Page 1 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
03/15/2012
|
11/30/2022
|
12/31/2022
|
|||||||||
Principal Balance
|
$
|
790,250,485.92
|
$
|
219,052,585.14
|
$
|
214,193,403.56
|
|||||||
Interest to be Capitalized Balance
|
19,607,366.14
|
2,679,300.21
|
2,686,979.01
|
||||||||||
Pool Balance
|
$
|
809,857,852.06
|
$
|
221,731,885.35
|
$
|
216,880,382.57
|
|||||||
Capitalized Interest Account Balance
|
$
|
10,000,000.00
|
-
|
-
|
|||||||||
Specified Reserve Account Balance
|
2,054,965.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool(1)
|
$
|
821,912,817.06
|
$
|
221,731,885.35
|
$
|
216,880,382.57
|
|||||||
Weighted Average Coupon (WAC)
|
6.65%
|
|
6.72%
|
|
6.72%
|
|
|||||||
Number of Loans
|
188,679
|
36,962
|
36,016
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
-
|
-
|
|||||||||||
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
221,731,885.35
|
$
|
216,880,382.57
|
|||||||||
Pool Factor
|
0.269751444
|
0.263849272
|
|||||||||||
Since Issued Constant Prepayment Rate
|
(26.95)%
|
|
(27.87)%
|
|
(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 |
78446YAA1
|
$
|
193,960,236.78
|
$
|
189,169,377.79
|
|||||
B |
78446YAB9
|
$
|
25,000,000.00
|
$
|
25,000,000.00
|
C
|
Account Balances
|
12/27/2022
|
01/25/2023
|
||||||
Reserve Account Balance
|
$
|
821,986.00
|
$
|
821,986.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
144,660.92
|
$
|
223,931.65
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
12/27/2022
|
01/25/2023
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
221,731,885.35
|
$
|
216,880,382.57
|
||||
Total Notes
|
$
|
218,960,236.78
|
$
|
214,169,377.79
|
|||||
Difference
|
$
|
2,771,648.57
|
$
|
2,711,004.78
|
|||||
Parity Ratio
|
1.01266
|
1.01266
|
Page 2 of 9
|
Trust 2012-2 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
|
489,444.29
|
||||
Guarantor Principal
|
1,523,707.31
|
||||
Consolidation Activity Principal
|
3,734,045.61
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
659.97
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
5,747,857.18
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
252,209.74
|
||||
Guarantor Interest
|
60,078.94
|
||||
Consolidation Activity Interest
|
100,037.38
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
431.66
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
32,797.13
|
||||
Total Interest Receipts
|
$
|
445,554.85
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D
|
Investment Income
|
$
|
29,837.77
|
||
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
|
$
|
(79,270.73)
|
|
||
M |
AVAILABLE FUNDS
|
$
|
6,143,979.07
|
||
N |
Non-Cash Principal Activity During Collection Period
|
$
|
(888,675.60)
|
|
|
O |
Non-Reimbursable Losses During Collection Period
|
$
|
37,516.63
|
||
P |
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
Q |
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
III.
|
2012-2 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
|
6.79%
|
|
38
|
$
|
230,655.50
|
0.108%
|
|
6.79%
|
|
35
|
$
|
219,718.00
|
0.100%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
4
|
$
|
31,889.00
|
0.015%
|
|
6.80%
|
|
7
|
$
|
42,826.50
|
0.020%
|
|
||||||||||||||||||
|
DEFERMENT
|
6.68%
|
|
2,067
|
$
|
11,880,008.72
|
5.546%
|
|
6.69%
|
|
2,243
|
$
|
12,792,583.13
|
5.840%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.70%
|
|
21,447
|
$
|
117,249,353.30
|
54.740%
|
|
6.70%
|
|
22,093
|
$
|
119,855,074.55
|
54.715%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.73%
|
|
1,197
|
$
|
7,982,860.78
|
3.727%
|
|
6.74%
|
|
1,288
|
$
|
8,617,605.64
|
3.934%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.69%
|
|
785
|
$
|
5,508,800.25
|
2.572%
|
|
6.78%
|
|
710
|
$
|
4,883,500.63
|
2.229%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.80%
|
|
398
|
$
|
2,635,446.68
|
1.230%
|
|
6.75%
|
|
637
|
$
|
4,490,265.57
|
2.050%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.73%
|
|
2,699
|
$
|
18,688,025.78
|
8.725%
|
|
6.73%
|
|
3,058
|
$
|
21,132,141.16
|
9.647%
|
|
||||||||||||||||||
|
FORBEARANCE
|
6.78%
|
|
6,967
|
$
|
47,013,102.58
|
21.949%
|
|
6.76%
|
|
6,460
|
$
|
44,163,973.06
|
20.161%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.68%
|
|
414
|
$
|
2,973,260.97
|
1.388%
|
|
6.71%
|
|
431
|
$
|
2,854,896.90
|
1.303%
|
|
||||||||||||||||||
TOTAL
|
36,016
|
$
|
214,193,403.56
|
100.00%
|
|
36,962
|
$
|
219,052,585.14
|
100.00%
|
|
*
|
Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
IV.
|
2012-2 Portfolio Characteristics (cont'd)
|
12/31/2022
|
11/30/2022
|
|||||||
Pool Balance
|
$
|
216,880,382.57
|
$
|
221,731,885.35
|
||||
Outstanding Borrower Accrued Interest
|
$
|
8,930,834.69
|
$
|
9,089,045.49
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
2,686,979.01
|
$
|
2,679,300.21
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,256,180.71
|
$
|
1,410,859.15
|
||||
Total # Loans
|
36,016
|
36,962
|
||||||
Total # Borrowers
|
17,343
|
17,784
|
||||||
Weighted Average Coupon
|
6.72%
|
|
6.72%
|
|
||||
Weighted Average Remaining Term
|
172.29
|
169.62
|
||||||
Non-Reimbursable Losses
|
$
|
37,516.63
|
$
|
34,622.83
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
4,023,977.01
|
$
|
3,986,460.38
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-27.87 %
|
|
-26.95 %
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
|
-
|
|||||
Cumulative Rejected Claim Repurchases
|
$
|
355,144.31
|
$
|
355,144.31
|
||||
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
|
$
|
925,458.01
|
$
|
883,304.22
|
||||
Borrower Interest Accrued
|
$
|
1,179,557.06
|
$
|
1,173,306.21
|
||||
Interest Subsidy Payments Accrued
|
$
|
41,816.53
|
$
|
43,281.94
|
||||
Special Allowance Payments Accrued
|
$
|
51,122.47
|
$
|
46,373.78
|
Page 5 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
V.
|
2012-2 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- GSL (1) - Subsidized
|
6.61%
|
|
19,125
|
87,735,181.97
|
40.961%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.64%
|
|
16,049
|
115,554,633.22
|
53.949%
|
|
|||||||||||
- PLUS (2) Loans
|
8.43%
|
|
842
|
10,903,588.37
|
5.091%
|
|
|||||||||||
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
6.72%
|
|
36,016
|
$
|
214,193,403.56
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
- Four Year
|
6.73%
|
|
29,531
|
184,914,533.02
|
86.331%
|
|
|||||||||||
- Two Year
|
6.64%
|
|
5,627
|
25,270,840.18
|
11.798%
|
|
|||||||||||
- Technical
|
6.69%
|
|
820
|
3,791,477.11
|
1.770%
|
|
|||||||||||
- Other
|
5.49%
|
|
38
|
216,553.25
|
0.101%
|
|
|||||||||||
Total
|
6.72%
|
|
36,016
|
$
|
214,193,403.56
|
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 2012-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VI.
|
2012-2 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
6,143,979.07
|
|||||||
A | Trustee Fees | - |
$ | 6,143,979.07 |
|||||
B
|
Primary Servicing Fee
|
$
|
81,773.92
|
$
|
6,062,205.15
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
6,055,538.15
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
795,089.29
|
$
|
5,260,448.86
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
107,515.69
|
$
|
5,152,933.17
|
||||
F |
Reserve Account Reinstatement
|
-
|
$
|
5,152,933.17
|
|||||
G |
Class A Noteholders' Principal Distribution Amount
|
$
|
4,790,858.99
|
$ |
362,074.18
|
||||
H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
362,074.18
|
|||||
I |
Unpaid Expenses of The Trustees
|
-
|
$ |
362,074.18
|
|||||
J |
Carryover Servicing Fee
|
-
|
$ |
362,074.18
|
|||||
K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
362,074.18
|
|||||
L |
Excess Distribution Certificateholder
|
$ |
362,074.18
|
-
|
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
214,193,403.56
|
||
B
|
Interest to be Capitalized
|
$
|
2,686,979.01
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
821,986.00
|
||
E |
Less: Specified Reserve Account Balance
|
$
|
(821,986.00)
|
|
|
F |
Total
|
$
|
216,880,382.57
|
||
G |
Class A Notes Outstanding (after application of available funds)
|
$
|
189,169,377.79
|
||
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 2012-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VII.
|
2012-2 Distributions
|
A |
|
B |
|
|||||
Cusip/Isin
|
78446YAA1
|
78446YAB9
|
||||||
Beginning Balance
|
$
|
193,960,236.78
|
$
|
25,000,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
Spread/Fixed Rate
|
0.70%
|
|
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*
|
5.08871%
|
|
5.33871%
|
|
||||
Accrued Interest Factor
|
0.004099239
|
0.004300628
|
||||||
Current Interest Due
|
$
|
795,089.29
|
$
|
107,515.69
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
795,089.29
|
$
|
107,515.69
|
||||
Interest Paid
|
$
|
795,089.29
|
$
|
107,515.69
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
4,790,858.99
|
-
|
|||||
Ending Principal Balance
|
$
|
189,169,377.79
|
$
|
25,000,000.00
|
||||
Paydown Factor
|
0.005996069
|
0.000000000
|
||||||
Ending Balance Factor
|
0.236757669
|
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 2012-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VIII.
|
2012-2 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
218,960,236.78
|
|||
Adjusted Pool Balance
|
$
|
216,880,382.57
|
|||
Overcollateralization Amount
|
$
|
2,711,004.78
|
|||
Principal Distribution Amount
|
$
|
4,790,858.99
|
|||
Principal Distribution Amount Paid
|
$
|
4,790,858.99
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
821,986.00
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
821,986.00
|
|||
Required Reserve Acct Balance
|
$
|
821,986.00
|
|||
Release to Collection Account
|
|
-
|
|||
Ending Reserve Account Balance
|
$
|
821,986.00
|
|||
C
|
Capitalized Interest Account
|
||||
Beginning Period Balance
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
||||
D
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
144,660.92
|
|||
Deposits for the Period
|
$
|
79,270.73
|
|||
Release to Collection Account
|
-
|
|
|||
Ending Balance
|
$
|
223,931.65
|
|||
E
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |