|
Page 1 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
05/26/2011 |
03/31/2026
|
04/30/2026
|
|||||||||
|
Principal Balance
|
$
|
752,435,249.40
|
$
|
109,041,939.83
|
$
|
108,219,295.83
|
|||||||
|
Interest to be Capitalized Balance
|
8,054,313.32
|
999,201.51
|
1,030,680.26
|
||||||||||
|
Pool Balance
|
$
|
760,489,562.72
|
$
|
110,041,141.34
|
$
|
109,249,976.09
|
|||||||
|
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
|
$
|
110,041,141.34
|
$
|
109,249,976.09
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.65%
|
|
5.87%
|
|
5.88%
|
|
|||||||
|
Number of Loans
|
61,067
|
6,148
|
6,049
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
95,324.54
|
$
|
95,413.96
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
109,945,816.80
|
$
|
109,154,562.13
|
|||||||||
|
Pool Factor
|
0.142283049
|
0.141260074
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
3.62%
|
|
3.56%
|
|
|||||||||
| (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
|
||||||
|
A2
|
78446JAB2
|
$
|
54,041,141.34
|
$
|
53,249,976.09
|
|||||
| B |
78446JAC0
|
$
|
24,000,000.00
|
$
|
24,000,000.00
|
|||||
|
C
|
Account Balances
|
04/27/2026
|
05/26/2026
|
||||||
|
Reserve Account Balance
|
$
|
1,160,094.00
|
$
|
1,160,094.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
79,786.22
|
$
|
120,536.41
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
04/27/2026
|
05/26/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
110,041,141.34
|
$
|
109,249,976.09
|
|||||
|
Total Notes
|
$
|
78,041,141.34
|
$
|
77,249,976.09
|
|||||
|
Difference
|
$
|
32,000,000.00
|
$
|
32,000,000.00
|
|||||
|
Parity Ratio
|
1.41004
|
1.41424
|
|||||||
|
Page 2 of 10
|
Trust 2011-2 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
|
477,707.14
|
||||
|
Guarantor Principal
|
258,430.08
|
||||
|
Consolidation Activity Principal
|
308,925.58
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,045,062.80
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
207,067.07
|
||||
|
Guarantor Interest
|
18,707.68
|
||||
|
Consolidation Activity Interest
|
2,198.06
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
1,841.60
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
4,979.93
|
||||
|
Total Interest Receipts
|
$
|
234,794.34
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
|
D
|
Investment Income
|
$
|
9,826.07
|
||
| 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
|
$
|
(99,119.46)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(40,750.19)
|
|
||
| M |
AVAILABLE FUNDS
|
$ | 1,149,813.56 | ||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(222,418.80)
|
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
$
|
4,304.99 | ||
|
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 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
III.
|
2011-2 Portfolio Characteristics
|
|
04/30/2026
|
03/31/2026
|
||||||||||||||||||||||||||||||||
|
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
|||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.41%
|
|
218
|
$
|
5,318,723.28
|
4.915%
|
|
6.35%
|
|
213
|
$
|
5,226,771.24
|
4.793%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.74%
|
|
4,969
|
$
|
78,418,096.88
|
72.462%
|
|
5.77%
|
|
5,102
|
$
|
81,657,386.46
|
74.886%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.55%
|
|
120
|
$
|
3,086,824.81
|
2.852%
|
|
6.25%
|
|
115
|
$
|
3,319,072.97
|
3.044%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.72%
|
|
69
|
$
|
2,131,994.78
|
1.970%
|
|
5.99%
|
|
106
|
$
|
2,577,505.29
|
2.364%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
5.86%
|
|
59
|
$
|
1,450,737.31
|
1.341%
|
|
6.10%
|
|
38
|
$
|
957,326.01
|
0.878%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.24%
|
|
105
|
$
|
2,871,418.25
|
2.653%
|
|
6.22%
|
|
122
|
$
|
3,536,033.12
|
3.243%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.06%
|
|
465
|
$
|
14,243,013.99
|
13.161%
|
|
6.07%
|
|
407
|
$
|
10,931,240.38
|
10.025%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.14%
|
|
44
|
$
|
698,486.53
|
0.645%
|
|
6.08%
|
|
45
|
$
|
836,604.36
|
0.767%
|
|
||||||||||||||||||
|
TOTAL
|
6,049
|
$
|
108,219,295.83
|
100.00%
|
|
6,148
|
$
|
109,041,939.83
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
IV.
|
2011-2 Portfolio Characteristics (cont’d)
|
|
04/30/2026
|
03/31/2026
|
|||||||
|
Pool Balance
|
$
|
109,249,976.09
|
$
|
110,041,141.34
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
5,042,498.63
|
$
|
4,999,124.92
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
1,030,680.26
|
$
|
999,201.51
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
363,696.48
|
$
|
384,400.63
|
||||
|
Total # Loans
|
6,049
|
6,148
|
||||||
|
Total # Borrowers
|
3,357
|
3,411
|
||||||
|
Weighted Average Coupon
|
5.88%
|
|
5.87%
|
|
||||
|
Weighted Average Remaining Term
|
194.19
|
192.99
|
||||||
|
Non-Reimbursable Losses
|
$
|
4,304.99
|
$
|
20,884.25
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
3,074,256.95
|
$
|
3,069,951.96
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
3.56%
|
|
3.62%
|
|
||||
|
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
|
|
-
|
|
-
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
226,727.65
|
$
|
258,770.07
|
||||
|
Borrower Interest Accrued
|
$
|
497,437.02
|
$
|
517,939.21
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
15,955.07
|
$
|
16,465.72
|
||||
|
Special Allowance Payments Accrued
|
$
|
94,658.15
|
$
|
100,512.80
|
||||
|
Page 5 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
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
|
5.88%
|
|
6,049
|
108,219,295.83
|
100.000%
|
|
|||||||||||
|
Total
|
5.88%
|
|
6,049
|
$
|
108,219,295.83
|
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
|
5.88%
|
|
6,049
|
108,219,295.83
|
100.000%
|
|
|||||||||||
|
Total
|
5.88%
|
|
6,049
|
$
|
108,219,295.83
|
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 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VI.
|
2011-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,149,813.56
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
1,149,813.56
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
23,181.20
|
$
|
1,126,632.36
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,119,965.36
|
||||
|
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
215,908.71
|
$
|
904,056.65
|
||||
| E |
Class B Noteholders’ Interest Distribution Amount
|
$
|
90,086.37
|
$
|
813,970.28
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
813,970.28
|
|||||
| G |
Class A Noteholders’ Principal Distribution Amount
|
$
|
791,165.25
|
$ |
22,805.03
|
||||
| H |
Class B Noteholders’ Principal Distribution Amount
|
-
|
$ |
22,805.03
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$ |
22,805.03
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$ |
22,805.03
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
- |
$ |
22,805.03
|
|||||
| L | To the Lender under the Loan Agreement in repayment of the unpaid principal amount of |
$ | 22,805.03 |
- |
|||||
| M |
Excess Distribution Certificateholder
|
-
|
-
|
||||||
|
Waterfall Triggers
|
||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
108,219,295.83
|
|||
|
B
|
Interest to be Capitalized
|
$
|
1,030,680.26
|
|||
|
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
|
$
|
109,249,976.09
|
|||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
53,249,976.09
|
|||
| 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 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VII.
|
2011-2 Distributions
|
|
A2
|
B
|
|||||||
|
Cusip/Isin
|
78446JAB2
|
78446JAC0
|
||||||
|
Beginning Balance
|
$
|
54,041,141.34
|
$
|
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
|
4/27/2026
|
4/27/2026
|
||||||
|
Accrual Period End
|
5/26/2026
|
5/26/2026
|
||||||
|
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
|
Interest Rate*
|
4.95964%
|
|
4.65964%
|
|
||||
|
Accrued Interest Factor
|
0.003995266
|
0.003753599
|
||||||
|
Current Interest Due
|
$
|
215,908.71
|
$
|
90,086.37
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
215,908.71
|
$
|
90,086.37
|
||||
|
Interest Paid
|
$
|
215,908.71
|
$
|
90,086.37
|
||||
|
Interest Shortfall
|
- |
-
|
||||||
|
Principal Paid
|
$
|
791,165.25
|
- |
|||||
|
Ending Principal Balance
|
$ |
53,249,976.09
|
$
|
24,000,000.00
|
||||
|
Paydown Factor
|
0.004520944
|
0.000000000 | ||||||
|
Ending Balance Factor
|
0.304285578
|
1.000000000
|
||||||
|
Page 8 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VIII.
|
2011-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
78,041,141.34
|
|||
|
Adjusted Pool Balance
|
$
|
109,249,976.09
|
|||
|
Overcollateralization Amount
|
$
|
32,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
791,165.25
|
|||
|
Principal Distribution Amount Paid
|
$
|
791,165.25
|
|||
|
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
|
$
|
79,786.22
|
|||
|
Deposits for the Period
|
$
|
40,750.19
|
|||
|
Release to Collection Account
|
-
|
|
|||
|
Ending Balance
|
$
|
120,536.41
|
|||
|
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 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
IX.
|
2011-2 Other Characteristics
|
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
2,235,744.62
|
$
|
6,106,175.08
|
$
|
37,960,072.94
|
$
|
46,301,992.64
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
3,571,705.73
|
$
|
9,061,134.59
|
$
|
50,315,143.13
|
$
|
62,947,983.45
|
||||||||
|
Total
|
$
|
5,807,450.35
|
$
|
15,167,309.67
|
$
|
88,275,216.07
|
$
|
109,249,976.09
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
208 |
221
|
172
|
180
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
260
|
242
|
193
|
204
|
||||||||||||
|
Total
|
240
|
234
|
184
|
194
|
||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
6.294%
|
|
5.948%
|
|
5.764%
|
|
5.814%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
6.491%
|
|
6.140%
|
|
5.843%
|
|
5.923%
|
|
||||||||
|
Total
|
6.415%
|
|
6.063%
|
|
5.809%
|
|
5.877%
|
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.320%
|
|
2.371%
|
|
2.405%
|
|
2.396%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.276%
|
|
2.339%
|
|
2.374%
|
|
2.364%
|
|
||||||||
|
Total
|
2.293%
|
|
2.352%
|
|
2.388%
|
|
2.378%
|
|
||||||||
|
Forbearance
|
Repayment
|
Grand Total
|
||||||||||
|
Subsidized Consolidation Loans
|
3.100%
|
|
3.100%
|
|
3.100%
|
|
||||||
|
Unsubsidized Consolidation Loans
|
3.100%
|
|
3.100%
|
|
3.100%
|
|
||||||
|
Total
|
3.100%
|
|
3.100%
|
|
3.100%
|
|
||||||
|
Page 10 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|