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Presale: SoFi Professional Loan Program 2021-B Trust

The preliminary rating assigned to SoFi Professional Loan Program 2021-B Trust's (SoFi 2021-B) post-graduate loan asset-backed notes reflects our view of: The approximately 18.2%-18.4% credit support available, based on our 'AAA' stressed, break-even cash flow scenarios. These credit support levels provide coverage of approximately 10.3x our base-case net loss of 1.5%-2.0% in the 'AAA' stressed break-even cash flow scenarios (see the Expected Default Rate and Break-Even Cash Flow Results sections below). Our base-case default rate assumption of 2.35%, which we increased from the 2.25% we assumed for similar SoFi student refinance loan transactions issued before the COVID-19 pandemic. Our higher base-case default assumption is intended to account for the uncertain COVID-19 macroeconomic environment that student loan borrowers may be exposed