|
Page 1 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
05/03/2012
|
07/31/2025
|
08/31/2025
|
|||||||||
| Principal Balance |
$
|
1,207,071,961.47
|
$
|
208,812,880.62
|
$
|
207,361,839.44
|
|||||||
| Interest to be Capitalized Balance |
24,814,000.46
|
2,615,730.86
|
2,605,850.63
|
||||||||||
| Pool Balance |
$
|
1,231,885,961.93
|
$
|
211,428,611.48
|
$
|
209,967,690.07
|
|||||||
| Capitalized Interest Account Balance |
$
|
11,000,000.00
|
-
|
-
|
|||||||||
| Specified Reserve Account Balance |
3,123,383.00
|
- N/A -
|
- N/A -
|
||||||||||
| |
Adjusted Pool (1) |
$
|
1,246,009,344.93
|
$
|
211,428,611.48
|
$
|
209,967,690.07
|
||||||
| Weighted Average Coupon (WAC) |
6.41%
|
|
6.88%
|
|
6.88%
|
|
|||||||
| Number of Loans |
294,137
|
32,188
|
31,847
|
||||||||||
| Aggregate Outstanding Principal Balance - Tbill |
$
|
8,358,851.03
|
$
|
8,351,001.59
|
|||||||||
| Aggregate Outstanding Principal Balance - SOFR |
$
|
203,069,760.45
|
$
|
201,616,688.48
|
|||||||||
| Pool Factor |
0.169230482
|
0.168061139
|
|||||||||||
| Since Issued Constant Prepayment Rate |
(50.02)%
|
|
(50.46)%
|
|
|||||||||
| (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 |
|
78447AAA2
|
$
|
171,709,325.37
|
$
|
170,263,013.17
|
|||||
| B |
|
78447AAB0
|
$
|
37,605,000.00
|
$
|
37,605,000.00
|
|||||
|
C
|
Account Balances
|
08/25/2025
|
09/25/2025
|
||||||
| Reserve Account Balance |
$
|
1,249,353.00
|
$
|
1,249,353.00
|
|||||
| Capitalized Interest Account Balance |
-
|
-
|
|||||||
| Floor Income Rebate Account |
$
|
189,116.48
|
$
|
59,947.47
|
|||||
| Supplemental Loan Purchase Account |
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
08/25/2025
|
09/25/2025
|
||||||
| Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
211,428,611.48
|
$
|
209,967,690.07
|
|||||
| Total Notes |
$
|
209,314,325.37
|
$
|
207,868,013.17
|
|||||
| Difference |
$
|
2,114,286.11
|
$
|
2,099,676.90
|
|||||
| Parity Ratio |
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2012-3 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
|
435,920.70
|
||||
|
Guarantor Principal
|
742,242.01
|
||||
|
Consolidation Activity Principal
|
1,054,248.46
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,232,411.17
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
252,765.75
|
||||
|
Guarantor Interest
|
40,009.70
|
||||
|
Consolidation Activity Interest
|
24,558.00
|
||||
|
Special Allowance Payments
|
98,800.19
|
||||
|
Interest Subsidy Payments
|
135,630.28
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
24,243.95
|
||||
|
Total Interest Receipts
|
$
|
576,007.87
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
15,742.03
|
||
|
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
|
$ |
189,116.48
|
||
|
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
|
$ |
(191,439.80)
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(59,947.47)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,761,890.28
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(781,369.99)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
19,085.76
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
III.
