|
Page 1 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
11/18/2011
|
03/31/2026
|
04/30/2026
|
|||||||||
|
Principal Balance
|
$
|
767,002,624.19
|
$
|
115,628,876.82
|
$
|
114,602,559.56
|
|||||||
|
Interest to be Capitalized Balance
|
7,606,904.17
|
692,328.03
|
672,530.50
|
||||||||||
|
Pool Balance
|
$
|
774,609,528.36
|
$
|
116,321,204.85
|
$
|
115,275,090.06
|
|||||||
|
Capitalized Interest Account Balance
|
$
|
76,000,000.00
|
-
|
-
|
|||||||||
|
Specified Reserve Account Balance
|
1,995,285.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
852,604,813.36
|
$
|
116,321,204.85
|
$
|
115,275,090.06
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.49%
|
|
5.67%
|
|
5.67%
|
|
|||||||
|
Number of Loans
|
61,014
|
6,592
|
6,491
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
236,422.67
|
$
|
235,535.85
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
116,084,782.18
|
$
|
115,039,554.21
|
|||||||||
|
Pool Factor
|
0.145745086
|
0.144434353
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
3.72%
|
|
3.67%
|
|
|||||||||
| (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
|
|||||||
| A |
|
78445UAA0
|
$
|
82,354,807.26
|
$
|
81,344,305.75
|
|||||
| B |
|
78445UAD4
|
$
|
24,000,000.00
|
$
|
24,000,000.00
|
|||||
|
C
|
Account Balances
|
04/27/2026
|
05/26/2026
|
||||||
|
Reserve Account Balance
|
$
|
1,197,172.00
|
$
|
1,197,172.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
77,979.22
|
$
|
117,664.21
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
04/27/2026
|
05/26/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
116,321,204.85
|
$
|
115,275,090.06
|
|||||
|
Total Notes
|
$
|
106,354,807.26
|
$
|
105,344,305.75
|
|||||
|
Difference
|
$
|
9,966,397.59
|
$
|
9,930,784.31
|
|||||
|
Parity Ratio
|
1.09371
|
1.09427
|
|||||||
|
Page 2 of 10
|
Trust 2011-3 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
|
601,914.51
|
||||
|
Guarantor Principal
|
367,213.48
|
||||
|
Consolidation Activity Principal
|
355,195.53
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,324,323.52
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
219,568.05
|
||||
|
Guarantor Interest
|
31,132.29
|
||||
|
Consolidation Activity Interest
|
4,792.06
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
1,567.35
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
6,997.57
|
||||
|
Total Interest Receipts
|
$
|
264,057.32
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
|
D
|
Investment Income
|
$
|
10,347.43
|
||
|
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
|
$
|
(104,539.71)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(39,684.99)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,454,503.57
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(298,006.26)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
2,315.09
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
III.
|
2011-3 Portfolio Characteristics
|
|
04/30/2026
|
03/31/2026
|
|||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
|||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.78%
|
|
168
|
$
|
3,404,751.53
|
2.971%
|
|
5.87%
|
|
176
|
$
|
3,453,404.05
|
2.987%
|
|
|||||||||
|
REPAYMENT:
|
CURRENT
|
5.50%
|
|
5,427
|
$
|
85,283,060.78
|
74.416%
|
|
5.48%
|
|
5,530
|
$
|
86,641,236.63
|
74.930%
|
|
|||||||||
|
31-60 DAYS DELINQUENT
|
6.24%
|
|
104
|
$
|
2,640,884.49
|
2.304%
|
|
6.41%
|
|
153
|
$
|
4,622,619.11
|
3.998%
|
|
||||||||||
|
61-90 DAYS DELINQUENT
|
6.41%
|
|
94
|
$
|
3,133,871.27
|
2.735%
|
|
6.40%
|
|
91
|
$
|
2,356,470.19
|
2.038%
|
|
||||||||||
|
91-120 DAYS DELINQUENT
|
6.39%
|
|
44
|
$
|
1,265,633.04
|
1.104%
|
|
5.54%
|
|
32
|
$
|
780,839.61
|
0.675%
|
|
||||||||||
|
> 120 DAYS DELINQUENT
|
6.20%
|
|
141
|
$
|
3,766,778.26
|
3.287%
|
|
6.50%
|
|
167
|
$
|
4,788,847.20
|
4.142%
|
|
||||||||||
|
FORBEARANCE
|
6.10%
|
|
480
|
$
|
14,153,693.95
|
12.350%
|
|
6.20%
|
|
410
|
$
|
12,359,053.80
|
10.689%
|
|
||||||||||
|
CLAIMS IN PROCESS
|
7.20%
|
|
33
|
$
|
953,886.24
|
0.832%
|
|
5.80%
|
|
33
|
$
|
626,406.23
|
0.542%
|
|
||||||||||
|
TOTAL
|
6,491
|
$
|
114,602,559.56
|
100.00%
|
|
6,592
|
$
|
115,628,876.82
|
100.00%
|
|
||||||||||||||
|
Page 4 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
IV.
|
2011-3 Portfolio Characteristics (cont'd)
|
|
04/30/2026
|
03/31/2026
|
|||||||
|
Pool Balance
|
$
|
115,275,090.06
|
$
|
116,321,204.85
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
4,904,436.36
|
$
|
4,951,250.34
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
672,530.50
|
$
|
692,328.03
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
424,362.99
|
$
|
433,835.16
|
||||
|
Total # Loans
|
6,491
|
6,592
|
||||||
|
Total # Borrowers
|
3,626
|
3,682
|
||||||
|
Weighted Average Coupon
|
5.67%
|
|
5.67%
|
|
||||
|
Weighted Average Remaining Term
|
185.54
|
185.67
|
||||||
|
Non-Reimbursable Losses
|
$
|
2,315.09
|
$
|
18,941.27
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
2,878,976.95
|
$
|
2,876,661.86
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
3.67%
|
|
3.72% |
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$ |
10,384.75
|
$ |
10,384.75
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$
|
69,215.69
|
$
|
33,602.41
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
300,353.95
|
$
|
265,147.32
|
||||
|
Borrower Interest Accrued
|
$
|
508,727.26
|
$
|
531,603.53
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
14,504.98
|
$
|
14,594.93
|
||||
|
Special Allowance Payments Accrued
|
$
|
116,151.47
|
$
|
123,690.97
|
||||
|
Page 5 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
V.
|
2011-3 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
|
5.67%
|
|
6,491
|
114,602,559.56
|
100.000%
|
|
|||||||||||
|
Total
|
5.67%
|
|
6,491
|
$
|
114,602,559.56
|
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
|
5.67%
|
|
6,491
|
114,602,559.56
|
100.000%
|
|
|||||||||||
|
Total
|
5.67%
|
|
6,491
|
$
|
114,602,559.56
|
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 2011-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VI.
|
2011-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,454,503.57
|
|||||||
|
A
|
Primary Servicing Fee
|
$
|
24,853.50
|
$
|
1,429,650.07
|
||||
|
B
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,422,983.07
|
||||
|
C
|
Class A Noteholders' Interest Distribution Amount
|
$
|
322,395.19
|
$
|
1,100,587.88
|
||||
|
D
|
Class B Noteholders' Interest Distribution Amount
|
$
|
90,086.37
|
$
|
1,010,501.51
|
||||
|
E
|
Reserve Account Reinstatement
|
-
|
$
|
1,010,501.51
|
|||||
|
F
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,010,501.51
|
-
|
|||||
|
G
|
Class B Noteholders' Principal Distribution Amount
|
-
|
-
|
||||||
|
H
|
Unpaid Expenses of The Trustees
|
-
|
-
|
||||||
|
I
|
Carryover Servicing Fee
|
-
|
-
|
||||||
|
J
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
-
|
||||||
|
K
|
Excess Distribution Certificateholder
|
-
|
-
|
||||||
|
Waterfall Triggers
|
|||||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
114,602,559.56
|
||||||
|
B
|
Interest to be Capitalized
|
$
|
672,530.50
|
||||||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,197,172.00
|
||||||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,197,172.00)
|
|
|||||
|
F
|
Total
|
$
|
115,275,090.06
|
||||||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
81,344,305.75
|
||||||
|
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 2011-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VII.
|
2011-3 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
78445UAA0
|
78445UAD4
|
||||||
|
Beginning Balance
|
$
|
82,354,807.26
|
$
|
24,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
1.10%
|
|
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*
|
4.85964%
|
|
4.65964%
|
|
||||
|
Accrued Interest Factor
|
0.003914710
|
0.003753599
|
||||||
|
Current Interest Due
|
$
|
322,395.19
|
$
|
90,086.37
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
322,395.19
|
$
|
90,086.37
|
||||
|
Interest Paid
|
$
|
322,395.19
|
$
|
90,086.37
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,010,501.51
|
-
|
|||||
|
Ending Principal Balance
|
$
|
81,344,305.75
|
$
|
24,000,000.00
|
||||
|
Paydown Factor
|
0.001244460
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.100177716
|
1.000000000
|
||||||
|
Page 8 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VIII.
|
2011-3 Reconciliations
|
| A |
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
106,354,807.26
|
|||
|
Adjusted Pool Balance
|
$
|
115,275,090.06
|
|||
|
Overcollateralization Amount
|
$
|
10,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
1,079,717.20
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,010,501.51
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,197,172.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,197,172.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,197,172.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
1,197,172.00
|
|||
|
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
77,979.22
|
|||
|
Deposits for the Period
|
$
|
39,684.99
|
|||
|
Release to Collection Account
|
-
|
|
|||
|
Ending Balance
|
$
|
117,664.21
|
|||
|
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
IX.
|
2011-3 Other Characteristics
|
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
1,518,471.48
|
$
|
5,776,508.35
|
$
|
40,504,600.84
|
$
|
47,799,580.67
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
2,090,393.23
|
$
|
8,941,300.24
|
$
|
56,443,815.92
|
$
|
67,475,509.39
|
||||||||
|
Total
|
$
|
3,608,864.71
|
$
|
14,717,808.59
|
$
|
96,948,416.76
|
$
|
115,275,090.06
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
206
|
224
|
162
|
171
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
236
|
241
|
187
|
196
|
||||||||||||
|
Total
|
223
|
234
|
177
|
185
|
||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
5.832%
|
|
6.069%
|
|
5.521%
|
|
5.597%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
5.741%
|
|
6.117%
|
|
5.667%
|
|
5.729%
|
|
||||||||
|
Total
|
5.779%
|
|
6.098%
|
|
5.606%
|
|
5.674%
|
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.428%
|
|
2.332%
|
|
2.431%
|
|
2.419%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.467%
|
|
2.276%
|
|
2.389%
|
|
2.377%
|
|
||||||||
|
Total
|
2.451%
|
|
2.298%
|
|
2.407%
|
|
2.394%
|
|
||||||||
|
Forbearance
|
Repayment
|
Grand Total
|
||||||||||
|
Subsidized Consolidation Loans
|
0.000%
|
|
3.100%
|
|
3.100%
|
|
||||||
|
Unsubsidized Consolidation Loans
|
3.100%
|
|
3.136%
|
|
3.134%
|
|
||||||
|
Total
|
3.100%
|
|
3.132%
|
|
3.131%
|
|
||||||
|
Page 10 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|