|
Page 1 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
05/03/2012
|
03/31/2025
|
04/30/2025
|
|||||||||
| Principal Balance |
$
|
1,207,071,961.47
|
$
|
214,576,114.62
|
$
|
213,866,774.94
|
|||||||
| Interest to be Capitalized Balance |
24,814,000.46
|
2,440,213.42
|
2,468,563.54
|
||||||||||
| Pool Balance |
$
|
1,231,885,961.93
|
$
|
217,016,328.04
|
$
|
216,335,338.48
|
|||||||
| 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
|
$
|
217,016,328.04
|
$
|
216,335,338.48
|
||||||
| Weighted Average Coupon (WAC) |
6.41%
|
|
6.98%
|
|
6.98%
|
|
|||||||
| Number of Loans |
294,137
|
33,649
|
33,342
|
||||||||||
| Aggregate Outstanding Principal Balance - Tbill |
$
|
8,670,971.69
|
$
|
8,549,197.77
|
|||||||||
| Aggregate Outstanding Principal Balance - SOFR |
$
|
208,345,356.35
|
$
|
207,786,140.71
|
|||||||||
| Pool Factor |
0.173702970
|
0.173157896
|
|||||||||||
| Since Issued Constant Prepayment Rate |
(48.66)%
|
|
(48.99)%
|
|
|||||||||
| (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
|
|||||||
| A |
|
78447AAA2
|
$
|
177,241,164.76
|
$
|
176,566,985.10
|
|||||
| B |
|
78447AAB0
|
$
|
37,605,000.00
|
$
|
37,605,000.00
|
|||||
|
C
|
Account Balances
|
04/25/2025
|
05/27/2025
|
||||||
| Reserve Account Balance |
$
|
1,249,353.00
|
$
|
1,249,353.00
|
|||||
| Capitalized Interest Account Balance |
-
|
-
|
|||||||
| Floor Income Rebate Account |
$
|
125,037.81
|
$
|
185,874.53
|
|||||
| Supplemental Loan Purchase Account |
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
04/25/2025
|
05/27/2025
|
||||||
| Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
217,016,328.04
|
$
|
216,335,338.48
|
|||||
| Total Notes |
$
|
214,846,164.76
|
$
|
214,171,985.10
|
|||||
| Difference |
$
|
2,170,163.28
|
$
|
2,163,353.38
|
|||||
| Parity Ratio |
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
|
II.
|
Trust Activity 04/01/2025 through 04/30/2025
|
| A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
494,205.72
|
||||
|
Guarantor Principal
|
1,098,060.77
|
||||
|
Consolidation Activity Principal
|
46,024.99
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
36.88
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
25,911.22
|
||||
|
Total Principal Receipts
|
$
|
1,664,239.58
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
250,930.45
|
||||
|
Guarantor Interest
|
45,688.27
|
||||
|
Consolidation Activity Interest
|
721.36
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
444.59
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
19,056.42
|
||||
|
Total Interest Receipts
|
$
|
316,841.09
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
13,168.71
|
||
|
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
|
$
|
(60,836.72)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,933,412.66
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(954,899.90)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
28,939.38
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
32,182.76
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
|
III.
|
2012-3 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%
|
|
29
|
$
|
134,314.87
|
0.063%
|
|
6.85%
|
|
40
|
$
|
170,064.87
|
0.079%
|
|
||||||||||||||||||
| GRACE |
6.97%
|
|
20
|
$
|
65,885.00
|
0.031%
|
|
6.93%
|
|
3
|
$
|
15,500.00
|
0.007%
|
|
|||||||||||||||||||
| DEFERMENT |
6.94%
|
|
2,112
|
$
|
13,384,581.65
|
6.258%
|
|
6.95%
|
|
2,133
|
$
|
13,363,604.84
|
6.228%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.98%
|
|
20,788
|
$
|
121,534,454.63
|
56.827%
|
|
6.97%
|
|
20,326
|
$
|
116,800,215.83
|
54.433%
|
|
||||||||||||||||||
| 31-60 DAYS DELINQUENT |
6.96%
|
|
1,127
|
$
|
8,173,476.60
|
3.822%
|
|
6.96%
|
|
1,706
|
$
|
12,116,776.58
|
5.647%
|
|
|||||||||||||||||||
| 61-90 DAYS DELINQUENT |
6.94%
|
|
1,143
|
$
|
8,511,042.93
|
3.980%
|
|
6.95%
|
|
1,487
|
$
|
11,844,173.16
|
5.520%
|
|
|||||||||||||||||||
| 91-120 DAYS DELINQUENT |
6.96%
|
|
1,016
|
$
|
8,016,649.96
|
3.748%
|
|
7.09%
|
|
702
|
$
|
5,851,290.04
|
2.727%
|
|
|||||||||||||||||||
| > 120 DAYS DELINQUENT |
7.02%
|
|
2,261
|
$
|
16,996,591.79
|
7.947%
|
|
7.01%
|
|
2,426
|
$
|
18,097,718.44
|
8.434%
|
|
|||||||||||||||||||
| FORBEARANCE |
7.01%
|
|
4,565
|
$
|
35,252,410.93
|
16.483%
|
|
7.01%
|
|
4,542
|
$
|
34,461,822.92
|
16.060%
|
|
|||||||||||||||||||
| CLAIMS IN PROCESS |
7.10%
|
|
281
|
$
|
1,797,366.58
|
0.840%
|
|
7.12%
|
|
284
|
$
|
1,854,947.94
|
0.864%
|
|
|||||||||||||||||||
|
TOTAL
|
33,342
|
$
|
213,866,774.94
|
100.00%
|
|
33,649
|
$
|
214,576,114.62
|
100.00%
|
|
|||||||||||||||||||||||
|
*
|
Percentages may not total 100% due to rounding
|
|
Page 4 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
|
IV.
|
2012-3 Portfolio Characteristics (cont'd)
|
|
04/30/2025
|
03/31/2025
|
|||||||
|
Pool Balance
|
$
|
216,335,338.48
|
$
|
217,016,328.04
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
9,825,704.86
|
$
|
9,934,839.71
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,468,563.54
|
$
|
2,440,213.42
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,505,816.34
|
$
|
1,668,759.10
|
||||
|
Total # Loans
|
33,342
|
33,649
|
||||||
|
Total # Borrowers
|
15,491
|
15,636
|
||||||
|
Weighted Average Coupon
|
6.98%
|
|
6.98%
|
|
||||
|
Weighted Average Remaining Term
|
190.00
|
188.91
|
||||||
|
Non-Reimbursable Losses
|
$
|
28,939.38
|
$
|
13,035.98
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
9,173,136.91
|
$
|
9,144,197.53
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-48.99%
|
|
-48.66%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
926,143.85
|
$
|
926,143.85
|
||||
|
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
|
$
|
983,852.37
|
$
|
972,010.52
|
||||
|
Borrower Interest Accrued
|
$
|
1,179,364.89
|
$
|
1,221,878.33
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
43,380.17
|
$
|
45,314.76
|
||||
|
Special Allowance Payments Accrued
|
$
|
35,243.83
|
$
|
36,662.12
|
||||
|
Page 5 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
|
V.
|
2012-3 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
| |
- GSL (1) - Subsidized |
6.90%
|
|
18,056
|
86,689,717.78
|
40.534%
|
|
||||||||||
| - GSL - Unsubsidized |
6.88%
|
|
14,619
|
115,459,549.29
|
53.987%
|
|
|||||||||||
| |
- PLUS (2) Loans |
8.49%
|
|
667
|
11,717,507.87
|
5.479%
|
|
||||||||||
| |
- SLS (3) Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
| - Consolidation Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
| Total |
6.98%
|
|
33,342
|
$
|
213,866,774.94
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
| |
- Four Year |
6.98%
|
|
27,052
|
183,001,240.03
|
85.568%
|
|
||||||||||
| |
- Two Year |
6.94%
|
|
5,226
|
25,762,383.15
|
12.046%
|
|
||||||||||
| |
- Technical |
7.07%
|
|
1,044
|
5,007,267.80
|
2.341%
|
|
||||||||||
| |
- Other |
7.00%
|
|
20
|
95,883.96
|
0.045%
|
|
||||||||||
| |
Total |
6.98%
|
|
33,342
|
$
|
213,866,774.94
|
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 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
|
VI.
|
2012-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,933,412.66
|
|||||||
| A |
Trustee Fees
|
|
-
|
$
|
1,933,412.66
|
||||
| B |
Primary Servicing Fee
|
$
|
79,391.56
|
$
|
1,854,021.10
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
1,847,354.10
|
||||
| D |
Class A Noteholders' Interest Distribution Amount
|
$
|
806,355.92
|
$
|
1,040,998.18
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$ |
181,111.36
|
$
|
859,886.82
|
||||
|
F
|
Reserve Account Reinstatement
|
|
-
|
$
|
859,886.82
|
||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$ |
674,179.66
|
$
|
185,707.16
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
185,707.16
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
185,707.16
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
185,707.16
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
|
-
|
$ |
185,707.16
|
||||
| L |
Excess Distribution Certificateholder
|
$ |
185,707.16
|
- | |||||
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
213,866,774.94
|
||
| B |
Interest to be Capitalized
|
$
|
2,468,563.54
|
||
| 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
|
$
|
216,335,338.48
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
176,566,985.10
|
||
|
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 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
|
VII.
|
2012-3 Distributions
|
| A | B | |||||||
|
Cusip/Isin
|
78447AAA2
|
78447AAB0
|
||||||
|
Beginning Balance
|
$
|
177,241,164.76
|
$
|
37,605,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
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
|
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%
|
|
5.41817%
|
|
||||
|
Accrued Interest Factor
|
0.004549484
|
0.004816151
|
||||||
|
Current Interest Due
|
$
|
806,355.92
|
$
|
181,111.36
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
806,355.92
|
$
|
181,111.36
|
||||
|
Interest Paid
|
$
|
806,355.92
|
$
|
181,111.36
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
674,179.66
|
-
|
|||||
|
Ending Principal Balance
|
$
|
176,566,985.10
|
$
|
37,605,000.00
|
||||
|
Paydown Factor
|
0.000555109
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.145382450
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
|
VIII.
|
2012-3 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
| |
Notes Outstanding Principal Balance |
$
|
214,846,164.76
|
||
| |
Adjusted Pool Balance |
$
|
216,335,338.48
|
||
| |
Overcollateralization Amount |
$
|
2,163,353.38
|
||
| |
Principal Distribution Amount |
$
|
674,179.66
|
||
| |
Principal Distribution Amount Paid |
$
|
674,179.66
|
||
|
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 |
$
|
125,037.81
|
||
| |
Deposits for the Period |
$
|
60,836.72
|
||
| |
Release to Collection Account |
-
|
|
||
| |
Ending Balance |
$
|
185,874.53
|
||
|
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 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|