|
Page 1 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
07/19/2012
|
06/30/2025
|
07/31/2025
|
|||||||||
|
Principal Balance
|
$
|
1,137,585,474.26
|
$
|
246,239,335.88
|
$
|
244,391,937.38
|
|||||||
|
Interest to be Capitalized Balance
|
26,114,209.92
|
2,614,744.92
|
2,716,549.72
|
||||||||||
|
Pool Balance
|
$
|
1,163,699,684.18
|
$
|
248,854,080.80
|
$
|
247,108,487.10
|
|||||||
|
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
|
$
|
248,854,080.80
|
$
|
247,108,487.10
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.67%
|
|
6.92%
|
|
6.87%
|
|
|||||||
|
Number of Loans
|
274,625
|
36,689
|
36,286
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
-
|
-
|
|||||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
248,854,080.80
|
$
|
247,108,487.10 |
||||||||
|
Pool Factor
|
0.199075788
|
0.197679365
|
|||||||||||
|
|
Since Issued Constant Prepayment Rate |
(68.24)%
|
|
(69.73)%
|
|
||||||||
| (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
|
07/25/2025
|
08/25/2025
|
||||||
|
A3
|
78447EAC0
|
$
|
209,565,539.99
|
$
|
207,837,402.23
|
|||||
| B |
78447EAD8
|
$
|
36,800,000.00
|
$
|
36,800,000.00
|
|||||
|
C
|
Account Balances
|
07/25/2025
|
08/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
1,250,046.00
|
$
|
1,250,046.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
169,424.27
|
$
|
250,281.37
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
07/25/2025
|
08/25/2025
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
248,854,080.80
|
$
|
247,108,487.10
|
||||
|
Total Notes
|
$
|
246,365,539.99
|
$
|
244,637,402.23
|
|||||
|
Difference
|
$
|
2,488,540.81
|
$
|
2,471,084.87
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| II. |
Trust Activity 07/01/2025 through 07/31/2025
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
515,383.11
|
||||
|
Guarantor Principal
|
1,092,502.21
|
||||
|
Consolidation Activity Principal
|
1,213,487.75
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
- | ||||
|
Rejected Claim Repurchased Principal
|
- | ||||
|
Other Principal Deposits
|
- | ||||
|
Total Principal Receipts
|
$
|
2,821,373.07
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
284,806.33
|
||||
|
Guarantor Interest
|
30,414.23
|
||||
|
Consolidation Activity Interest
|
17,691.28
|
||||
|
Special Allowance Payments
|
0.00 | ||||
|
Interest Subsidy Payments
|
0.00 | ||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
163.71
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
27,906.69
|
||||
|
Total Interest Receipts
|
$
|
360,982.24
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
18,471.07
|
||
|
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
|
$
|
(80,857.10)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
3,119,969.28
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(973,974.57)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
34,307.87
|
||
|
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 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| III. |
2012-5 Portfolio Characteristics
|
|
07/31/2025
|
06/30/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.80%
|
|
7
|
$
|
35,188.00
|
0.014%
|
|
6.80%
|
|
7
|
$
|
35,188.00
|
0.014%
|
|
||||||||||||||||||
|
DEFERMENT
|
6.79%
|
|
2,188
|
$
|
14,174,878.32
|
5.800%
|
|
6.81%
|
|
2,189
|
$
|
14,078,690.33
|
5.717%
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.88%
|
|
22,754 |
$
|
141,242,602.12 |
57.793% |
|
6.93% |
|
23,299 |
$
|
144,115,093.18 |
58.526% |
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT |
6.88%
|
|
1,619
|
$
|
12,531,764.49
|
5.128%
|
|
6.90%
|
|
1,603
|
$
|
12,790,302.17
|
5.194%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT |
6.87%
|
|
955 |
$
|
8,021,978.30
|
3.282%
|
|
6.88%
|
|
1,034
|
$
|
7,765,973.45
|
3.154%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT |
6.83%
|
|
701
|
$
|
5,165,969.21
|
2.114%
|
|
6.90%
|
|
632
|
$
|
4,867,119.67
|
1.977%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT |
6.84%
|
|
2,655
|
$
|
20,388,134.73
|
8.342%
|
|
6.89%
|
|
2,757
|
$
|
21,219,301.39
|
8.617%
|
|
||||||||||||||||||
|
|
FORBEARANCE | 6.88% |
|
5,141 |
$
|
41,060,772.39 |
16.801% |
|
6.94% |
|
4,890 |
$
|
39,434,972.55 |
16.015% |
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.81% |
|
266 |
$
|
1,770,649.82
|
0.725%
|
|
6.83%
|
|
278
|
$
|
1,932,695.14
|
0.785%
|
|
|||||||||||||||||||
|
TOTAL
|
36,286
|
$
|
244,391,937.38
|
100.00%
|
|
36,689
|
$
|
246,239,335.88
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| IV. |
2012-5 Portfolio Characteristics (cont'd) |
|
07/31/2025
|
06/30/2025
|
|||||||
|
Pool Balance
|
$
|
247,108,487.10
|
$
|
248,854,080.80
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
10,925,909.19
|
$
|
10,892,847.43
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,716,549.72
|
$
|
2,614,744.92
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,568,669.91
|
$
|
1,590,572.98
|
||||
|
Total # Loans
|
36,286
|
36,689
|
||||||
|
Total # Borrowers
|
17,262
|
17,473
|
||||||
|
Weighted Average Coupon
|
6.87%
|
|
6.92%
|
|
||||
|
Weighted Average Remaining Term
|
194.37
|
193.50
|
||||||
|
Non-Reimbursable Losses
|
$
|
34,307.87
|
$
|
40,320.54
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
8,513,041.39
|
$
|
8,478,733.52
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-69.73%
|
|
-68.24%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
482,656.09
|
$
|
482,656.09
|
||||
|
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
|
$
|
1,008,524.71
|
$
|
1,073,685.75
|
||||
|
Borrower Interest Accrued
|
$
|
1,376,036.67
|
$
|
1,351,201.13
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
47,946.30
|
$
|
46,217.24
|
||||
|
Special Allowance Payments Accrued
|
$
|
40,695.01
|
$
|
36,142.49
|
||||
|
Page 5 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| V. |
2012-5 Portfolio Statistics by School and Program |
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
|
- GSL (1) - Subsidized
|
6.77%
|
|
19,226
|
97,284,781.47
|
39.807%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.79%
|
|
16,268
|
134,033,831.11
|
54.844%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.48%
|
|
792
|
13,073,324.80
|
5.349%
|
|
|||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.87%
|
|
36,286
|
$
|
244,391,937.38
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.88%
|
|
29,968
|
211,890,996.28
|
86.701%
|
|
|||||||||||
|
- Two Year
|
6.82%
|
|
5,277
|
27,160,757.12
|
11.114%
|
|
|||||||||||
|
- Technical
|
6.81%
|
|
996
|
5,148,632.21
|
2.107%
|
|
|||||||||||
|
- Other
|
6.73%
|
|
45
|
191,551.77
|
0.078%
|
|
|||||||||||
|
Total
|
6.87%
|
|
36,286
|
$
|
244,391,937.38
|
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 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| VI. |
2012-5 Waterfall for Distributions |
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
3,119,969.28
|
|||||||
| A |
Trustee Fees |
- |
$ |
3,119,969.28
|
|||||
| B |
Primary Servicing Fee
|
$
|
89,101.72
|
$
|
3,030,867.56
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
3,024,200.56
|
||||
| D |
Class A Noteholders' Interest Distribution Amount
|
$
|
950,025.73
|
$
|
2,074,174.83
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
173,163.62
|
$
|
1,901,011.21
|
||||
| F |
Reserve Account Reinstatement
|
- |
$
|
1,901,011.21
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
1,728,137.76
|
$
|
172,873.45
|
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
- |
$
|
172,873.45
|
|||||
| I |
Unpaid Expenses of The Trustees
|
-
|
$
|
172,873.45
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$
|
172,873.45
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
172,873.45
|
|||||
| L |
Excess Distribution Certificateholder
|
$
|
172,873.45 | - | |||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
244,391,937.38
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,716,549.72
|
||
|
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
|
$
|
247,108,487.10
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
207,837,402.23
|
||
|
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 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| VII. |
2012-5 Distributions |
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78447EAC0
|
78447EAD8
|
||||||
|
Beginning Balance
|
$
|
209,565,539.99
|
$
|
36,800,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
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
|
7/25/2025
|
7/25/2025
|
||||||
|
Accrual Period End
|
8/25/2025
|
8/25/2025
|
||||||
|
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
|
Interest Rate*
|
5.26449%
|
|
5.46449%
|
|
||||
|
Accrued Interest Factor
|
0.004533311
|
0.004705533
|
||||||
|
Current Interest Due
|
$
|
950,025.73
|
$
|
173,163.62
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
950,025.73
|
$
|
173,163.62
|
||||
|
Interest Paid
|
$
|
950,025.73
|
$
|
173,163.62
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,728,137.76
|
-
|
|||||
|
Ending Principal Balance
|
$
|
207,837,402.23
|
$
|
36,800,000.00
|
||||
|
Paydown Factor
|
0.003005457
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.361456352
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| VIII. |
2012-5 Reconciliations |
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
246,365,539.99
|
|||
|
Adjusted Pool Balance
|
$
|
247,108,487.10
|
|||
|
Overcollateralization Amount
|
$
|
2,471,084.87
|
|||
|
Principal Distribution Amount
|
$
|
1,728,137.76
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,728,137.76
|
|||
|
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
|
$
|
169,424.27
|
|||
|
Deposits for the Period
|
$
|
80,857.10
|
|||
|
Release to Collection Account
|
- |
|
|||
|
Ending Balance
|
$
|
250,281.37
|
|||
|
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 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |