|
Page 1 of 9
|
Trust 2015-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
I.
|
Deal Parameters
|
| A |
Student Loan Portfolio Characteristics |
06/18/2015 | 03/31/2026 |
04/30/2026 | |||||||||
|
Principal Balance
|
$
|
731,924,193.58
|
$
|
197,033,278.86
|
$
|
195,698,307.76
|
|||||||
|
Interest to be Capitalized Balance
|
5,723,713.00
|
2,012,297.57
|
2,130,591.66
|
||||||||||
|
Pool Balance
|
$
|
737,647,906.58
|
$
|
199,045,576.43
|
$
|
197,828,899.42
|
|||||||
|
Specified Reserve Account Balance
|
12,418,487.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool(1)
|
$
|
750,066,393.58
|
$
|
199,045,576.43
|
$
|
197,828,899.42
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.90%
|
|
6.55%
|
|
6.55%
|
|
|||||||
|
Number of Loans
|
106,911
|
18,569
|
18,365
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
24,831,267.63
|
$
|
24,519,749.20
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
174,214,308.80
|
$
|
173,309,150.22
|
|||||||||
|
Pool Factor
|
0.264464752
|
0.262848197
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(0.87)%
|
|
(0.90)%
|
|
|
(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
|
63939LAB3
|
$
|
176,045,576.43
|
$
|
174,828,899.42
|
|||||
|
B
|
63939LAC1
|
$
|
20,000,000.00
|
$
|
20,000,000.00
|
|||||
| C |
Account Balances
|
04/27/2026
|
05/26/2026
|
||||||
|
Reserve Account Balance
|
$
|
752,636.00
|
$
|
752,636.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
166,656.17
|
$
|
250,811.14
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
| D |
Asset / Liability
|
04/27/2026
|
05/26/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
199,045,576.43
|
$
|
197,828,899.42
|
|||||
|
Total Notes
|
$
|
196,045,576.43
|
$
|
194,828,899.42
|
|||||
|
Difference
|
$
|
3,000,000.00
|
$
|
3,000,000.00
|
|||||
|
Parity Ratio
|
1.01530
|
1.01540
|
|||||||
|
Page 2 of 9
|
Trust 2015-3 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
|
481,452.66
|
||||
|
Guarantor Principal
|
668,940.26
|
||||
|
Consolidation Activity Principal
|
895,503.30
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
(163.00)
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,045,733.22
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
254,940.46
|
||||
|
Guarantor Interest
|
24,064.63
|
||||
|
Consolidation Activity Interest
|
13,901.07
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
3,194.97
|
|
|||
|
Rejected Claim Repurchased Interest
|
0.00 | ||||
|
Other Interest Deposits
|
15,447.31
|
||||
|
Total Interest Receipts
|
$
|
311,548.44
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
18,183.22
|
||
|
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
|
$
|
(91,281.13)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(84,154.97)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,200,028.78
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$ |
(710,762.12)
|
||
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
10,052.85
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2015-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
III.
|
2015-3 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
|
6.76%
|
|
9
|
$
|
54,023.00
|
0.028%
|
|
6.73%
|
|
7
|
$
|
33,523.00
|
0.017%
|
|
||||||||||||||||||
|
GRACE
|
0.00%
|
|
0
|
|
-
|
0.000%
|
|
6.80%
|
|
2
|
$
|
20,500.00
|
0.010%
|
|
|||||||||||||||||||
|
DEFERMENT
|
6.52%
|
|
1,072
|
$
|
9,232,741.72
|
4.718%
|
|
6.50%
|
|
1,092
|
$
|
9,367,915.26
|
4.754%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.52%
|
|
12,362
|
$
|
123,889,988.81
|
63.307%
|
|
6.50%
|
|
12,581
|
$
|
123,222,770.57
|
62.539%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.52%
|
|
555
|
$
|
8,705,988.82
|
4.449%
|
|
7.01%
|
|
585
|
$
|
8,067,821.24
|
4.095%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
7.05%
|
|
366
|
$
|
5,367,217.73
|
2.743%
|
|
6.40%
|
|
419
|
$
|
5,414,900.33
|
2.748%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.42%
|
|
252
|
$
|
2,840,450.78
|
1.451%
|
|
6.39%
|
|
243
|
$
|
3,585,057.75
|
1.820%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.49%
|
|
840
|
$
|
10,875,970.26
|
5.558%
|
|
6.47%
|
|
996
|
$
|
12,969,471.96
|
6.582%
|
|
|||||||||||||||||||
|
FORBEARANCE
|
6.60%
|
|
2,648
|
$
|
32,221,437.54
|
16.465%
|
|
6.68%
|
|
2,455
|
$
|
32,598,854.66
|
16.545%
|
|
|||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.53%
|
|
261
|
$
|
2,510,489.10
|
1.283%
|
|
6.96%
|
|
189
|
$
|
1,752,464.09
|
0.889%
|
|
|||||||||||||||||||
|
TOTAL
|
18,365
|
$
|
195,698,307.76
|
100.00%
|
|
18,569
|
$
|
197,033,278.86
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2015-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
IV.
