|
Page 1 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
03/03/2011
|
07/31/2025
|
08/31/2025
|
|||||||||
|
|
Principal Balance
|
$
|
752,091,553.60
|
$
|
104,024,594.74
|
$
|
102,802,092.82
|
||||||
|
|
Interest to be Capitalized Balance
|
7,178,868.62
|
751,055.31
|
733,027.79
|
|||||||||
|
Pool Balance
|
$
|
759,270,422.22
|
$
|
104,775,650.05
|
$
|
103,535,120.61
|
|||||||
|
|
Capitalized Interest Account Balance
|
$
|
65,100,000.00
|
-
|
-
|
||||||||
|
|
Specified Reserve Account Balance
|
1,931,510.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
826,301,932.22
|
$
|
104,775,650.05
|
$
|
103,535,120.61
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.64%
|
|
6.00%
|
|
6.00%
|
|
||||||
|
|
Number of Loans
|
62,997
|
6,695
|
6,607
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
130,507.17
|
$
|
131,377.49
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
104,645,142.88
|
$
|
103,403,743.12
|
||||||||
|
|
Pool Factor
|
0.135613664
|
0.134008016
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
3.87%
|
|
3.83%
|
|
||||||||
| (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
|
||||||
|
A2
|
83149VAB5
|
$
|
48,105,988.58
|
$
|
46,839,120.61
|
|||||
| B |
83149VAC3
|
$
|
24,370,000.00
|
$
|
24,370,000.00
|
|||||
| C |
Account Balances |
08/25/2025 | 09/25/2025 | ||||||
|
Reserve Account Balance
|
$
|
1,158,906.00
|
$
|
1,158,906.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
53,188.33
|
$
|
17,144.35
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
| D |
Asset / Liability |
08/25/2025 | 09/25/2025 | ||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
104,775,650.05
|
$
|
103,535,120.61
|
|||||
|
Total Notes
|
$
|
72,475,988.58
|
$
|
71,209,120.61
|
|||||
|
Difference
|
$
|
32,299,661.47
|
$
|
32,326,000.00
|
|||||
|
Parity Ratio
|
1.44566
|
1.45396
|
|
Page 2 of 10
|
Trust 2011-1 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
|
614,908.38
|
||||
|
Guarantor Principal
|
543,689.90
|
||||
|
Consolidation Activity Principal
|
195,544.10
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,354,142.38
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
234,551.39
|
||||
|
Guarantor Interest
|
33,852.13
|
||||
|
Consolidation Activity Interest
|
3,396.68
|
||||
|
Special Allowance Payments
|
348,093.42
|
||||
|
Interest Subsidy Payments
|
39,938.73
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
5,237.52
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
5,198.55
|
||||
|
Total Interest Receipts
|
$
|
670,268.42
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
| D |
Investment Income
|
$
|
10,106.45
|
||
|
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
|
$
|
53,188.33
|
||
|
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
|
$
|
(93,791.75)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
$
|
(53,087.54)
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(17,144.35)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,923,681.94
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$ | (131,640.46) | ||
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
11,000.02
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
III.
|
2011-1 Portfolio Characteristics
|
|
08/31/2025
|
07/31/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.54%
|
|
205
|
$
|
4,305,777.00
|
4.188%
|
|
6.63%
|
|
193
|
$
|
4,088,766.78
|
3.931%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.82%
|
|
5,465
|
$
|
73,639,499.60
|
71.632%
|
|
5.85%
|
|
5,522
|
$
|
74,272,294.70
|
71.399%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.60%
|
|
157
|
$
|
4,524,244.32
|
4.401%
|
|
6.76%
|
|
169
|
$
|
5,174,446.56
|
4.974%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.68%
|
|
91
|
$
|
2,665,747.59
|
2.593%
|
|
6.45%
|
|
120
|
$
|
2,693,677.52
|
2.589%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.52%
|
|
75
|
$
|
2,150,390.97
|
2.092%
|
|
6.23%
|
|
66
|
$
|
1,281,202.61
|
1.232%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.04%
|
|
207
|
$
|
4,253,752.64
|
4.138%
|
|
6.11%
|
|
202
|
$
|
4,521,152.89
|
4.346%
|
|
||||||||||||||||||
|
|
FORBEARANCE |
6.32%
|
|
369
|
$
|
10,466,377.77
|
10.181%
|
|
6.07%
|
|
383
|
$
|
10,838,783.97
|
10.419%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.88%
|
|
38
|
$
|
796,302.93
|
0.775%
|
|
6.79%
|
|
40
|
$
|
1,154,269.71
|
1.110%
|
|
||||||||||||||||||
|
TOTAL
|
6,607
|
$
|
102,802,092.82
|
100.00%
|
|
6,695
|
$
|
104,024,594.74
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
IV.
|
2011-1 Portfolio Characteristics (cont'd)
|
|
08/31/2025
|
07/31/2025
|
|||||||
|
Pool Balance
|
$
|
103,535,120.61
|
$
|
104,775,650.05
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
4,361,217.91
|
$
|
4,278,465.42
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
733,027.79
|
$
|
751,055.31
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
506,725.44
|
$
|
531,850.69
|
||||
|
Total # Loans
|
6,607
|
6,695
|
||||||
|
Total # Borrowers
|
3,774
|
3,830
|
||||||
|
Weighted Average Coupon
|
6.00%
|
|
6.00%
|
|
||||
|
Weighted Average Remaining Term
|
187.43
|
187.13
|
||||||
|
Non-Reimbursable Losses
|
$
|
11,000.02
|
$
|
4,414.07
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
2,499,027.32
|
$
|
2,488,027.30
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
3.83%
|
|
3.87%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
56,610.53
|
$
|
56,610.53
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
-
|
$ |
26,338.53
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
142,674.45
|
$
|
178,757.57
|
||||
|
Borrower Interest Accrued
|
$
|
503,771.24
|
$
|
509,891.21
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
12,332.18
|
$
|
11,891.93
|
||||
|
Special Allowance Payments Accrued
|
$
|
115,206.22
|
$
|
116,253.64
|
||||
|
Page 5 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
V.
|
2011-1 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
|
6.00%
|
|
6,607
|
102,802,092.82
|
100.000%
|
|
|||||||||||
|
Total
|
6.00%
|
|
6,607
|
$
|
102,802,092.82
|
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
|
6.00%
|
|
6,607
|
102,802,092.82
|
100.000%
|
|
|||||||||||
|
Total
|
6.00%
|
|
6,607
|
$
|
102,802,092.82
|
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 2011-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
| VI. |
2011-1 Waterfall for Distributions |
| Paid |
Remaining
Funds Balance
|
|||||||||
|
Total Available Funds
|
$
|
1,923,681.94
|
||||||||
| A |
Trustee Fees |
- |
$ | 1,923,681.94 |
||||||
|
B
|
Primary Servicing Fee
|
$
|
25,769.17
|
$
|
1,897,912.77
|
|||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,891,245.77
|
|||||
| D |
Class A Noteholders' Interest Distribution Amount
|
$
|
232,510.90
|
$
|
1,658,734.87
|
|||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
112,541.32
|
$
|
1,546,193.55
|
|||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,546,193.55
|
||||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,266,867.97
|
$
|
279,325.58
|
|||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
279,325.58
|
||||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
279,325.58
|
||||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
279,325.58
|
||||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
279,325.58
|
||||||
|
L
|
To the Lender under the Loan Agreement in repayment of the unpaid principal amount of the L
|
$
|
279,325.58
|
-
|
||||||
| M |
Excess Distribution Certificateholder
|
-
|
-
|
|||||||
|
Waterfall Triggers
|
||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
102,802,092.82
|
|||
|
B
|
Interest to be Capitalized
|
$
|
733,027.79
|
|||
|
C
|
Capitalized Interest Account Balance
|
-
|
||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,158,906.00
|
|||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,158,906.00)
|
|||
|
F
|
Total
|
$
|
103,535,120.61
|
|||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
46,839,120.61
|
|||
|
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 2011-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
VII.
|
2011-1 Distributions
|
|
A2
|
B |
|
||||||
|
Cusip/Isin
|
83149VAB5
|
83149VAC3
|
||||||
|
Beginning Balance
|
$
|
48,105,988.58
|
$
|
24,370,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
1.15%
|
|
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*
|
5.61287%
|
|
5.36287%
|
|
||||
|
Accrued Interest Factor
|
0.004833305
|
0.004618027
|
||||||
|
Current Interest Due
|
$
|
232,510.90
|
$
|
112,541.32
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
232,510.90
|
$
|
112,541.32
|
||||
|
Interest Paid
|
$
|
232,510.90
|
$
|
112,541.32
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,266,867.97
|
-
|
|||||
|
Ending Principal Balance
|
$
|
46,839,120.61
|
$
|
24,370,000.00
|
||||
|
Paydown Factor
|
0.006334340
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.234195603
|
1.000000000
|
||||||
|
Page 8 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
VIII.
|
2011-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
72,475,988.58
|
||
|
|
Adjusted Pool Balance
|
$
|
103,535,120.61
|
||
|
|
Overcollateralization Amount
|
$
|
32,326,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
1,266,867.97
|
||
|
|
Principal Distribution Amount Paid
|
$
|
1,266,867.97
|
||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
1,158,906.00
|
||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,158,906.00
|
|||
|
|
Required Reserve Acct Balance
|
$
|
1,158,906.00
|
||
|
|
Release to Collection Account
|
-
|
|||
|
|
Ending Reserve Account Balance
|
$
|
1,158,906.00
|
||
|
C
|
Capitalized Interest Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
D
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
53,188.33
|
||
|
|
Deposits for the Period
|
$
|
17,144.35
|
||
|
|
Release to Collection Account
|
$
|
(53,188.33)
|
|
|
|
|
Ending Balance
|
$
|
17,144.35
|
||
|
E
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
Page 9 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
IX.
|
2011-1 Other Characteristics
|
|
Principal Balance of All Loans
|
||||||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
1,555,383.99
|
$
|
4,153,811.47
|
$
|
36,194,795.08
|
$
|
41,903,990.54
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
3,084,094.97
|
$
|
6,765,871.33
|
$
|
51,781,163.77
|
$
|
61,631,130.07
|
||||||||
|
Total
|
$
|
4,639,478.96
|
$
|
10,919,682.80
|
$
|
87,975,958.85
|
$
|
103,535,120.61
|
||||||||
|
Weighted Average Remaining Term of All Loans
|
||||||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
217
|
216
|
162
|
169
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
279
|
260
|
187
|
200
|
||||||||||||
|
Total
|
258
|
243
|
177
|
187
|
||||||||||||
|
Weighted Average Coupon of All Loans
|
||||||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
6.140%
|
|
6.187%
|
|
5.799%
|
|
5.850%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
6.742%
|
|
6.384%
|
|
6.019%
|
|
6.095%
|
|
||||||||
|
Total
|
6.540%
|
|
6.309%
|
|
5.928%
|
|
5.996%
|
|
||||||||
|
Weighted Average SAP Margin of All SOFR Based Loans
|
||||||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.344%
|
|
2.375%
|
|
2.403%
|
|
2.398%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.219%
|
|
2.324%
|
|
2.367%
|
|
2.355%
|
|
||||||||
|
Total
|
2.262%
|
|
2.344%
|
|
2.382%
|
|
2.372%
|
|
||||||||
|
Weighted Average SAP Margin of All T-Bill Based Loans
|
||||||||||||
|
Deferment
|
Repayment
|
Grand Total
|
||||||||||
|
Unsubsidized Consolidation Loans
|
3.100%
|
|
3.100%
|
|
3.100%
|
|
||||||
|
Total
|
3.100%
|
|
3.100%
|
|
3.100%
|
|
||||||
|
Page 10 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |