthly payment date and principal payments by the notes'
maturity dates.

In addition, we ran several liquidity cash flow scenarios with zero voluntary prepayments and
other stress assumptions specified above to test the assets' ability to repay the notes by their
maturity dates. The first liquidity scenario assumed a zero default rate. The two other liquidity
scenarios assumed the base-case default rate with either a fast or a slow default curve. The
principal repayment on the notes switched to the turbo mode in our liquidity scenarios when the
pool factor fell below 10%. Under these liquidity cash flow scenarios, the notes received interest
payments due on every monthly payment date and principal payments by the notes' maturity
dates.

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Presale: SoFi Professional Loan Program 2019-B Trust

Break-Even Cash Flow Results

In addition to the 'AAA' stressed cash flow scenarios using the 'AAA' stress default rate
assumptions, we ran break-even cash flow scenarios that maximized the default rates while
keeping all other assumptions at the 'AAA' levels. In the 'AAA' break-even scenarios, the class A
notes were able to absorb cumulative defaults of approximately 13.1%-13.5% and cumulative net
losses of approximately 11.8%-12.2%. These results support a coverage multiple of approximately
7.0x-7.2x our base-case net loss rate for the pool. The principal repayment on the notes switched
to the turbo mode in all of our break-even credit scenarios due to the subordinate lockout trigger.
In each of these break-even scenarios, the class A notes received interest payments due on every
monthly payment date and principal payments by the final maturity dates.

Sensitivity Cash Flow Analysis

In addition to the 'AAA' stressed and break-even cash flows, we ran cash flow scenarios to assess
the stability of the assigned preliminary ratings under moderate stress conditions ('BBB' stress
scenarios). We believe that in a moderate stress scenario, default rates would be lower and
recovery rates would be higher than those in a 'AAA' stress (see table 6). The principal repayment
on the notes switched to the turbo mode in all of our sensitivity credit scenarios due to the
subordinate lockout trigger.

Table 6

Sensitivity Cash Flow Modeling Assumptions

Cumulative default rate (%) 5.0-5.5

Cumulative default timing--fast scenario 20/20/20/20/20

(approximate %) per year(i)

Cumulative default timing--slow scenario 15/15/15/15/10/10/10/10; loans with a five-year term: 20/20/20/20/20
(approximate %) per year(i)

Cumulative recovery rate (%) 17.5

Cumulative recovery rate timing 1.75/1.75/1.75/1.75/1.75/1.75/1.75/1.75/1.75/1.75 beginning one month after

(approximate %) per year default

Voluntary prepayment rate (% CPR) per 2/3/4/5/6/7 for the transaction's remaining life
year (other than Smart Option loans)

Deferment (% of borrowers without 2% of loans go into deferment for a maximum period permitted by the policy
advanced degree)

Forbearance % per year (for all loans in 1% of loans go into forbearance for a maximum period permitted by the policy
repayment and in school loans as they
enter repayment)

Senior servicing and administration fees 0.49 per year

combined (%)(ii)

(i)We ran separate fast and slow default scenarios. (ii)The senior transaction fee payable under the first item of the waterfall includes the sum of
the servicing fee and administration fee. We modeled the sum of these two fees at 0.49% per year (subject to an annual inflation of 3.00%) even
though it is defined as 0.30% in the indenture. CPR--Constant prepayment rate.

In moderate stress scenarios, the cumulative remaining credit enhancement coverage of the
remaining net losses builds over time. Chart 2 shows the class A cumulative remaining credit
enhancement as a multiple of the remaining net losses in the moderate stress scenarios.

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Presale: SoFi Professional Loan Program 2019-B Trust

Chart 2

At closing, under a moderate stress scenario, the class A notes would have an approximately
4.6x-4.7x coverage multiple of remaining net losses. The class A coverage multiple reaches
5.2x-5.5x after one year. Based on the cash flow scenarios above, we would expect our ratings on
the class A notes to remain within one rating category of our preliminary 'AAA (sf)' ratings in the
first year, which is consistent with our credit stability criteria (see "Methodology: Credit Stability
Criteria," published May 3, 2010).

SoFi
SoFi was founded in 2011 by a group of Stanford Graduate School of Business alumni. Under its
2011 pilot program, SoFi raised capital from Stanford alumni and offered private student loans to
Stanford business school students. Since its founding, SoFi has shifted its lending strategy to
refinancing student loans of employed graduates (from various schools) with high income levels,
free cash flow, and credit scores. This strategy is intended to mitigate two major risks for
traditional student loan borrowers: nongraduation and unemployment upon graduation. SoFi can
offer more competitive pricing to its borrowers than the pricing on the existing student loans they
obtained when they were attending school.

In addition to traditional student loan underwriting metrics (such as credit score, income, and
adverse credit history checks), SoFi's underwriting criteria include a monthly free cash flow
calculation at the time of loan origination (the obligor's income minus debt payments and
estimated expenses, such as taxes and mortgage or rent payments).

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MOHELA
MOHELA was established in 1981 to assure that all eligible post-secondary education students
have access to guaranteed student loans. The authorizing act has been amended over the years to
provide MOHELA with generally expanded powers to finance, acquire, and service student loans,
including those guaranteed or insured per the Higher Education Act.

MOHELA provides full-service private student loan servicing, defaulted student loan rehabilitation
management, and FFELP loan servicing for its own student loans and those owned by third
parties. MOHELA also services Direct Loans for the U.S. Department of Education, having been
awarded a servicing contract as a not-for-profit servicer in September 2011. As of Dec. 31, 2018,
MOHELA was servicing $1.4 billion in FFELP loans, $17.0 billion in third-party lender-owned
private loans, $79.0 million in MOHELA-owned private loans, and $40.3 billion in Direct Loans.

MOHELA began originating and servicing loans for its own private loan program in 1995. MOHELA
originated and serviced over $370 million in private loans for over 30,000 borrowers before ending
the program in 2008. Through an affiliate, MOHELA has also launched the Missouri Family
Education Loan Program (MOFELP), an interest-free loan program for Missouri students meeting
certain financial need and academic achievement standards. As of Dec. 31, 2018, MOFELP had
approximately $14.7 million outstanding, with 2,987 borrowers in repayment.

Backup Administrator
ECMC Holdings Corp. is the backup administrator. ECMC Holdings is a wholly owned subsidiary of
ECMC Group Inc., a Delaware nonprofit corporation. The core of the ECMC Group Inc. companies'
nonprofit activities is providing support for the administration of federal student loan programs
and the activities of Educational Credit Management Corp. (ECMC). ECMC is a national guarantee
agency under FFELP and the designated guarantor in Virginia, Oregon, Connecticut, and California.
As of Dec. 31, 2018, ECMC reported to the National Student Loan Data System weekly on a current
outstanding student loan portfolio of $29.1 billion. ECMC Holdings Corp. is party to an
intercompany service agreement with ECMC and ECMC Group Inc., according to which it may
receive services from other ECMC Group Inc. entities as necessary to perform any required
functions as a backup administrator or as successor administrator.

Related Criteria
- Criteria | Structured Finance | General: Incorporating Sovereign Risk In Rating Structured
Finance Securities: Methodology And Assumptions, Jan. 30, 2019

- General Criteria: Methodology And Assumptions For Stressed Reinvestment Rates For
Fixed-Rate U.S. Debt Obligations, Dec. 22, 2016

- Criteria | Structured Finance | General: Methodology: Criteria For Global Structured Finance
Transactions Subject To A Change In Payment Priorities Or Sale Of Collateral Upon A
Nonmonetary EOD, March 2, 2015

- Criteria - Structured Finance - General: Global Framework For Cash Flow Analysis Of
Structured Finance Securities, Oct. 9, 2014

- Criteria | Structured Finance | ABS: Methodology And Assumptions For U.S. Private Student
Loan ABS Credit Analysis, Feb. 13, 2013

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Presale: SoFi Professional Loan Program 2019-B Trust

- Criteria - Structured Finance - General: Criteria Methodology Applied To Fees, Expenses, And
Indemnifications, July 12, 2012

- General Criteria: Global Investment Criteria For Temporary Investments In Transaction

Accounts, May 31, 2012

- Criteria - Structured Finance - General: Standard & Poor's Revises Criteria Methodology For
Servicer Risk Assessment, May 28, 2009

- Legal Criteria: Legal Criteria For U.S. Structured Finance Transactions: Special-Purpose
Entities, Oct. 1, 2006

- Legal Criteria: Legal Criteria For U.S. Structured Finance Transactions: Appendix III: Revised
UCC Article 9 Criteria, Oct. 1, 2006

- Legal Criteria: Legal Criteria For U.S. Structured Finance Transactions: Select Issues Criteria,
Oct. 1, 2006

- Legal Criteria: Legal Criteria For U.S. Structured Finance Transactions: Securitizations By Code
Transferors, Oct. 1, 2006

- Legal Criteria: Legal Criteria For U.S. Structured Finance Transactions: Criteria Related To
Asset-Backed Securities, Oct. 1, 2006

- Criteria | Structured Finance | ABS: Student Loan Criteria: Structural Elements In Student Loan
Transactions, Oct. 1, 2004

- Criteria | Structured Finance | ABS: Student Loan Criteria: Evaluating Risk In Student Loan
Transactions, Oct. 1, 2004

- Criteria | Structured Finance | ABS: Student Loan Criteria: Rating Methodology For Student
Loan Transactions, Oct. 1, 2004

Related Research
- Economists See The Risk Of A U.S. Recession Between 20% And 25%, Up From 15% To 20% In
November, Report Says, Feb. 20, 2019

- Global Structured Finance Outlook 2019: Securitization Continues To Be Energized With

Potential $1 Trillion In Volume Expected Again, Jan. 7, 2019

- Economic Research: Global Economic Outlook 2019: Autumn Is Coming, Dec. 11, 2018

- Eight SoFi Professional Loan Program LLC Ratings Affirmed, Nov. 30, 2017

- Global Structured Finance Scenario And Sensitivity Analysis 2016: The Effects Of The Top Five
Macroeconomic Factors, Dec. 16, 2016

- Overview Of Legal Criteria For U.S. Structured Finance Transactions, Oct. 1, 2006

- The Rating Process For Student Loan Transactions, Oct. 1, 2004

- Student Loan Programs, Oct. 1, 2004

In addition to the criteria specific to this type of security (listed above), the following criteria
articles, which are generally applicable to all ratings, may have affected this rating action:
"Counterparty Risk Framework: Methodology And Assumptions," March 8, 2019; "Post-Default
Ratings Methodology: When Does Standard & Poor's Raise A Rating From 'D' Or 'SD'?," March 23,
2015; "Global Framework For Assessing Operational Risk In Structured Finance Transactions,"

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Presale: SoFi Professional Loan Program 2019-B Trust

Oct. 9, 2014; "Methodology: Timeliness of Payments: Grace Periods, Guarantees, And Use of 'D'
And 'SD' Ratings," Oct. 24, 2013; "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings,"
Oct. 1, 2012; "Methodology: Credit Stability Criteria," May 3, 2010; and "Use of CreditWatch And
Outlooks," Sept. 14, 2009.

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Presale: SoFi Professional Loan Program 2019-B Trust

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