Exhibit 99.1

SLM Student Loan Trust 2012-1

Monthly Servicing Report

Distribution Date 01/25/2023

Collection Period 12/01/2022 - 12/31/2022

Navient Funding, LLC - Depositor

Navient Solutions -  Master Servicer and Administrator

Deutsche Bank National Trust Company - Indenture Trustee

Deutsche Bank Trust Company Americas - Eligible Lender Trustee

Navient Funding - Excess Distribution Certificateholder

Page 1 of 9
Trust 2012-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023

I.
Deal Parameters

A
Student Loan Portfolio Characteristics
 
01/19/2012
   
11/30/2022
   
12/31/2022
 

Principal Balance
 
$
729,487,882.66
   
$
195,444,836.21
   
$
191,498,038.71
 

Interest to be Capitalized Balance
   
17,615,101.99
     
2,695,752.82
     
2,743,809.25
 

Pool Balance
 
$
747,102,984.65
   
$
198,140,589.03
   
$
194,241,847.96
 

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
   
$
198,140,589.03
   
$
194,241,847.96
 

Weighted Average Coupon (WAC)
   
6.64%

   
6.70%

   
6.71%


Number of Loans
   
174,879
     
33,645
     
32,756
 

Aggregate Outstanding Principal Balance - Tbill
         
$
137,587.35
   
$
137,767.23
 

Aggregate Outstanding Principal Balance - LIBOR
         
$
198,003,001.68
   
$
194,104,080.73
 

Pool Factor
           
0.259099311
     
0.254001107
 

Since Issued Constant Prepayment Rate
           
(23.03)%

   
(24.17)%


(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
78446WAC1
 
$
173,000,589.03
   
$
169,101,847.96
 

B
78446WAD9
 
$
23,140,000.00
   
$
23,140,000.00
 

C
Account Balances
 
12/27/2022
   
01/25/2023
 

Reserve Account Balance
 
$
764,728.00
   
$
764,728.00
 

Capitalized Interest Account Balance
   
-
     
-
 

Floor Income Rebate Account
 
$
118,135.72
   
$
178,541.94
 

Supplemental Loan Purchase Account
   
-
     
-
 

D
Asset / Liability
 
12/27/2022
   
01/25/2023
 

Adjusted Pool Balance + Supplemental Loan Purchase
 
$
198,140,589.03
   
$
194,241,847.96
 

Total Notes
 
$
196,140,589.03
   
$
192,241,847.96
 

Difference
 
$
2,000,000.00
   
$
2,000,000.00
 

Parity Ratio
   
1.01020
     
1.01040
 

Page 2 of 9
Trust 2012-1 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
   
480,583.32
 
 
Guarantor Principal
   
1,171,636.29
 
 
Consolidation Activity Principal
   
3,075,813.06
 
 
Seller Principal Reimbursement
   
-
 
 
Servicer Principal Reimbursement
   
633.42

 
Rejected Claim Repurchased Principal
   
-
 
 
Other Principal Deposits
   
-
 
 
Total Principal Receipts
 
$
4,728,666.09
 
B
Student Loan Interest Receipts
       
 
Borrower Interest
   
235,220.11
 
 
Guarantor Interest
   
60,343.09
 
 
Consolidation Activity Interest
   
91,919.26
 
 
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
   
25,978.12
 
 
Total Interest Receipts
 
$
413,460.58
 
C
Reserves in Excess of Requirement
 

-
 
D
Investment Income
 
$
25,409.33
 
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
 
$
(60,406.22)

M
AVAILABLE FUNDS
 
$
5,107,129.78
 
N
Non-Cash Principal Activity During Collection Period
 
$
(781,868.59)

O
Non-Reimbursable Losses During Collection Period
 
$
28,385.47
 
P
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
 

-
 
Q
Aggregate Loan Substitutions
   
-
 

Page 3 of 9
Trust 2012-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023

III.
2012-1 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
   
6.21%

   
33
   
$
211,384.92
     
0.110%

   
6.11%

   
43
   
$
251,218.92
     
0.129%

 
GRACE
   
5.78%

   
12
   
$
49,334.00
     
0.026%

   
6.80%

   
3
   
$
13,000.00
     
0.007%

 
DEFERMENT
   
6.62%

   
2,018
   
$
10,791,696.56
     
5.635%

   
6.61%

   
2,221
   
$
11,815,912.01
     
6.046%

                                         
                       
