Page 1 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022 |
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
03/03/2011
|
09/30/2022
|
10/31/2022
|
|||||||||
|
Principal Balance
|
$
|
752,091,553.60
|
$
|
177,309,429.22
|
$
|
174,092,043.60
|
||||||
|
Interest to be Capitalized Balance
|
7,178,868.62
|
793,831.45
|
757,612.95
|
|||||||||
Pool Balance
|
$
|
759,270,422.22
|
$
|
178,103,260.67
|
$
|
174,849,656.55
|
|||||||
|
Capitalized Interest Account Balance
|
$
|
65,100,000.00
|
-
|
-
|
||||||||
|
Specified Reserve Account Balance
|
1,931,510.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool (1)
|
$
|
826,301,932.22
|
$
|
178,103,260.67
|
$
|
174,849,656.55
|
||||||
|
Weighted Average Coupon (WAC)
|
5.64%
|
|
5.88%
|
|
5.90%
|
|
||||||
|
Number of Loans
|
62,997
|
12,449
|
12,178
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
137,359.31
|
$
|
138,739.43
|
||||||||
|
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
177,965,901.36
|
$
|
174,710,917.12
|
||||||||
|
Pool Factor
|
0.230523368
|
0.226312149
|
||||||||||
|
Since Issued Constant Prepayment Rate
|
4.17%
|
|
4.20%
|
|
(1) |
The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than or equal to 40% of the original pool.
|
B
|
Debt Securities
|
Cusip/Isin
|
10/25/2022
|
11/25/2022
|
||||||
A2
|
83149VAB5
|
$
|
121,407,260.67
|
$
|
118,153,656.55
|
|||||
B |
83149VAC3
|
$
|
24,370,000.00
|
$
|
24,370,000.00
|
C |
Account Balances |
10/25/2022 | 11/25/2022 | ||||||
Reserve Account Balance
|
$
|
1,158,906.00
|
$
|
1,158,906.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
288,116.79
|
$
|
373,629.28
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D |
Asset / Liability |
10/25/2022 | 11/25/2022 | ||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
178,103,260.67
|
$
|
174,849,656.55
|
|||||
Total Notes
|
$
|
145,777,260.67
|
$
|
142,523,656.55
|
|||||
Difference
|
$
|
32,326,000.00
|
$
|
32,326,000.00
|
|||||
Parity Ratio
|
1.22175
|
1.22681
|
Page 2 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022 |
II.
|
Trust Activity 10/01/2022 through 10/31/2022
|
A
|
Student Loan Principal Receipts
|
||||
Borrower Principal
|
978,390.21
|
||||
Guarantor Principal
|
37,618.17
|
||||
Consolidation Activity Principal
|
2,701,586.19
|
||||
Seller Principal Reimbursement
|
43.59
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
3,717,638.16
|
|||
B |
Student Loan Interest Receipts
|
||||
Borrower Interest
|
405,976.74
|
||||
Guarantor Interest
|
3,404.75
|
||||
Consolidation Activity Interest
|
38,454.08
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
490.96
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
8,940.00
|
||||
Total Interest Receipts
|
$
|
457,266.53
|
|||
C
|
Reserves in Excess of Requirement
|
-
|
|||
D |
Investment Income
|
$
|
13,950.29
|
||
E
|
Funds Borrowed from Next Collection Period
|
-
|
|||
F
|
Funds Repaid from Prior Collection Period
|
-
|
|||
G
|
Loan Sale or Purchase Proceeds
|
-
|
|||
H
|
Initial Deposits to Collection Account
|
-
|
|||
I
|
Excess Transferred from Other Accounts
|
|
-
|
||
J
|
Other Deposits
|
-
|
|||
K
|
Funds Released from Capitalized Interest Account
|
-
|
|||
L
|
Less: Funds Previously Remitted:
|
||||
Servicing Fees to Servicer
|
-
|
||||
Consolidation Loan Rebate Fees to Dept. of Education
|
$
|
(157,298.34)
|
|
||
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|
||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(85,512.49)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
3,946,044.15
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$ | (500,252.54) | ||
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
882.82
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022 |
III.
|
2011-1 Portfolio Characteristics
|
10/31/2022
|
09/30/2022
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
DEFERMENT
|
5.79%
|
|
371
|
$
|
5,973,070.68
|
3.431%
|
|
5.88%
|
|
377
|
$
|
6,074,963.83
|
3.426%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
5.79%
|
|
9,781
|
$
|
126,387,621.73
|
72.598%
|
|
5.77%
|
|
10,040
|
$
|
128,562,299.02
|
72.507%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.12%
|
|
262
|
$
|
4,108,735.60
|
2.360%
|
|
6.08%
|
|
340
|
$
|
6,499,944.59
|
3.666%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.18%
|
|
158
|
$
|
3,036,580.54
|
1.744%
|
|
6.44%
|
|
184
|
$
|
3,774,242.38
|
2.129%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.60%
|
|
100
|
$
|
2,446,129.52
|
1.405%
|
|
6.86%
|
|
98
|
$
|
2,488,287.32
|
1.403%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.66%
|
|
339
|
$
|
7,060,601.95
|
4.056%
|
|
6.48%
|
|
329
|
$
|
6,279,766.39
|
3.542%
|
|
||||||||||||||||||
|
FORBEARANCE |
6.10%
|
|
1,129
|
$
|
24,515,094.80
|
14.082%
|
|
6.08%
|
|
1,046
|
$
|
23,142,979.02
|
13.052%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
5.88%
|
|
38
|
$
|
564,208.78
|
0.324%
|
|
5.67%
|
|
35
|
$
|
486,946.67
|
0.275%
|
|
||||||||||||||||||
TOTAL
|
12,178
|
$
|
174,092,043.60
|
100.00%
|
|
12,449
|
$
|
177,309,429.22
|
100.00%
|
|
Page 4 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022 |
IV.
|
2011-1 Portfolio Characteristics (cont’d)
|
10/31/2022
|
09/30/2022
|
|||||||
Pool Balance
|
$
|
174,849,656.55
|
$
|
178,103,260.67
|
||||
Outstanding Borrower Accrued Interest
|
$
|
5,649,122.82
|
$
|
5,752,913.15
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
757,612.95
|
$
|
793,831.45
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
651,942.15
|
$
|
666,266.30
|
||||
Total # Loans
|
12,178
|
12,449
|
||||||
Total # Borrowers
|
6,969
|
7,121
|
||||||
Weighted Average Coupon
|
5.90%
|
|
5.88%
|
|
||||
Weighted Average Remaining Term
|
178.14
|
177.55
|
||||||
Non-Reimbursable Losses
|
$
|
882.82
|
$
|
1,038.31
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
2,225,443.13
|
$
|
2,224,560.31
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
4.20%
|
|
4.17%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
56,610.53
|
$
|
56,610.53
|
||||
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
Unpaid Administration Fees
|
-
|
-
|
||||||
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
Note Principal Shortfall
|
-
|
-
|
||||||
Note Interest Shortfall
|
-
|
-
|
||||||
Unpaid Interest Carryover
|
-
|
-
|
||||||
Non-Cash Principal Activity - Capitalized Interest
|
$
|
501,360.61
|
$
|
439,120.60
|
||||
Borrower Interest Accrued
|
$
|
841,402.61
|
$
|
827,014.87
|
||||
Interest Subsidy Payments Accrued
|
$
|
20,237.23
|
$
|
20,176.03
|
||||
Special Allowance Payments Accrued
|
$
|
120,188.38
|
$
|
81,145.26
|
Page 5 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022 |
V.
|
2011-1 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
||||||||||
|
- GSL (1) - Subsidized
|
0.00%
|
|
|
0 |
|
- |
|
0.000%
|
|||||||
- GSL - Unsubsidized
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
- PLUS (2) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||
- Consolidation Loans
|
5.90%
|
|
12,178
|
174,092,043.60
|
100.000%
|
|
||||||||||
Total
|
5.90%
|
|
12,178
|
$
|
174,092,043.60
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
||||||||||
- Four Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
- Other
|
5.90%
|
|
12,178
|
174,092,043.60
|
100.000%
|
|
||||||||||
Total
|
5.90%
|
|
12,178
|
$
|
174,092,043.60
|
100.000%
|
|
(1)
|
Guaranteed Stafford Loan
|
(2)
|
Parent Loans for Undergraduate Students
|
(3)
|
Supplemental Loans to Students. The Unsubsidized Stafford Loan program replaced the SLS program on July 1, 1994.
|
Page 6 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022 |
VI. |
2011-1 Waterfall for Distributions |
Paid |
Remaining
Funds Balance
|
|||||||||
Total Available Funds
|
$
|
3,946,044.15
|
||||||||
A
|
Trustee Fees |
- |
$
|
3,946,044.15
|
||||||
B
|
Primary Servicing Fee
|
$
|
42,583.58
|
$
|
3,903,460.57
|
|||||
C |
Administration Fee
|
$
|
6,667.00
|
$
|
3,896,793.57
|
|||||
D |
Class A Noteholders’ Interest Distribution Amount
|
$
|
495,080.83
|
$
|
3,401,712.74
|
|||||
E
|
Class B Noteholders’ Interest Distribution Amount
|
$ |
94,130.93
|
$
|
3,307,581.81
|
|||||
F
|
Reserve Account Reinstatement
|
|
-
|
$
|
3,307,581.81
|
|||||
G
|
Class A Noteholders’ Principal Distribution Amount
|
$ |
3,253,604.12
|
$
|
53,977.69
|
|||||
H
|
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
53,977.69
|
||||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
53,977.69
|
||||||
J
|
Carryover Servicing Fee
|
-
|
$
|
53,977.69
|
||||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
|
-
|
$ |
53,977.69
|
|||||
L |
Excess Distribution Certificateholder
|
$ |
53,977.69
|
-
|
Waterfall Triggers
|
||||||
A
|
Student Loan Principal Outstanding
|
$
|
174,092,043.60
|
|||
B
|
Interest to be Capitalized
|
$
|
757,612.95
|
|||
C
|
Capitalized Interest Account Balance
|
-
|
||||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,158,906.00
|
|||
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,158,906.00)
|
|||
F
|
Total
|
$
|
174,849,656.55
|
|||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
118,153,656.55
|
|||
H
|
Insolvency Event or Event of Default Under Indenture
|
N | ||||
I
|
Available Funds Applied to Class A Noteholders’ Distribution Amount Before Any Amounts are Applied to the Class B Noteholders’ Distribution Amount (G>F or H=Y)
|
N |
Page 7 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022 |
VII.
|
2011-1 Distributions
|
A2
|
B |
|
||||||
Cusip/Isin
|
83149VAB5
|
83149VAC3
|
||||||
Beginning Balance
|
$
|
121,407,260.67
|
$
|
24,370,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
Spread/Fixed Rate
|
1.15%
|
|
0.90%
|
|
||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
Accrual Period Begin
|
10/25/2022
|
10/25/2022
|
||||||
Accrual Period End
|
11/25/2022
|
11/25/2022
|
||||||
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
Interest Rate*
|
4.73557%
|
|
4.48557%
|
|
||||
Accrued Interest Factor
|
0.004077852
|
0.003862574
|
||||||
Current Interest Due
|
$
|
495,080.83
|
$
|
94,130.93
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
495,080.83
|
$
|
94,130.93
|
||||
Interest Paid
|
$
|
495,080.83
|
$
|
94,130.93
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
3,253,604.12
|
-
|
|||||
Ending Principal Balance
|
$
|
118,153,656.55
|
$
|
24,370,000.00
|
||||
Paydown Factor
|
0.016268021
|
0.000000000
|
||||||
Ending Balance Factor
|
0.590768283
|
1.000000000
|
Page 8 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022 |
VIII.
|
2011-1 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
145,777,260.67
|
||
|
Adjusted Pool Balance
|
$
|
174,849,656.55
|
||
|
Overcollateralization Amount
|
$
|
32,326,000.00
|
||
|
Principal Distribution Amount
|
$
|
3,253,604.12
|
||
|
Principal Distribution Amount Paid
|
$
|
3,253,604.12
|
||
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,158,906.00
|
||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
1,158,906.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,158,906.00
|
||
|
Release to Collection Account
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
1,158,906.00
|
||
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
|||
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
288,116.79
|
||
|
Deposits for the Period
|
$
|
85,512.49
|
||
|
Release to Collection Account
|
|
-
|
|
|
|
Ending Balance
|
$
|
373,629.28
|
||
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Supplemental Loan Purchases
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
Page 9 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022 |
IX.
|
2011-1 Other Characteristics
|
Principal Balance of All Loans
|
||||||||||||||||
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
$
|
2,588,051.72
|
$
|
10,134,575.74
|
$
|
60,161,430.09
|
$
|
72,884,057.55
|
||||||||
Unsubsidized Consolidation Loans
|
$
|
3,638,727.75
|
$
|
14,894,504.62
|
$
|
83,432,366.63
|
$
|
101,965,599.00
|
||||||||
Total
|
$
|
6,226,779.47
|
$
|
25,029,080.36
|
$
|
143,593,796.72
|
$
|
174,849,656.55
|
Weighted Average Remaining Term of All Loans
|
||||||||||||||||
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
194
|
193
|
153
|
160
|
||||||||||||
Unsubsidized Consolidation Loans
|
243
|
235
|
181
|
191
|
||||||||||||
Total
|
223
|
218
|
169
|
178
|
Weighted Average Coupon of All Loans
|
||||||||||||||||
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
5.794%
|
|
5.964%
|
|
5.725%
|
|
5.760%
|
|
||||||||
Unsubsidized Consolidation Loans
|
5.787%
|
|
6.197%
|
|
5.971%
|
|
5.997%
|
|
||||||||
Total
|
5.790%
|
|
6.103%
|
|
5.868%
|
|
5.899%
|
|
Weighted Average SAP Margin of All LIBOR Based Loans
|
||||||||||||||||
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
2.365%
|
|
2.381%
|
|
2.416%
|
|
2.409%
|
|
||||||||
Unsubsidized Consolidation Loans
|
2.350%
|
|
2.345%
|
|
2.375%
|
|
2.370%
|
|
||||||||
Total
|
2.356%
|
|
2.360%
|
|
2.392%
|
|
2.386%
|
|
Weighted Average SAP Margin of All T-Bill Based Loans
|
||||||||||||
Forbearance
|
Repayment
|
Grand Total
|
||||||||||
Unsubsidized Consolidation Loans
|
3.100%
|
|
3.100%
|
|
3.100%
|
|
||||||
Total
|
3.100%
|
|
3.100%
|
|
3.100%
|
|
Page 10 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022 |