|
Page 1 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
01/19/2012
|
07/31/2025
|
08/31/2025
|
|||||||||
|
Principal Balance
|
$
|
729,487,882.66
|
$
|
125,877,895.54
|
$
|
125,227,540.73
|
|||||||
|
Interest to be Capitalized Balance
|
17,615,101.99
|
1,634,873.05
|
1,620,644.59
|
||||||||||
|
Pool Balance
|
$
|
747,102,984.65
|
$
|
127,512,768.59
|
$
|
126,848,185.32
|
|||||||
|
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
|
$
|
127,512,768.59
|
$
|
126,848,185.32
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.64%
|
|
6.88%
|
|
6.88%
|
|
|||||||
|
Number of Loans
|
174,879
|
18,944
|
18,772
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
137,076.94
|
$
|
137,223.02
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
127,375,691.65
|
$
|
126,710,962.30
|
|||||||||
|
Pool Factor
|
0.166742567
|
0.165873522
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(93.72)%
|
|
(92.94)%
|
|
|||||||||
| (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
|
08/25/2025
|
09/25/2025
|
||||||
|
A3
|
78446WAC1
|
$
|
102,372,768.59
|
$
|
101,708,185.32
|
|||||
|
B
|
78446WAD9
|
$
|
23,140,000.00
|
$
|
23,140,000.00
|
|||||
|
C
|
Account Balances
|
08/25/2025
|
09/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
764,728.00 |
$
|
764,728.00 | |||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
92,622.44
|
$
|
29,423.05
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
08/25/2025
|
09/25/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
127,512,768.59
|
$
|
126,848,185.32
|
|||||
|
Total Notes
|
$
|
125,512,768.59
|
$
|
124,848,185.32
|
|||||
|
Difference
|
$
|
2,000,000.00
|
$
|
2,000,000.00
|
|||||
|
Parity Ratio
|
1.01593 |
1.01602 |
|||||||
|
Page 2 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
II.
|
Trust Activity 08/01/2025 through 08/31/2025 |
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
309,906.27
|
||||
|
Guarantor Principal
|
415,581.18
|
||||
|
Consolidation Activity Principal
|
364,017.28
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,089,504.73
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
165,008.78
|
||||
|
Guarantor Interest
|
18,729.71
|
||||
|
Consolidation Activity Interest
|
6,350.05
|
||||
|
Special Allowance Payments
|
62,541.07
|
||||
|
Interest Subsidy Payments
|
80,798.80
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
473.08
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
8,204.92
|
||||
|
Total Interest Receipts
|
$
|
342,106.41
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
8,765.67
|
||
|
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
|
$
|
92,622.44
|
||
|
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
|
$
|
(93,480.44)
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(29,423.05)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,410,095.76
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(439,149.92)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
12,976.47
|
||
|
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 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
III.
|
2012-1 Portfolio Characteristics
|
|
08/31/2025
|
07/31/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans |
Principal |
% of Principal
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.80%
|
|
12 |
$
|
75,670.16
|
0.060%
|
|
6.80%
|
|
14
|
$
|
96,170.16
|
0.076%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
2
|
$
|
20,500.00
|
0.016%
|
|
0.00%
|
|
0 |
|
-
|
0.000%
|
|
|||||||||||||||||||
|
DEFERMENT
|
6.76%
|
|
1,214
|
$
|
7,606,273.71
|
6.074%
|
|
6.77%
|
|
1,290
|
$
|
8,119,216.00
|
6.450%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.87%
|
|
11,892
|
$
|
73,108,395.88
|
58.380%
|
|
6.88%
|
|
12,074 |
$
|
74,369,295.40
|
59.081%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.89%
|
|
862
|
$
|
6,844,308.10
|
5.465%
|
|
6.90%
|
|
760 |
$
|
5,954,757.90
|
4.731%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.95%
|
|
523
|
$
|
4,428,201.46
|
3.536%
|
|
6.93%
|
|
482
|
$
|
3,919,198.02
|
3.113%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.99%
|
|
311
|
$
|
2,626,425.22
|
2.097%
|
|
6.84%
|
|
375
|
$
|
3,117,357.16
|
2.476%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.85%
|
|
1,389
|
$
|
10,390,148.22
|
8.297%
|
|
6.85%
|
|
1,328
|
$
|
9,665,077.45
|
7.678%
|
|
|||||||||||||||||||
|
|
FORBEARANCE
|
6.94%
|
|
2,413
|
$
|
19,073,782.26
|
15.231%
|
|
6.92%
|
|
2,497
|
$
|
19,765,601.89
|
15.702%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.88%
|
|
154
|
$
|
1,053,835.72
|
0.842%
|
|
6.97%
|
|
124
|
$
|
871,221.56
|
0.692%
|
|
||||||||||||||||||
|
TOTAL
|
18,772
|
$
|
125,227,540.73 |
100.00%
|
|
18,944 |
$
|
125,877,895.54 |
100.00% |
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
IV.
|
2012-1 Portfolio Characteristics (cont’d)
|
| 08/31/2025 | 07/31/2025 | |||||||
|
Pool Balance
|
$
|
126,848,185.32
|
$
|
127,512,768.59
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
6,042,612.86
|
$
|
5,984,666.43
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
1,620,644.59
|
$
|
1,634,873.05
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
798,704.93
|
$
|
764,819.84
|
||||
|
Total # Loans
|
18,772
|
18,944
|
||||||
|
Total # Borrowers
|
7,962
|
8,049
|
||||||
|
Weighted Average Coupon
|
6.88%
|
|
6.88%
|
|
||||
|
Weighted Average Remaining Term
|
190.00
|
189.16
|
||||||
|
Non-Reimbursable Losses
|
$
|
12,976.47
|
$
|
14,949.34
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,602,677.04
|
$
|
4,589,700.57
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-92.94%
|
|
-93.72%
|
|
||||
|
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
|
$
|
452,226.97
|
$
|
483,594.77
|
||||
|
Borrower Interest Accrued
|
$
|
700,676.34
|
$
|
706,014.04
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
27,667.62
|
$
|
27,806.89
|
||||
|
Special Allowance Payments Accrued
|
$
|
24,086.14
|
$
|
23,625.79
|
||||
|
Page 5 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
V.
|
2012-1 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.77%
|
|
10,060
|
49,241,642.56
|
39.322%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.79%
|
|
8,299
|
68,653,959.11
|
54.823%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.47%
|
|
413 |
7,331,939.06
|
5.855%
|
|
|||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.88% |
|
18,772 |
$
|
125,227,540.73 |
100.000% |
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.88%
|
|
15,415
|
107,697,954.40
|
86.002%
|
|
|||||||||||
|
- Two Year
|
6.86%
|
|
2,805
|
14,467,654.61
|
11.553%
|
|
|||||||||||
|
- Technical
|
6.85%
|
|
550
|
3,060,482.87
|
2.444%
|
|
|||||||||||
|
- Other
|
6.80%
|
|
2
|
1,448.85
|
0.001%
|
|
|||||||||||
|
Total
|
6.88% |
|
18,772 |
$
|
125,227,540.73 |
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 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
VI.
|
2012-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,410,095.76 |
|||||||
| A | Trustee Fees |
- |
1,410,095.76 |
||||||
| B |
Primary Servicing Fee
|
$
|
41,591.87 |
$
|
1,368,503.89 | ||||
| C |
Administration Fee
|
$
|
6,667.00 |
$
|
1,361,836.89 | ||||
| D |
Class A Noteholders’ Interest Distribution Amount
|
$
|
477,167.92 |
$
|
884,668.97 | ||||
| E |
Class B Noteholders’ Interest Distribution Amount
|
$
|
107,857.45 |
$
|
776,811.52 | ||||
| F |
Reserve Account Reinstatement
|
|
$
|
776,811.52 | |||||
| G |
Class A Noteholders’ Principal Distribution Amount
|
$
|
664,583.27 |
$
|
112,228.25 | ||||
| H |
Class B Noteholders’ Principal Distribution Amount
|
- |
$
|
112,228.25 | |||||
| I |
Unpaid Expenses of The Trustees
|
- |
$
|
112,228.25 | |||||
| J |
Carryover Servicing Fee
|
- |
$
|
112,228.25 | |||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
- |
$
|
112,228.25 | |||||
| L |
Excess Distribution Certificateholder
|
$
|
112,228.25 |
- |
|
||||
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
125,227,540.73
|
||
| B |
Interest to be Capitalized
|
$
|
1,620,644.59
|
||
| 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
|
$
|
126,848,185.32
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
101,708,185.32
|
||
| 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 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
VII.
|
2012-1 Distributions
|
| A3 |
B |
|
||||||
|
Cusip/Isin
|
78446WAC1 | 78446WAD9 | ||||||
|
Beginning Balance
|
$
|
102,372,768.59 |
$
|
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
|
8/25/2025
|
8/25/2025
|
||||||
|
Accrual Period End
|
9/25/2025
|
9/25/2025
|
||||||
|
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
|
Interest Rate*
|
5.41287%
|
|
5.41287%
|
|
||||
|
Accrued Interest Factor
|
0.004661082
|
0.004661083
|
||||||
|
Current Interest Due
|
$
|
477,167.92 |
$
|
107,857.45
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
477,167.92
|
$
|
107,857.45
|
||||
|
Interest Paid
|
$
|
477,167.92
|
$
|
107,857.45
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
664,583.27
|
- |
|||||
|
Ending Principal Balance
|
$
|
101,708,185.32
|
$
|
23,140,000.00
|
||||
|
Paydown Factor
|
0.001917989
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.293530116
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
VIII.
|
2012-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
125,512,768.59
|
|||
|
Adjusted Pool Balance
|
$
|
126,848,185.32
|
|||
|
Overcollateralization Amount
|
$
|
2,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
664,583.27
|
|||
|
Principal Distribution Amount Paid
|
$
|
664,583.27
|
|||
|
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
|
$
|
92,622.44
|
|||
|
Deposits for the Period
|
$
|
29,423.05
|
|||
|
Release to Collection Account
|
$ |
(92,622.44)
|
|
||
|
Ending Balance
|
$
|
29,423.05
|
|||
|
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 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |