|
Page 1 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
05/26/2011 |
07/31/2025
|
08/31/2025
|
|||||||||
|
Principal Balance
|
$
|
752,435,249.40
|
$
|
117,413,044.71
|
$
|
116,599,196.90
|
|||||||
|
Interest to be Capitalized Balance
|
8,054,313.32
|
844,241.84
|
869,234.58
|
||||||||||
|
Pool Balance
|
$
|
760,489,562.72
|
$
|
118,257,286.55
|
$
|
117,468,431.48
|
|||||||
|
Capitalized Interest Account Balance
|
$
|
71,500,000.00
|
-
|
-
|
|||||||||
|
Specified Reserve Account Balance
|
1,933,490.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
833,923,052.72
|
$
|
118,257,286.55
|
$
|
117,468,431.48
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.65%
|
|
5.87%
|
|
5.87%
|
|
|||||||
|
Number of Loans
|
61,067
|
6,880
|
6,784
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
100,017.43
|
$
|
100,017.43
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
118,157,269.12
|
$
|
117,368,414.05
|
|||||||||
|
Pool Factor
|
0.152906514
|
0.151886526
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
4.02%
|
|
3.96%
|
|
|||||||||
| (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
|
78446JAB2
|
$
|
62,269,431.74
|
$
|
61,468,431.48
|
||||||
| B |
78446JAC0
|
$
|
24,000,000.00
|
$
|
24,000,000.00
|
||||||
|
C
|
Account Balances
|
08/25/2025
|
09/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
1,160,094.00
|
$
|
1,160,094.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
57,235.55
|
$
|
18,448.83
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
08/25/2025
|
09/25/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
118,257,286.55
|
$
|
117,468,431.48
|
|||||
|
Total Notes
|
$
|
86,269,431.74
|
$
|
85,468,431.48
|
|||||
|
Difference
|
$
|
31,987,854.81
|
$
|
32,000,000.00
|
|||||
|
Parity Ratio
|
1.37079
|
1.37441
|
|||||||
|
Page 2 of 10
|
Trust 2011-2 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
|
536,354.46
|
||||
|
Guarantor Principal
|
140,530.74
|
||||
|
Consolidation Activity Principal
|
425,759.44
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,102,644.64
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
223,832.02
|
||||
|
Guarantor Interest
|
13,260.05
|
||||
|
Consolidation Activity Interest
|
1,976.73
|
||||
|
Special Allowance Payments
|
432,101.87
|
||||
|
Interest Subsidy Payments
|
50,297.83
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
11,337.77
|
||||
|
Total Interest Receipts
|
$
|
732,806.27
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
|
D
|
Investment Income
|
$
|
9,823.47
|
||
| 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
|
$ |
57,235.55
|
||
|
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
|
$
|
(106,284.23)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
$ |
(56,826.52)
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(18,448.83)
|
|
||
| M |
AVAILABLE FUNDS
|
$
|
1,720,950.35
|
||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(288,796.83)
|
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
$
|
1,837.61
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
| Q |
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
III.
|
2011-2 Portfolio Characteristics
|
|
08/31/2025
|
07/31/2025
|
||||||||||||||||||||||||||||||||
| |
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
|||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.17%
|
|
219
|
$
|
4,484,572.21
|
3.846%
|
|
5.93%
|
|
231
|
$
|
4,731,116.02
|
4.029%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.72%
|
|
5,486
|
$
|
82,292,072.74
|
70.577%
|
|
5.75%
|
|
5,529
|
$
|
81,588,368.46
|
69.488%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.19%
|
|
185
|
$
|
4,555,440.56
|
3.907%
|
|
6.23%
|
|
187
|
$
|
4,854,072.15
|
4.134%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.41%
|
|
114
|
$
|
3,319,002.27
|
2.847%
|
|
6.15%
|
|
106
|
$
|
2,517,344.07
|
2.144%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.48%
|
|
51
|
$
|
1,430,142.59
|
1.227%
|
|
6.10%
|
|
59
|
$
|
1,525,720.53
|
1.299%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.00%
|
|
237
|
$
|
5,319,692.82
|
4.562%
|
|
6.16%
|
|
248
|
$
|
5,863,824.86
|
4.994%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.24%
|
|
462
|
$
|
14,314,963.87
|
12.277%
|
|
6.18%
|
|
497
|
$
|
15,917,867.07
|
13.557%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.10%
|
|
30
|
$
|
883,309.84
|
0.758%
|
|
6.08%
|
|
23
|
$
|
414,731.55
|
0.353%
|
|
||||||||||||||||||
|
TOTAL
|
6,784
|
$
|
116,599,196.90
|
100.00%
|
|
6,880
|
$
|
117,413,044.71
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
IV.
|
2011-2 Portfolio Characteristics (cont’d)
|
|
08/31/2025
|
07/31/2025
|
|||||||
|
Pool Balance
|
$
|
117,468,431.48
|
$
|
118,257,286.55
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
4,834,746.57
|
$
|
4,808,882.83
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
869,234.58
|
$
|
844,241.84
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
567,348.39
|
$
|
531,044.24
|
||||
|
Total # Loans
|
6,784
|
6,880
|
||||||
|
Total # Borrowers
|
3,756
|
3,814
|
||||||
|
Weighted Average Coupon
|
5.87% |
|
5.87%
|
|
||||
|
Weighted Average Remaining Term
|
190.47
|
190.54
|
||||||
|
Non-Reimbursable Losses
|
$
|
1,837.61
|
$
|
7,791.83
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
3,003,231.31
|
$
|
3,001,393.70
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
3.96%
|
|
4.02%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
16,748.86
|
$
|
16,748.86
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
|
-
|
$
|
12,145.19
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
290,766.08
|
$
|
271,849.26
|
||||
|
Borrower Interest Accrued
|
$
|
554,702.18
|
$
|
559,167.73
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
16,713.02
|
$
|
16,634.80
|
||||
|
Special Allowance Payments Accrued
|
$
|
142,815.56
|
$
|
143,913.79
|
||||
|
Page 5 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
V.
|
2011-2 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
|
5.87%
|
|
6,784
|
116,599,196.90
|
100.000%
|
|
|||||||||||
|
|
Total
|
5.87%
|
|
6,784
|
$
|
116,599,196.90
|
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
|
5.87%
|
|
6,784
|
116,599,196.90
|
100.000%
|
|
|||||||||||
|
Total
|
5.87%
|
|
6,784
|
$
|
116,599,196.90
|
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 2011-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
VI.
|
2011-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,720,950.35
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
1,720,950.35
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
25,921.60
|
$
|
1,695,028.75
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,688,361.75
|
||||
|
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
303,648.18
|
$
|
1,384,713.57
|
||||
| E |
Class B Noteholders’ Interest Distribution Amount
|
$
|
110,832.65
|
$
|
1,273,880.92
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
1,273,880.92
|
|||||
| G |
Class A Noteholders’ Principal Distribution Amount
|
$
|
801,000.26
|
$ |
472,880.66
|
||||
| H |
Class B Noteholders’ Principal Distribution Amount
|
-
|
$ |
472,880.66
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$ |
472,880.66
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$ |
472,880.66
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
472,880.66
|
|||||
| L |
To the Lender under the Loan Agreement in repayment of the unpaid principal amount of the L
|
$ | 472,880.66 |
- |
|||||
| M |
Excess Distribution Certificateholder
|
-
|
-
|
||||||
|
Waterfall Triggers
|
||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
116,599,196.90
|
|||
|
B
|
Interest to be Capitalized
|
$
|
869,234.58
|
|||
|
C
|
Capitalized Interest Account Balance
|
-
|
||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,160,094.00
|
|||
| E |
Less: Specified Reserve Account Balance
|
$
|
(1,160,094.00)
|
|
||
| F |
Total
|
$
|
117,468,431.48
|
|||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
61,468,431.48
|
|||
| 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 2011-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
VII.
|
2011-2 Distributions
|
|
A2
|
B
|
|||||||
|
Cusip/Isin
|
78446JAB2
|
78446JAC0
|
||||||
|
Beginning Balance
|
$
|
62,269,431.74
|
$
|
24,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
1.20%
|
|
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*
|
5.66287%
|
|
5.36287%
|
|
||||
|
Accrued Interest Factor
|
0.004876360
|
0.004618027
|
||||||
|
Current Interest Due
|
$
|
303,648.18
|
$
|
110,832.65
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
303,648.18
|
$
|
110,832.65
|
||||
|
Interest Paid
|
$
|
303,648.18
|
$
|
110,832.65
|
||||
|
Interest Shortfall
|
- |
-
|
||||||
|
Principal Paid
|
$
|
801,000.26
|
- |
|||||
|
Ending Principal Balance
|
$ |
61,468,431.48
|
$
|
24,000,000.00
|
||||
|
Paydown Factor
|
0.004577144
|
0.000000000 | ||||||
|
Ending Balance Factor
|
0.351248180
|
1.000000000
|
||||||
|
Page 8 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
VIII.
|
2011-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
86,269,431.74
|
|||
|
Adjusted Pool Balance
|
$
|
117,468,431.48
|
|||
|
Overcollateralization Amount
|
$
|
32,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
801,000.26
|
|||
|
Principal Distribution Amount Paid
|
$
|
801,000.26
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,160,094.00
|
|||
|
Reserve Funds Utilized
|
0.00 |
||||
|
Reserve Funds Reinstated
|
0.00 | ||||
|
Balance Available
|
$
|
1,160,094.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,160,094.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
1,160,094.00
|
|||
|
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
57,235.55
|
|||
|
Deposits for the Period
|
$
|
18,448.83
|
|||
|
Release to Collection Account
|
$ |
(57,235.55)
|
|
||
|
Ending Balance
|
$
|
18,448.83
|
|||
|
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
|
IX.
|
2011-2 Other Characteristics
|
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
2,016,168.14
|
$
|
6,153,180.46
|
$
|
41,930,142.36
|
$
|
50,099,490.96
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
2,719,691.96
|
$
|
8,929,156.29
|
$
|
55,720,092.27
|
$
|
67,368,940.52
|
||||||||
|
Total
|
$
|
4,735,860.10
|
$
|
15,082,336.75
|
$
|
97,650,234.63
|
$
|
117,468,431.48
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
210
|
240
|
167
|
177
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
248
|
263
|
188
|
200
|
||||||||||||
|
Total
|
232
|
253
|
179
|
190
|
||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
6.116%
|
|
6.257%
|
|
5.732%
|
|
5.812%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
6.207%
|
|
6.219%
|
|
5.848%
|
|
5.912%
|
|
||||||||
|
Total
|
6.168%
|
|
6.235%
|
|
5.798%
|
|
5.869%
|
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.374%
|
|
2.304%
|
|
2.412%
|
|
2.397%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.363%
|
|
2.261%
|
|
2.382%
|
|
2.365%
|
|
||||||||
|
Total
|
2.368%
|
|
2.279%
|
|
2.395%
|
|
2.379%
|
|
||||||||
|
Repayment
|
Grand Total
|
|
||||||||||
|
Subsidized Consolidation Loans
|
3.100%
|
|
3.100%
|
|
|
|
||||||
|
Unsubsidized Consolidation Loans
|
3.100%
|
|
3.100%
|
|
|
|
||||||
|
Total
|
3.100%
|
|
3.100%
|
|
|
|
||||||
|
Page 10 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|