|
Page 1 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
01/19/2012
|
06/30/2025
|
07/31/2025
|
|||||||||
|
Principal Balance
|
$
|
729,487,882.66
|
$
|
126,688,839.50
|
$
|
125,877,895.54
|
|||||||
|
Interest to be Capitalized Balance
|
17,615,101.99
|
1,599,743.57
|
1,634,873.05
|
||||||||||
|
Pool Balance
|
$
|
747,102,984.65
|
$
|
128,288,583.07
|
$
|
127,512,768.59
|
|||||||
|
Capitalized Interest Account Balance
|
$
|
5,000,000.00
|
-
|
-
|
|||||||||
|
Specified Reserve Account Balance
|
1,911,821.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
754,014,805.65
|
$
|
128,288,583.07
|
$
|
127,512,768.59
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.64%
|
|
6.93%
|
|
6.88%
|
|
|||||||
|
Number of Loans
|
174,879
|
19,135
|
18,944
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
145,736.47
|
$
|
137,076.94
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
128,142,846.60
|
$
|
127,375,691.65
|
|||||||||
|
Pool Factor
|
0.167757064 |
0.166742567 |
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(94.52)% |
|
(93.72)% |
|
|||||||||
| (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
|
78446WAC1
|
$
|
103,148,583.07
|
$
|
102,372,768.59
|
|||||
|
B
|
78446WAD9
|
$
|
23,140,000.00
|
$
|
23,140,000.00
|
|||||
|
C
|
Account Balances
|
07/25/2025
|
08/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
764,728.00
|
$
|
764,728.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
62,777.33
|
$
|
92,622.44
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
07/25/2025
|
08/25/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
128,288,583.07
|
$
|
127,512,768.59
|
|||||
|
Total Notes
|
$
|
126,288,583.07
|
$
|
125,512,768.59
|
|||||
|
Difference
|
$
|
2,000,000.00
|
$
|
2,000,000.00
|
|||||
|
Parity Ratio
|
1.01584
|
1.01593
|
|||||||
|
Page 2 of 9
|
Trust 2012-1 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
|
261,643.39
|
||||
|
Guarantor Principal
|
502,281.83
|
||||
|
Consolidation Activity Principal
|
515,653.17
|
||||
|
Seller Principal Reimbursement
|
- | ||||
|
Servicer Principal Reimbursement
|
- |
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,279,578.39
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
165,462.14
|
||||
|
Guarantor Interest
|
14,011.36
|
||||
|
Consolidation Activity Interest
|
13,041.44
|
||||
|
Special Allowance Payments
|
0.00 | ||||
|
Interest Subsidy Payments
|
0.00 | ||||
|
Seller Interest Reimbursement
|
0.00 | ||||
|
Servicer Interest Reimbursement
|
122.48
|
||||
|
Rejected Claim Repurchased Interest
|
0.00 | ||||
|
Other Interest Deposits
|
10,336.14
|
||||
|
Total Interest Receipts
|
$
|
202,973.56
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
9,135.25
|
||
|
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
|
$
|
(29,845.11)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,461,842.09
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(468,634.43)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
14,949.34
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
|
III.
|
2012-1 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%
|
|
14
|
$
|
96,170.16
|
0.076%
|
|
6.80%
|
|
14
|
$
|
96,170.16
|
0.076%
|
|
||||||||||||||||||
|
|
DEFERMENT
|
6.77%
|
|
1,290
|
$
|
8,119,216.00
|
6.450%
|
|
6.83%
|
|
1,299
|
$
|
8,136,558.17
|
6.422%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.88% |
|
12,074 |
$
|
74,369,295.40 |
59.081% |
|
6.94% |
|
12,139 |
$
|
75,354,877.69 |
59.480% |
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.90%
|
|
760
|
$
|
5,954,757.90
|
4.731%
|
|
6.99%
|
|
830
|
$
|
6,290,248.04
|
4.965%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.93%
|
|
482 |
$
|
3,919,198.02
|
3.113%
|
|
6.94%
|
|
583 |
$
|
4,694,666.45
|
3.706%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.84%
|
|
375 |
$
|
3,117,357.16
|
2.476%
|
|
6.97%
|
|
316
|
$
|
2,368,206.17
|
1.869%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.85%
|
|
1,328
|
$
|
9,665,077.45
|
7.678%
|
|
6.90%
|
|
1,365
|
$
|
9,932,025.97
|
7.840%
|
|
|||||||||||||||||||
|
|
FORBEARANCE
|
6.92%
|
|
2,497
|
$
|
19,765,601.89 |
15.702% |
|
6.91% |
|
2,423 |
$
|
18,653,050.91 |
14.724% |
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.97%
|
|
124 |
$
|
871,221.56
|
0.692%
|
|
6.99%
|
|
166
|
$
|
1,163,035.94
|
0.918%
|
|
||||||||||||||||||
|
TOTAL
|
18,944 |
$
|
125,877,895.54 |
100.00%
|
|
19,135 |
$
|
126,688,839.50 |
100.00% |
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07 /31/2025, Distribution Date 08/25/2025
|
|
IV.
|
2012-1 Portfolio Characteristics (cont’d)
|
|
07/31/2025
|
06/30/2025
|
|||||||
|
Pool Balance
|
$
|
127,512,768.59
|
$
|
128,288,583.07
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
5,984,666.43
|
$
|
5,954,944.84
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
1,634,873.05
|
$
|
1,599,743.57
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
764,819.84
|
$
|
793,117.62
|
||||
|
Total # Loans
|
18,944
|
19,135
|
||||||
|
Total # Borrowers
|
8,049
|
8,130
|
||||||
|
Weighted Average Coupon
|
6.88% |
|
6.93% |
|
||||
|
Weighted Average Remaining Term
|
189.16
|
188.67
|
||||||
|
Non-Reimbursable Losses
|
$
|
14,949.34
|
$
|
17,226.85
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,589,700.57
|
$
|
4,574,751.23
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-93.72%
|
|
-94.52%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
385,108.47
|
$
|
385,108.47
|
||||
|
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
|
$
|
483,594.77
|
$
|
476,681.56
|
||||
|
Borrower Interest Accrued
|
$
|
706,014.04
|
$
|
691,761.75
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
27,806.89
|
$
|
27,248.39
|
||||
|
Special Allowance Payments Accrued
|
$
|
23,625.79
|
$
|
20,360.70
|
||||
|
Page 5 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
|
V.
|
2012-1 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.77%
|
|
10,140
|
49,497,240.31
|
39.322%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.79%
|
|
8,384
|
69,017,121.24
|
54.829%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.47%
|
|
420
|
7,363,533.99
|
5.850%
|
|
|||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0 |
-
|
0.000%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0 |
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.88%
|
|
18,944
|
$
|
125,877,895.54
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.88%
|
|
15,535
|
108,214,963.04
|
85.968%
|
|
|||||||||||
|
- Two Year
|
6.86%
|
|
2,850
|
14,583,178.37
|
11.585%
|
|
|||||||||||
|
- Technical
|
6.85%
|
|
557
|
3,078,313.59
|
2.445%
|
|
|||||||||||
|
- Other
|
6.80%
|
|
2
|
1,440.54
|
0.001%
|
|
|||||||||||
|
Total
|
6.88%
|
|
18,944
|
$
|
125,877,895.54
|
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 2012-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
|
VI.
|
2012-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
- |
$
|
1,461,842.09
|
||||||
|
A
|
Trustee Fees |
|
- |
$
|
1,461,842.09
|
||||
|
B
|
Primary Servicing Fee
|
$
|
42,020.98
|
$
|
1,419,821.11
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,413,154.11
|
||||
|
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
480,927.95
|
$
|
932,226.16
|
||||
|
E
|
Class B Noteholders’ Interest Distribution Amount
|
107,889.73
|
$
|
824,336.43
|
|||||
|
F
|
Reserve Account Reinstatement
|
- |
$
|
824,336.43
|
|||||
|
G
|
Class A Noteholders’ Principal Distribution Amount
|
$ |
775,814.48
|
$
|
48,521.95
|
||||
|
H
|
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
48,521.95
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
48,521.95
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
48,521.95
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date | - |
$ |
48,521.95
|
|
||||
| L |
Excess Distribution Certificateholder
|
$ |
48,521.95
|
- |
|||||
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
125,877,895.54
|
||
|
B
|
Interest to be Capitalized
|
$
|
1,634,873.05
|
||
| C |
Capitalized Interest Account Balance
|
- |
|||
| D |
Reserve Account Balance (after any reinstatement)
|
$
|
764,728.00 | ||
| E |
Less: Specified Reserve Account Balance
|
$
|
(764,728.00)
|
|
|
| F |
Total
|
$
|
127,512,768.59
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
102,372,768.59 | ||
| 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 2012-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
|
VII.
|
2012-1 Distributions
|
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78446WAC1
|
78446WAD9
|
||||||
|
Beginning Balance
|
$
|
103,148,583.07
|
$
|
23,140,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.95%
|
|
0.95%
|
|
||||
|
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*
|
5.41449%
|
|
5.41449%
|
|
||||
|
Accrued Interest Factor
|
0.004662478
|
0.004662478
|
||||||
|
Current Interest Due
|
$
|
480,927.95
|
$
|
107,889.73
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
480,927.95
|
$
|
107,889.73
|
||||
|
Interest Paid
|
$
|
480,927.95
|
$
|
107,889.73
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
775,814.48
|
-
|
|||||
|
Ending Principal Balance
|
$
|
102,372,768.59
|
$
|
23,140,000.00
|
||||
|
Paydown Factor
|
0.002239003
|
0.000000000 | ||||||
|
Ending Balance Factor
|
0.295448106
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
|
VIII.
|
2012-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
126,288,583.07
|
|||
|
Adjusted Pool Balance
|
$
|
127,512,768.59
|
|||
|
Overcollateralization Amount
|
$
|
2,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
775,814.48
|
|||
|
Principal Distribution Amount Paid
|
$
|
775,814.48
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
764,728.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
764,728.00
|
|||
|
Required Reserve Acct Balance
|
$
|
764,728.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
764,728.00
|
|||
|
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
62,777.33
|
|||
|
Deposits for the Period
|
$
|
29,845.11
|
|||
|
Release to Collection Account
|
- |
|
|||
|
Ending Balance
|
$
|
92,622.44
|
|||
|
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|