The preliminary ratings assigned to ELFI Graduate Loan Program 2020-A LLC's (ELFI 2020-A's) $300.000 million student loan asset-backed notes reflect our view of: The approximately 14.6%-14.7% credit support available (including excess spread), based on our 'AAA' stressed break-even cash flow scenarios. These credit support levels provide coverage of approximately 6.6x our expected base case net loss in the 'AAA' stressed break-even cash flow scenarios. The pool characteristics, including a weighted average borrower FICO score of 773 and a weighted average borrower income of $146,367, as calculated at origination. Approximately 61% of the loan pool consists of loans to advanced-degree holders, who have historically experienced lower unemployment levels than undergraduate degree holders during prior economic downturns. The class A notes' initial