|
Page 1 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
11/18/2011
|
07/31/2025
|
08/31/2025
|
|||||||||
|
Principal Balance
|
$
|
767,002,624.19
|
$
|
125,285,028.39
|
$
|
123,885,134.33
|
|||||||
|
Interest to be Capitalized Balance
|
7,606,904.17
|
566,689.65
|
566,786.66
|
||||||||||
|
Pool Balance
|
$
|
774,609,528.36
|
$
|
125,851,718.04
|
$
|
124,451,920.99
|
|||||||
|
Capitalized Interest Account Balance
|
$
|
76,000,000.00
|
-
|
-
|
|||||||||
|
Specified Reserve Account Balance
|
1,995,285.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
852,604,813.36
|
$
|
125,851,718.04
|
$
|
124,451,920.99
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.49%
|
|
5.67%
|
|
5.67%
|
|
|||||||
|
Number of Loans
|
61,014
|
7,429
|
7,294
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
260,604.98
|
$
|
238,842.11
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
125,591,113.06
|
$
|
124,213,078.88
|
|||||||||
|
Pool Factor
|
0.157686378
|
0.155932497
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
4.10%
|
|
4.06%
|
|
|||||||||
| (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 |
|
78445UAA0
|
$
|
92,283,670.55
|
$
|
90,451,920.99
|
|||||
| B |
|
78445UAD4
|
$
|
24,000,000.00
|
$
|
24,000,000.00
|
|||||
|
C
|
Account Balances
|
08/25/2025
|
09/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
1,197,172.00
|
$
|
1,197,172.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
59,789.95
|
$
|
19,435.84
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
08/25/2025
|
09/25/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
125,851,718.04
|
$
|
124,451,920.99
|
|||||
|
Total Notes
|
$
|
116,283,670.55
|
$
|
114,451,920.99
|
|||||
|
Difference
|
$
|
9,568,047.49
|
$
|
10,000,000.00
|
|||||
|
Parity Ratio
|
1.08228
|
1.08737
|
|||||||
|
Page 2 of 10
|
Trust 2011-3 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
|
663,528.49
|
||||
|
Guarantor Principal
|
189,662.92
|
||||
|
Consolidation Activity Principal
|
863,551.29
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,716,742.70
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
235,986.14
|
||||
|
Guarantor Interest
|
10,564.05
|
||||
|
Consolidation Activity Interest
|
13,369.97
|
||||
|
Special Allowance Payments
|
526,709.88
|
||||
|
Interest Subsidy Payments
|
43,892.39
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
10,883.16
|
||||
|
Total Interest Receipts
|
$
|
841,405.59
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
|
D
|
Investment Income
|
$
|
10,474.48
|
||
|
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
|
$ |
59,789.95
|
||
|
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
|
$
|
(112,578.63)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
$ |
(59,254.17)
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(19,435.84)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,437,144.08
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(316,848.64)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
4,356.49
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
III.
