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%
|
|
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%
|
|
(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
|
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 |
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
|