KBRA assigns preliminary ratings to three classes of notes issued by Navient Refinance Loan Trust 2026-C (“NAVRL 2026-C”), an asset-backed securitization collateralized by private education refinance loans. NAVRL 2026-C will issue three classes of notes totaling $682.80 million. Initial credit enhancement ranges from 15.27% for the Class A Notes to 8.00% for the Class C Notes. Credit enhancement consists of overcollateralization, subordination, and the senior and subordinate reserve accounts.

NAVRL 2026-C represents the sixth private education refinance loan ABS securitization sponsored by Navient Refinance Solutions, LLC (“Navient Refinance Solutions”) under the NAVRL platform, the third in 2026, and the 84th private education loan ABS transaction sponsored by Navient Solutions, LLC and its predecessor entities.

The NAVRL platform was established in 2025 for Navient’s private education refinance loan securitizations. The transaction is collateralized by private education refinance loans originated by Earnest Operations LLC (“Earnest”) under the Earnest student loan refinancing program. Navient Holdings, Inc. (“Navient” or the “Company”) is a public company listed on the Nasdaq under the ticker symbol “NAVI,” following an internal reorganization completed on October 28, 2026.

As of October 5, 2026 (the “Statistical Cut-Off Date”), the collateral pool consisted of approximately $742.0 million of private education refinance loans, with a weighted average (“WA”) borrower credit score of 776, WA borrower income of approximately $202,938, and WA original and remaining terms of 163 and 160 months, respectively. Approximately 96.7% of the pool was in repayment.

KBRA applied its Private Student Loan ABS Global Rating Methodology and its Global Structured Finance Counterparty Methodology as part of its analysis of the portfolio data, underlying collateral pool, and capital structure. KBRA also considered its operational review of Navient, as well as due diligence calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the US Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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