|
Page 1 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
05/03/2012
|
05/31/2026
|
06/30/2026
|
|||||||||
| Principal Balance |
$
|
1,207,071,961.47
|
$
|
190,608,826.08
|
$
|
189,202,245.74
|
|||||||
| Interest to be Capitalized Balance |
24,814,000.46
|
2,594,242.45
|
2,595,430.16
|
||||||||||
| Pool Balance |
$
|
1,231,885,961.93
|
$
|
193,203,068.53
|
$
|
191,797,675.90
|
|||||||
| Capitalized Interest Account Balance |
$
|
11,000,000.00
|
-
|
-
|
|||||||||
| Specified Reserve Account Balance |
3,123,383.00
|
- N/A -
|
- N/A -
|
||||||||||
| |
Adjusted Pool (1) |
$
|
1,246,009,344.93
|
$
|
193,203,068.53
|
$
|
191,797,675.90
|
||||||
| Weighted Average Coupon (WAC) |
6.41%
|
|
6.87%
|
|
6.87%
|
|
|||||||
| Number of Loans |
294,137
|
28,382
|
28,055
|
||||||||||
| Aggregate Outstanding Principal Balance - Tbill |
$
|
8,049,943.08
|
$
|
8,071,648.43
|
|||||||||
| Aggregate Outstanding Principal Balance - SOFR |
$
|
185,153,125.45
|
$
|
183,726,027.47
|
|||||||||
| Pool Factor |
0.154642497
|
0.153517600
|
|||||||||||
| Since Issued Constant Prepayment Rate |
(53.60)%
|
|
(54.12)%
|
|
|||||||||
| (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
|
|||||||
| A |
|
78447AAA2
|
$
|
153,666,037.84
|
$
|
152,274,699.14
|
|||||
| B |
|
78447AAB0
|
$
|
37,605,000.00
|
$
|
37,605,000.00
|
|||||
|
C
|
Account Balances
|
06/25/2026
|
07/27/2026
|
||||||
| Reserve Account Balance |
$
|
1,249,353.00
|
$
|
1,249,353.00
|
|||||
| Capitalized Interest Account Balance |
-
|
-
|
|||||||
| Floor Income Rebate Account |
$
|
153,961.72
|
$
|
304,541.33
|
|||||
| Supplemental Loan Purchase Account |
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
06/25/2026
|
07/27/2026
|
||||||
| Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
193,203,068.53
|
$
|
191,797,675.90
|
|||||
| Total Notes |
$
|
191,271,037.84
|
$
|
189,879,699.14
|
|||||
| Difference |
$
|
1,932,030.69
|
$
|
1,917,976.76
|
|||||
| Parity Ratio |
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2012-3 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
|
430,862.12
|
||||
|
Guarantor Principal
|
1,122,388.17
|
||||
|
Consolidation Activity Principal
|
606,424.19
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,159,674.48
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
231,359.82
|
||||
|
Guarantor Interest
|
61,022.06
|
||||
|
Consolidation Activity Interest
|
32,027.90
|
||||
|
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
|
15,582.49
|
||||
|
Total Interest Receipts
|
$
|
339,992.27
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
12,274.75
|
||
|
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
|
$
|
(150,579.61)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,361,361.89
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(753,094.14)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
30,422.33
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
III.
|
2012-3 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
|
6.75%
|
|
29
|
$
|
131,689.87
|
0.070%
|
|
6.75%
|
|
32
|
$
|
138,689.87
|
0.073%
|
|
||||||||||||||||||
| GRACE |
6.94%
|
|
16
|
$
|
50,385.00
|
0.027%
|
|
6.97%
|
|
13
|
$
|
43,385.00
|
0.023%
|
|
|||||||||||||||||||
| DEFERMENT |
6.82%
|
|
1,670
|
$
|
11,228,001.43
|
5.934%
|
|
6.83%
|
|
1,656
|
$
|
11,171,833.16
|
5.861%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.86%
|
|
19,042
|
$
|
117,792,912.00
|
62.258%
|
|
6.86%
|
|
19,209
|
$
|
118,555,090.15
|
62.198%
|
|
||||||||||||||||||
| 31-60 DAYS DELINQUENT |
6.87%
|
|
913
|
$
|
7,684,507.24
|
4.062%
|
|
6.89%
|
|
916
|
$
|
7,028,240.40
|
3.687%
|
|
|||||||||||||||||||
| 61-90 DAYS DELINQUENT |
6.89%
|
|
657
|
$
|
5,302,740.89
|
2.803%
|
|
6.87%
|
|
664
|
$
|
5,867,111.82
|
3.078%
|
|
|||||||||||||||||||
| 91-120 DAYS DELINQUENT |
6.81%
|
|
463
|
$
|
3,888,162.28
|
2.055%
|
|
6.98%
|
|
516
|
$
|
4,175,520.63
|
2.191%
|
|
|||||||||||||||||||
| > 120 DAYS DELINQUENT |
6.91%
|
|
1,480
|
$
|
12,683,285.23
|
6.704%
|
|
6.89%
|
|
1,513
|
$
|
13,050,815.48
|
6.847%
|
|
|||||||||||||||||||
| FORBEARANCE |
6.92%
|
|
3,416
|
$
|
27,412,579.08
|
14.489%
|
|
6.92%
|
|
3,506
|
$
|
27,688,219.23
|
14.526%
|
|
|||||||||||||||||||
| CLAIMS IN PROCESS |
6.86%
|
|
369
|
$
|
3,027,982.72
|
1.600%
|
|
6.88%
|
|
357
|
$
|
2,889,920.34
|
1.516%
|
|
|||||||||||||||||||
|
TOTAL
|
28,055
|
$
|
189,202,245.74
|
100.00%
|
|
28,382
|
$
|
190,608,826.08
|
100.00%
|
|
|||||||||||||||||||||||
|
*
|
Percentages may not total 100% due to rounding
|
|
Page 4 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
IV.
|
2012-3 Portfolio Characteristics (cont’d)
|
|
06/30/2026
|
05/31/2026
|
|||||||
|
Pool Balance
|
$
|
191,797,675.90
|
$
|
193,203,068.53
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
9,918,012.52
|
$
|
10,027,547.02
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,595,430.16
|
$
|
2,594,242.45
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,050,358.39
|
$
|
1,105,132.66
|
||||
|
Total # Loans
|
28,055
|
28,382
|
||||||
|
Total # Borrowers
|
12,960
|
13,130
|
||||||
|
Weighted Average Coupon
|
6.87%
|
|
6.87%
|
|
||||
|
Weighted Average Remaining Term
|
201.77
|
201.01
|
||||||
|
Non-Reimbursable Losses
|
$
|
30,422.33
|
$
|
22,336.90
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
9,626,477.38
|
$
|
9,596,055.05
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-54.12%
|
|
-53.60%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
926,143.85
|
$
|
926,143.85
|
||||
|
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
|
$
|
814,607.30
|
$
|
613,783.73
|
||||
|
Borrower Interest Accrued
|
$
|
1,025,142.77
|
$
|
1,067,133.95
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
40,163.00
|
$
|
42,271.57
|
||||
|
Special Allowance Payments Accrued
|
$
|
28,537.21
|
$
|
29,662.05
|
||||
|
Page 5 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
V.
|
2012-3 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
| |
- GSL (1) - Subsidized |
6.79%
|
|
15,187
|
76,421,654.35
|
40.392%
|
|
||||||||||
| - GSL - Unsubsidized |
6.79%
|
|
12,342
|
103,154,319.89
|
54.521%
|
|
|||||||||||
| |
- PLUS (2) Loans |
8.41%
|
|
526
|
9,626,271.50
|
5.088%
|
|
||||||||||
| |
- SLS (3) Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
| - Consolidation Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
| Total |
6.87%
|
|
28,055
|
$
|
189,202,245.74
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
| |
- Four Year |
6.88%
|
|
22,903
|
162,256,534.86
|
85.758%
|
|
||||||||||
| |
- Two Year |
6.84%
|
|
4,113
|
21,273,206.26
|
11.244%
|
|
||||||||||
| |
- Technical |
6.88%
|
|
1,022
|
5,576,491.88
|
2.947%
|
|
||||||||||
| |
- Other |
6.77%
|
|
17
|
96,012.74
|
0.051%
|
|
||||||||||
| |
Total |
6.87%
|
|
28,055
|
$
|
189,202,245.74
|
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 2012-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
VI.
|
2012-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,361,361.89
|
|||||||
| A | Trustee Fees |
|
-
|
$
|
2,361,361.89
|
||||
| B |
Primary Servicing Fee
|
$
|
71,261.73
|
$
|
2,290,100.16
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
2,283,433.16
|
||||
| D |
Class A Noteholders’ Interest Distribution Amount
|
$
|
599,944.99
|
$
|
1,683,488.17
|
||||
|
E
|
Class B Noteholders’ Interest Distribution Amount
|
$ |
156,845.94
|
$
|
1,526,642.23
|
||||
|
F
|
Reserve Account Reinstatement
|
|
- |
$
|
1,526,642.23
|
||||
|
G
|
Class A Noteholders’ Principal Distribution Amount
|
$ |
1,391,338.70
|
$
|
135,303.53
|
||||
|
H
|
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
135,303.53
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
135,303.53
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
135,303.53
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
|
- | $ |
135,303.53
|
||||
| L |
Excess Distribution Certificateholder
|
$ | 135,303.53 |
- |
|||||
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
189,202,245.74
|
||
| B |
Interest to be Capitalized
|
$
|
2,595,430.16
|
||
| C |
Capitalized Interest Account Balance
|
-
|
|||
| D |
Reserve Account Balance (after any reinstatement)
|
$
|
1,249,353.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,249,353.00)
|
|
|
|
F
|
Total
|
$
|
191,797,675.90
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
152,274,699.14
|
||
|
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 2012-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
VII.
|
2012-3 Distributions
|
| A | B | |||||||
|
Cusip/Isin
|
78447AAA2
|
78447AAB0
|
||||||
|
Beginning Balance
|
$
|
153,666,037.84
|
$
|
37,605,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.65%
|
|
0.95%
|
|
||||
|
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*
|
4.39224%
|
|
4.69224%
|
|
||||
|
Accrued Interest Factor
|
0.003904213
|
0.004170880
|
||||||
|
Current Interest Due
|
$
|
599,944.99
|
$
|
156,845.94
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
599,944.99
|
$
|
156,845.94
|
||||
|
Interest Paid
|
$
|
599,944.99
|
$
|
156,845.94
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,391,338.70
|
-
|
|||||
|
Ending Principal Balance
|
$
|
152,274,699.14
|
$
|
37,605,000.00
|
||||
|
Paydown Factor
|
0.001145606
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.125380567
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
VIII.
|
2012-3 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
| |
Notes Outstanding Principal Balance |
$
|
191,271,037.84
|
||
| |
Adjusted Pool Balance |
$
|
191,797,675.90
|
||
| |
Overcollateralization Amount |
$
|
1,917,976.76
|
||
| |
Principal Distribution Amount |
$
|
1,391,338.70
|
||
| |
Principal Distribution Amount Paid |
$
|
1,391,338.70
|
||
|
B
|
Reserve Account Reconciliation
|
||||
| |
Beginning Period Balance |
$
|
1,249,353.00
|
||
| |
Reserve Funds Utilized |
0.00
|
|||
| |
Reserve Funds Reinstated |
0.00
|
|||
| |
Balance Available |
$
|
1,249,353.00
|
||
| |
Required Reserve Acct Balance |
$
|
1,249,353.00
|
||
| |
Release to Collection Account |
|
-
|
||
| |
Ending Reserve Account Balance |
$
|
1,249,353.00
|
||
|
C
|
Capitalized Interest Account
|
||||
| |
Beginning Period Balance |
-
|
|||
| |
Transfers to Collection Account |
-
|
|||
| |
Ending Balance |
-
|
|||
|
D
|
Floor Income Rebate Account
|
||||
| |
Beginning Period Balance |
$
|
153,961.72
|
||
| |
Deposits for the Period |
$
|
150,579.61
|
||
| |
Release to Collection Account |
-
|
|
||
| |
Ending Balance |
$
|
304,541.33
|
||
|
E
|
Supplemental Purchase Account
|
||||
| |
Beginning Period Balance |
-
|
|||
| |
Supplemental Loan Purchases |
-
|
|||
| |
Transfers to Collection Account |
-
|
|||
| |
Ending Balance |
-
|
|||
|
Page 9 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|