|
Page 1 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
03/15/2012
|
07/31/2025
|
08/31/2025
|
|||||||||
|
Principal Balance
|
$
|
790,250,485.92
|
$
|
148,439,838.28
|
$
|
147,539,076.68 |
|||||||
|
Interest to be Capitalized Balance
|
19,607,366.14
|
1,896,714.32
|
1,895,935.71 |
||||||||||
|
Pool Balance
|
$
|
809,857,852.06
|
$
|
150,336,552.60
|
$
|
149,435,012.39 |
|||||||
|
Capitalized Interest Account Balance
|
$
|
10,000,000.00
|
-
|
- |
|||||||||
|
Specified Reserve Account Balance
|
2,054,965.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool(1)
|
$
|
821,912,817.06
|
$
|
150,336,552.60
|
$
|
149,435,012.39 | |||||||
|
Weighted Average Coupon (WAC)
|
6.65%
|
|
6.86%
|
|
6.86% |
|
|||||||
|
Number of Loans
|
188,679
|
21,748
|
21,538 |
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
-
|
- |
|||||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
150,336,552.60 |
$
|
149,435,012.39 |
|||||||||
|
Pool Factor
|
0.182894319 |
0.181797536 |
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(71.47)% |
|
(71.50)% |
|
|||||||||
| (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
|
||||||
| A |
78446YAA1
|
$
|
123,336,552.60
|
$
|
122,435,012.39
|
|||||
| B |
78446YAB9
|
$
|
25,000,000.00
|
$
|
25,000,000.00
|
|||||
|
C
|
Account Balances
|
08/25/2025
|
09/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
821,986.00
|
$
|
821,986.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
131,829.36
|
$
|
42,086.10
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
08/25/2025
|
09/25/2025
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
150,336,552.60
|
$
|
149,435,012.39
|
||||
|
Total Notes
|
$
|
148,336,552.60
|
$
|
147,435,012.39
|
|||||
|
Difference
|
$
|
2,000,000.00
|
$
|
2,000,000.00
|
|||||
|
Parity Ratio
|
1.01348
|
1.01357
|
|||||||
|
Page 2 of 9
|
Trust 2012-2 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
|
324,641.99
|
||||
|
Guarantor Principal
|
626,427.78
|
||||
|
Consolidation Activity Principal
|
492,023.37
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
- | ||||
|
Total Principal Receipts
|
$
|
1,443,093.14
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
166,295.09
|
||||
|
Guarantor Interest
|
46,041.68
|
||||
|
Consolidation Activity Interest
|
25,971.64
|
||||
|
Special Allowance Payments
|
72,296.64
|
||||
|
Interest Subsidy Payments
|
97,023.73
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
9,435.77
|
||||
|
Total Interest Receipts
|
$
|
417,064.55
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
10,017.35
|
||
| 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
|
$ |
131,829.36
|
||
| 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
|
$ |
(132,962.66)
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(42,086.10
|
)
|
||
| M |
AVAILABLE FUNDS
|
$
|
1,826,955.64
|
||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(542,331.54
|
)
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
$
|
15,438.28
|
||
| P |
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
- | ||
| Q |
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
III.
|
2012-2 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%
|
|
17
|
$
|
86,977.00
|
0.059%
|
|
6.80% |
|
18 |
$
|
95,477.00 |
0.064% |
|
||||||||||||||||||
|
|
GRACE
|
6.80%
|
|
1
|
$
|
8,500.00
|
0.006%
|
|
0.00%
|
|
0 |
|
- |
0.000% |
|
||||||||||||||||||
|
|
DEFERMENT
|
6.85%
|
|
1,313
|
$
|
8,644,693.00
|
5.859%
|
|
6.85%
|
|
1,390 |
$
|
9,208,516.79 | 6.204% |
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.86%
|
|
13,856
|
$
|
86,964,299.22
|
58.943%
|
|
6.86%
|
|
13,816 |
$
|
85,835,210.75 | 57.825% |
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.86%
|
|
893
|
$
|
6,988,186.69
|
4.736%
|
|
6.86%
|
|
918 |
$
|
7,410,780.73 | 4.992% |
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.84%
|
|
588
|
$
|
5,050,910.19
|
3.423%
|
|
6.84% |
|
517 |
$
|
4,257,180.35 | 2.868% |
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.84%
|
|
327
|
$
|
2,561,396.66
|
1.736%
|
|
6.86% |
|
389 |
$
|
3,098,481.41 | 2.087% |
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.85%
|
|
1,415
|
$
|
11,005,156.79
|
7.459%
|
|
6.84% |
|
1,469 |
$
|
11,681,540.18 | 7.870% |
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.88%
|
|
2,952
|
$
|
24,815,105.17
|
16.819%
|
|
6.88% |
|
3,075 |
$
|
25,641,427.31 |
17.274% |
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.81%
|
|
176
|
$
|
1,413,851.96
|
0.958%
|
|
6.85% |
|
156 |
$
|
1,211,223.76 |
0.816% |
|
||||||||||||||||||
|
TOTAL
|
21,538
|
$
|
147,539,076.68
|
100.00%
|
|
21,748 |
$
|
148,439,838.28 | 100.00% |
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
IV.
|
2012-2 Portfolio Characteristics (cont’d)
|
|
08/31/2025
|
07/31/2025
|
|||||||
|
Pool Balance
|
$
|
149,435,012.39
|
$
|
150,336,552.60
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
7,003,176.90
|
$
|
6,975,780.46
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
1,895,935.71
|
$
|
1,896,714.32
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
896,501.13
|
$
|
913,066.82
|
||||
|
Total # Loans
|
21,538
|
21,748
|
||||||
|
Total # Borrowers
|
10,181
|
10,284
|
||||||
|
Weighted Average Coupon
|
6.86%
|
|
6.86%
|
|
||||
|
Weighted Average Remaining Term
|
198.80
|
198.03
|
||||||
|
Non-Reimbursable Losses
|
$
|
15,438.28
|
$
|
19,612.67
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,784,117.22
|
$
|
4,768,678.94
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-71.50 %
|
|
-71.47 %
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
390,423.45
|
$
|
390,423.45
|
||||
|
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
|
$
|
557,774.83
|
$
|
617,240.18
|
||||
|
Borrower Interest Accrued
|
$
|
825,655.30
|
$
|
830,386.85
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
31,315.16
|
$
|
31,754.24
|
||||
|
Special Allowance Payments Accrued
|
$
|
26,593.72
|
$
|
26,630.32
|
||||
|
Page 5 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
V.
|
2012-2 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.77%
|
|
11,401
|
59,107,767.40
|
40.062% |
|
|||||||||||
|
- GSL - Unsubsidized
|
6.79%
|
|
9,709
|
81,681,044.89
|
55.362% |
|
|||||||||||
|
- PLUS (2) Loans
|
8.48%
|
|
428
|
6,750,264.39
|
4.575% |
|
|||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000% |
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000% |
|
|||||||||||
|
Total
|
6.86%
|
|
21,538
|
$
|
147,539,076.68
|
100.000% |
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
|
- Four Year
|
6.86%
|
|
17,848
|
128,134,021.77
|
86.848% |
|
|||||||||||
|
- Two Year
|
6.83%
|
|
3,063
|
16,057,075.30
|
10.883% |
|
|||||||||||
|
- Technical
|
6.82%
|
|
600
|
3,242,243.31
|
2.198% |
|
|||||||||||
|
- Other
|
6.72%
|
|
27
|
105,736.30
|
0.072% |
|
|||||||||||
|
Total
|
6.86%
|
|
21,538
|
$
|
147,539,076.68
|
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 2012-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
VI.
|
2012-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,826,955.64
|
|||||||
| A |
Trustee Fees
|
- |
$ |
1,826,955.64
|
|||||
| B |
Primary Servicing Fee
|
$ |
53,148.82
|
$
|
1,773,806.82
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
1,767,139.82
|
||||
| D |
Class A Noteholders’ Interest Distribution Amount
|
$
|
548,330.23
|
$
|
1,218,809.59
|
||||
| E |
Class B Noteholders’ Interest Distribution Amount
|
$
|
116,527.06
|
$
|
1,102,282.53
|
||||
| F |
Reserve Account Reinstatement
|
- |
$
|
1,102,282.53
|
|||||
| G |
Class A Noteholders’ Principal Distribution Amount
|
$ |
901,540.21
|
$ |
200,742.32
|
||||
| H |
Class B Noteholders’ Principal Distribution Amount
|
- | $ |
200,742.32
|
|||||
| I |
Unpaid Expenses of The Trustees
|
- | $ |
200,742.32
|
|||||
| J |
Carryover Servicing Fee
|
- | $ |
200,742.32
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
- | $ |
200,742.32
|
|||||
| L |
Excess Distribution Certificateholder
|
$ |
200,742.32 | - |
|||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
147,539,076.68
|
||
|
B
|
Interest to be Capitalized
|
$
|
1,895,935.71
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
821,986.00
|
||
| E |
Less: Specified Reserve Account Balance
|
$
|
(821,986.00
|
)
|
|
| F |
Total
|
$
|
149,435,012.39
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
122,435,012.39
|
||
| 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 2012-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
VII.
|
2012-2 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
78446YAA1
|
78446YAB9
|
||||||
|
Beginning Balance
|
$
|
123,336,552.60
|
$
|
25,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.70%
|
|
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*
|
5.16287%
|
|
5.41287%
|
|
||||
|
Accrued Interest Factor
|
0.004445805
|
0.004661082
|
||||||
|
Current Interest Due
|
$
|
548,330.23
|
$
|
116,527.06
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
548,330.23
|
$
|
116,527.06
|
||||
|
Interest Paid
|
$
|
548,330.23
|
$
|
116,527.06
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
901,540.21
|
-
|
|||||
|
Ending Principal Balance
|
$
|
122,435,012.39
|
$
|
25,000,000.00
|
||||
|
Paydown Factor
|
0.001128336
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.153235310
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
VIII.
|
2012-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
148,336,552.60
|
|||
|
Adjusted Pool Balance
|
$
|
149,435,012.39
|
|||
|
Overcollateralization Amount
|
$
|
2,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
901,540.21
|
|||
|
Principal Distribution Amount Paid
|
$
|
901,540.21
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
821,986.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
821,986.00
|
|||
|
Required Reserve Acct Balance
|
$
|
821,986.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
821,986.00
|
|||
|
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
131,829.36
|
|||
|
Deposits for the Period
|
$
|
42,086.10
|
|||
|
Release to Collection Account
|
$ |
(131,829.36
|
)
|
||
|
Ending Balance
|
$
|
42,086.10
|
|||
|
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|