Page 1 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
01/19/2012
|
09/30/2022
|
10/31/2022
|
|||||||||
Principal Balance
|
$
|
729,487,882.66
|
$
|
203,471,451.26
|
$
|
200,479,803.12
|
|||||||
Interest to be Capitalized Balance
|
17,615,101.99
|
2,509,142.53
|
2,624,513.35
|
||||||||||
Pool Balance
|
$
|
747,102,984.65
|
$
|
205,980,593.79
|
$
|
203,104,316.47
|
|||||||
Capitalized Interest Account Balance
|
$
|
5,000,000.00
|
-
|
-
|
|||||||||
Specified Reserve Account Balance
|
1,911,821.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool (1)
|
$
|
754,014,805.65
|
$
|
205,980,593.79
|
$
|
203,104,316.47
|
|||||||
Weighted Average Coupon (WAC)
|
6.64%
|
|
6.70%
|
|
6.70%
|
|
|||||||
Number of Loans
|
174,879
|
35,268
|
34,602
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
137,450.53
|
$
|
137,475.68
|
|||||||||
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
205,843,143.26
|
$
|
202,966,840.79
|
|||||||||
Pool Factor
|
0.269351323
|
0.265590148
|
|||||||||||
Since Issued Constant Prepayment Rate
|
(21.11)%
|
|
(22.08)%
|
|
(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
|
||||||
A3
|
78446WAC1
|
$
|
180,780,787.85
|
$
|
177,933,273.31
|
|||||
B
|
78446WAD9
|
$
|
23,140,000.00
|
$
|
23,140,000.00
|
C
|
Account Balances
|
10/25/2022
|
11/25/2022
|
||||||
Reserve Account Balance
|
$
|
764,728.00
|
$
|
764,728.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
663,711.53
|
$
|
866,572.50
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
10/25/2022
|
11/25/2022
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
205,980,593.79
|
$
|
203,104,316.47
|
|||||
Total Notes
|
$
|
203,920,787.85
|
$
|
201,073,273.31
|
|||||
Difference
|
$
|
2,059,805.94
|
$
|
2,031,043.16
|
|||||
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2012-1 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
|
527,318.94
|
||||
Guarantor Principal
|
731,262.70
|
||||
Consolidation Activity Principal
|
2,500,455.27
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
|
|||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
9,074.16
|
||||
Total Principal Receipts
|
$
|
3,768,111.07
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
241,594.29
|
||||
Guarantor Interest
|
21,176.08
|
||||
Consolidation Activity Interest
|
100,647.14
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
132.60
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
18,944.31
|
||||
Total Interest Receipts
|
$
|
382,494.42
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D
|
Investment Income
|
$
|
12,027.31
|
||
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
|
-
|
||||
Floor Income Rebate Fees to Dept. of Education
|
-
|
|
|||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(202,860.97)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
3,959,771.83
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(776,462.93)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
19,809.13
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
9,433.99
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
III.
|
2012-1 Portfolio Characteristics
|
10/31/2022
|
09/30/2022
|
||||||||||||||||||||||||||||||||
Wtd Avg Coupon
|
# Loans |
Principal |
% of Principal
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.11%
|
|
43
|
$
|
251,218.92
|
0.125%
|
|
5.99%
|
|
41
|
$
|
218,218.92
|
0.107%
|
|
||||||||||||||||||
GRACE
|
6.80%
|
|
5
|
$
|
20,500.00
|
0.010%
|
|
6.80%
|
|
7
|
$
|
53,500.00
|
0.026%
|
|
|||||||||||||||||||
DEFERMENT
|
6.58%
|
|
2,232
|
$
|
11,986,435.38
|
5.979%
|
|
6.58%
|
|
2,222
|
$
|
12,072,372.71
|
5.933%
|
|
|||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.69%
|
|
19,975
|
$
|
107,252,934.87
|
53.498%
|
|
6.69%
|
|
20,093
|
$
|
106,111,929.58
|
52.151%
|
|
||||||||||||||||||
31-60 DAYS DELINQUENT
|
6.78%
|
|
1,113
|
$
|
7,588,181.53
|
3.785%
|
|
6.72%
|
|
1,611
|
$
|
10,702,903.59
|
5.260%
|
|
|||||||||||||||||||
61-90 DAYS DELINQUENT
|
6.69%
|
|
966
|
$
|
6,589,793.87
|
3.287%
|
|
6.68%
|
|
1,053
|
$
|
6,913,653.58
|
3.398%
|
|
|||||||||||||||||||
91-120 DAYS DELINQUENT
|
6.71%
|
|
682
|
$
|
4,436,311.78
|
2.213%
|
|
6.75%
|
|
863
|
$
|
5,920,210.52
|
2.910%
|
|
|||||||||||||||||||
> 120 DAYS DELINQUENT
|
6.79%
|
|
2,598
|
$
|
18,035,220.39
|
8.996%
|
|
6.79%
|
|
2,544
|
$
|
17,627,314.30
|
8.663%
|
|
|||||||||||||||||||
|
FORBEARANCE
|
6.72%
|
|
6,671
|
$
|
42,443,652.13
|
21.171%
|
|
6.73%
|
|
6,579
|
$
|
42,206,356.26
|
20.743%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.74%
|
|
317
|
$
|
1,875,554.25
|
0.936%
|
|
6.77%
|
|
255
|
$
|
1,644,991.80
|
0.808%
|
|
||||||||||||||||||
TOTAL
|
34,602
|
$
|
200,479,803.12
|
100.00%
|
|
35,268
|
$
|
203,471,451.26
|
100.00%
|
|
Page 4 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
IV.
|
2012-1 Portfolio Characteristics (cont'd)
|
10/31/2022
|
09/30/2022
|
|||||||
Pool Balance
|
$
|
203,104,316.47
|
$
|
205,980,593.79
|
||||
Outstanding Borrower Accrued Interest
|
$
|
8,630,067.33
|
$
|
8,689,494.68
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
2,624,513.35
|
$
|
2,509,142.53
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,321,086.05
|
$
|
1,384,069.65
|
||||
Total # Loans
|
34,602
|
35,268
|
||||||
Total # Borrowers
|
14,813
|
15,104
|
||||||
Weighted Average Coupon
|
6.70%
|
|
6.70%
|
|
||||
Weighted Average Remaining Term
|
164.91
|
163.75
|
||||||
Non-Reimbursable Losses
|
$
|
19,809.13
|
$
|
18,339.51
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
3,973,192.51
|
$
|
3,953,383.38
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-22.08%
|
|
-21.11%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
385,108.47
|
$
|
385,108.47
|
||||
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
|
$
|
796,464.73
|
$
|
869,992.32
|
||||
Borrower Interest Accrued
|
$
|
1,099,726.68
|
$
|
1,077,813.88
|
||||
Interest Subsidy Payments Accrued
|
$
|
42,459.69
|
$
|
41,719.01
|
||||
Special Allowance Payments Accrued
|
$
|
43,969.86
|
$
|
36,587.34
|
Page 5 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
V.
|
2012-1 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- GSL (1) - Subsidized
|
6.57%
|
|
18,510
|
79,284,310.50
|
39.547%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.60%
|
|
15,208
|
107,925,142.47
|
53.833%
|
|
|||||||||||
- PLUS (2) Loans
|
8.35%
|
|
884
|
13,270,350.15
|
6.619%
|
|
|||||||||||
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
6.70%
|
|
34,602
|
$
|
200,479,803.12
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- Four Year
|
6.71%
|
|
28,134
|
171,851,562.06
|
85.720%
|
|
|||||||||||
- Two Year
|
6.68%
|
|
5,616
|
24,804,087.17
|
12.372%
|
|
|||||||||||
- Technical
|
6.67%
|
|
835
|
3,745,451.17
|
1.868%
|
|
|||||||||||
- Other
|
6.80%
|
|
17
|
78,702.72
|
0.039%
|
|
|||||||||||
Total
|
6.70%
|
|
34,602
|
$
|
200,479,803.12
|
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 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
VI.
|
2012-1 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
3,959,771.83
|
|||||||
A | Trustee Fees |
- |
$ |
3,959,771.83 |
|||||
B
|
Primary Servicing Fee
|
$
|
68,997.94
|
$
|
3,890,773.89
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
3,884,106.89
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
706,062.82
|
$
|
3,178,044.07
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
90,376.27
|
$
|
3,087,667.80
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
3,087,667.80
|
|||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
2,847,514.54
|
$
|
240,153.26
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
240,153.26
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
240,153.26
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
240,153.26
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
240,153.26
|
|||||
L
|
Excess Distribution Certificateholder
|
$
|
240,153.26
|
-
|
|
Waterfall Triggers
|
|||||
A |
Student Loan Principal Outstanding
|
$
|
200,479,803.12
|
||
B
|
Interest to be Capitalized
|
$
|
2,624,513.35
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
764,728.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(764,728.00)
|
|
|
F
|
Total
|
$
|
203,104,316.47
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
177,933,273.31
|
||
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 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
VII.
|
2012-1 Distributions
|
A3
|
B |
|
||||||
Cusip/Isin
|
78446WAC1
|
78446WAD9
|
||||||
Beginning Balance
|
$
|
180,780,787.85
|
$
|
23,140,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
Spread/Fixed Rate
|
0.95%
|
|
0.95%
|
|
||||
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*
|
4.53557%
|
|
4.53557%
|
|
||||
Accrued Interest Factor
|
0.003905630
|
0.003905630
|
||||||
Current Interest Due
|
$
|
706,062.82
|
$
|
90,376.27
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
706,062.82
|
$
|
90,376.27
|
||||
Interest Paid
|
$
|
706,062.82
|
$
|
90,376.27
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
2,847,514.54
|
-
|
|||||
Ending Principal Balance
|
$
|
177,933,273.31
|
$
|
23,140,000.00
|
||||
Paydown Factor
|
0.008217935
|
0.000000000
|
||||||
Ending Balance Factor
|
0.513515940
|
1.000000000
|
Page 8 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
VIII.
|
2012-1 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
203,920,787.85
|
|||
Adjusted Pool Balance
|
$
|
203,104,316.47
|
|||
Overcollateralization Amount
|
$
|
2,031,043.16
|
|||
Principal Distribution Amount
|
$
|
2,847,514.54
|
|||
Principal Distribution Amount Paid
|
$
|
2,847,514.54
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
764,728.00
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
764,728.00
|
|||
Required Reserve Acct Balance
|
$
|
764,728.00
|
|||
Release to Collection Account
|
|
-
|
|||
Ending Reserve Account Balance
|
$
|
764,728.00
|
|||
C
|
Capitalized Interest Account
|
||||
Beginning Period Balance
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
||||
D
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
663,711.53
|
|||
Deposits for the Period
|
$
|
202,860.97
|
|||
Release to Collection Account
|
-
|
|
|||
Ending Balance
|
$
|
866,572.50
|
|||
E
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|