The preliminary rating assigned to Navient Private Education Refi Loan Trust 2021-C's (Navient 2021-C) private education loan-backed senior class A notes reflect our view of: The approximately 16.3%-16.7% credit support available based on our 'AAA' stressed, break-even cash flow scenarios. These credit support levels provide coverage of approximately 7.3x-7.4x our base case net loss of 2.25% in the 'AAA' stressed break-even cash flow scenario (see the Expected Default Rate and Break-Even Cash Flow Results sections below). Our base-case default rate assumption of 3.00%, which we increased from 2.75% assumed for recent Navient refi loan pools in transactions issued before the COVID-19 pandemic, to account for the uncertain COVID-19 macroeconomic environment that student loan borrowers will be exposed to (see the