|
Page 1 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026 |
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
07/19/2012
|
05/31/2026
|
06/30/2026
|
|||||||||
|
Principal Balance
|
$
|
1,137,585,474.26
|
$
|
223,678,342.40
|
$
|
222,243,470.49
|
|||||||
|
Interest to be Capitalized Balance
|
26,114,209.92
|
2,810,905.04
|
2,864,656.63
|
||||||||||
|
Pool Balance
|
$
|
1,163,699,684.18
|
$
|
226,489,247.44
|
$
|
225,108,127.12
|
|||||||
|
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
|
$
|
226,489,247.44
|
$
|
225,108,127.12
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.67%
|
|
6.87%
|
|
6.87%
|
|
|||||||
|
Number of Loans
|
274,625
|
31,929
|
31,601
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
|
- |
|||||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
226,489,247.44
|
$
|
225,108,127.12
|
||||||||
|
Pool Factor
|
0.181184593
|
0.180079738
|
|||||||||||
|
|
Since Issued Constant Prepayment Rate |
(84.74)%
|
|
(84.87)%
|
|
||||||||
| (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
|
06/25/2026
|
07/27/2026
|
||||||
|
A3
|
78447EAC0
|
$
|
187,424,354.97
|
$
|
186,057,045.85
|
|||||
| B |
78447EAD8
|
$
|
36,800,000.00
|
$
|
36,800,000.00
|
|||||
|
C
|
Account Balances
|
06/25/2026
|
07/27/2026
|
||||||
|
Reserve Account Balance
|
$
|
1,250,046.00
|
$
|
1,250,046.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
201,671.69
|
$
|
399,135.07
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
06/25/2026
|
07/27/2026
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
226,489,247.44
|
$
|
225,108,127.12
|
||||
|
Total Notes
|
$
|
224,224,354.97
|
$
|
222,857,045.85
|
|||||
|
Difference
|
$
|
2,264,892.47
|
$
|
2,251,081.27
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026 |
| II. |
Trust Activity 06/01/2026 through 06/30/2026
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
397,320.40
|
||||
|
Guarantor Principal
|
1,219,922.41
|
||||
|
Consolidation Activity Principal
|
584,950.97
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,202,193.78
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
275,164.37
|
||||
|
Guarantor Interest
|
59,203.08
|
||||
|
Consolidation Activity Interest
|
17,141.40
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
17,825.95
|
||||
|
Total Interest Receipts
|
$
|
369,334.80
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
14,643.41
|
||
|
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
|
$
|
(197,463.38)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,388,708.61
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(767,321.87)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
30,494.84
|
||
|
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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026 |
| III. |
2012-5 Portfolio Characteristics
|
|
06/30/2026
|
05/31/2026
|
||||||||||||||||||||||||||||||||
|
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%
|
|
1,905
|
$
|
12,716,882.34
|
5.722%
|
|
6.76%
|
|
1,911
|
$
|
12,569,678.95
|
5.620%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.87%
|
|
21,401
|
$
|
140,931,735.81
|
63.413%
|
|
6.87%
|
|
21,872
|
$
|
142,619,556.39
|
63.761%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT |
6.86%
|
|
1,095
|
$
|
8,552,365.61
|
3.848%
|
|
6.92%
|
|
931
|
$
|
8,532,113.00
|
3.814%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT |
6.92%
|
|
630
|
$
|
5,924,912.31
|
2.666%
|
|
6.85%
|
|
678
|
$
|
5,629,329.79
|
2.517%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT |
6.85%
|
|
425
|
$
|
3,428,595.49
|
1.543%
|
|
6.99%
|
|
419
|
$
|
3,655,053.66
|
1.634%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT |
6.86%
|
|
1,576
|
$
|
13,006,112.13
|
5.852%
|
|
6.86%
|
|
1,668
|
$
|
13,821,284.46
|
6.179%
|
|
||||||||||||||||||
|
|
FORBEARANCE |
6.91%
|
|
4,126
|
$
|
34,308,992.29
|
15.438%
|
|
6.91%
|
|
4,053
|
$
|
33,931,548.11
|
15.170%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.85%
|
|
436
|
$
|
3,338,686.51
|
1.502%
|
|
6.82%
|
|
390
|
$
|
2,884,590.04
|
1.290%
|
|
|||||||||||||||||||
|
TOTAL
|
31,601
|
$
|
222,243,470.49
|
100.00%
|
|
31,929
|
$
|
223,678,342.40
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026 |
| IV. |
2012-5 Portfolio Characteristics (cont'd) |
|
06/30/2026
|
05/31/2026
|
|||||||
|
Pool Balance
|
$
|
225,108,127.12
|
$
|
226,489,247.44
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
11,412,898.17
|
$
|
11,361,971.83
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,864,656.63
|
$
|
2,810,905.04
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,073,574.88
|
$
|
1,116,764.32
|
||||
|
Total # Loans
|
31,601
|
31,929
|
||||||
|
Total # Borrowers
|
14,984
|
15,141
|
||||||
|
Weighted Average Coupon
|
6.87%
|
|
6.87%
|
|
||||
|
Weighted Average Remaining Term
|
203.92
|
203.28
|
||||||
|
Non-Reimbursable Losses
|
$
|
30,494.84
|
$
|
26,621.31
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
8,921,195.59
|
$
|
8,890,700.75
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-84.87%
|
|
-84.74%
|
|
||||
|
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
|
$
|
799,734.20
|
$
|
780,767.43
|
||||
|
Borrower Interest Accrued
|
$
|
1,203,504.70
|
$
|
1,253,124.84
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
47,091.46
|
$
|
48,711.18
|
||||
|
Special Allowance Payments Accrued
|
$
|
33,668.97
|
$
|
34,405.65
|
||||
|
Page 5 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026 |
| V. |
2012-5 Portfolio Statistics by School and Program |
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
|
- GSL (1) - Subsidized
|
6.77%
|
|
16,723
|
87,674,887.60
|
39.450%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.78%
|
|
14,193
|
122,371,167.92
|
55.062%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.49%
|
|
685
|
12,197,414.97
|
5.488%
|
|
|||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.87%
|
|
31,601
|
$
|
222,243,470.49
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.88%
|
|
26,456
|
194,504,537.29
|
87.519%
|
|
|||||||||||
|
- Two Year
|
6.82%
|
|
4,256
|
22,951,877.57
|
10.327%
|
|
|||||||||||
|
- Technical
|
6.81%
|
|
852
|
4,599,828.36
|
2.070%
|
|
|||||||||||
|
- Other
|
6.71%
|
|
37
|
187,227.27
|
0.084%
|
|
|||||||||||
|
Total
|
6.87%
|
|
31,601
|
$
|
222,243,470.49
|
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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026 |
| VI. |
2012-5 Waterfall for Distributions |
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,388,708.61
|
|||||||
| A |
Trustee Fees |
- | $ |
2,388,708.61 |
|||||
|
B
|
Primary Servicing Fee
|
$
|
79,484.61
|
$
|
2,309,224.00
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,302,557.00
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
756,734.58
|
$
|
1,545,822.42
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
155,123.94
|
$
|
1,390,698.48
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,390,698.48
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,367,309.12
|
$
|
23,389.36
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
23,389.36
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
23,389.36
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
23,389.36
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
23,389.36
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
23,389.36
|
-
|
|||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
222,243,470.49
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,864,656.63
|
||
|
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
|
$
|
225,108,127.12
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
186,057,045.85
|
||
|
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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026 |
| VII. |
2012-5 Distributions |
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78447EAC0
|
78447EAD8
|
||||||
|
Beginning Balance
|
$
|
187,424,354.97
|
$
|
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
|
6/25/2026
|
6/25/2026
|
||||||
|
Accrual Period End
|
7/27/2026
|
7/27/2026
|
||||||
|
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
|
Interest Rate*
|
4.54224%
|
|
4.74224%
|
|
||||
|
Accrued Interest Factor
|
0.004037547
|
0.004215324
|
||||||
|
Current Interest Due
|
$
|
756,734.58
|
$
|
155,123.94
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
756,734.58
|
$
|
155,123.94
|
||||
|
Interest Paid
|
$
|
756,734.58
|
$
|
155,123.94
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,367,309.12
|
-
|
|||||
|
Ending Principal Balance
|
$
|
186,057,045.85
|
$
|
36,800,000.00
|
||||
|
Paydown Factor
|
0.002377929
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.323577471
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026 |
| VIII. |
2012-5 Reconciliations |
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
224,224,354.97
|
|||
|
Adjusted Pool Balance
|
$
|
225,108,127.12
|
|||
|
Overcollateralization Amount
|
$
|
2,251,081.27
|
|||
|
Principal Distribution Amount
|
$
|
1,367,309.12
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,367,309.12
|
|||
|
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
|
$
|
201,671.69
|
|||
|
Deposits for the Period
|
$
|
197,463.38
|
|||
|
Release to Collection Account
|
|
-
|
|
||
|
Ending Balance
|
$
|
399,135.07
|
|||
|
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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026 |