|
Page 1 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026 |
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
03/03/2011
|
06/30/2026
|
07/31/2026
|
|||||||||
|
|
Principal Balance
|
$
|
752,091,553.60
|
$
|
92,250,325.31
|
$
|
91,498,028.62
|
||||||
|
|
Interest to be Capitalized Balance
|
7,178,868.62
|
675,396.92
|
758,161.13
|
|||||||||
|
Pool Balance
|
$
|
759,270,422.22
|
$
|
92,925,722.23
|
$
|
92,256,189.75
|
|||||||
|
|
Capitalized Interest Account Balance
|
$
|
65,100,000.00
|
-
|
-
|
||||||||
|
|
Specified Reserve Account Balance
|
1,931,510.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
826,301,932.22
|
$
|
92,925,722.23
|
$
|
92,256,189.75
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.64%
|
|
6.00%
|
|
6.01%
|
|
||||||
|
|
Number of Loans
|
62,997
|
5,636
|
5,540
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
119,102.43
|
$
|
119,102.43
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
92,806,619.80 |
$
|
92,137,087.32 | ||||||||
|
|
Pool Factor
|
0.120276015 | 0.119409423 | ||||||||||
|
|
Since Issued Constant Prepayment Rate
|
3.38% |
|
3.32%
|
|
||||||||
| (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
|
07/27/2026
|
08/25/2026
|
||||||
|
A2
|
83149VAB5
|
$
|
36,330,416.13
|
$
|
35,560,189.75
|
|||||
| B |
83149VAC3
|
$
|
24,370,000.00
|
$
|
24,370,000.00
|
|||||
| C |
Account Balances |
07/27/2026 | 08/25/2026 | ||||||
|
Reserve Account Balance
|
$
|
1,158,906.00
|
$
|
1,158,906.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
79,125.35
|
$
|
117,930.74
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
| D |
Asset / Liability |
07/27/2026 | 08/25/2026 | ||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
92,925,722.23
|
$
|
92,256,189.75
|
|||||
|
Total Notes
|
$
|
60,700,416.13
|
$
|
59,930,189.75
|
|||||
|
Difference
|
$
|
32,225,306.10
|
$
|
32,326,000.00
|
|||||
|
Parity Ratio
|
1.53089
|
1.53939
|
|
Page 2 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026 |
|
II.
|
Trust Activity 07/01/2026 through 07/31/2026
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
534,521.99
|
||||
|
Guarantor Principal
|
325,292.34
|
||||
|
Consolidation Activity Principal
|
84,381.68
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
944,196.01
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
211,830.02
|
||||
|
Guarantor Interest
|
21,155.80
|
||||
|
Consolidation Activity Interest
|
329.86
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
700.13
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
5,187.69
|
||||
|
Total Interest Receipts
|
$
|
239,203.50
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
| D |
Investment Income
|
$
|
8,266.80
|
||
|
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
|
$
|
(83,911.59)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(38,805.39)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,068,949.33
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$ | (191,899.32) | ||
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
1,494.44
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026 |
|
III.
|
2011-1 Portfolio Characteristics
|
|
07/31/2026
|
06/30/2026
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.41%
|
|
171
|
$
|
4,382,147.92
|
4.789%
|
|
6.40%
|
|
174
|
$
|
4,368,030.13
|
4.735%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.90%
|
|
4,660
|
$
|
66,670,399.94
|
72.865%
|
|
5.91%
|
|
4,760
|
$
|
68,668,725.93
|
74.437%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
5.80%
|
|
128
|
$
|
2,778,674.89
|
3.037%
|
|
6.12%
|
|
120
|
$
|
3,198,330.53
|
3.467%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.16%
|
|
62
|
$
|
1,642,628.57
|
1.795%
|
|
6.13%
|
|
76
|
$
|
1,835,389.27
|
1.990%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.50%
|
|
38
|
$
|
749,752.72
|
0.819%
|
|
6.81%
|
|
39
|
$
|
1,399,749.24
|
1.517%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.17%
|
|
142
|
$
|
3,554,143.65
|
3.884%
|
|
6.27%
|
|
140
|
$
|
3,674,668.89
|
3.983%
|
|
||||||||||||||||||
|
|
FORBEARANCE |
6.46%
|
|
310
|
$
|
11,051,363.37
|
12.078%
|
|
6.29%
|
|
294
|
$
|
8,587,098.45
|
9.308%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
5.44%
|
|
29
|
$
|
668,917.56
|
0.731%
|
|
5.34%
|
|
33
|
$
|
518,332.87
|
0.562%
|
|
||||||||||||||||||
|
TOTAL
|
5,540
|
$
|
91,498,028.62
|
100.00%
|
|
5,636
|
$
|
92,250,325.31
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026 |
|
IV.
|
2011-1 Portfolio Characteristics (cont'd)
|
|
07/31/2026
|
06/30/2026
|
|||||||
|
Pool Balance
|
$
|
92,256,189.75
|
$
|
92,925,722.23
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
4,385,211.74
|
$
|
4,364,736.27
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
758,161.13
|
$
|
675,396.92
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
419,413.82
|
$
|
459,367.06
|
||||
|
Total # Loans
|
5,540
|
5,636
|
||||||
|
Total # Borrowers
|
3,162
|
3,222
|
||||||
|
Weighted Average Coupon
|
6.01%
|
|
6.00%
|
|
||||
|
Weighted Average Remaining Term
|
191.62
|
190.42
|
||||||
|
Non-Reimbursable Losses
|
$
|
1,494.44
|
$
|
2,768.13
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
2,572,414.75
|
$
|
2,570,920.31
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
3.32%
|
|
3.38%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
56,610.53
|
$
|
56,610.53
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
-
|
$ |
100,693.90
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
193,361.57
|
$
|
185,373.66
|
||||
|
Borrower Interest Accrued
|
$
|
446,695.40
|
$
|
435,154.52
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
13,567.59
|
$
|
12,660.14
|
||||
|
Special Allowance Payments Accrued
|
$
|
72,489.27
|
$
|
70,416.88
|
||||
|
Page 5 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026 |
|
V.
|
2011-1 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
|
6.01
|
%
|
5,540
|
91,498,028.62
|
100.000
|
%
|
|||||||||||
|
Total
|
6.01
|
%
|
5,540
|
$
|
91,498,028.62
|
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
|
6.01
|
%
|
5,540
|
91,498,028.62
|
100.000
|
%
|
|||||||||||
|
Total
|
6.01
|
%
|
5,540
|
$
|
91,498,028.62
|
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 2011-1 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026 |
| VI. |
2011-1 Waterfall for Distributions |
| Paid |
Remaining
Funds Balance
|
|||||||||
|
Total Available Funds
|
$
|
1,068,949.33
|
||||||||
| A |
Trustee Fees |
- |
$ |
1,068,949.33 |
||||||
|
B
|
Primary Servicing Fee
|
$
|
22,314.60
|
$
|
1,046,634.73
|
|||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,039,967.73
|
|||||
| D |
Class A Noteholders' Interest Distribution Amount
|
$
|
142,835.29
|
$
|
897,132.44
|
|||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
90,904.32
|
$
|
806,228.12
|
|||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
806,228.12
|
||||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
770,226.38
|
$
|
36,001.74
|
|||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
36,001.74
|
||||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
36,001.74
|
||||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
36,001.74
|
||||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
36,001.74
|
||||||
|
L
|
To the Lender under the Loan Agreement in repayment of the unpaid principal amount of the L |
$ |
36,001.74
|
-
|
||||||
| M |
Excess Distribution Certificateholder
|
|
-
|
-
|
||||||
|
Waterfall Triggers
|
||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
91,498,028.62
|
|||
|
B
|
Interest to be Capitalized
|
$
|
758,161.13
|
|||
|
C
|
Capitalized Interest Account Balance
|
-
|
||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,158,906.00
|
|||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,158,906.00)
|
|||
|
F
|
Total
|
$
|
92,256,189.75
|
|||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
35,560,189.75
|
|||
|
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 2011-1 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026 |
|
VII.
|
2011-1 Distributions
|
|
A2
|
B |
|
||||||
|
Cusip/Isin
|
83149VAB5
|
83149VAC3
|
||||||
|
Beginning Balance
|
$
|
36,330,416.13
|
$
|
24,370,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
1.15%
|
|
0.90%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
7/27/2026
|
7/27/2026
|
||||||
|
Accrual Period End
|
8/25/2026
|
8/25/2026
|
||||||
|
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
|
Interest Rate*
|
4.88056%
|
|
4.63056%
|
|
||||
|
Accrued Interest Factor
|
0.003931562
|
0.003730173
|
||||||
|
Current Interest Due
|
$
|
142,835.29
|
$
|
90,904.32
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
142,835.29
|
$
|
90,904.32
|
||||
|
Interest Paid
|
$
|
142,835.29
|
$
|
90,904.32
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
770,226.38
|
-
|
|||||
|
Ending Principal Balance
|
$
|
35,560,189.75
|
$
|
24,370,000.00
|
||||
|
Paydown Factor
|
0.003851132
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.177800949
|
1.000000000
|
||||||
|
Page 8 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026 |
|
VIII.
|
2011-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
60,700,416.13
|
||
|
|
Adjusted Pool Balance
|
$
|
92,256,189.75
|
||
|
|
Overcollateralization Amount
|
$
|
32,326,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
770,226.38
|
||
|
|
Principal Distribution Amount Paid
|
$
|
770,226.38
|
||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
1,158,906.00
|
||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,158,906.00
|
|||
|
|
Required Reserve Acct Balance
|
$
|
1,158,906.00
|
||
|
|
Release to Collection Account
|
-
|
|||
|
|
Ending Reserve Account Balance
|
$
|
1,158,906.00
|
||
|
C
|
Capitalized Interest Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
D
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
79,125.35
|
||
|
|
Deposits for the Period
|
$
|
38,805.39
|
||
|
|
Release to Collection Account
|
|
-
|
|
|
|
|
Ending Balance
|
$
|
117,930.74
|
||
|
E
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
Page 9 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026 |
|
IX.
|
2011-1 Other Characteristics
|
|
Principal Balance of All Loans
|
||||||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
1,775,981.62
|
$
|
3,870,859.07
|
$
|
31,450,500.51
|
$
|
37,097,341.20
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
2,910,500.76
|
$
|
7,840,305.45
|
$
|
44,408,042.34
|
$
|
55,158,848.55
|
||||||||
|
Total
|
$
|
4,686,482.38
|
$
|
11,711,164.52
|
$
|
75,858,542.85
|
$
|
92,256,189.75
|
||||||||
|
Weighted Average Remaining Term of All Loans
|
||||||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
229
|
243
|
165
|
176
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
280
|
263
|
186
|
202
|
||||||||||||
|
Total
|
261
|
256
|
177
|
192
|
||||||||||||
|
Weighted Average Coupon of All Loans
|
||||||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
6.227
|
%
|
6.307
|
%
|
5.796
|
%
|
5.870
|
%
|
||||||||
|
Unsubsidized Consolidation Loans
|
6.527
|
%
|
6.480
|
%
|
6.014
|
%
|
6.107
|
%
|
||||||||
|
Total
|
6.413
|
%
|
6.423
|
%
|
5.923
|
%
|
6.012
|
%
|
||||||||
|
Weighted Average SAP Margin of All SOFR Based Loans
|
||||||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.310
|
%
|
2.370
|
%
|
2.400
|
%
|
2.392
|
%
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.239
|
%
|
2.324
|
%
|
2.362
|
%
|
2.350
|
%
|
||||||||
|
Total
|
2.266
|
%
|
2.339
|
%
|
2.378
|
%
|
2.367
|
%
|
||||||||
|
Weighted Average SAP Margin of All T-Bill Based Loans
|
||||||||||||||||
|
Repayment
|
Grand Total
|
|||||||||||||||
|
Unsubsidized Consolidation Loans
|
3.100
|
%
|
3.100
|
%
|
||||||||||||
|
Total
|
3.100
|
%
|
3.100
|
%
|
||||||||||||
|
Page 10 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026 |