|
2015-3 Portfolio Characteristics (cont'd)
|
|
04/30/2026
|
03/31/2026
|
|||||||
|
Pool Balance
|
$
|
197,828,899.42
|
$
|
199,045,576.43
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
9,571,899.44
|
$
|
9,575,400.47
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,130,591.66
|
$
|
2,012,297.57
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,032,804.21
|
$
|
1,102,117.54
|
||||
|
Total # Loans
|
18,365
|
18,569
|
||||||
|
Total # Borrowers
|
7,946
|
8,029
|
||||||
|
Weighted Average Coupon
|
6.55%
|
|
6.55%
|
|
||||
|
Weighted Average Remaining Term
|
209.07
|
208.24
|
||||||
|
Non-Reimbursable Losses
|
$
|
10,052.85
|
$
|
93,034.27
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,291,373.13
|
$
|
4,281,320.28
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-0.90%
|
|
-0.87%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
- | - | ||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
184,693.81
|
$
|
184,693.81
|
||||
|
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
|
$
|
720,969.68
|
$
|
723,251.09
|
||||
|
Borrower Interest Accrued
|
$
|
1,010,347.31
|
$
|
1,060,586.68
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
38,242.01
|
$
|
39,522.65
|
||||
|
Special Allowance Payments Accrued
|
$
|
97,922.60
|
$
|
104,184.12
|
||||
|
Page 5 of 9
|
Trust 2015-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
V.
|
2015-3 Portfolio Statistics by School and Program
|
| A |
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
|
- GSL (1) - Subsidized
|
6.69%
|
|
7,520
|
36,823,237.90
|
18.816%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.76%
|
|
6,372
|
51,289,762.74
|
26.209%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.43%
|
|
255
|
5,729,873.20
|
2.928%
|
|
|||||||||||
|
- SLS (3) Loans
|
7.28%
|
|
14
|
147,096.83
|
0.075%
|
|
|||||||||||
|
- Consolidation Loans
|
6.27%
|
|
4,204
|
101,708,337.09
|
51.972%
|
|
|||||||||||
|
Total
|
6.55%
|
|
18,365
|
$
|
195,698,307.76
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon |
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.84%
|
|
11,420
|
80,362,376.05
|
41.064%
|
|
|||||||||||
|
- Two Year
|
6.83%
|
|
2,104
|
10,496,657.61
|
5.364%
|
|
|||||||||||
|
- Technical
|
6.83%
|
|
624
|
3,140,955.01
|
1.605%
|
|
|||||||||||
|
- Other
|
6.27%
|
|
4,217
|
101,698,319.09
|
51.967%
|
|
|||||||||||
|
Total
|
6.55%
|
|
18,365
|
$
|
195,698,307.76
|
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 2015-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VI.
|
2015-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,200,028.78
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
2,200,028.78
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
38,525.91
|
$
|
2,161,502.87
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,154,835.87
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
625,350.86
|
$
|
1,529,485.01
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
84,738.64
|
$
|
1,444,746.37
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,444,746.37
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,216,677.01
|
$
|
228,069.36
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
228,069.36
|
|||||
|
I
|
Class A Noteholders' Accelerated Principal Distribution Amount
|
-
|
$
|
228,069.36
|
|||||
|
J
|
Class B Noteholders' Accelerated Principal Distribution Amount
|
-
|
$
|
228,069.36
|
|||||
|
K
|
Unpaid Expenses of The Trustees
|
-
|
$
|
228,069.36
|
|||||
|
L
|
Carryover Servicing Fee
|
-
|
$
|
228,069.36
|
|||||
|
M
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
228,069.36
|
|||||
|
N
|
Excess Distribution Certificateholder
|
$
|
228,069.36
|
$ |
(0.00)
|
||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
195,698,307.76
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,130,591.66
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
752,636.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(752,636.00)
|
|
|
|
F
|
Total
|
$
|
197,828,899.42
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
174,828,899.42
|
||
|
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 2015-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VII.
|
2015-3 Distributions
|
|
A2
|
B |
|
||||||
|
Cusip/Isin
|
63939LAB3
|
63939LAC1
|
||||||
|
Beginning Balance
|
$
|
176,045,576.43
|
$
|
20,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.65%
|
|
1.50%
|
|
||||
|
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*
|
4.40964%
|
|
5.25964%
|
|
||||
|
Accrued Interest Factor
|
0.003552210
|
0.004236932
|
||||||
|
Current Interest Due
|
$
|
625,350.86
|
$
|
84,738.64
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
625,350.86
|
$
|
84,738.64
|
||||
|
Interest Paid
|
$
|
625,350.86
|
$
|
84,738.64
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,216,677.01
|
-
|
|||||
|
Ending Principal Balance
|
$
|
174,828,899.42
|
$
|
20,000,000.00
|
||||
|
Paydown Factor
|
0.002503451
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.359730246
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2015-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
VIII.
|
2015-3 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
196,045,576.43
|
|||
|
Adjusted Pool Balance
|
$
|
197,828,899.42
|
|||
|
Overcollateralization Amount
|
$
|
3,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
1,216,677.01
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,216,677.01
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
752,636.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
752,636.00
|
|||
|
Required Reserve Acct Balance
|
$
|
752,636.00
|
|||
|
Release to Collection Account
|
|
- | |||
|
Ending Reserve Account Balance
|
$
|
752,636.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
166,656.17
|
|||
|
Deposits for the Period
|
$
|
84,154.97
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Balance
|
$
|
250,811.14
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2015-3 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|