Page 1 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
07/19/2012
|
11/30/2022
|
12/31/2022
|
|||||||||
Principal Balance
|
$
|
1,137,585,474.26
|
$
|
358,689,926.62
|
$
|
352,153,216.12
|
|||||||
Interest to be Capitalized Balance
|
26,114,209.92
|
4,173,788.50
|
4,155,999.30
|
||||||||||
Pool Balance
|
$
|
1,163,699,684.18
|
$
|
362,863,715.12
|
$
|
356,309,215.42
|
|||||||
Capitalized Interest Account Balance
|
$
|
10,000,000.00
|
-
|
-
|
|||||||||
Specified Reserve Account Balance
|
3,125,116.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool(1)
|
$
|
1,176,824,800.18
|
$
|
362,863,715.12
|
$
|
356,309,215.42
|
|||||||
Weighted Average Coupon (WAC)
|
6.67%
|
|
6.74%
|
|
6.74%
|
|
|||||||
Number of Loans
|
274,625
|
60,808
|
59,332
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
-
|
-
|
|||||||||||
|
Aggregate Outstanding Principal Balance - LIBOR |
$
|
362,863,715.12
|
$
|
356,309,215.42
|
||||||||
Pool Factor
|
0.290280070
|
0.285036667
|
|||||||||||
|
Since Issued Constant Prepayment Rate |
(19.27)%
|
|
(20.33)%
|
|
(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
|
78447EAC0
|
$
|
322,435,077.97
|
$
|
315,946,123.27
|
|||||
B |
78447EAD8
|
$
|
36,800,000.00
|
$
|
36,800,000.00
|
C
|
Account Balances
|
12/27/2022
|
01/25/2023
|
||||||
Reserve Account Balance
|
$
|
1,250,046.00
|
$
|
1,250,046.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
254,298.21
|
$
|
402,036.78
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
12/27/2022
|
01/25/2023
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
362,863,715.12
|
$
|
356,309,215.42
|
||||
Total Notes
|
$
|
359,235,077.97
|
$
|
352,746,123.27
|
|||||
Difference
|
$
|
3,628,637.15
|
$
|
3,563,092.15
|
|||||
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2012-5 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
|
745,997.99
|
||||
Guarantor Principal
|
2,030,328.73
|
||||
Consolidation Activity Principal
|
5,279,746.41
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
1,937.34
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
8,058,010.47
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
412,828.41
|
||||
Guarantor Interest
|
71,812.40
|
||||
Consolidation Activity Interest
|
238,001.13
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
378.92
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
55,313.93
|
||||
Total Interest Receipts
|
$
|
778,334.79
|
|||
C |
Reserves in Excess of Requirement
|
|
-
|
||
D |
Investment Income
|
$
|
47,261.85
|
||
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
|
$
|
(147,738.57)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
8,735,868.54
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,521,299.97)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
51,806.03
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
III. |
2012-5 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%
|
|
28
|
$
|
127,876.52
|
0.036%
|
|
6.76%
|
|
31
|
$
|
151,225.27
|
0.042%
|
|
||||||||||||||||||
GRACE
|
6.63%
|
|
8
|
$
|
43,078.75
|
0.012%
|
|
6.76%
|
|
10
|
$
|
47,913.00
|
0.013%
|
|
|||||||||||||||||||
|
DEFERMENT |
6.60%
|
|
3,556
|
$
|
19,469,859.55
|
5.529%
|
|
6.59%
|
|
3,752
|
$
|
20,476,984.31
|
5.709%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.73%
|
|
34,916
|
$
|
189,620,175.24
|
53.846%
|
|
6.72%
|
|
36,263
|
$
|
196,598,707.97
|
54.810%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT |
6.72%
|
|
1,959
|
$
|
13,270,715.53
|
3.768%
|
|
6.76%
|
|
2,155
|
$
|
14,541,971.10
|
4.054%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT |
6.78%
|
|
1,215
|
$
|
8,654,604.68
|
2.458%
|
|
6.75%
|
|
1,401
|
$
|
9,630,133.55
|
2.685%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT |
6.72%
|
|
851
|
$
|
5,863,458.42
|
1.665%
|
|
6.78%
|
|
1,146
|
$
|
7,833,830.58
|
2.184%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT |
6.75%
|
|
4,651
|
$
|
31,540,683.56
|
8.957%
|
|
6.74%
|
|
5,185
|
$
|
35,353,394.50
|
9.856%
|
|
||||||||||||||||||
|
FORBEARANCE |
6.80%
|
|
11,432
|
$
|
78,659,877.02
|
22.337%
|
|
6.81%
|
|
10,166
|
$
|
69,364,213.47
|
19.338%
|
|
||||||||||||||||||
CLAIMS IN PROCESS
|
6.78%
|
|
710
|
$
|
4,880,825.16
|
1.386%
|
|
6.86%
|
|
697
|
$
|
4,680,675.35
|
1.305%
|
|
|||||||||||||||||||
AGED CLAIMS REJECTED |
6.80% |
6 |
$ | 22,061.69 |
0.006% |
6.80% |
2 |
$ | 10,877.52 |
0.003% |
|||||||||||||||||||||||
TOTAL
|
59,332
|
$
|
352,153,216.12
|
100.00%
|
|
60,808 |
$
|
358,689,926.62 |
100.00% |
|
Page 4 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
IV. |
2012-5 Portfolio Characteristics (cont'd) |
12/31/2022
|
11/30/2022
|
|||||||
Pool Balance
|
$
|
356,309,215.42
|
$
|
362,863,715.12
|
||||
Outstanding Borrower Accrued Interest
|
$
|
14,582,949.96
|
$
|
14,934,383.77
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
4,155,999.30
|
$
|
4,173,788.50
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
2,295,491.86
|
$
|
2,528,393.97
|
||||
Total # Loans
|
59,332
|
60,808
|
||||||
Total # Borrowers
|
28,925
|
29,615
|
||||||
Weighted Average Coupon
|
6.74%
|
|