|
2012-3 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
|
6.74%
|
|
29
|
$
|
134,314.87
|
0.065%
|
|
6.74%
|
|
27
|
$
|
125,814.87
|
0.060%
|
|
||||||||||||||||||
| GRACE |
6.98%
|
|
17
|
$
|
50,385.00
|
0.024%
|
|
6.94%
|
|
19
|
$
|
58,885.00
|
0.028%
|
|
|||||||||||||||||||
| DEFERMENT |
6.81%
|
|
1,936
|
$
|
12,435,789.32
|
5.997%
|
|
6.80%
|
|
2,078
|
$
|
13,021,139.36
|
6.236%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.87%
|
|
20,028
|
$
|
118,838,861.61
|
57.310%
|
|
6.87%
|
|
20,120
|
$
|
120,220,126.37
|
57.573%
|
|
||||||||||||||||||
| 31-60 DAYS DELINQUENT |
6.85%
|
|
1,441
|
$
|
11,017,684.99
|
5.313%
|
|
6.88%
|
|
1,328
|
$
|
10,382,195.71
|
4.972%
|
|
|||||||||||||||||||
| 61-90 DAYS DELINQUENT |
6.85%
|
|
943
|
$
|
7,888,187.30
|
3.804%
|
|
6.92%
|
|
908
|
$
|
7,077,701.60
|
3.389%
|
|
|||||||||||||||||||
| 91-120 DAYS DELINQUENT |
6.89%
|
|
591
|
$
|
4,540,944.88
|
2.190%
|
|
6.85%
|
|
714
|
$
|
5,365,645.72
|
2.570%
|
|
|||||||||||||||||||
| > 120 DAYS DELINQUENT |
6.87%
|
|
2,507
|
$
|
18,681,813.61
|
9.009%
|
|
6.87%
|
|
2,448
|
$
|
18,401,005.31
|
8.812%
|
|
|||||||||||||||||||
| FORBEARANCE |
6.92%
|
|
4,059
|
$
|
31,405,635.02
|
15.145%
|
|
6.92%
|
|
4,313
|
$
|
32,445,665.92
|
15.538%
|
|
|||||||||||||||||||
| CLAIMS IN PROCESS |
6.92%
|
|
296
|
$
|
2,368,222.84
|
1.142%
|
|
6.85%
|
|
233
|
$
|
1,714,700.76
|
0.821%
|
|
|||||||||||||||||||
|
TOTAL
|
31,847
|
$
|
207,361,839.44
|
100.00%
|
|
32,188
|
$
|
208,812,880.62
|
100.00%
|
|
|||||||||||||||||||||||
|
*
|
Percentages may not total 100% due to rounding
|
|
Page 4 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
IV.
|
2012-3 Portfolio Characteristics (cont’d)
|
|
08/31/2025
|
07/31/2025
|
|||||||
|
Pool Balance
|
$
|
209,967,690.07
|
$
|
211,428,611.48
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
9,968,475.76
|
$
|
9,924,403.59
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,605,850.63
|
$
|
2,615,730.86
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,512,222.50
|
$
|
1,440,152.81
|
||||
|
Total # Loans
|
31,847
|
32,188
|
||||||
|
Total # Borrowers
|
14,771
|
14,935
|
||||||
|
Weighted Average Coupon
|
6.88%
|
|
6.88%
|
|
||||
|
Weighted Average Remaining Term
|
192.86
|
192.15
|
||||||
|
Non-Reimbursable Losses
|
$
|
19,085.76
|
$
|
26,555.10
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
9,267,483.21
|
$
|
9,248,397.45
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-50.46%
|
|
-50.02%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
926,143.85
|
$
|
926,143.85
|
||||
|
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
|
$
|
800,975.01
|
$
|
742,658.03
|
||||
|
Borrower Interest Accrued
|
$
|
1,162,152.57
|
$
|
1,171,175.25
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
44,999.07
|
$
|
45,607.82
|
||||
|
Special Allowance Payments Accrued
|
$
|
39,117.60
|
$
|
38,811.45
|
||||
|
Page 5 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
V.
|
2012-3 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
| |
- GSL (1) - Subsidized |
6.78%
|
|
17,248
|
83,937,205.05
|
40.479%
|
|
||||||||||
| - GSL - Unsubsidized |
6.79%
|
|
13,976
|
112,274,110.61
|
54.144%
|
|
|||||||||||
| |
- PLUS (2) Loans |
8.42%
|
|
623
|
11,150,523.78
|
5.377%
|
|
||||||||||
| |
- SLS (3) Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
| - Consolidation Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
| Total |
6.88%
|
|
31,847
|
$
|
207,361,839.44
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
| |
- Four Year |
6.88%
|
|
25,771
|
176,634,202.45
|
85.182%
|
|
||||||||||
| |
- Two Year |
6.83%
|
|
4,917
|
24,625,510.58
|
11.876%
|
|
||||||||||
| |
- Technical |
6.88%
|
|
1,139
|
6,005,728.90
|
2.896%
|
|
||||||||||
| |
- Other |
6.77%
|
|
20
|
96,397.51
|
0.046%
|
|
||||||||||
| |
Total |
6.88%
|
|
31,847
|
$
|
207,361,839.44
|
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 2012-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
VI.
|
2012-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,761,890.28
|
|||||||
| A |
Trustee Fees
|
|
-
|
$
|
2,761,890.28
|
||||
| B |
Primary Servicing Fee
|
$
|
78,083.55
|
$
|
2,683,806.73
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
2,677,139.73
|
||||
| D |
Class A Noteholders’ Interest Distribution Amount
|
$
|
755,993.09
|
$
|
1,921,146.64
|
||||
| E |
Class B Noteholders’ Interest Distribution Amount
|
$ |
175,280.01
|
$
|
1,745,866.63
|
||||
| F |
Reserve Account Reinstatement
|
|
-
|
$
|
1,745,866.63
|
||||
| G |
Class A Noteholders’ Principal Distribution Amount
|
$ |
1,446,312.20
|
$
|
299,554.43
|
||||
| H |
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
299,554.43
|
|||||
| I |
Unpaid Expenses of The Trustees
|
-
|
$
|
299,554.43
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$
|
299,554.43
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
|
-
|
$ |
299,554.43
|
||||
| L |
Excess Distribution Certificateholder
|
$ |
299,554.43
|
-
|
|||||
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
207,361,839.44
|
||
| B |
Interest to be Capitalized
|
$
|
2,605,850.63
|
||
| C |
Capitalized Interest Account Balance
|
-
|
|||
| D |
Reserve Account Balance (after any reinstatement)
|
$
|
1,249,353.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,249,353.00)
|
|
|
|
F
|
Total
|
$
|
209,967,690.07
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
170,263,013.17
|
||
|
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 2012-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
VII.
|
2012-3 Distributions
|
| A | B | |||||||
|
Cusip/Isin
|
78447AAA2
|
78447AAB0
|
||||||
|
Beginning Balance
|
$
|
171,709,325.37
|
$
|
37,605,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.65%
|
|
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*
|
5.11287%
|
|
5.41287%
|
|
||||
|
Accrued Interest Factor
|
0.004402749
|
0.004661083
|
||||||
|
Current Interest Due
|
$
|
755,993.09
|
$
|
175,280.01
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
755,993.09
|
$
|
175,280.01
|
||||
|
Interest Paid
|
$
|
755,993.09
|
$
|
175,280.01
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,446,312.20
|
-
|
|||||
|
Ending Principal Balance
|
$
|
170,263,013.17
|
$
|
37,605,000.00
|
||||
|
Paydown Factor
|
0.001190870
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.140191859
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
VIII.
|
2012-3 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
| |
Notes Outstanding Principal Balance |
$
|
209,314,325.37
|
||
| |
Adjusted Pool Balance |
$
|
209,967,690.07
|
||
| |
Overcollateralization Amount |
$
|
2,099,676.90
|
||
| |
Principal Distribution Amount |
$
|
1,446,312.20
|
||
| |
Principal Distribution Amount Paid |
$
|
1,446,312.20
|
||
|
B
|
Reserve Account Reconciliation
|
||||
| |
Beginning Period Balance |
$
|
1,249,353.00
|
||
| |
Reserve Funds Utilized |
0.00
|
|||
| |
Reserve Funds Reinstated |
0.00
|
|||
| |
Balance Available |
$
|
1,249,353.00
|
||
| |
Required Reserve Acct Balance |
$
|
1,249,353.00
|
||
| |
Release to Collection Account |
|
-
|
||
| |
Ending Reserve Account Balance |
$
|
1,249,353.00
|
||
|
C
|
Capitalized Interest Account
|
||||
| |
Beginning Period Balance |
-
|
|||
| |
Transfers to Collection Account |
-
|
|||
| |
Ending Balance |
-
|
|||
|
D
|
Floor Income Rebate Account
|
||||
| |
Beginning Period Balance |
$
|
189,116.48
|
||
| |
Deposits for the Period |
$
|
59,947.47
|
||
| |
Release to Collection Account | $ |
(189,116.48)
|
|
|
| |
Ending Balance |
$
|
59,947.47
|
||
|
E
|
Supplemental Purchase Account
|
||||
| |
Beginning Period Balance |
-
|
|||
| |
Supplemental Loan Purchases |
-
|
|||
| |
Transfers to Collection Account |
-
|
|||
| |
Ending Balance |
-
|
|||
|
Page 9 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|