|
Page 1 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
05/26/2011 |
06/30/2026
|
07/31/2026
|
|||||||||
|
Principal Balance
|
$
|
752,435,249.40
|
$
|
106,897,008.70
|
$
|
104,996,150.78
|
|||||||
|
Interest to be Capitalized Balance
|
8,054,313.32
|
1,009,261.25
|
967,088.89
|
||||||||||
|
Pool Balance
|
$
|
760,489,562.72
|
$
|
107,906,269.95
|
$
|
105,963,239.67
|
|||||||
|
Capitalized Interest Account Balance
|
$
|
71,500,000.00
|
-
|
-
|
|||||||||
|
Specified Reserve Account Balance
|
1,933,490.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
833,923,052.72
|
$
|
107,906,269.95
|
$
|
105,963,239.67
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.65%
|
|
5.88%
|
|
5.88%
|
|
|||||||
|
Number of Loans
|
61,067
|
5,893
|
5,778
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
94,713.48
|
$
|
94,713.48
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
107,811,556.47
|
$
|
105,868,526.19
|
|||||||||
|
Pool Factor
|
0.139522663
|
0.137010328
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
3.42%
|
|
3.43%
|
|
|||||||||
| (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
|
78446JAB2
|
$
|
51,934,752.06
|
$
|
49,986,141.76
|
||||||
|
B
|
78446JAC0 |
$
|
24,000,000.00
|
$
|
24,000,000.00
|
||||||
|
C
|
Account Balances
|
07/27/2026
|
08/25/2026
|
||||||
|
Reserve Account Balance
|
$
|
1,160,094.00
|
$
|
1,160,094.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
84,508.03
|
$
|
125,674.93
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
07/27/2026
|
08/25/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
107,906,269.95
|
$
|
105,963,239.67
|
|||||
|
Total Notes
|
$
|
75,934,752.06
|
$
|
73,986,141.76
|
|||||
|
Difference
|
$
|
31,971,517.89
|
$
|
31,977,097.91
|
|||||
|
Parity Ratio
|
1.42104
|
1.43220
|
|||||||
|
Page 2 of 10
|
Trust 2011-2 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
|
591,188.18
|
||||
|
Guarantor Principal
|
1,220,192.99
|
||||
|
Consolidation Activity Principal
|
258,945.40
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
(103.87)
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,070,222.70
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
202,606.57
|
||||
|
Guarantor Interest
|
116,506.66
|
||||
|
Consolidation Activity Interest
|
12,556.22
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
451.87
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
3,001.02
|
||||
|
Total Interest Receipts
|
$
|
335,122.34
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
|
D
|
Investment Income
|
$
|
6,393.13
|
||
| 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
|
$
|
(96,430.94)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(41,166.90)
|
|
||
| M |
AVAILABLE FUNDS
|
$
|
2,274,140.33
|
||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(169,364.78)
|
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
$
|
5,352.43
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
| Q |
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
III.
|
2011-2 Portfolio Characteristics
|
|
07/31/2026
|
06/30/2026
|
||||||||||||||||||||||||||||||||
|
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
|||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.48%
|
|
201
|
$
|
5,188,955.74
|
4.942%
|
|
6.49%
|
|
204
|
$
|
5,039,273.08
|
4.714%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.75%
|
|
4,790
|
$
|
78,805,679.92
|
75.056%
|
|
5.75%
|
|
4,870
|
$
|
78,400,050.51
|
73.342%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.46%
|
|
108
|
$
|
1,852,754.25
|
1.765%
|
|
6.32%
|
|
110
|
$
|
3,402,958.88
|
3.183%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.34%
|
|
75
|
$
|
2,005,579.81
|
1.910%
|
|
6.48%
|
|
59
|
$
|
1,607,443.92
|
1.504%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.44%
|
|
40
|
$
|
1,197,638.39
|
1.141%
|
|
6.85%
|
|
49
|
$
|
1,617,820.18
|
1.513%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.71%
|
|
122
|
$
|
3,984,095.01
|
3.795%
|
|
6.47%
|
|
138
|
$
|
4,612,517.37
|
4.315%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.04%
|
|
409
|
$
|
11,344,965.55
|
10.805%
|
|
5.84%
|
|
419
|
$
|
10,855,928.59
|
10.156%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
5.34%
|
|
33
|
$
|
616,482.11
|
0.587%
|
|
6.34%
|
|
44
|
$
|
1,361,016.17
|
1.273%
|
|
||||||||||||||||||
|
TOTAL
|
5,778
|
$
|
104,996,150.78
|
100.00%
|
|
5,893
|
$
|
106,897,008.70
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
IV.
|
2011-2 Portfolio Characteristics (cont’d)
|
|
07/31/2026
|
06/30/2026
|
|||||||
|
Pool Balance
|
$
|
105,963,239.67
|
$
|
107,906,269.95
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
5,194,701.37
|
$
|
5,200,996.97
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
967,088.89
|
$
|
1,009,261.25
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
382,842.40
|
$
|
513,781.00
|
||||
|
Total # Loans
|
5,778
|
5,893
|
||||||
|
Total # Borrowers
|
3,200
|
3,262
|
||||||
|
Weighted Average Coupon
|
5.88%
|
|
5.88%
|
|
||||
|
Weighted Average Remaining Term
|
195.12
|
195.03
|
||||||
|
Non-Reimbursable Losses
|
$
|
5,352.43
|
$
|
1,207.79
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
3,083,228.85
|
$
|
3,077,876.42
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
3.43%
|
|
3.42%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
16,748.86
|
$
|
16,748.86
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$
|
22,902.09
|
$
|
28,482.11
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
173,645.26
|
$
|
244,749.42
|
||||
|
Borrower Interest Accrued
|
$
|
500,080.14
|
$
|
491,710.00
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
15,847.72
|
$
|
15,274.82
|
||||
|
Special Allowance Payments Accrued
|
$
|
94,018.07
|
$
|
91,712.56
|
||||
|
Page 5 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
V.
|
2011-2 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
|
5.88%
|
|
5,778
|
104,996,150.78
|
100.000%
|
|
|||||||||||
|
Total
|
5.88%
|
|
5,778
|
$
|
104,996,150.78
|
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
|
5.88%
|
|
5,778
|
104,996,150.78
|
100.000%
|
|
|||||||||||
|
Total
|
5.88%
|
|
5,778
|
$
|
104,996,150.78
|
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 2011-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
VI.
|
2011-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,274,140.33
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
2,274,140.33
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
23,062.34
|
$
|
2,251,077.99
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,244,410.99
|
||||
|
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
206,276.53
|
$
|
2,038,134.46
|
||||
| E |
Class B Noteholders’ Interest Distribution Amount
|
$
|
89,524.16
|
$
|
1,948,610.30
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
1,948,610.30
|
|||||
| G |
Class A Noteholders’ Principal Distribution Amount
|
$
|
1,948,610.30
|
-
|
|||||
| H |
Class B Noteholders’ Principal Distribution Amount
|
-
|
-
|
||||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
-
|
||||||
| J |
Carryover Servicing Fee
|
-
|
-
|
||||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
-
|
||||||
| L | To the Lender under the Loan Agreement in repayment of the unpaid principal amount of the L |
-
|
-
|
||||||
| M |
Excess Distribution Certificateholder
|
- |
- |
||||||
|
Waterfall Triggers
|
||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
104,996,150.78
|
|||
|
B
|
Interest to be Capitalized
|
$
|
967,088.89
|
|||
|
C
|
Capitalized Interest Account Balance
|
-
|
||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,160,094.00
|
|||
| E |
Less: Specified Reserve Account Balance
|
$
|
(1,160,094.00)
|
|
||
| F |
Total
|
$
|
105,963,239.67
|
|||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
49,986,141.76
|
|||
| 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 2011-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
VII.
|
2011-2 Distributions
|
|
A2
|
B |
|
||||||
|
Cusip/Isin
|
78446JAB2
|
78446JAC0
|
||||||
|
Beginning Balance
|
$
|
51,934,752.06
|
$
|
24,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
1.20
|
%
|
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*
|
4.93056
|
%
|
4.63056
|
%
|
||||
|
Accrued Interest Factor
|
0.003971840 | |
0.003730173
|
|||||
|
Current Interest Due
|
$
|
206,276.53
|
$
|
89,524.16
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
206,276.53
|
$
|
89,524.16
|
||||
|
Interest Paid
|
$
|
206,276.53
|
$
|
89,524.16
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,948,610.30
|
-
|
|||||
|
Ending Principal Balance
|
$
|
49,986,141.76
|
$
|
24,000,000.00
|
||||
|
Paydown Factor
|
0.011134916
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.285635096
|
1.000000000
|
||||||
|
Page 8 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
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|
VIII.
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2011-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
75,934,752.06
|
|||
|
Adjusted Pool Balance
|
$
|
105,963,239.67
|
|||
|
Overcollateralization Amount
|
$
|
32,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
1,971,512.39
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,948,610.30
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,160,094.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,160,094.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,160,094.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
1,160,094.00
|
|||
|
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
84,508.03
|
|||
|
Deposits for the Period
|
$
|
41,166.90
|
|||
|
Release to Collection Account
|
- |
|
|||
|
Ending Balance
|
$
|
125,674.93
|
|||
|
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 10
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Trust 2011-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
IX.
|
2011-2 Other Characteristics
|
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
2,138,921.32
|
$
|
5,080,306.82
|
$
|
37,575,028.68
|
$
|
44,794,256.82
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
3,447,110.78
|
$
|
7,138,013.11
|
$
|
50,583,858.96
|
$
|
61,168,982.85
|
||||||||
|
Total
|
$
|
5,586,032.10
|
$
|
12,218,319.93
|
$
|
88,158,887.64
|
$
|
105,963,239.67
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
213
|
227
|
174
|
182
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
263
|
253
|
195
|
205
|
||||||||||||
|
Total
|
244
|
243
|
186
|
195
|
||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
6.463%
|
|
5.897%
|
|
5.771%
|
|
5.818%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
6.492%
|
|
6.066%
|
|
5.870%
|
|
5.928%
|
|
||||||||
|
Total
|
6.481%
|
|
5.995%
|
|
5.828%
|
|
5.882%
|
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.324%
|
|
2.338%
|
|
2.408%
|
|
2.396%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.266%
|
|
2.286%
|
|
2.380%
|
|
2.363%
|
|
||||||||
|
Total
|
2.288%
|
|
2.307%
|
|
2.392%
|
|
2.377%
|
|
||||||||
|
Repayment
|
Grand Total
|
|||||||
|
Subsidized Consolidation Loans
|
3.100
|
%
|
3.100
|
%
|
||||
|
Unsubsidized Consolidation Loans
|
3.100
|
%
|
3.100
|
%
|
||||
|
Total
|
3.100
|
%
|
3.100
|
%
|
||||
|
Page 10 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|