Page 1 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
05/03/2012
|
11/30/2022
|
12/31/2022
|
|||||||||
Principal Balance |
$
|
1,207,071,961.47
|
$
|
321,201,546.73
|
$
|
315,268,312.91
|
|||||||
Interest to be Capitalized Balance |
24,814,000.46
|
3,825,695.51
|
3,865,767.78
|
||||||||||
Pool Balance |
$
|
1,231,885,961.93
|
$
|
325,027,242.24
|
$
|
319,134,080.69
|
|||||||
Capitalized Interest Account Balance |
$
|
11,000,000.00
|
-
|
-
|
|||||||||
Specified Reserve Account Balance |
3,123,383.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1) |
$
|
1,246,009,344.93
|
$
|
325,027,242.24
|
$
|
319,134,080.69
|
||||||
Weighted Average Coupon (WAC) |
6.41%
|
|
6.56%
|
|
6.57%
|
|
|||||||
Number of Loans |
294,137
|
56,326
|
54,933
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill |
$
|
11,446,568.99
|
$
|
11,391,307.20
|
|||||||||
Aggregate Outstanding Principal Balance - LIBOR |
$
|
313,580,673.25
|
$
|
307,742,773.49
|
|||||||||
Pool Factor |
0.260156449
|
0.255439478
|
|||||||||||
Since Issued Constant Prepayment Rate |
(19.52)%
|
|
(20.46)%
|
|
(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 |
|
78447AAA2
|
$
|
284,171,969.82
|
$
|
278,337,739.88
|
|||||
B |
|
78447AAB0
|
$
|
37,605,000.00
|
$
|
37,605,000.00
|
C
|
Account Balances
|
12/27/2022
|
01/25/2023
|
||||||
Reserve Account Balance |
$
|
1,249,353.00
|
$
|
1,249,353.00
|
|||||
Capitalized Interest Account Balance |
-
|
-
|
|||||||
Floor Income Rebate Account |
$
|
205,566.02
|
$
|
322,425.31
|
|||||
Supplemental Loan Purchase Account |
-
|
-
|
D
|
Asset / Liability
|
12/27/2022
|
01/25/2023
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
325,027,242.24
|
$
|
319,134,080.69
|
|||||
Total Notes |
$
|
321,776,969.82
|
$
|
315,942,739.88
|
|||||
Difference |
$
|
3,250,272.42
|
$
|
3,191,340.81
|
|||||
Parity Ratio |
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2012-3 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
|
759,141.20
|
||||
Guarantor Principal
|
2,330,623.68
|
||||
Consolidation Activity Principal
|
4,161,008.95
|
||||
Seller Principal Reimbursement
|
0.34
|
||||
Servicer Principal Reimbursement
|
1,842.88
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
7,252,617.05
|
|||
B |
Student Loan Interest Receipts
|
||||
Borrower Interest
|
365,337.67
|
||||
Guarantor Interest
|
115,946.15
|
||||
Consolidation Activity Interest
|
163,508.90
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
132.70
|
||||
Servicer Interest Reimbursement
|
130.67
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
43,769.92
|
||||
Total Interest Receipts
|
$
|
688,826.01
|
|||
C |
Reserves in Excess of Requirement
|
|
-
|
||
D |
Investment Income
|
$
|
42,059.51
|
||
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
|
$
|
(116,859.29)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
7,866,643.28
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,319,383.23)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
51,436.43
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
III.
|
2012-3 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
|
6.63%
|
|
58
|
$
|
228,329.87
|
0.072%
|
|
6.63%
|
|
58
|
$
|
233,494.87
|
0.073%
|
|
||||||||||||||||||
GRACE |
6.80%
|
|
4
|
$
|
21,665.00
|
0.007%
|
|
6.80%
|
|
5
|
$
|
21,000.00
|
0.007%
|
|
|||||||||||||||||||
DEFERMENT |
6.48%
|
|
3,345
|
$
|
18,883,456.43
|
5.990%
|
|
6.50%
|
|
3,583
|
$
|
20,019,048.01
|
6.233%
|
|
|||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.53%
|
|
31,803
|
$
|
165,882,805.63
|
52.616%
|
|
6.55%
|
|
32,766
|
$
|
169,932,183.50
|
52.905%
|
|
||||||||||||||||||
31-60 DAYS DELINQUENT |
6.70%
|
|
1,612
|
$
|
10,269,051.23
|
3.257%
|
|
6.57%
|
|
2,031
|
$
|
13,561,041.10
|
4.222%
|
|
|||||||||||||||||||
61-90 DAYS DELINQUENT |
6.54%
|
|
1,187
|
$
|
8,006,766.08
|
2.540%
|
|
6.63%
|
|
1,246
|
$
|
8,580,600.86
|
2.671%
|
|
|||||||||||||||||||
91-120 DAYS DELINQUENT |
6.59%
|
|
728
|
$
|
4,672,911.03
|
1.482%
|
|
6.50%
|
|
1,067
|
$
|
6,825,800.10
|
2.125%
|
|
|||||||||||||||||||
> 120 DAYS DELINQUENT |
6.58%
|
|
4,350
|
$
|
27,968,034.25
|
8.871%
|
|
6.59%
|
|
4,943
|
$
|
32,536,333.34
|
10.130%
|
|
|||||||||||||||||||
FORBEARANCE |
6.64%
|
|
11,128
|
$
|
74,406,763.08
|
23.601%
|
|
6.61%
|
|
9,904
|
$
|
64,738,710.58
|
20.155%
|
|
|||||||||||||||||||
CLAIMS IN PROCESS |
6.63%
|
|
718
|
$
|
4,928,530.31
|
1.563%
|
|
6.53%
|
|
723
|
$
|
4,753,334.37
|
1.480%
|
|
|||||||||||||||||||
TOTAL
|
54,933
|
$
|
315,268,312.91
|
100.00%
|
|
56,326
|
$
|
321,201,546.73
|
100.00%
|
|
*
|
Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
IV.
|
2012-3 Portfolio Characteristics (cont'd)
|
12/31/2022
|
11/30/2022
|
|||||||
Pool Balance
|
$
|
319,134,080.69
|
$
|
325,027,242.24
|
||||
Outstanding Borrower Accrued Interest
|
$
|
12,539,300.36
|
$
|
12,859,992.99
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
3,865,767.78
|
$
|
3,825,695.51
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,872,831.00
|
$
|
2,246,326.77
|
||||
Total # Loans
|
54,933
|
56,326
|
||||||
Total # Borrowers
|
25,961
|
26,603
|
||||||
Weighted Average Coupon
|
6.57%
|
|
6.56%
|
|
||||
Weighted Average Remaining Term
|
167.97
|
165.04
|
||||||
Non-Reimbursable Losses
|
$
|
51,436.43
|
$
|
53,356.96
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
8,172,502.29
|
$
|
8,121,065.86
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-20.46%
|
|
-19.52%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
924,043.85
|
$
|
924,043.85
|
||||
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
|
$
|
1,369,716.26
|
$
|
1,190,153.93
|
||||
Borrower Interest Accrued
|
$
|
1,692,137.36
|
$
|
1,679,952.02
|
||||
Interest Subsidy Payments Accrued
|
$
|
62,870.61
|
$
|
63,289.23
|
||||
Special Allowance Payments Accrued
|
$
|
119,526.77
|
$
|
107,594.11
|
Page 5 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
V.
|
2012-3 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized |
6.41%
|
|
29,742
|
129,682,856.17
|
41.134%
|
|
||||||||||
- GSL - Unsubsidized |
6.51%
|
|
23,941
|
166,656,410.99
|
52.862%
|
|
|||||||||||
|
- PLUS (2) Loans |
8.17%
|
|
1,250
|
18,929,045.75
|
6.004%
|
|
||||||||||
|
- SLS (3) Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
- Consolidation Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total |
6.57%
|
|
54,933
|
$
|
315,268,312.91
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year |
6.58%
|
|
44,355
|
268,896,846.10
|
85.291%
|
|
||||||||||
|
- Two Year |
6.52%
|
|
8,942
|
39,077,530.07
|
12.395%
|
|
||||||||||
|
- Technical |
6.45%
|
|
1,603
|
7,135,963.46
|
2.263%
|
|
||||||||||
|
- Other |
6.12%
|
|
33
|
157,973.28
|
0.050%
|
|
||||||||||
|
Total |
6.57%
|
|
54,933
|
$
|
315,268,312.91
|
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 2012-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VI.
|
2012-3 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
7,866,643.28
|
|||||||
A |
Trustee Fees |
- |
$ |
7,866,643.28
|
|||||
B |
Primary Servicing Fee
|
$
|
124,705.57
|
$
|
7,741,937.71
|
||||
C |
Administration Fee
|
$
|
6,667.00
|
$
|
7,735,270.71
|
||||
D |
Class A Noteholders' Interest Distribution Amount
|
$
|
1,153,442.90
|
$
|
6,581,827.81
|
||||
E |
Class B Noteholders' Interest Distribution Amount
|
$
|
161,725.10
|
$
|
6,420,102.71
|
||||
F |
Reserve Account Reinstatement
|
-
|
$
|
6,420,102.71
|
|||||
G |
Class A Noteholders' Principal Distribution Amount
|
$
|
5,834,229.94
|
$
|
585,872.77
|
||||
H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
585,872.77
|
|||||
I |
Unpaid Expenses of The Trustees
|
-
|
$
|
585,872.77
|
|||||
J |
Carryover Servicing Fee
|
-
|
$
|
585,872.77
|
|||||
K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
585,872.77
|
|||||
L |
Excess Distribution Certificateholder
|
$
|
585,872.77
|
-
|
Waterfall Triggers
|
|||||
A |
Student Loan Principal Outstanding
|
$
|
315,268,312.91
|
||
B |
Interest to be Capitalized
|
$
|
3,865,767.78
|
||
C |
Capitalized Interest Account Balance
|
-
|
|||
D |
Reserve Account Balance (after any reinstatement)
|
$
|
1,249,353.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,249,353.00)
|
|
|
F
|
Total
|
$
|
319,134,080.69 |
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
278,337,739.88 | ||
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 2012-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VII.
|
2012-3 Distributions
|
A | B | |||||||
Cusip/Isin
|
78447AAA2
|
78447AAB0
|
||||||
Beginning Balance
|
$
|
284,171,969.82
|
$
|
37,605,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
Spread/Fixed Rate
|
0.65%
|
|
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*
|
5.03871%
|
|
5.33871%
|
|
||||
Accrued Interest Factor
|
0.004058961
|
0.004300628
|
||||||
Current Interest Due
|
$
|
1,153,442.90
|
$
|
161,725.10
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,153,442.90
|
$
|
161,725.10
|
||||
Interest Paid
|
$
|
1,153,442.90
|
$
|
161,725.10
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
5,834,229.94
|
-
|
|||||
Ending Principal Balance
|
$
|
278,337,739.88
|
$
|
37,605,000.00
|
||||
Paydown Factor
|
0.004803812
|
0.000000000
|
||||||
Ending Balance Factor
|
0.229178872
|
1.000000000
|
Page 8 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VIII.
|
2012-3 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance |
$
|
321,776,969.82
|
||
|
Adjusted Pool Balance |
$
|
319,134,080.69
|
||
|
Overcollateralization Amount |
$
|
3,191,340.81
|
||
|
Principal Distribution Amount |
$
|
5,834,229.94
|
||
|
Principal Distribution Amount Paid |
$
|
5,834,229.94
|
||
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance |
$
|
1,249,353.00
|
||
|
Reserve Funds Utilized |
0.00
|
|||
|
Reserve Funds Reinstated |
0.00
|
|||
|
Balance Available |
$
|
1,249,353.00
|
||
|
Required Reserve Acct Balance |
$
|
1,249,353.00
|
||
|
Release to Collection Account |
|
-
|
||
|
Ending Reserve Account Balance |
$
|
1,249,353.00
|
||
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance |
-
|
|||
|
Transfers to Collection Account |
-
|
|||
|
Ending Balance |
-
|
|||
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance |
$
|
205,566.02
|
||
|
Deposits for the Period |
$
|
116,859.29
|
||
|
Release to Collection Account |
-
|
|
||
|
Ending Balance |
$
|
322,425.31
|
||
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance |
-
|
|||
|
Supplemental Loan Purchases |
-
|
|||
|
Transfers to Collection Account |
-
|
|||
|
Ending Balance |
-
|
Page 9 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|