|
Page 1 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
01/19/2012
|
03/31/2026
|
04/30/2026
|
|||||||||
|
Principal Balance
|
$
|
729,487,882.66
|
$
|
116,315,646.67
|
$
|
115,589,668.33
|
|||||||
|
Interest to be Capitalized Balance
|
17,615,101.99
|
1,613,062.08
|
1,699,971.16
|
||||||||||
|
Pool Balance
|
$
|
747,102,984.65
|
$
|
117,928,708.75
|
$
|
117,289,639.49
|
|||||||
|
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
|
$
|
117,928,708.75
|
$
|
117,289,639.49
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.64%
|
|
6.87%
|
|
6.87%
|
|
|||||||
|
Number of Loans
|
174,879
|
17,116
|
16,913
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
139,170.44
|
$
|
139,442.09
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
117,789,538.31
|
$
|
117,150,197.40
|
|||||||||
|
Pool Factor
|
0.154209934
|
0.153374252
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(87.38)%
|
|
(86.70)%
|
|
|||||||||
| (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
|
78446WAC1
|
$
|
92,817,247.06
|
$
|
92,149,639.49
|
|||||
|
B
|
78446WAD9
|
$
|
23,140,000.00
|
$
|
23,140,000.00
|
|||||
|
C
|
Account Balances
|
04/27/2026
|
05/26/2026
|
||||||
|
Reserve Account Balance
|
$
|
764,728.00
|
$
|
764,728.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
169,981.45
|
$
|
256,054.61
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
04/27/2026
|
05/26/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
117,928,708.75
|
$
|
117,289,639.49
|
|||||
|
Total Notes
|
$
|
115,957,247.06
|
$
|
115,289,639.49
|
|||||
|
Difference
|
$
|
1,971,461.69
|
$
|
2,000,000.00
|
|||||
|
Parity Ratio
|
1.01700
|
1.01735
|
|||||||
|
Page 2 of 9
|
Trust 2012-1 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
|
258,384.56
|
||||
|
Guarantor Principal
|
573,533.82
|
||||
|
Consolidation Activity Principal
|
383,701.47
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,215,619.85
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
149,439.37
|
||||
|
Guarantor Interest
|
19,712.95
|
||||
|
Consolidation Activity Interest
|
19,892.88
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
(24.66)
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
10,282.77
|
||||
|
Total Interest Receipts
|
$
|
199,303.31
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
10,844.73
|
||
|
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
|
$
|
(86,073.16)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,339,694.73
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(489,641.51)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
15,894.92
|
||
|
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 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
III.
|
2012-1 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%
|
|
10
|
$
|
67,245.16
|
0.058%
|
|
6.80%
|
|
10
|
$
|
67,245.16
|
0.058%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
4
|
$
|
28,925.00
|
0.025%
|
|
6.80%
|
|
4
|
$
|
28,925.00
|
0.025%
|
|
|||||||||||||||||||
|
DEFERMENT
|
6.77%
|
|
1,115
|
$
|
6,958,105.04
|
6.020%
|
|
6.77%
|
|
1,170
|
$
|
7,347,118.98
|
6.317%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.86%
|
|
11,340
|
$
|
71,461,802.91
|
61.824%
|
|
6.87%
|
|
11,629
|
$
|
74,186,946.35
|
63.781%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.92%
|
|
516
|
$
|
4,727,097.98
|
4.090%
|
|
6.88%
|
|
508
|
$
|
3,675,546.08
|
3.160%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.91%
|
|
320
|
$
|
2,369,518.75
|
2.050%
|
|
7.02%
|
|
395
|
$
|
3,320,286.10
|
2.855%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.98%
|
|
262
|
$
|
2,179,580.04
|
1.886%
|
|
6.84%
|
|
199
|
$
|
1,629,296.38
|
1.401%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.88%
|
|
697
|
$
|
5,857,803.72
|
5.068%
|
|
6.88%
|
|
912
|
$
|
7,613,991.93
|
6.546%
|
|
|||||||||||||||||||
|
|
FORBEARANCE
|
6.90%
|
|
2,450
|
$
|
20,275,029.76
|
17.541%
|
|
6.90%
|
|
2,085
|
$
|
17,006,667.84
|
14.621%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.86%
|
|
199
|
$
|
1,664,559.97
|
1.440%
|
|
6.81%
|
|
204
|
$
|
1,439,622.85
|
1.238%
|
|
||||||||||||||||||
|
TOTAL
|
16,913
|
$
|
115,589,668.33
|
100.00%
|
|
17,116
|
$
|
116,315,646.67
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
IV.
|
2012-1 Portfolio Characteristics (cont'd)
|
|
04/30/2026
|
03/31/2026
|
|||||||
|
Pool Balance
|
$
|
117,289,639.49
|
$
|
117,928,708.75
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
5,952,634.71
|
$
|
6,020,333.83
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
1,699,971.16
|
$
|
1,613,062.08
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
561,204.49
|
$
|
620,963.69
|
||||
|
Total # Loans
|
16,913
|
17,116
|
||||||
|
Total # Borrowers
|
7,148
|
7,240
|
||||||
|
Weighted Average Coupon
|
6.87%
|
|
6.87%
|
|
||||
|
Weighted Average Remaining Term
|
196.63
|
195.55
|
||||||
|
Non-Reimbursable Losses
|
$
|
15,894.92
|
$
|
52,211.55
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,785,410.03
|
$
|
4,769,515.11
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-86.70%
|
|
-87.38%
|
|
||||
|
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
|
-
|
$ |
28,538.31
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
504,982.49
|
$
|
435,664.47
|
||||
|
Borrower Interest Accrued
|
$
|
625,800.70
|
$
|
653,483.98
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
25,126.19
|
$
|
27,565.35
|
||||
|
Special Allowance Payments Accrued
|
$
|
17,439.47
|
$
|
18,547.12
|
||||
|
Page 5 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
V.
|
2012-1 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.77%
|
|
9,075
|
45,344,254.69
|
39.229%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.79%
|
|
7,496
|
63,877,687.19
|
55.262%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.47%
|
|
342
|
6,367,726.45
|
5.509%
|
|
|||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.87%
|
|
16,913
|
$
|
115,589,668.33
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.87%
|
|
13,911
|
99,477,138.46
|
86.061%
|
|
|||||||||||
|
- Two Year
|
6.86%
|
|
2,494
|
13,243,231.69
|
11.457%
|
|
|||||||||||
|
- Technical
|
6.85%
|
|
506
|
2,867,838.59
|
2.481%
|
|
|||||||||||
|
- Other
|
6.80%
|
|
2
|
1,459.59
|
0.001%
|
|
|||||||||||
|
Total
|
6.87%
|
|
16,913
|
$
|
115,589,668.33
|
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 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VI.
|
2012-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,339,694.73
|
|||||||
| A |
Trustee Fees |
-
|
$ | 1,339,694.73 |
|||||
|
B
|
Primary Servicing Fee
|
$
|
38,581.80
|
$
|
1,301,112.93
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,294,445.93
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
352,137.19
|
$
|
942,308.74
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
87,790.31
|
$
|
854,518.43
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
854,518.43
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
667,607.57
|
$
|
186,910.86
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
186,910.86
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
186,910.86
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
186,910.86
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
186,910.86
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
186,910.86
|
-
|
|
||||
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
115,589,668.33
|
||
|
B
|
Interest to be Capitalized
|
$
|
1,699,971.16
|
||
|
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
|
$
|
117,289,639.49
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
92,149,639.49
|
||
|
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 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VII.
|
2012-1 Distributions
|
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78446WAC1
|
78446WAD9
|
||||||
|
Beginning Balance
|
$
|
92,817,247.06
|
$
|
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
|
4/27/2026
|
4/27/2026
|
||||||
|
Accrual Period End
|
5/26/2026
|
5/26/2026
|
||||||
|
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
|
Interest Rate*
|
4.70964%
|
|
4.70964%
|
|
||||
|
Accrued Interest Factor
|
0.003793877
|
0.003793877
|
||||||
|
Current Interest Due
|
$
|
352,137.19
|
$
|
87,790.31
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
352,137.19
|
$
|
87,790.31
|
||||
|
Interest Paid
|
$
|
352,137.19
|
$
|
87,790.31
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
|
667,607.57
|
-
|
|||||
|
Ending Principal Balance
|
$
|
92,149,639.49
|
$
|
23,140,000.00
|
||||
|
Paydown Factor
|
0.001926717
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.265944126
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VIII.
|
2012-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
115,957,247.06
|
|||
|
Adjusted Pool Balance
|
$
|
117,289,639.49
|
|||
|
Overcollateralization Amount
|
$
|
2,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
667,607.57
|
|||
|
Principal Distribution Amount Paid
|
$
|
667,607.57
|
|||
|
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
|
$
|
169,981.45
|
|||
|
Deposits for the Period
|
$
|
86,073.16
|
|||
|
Release to Collection Account
|
-
|
|
|||
|
Ending Balance
|
$
|
256,054.61
|
|||
|
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 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|