Page 1 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
11/18/2011
|
11/30/2022
|
12/31/2022
|
|||||||||
Principal Balance
|
$
|
767,002,624.19
|
$
|
193,537,771.59
|
$
|
189,290,903.31
|
|||||||
Interest to be Capitalized Balance
|
7,606,904.17
|
1,200,963.85
|
1,086,450.93
|
||||||||||
Pool Balance
|
$
|
774,609,528.36
|
$
|
194,738,735.44
|
$
|
190,377,354.24
|
|||||||
Capitalized Interest Account Balance
|
$
|
76,000,000.00
|
-
|
-
|
|||||||||
Specified Reserve Account Balance
|
1,995,285.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool (1)
|
$
|
852,604,813.36
|
$
|
194,738,735.44
|
$
|
190,377,354.24
|
|||||||
Weighted Average Coupon (WAC)
|
5.49%
|
|
5.66%
|
|
5.67%
|
|
|||||||
Number of Loans
|
61,014
|
12,618
|
12,161
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
441,054.47
|
$
|
403,580.16
|
|||||||||
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
194,297,680.97
|
$
|
189,973,774.08
|
|||||||||
Pool Factor
|
0.243998623
|
0.238534014
|
|||||||||||
Since Issued Constant Prepayment Rate
|
4.64%
|
|
4.71%
|
|
(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
|
|||||||
A |
|
78445UAA0
|
$
|
160,028,104.99
|
$
|
155,906,599.76
|
|||||
B |
|
78445UAD4
|
$
|
24,000,000.00
|
$
|
24,000,000.00
|
C
|
Account Balances
|
12/27/2022
|
01/25/2023
|
||||||
Reserve Account Balance
|
$
|
1,197,172.00
|
$
|
1,197,172.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
55,074.69
|
$
|
87,640.97
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
12/27/2022
|
01/25/2023
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
194,738,735.44
|
$
|
190,377,354.24
|
|||||
Total Notes
|
$
|
184,028,104.99
|
$
|
179,906,599.76
|
|||||
Difference
|
$
|
10,710,630.45
|
$
|
10,470,754.48
|
|||||
Parity Ratio
|
1.05820
|
1.05820
|
Page 2 of 10
|
Trust 2011-3 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
|
964,600.52
|
||||
Guarantor Principal
|
477,758.96
|
||||
Consolidation Activity Principal
|
3,326,686.70
|
||||
Seller Principal Reimbursement
|
341.52
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
4,769,387.70
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
374,349.95
|
||||
Guarantor Interest
|
54,527.08
|
||||
Consolidation Activity Interest
|
96,252.47
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
0.00
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
14,548.18
|
||||
Total Interest Receipts
|
$
|
539,677.68
|
|||
C
|
Reserves in Excess of Requirement
|
-
|
|||
D
|
Investment Income
|
$
|
37,154.43
|
||
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
|
$
|
(171,449.39)
|
|
||
Floor Income Rebate Fees to Dept. of Education
|
-
|
|
|||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(32,566.28)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
5,142,204.14
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(522,519.42)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
12,623.35
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
III.
|
2011-3 Portfolio Characteristics
|
12/31/2022
|
11/30/2022
|
|||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
|||||||||||||||||
INTERIM:
|
DEFERMENT
|
5.88%
|
|
381
|
$
|
6,831,796.35
|
3.609%
|
|
5.89%
|
|
437
|
$
|
7,479,319.64
|
3.865%
|
|
|||||||||
REPAYMENT:
|
CURRENT
|
5.47%
|
|
9,785
|
$
|
135,900,334.50
|
71.794%
|
|
5.46%
|
|
10,118
|
$
|
135,855,686.15
|
70.196%
|
|
|||||||||
31-60 DAYS DELINQUENT
|
6.15%
|
|
217
|
$
|
5,019,173.59
|
2.652%
|
|
6.36%
|
|
244
|
$
|
5,958,766.26
|
3.079%
|
|
||||||||||
61-90 DAYS DELINQUENT
|
6.24%
|
|
120
|
$
|
2,866,771.89
|
1.514%
|
|
6.00%
|
|
180
|
$
|
4,335,358.84
|
2.240%
|
|
||||||||||
91-120 DAYS DELINQUENT
|
6.56%
|
|
88
|
$
|
2,026,407.82
|
1.071%
|
|
6.67%
|
|
105
|
$
|
2,672,172.67
|
1.381%
|
|
||||||||||
> 120 DAYS DELINQUENT
|
6.29%
|
|
286
|
$
|
7,185,276.99
|
3.796%
|
|
6.26%
|
|
308
|
$
|
7,593,924.90
|
3.924%
|
|
||||||||||
FORBEARANCE
|
6.16%
|
|
1,227
|
$
|
28,621,957.30
|
15.121%
|
|
6.09%
|
|
1,182
|
$
|
28,810,504.29
|
14.886%
|
|
||||||||||
CLAIMS IN PROCESS
|
5.81%
|
|
57
|
$
|
839,184.87
|
0.443%
|
|
6.08%
|
|
44
|
$
|
832,038.84
|
0.430%
|
|
||||||||||
TOTAL
|
12,161
|
$
|
189,290,903.31
|
100.00%
|
|
12,618
|
$
|
193,537,771.59
|
100.00%
|
|
*
|
Percentages may not total 100% due to rounding
|
Page 4 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
IV.
|
2011-3 Portfolio Characteristics (cont'd)
|
12/31/2022
|
11/30/2022
|
|||||||
Pool Balance
|
$
|
190,377,354.24
|
$
|
194,738,735.44
|
||||
Outstanding Borrower Accrued Interest
|
$
|
6,631,128.98
|
$
|
6,820,665.19
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
1,086,450.93
|
$
|
1,200,963.85
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
684,116.02
|
$
|
830,832.05
|
||||
Total # Loans
|
12,161
|
12,618
|
||||||
Total # Borrowers
|
6,830
|
7,072
|
||||||
Weighted Average Coupon
|
5.67%
|
|
5.66%
|
|
||||
Weighted Average Remaining Term
|
182.06
|
180.97
|
||||||
Non-Reimbursable Losses
|
$
|
12,623.35
|
$
|
18,054.07
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
2,583,618.40
|
$
|
2,570,995.05
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
4.71%
|
|
4.64%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$ |
10,384.75
|
$ |
10,384.75
|
||||
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
|
$
|
535,008.88
|
$
|
388,237.72
|
||||
Borrower Interest Accrued
|
$
|
867,384.67
|
$
|
874,739.24
|
||||
Interest Subsidy Payments Accrued
|
$
|
23,843.39
|
$
|
23,497.04
|
||||
Special Allowance Payments Accrued
|
$
|
244,089.04
|
$
|
206,883.02
|
Page 5 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
V.
|
2011-3 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
|
5.67%
|
|
12,161
|
189,290,903.31
|
100.000%
|
|
|||||||||||
Total
|
5.67%
|
|
12,161
|
$
|
189,290,903.31
|
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
|
5.67%
|
|
12,161
|
189,290,903.31
|
100.000%
|
|
|||||||||||
Total
|
5.67%
|
|
12,161
|
$
|
189,290,903.31
|
100.000%
|
|
*
|
Percentages may not total 100% due to rounding.
|
(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 2011-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VI.
|
2011-3 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
5,142,204.14
|
|||||||
A
|
Primary Servicing Fee
|
$
|
43,634.24
|
$
|
5,098,569.90
|
||||
B
|
Administration Fee
|
$
|
6,667.00
|
$
|
5,091,902.90
|
||||
C
|
Class A Noteholders' Interest Distribution Amount
|
$
|
707,558.00
|
$
|
4,384,344.90
|
||||
D
|
Class B Noteholders' Interest Distribution Amount
|
$
|
102,248.39
|
$
|
4,282,096.51
|
||||
E
|
Reserve Account Reinstatement
|
-
|
$
|
4,282,096.51
|
|||||
F
|
Class A Noteholders' Principal Distribution Amount
|
$
|
4,121,505.23
|
$ |
160,591.28
|
||||
G
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
160,591.28
|
|||||
H
|
Unpaid Expenses of The Trustees
|
-
|
$ |
160,591.28
|
|||||
I
|
Carryover Servicing Fee
|
-
|
$ |
160,591.28
|
|||||
J
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
160,591.28
|
|||||
K
|
Excess Distribution Certificateholder
|
$ |
160,591.28
|
$ |
(0.00)
|
Waterfall Triggers
|
|||||||||
A
|
Student Loan Principal Outstanding
|
$
|
189,290,903.31
|
||||||
B
|
Interest to be Capitalized
|
$
|
1,086,450.93
|
||||||
C
|
Capitalized Interest Account Balance
|
-
|
|||||||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,197,172.00
|
||||||
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,197,172.00)
|
|
|||||
F
|
Total
|
$
|
190,377,354.24
|
||||||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
155,906,599.76
|
||||||
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 2011-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VII.
|
2011-3 Distributions
|
A |
|
B |
|
|||||
Cusip/Isin
|
78445UAA0
|
78445UAD4
|
||||||
Beginning Balance
|
$
|
160,028,104.99
|
$
|
24,000,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
Spread/Fixed Rate
|
1.10%
|
|
0.90%
|
|
||||
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*
|
5.48871%
|
|
5.28871%
|
|
||||
Accrued Interest Factor
|
0.004421461
|
0.004260350
|
||||||
Current Interest Due
|
$
|
707,558.00
|
$
|
102,248.39
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
707,558.00
|
$
|
102,248.39
|
||||
Interest Paid
|
$
|
707,558.00
|
$
|
102,248.39
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
4,121,505.23
|
-
|
|||||
Ending Principal Balance
|
$
|
155,906,599.76
|
$
|
24,000,000.00
|
||||
Paydown Factor
|
0.005075745
|
0.000000000
|
||||||
Ending Balance Factor
|
0.192003202
|
1.000000000
|
*
|
Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://images.navient.com/investors/data/abrate.txt.
|
Page 8 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VIII.
|
2011-3 Reconciliations
|
A |
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
184,028,104.99
|
|||
Adjusted Pool Balance
|
$
|
190,377,354.24
|
|||
Overcollateralization Amount
|
$
|
10,470,754.48
|
|||
Principal Distribution Amount
|
$
|
4,121,505.23
|
|||
Principal Distribution Amount Paid
|
$
|
4,121,505.23
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
1,197,172.00
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
1,197,172.00
|
|||
Required Reserve Acct Balance
|
$
|
1,197,172.00
|
|||
Release to Collection Account
|
-
|
||||
Ending Reserve Account Balance
|
$
|
1,197,172.00
|
|||
C
|
Capitalized Interest Account
|
||||
Beginning Period Balance
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
||||
D
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
55,074.69
|
|||
Deposits for the Period
|
$
|
32,566.28
|
|||
Release to Collection Account
|
-
|
|
|||
Ending Balance
|
$
|
87,640.97
|
|||
E
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
Page 9 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
IX.
|
2011-3 Other Characteristics
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
$
|
2,825,013.43
|
$
|
12,243,803.06
|
$
|
66,272,114.22
|
$
|
81,340,930.71
|
||||||||
Unsubsidized Consolidation Loans
|
$
|
4,364,071.55
|
$
|
17,307,248.29
|
$
|
87,365,103.69
|
$
|
109,036,423.53
|
||||||||
Total
|
$
|
7,189,084.98
|
$
|
29,551,051.35
|
$
|
153,637,217.91
|
$
|
190,377,354.24
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
201
|
204
|
157
|
165
|
||||||||||||
Unsubsidized Consolidation Loans
|
239
|
235
|
184
|
194
|
||||||||||||
Total
|
224
|
222
|
172
|
182
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
5.729%
|
|
6.028%
|
|
5.516%
|
|
5.600%
|
|
||||||||
Unsubsidized Consolidation Loans
|
5.972%
|
|
6.243%
|
|
5.599%
|
|
5.716%
|
|
||||||||
Total
|
5.877%
|
|
6.154%
|
|
5.563%
|
|
5.667%
|
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
2.370%
|
|
2.319%
|
|
2.435%
|
|
2.415%
|
|
||||||||
Unsubsidized Consolidation Loans
|
2.319%
|
|
2.266%
|
|
2.403%
|
|
2.378%
|
|
||||||||
Total
|
2.339%
|
|
2.288%
|
|
2.416%
|
|
2.394%
|
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
0.000%
|
0.000%
|
|
3.100%
|
|
3.100%
|
|
|||||||||
Unsubsidized Consolidation Loans
|
3.100%
|
3.100%
|
|
3.154%
|
|
3.128%
|
|
|||||||||
Total
|
3.100%
|
3.100%
|
|
3.135%
|
|
3.122%
|
|
Page 10 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|