|
Page 1 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
11/18/2011
|
06/30/2026
|
07/31/2026
|
|||||||||
|
Principal Balance
|
$
|
767,002,624.19
|
$
|
112,774,431.90
|
$
|
110,988,951.85
|
|||||||
|
Interest to be Capitalized Balance
|
7,606,904.17
|
620,645.73
|
701,846.24
|
||||||||||
|
Pool Balance
|
$
|
774,609,528.36
|
$
|
113,395,077.63
|
$
|
111,690,798.09
|
|||||||
|
Capitalized Interest Account Balance
|
$
|
76,000,000.00
|
-
|
-
|
|||||||||
|
Specified Reserve Account Balance
|
1,995,285.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
852,604,813.36
|
$
|
113,395,077.63
|
$
|
111,690,798.09
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.49%
|
|
5.68%
|
|
5.67%
|
|
|||||||
|
Number of Loans
|
61,014
|
6,296
|
6,197
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
233,843.70
|
$
|
176,058.56
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
113,161,233.93
|
$
|
111,514,739.53
|
|||||||||
|
Pool Factor
|
0.142078784
|
0.139943401
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
3.56%
|
|
3.54%
|
|
|||||||||
| (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
|
|||||||
| A |
|
78445UAA0
|
$
|
79,436,344.83
|
$
|
77,804,796.86
|
|||||
| B |
|
78445UAD4
|
$
|
24,000,000.00
|
$
|
24,000,000.00
|
|||||
|
C
|
Account Balances
|
07/27/2026
|
08/25/2026
|
||||||
|
Reserve Account Balance
|
$
|
1,197,172.00
|
$
|
1,197,172.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
82,251.06
|
$
|
122,783.74
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
07/27/2026
|
08/25/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
113,395,077.63
|
$
|
111,690,798.09
|
|||||
|
Total Notes
|
$
|
103,436,344.83
|
$
|
101,804,796.86
|
|||||
|
Difference
|
$
|
9,958,732.80
|
$
|
9,886,001.23
|
|||||
|
Parity Ratio
|
1.09628
|
1.09711
|
|||||||
|
Page 2 of 10
|
Trust 2011-3 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
|
741,577.44
|
||||
|
Guarantor Principal
|
685,745.04
|
||||
|
Consolidation Activity Principal
|
484,136.06
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
(89.06)
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,911,369.48
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
216,206.19
|
||||
|
Guarantor Interest
|
54,960.40
|
||||
|
Consolidation Activity Interest
|
2,481.17
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
665.65
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
6,613.29
|
||||
|
Total Interest Receipts
|
$
|
280,926.70
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
|
D
|
Investment Income
|
$
|
10,315.91
|
||
|
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
|
$
|
(101,504.62)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(40,532.68)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,060,574.79
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(125,889.43)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
10,593.48
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
III.
|
2011-3 Portfolio Characteristics
|
|
07/31/2026
|
06/30/2026
|
|||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
|||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.68%
|
|
155
|
$
|
3,157,357.71
|
2.845%
|
|
5.77%
|
|
151
|
$
|
2,700,869.36
|
2.395%
|
|
|||||||||
|
REPAYMENT:
|
CURRENT
|
5.53%
|
|
5,199
|
$
|
84,317,128.90
|
75.969%
|
|
5.57%
|
|
5,343
|
$
|
86,975,508.64
|
77.123%
|
|
|||||||||
|
31-60 DAYS DELINQUENT
|
6.42%
|
|
148
|
$
|
3,360,750.95
|
3.028%
|
|
5.87%
|
|
123
|
$
|
2,807,407.03
|
2.489%
|
|
||||||||||
|
61-90 DAYS DELINQUENT
|
5.74%
|
|
64
|
$
|
1,788,105.45
|
1.611%
|
|
5.92%
|
|
57
|
$
|
1,251,336.08
|
1.110%
|
|
||||||||||
|
91-120 DAYS DELINQUENT
|
5.96%
|
|
38
|
$
|
1,069,939.89
|
0.964%
|
|
6.30%
|
|
36
|
$
|
1,101,110.43
|
0.976%
|
|
||||||||||
|
> 120 DAYS DELINQUENT
|
6.24%
|
|
137
|
$
|
3,777,074.57
|
3.403%
|
|
6.28%
|
|
157
|
$
|
4,102,322.73
|
3.638%
|
|
||||||||||
|
FORBEARANCE
|
6.08%
|
|
428
|
$
|
13,178,057.00
|
11.873%
|
|
5.93%
|
|
403
|
$
|
13,039,955.19
|
11.563%
|
|
||||||||||
|
CLAIMS IN PROCESS
|
6.20%
|
|
28
|
$
|
340,537.38
|
0.307%
|
|
7.23%
|
|
26
|
$
|
795,922.44
|
0.706%
|
|
||||||||||
|
TOTAL
|
6,197
|
$
|
110,988,951.85
|
100.00%
|
|
6,296
|
$
|
112,774,431.90
|
100.00%
|
|
||||||||||||||
|
Page 4 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
IV.
|
2011-3 Portfolio Characteristics (cont'd)
|
|
07/31/2026
|
06/30/2026
|
|||||||
|
Pool Balance
|
$
|
111,690,798.09
|
$
|
113,395,077.63
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
4,999,721.80
|
$
|
4,903,056.69
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
701,846.24
|
$
|
620,645.73
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
354,889.68
|
$
|
355,472.36
|
||||
|
Total # Loans
|
6,197
|
6,296
|
||||||
|
Total # Borrowers
|
3,459
|
3,515
|
||||||
|
Weighted Average Coupon
|
5.67%
|
|
5.68%
|
|
||||
|
Weighted Average Remaining Term
|
186.38
|
186.42
|
||||||
|
Non-Reimbursable Losses
|
$
|
10,593.48
|
$
|
12,080.73
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
2,902,461.64
|
$
|
2,891,868.16
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
3.54%
|
|
3.56%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$ |
10,384.75
|
$ |
10,384.75
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$ |
113,998.77
|
$
|
41,267.20
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
136,306.71
|
$
|
295,327.50
|
||||
|
Borrower Interest Accrued
|
$
|
509,678.43
|
$
|
500,678.76
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
13,973.06
|
$
|
13,251.16
|
||||
|
Special Allowance Payments Accrued
|
$
|
115,390.82
|
$
|
112,812.49
|
||||
|
Page 5 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
V.
|
2011-3 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
|
5.67%
|
|
6,197
|
110,988,951.85
|
100.000%
|
|
|||||||||||
|
Total
|
5.67%
|
|
6,197
|
$
|
110,988,951.85
|
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
|
5.67%
|
|
6,197
|
110,988,951.85
|
100.000%
|
|
|||||||||||
|
Total
|
5.67%
|
|
6,197
|
$
|
110,988,951.85
|
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 2011-3 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
VI.
|
2011-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,060,574.79
|
|||||||
|
A
|
Primary Servicing Fee
|
$
|
23,726.25
|
$
|
2,036,848.54
|
||||
|
B
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,030,181.54
|
||||
|
C
|
Class A Noteholders' Interest Distribution Amount
|
$
|
309,109.41
|
$
|
1,721,072.13
|
||||
|
D
|
Class B Noteholders' Interest Distribution Amount
|
$
|
89,524.16
|
$
|
1,631,547.97
|
||||
|
E
|
Reserve Account Reinstatement
|
-
|
$
|
1,631,547.97
|
|||||
|
F
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,631,547.97
|
-
|
|||||
|
G
|
Class B Noteholders' Principal Distribution Amount
|
-
|
-
|
||||||
|
H
|
Unpaid Expenses of The Trustees
|
-
|
-
|
||||||
|
I
|
Carryover Servicing Fee
|
-
|
-
|
||||||
|
J
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
-
|
||||||
|
K
|
Excess Distribution Certificateholder
|
-
|
- |
||||||
|
Waterfall Triggers
|
|||||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
110,988,951.85
|
||||||
|
B
|
Interest to be Capitalized
|
$
|
701,846.24
|
||||||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,197,172.00
|
||||||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,197,172.00)
|
|
|||||
|
F
|
Total
|
$
|
111,690,798.09
|
||||||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
77,804,796.86
|
||||||
|
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 2011-3 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
VII.
|
2011-3 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
78445UAA0
|
78445UAD4
|
||||||
|
Beginning Balance
|
$
|
79,436,344.83
|
$
|
24,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
1.10%
|
|
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*
|
4.83056%
|
|
4.63056%
|
|
||||
|
Accrued Interest Factor
|
0.003891284
|
0.003730173
|
||||||
|
Current Interest Due
|
$
|
309,109.41
|
$
|
89,524.16
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
- | ||||||
|
Total Interest Due
|
$
|
309,109.41
|
$
|
89,524.16
|
||||
|
Interest Paid
|
$
|
309,109.41
|
$
|
89,524.16
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,631,547.97
|
-
|
|||||
|
Ending Principal Balance
|
$
|
77,804,796.86
|
$
|
24,000,000.00
|
||||
|
Paydown Factor
|
0.002009296
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.095818715
|
1.000000000
|
||||||
|
Page 8 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
VIII.
|
2011-3 Reconciliations
|
| A |
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
103,436,344.83
|
|||
|
Adjusted Pool Balance
|
$
|
111,690,798.09
|
|||
|
Overcollateralization Amount
|
$
|
10,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
1,745,546.74
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,631,547.97
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,197,172.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,197,172.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,197,172.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
1,197,172.00
|
|||
|
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
82,251.06
|
|||
|
Deposits for the Period
|
$
|
40,532.68
|
|||
|
Release to Collection Account
|
-
|
|
|||
|
Ending Balance
|
$
|
122,783.74
|
|||
|
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
IX.
|
2011-3 Other Characteristics
|
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
1,497,529.84
|
$
|
5,251,451.41
|
$
|
39,726,070.10
|
$
|
46,475,051.35
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
1,897,696.03
|
$
|
8,403,079.56
|
$
|
54,914,971.15
|
$
|
65,215,746.74
|
||||||||
|
Total
|
$
|
3,395,225.87
|
$
|
13,654,530.97
|
$
|
94,641,041.25
|
$
|
111,690,798.09
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
199
|
225
|
165
|
173
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
242
|
251
|
186
|
196
|
||||||||||||
|
Total
|
223
|
241
|
177
|
186
|
||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
5.659%
|
|
6.001%
|
|
5.538%
|
|
5.594%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
5.690%
|
|
6.133%
|
|
5.653%
|
|
5.716%
|
|
||||||||
|
Total
|
5.676%
|
|
6.082%
|
|
5.605%
|
|
5.665%
|
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.478%
|
|
2.306%
|
|
2.427%
|
|
2.415%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.495%
|
|
2.254%
|
|
2.391%
|
|
2.376%
|
|
||||||||
|
Total
|
2.488%
|
|
2.274%
|
|
2.406%
|
|
2.392%
|
|
||||||||
|
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 2011-3 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|