|
2011-3 Portfolio Characteristics
|
|
08/31/2025
|
07/31/2025
|
|||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
|||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.73%
|
|
211
|
$
|
4,462,188.76
|
3.602%
|
|
5.87%
|
|
217
|
$
|
4,621,673.07
|
3.689%
|
|
|||||||||
|
REPAYMENT:
|
CURRENT
|
5.46%
|
|
6,036
|
$
|
90,862,014.91
|
73.344%
|
|
5.45%
|
|
6,166
|
$
|
91,155,996.22
|
72.759%
|
|
|||||||||
|
31-60 DAYS DELINQUENT
|
6.04%
|
|
196
|
$
|
4,373,813.11
|
3.531%
|
|
5.77%
|
|
203
|
$
|
4,851,681.98
|
3.873%
|
|
||||||||||
|
61-90 DAYS DELINQUENT
|
6.01%
|
|
106
|
$
|
2,333,571.07
|
1.884%
|
|
6.55%
|
|
78
|
$
|
1,823,925.86
|
1.456%
|
|
||||||||||
|
91-120 DAYS DELINQUENT
|
6.94%
|
|
34
|
$
|
1,031,361.69
|
0.833%
|
|
6.90%
|
|
73
|
$
|
2,234,454.08
|
1.783%
|
|
||||||||||
|
> 120 DAYS DELINQUENT
|
6.56%
|
|
218
|
$
|
6,264,650.08
|
5.057%
|
|
6.29%
|
|
223
|
$
|
5,769,177.77
|
4.605%
|
|
||||||||||
|
FORBEARANCE
|
6.28%
|
|
470
|
$
|
13,669,918.68
|
11.034%
|
|
6.38%
|
|
444
|
$
|
14,227,192.82
|
11.356%
|
|
||||||||||
|
CLAIMS IN PROCESS
|
6.54%
|
|
23
|
$
|
887,616.03
|
0.716%
|
|
5.61%
|
|
25
|
$
|
600,926.59
|
0.480%
|
|
||||||||||
|
TOTAL
|
7,294
|
$
|
123,885,134.33
|
100.00%
|
|
7,429
|
$
|
125,285,028.39
|
100.00%
|
|
||||||||||||||
|
Page 4 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
IV.
|
2011-3 Portfolio Characteristics (cont’d)
|
|
08/31/2025
|
07/31/2025
|
|||||||
|
Pool Balance
|
$
|
124,451,920.99
|
$
|
125,851,718.04
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
4,794,925.80
|
$
|
4,806,263.07
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
566,786.66
|
$
|
566,689.65
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
575,894.91
|
$
|
524,537.89
|
||||
|
Total # Loans
|
7,294
|
7,429
|
||||||
|
Total # Borrowers
|
4,077
|
4,151
|
||||||
|
Weighted Average Coupon
|
5.67%
|
|
5.67%
|
|
||||
|
Weighted Average Remaining Term
|
183.96
|
183.65
|
||||||
|
Non-Reimbursable Losses
|
$
|
4,356.49
|
$
|
9,320.57
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
2,815,942.52
|
$
|
2,811,586.03
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
4.06%
|
|
4.10%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$ |
10,384.75
|
$ |
10,384.75
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
|
-
|
$
|
431,952.51
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
321,296.18
|
$
|
241,630.35
|
||||
|
Borrower Interest Accrued
|
$
|
569,654.71
|
$
|
575,190.85
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
14,790.51
|
$
|
14,517.16
|
||||
|
Special Allowance Payments Accrued
|
$
|
174,576.38
|
$
|
175,653.44
|
||||
|
Page 5 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
V.
|
2011-3 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- PLUS (2) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Consolidation Loans
|
5.67%
|
|
7,294
|
123,885,134.33
|
100.000%
|
|
|||||||||||
|
Total
|
5.67%
|
|
7,294
|
$
|
123,885,134.33
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Other
|
5.67%
|
|
7,294
|
123,885,134.33
|
100.000%
|
|
|||||||||||
|
Total
|
5.67%
|
|
7,294
|
$
|
123,885,134.33
|
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 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
VI.
|
2011-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,437,144.08
|
|||||||
|
A
|
Primary Servicing Fee
|
$
|
27,189.05
|
$
|
2,409,955.03
|
||||
|
B
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,403,288.03
|
||||
|
C
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
442,061.78
|
$
|
1,961,226.25
|
||||
|
D
|
Class B Noteholders’ Interest Distribution Amount
|
$
|
110,832.65
|
$
|
1,850,393.60
|
||||
|
E
|
Reserve Account Reinstatement
|
-
|
$
|
1,850,393.60
|
|||||
|
F
|
Class A Noteholders’ Principal Distribution Amount
|
$
|
1,831,749.56
|
$ |
18,644.04
|
||||
|
G
|
Class B Noteholders’ Principal Distribution Amount
|
-
|
$ |
18,644.04
|
|||||
|
H
|
Unpaid Expenses of The Trustees
|
-
|
$ |
18,644.04
|
|||||
|
I
|
Carryover Servicing Fee
|
-
|
$ |
18,644.04
|
|||||
|
J
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
18,644.04
|
|||||
|
K
|
Excess Distribution Certificateholder
|
$ |
18,644.04
|
-
|
|||||
|
Waterfall Triggers
|
|||||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
123,885,134.33
|
||||||
|
B
|
Interest to be Capitalized
|
$
|
566,786.66
|
||||||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,197,172.00
|
||||||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,197,172.00)
|
|
|||||
|
F
|
Total
|
$
|
124,451,920.99
|
||||||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
90,451,920.99
|
||||||
|
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 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
VII.
|
2011-3 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
78445UAA0
|
78445UAD4
|
||||||
|
Beginning Balance
|
$
|
92,283,670.55
|
$
|
24,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
1.10%
|
|
0.90%
|
|
||||
|
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*
|
5.56287%
|
|
5.36287%
|
|
||||
|
Accrued Interest Factor
|
0.004790249
|
0.004618027
|
||||||
|
Current Interest Due
|
$
|
442,061.78
|
$
|
110,832.65
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
442,061.78
|
$
|
110,832.65
|
||||
|
Interest Paid
|
$
|
442,061.78
|
$
|
110,832.65
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,831,749.56
|
-
|
|||||
|
Ending Principal Balance
|
$
|
90,451,920.99
|
$
|
24,000,000.00
|
||||
|
Paydown Factor
|
0.002255849
|
0.000000000 | ||||||
|
Ending Balance Factor
|
0.111393991
|
1.000000000
|
||||||
|
Page 8 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
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|
VIII.
|
2011-3 Reconciliations
|
| A |
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
116,283,670.55
|
|||
|
Adjusted Pool Balance
|
$
|
124,451,920.99
|
|||
|
Overcollateralization Amount
|
$
|
10,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
1,831,749.56
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,831,749.56
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,197,172.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,197,172.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,197,172.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
1,197,172.00
|
|||
|
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
59,789.95
|
|||
|
Deposits for the Period
|
$
|
19,435.84
|
|||
|
Release to Collection Account
|
$ |
(59,789.95)
|
|
||
|
Ending Balance
|
$
|
19,435.84
|
|||
|
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
IX.
|
2011-3 Other Characteristics
|
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
1,932,169.00
|
$
|
5,583,842.35
|
$
|
44,431,480.39
|
$
|
51,947,491.74
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
2,753,884.71
|
$
|
8,868,529.46
|
$
|
60,882,015.08
|
$
|
72,504,429.25
|
||||||||
|
Total
|
$
|
4,686,053.71
|
$
|
14,452,371.81
|
$
|
105,313,495.47
|
$
|
124,451,920.99
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
184
|
219
|
161
|
169
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
220
|
262
|
184
|
195
|
||||||||||||
|
Total
|
205
|
245
|
175
|
184
|
||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
5.652%
|
|
6.143%
|
|
5.527%
|
|
5.598%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
5.791%
|
|
6.407%
|
|
5.617%
|
|
5.720%
|
|
||||||||
|
Total
|
5.734%
|
|
6.305%
|
|
5.579%
|
|
5.669%
|
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.420%
|
|
2.333%
|
|
2.429%
|
|
2.418%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.382%
|
|
2.270%
|
|
2.395%
|
|
2.379%
|
|
||||||||
|
Total
|
2.397%
|
|
2.295%
|
|
2.409%
|
|
2.396%
|
|
||||||||
|
Repayment
|
Grand Total
|
|
||||||||||
|
Subsidized Consolidation Loans
|
3.100%
|
|
3.100%
|
|
|
|
||||||
|
Unsubsidized Consolidation Loans
|
3.135%
|
|
3.135%
|
|
|
|
||||||
|
Total
|
3.131%
|
|
3.131%
|
|
|
|
||||||
|
Page 10 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|