The preliminary ratings assigned to SMB Private Education Loan Trust 2021-E's (SMB 2021-E's) private education loan-backed notes reflect: The approximately 35.4%-36.9% and 35.2%-37.2% credit support (including excess spread) available in our 'AAA' and 'AA' stressed break-even cash flow scenarios, respectively. The credit support is defined as the maximum net loss rates that our 'AAA' and 'AA' break-even cash flow scenarios could withstand while still making interest payments on every distribution date and principal payments by the notes' legal maturity. The initial overcollateralization of approximately 11.8% for the class A notes, which is defined as the excess of the pool balance over the class A note balance, divided by the pool balance. The initial overcollateralization of approximately 4.7% for the class