6.74%
|
|
||||
Weighted Average Remaining Term
|
170.20
|
167.73
|
||||||
Non-Reimbursable Losses
|
$
|
51,806.03
|
$
|
70,125.28
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
7,274,388.49
|
$
|
7,222,582.46
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-20.33%
|
|
-19.27%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
470,662.75
|
$
|
470,662.75
|
||||
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
|
$
|
1,572,335.35
|
$
|
1,419,638.80
|
||||
Borrower Interest Accrued
|
$
|
1,944,101.85
|
$
|
1,932,027.79
|
||||
Interest Subsidy Payments Accrued
|
$
|
68,648.07
|
$
|
69,514.09
|
||||
Special Allowance Payments Accrued
|
$
|
82,084.31
|
$
|
74,629.82
|
Page 5 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
V. |
2012-5 Portfolio Statistics by School and Program |
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
- GSL (1) - Subsidized
|
6.62%
|
|
31,516
|
141,965,930.16
|
40.314%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.64%
|
|
26,362
|
189,298,793.38
|
53.755%
|
|
|||||||||||
- PLUS (2) Loans
|
8.44%
|
|
1,454
|
20,888,492.58
|
5.932%
|
|
|||||||||||
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
6.74%
|
|
59,332
|
$
|
352,153,216.12
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- Four Year
|
6.75%
|
|
48,912
|
305,565,764.29
|
86.771%
|
|
|||||||||||
- Two Year
|
6.63%
|
|
9,029
|
40,175,381.45
|
11.408%
|
|
|||||||||||
- Technical
|
6.71%
|
|
1,335
|
6,184,078.75
|
1.756%
|
|
|||||||||||
- Other
|
5.31%
|
|
56
|
227,991.63
|
0.065%
|
|
|||||||||||
Total
|
6.74%
|
|
59,332
|
$
|
352,153,216.12
|
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 2012-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VI. |
2012-5 Waterfall for Distributions |
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
8,735,868.54
|
|||||||
A
|
Trustee Fees |
|
-
|
$
|
8,735,868.54
|
||||
B
|
Primary Servicing Fee
|
$
|
142,414.03
|
$
|
8,593,454.51
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
8,586,787.51
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,347,712.26
|
$
|
7,239,075.25
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$ |
159,745.31
|
$
|
7,079,329.94
|
||||
F
|
Reserve Account Reinstatement
|
|
-
|
$
|
7,079,329.94
|
||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$ |
6,488,954.70
|
$
|
590,375.24
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
590,375.24
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
590,375.24
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
590,375.24
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
|
-
|
$ |
590,375.24
|
||||
L |
Excess Distribution Certificateholder
|
$ | 590,375.24 |
$ | (0.00) |
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
352,153,216.12
|
||
B
|
Interest to be Capitalized
|
$
|
4,155,999.30
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,250,046.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,250,046.00)
|
|
|
F
|
Total
|
$
|
356,309,215.42
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
315,946,123.27
|
||
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 2012-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VII. |
2012-5 Distributions |
A3
|
B |
|
||||||
Cusip/Isin
|
78447EAC0
|
78447EAD8
|
||||||
Beginning Balance
|
$
|
322,435,077.97
|
$
|
36,800,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
Spread/Fixed Rate
|
0.80%
|
|
1.00%
|
|
||||
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*
|
5.18871%
|
|
5.38871%
|
|
||||
Accrued Interest Factor
|
0.004179794
|
0.004340905
|
||||||
Current Interest Due
|
$
|
1,347,712.26
|
$
|
159,745.31
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,347,712.26
|
$
|
159,745.31
|
||||
Interest Paid
|
$
|
1,347,712.26
|
$
|
159,745.31
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
6,488,954.70
|
-
|
|||||
Ending Principal Balance
|
$
|
315,946,123.27
|
$
|
36,800,000.00
|
||||
Paydown Factor
|
0.011285139
|
0.000000000
|
||||||
Ending Balance Factor
|
0.549471519
|
1.000000000
|
Page 8 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VIII. |
2012-5 Reconciliations |
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
359,235,077.97
|
|||
Adjusted Pool Balance
|
$
|
356,309,215.42
|
|||
Overcollateralization Amount
|
$
|
3,563,092.15
|
|||
Principal Distribution Amount
|
$
|
6,488,954.70
|
|||
Principal Distribution Amount Paid
|
$
|
6,488,954.70
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
1,250,046.00
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
1,250,046.00
|
|||
Required Reserve Acct Balance
|
$
|
1,250,046.00
|
|||
Release to Collection Account
|
-
|
||||
Ending Reserve Account Balance
|
$
|
1,250,046.00
|
|||
C
|
Capitalized Interest Account
|
||||
Beginning Period Balance
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
||||
D
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
254,298.21
|
|||
Deposits for the Period
|
$
|
147,738.57
|
|||
Release to Collection Account
|
|
-
|
|
||
Ending Balance
|
$
|
402,036.78
|
|||
E
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |