|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
11/08/2012
|
03/31/2025
|
04/30/2025
|
||||||||
|
Principal Balance
|
$
|
1,189,615,212.08
|
$
|
244,230,942.59
|
$
|
243,725,020.76
|
||||||
|
Interest to be Capitalized Balance
|
29,184,856.28
|
3,045,791.73
|
3,140,878.27
|
|||||||||
|
Pool Balance
|
$
|
1,218,800,068.36
|
$
|
247,276,734.32
|
$
|
246,865,899.03
|
||||||
|
Capitalized Interest Account Balance
|
$
|
10,000,000.00
|
-
|
-
|
||||||||
|
Specified Reserve Account Balance
|
3,121,961.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool (1)
|
$
|
1,231,922,029.36
|
$
|
247,276,734.32
|
$
|
246,865,899.03
|
||||||
|
Weighted Average Coupon (WAC)
|
6.76%
|
|
6.94%
|
|
6.94%
|
|
||||||
|
Number of Loans
|
283,078
|
36,259
|
35,970
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
362,857.01
|
$
|
361,439.41
|
||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
246,913,877.31 |
$
|
246,504,459.62 | ||||||||
|
Pool Factor
|
0.198013942 | 0.197684954 | ||||||||||
|
Since Issued Constant Prepayment Rate
|
(76.81)% |
|
(77.45)% |
|
||||||||
| (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
|
04/25/2025
|
05/27/2025
|
||||||
|
A3
|
78447KAC6
|
$
|
207,303,966.98
|
$
|
206,897,240.04
|
|||||
| B |
78447KAD4
|
$
|
37,500,000.00
|
$
|
37,500,000.00
|
|||||
|
C
|
Account Balances
|
04/25/2025
|
05/27/2025
|
||||||
|
Reserve Account Balance
|
$
|
1,248,784.00
|
$
|
1,248,784.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
154,898.79
|
$
|
230,299.91
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
04/25/2025
|
05/27/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
247,276,734.32
|
$
|
246,865,899.03
|
|||||
|
Total Notes
|
$
|
244,803,966.98
|
$
|
244,397,240.04
|
|||||
|
Difference
|
$
|
2,472,767.34
|
$
|
2,468,658.99
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|||||||
|
II.
|
Trust Activity 04/01/2025 through 04/30/2025
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
526,399.96
|
||||
|
Guarantor Principal
|
901,943.78
|
||||
|
Consolidation Activity Principal
|
78,737.09
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
106.94
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
15,449.55
|
||||
|
Total Principal Receipts
|
$
|
1,522,637.32
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
285,917.98
|
||||
|
Guarantor Interest
|
27,657.23
|
||||
|
Consolidation Activity Interest
|
1,246.45
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
598.06
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
14,300.76
|
||||
|
Total Interest Receipts
|
$
|
329,720.48
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
15,403.33
|
||
|
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
|
$
|
(75,401.12)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,792,360.01
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,016,715.49)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
26,938.95
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
16,174.48
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
III.
|
2012-7 Portfolio Characteristics
|
|
04/30/2025
|
03/31/2025
|
||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.82%
|
|
63
|
$
|
311,044.42
|
0.128%
|
|
6.83%
|
|
60
|
$
|
287,794.42
|
0.118%
|
|
||||||||||||
|
GRACE
|
0.00%
|
|
0
|
|
-
|
0.000%
|
|
6.80%
|
|
3
|
$
|
23,250.00
|
0.010%
|
|
|||||||||||||
|
DEFERMENT
|
6.87%
|
|
2,372
|
$
|
15,131,886.84
|
6.209%
|
|
6.85%
|
|
2,329
|
$
|
14,844,743.25
|
6.078%
|
|
|||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.93%
|
|
22,238
|
$
|
139,076,428.73
|
57.063%
|
|
6.93%
|
|
21,994
|
$
|
135,216,491.20
|
55.364%
|
|
||||||||||||
|
31-60 DAYS DELINQUENT
|
6.90%
|
|
1,292
|
$
|
9,160,679.36
|
3.759%
|
|
6.90%
|
|
1,884
|
$
|
14,008,211.96
|
5.736%
|
|
|||||||||||||
|
61-90 DAYS DELINQUENT
|
6.89%
|
|
1,213
|
$
|
9,217,409.90
|
3.782%
|
|
6.98%
|
|
1,627
|
$
|
13,040,597.01
|
5.339%
|
|
|||||||||||||
|
91-120 DAYS DELINQUENT
|
6.99%
|
|
1,143
|
$
|
9,422,955.15
|
3.866%
|
|
7.00%
|
|
746
|
$
|
6,041,482.32
|
2.474%
|
|
|||||||||||||
|
> 120 DAYS DELINQUENT
|
7.00%
|
|
2,293
|
$
|
18,593,270.70
|
7.629%
|
|
6.96%
|
|
2,328
|
$
|
18,077,892.81
|
7.402%
|
|
|||||||||||||
|
FORBEARANCE
|
6.95%
|
|
5,105
|
$
|
40,714,020.96
|
16.705%
|
|
6.95%
|
|
4,990
|
$
|
40,366,339.32
|
16.528%
|
|
|||||||||||||
|
CLAIMS IN PROCESS
|
7.00%
|
|
251
|
$
|
2,097,324.70
|
0.861%
|
|
6.95%
|
|
298
|
$
|
2,324,140.30
|
0.952%
|
|
|||||||||||||
|
TOTAL
|
35,970
|
$
|
243,725,020.76
|
100.00%
|
|
36,259
|
$
|
244,230,942.59
|
100.00%
|
|
|||||||||||||||||
|
*
|
Percentages may not total 100% due to rounding
|
|
IV.
|
2012-7 Portfolio Characteristics (cont’d)
|
|
04/30/2025
|
03/31/2025
|
|||||||
|
Pool Balance
|
$
|
246,865,899.03
|
$
|
247,276,734.32
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
11,710,397.78
|
$
|
11,735,621.61
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
3,140,878.27
|
$
|
3,045,791.73
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,652,834.40
|
$
|
1,767,568.01
|
||||
|
Total # Loans
|
35,970
|
36,259
|
||||||
|
Total # Borrowers
|
16,267
|
16,408
|
||||||
|
Weighted Average Coupon
|
6.94%
|
|
6.94%
|
|
||||
|
Weighted Average Remaining Term
|
193.20
|
192.18
|
||||||
|
Non-Reimbursable Losses
|
$
|
26,938.95
|
$
|
26,496.65
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
7,258,300.10
|
$
|
7,231,361.15
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-77.45%
|
|
-76.81%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
364,278.81
|
$
|
364,278.81
|
||||
|
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
|
$
|
1,043,755.84
|
$
|
999,322.62
|
||||
|
Borrower Interest Accrued
|
$
|
1,335,792.04
|
$
|
1,384,202.64
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
46,272.15
|
$
|
48,525.47
|
||||
|
Special Allowance Payments Accrued
|
$
|
41,897.53
|
$
|
43,813.65
|
||||
|
V.
|
2012-7 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.81%
|
19,066
|
93,243,268.39
|
38.258%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.83%
|
16,102
|
133,958,210.09
|
54.963%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.50%
|
800
|
16,514,825.18
|
6.776%
|
|
|||||||||||
|
- SLS (3) Loans
|
8.22%
|
2
|
8,717.10
|
0.004%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.94%
|
35,970
|
$
|
243,725,020.76
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|||||||||||
|
- Four Year
|
6.94%
|
30,028
|
213,046,617.40
|
87.413%
|
|
|||||||||||
|
- Two Year
|
6.87%
|
4,898
|
25,364,793.46
|
10.407%
|
|
|||||||||||
|
- Technical
|
6.96%
|
1,020
|
5,150,758.22
|
2.113%
|
|
|||||||||||
|
- Other
|
6.85%
|
24
|
162,851.68
|
0.067%
|
|
|||||||||||
|
Total
|
6.94%
|
35,970
|
$
|
243,725,020.76
|
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.
|
|
VI.
|
2012-7 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
|||||||
|
Total Available Funds
|
$
|
1,792,360.01 | ||||||
| A |
Trustee Fees |
- |
$ |
1,792,360.01 |
||||
| B |
Primary Servicing Fee
|
$
|
82,816.61 |
$
|
1,709,543.40 |
|||
| C |
Administration Fee
|
$
|
6,667.00 |
$
|
1,702,876.40 |
|||
| D |
Class A Noteholders’ Interest Distribution Amount
|
$
|
943,126.17 |
$
|
759,750.23 |
|||
| E |
Class B Noteholders’ Interest Distribution Amount
|
$
|
208,939.00 |
$
|
550,811.23 |
|||
| F |
Reserve Account Reinstatement
|
- |
$
|
550,811.23 |
||||
| G |
Class A Noteholders’ Principal Distribution Amount
|
$
|
406,726.94 |
$ |
144,084.29 |
|||
| H |
Class B Noteholders’ Principal Distribution Amount
|
- |
$ |
144,084.29 |
||||
| I |
Unpaid Expenses of The Trustees
|
- |
$ | 144,084.29 |
||||
| J |
Carryover Servicing Fee
|
- |
$ | 144,084.29 |
||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
- |
$ | 144,084.29 |
||||
| L |
Excess Distribution Certificateholder
|
$ | 144,084.29 |
- |
||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
243,725,020.76 |
||
|
B
|
Interest to be Capitalized
|
$
|
3,140,878.27 |
||
|
C
|
Capitalized Interest Account Balance
|
- |
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,248,784.00 |
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,248,784.00) |
|
|
|
F
|
Total
|
$
|
246,865,899.03 |
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
206,897,240.04 |
||
|
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 |
|
||
|
VII.
|
2012-7 Distributions
|
| A3 | B |
|
||||||
|
Cusip/Isin
|
78447KAC6 | 78447KAD4 | ||||||
|
Beginning Balance
|
$
|
207,303,966.98
|
$
|
37,500,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.65%
|
|
1.80%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
4/25/2025
|
4/25/2025
|
||||||
|
Accrual Period End
|
5/27/2025
|
5/27/2025
|
||||||
|
Daycount Fraction
|
0.08888889 |
0.08888889
|
||||||
|
Interest Rate*
|
5.11817% |
|
6.26817% |
|
||||
|
Accrued Interest Factor
|
0.004549484 |
0.005571707 |
||||||
|
Current Interest Due
|
$
|
943,126.17 |
$
|
208,939.00 |
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
- |
- |
||||||
|
Total Interest Due
|
$
|
943,126.17 |
$
|
208,939.00 |
||||
|
Interest Paid
|
$
|
943,126.17 |
$
|
208,939.00 | ||||
|
Interest Shortfall
|
- |
- |
||||||
|
Principal Paid
|
$
|
406,726.94 |
- |
|||||
|
Ending Principal Balance
|
$
|
206,897,240.04 |
$
|
37,500,000.00 |
||||
|
Paydown Factor
|
0.000707351 |
0.000000000 | ||||||
|
Ending Balance Factor
|
0.359821287 |
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.
|
|
VIII.
|
2012-7 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
244,803,966.98
|
|||
|
Adjusted Pool Balance
|
$
|
246,865,899.03
|
|||
|
Overcollateralization Amount
|
$
|
2,468,658.99
|
|||
|
Principal Distribution Amount
|
$
|
406,726.94
|
|||
|
Principal Distribution Amount Paid
|
$
|
406,726.94
|
|||
| B |
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,248,784.00
|
|||
|
Reserve Funds Utilized
|
0.00 |
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,248,784.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,248,784.00
|
|||
|
Release to Collection Account
|
|
- |
|||
|
Ending Reserve Account Balance
|
$
|
1,248,784.00
|
|||
| C |
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
- |
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
| D |
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
154,898.79
|
|||
|
Deposits for the Period
|
$
|
75,401.12
|
|||
|
Release to Collection Account
|
|
- |
|
||
|
Ending Balance
|
$
|
230.299.91 |
|||
| E |
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
- |
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||