REPAYMENT:
CURRENT
   
6.68%

   
18,857
   
$
102,236,773.66
     
53.388%

   
6.70%

   
19,355
   
$
103,998,777.31
     
53.211%

 
31-60 DAYS DELINQUENT
   
6.75%

   
917
   
$
6,273,681.66
     
3.276%

   
6.74%

   
1,202
   
$
7,829,519.11
     
4.006%

 
61-90 DAYS DELINQUENT
   
6.75%

   
654
   
$
4,379,121.23
     
2.287%

   
6.76%

   
683
   
$
4,753,431.55
     
2.432%

 
91-120 DAYS DELINQUENT
   
6.72%

   
369
   
$
2,336,081.23
     
1.220%

   
6.71%

   
567
   
$
3,894,975.75
     
1.993%

 
> 120 DAYS DELINQUENT
   
6.76%

   
2,304
   
$
15,785,135.77
     
8.243%

   
6.77%

   
2,656
   
$
18,357,348.50
     
9.393%

                                         
                       

FORBEARANCE
   
6.75%

   
7,266
   
$
47,483,832.83
     
24.796%

   
6.71%

   
6,541
   
$
42,221,067.60
     
21.603%


CLAIMS IN PROCESS
   
6.74%

   
326
   
$
1,950,996.85
     
1.019%

   
6.77%

   
374
   
$
2,309,585.46
     
1.182%

 
                                                               
TOTAL
           
32,756
   
$
191,498,038.71
     
100.00%

           
33,645
   
$
195,444,836.21
     
100.00%


* Percentages may not total 100% due to rounding

Page 4 of 9
Trust 2012-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023

IV.
2012-1 Portfolio Characteristics (cont'd)

   
12/31/2022
   
11/30/2022
 
Pool Balance
 
$
194,241,847.96
   
$
198,140,589.03
 
Outstanding Borrower Accrued Interest
 
$
8,263,231.68
   
$
8,410,796.30
 
Borrower Accrued Interest to be Capitalized
 
$
2,743,809.25
   
$
2,695,752.82
 
Borrower Accrued Interest >30 Days Delinquent
 
$
1,117,641.36
   
$
1,277,977.93
 
Total # Loans
   
32,756
     
33,645
 
Total # Borrowers
   
14,023
     
14,381
 
Weighted Average Coupon
   
6.71%

   
6.70%

Weighted Average Remaining Term
   
169.65
     
165.80
 
Non-Reimbursable Losses
 
$
28,385.47
   
$
18,349.94
 
Cumulative Non-Reimbursable Losses
 
$
4,019,927.92
   
$
3,991,542.45
 
Since Issued Constant Prepayment Rate (CPR)
   
-24.17%

   
-23.03%

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
 
$
809,705.29
   
$
703,944.89
 
Borrower Interest Accrued
 
$
1,050,289.99
   
$
1,043,877.16
 
Interest Subsidy Payments Accrued
 
$
38,696.42
   
$
39,443.37
 
Special Allowance Payments Accrued
 
$
52,232.27
   
$
47,263.03
 

Page 5 of 9
Trust 2012-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023

V.
2012-1 Portfolio Statistics by School and Program

A
LOAN TYPE
 
Weighted
Average Coupon
   
# LOANS
   
$ AMOUNT
     
%*


- GSL (1) - Subsidized
   
6.57%

   
17,527
     
75,624,649.77
     
39.491%


- GSL - Unsubsidized
   
6.61%

   
14,393
     
102,990,887.03
     
53.782%


- PLUS (2) Loans
   
8.34%

   
836
     
12,882,501.91
     
6.727%


- SLS (3) Loans
   
0.00%

   
0
     
-
     
0.000%


- Consolidation Loans
   
0.00%

   
0
     
-
     
0.000%


Total
   
6.71%

   
32,756
   
$
191,498,038.71
     
100.000%


B
SCHOOL TYPE
 
Weighted
Average Coupon
   
# LOANS
   
$ AMOUNT
     
%*


- Four Year
   
6.71%

   
26,631
     
164,110,409.09
     
85.698%


- Two Year
   
6.68%

   
5,304
     
23,638,887.53
     
12.344%


- Technical
   
6.68%

   
812
     
3,679,291.94
     
1.921%


- Other
   
6.80%

   
9
     
69,450.15
     
0.036%


Total
   
6.71%

   
32,756
   
$
191,498,038.71
     
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 9
Trust 2012-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023

VI.
2012-1 Waterfall for Distributions

     
Paid
   
Remaining
Funds Balance
 
Total Available Funds
       
$
5,107,129.78
 
A Trustee Fees
    -
    $ 5,107,129.78
 
B
Primary Servicing Fee
 
$
65,692.80
   
$
5,041,436.98
 
C
Administration Fee
 
$
6,667.00
   
$
5,034,769.98
 
D
Class A Noteholders' Interest Distribution Amount
 
$
744,011.09
   
$
4,290,758.89
 
E
Class B Noteholders' Interest Distribution Amount
 
$
99,516.52
   
$
4,191,242.37
 
F
Reserve Account Reinstatement
    -    
$
4,191,242.37
 
G
Class A Noteholders' Principal Distribution Amount
 
$
3,898,741.07
   
$
292,501.30
 
H
Class B Noteholders' Principal Distribution Amount
    -
   
$
292,501.30
 
I
Unpaid Expenses of The Trustees
    -
   
$
292,501.30
 
J
Carryover Servicing Fee
    -
   
$
292,501.30
 
K
Remaining Amounts to the Noteholders after the first auction date
    -
   
$
292,501.30
 
L
Excess Distribution Certificateholder
 
$
292,501.30
   
-


Waterfall Triggers
     
A
Student Loan Principal Outstanding
 
$
191,498,038.71
 
B
Interest to be Capitalized
 
$
2,743,809.25
 
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
 
$
194,241,847.96
 
G
Class A Notes Outstanding (after application of available funds)
 
$
169,101,847.96
 
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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023

VII.
2012-1 Distributions

Distribution Amounts

     
A3
      B

Cusip/Isin
 
78446WAC1
   
78446WAD9
 
Beginning Balance
 
$
173,000,589.03
   
$
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
 
12/27/2022
   
12/27/2022
 
Accrual Period End
 
1/25/2023
   
1/25/2023
 
Daycount Fraction
   
0.08055556
     
0.08055556
 
Interest Rate*
   
5.33871%

   
5.33871%

Accrued Interest Factor
   
0.004300627
     
0.004300627
 
Current Interest Due
 
$
744,011.09
   
$
99,516.52
 
Interest Shortfall from Prior Period Plus Accrued Interest
   
-
     
-
 
Total Interest Due
 
$
744,011.09
   
$
99,516.52
 
Interest Paid
 
$
744,011.09
   
$
99,516.52
 
Interest Shortfall
   
-
     
-
 
Principal Paid
 
$
3,898,741.07
     
-
 
Ending Principal Balance
 
$
169,101,847.96
   
$
23,140,000.00
 
Paydown Factor
   
0.011251778
     
0.000000000
 
Ending Balance Factor
   
0.488028421
      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 9
Trust 2012-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023

VIII.
2012-1 Reconciliations

A
Principal Distribution Reconciliation
     

Notes Outstanding Principal Balance
 
$
196,140,589.03
 

Adjusted Pool Balance
 
$
194,241,847.96
 

Overcollateralization Amount
 
$
2,000,000.00
 

Principal Distribution Amount
 
$
3,898,741.07
 

Principal Distribution Amount Paid
 
$
3,898,741.07
 
           
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
 
$
118,135.72
 

Deposits for the Period
 
$
60,406.22
 

Release to Collection Account
 
-


Ending Balance
 
$
178,541.94
 
 
       
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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023