|
Page 1 of 9
|
Trust 2015-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
I.
|
Deal Parameters
|
| A |
Student Loan Portfolio Characteristics |
06/18/2015 | 05/31/2026 |
06/30/2026 | |||||||||
|
Principal Balance
|
$
|
731,924,193.58
|
$
|
194,300,577.98
|
$
|
192,624,070.90
|
|||||||
|
Interest to be Capitalized Balance
|
5,723,713.00
|
2,224,344.07
|
2,028,419.58
|
||||||||||
|
Pool Balance
|
$
|
737,647,906.58
|
$
|
196,524,922.05
|
$
|
194,652,490.48
|
|||||||
|
Specified Reserve Account Balance
|
12,418,487.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool(1)
|
$
|
750,066,393.58
|
$
|
196,524,922.05
|
$
|
194,652,490.48
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.90%
|
|
6.55%
|
|
6.55%
|
|
|||||||
|
Number of Loans
|
106,911
|
18,159
|
17,897
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
24,432,452.92
|
$
|
24,306,182.24
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
172,092,469.13
|
$
|
170,346,308.24
|
|||||||||
|
Pool Factor
|
0.261115648
|
0.258627815
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(0.93)%
|
|
(0.93)%
|
|
|
(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 | ||||||
|
A2
|
63939LAB3
|
$
|
173,524,922.05
|
$
|
171,735,528.70
|
|||||
|
B
|
63939LAC1
|
$
|
20,000,000.00
|
$
|
20,000,000.00
|
|||||
| C |
Account Balances
|
06/25/2026
|
07/27/2026
|
||||||
|
Reserve Account Balance
|
$
|
752,636.00
|
$
|
752,636.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
87,779.30
|
$
|
174,059.06
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
| D |
Asset / Liability
|
06/25/2026
|
07/27/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
196,524,922.05
|
$
|
194,652,490.48
|
|||||
|
Total Notes
|
$
|
193,524,922.05
|
$
|
191,735,528.70
|
|||||
|
Difference
|
$
|
3,000,000.00
|
$
|
2,916,961.78
|
|||||
|
Parity Ratio
|
1.01550
|
1.01521
|
|||||||
|
Page 2 of 9
|
Trust 2015-3 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
|
501,969.73
|
||||
|
Guarantor Principal
|
1,468,785.29
|
||||
|
Consolidation Activity Principal
|
454,181.10
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,424,936.12
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
246,434.45
|
||||
|
Guarantor Interest
|
72,053.95
|
||||
|
Consolidation Activity Interest
|
33,223.63
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
642.04
|
|
|||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
7,952.86
|
||||
|
Total Interest Receipts
|
$
|
360,306.93
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
12,024.32
|
||
|
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
|
$
|
(90,035.89)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(86,279.76)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,620,951.72
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$ |
(748,429.04)
|
||
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
35,426.11
|
||
|
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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
III.
|
2015-3 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%
|
|
7
|
$
|
43,143.00
|
0.022%
|
|
6.76%
|
|
9
|
$
|
54,023.00
|
0.028%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
2
|
$
|
10,880.00
|
0.006%
|
|
0.00%
|
|
0
|
|
-
|
0.000%
|
|
|||||||||||||||||||
|
DEFERMENT
|
6.38%
|
|
958
|
$
|
7,388,061.15
|
3.835%
|
|
6.51%
|
|
967
|
$
|
8,065,326.75
|
4.151%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.52%
|
|
12,190
|
$
|
123,744,888.32
|
64.242%
|
|
6.51%
|
|
12,247
|
$
|
121,820,596.36
|
62.697%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.77%
|
|
556
|
$
|
7,143,903.61
|
3.709%
|
|
6.44%
|
|
560
|
$
|
6,984,369.15
|
3.595%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.37%
|
|
374
|
$
|
4,520,219.33
|
2.347%
|
|
6.60%
|
|
422
|
$
|
6,593,308.95
|
3.393%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.71%
|
|
291
|
$
|
4,832,961.95
|
2.509%
|
|
6.84%
|
|
256
|
$
|
3,019,750.56
|
1.554%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.38%
|
|
808
|
$
|
10,038,173.61
|
5.211%
|
|
6.31%
|
|
870
|
$
|
10,887,070.65
|
5.603%
|
|
|||||||||||||||||||
|
FORBEARANCE
|
6.68%
|
|
2,547
|
$
|
33,213,588.74
|
17.243%
|
|
6.73%
|
|
2,597
|
$
|
34,152,385.22
|
17.577%
|
|
|||||||||||||||||||
|
CLAIMS IN PROCESS
|
7.03%
|
|
164
|
$
|
1,688,251.19
|
0.876%
|
|
6.74%
|
|
231
|
$
|
2,723,747.34
|
1.402%
|
|
|||||||||||||||||||
|
TOTAL
|
17,897
|
$
|
192,624,070.90
|
100.00%
|
|
18,159
|
$
|
194,300,577.98
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2015-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
IV.
|
2015-3 Portfolio Characteristics (cont'd)
|
|
06/30/2026
|
05/31/2026
|
|||||||
|
Pool Balance
|
$
|
194,652,490.48
|
$
|
196,524,922.05
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
9,582,631.37
|
$
|
9,718,837.82
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,028,419.58
|
$
|
2,224,344.07
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
954,780.77
|
$
|
1,016,829.82
|
||||
|
Total # Loans
|
17,897
|
18,159
|
||||||
|
Total # Borrowers
|
7,747
|
7,862
|
||||||
|
Weighted Average Coupon
|
6.55%
|
|
6.55%
|
|
||||
|
Weighted Average Remaining Term
|
210.41
|
209.76
|
||||||
|
Non-Reimbursable Losses
|
$
|
35,426.11
|
$
|
19,389.90
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,346,189.14
|
$
|
4,310,763.03
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-0.93%
|
|
-0.93%
|
|
||||
|
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
|
$
|
83,038.22
|
-
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
783,953.25
|
$
|
598,662.72
|
||||
|
Borrower Interest Accrued
|
$
|
998,283.53
|
$
|
1,038,990.01
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
33,949.39
|
$
|
37,166.06
|
||||
|
Special Allowance Payments Accrued
|
$
|
96,150.89
|
$
|
99,903.27
|
||||
|
Page 5 of 9
|
Trust 2015-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
V.
|
2015-3 Portfolio Statistics by School and Program
|
| A |
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
|
- GSL (1) - Subsidized
|
6.70%
|
|
7,317
|
36,093,242.13
|
18.738%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.77%
|
|
6,207
|
50,342,006.06
|
26.135%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.43%
|
|
251
|
5,773,857.23
|
2.997%
|
|
|||||||||||
|
- SLS (3) Loans
|
7.28%
|
|
14
|
147,430.84
|
0.077%
|
|
|||||||||||
|
- Consolidation Loans
|
6.28%
|
|
4,108
|
100,267,534.64
|
52.053%
|
|
|||||||||||
|
Total
|
6.55%
|
|
17,897
|
$
|
192,624,070.90
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.85%
|
|
11,229
|
79,392,099.79
|
41.216%
|
|
|||||||||||
|
- Two Year
|
6.84%
|
|
1,929
|
9,823,587.67
|
5.100%
|
|
|||||||||||
|
- Technical
|
6.83%
|
|
618
|
3,151,975.45
|
1.636%
|
|
|||||||||||
|
- Other
|
6.28%
|
|
4,121
|
100,256,407.99
|
52.048%
|
|
|||||||||||
|
Total
|
6.55%
|
|
17,897
|
$
|
192,624,070.90
|
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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
VI.
|
2015-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,620,951.72
|
|||||||
|
A
|
Trustee Fees
|
$
|
16,500.00
|
$
|
2,604,451.72
|
||||
|
B
|
Primary Servicing Fee
|
$
|
37,717.68
|
$
|
2,566,734.04
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,560,067.04
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
677,478.31
|
$
|
1,882,588.73
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
93,195.38
|
$
|
1,789,393.35
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,789,393.35
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,789,393.35
|
$
|
0.00
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
0.00
|
|||||
|
I
|
Class A Noteholders' Accelerated Principal Distribution Amount
|
-
|
$
|
0.00
|
|||||
|
J
|
Class B Noteholders' Accelerated Principal Distribution Amount
|
-
|
$
|
0.00
|
|||||
|
K
|
Unpaid Expenses of The Trustees
|
-
|
$
|
0.00
|
|||||
|
L
|
Carryover Servicing Fee
|
-
|
$
|
0.00
|
|||||
|
M
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
0.00
|
|||||
|
N
|
Excess Distribution Certificateholder
|
|
-
|
$
|
0.00
|
||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
192,624,070.90
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,028,419.58
|
||
|
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
|
$
|
194,652,490.48
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
171,735,528.70
|
||
|
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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
VII.
|
2015-3 Distributions
|
|
A2
|
B |
|
||||||
|
Cusip/Isin
|
63939LAB3
|
63939LAC1
|
||||||
|
Beginning Balance
|
$
|
173,524,922.05
|
$
|
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
|
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%
|
|
5.24224%
|
|
||||
|
Accrued Interest Factor
|
0.003904213
|
0.004659769
|
||||||
|
Current Interest Due
|
$
|
677,478.31
|
$
|
93,195.38
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
677,478.31
|
$
|
93,195.38
|
||||
|
Interest Paid
|
$
|
677,478.31
|
$
|
93,195.38
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,789,393.35
|
-
|
|||||
|
Ending Principal Balance
|
$
|
171,735,528.70
|
$
|
20,000,000.00
|
||||
|
Paydown Factor
|
0.003681879
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.353365285
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2015-3 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
|
VIII.
|
2015-3 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
193,524,922.05
|
|||
|
Adjusted Pool Balance
|
$
|
194,652,490.48
|
|||
|
Overcollateralization Amount
|
$
|
3,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
1,872,431.57
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,789,393.35
|
|||
|
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
|
$
|
87,779.30
|
|||
|
Deposits for the Period
|
$
|
86,279.76
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Balance
|
$
|
174,059.06
|
|||
|
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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|