|
Page 1 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
07/19/2012
|
03/31/2026
|
04/30/2026
|
|||||||||
|
Principal Balance
|
$
|
1,137,585,474.26
|
$
|
226,792,452.74
|
$
|
225,676,653.81
|
|||||||
|
Interest to be Capitalized Balance
|
26,114,209.92
|
2,794,724.98
|
2,850,687.26
|
||||||||||
|
Pool Balance
|
$
|
1,163,699,684.18
|
$
|
229,587,177.72
|
$
|
228,527,341.07
|
|||||||
|
Capitalized Interest Account Balance
|
$
|
10,000,000.00
|
-
|
-
|
|||||||||
|
Specified Reserve Account Balance
|
3,125,116.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
1,176,824,800.18
|
$
|
229,587,177.72
|
$
|
228,527,341.07
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.67%
|
|
6.87%
|
|
6.87%
|
|
|||||||
|
Number of Loans
|
274,625
|
32,646
|
32,318
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
-
|
-
|
|||||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
229,587,177.72
|
$
|
228,527,341.07 |
||||||||
|
Pool Factor
|
0.183662844
|
0.182815007
|
|||||||||||
|
|
Since Issued Constant Prepayment Rate |
(84.66)%
|
|
(84.70)%
|
|
||||||||
| (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
|
04/27/2026
|
05/26/2026
|
||||||
|
A3
|
78447EAC0
|
$
|
190,491,305.94
|
$
|
189,442,067.66
|
|||||
| B |
78447EAD8
|
$
|
36,800,000.00
|
$
|
36,800,000.00
|
|||||
|
C
|
Account Balances
|
04/27/2026
|
05/26/2026
|
||||||
|
Reserve Account Balance
|
$
|
1,250,046.00
|
$
|
1,250,046.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
381,423.16
|
$
|
575,396.79
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
04/27/2026
|
05/26/2026
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
229,587,177.72
|
$
|
228,527,341.07
|
||||
|
Total Notes
|
$
|
227,291,305.94
|
$
|
226,242,067.66
|
|||||
|
Difference
|
$
|
2,295,871.78
|
$
|
2,285,273.41
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| II. |
Trust Activity 04/01/2026 through 04/30/2026
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
586,191.39
|
||||
|
Guarantor Principal
|
879,762.18
|
||||
|
Consolidation Activity Principal
|
572,860.27
|
||||
|
Seller Principal Reimbursement
|
81.77
|
||||
|
Servicer Principal Reimbursement
|
83.15
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,038,978.76
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
277,166.88
|
||||
|
Guarantor Interest
|
30,219.60
|
||||
|
Consolidation Activity Interest
|
23,160.22
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
365.20
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
19,994.42
|
||||
|
Total Interest Receipts
|
$
|
350,906.32
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
19,023.75
|
||
|
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
|
$
|
(193,973.63)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,214,935.20
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(923,179.83)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
22,505.14
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| III. |
2012-5 Portfolio Characteristics
|
|
04/30/2026
|
03/31/2026
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.80%
|
|
7
|
$
|
35,188.00
|
0.016%
|
|
6.80%
|
|
7
|
$
|
35,188.00
|
0.016%
|
|
||||||||||||||||||
|
DEFERMENT
|
6.76%
|
|
2,041
|
$
|
13,787,616.18
|
6.109%
|
|
6.75%
|
|
2,121
|
$
|
14,401,809.03
|
6.350%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.87%
|
|
21,655
|
$
|
139,973,032.15
|
62.024%
|
|
6.87%
|
|
21,954
|
$
|
141,364,224.89
|
62.332%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT |
6.88%
|
|
1,010
|
$
|
8,406,123.88
|
3.725%
|
|
6.96%
|
|
1,029 |
$
|
8,574,007.58
|
3.781%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT |
7.01%
|
|
623
|
$
|
5,336,238.53
|
2.365%
|
|
6.92%
|
|
645
|
$
|
5,198,620.48
|
2.292%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT |
6.87%
|
|
404
|
$
|
3,124,903.51
|
1.385%
|
|
6.86%
|
|
464
|
$
|
3,730,779.00
|
1.645%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT |
6.88%
|
|
1,702
|
$
|
14,289,660.58
|
6.332%
|
|
6.88%
|
|
1,924
|
$
|
16,439,959.46
|
7.249%
|
|
||||||||||||||||||
|
|
FORBEARANCE |
6.90%
|
|
4,508
|
$
|
37,898,959.28
|
16.793%
|
|
6.89%
|
|
4,153
|
$
|
34,423,469.80
|
15.178%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.83%
|
|
368
|
$
|
2,824,931.70
|
1.252%
|
|
6.80%
|
|
349
|
$
|
2,624,394.50 |
1.157% |
|
|||||||||||||||||||
|
TOTAL
|
32,318 |
$
|
225,676,653.81 |
100.00% |
|
32,646 |
$
|
226,792,452.74 |
100.00% |
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| IV. |
2012-5 Portfolio Characteristics (cont'd) |
|
04/30/2026
|
03/31/2026
|
|||||||
|
Pool Balance
|
$
|
228,527,341.07
|
$
|
229,587,177.72
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
11,252,469.37
|
$
|
11,307,705.42
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,850,687.26
|
$
|
2,794,724.98
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,113,391.39
|
$
|
1,238,049.24
|
||||
|
Total # Loans
|
32,318
|
32,646
|
||||||
|
Total # Borrowers
|
15,327
|
15,490
|
||||||
|
Weighted Average Coupon
|
6.87%
|
|
6.87%
|
|
||||
|
Weighted Average Remaining Term
|
202.49
|
201.41
|
||||||
|
Non-Reimbursable Losses
|
$
|
22,505.14
|
$
|
89,333.11
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
8,864,079.44
|
$
|
8,841,574.30
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-84.70%
|
|
-84.66%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
482,656.09
|
$
|
482,656.09
|
||||
|
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
|
$
|
944,877.00
|
$
|
822,490.79
|
||||
|
Borrower Interest Accrued
|
$
|
1,220,803.64
|
$
|
1,273,039.79
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
49,818.99
|
$
|
52,795.71
|
||||
|
Special Allowance Payments Accrued
|
$
|
32,986.26
|
$
|
34,728.70
|
||||
|
Page 5 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| V. |
2012-5 Portfolio Statistics by School and Program |
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
|
- GSL (1) - Subsidized
|
6.77%
|
|
17,094
|
89,109,360.23
|
39.485%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.78%
|
|
14,514
|
124,137,594.73
|
55.007%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.48%
|
|
710
|
12,429,698.85
|
5.508%
|
|
|||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.87%
|
|
32,318
|
$
|
225,676,653.81
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.88%
|
|
26,844
|
196,514,546.71
|
87.078%
|
|
|||||||||||
|
- Two Year
|
6.82%
|
|
4,566
|
24,339,717.96
|
10.785%
|
|
|||||||||||
|
- Technical
|
6.81%
|
|
866
|
4,634,327.19
|
2.054%
|
|
|||||||||||
|
- Other
|
6.71%
|
|
42
|
188,061.95
|
0.083%
|
|
|||||||||||
|
Total
|
6.87%
|
|
32,318
|
$
|
225,676,653.81
|
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 2012-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| VI. |
2012-5 Waterfall for Distributions |
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,214,935.20
|
|||||||
| A |
Trustee Fees |
- |
$ |
2,214,935.20 |
|||||
|
B
|
Primary Servicing Fee
|
$
|
81,316.86
|
$
|
2,133,618.34
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,126,951.34
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
699,682.82
|
$
|
1,427,268.52
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
141,096.88
|
$
|
1,286,171.64
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,286,171.64
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,049,238.28
|
$
|
236,933.36
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
236,933.36
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
236,933.36
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
236,933.36
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
236,933.36
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
236,933.36
|
$ |
0.00
|
||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
225,676,653.81
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,850,687.26
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,250,046.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,250,046.00)
|
|
|
|
F
|
Total
|
$
|
228,527,341.07
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
189,442,067.66
|
||
|
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 2012-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| VII. |
2012-5 Distributions |
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78447EAC0
|
78447EAD8
|
||||||
|
Beginning Balance
|
$
|
190,491,305.94
|
$
|
36,800,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.80%
|
|
1.00%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
4/27/2026
|
4/27/2026
|
||||||
|
Accrual Period End
|
5/26/2026
|
5/26/2026
|
||||||
|
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
|
Interest Rate*
|
4.55964%
|
|
4.75964%
|
|
||||
|
Accrued Interest Factor
|
0.003673043
|
0.003834154
|
||||||
|
Current Interest Due
|
$
|
699,682.82
|
$
|
141,096.88
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
699,682.82
|
$
|
141,096.88
|
||||
|
Interest Paid
|
$
|
699,682.82
|
$
|
141,096.88
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,049,238.28
|
-
|
|||||
|
Ending Principal Balance
|
$
|
189,442,067.66
|
$
|
36,800,000.00
|
||||
|
Paydown Factor
|
0.001824762
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.329464465
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| VIII. |
2012-5 Reconciliations |
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
227,291,305.94
|
|||
|
Adjusted Pool Balance
|
$
|
228,527,341.07
|
|||
|
Overcollateralization Amount
|
$
|
2,285,273.41
|
|||
|
Principal Distribution Amount
|
$
|
1,049,238.28
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,049,238.28
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,250,046.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,250,046.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,250,046.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
1,250,046.00
|
|||
|
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
381,423.16
|
|||
|
Deposits for the Period
|
$
|
193,973.63
|
|||
|
Release to Collection Account
|
-
|
|
|||
|
Ending Balance
|
$
|
575,396.79
|
|||
|
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |