The preliminary ratings assigned to Vermont Student Assistance Corp.'s (VSAC's) $30.840 million education loan revenue bonds senior series 2021A tax-exempt, fixed-rate bonds (the 2021A bonds) reflect: The availability of approximately 24.8%-25.6% credit support for the 2021A bonds, based on our 'A' stressed break-even cash flow scenarios. These credit support levels provide coverage of approximately 3.9x-4.0x for the 2021A bonds of our base-case net loss in the 'A' stressed break-even cash flow scenarios (see the S&P Global Ratings' Expected Cumulative Default Rate and Break-Even Cash Flow Results sections below). In the future, VSAC may issue additional bonds out of this trust, which may change the credit enhancement available to the bonds. The transaction's approximately 127.7% and 117.1% expected initial senior and