The preliminary 'AAA (sf)', 'AA (sf)', 'A (sf)', and 'BBB (sf)' ratings assigned to College Avenue Student Loans 2021-B LLC's (CASL 2021-B) $279.61 million asset-backed class A, B, C, and D notes, respectively, reflect the following: The availability of approximately 43%, 37%, 29%, and 23% credit support on average, for the class A, B, C, and D notes, respectively, based on stressed break-even cash flow scenarios. These credit support levels provide coverage of approximately 4.7x, 4.1x, 3.2x, and 2.6x, to the class A, B, C, and D notes, respectively, of our expected base case net loss.