Page 1 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
06/20/2013
|
11/30/2022
|
12/31/2022
|
|||||||||
Principal Balance
|
$
|
1,205,799,342.60
|
$
|
388,229,995.95
|
$
|
380,206,855.67
|
|||||||
Interest to be Capitalized Balance
|
25,233,370.46
|
4,879,357.65
|
4,964,631.09
|
||||||||||
Pool Balance
|
$
|
1,231,032,713.06
|
$
|
393,109,353.60
|
$
|
385,171,486.76
|
|||||||
Specified Reserve Account Balance
|
6,249,953.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool(1)
|
$
|
1,237,282,666.06
|
$
|
393,109,353.60
|
$
|
385,171,486.76
|
|||||||
Weighted Average Coupon (WAC)
|
6.58%
|
|
6.67%
|
|
6.67%
|
|
|||||||
Number of Loans
|
277,088
|
64,847
|
63,147
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
579,896.18
|
$
|
579,290.50
|
|||||||||
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
392,529,457.42
|
$
|
384,592,196.26
|
|||||||||
Pool Factor
|
0.314489823
|
0.308139482
|
|||||||||||
Since Issued Constant Prepayment Rate
|
(11.33)%
|
|
(11.85)%
|
|
(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
|
12/27/2022
|
01/25/2023
|
||||||
A3
|
78447YAC6
|
$
|
354,178,260.06
|
$
|
346,319,771.89
|
|||||
B
|
78447YAD4
|
$
|
35,000,000.00
|
$
|
35,000,000.00
|
C
|
Account Balances
|
12/27/2022
|
01/25/2023
|
||||||
Reserve Account Balance
|
$
|
1,249,991.00
|
$
|
1,249,991.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
239,417.50
|
$
|
365,256.12
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
12/27/2022
|
01/25/2023
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
393,109,353.60
|
$
|
385,171,486.76
|
|||||
Total Notes
|
$
|
389,178,260.06
|
$
|
381,319,771.89
|
|||||
Difference
|
$
|
3,931,093.54
|
$
|
3,851,714.87
|
|||||
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
II. |
Trust Activity 12/01/2022 through 12/31/2022
|
A
|
Student Loan Principal Receipts
|
||||
Borrower Principal
|
996,160.07
|
||||
Guarantor Principal
|
2,032,122.48
|
||||
Consolidation Activity Principal
|
6,461,287.39
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
1,580.67
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
9,491,150.61
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
463,088.19
|
||||
Guarantor Interest
|
94,110.95
|
||||
Consolidation Activity Interest
|
249,421.13
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
220.93
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
61,845.87
|
||||
Total Interest Receipts
|
$
|
868,687.07
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D
|
Investment Income
|
$
|
49,198.62
|
||
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
|
$
|
(125,838.62)
|
|||
M
|
AVAILABLE FUNDS
|
$
|
10,283,197.68
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,468,010.33)
|
||
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
49,675.07
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
III. |
2013-3 Portfolio Characteristics
|
12/31/2022
|
11/30/2022
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.65%
|
|
81
|
$
|
440,097.16
|
0.116%
|
|
6.51%
|
|
91
|
$
|
493,129.96
|
0.127%
|
|
||||||||||||||||||
|
GRACE |
6.01%
|
|
19
|
$
|
105,166.80
|
0.028%
|
|
6.76%
|
|
11
|
$
|
61,588.00
|
0.016%
|
|
||||||||||||||||||
|
DEFERMENT
|
6.58%
|
|
3,567
|
$
|
20,384,779.46
|
5.361%
|
|
6.57%
|
|
3,906
|
$
|
21,982,350.97
|
5.662%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.66%
|
|
37,817
|
$
|
211,697,452.22
|
55.680%
|
|
6.65%
|
|
39,002
|
$
|
216,947,782.34
|
55.881%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.70%
|
|
1,950
|
$
|
13,869,869.56
|
3.648%
|
|
6.73%
|
|
2,204
|
$
|
15,146,582.56
|
3.901%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.72%
|
|
1,168
|
$
|
8,177,446.10
|
2.151%
|
|
6.68%
|
|
1,292
|
$
|
8,692,554.50
|
2.239%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.65%
|
|
755
|
$
|
5,061,801.47
|
1.331%
|
|
6.60%
|
|
1,126
|
$
|
7,724,542.56
|
1.990%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.66%
|
|
4,440
|
$
|
30,914,040.80
|
8.131%
|
|
6.68%
|
|
4,928
|
$
|
34,297,213.49
|
8.834%
|
|
||||||||||||||||||
|
FORBEARANCE
|
6.70%
|
|
12,687
|
$
|
84,989,708.23
|
22.354%
|
|
6.71%
|
|
11,661
|
$
|
78,652,610.36
|
20.259%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.78%
|
|
663
|
$
|
4,566,493.87
|
1.201%
|
|
6.70%
|
|
626
|
$
|
4,231,641.21
|
1.090%
|
|
||||||||||||||||||
TOTAL
|
63,147
|
$
|
380,206,855.67
|
100.00%
|
|
64,847
|
$
|
388,229,995.95
|
100.00%
|
|
Page 4 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
IV. |
2013-3 Portfolio Characteristics (cont’d)
|
12/31/2022
|
11/30/2022
|
|||||||
Pool Balance
|
$
|
385,171,486.76
|
$
|
393,109,353.60
|
||||
Outstanding Borrower Accrued Interest
|
$
|
16,597,576.85
|
$
|
16,842,554.67
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
4,964,631.09
|
$
|
4,879,357.65
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
2,140,200.16
|
$
|
2,365,570.96
|
||||
Total # Loans
|
63,147
|
64,847
|
||||||
Total # Borrowers
|
26,637
|
27,354
|
||||||
Weighted Average Coupon
|
6.67%
|
|
6.67%
|
|
||||
Weighted Average Remaining Term
|
173.73
|
171.33
|
||||||
Non-Reimbursable Losses
|
$
|
49,675.07
|
$
|
43,466.03
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
5,198,105.49
|
$
|
5,148,430.42
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-11.85 %
|
|
-11.33 %
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
523,936.46
|
$
|
523,936.46
|
||||
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
|
$
|
1,516,403.14
|
$
|
1,509,549.43
|
||||
Borrower Interest Accrued
|
$
|
2,078,711.55
|
$
|
2,065,720.14
|
||||
Interest Subsidy Payments Accrued
|
$
|
70,360.10
|
$
|
71,864.42
|
||||
Special Allowance Payments Accrued
|
$
|
113,414.82
|
$
|
102,197.16
|
Page 5 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
V. |
2013-3 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
- GSL (1) - Subsidized
|
6.52%
|
|
33,456
|
148,975,275.85
|
39.183%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.58%
|
|
28,293
|
208,546,937.24
|
54.851%
|
|
|||||||||||
- PLUS (2) Loans
|
8.38%
|
|
1,398
|
22,684,642.58
|
5.966%
|
|
|||||||||||
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
6.67%
|
|
63,147
|
$
|
380,206,855.67
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
- Four Year
|
6.67%
|
|
53,528
|
336,761,107.56
|
88.573%
|
|
|||||||||||
- Two Year
|
6.66%
|
|
8,303
|
37,267,087.36
|
9.802%
|
|
|||||||||||
- Technical
|
6.71%
|
|
1,272
|
6,000,589.37
|
1.578%
|
|
|||||||||||
- Other
|
5.70%
|
|
44
|
178,071.38
|
0.047%
|
|
|||||||||||
Total
|
6.67%
|
|
63,147
|
$
|
380,206,855.67
|
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 2013-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VI. |
2013-3 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance |
||||||||
Total Available Funds
|
$
|
10,283,197.68
|
|||||||
A
|
Trustee Fees |
-
|
$
|
10,283,197.68
|
|||||
B
|
Primary Servicing Fee
|
$
|
126,025.76
|
$
|
10,157,171.92
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
10,150,504.92
|
||||
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
1,394,799.15
|
$
|
8,755,705.77
|
||||
E
|
Class B Noteholders’ Interest Distribution Amount
|
$
|
166,028.91
|
$
|
8,589,676.86
|
||||
F
|
Reserve Account Reinstatement
|
|
-
|
$
|
8,589,676.86
|
||||
G
|
Class A Noteholders’ Principal Distribution Amount
|
$ |
7,858,488.17
|
$
|
731,188.69
|
||||
H
|
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
731,188.69
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
731,188.69
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
731,188.69
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
731,188.69
|
|||||
L |
Excess Distribution Certificateholder
|
$
|
731,188.69 |
-
|
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
380,206,855.67
|
||
B
|
Interest to be Capitalized
|
$
|
4,964,631.09
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,249,991.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,249,991.00)
|
||
F
|
Total
|
$
|
385,171,486.76
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
346,319,771.89
|
||
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 2013-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VII. |
2013-3 Distributions
|
A3
|
B |
|
||||||
Cusip/Isin
|
78447YAC6
|
78447YAD4
|
||||||
Beginning Balance
|
$
|
354,178,260.06
|
$
|
35,000,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
Spread/Fixed Rate
|
0.50%
|
|
1.50%
|
|
||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
Accrual Period Begin
|
12/27/2022
|
12/27/2022
|
||||||
Accrual Period End
|
1/25/2023
|
1/25/2023
|
||||||
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
Interest Rate*
|
4.88871%
|
|
5.88871%
|
|
||||
Accrued Interest Factor
|
0.003938128
|
0.004743683
|
||||||
Current Interest Due
|
$
|
1,394,799.15
|
$
|
166,028.91
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,394,799.15
|
$
|
166,028.91
|
||||
Interest Paid
|
$
|
1,394,799.15
|
$
|
166,028.91
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
7,858,488.17
|
-
|
|||||
Ending Principal Balance
|
$
|
346,319,771.89
|
$
|
35,000,000.00
|
||||
Paydown Factor
|
0.012395092
|
0.000000000
|
||||||
Ending Balance Factor
|
0.546245697
|
1.000000000
|
Page 8 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VIII. |
2013-3 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
389,178,260.06
|
|||
Adjusted Pool Balance
|
$
|
385,171,486.76
|
|||
Overcollateralization Amount
|
$
|
3,851,714.87
|
|||
Principal Distribution Amount
|
$
|
7,858,488.17 |
|||
Principal Distribution Amount Paid
|
$
|
7,858,488.17 | |||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
1,249,991.00
|
|||
Reserve Funds Utilized
|
0.00 |
||||
Reserve Funds Reinstated
|
0.00 | ||||
Balance Available
|
$
|
1,249,991.00
|
|||
Required Reserve Acct Balance
|
$
|
1,249,991.00
|
|||
Release to Collection Account
|
|
-
|
|||
Ending Reserve Account Balance
|
$
|
1,249,991.00
|
|||
C
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
239,417.50
|
|||
Deposits for the Period
|
$
|
125,838.62
|
|||
Release to Collection Account
|
-
|
||||
Ending Balance
|
$
|
365,256.12 |
|||
D
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |