|
Page 1 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
01/19/2012
|
12/31/2025
|
01/31/2026
|
|||||||||
|
Principal Balance
|
$
|
729,487,882.66
|
$
|
120,556,366.38
|
$
|
119,756,408.18
|
|||||||
|
Interest to be Capitalized Balance
|
17,615,101.99
|
1,613,619.28
|
1,734,501.32
|
||||||||||
|
Pool Balance
|
$
|
747,102,984.65
|
$
|
122,169,985.66
|
$
|
121,490,909.50
|
|||||||
|
Capitalized Interest Account Balance
|
$
|
5,000,000.00
|
-
|
-
|
|||||||||
|
Specified Reserve Account Balance
|
1,911,821.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
754,014,805.65
|
$
|
122,169,985.66
|
$
|
121,490,909.50
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.64%
|
|
6.88%
|
|
6.88%
|
|
|||||||
|
Number of Loans
|
174,879
|
17,850
|
17,670
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
138,323.85
|
$
|
138,626.82
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
122,031,661.81
|
$
|
121,352,282.68
|
|||||||||
|
Pool Factor
|
0.159756056
|
0.158868060
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(89.73)%
|
|
(89.02)%
|
|
|||||||||
| (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
|
01/26/2026
|
02/25/2026
|
||||||
|
A3
|
78446WAC1
|
$
|
97,029,985.66
|
$
|
96,350,909.50
|
|||||
|
B
|
78446WAD9
|
$
|
23,140,000.00
|
$
|
23,140,000.00
|
|||||
|
C
|
Account Balances
|
01/26/2026
|
02/25/2026
|
||||||
|
Reserve Account Balance
|
$
|
764,728.00
|
$
|
764,728.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
110,891.18
|
$
|
197,051.01
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
01/26/2026
|
02/25/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
122,169,985.66
|
$
|
121,490,909.50
|
|||||
|
Total Notes
|
$
|
120,169,985.66
|
$
|
119,490,909.50
|
|||||
|
Difference
|
$
|
2,000,000.00
|
$
|
2,000,000.00
|
|||||
|
Parity Ratio
|
1.01664
|
1.01674
|
|||||||
|
Page 2 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
|
II.
|
Trust Activity 01/01/2026 through 01/31/2026
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
241,130.40
|
||||
|
Guarantor Principal
|
567,092.03
|
||||
|
Consolidation Activity Principal
|
436,302.48
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,244,524.91
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
156,069.53
|
||||
|
Guarantor Interest
|
21,454.72
|
||||
|
Consolidation Activity Interest
|
11,281.61
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.83
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
12,369.54
|
||||
|
Total Interest Receipts
|
$
|
201,176.23
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
9,864.70
|
||
|
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
|
|
-
|
||
|
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
|
|
-
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(86,159.83)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,369,406.01
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(444,566.71)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
12,158.06
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
|
III.
|
2012-1 Portfolio Characteristics
|
|
01/31/2026
|
12/31/2025
|
||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans |
Principal |
% of Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.80%
|
|
10
|
$
|
55,670.16
|
0.046%
|
|
6.80%
|
|
10
|
$
|
55,670.16
|
0.046%
|
|
||||||
|
GRACE
|
6.80%
|
|
4
|
$
|
40,500.00
|
0.034%
|
|
6.80%
|
|
4
|
$
|
40,500.00
|
0.034%
|
|
|||||||
|
DEFERMENT
|
6.75%
|
|
1,128
|
$
|
6,962,383.06
|
5.814%
|
|
6.74%
|
|
1,114
|
$
|
6,795,139.68
|
5.636%
|
|
|||||||
|
REPAYMENT:
|
CURRENT
|
6.87%
|
|
11,614
|
$
|
72,295,511.25
|
60.369%
|
|
6.87%
|
|
11,648
|
$
|
71,716,207.43
|
59.488%
|
|
||||||
|
31-60 DAYS DELINQUENT
|
6.86%
|
|
579
|
$
|
4,477,263.04
|
3.739%
|
|
6.90%
|
|
672
|
$
|
5,360,488.38
|
4.446%
|
|
|||||||
|
61-90 DAYS DELINQUENT
|
6.86%
|
|
425
|
$
|
3,311,868.56
|
2.766%
|
|
6.92%
|
|
486
|
$
|
4,311,046.81
|
3.576%
|
|
|||||||
|
91-120 DAYS DELINQUENT
|
6.88%
|
|
317
|
$
|
2,906,080.53
|
2.427%
|
|
6.84%
|
|
326
|
$
|
2,449,526.52
|
2.032%
|
|
|||||||
|
> 120 DAYS DELINQUENT
|
6.87%
|
|
996
|
$
|
8,098,928.76
|
6.763%
|
|
6.89%
|
|
1,172
|
$
|
9,465,628.58
|
7.852%
|
|
|||||||
|
|
FORBEARANCE
|
6.95%
|
|
2,293
|
$
|
19,181,258.49
|
16.017%
|
|
6.95%
|
|
2,247
|
$
|
19,172,985.09
|
15.904%
|
|
||||||
|
|
CLAIMS IN PROCESS
|
6.89%
|
|
304
|
$
|
2,426,944.33
|
2.027%
|
|
6.97%
|
|
171
|
$
|
1,189,173.73
|
0.986%
|
|
||||||
|
TOTAL
|
17,670
|
$
|
119,756,408.18
|
100.00%
|
|
17,850
|
$
|
120,556,366.38
|
100.00%
|
|
|||||||||||
|
Page 4 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
|
IV.
|
2012-1 Portfolio Characteristics (cont'd)
|
|
01/31/2026
|
12/31/2025
|
|||||||
|
Pool Balance
|
$
|
121,490,909.50
|
$
|
122,169,985.66
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
6,083,861.16
|
$
|
6,058,357.35
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
1,734,501.32
|
$
|
1,613,619.28
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
714,731.42
|
$
|
788,353.44
|
||||
|
Total # Loans
|
17,670
|
17,850
|
||||||
|
Total # Borrowers
|
7,476
|
7,555
|
||||||
|
Weighted Average Coupon
|
6.88%
|
|
6.88%
|
|
||||
|
Weighted Average Remaining Term
|
194.12
|
193.33
|
||||||
|
Non-Reimbursable Losses
|
$
|
12,158.06
|
$
|
38,547.77
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,703,534.20
|
$
|
4,691,376.14
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-89.02%
|
|
-89.73%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
385,108.47
|
$
|
385,108.47
|
||||
|
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
|
$
|
456,640.69
|
$
|
449,712.88
|
||||
|
Borrower Interest Accrued
|
$
|
671,280.49
|
$
|
676,592.54
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
26,355.35
|
$
|
26,639.17
|
||||
|
Special Allowance Payments Accrued
|
$
|
18,217.81
|
$
|
18,046.94
|
||||
|
Page 5 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
|
V.
|
2012-1 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.77%
|
|
9,477
|
46,953,881.89
|
39.208%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.79%
|
|
7,815
|
65,783,531.97
|
54.931%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.47%
|
|
378
|
7,018,994.32
|
5.861%
|
|
|||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.88%
|
|
17,670
|
$
|
119,756,408.18
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.88%
|
|
14,527
|
103,120,495.83
|
86.109%
|
|
|||||||||||
|
- Two Year
|
6.85%
|
|
2,620
|
13,710,909.83
|
11.449%
|
|
|||||||||||
|
- Technical
|
6.85%
|
|
521
|
2,923,535.86
|
2.441%
|
|
|||||||||||
|
- Other
|
6.80%
|
|
2
|
1,466.66
|
0.001%
|
|
|||||||||||
|
Total
|
6.88%
|
|
17,670
|
$
|
119,756,408.18
|
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 2012-1 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
|
VI.
|
2012-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,369,406.01
|
|||||||
| A |
Trustee Fees
|
|
-
|
$
|
1,369,406.01
|
||||
| B |
Primary Servicing Fee
|
$
|
39,052.19
|
$
|
1,330,353.82
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
1,323,686.82
|
||||
| D |
Class A Noteholders' Interest Distribution Amount
|
$
|
385,027.92
|
$
|
938,658.90
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$ |
91,822.61
|
$
|
846,836.29
|
||||
| F |
Reserve Account Reinstatement
|
|
-
|
$
|
846,836.29
|
||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$ |
679,076.16
|
$
|
167,760.13
|
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
167,760.13
|
|||||
| I |
Unpaid Expenses of The Trustees
|
-
|
$
|
167,760.13
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$
|
167,760.13
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
|
-
|
$ |
167,760.13
|
|
|||
| L |
Excess Distribution Certificateholder
|
$ |
167,760.13 | - | |||||
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
119,756,408.18
|
||
|
B
|
Interest to be Capitalized
|
$
|
1,734,501.32
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
764,728.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(764,728.00)
|
|
|
|
F
|
Total
|
$
|
121,490,909.50
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
96,350,909.50
|
||
|
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 2012-1 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
|
VII.
|
2012-1 Distributions
|
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78446WAC1
|
78446WAD9
|
||||||
|
Beginning Balance
|
$
|
97,029,985.66
|
$
|
23,140,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.95%
|
|
0.95%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
1/26/2026
|
1/26/2026
|
||||||
|
Accrual Period End
|
2/25/2026
|
2/25/2026
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
4.76176%
|
|
4.76176%
|
|
||||
|
Accrued Interest Factor
|
0.003968133
|
0.003968134
|
||||||
|
Current Interest Due
|
$
|
385,027.92
|
$
|
91,822.61
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
385,027.92
|
$
|
91,822.61
|
||||
|
Interest Paid
|
$
|
385,027.92
|
$
|
91,822.61
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
679,076.16
|
-
|
|||||
|
Ending Principal Balance
|
$
|
96,350,909.50
|
$
|
23,140,000.00
|
||||
|
Paydown Factor
|
0.001959816
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.278069003
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
|
VIII.
|
2012-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
120,169,985.66
|
|||
|
Adjusted Pool Balance
|
$
|
121,490,909.50
|
|||
|
Overcollateralization Amount
|
$
|
2,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
679,076.16
|
|||
|
Principal Distribution Amount Paid
|
$
|
679,076.16
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
764,728.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
764,728.00
|
|||
|
Required Reserve Acct Balance
|
$
|
764,728.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
764,728.00
|
|||
|
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
110,891.18
|
|||
|
Deposits for the Period
|
$
|
86,159.83
|
|||
|
Release to Collection Account
|
-
|
|
|||
|
Ending Balance
|
$
|
197,051.01
|
|||
|
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|