09/06/2024 | Press release | Distributed by Public on 09/06/2024 10:00
Page 1 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
07/19/2012
|
06/30/2024
|
07/31/2024
|
|||||||||
|
Principal Balance
|
$
|
1,137,585,474.26
|
$
|
269,961,195.91
|
$
|
264,690,855.40
|
||||||
|
Interest to be Capitalized Balance
|
26,114,209.92
|
2,787,717.65
|
2,741,363.89
|
|||||||||
|
Pool Balance
|
$
|
1,163,699,684.18
|
$
|
272,748,913.56
|
$
|
267,432,219.29
|
||||||
|
Capitalized Interest Account Balance
|
$
|
10,000,000.00
|
-
|
-
|
||||||||
|
Specified Reserve Account Balance
|
3,125,116.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool(1)
|
$
|
1,176,824,800.18
|
$
|
272,748,913.56
|
$
|
267,432,219.29
|
||||||
|
Weighted Average Coupon (WAC)
|
6.67%
|
|
6.92%
|
|
6.92%
|
|
||||||
|
Number of Loans
|
274,625
|
42,478
|
41,547
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
|
-
|
||||||||||
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
272,748,913.56
|
$
|
267,432,219.29 |
||||||||
|
Pool Factor
|
0.218190936
|
0.213937740
|
||||||||||
|
Since Issued Constant Prepayment Rate |
(59.38)%
|
|
(60.22)%
|
|
(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
|
07/25/2024
|
08/26/2024
|
||||||
A3
|
78447EAC0
|
$
|
233,221,424.42
|
$
|
227,957,897.10
|
|||||
B |
78447EAD8
|
$
|
36,800,000.00
|
$
|
36,800,000.00
|
C
|
Account Balances
|
07/25/2024
|
08/26/2024
|
||||||
|
Reserve Account Balance
|
$
|
1,250,046.00
|
$
|
1,250,046.00
|
||||
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
Floor Income Rebate Account
|
$
|
23,229.90
|
$
|
34,295.65
|
||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
07/25/2024
|
08/26/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
272,748,913.56
|
$
|
267,432,219.29
|
||||
|
Total Notes
|
$
|
270,021,424.42
|
$
|
264,757,897.10
|
||||
|
Difference
|
$
|
2,727,489.14
|
$
|
2,674,322.19
|
||||
|
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
II. |
Trust Activity 07/01/2024 through 07/31/2024
|
A
|
Student Loan Principal Receipts
|
||||
Borrower Principal
|
511,658.89
|
||||
Guarantor Principal
|
2,126,986.15
|
||||
Consolidation Activity Principal
|
3,577,192.33
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
6,215,837.37
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
302,380.09
|
||||
Guarantor Interest
|
158,867.18
|
||||
Consolidation Activity Interest
|
201,269.13
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
8.95
|
||||
Servicer Interest Reimbursement
|
(227.18)
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
36,207.42
|
||||
Total Interest Receipts
|
$
|
698,505.59
|
|||
C |
Reserves in Excess of Requirement
|
|
-
|
||
D |
Investment Income
|
$
|
45,469.29
|
||
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
|
$
|
(11,065.75)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
6,948,746.50
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(945,496.86)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
33,154.86
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
III. |
2012-5 Portfolio Characteristics
|
07/31/2024
|
06/30/2024
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.80%
|
|
9
|
$
|
38,938.00
|
0.015%
|
|
6.80%
|
|
9
|
$
|
38,938.00
|
0.014%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
4
|
$
|
25,625.00
|
0.010%
|
|
6.80%
|
|
4
|
$
|
25,625.00
|
0.009%
|
|
||||||||||||||||||
|
DEFERMENT |
6.81%
|
|
2,459
|
$
|
14,830,572.80
|
5.603%
|
|
6.80%
|
|
2,624
|
$
|
15,697,161.85
|
5.815%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.93%
|
|
27,045
|
$
|
160,163,423.04
|
60.510%
|
|
6.92%
|
|
27,738
|
$
|
164,190,166.82
|
60.820%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT |
6.87%
|
|
1,435
|
$
|
10,320,498.81
|
3.899%
|
|
6.92%
|
|
1,455
|
$
|
10,594,937.00
|
3.925%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT |
6.93%
|
|
1,003
|
$
|
7,626,187.35
|
2.881%
|
|
6.87%
|
|
1,020
|
$
|
7,625,862.89
|
2.825%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT |
6.89%
|
|
725
|
$
|
5,601,991.68
|
2.116%
|
|
6.92%
|
|
720
|
$
|
6,064,251.30
|
2.246%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT |
6.92%
|
|
1,746
|
$
|
13,048,142.90
|
4.930%
|
|
6.93%
|
|
1,692
|
$
|
12,458,513.94
|
4.615%
|
|
||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
|
FORBEARANCE |
6.92%
|
|
6,418
|
$
|
48,418,080.02
|
18.292%
|
|
6.96%
|
|
6,783
|
$
|
50,395,177.58
|
18.668%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
7.08%
|
|
703
|
$
|
4,617,395.80
|
1.744%
|
|
6.92%
|
|
433
|
$
|
2,870,561.53
|
1.063%
|
|
||||||||||||||||||
TOTAL
|
41,547
|
$
|
264,690,855.40
|
100.00%
|
|
42,478
|
$
|
269,961,195.91
|
100.00%
|
|
Page 4 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
IV. |
2012-5 Portfolio Characteristics (cont'd) |
07/31/2024
|
06/30/2024
|
|||||||
Pool Balance
|
$
|
267,432,219.29
|
$
|
272,748,913.56
|
||||
Outstanding Borrower Accrued Interest
|
$
|
11,322,423.55
|
$
|
11,462,241.55
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
2,741,363.89
|
$
|
2,787,717.65
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,431,806.72
|
$
|
1,383,639.02
|
||||
Total # Loans
|
41,547
|
42,478
|
||||||
Total # Borrowers
|
19,964
|
20,423
|
||||||
Weighted Average Coupon
|
6.92%
|
|
6.92%
|
|
||||
Weighted Average Remaining Term
|
186.31
|
186.14
|
||||||
Non-Reimbursable Losses
|
$
|
33,154.86
|
$
|
30,770.03
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
8,213,535.24
|
$
|
8,180,380.38
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-60.22%
|
|
-59.38%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
482,656.09
|
$
|
482,656.09
|
||||
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
|
$
|
978,794.73
|
$
|
1,003,009.93
|
||||
Borrower Interest Accrued
|
$
|
1,501,430.68
|
$
|
1,474,469.95
|
||||
Interest Subsidy Payments Accrued
|
$
|
60,145.54
|
$
|
60,129.92
|
||||
Special Allowance Payments Accrued
|
$
|
193,775.75
|
$
|
194,138.72
|
Page 5 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
V. |
2012-5 Portfolio Statistics by School and Program |
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.82%
|
|
22,013
|
105,540,325.05
|
39.873%
|
|
||||||||||
|
- GSL - Unsubsidized
|
6.83%
|
|
18,559
|
143,632,847.10
|
54.264%
|
|
||||||||||
|
- PLUS (2) Loans
|
8.50%
|
|
975
|
15,517,683.25
|
5.863%
|
|
||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
Total
|
6.92%
|
|
41,547
|
$
|
264,690,855.40
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.93%
|
|
34,477
|
230,698,005.47
|
87.158%
|
|
||||||||||
|
- Two Year
|
6.89%
|
|
6,029
|
29,144,924.93
|
11.011%
|
|
||||||||||
|
- Technical
|
6.89%
|
|
995
|
4,656,668.21
|
1.759%
|
|
||||||||||
|
- Other
|
7.25%
|
|
46
|
191,256.79
|
0.072%
|
|
||||||||||
|
Total
|
6.92%
|
|
41,547
|
$
|
264,690,855.40
|
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 2012-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VI. |
2012-5 Waterfall for Distributions |
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
6,948,746.50
|
|||||||
A
|
Trustee Fees |
|
-
|
$
|
6,948,746.50
|
||||
B
|
Primary Servicing Fee
|
$
|
101,079.36
|
$
|
6,847,667.14
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
6,841,000.14
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,298,083.50
|
$
|
5,542,916.64
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$ |
211,366.77
|
$
|
5,331,549.87
|
||||
F
|
Reserve Account Reinstatement
|
|
-
|
$
|
5,331,549.87
|
||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$ |
5,263,527.32
|
$
|
68,022.55
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
68,022.55
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
68,022.55
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
68,022.55
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
|
-
|
$ |
68,022.55
|
||||
L |
Excess Distribution Certificateholder | $ |
68,022.55 |
- |
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
264,690,855.40
|
||
B
|
Interest to be Capitalized
|
$
|
2,741,363.89
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,250,046.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,250,046.00)
|
|
|
F
|
Total
|
$
|
267,432,219.29
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
227,957,897.10
|
||
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 2012-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VII. |
2012-5 Distributions |
A3
|
B |
|
||||||
Cusip/Isin
|
78447EAC0
|
78447EAD8
|
||||||
Beginning Balance
|
$
|
233,221,424.42
|
$
|
36,800,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
0.80%
|
|
1.00%
|
|
||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
Accrual Period Begin
|
7/25/2024
|
7/25/2024
|
||||||
Accrual Period End
|
8/26/2024
|
8/26/2024
|
||||||
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
Interest Rate*
|
6.26162%
|
|
6.46162%
|
|
||||
Accrued Interest Factor
|
0.005565884
|
0.005743662
|
||||||
Current Interest Due
|
$
|
1,298,083.50
|
$
|
211,366.77
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,298,083.50
|
$
|
211,366.77
|
||||
Interest Paid
|
$
|
1,298,083.50
|
$
|
211,366.77
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
5,263,527.32
|
-
|
|||||
Ending Principal Balance
|
$
|
227,957,897.10
|
$
|
36,800,000.00
|
||||
Paydown Factor
|
0.009153961
|
0.000000000
|
||||||
Ending Balance Factor
|
0.396448517
|
1.000000000
|
Page 8 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VIII. |
2012-5 Reconciliations |
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
270,021,424.42
|
||
|
Adjusted Pool Balance
|
$
|
267,432,219.29
|
||
|
Overcollateralization Amount
|
$
|
2,674,322.19
|
||
|
Principal Distribution Amount
|
$
|
5,263,527.32
|
||
|
Principal Distribution Amount Paid
|
$
|
5,263,527.32
|
||
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,250,046.00
|
||
|
Reserve Funds Utilized
|
0.00
|
|||
|
Reserve Funds Reinstated
|
0.00
|
|||
|
Balance Available
|
$
|
1,250,046.00
|
||
|
Required Reserve Acct Balance
|
$
|
1,250,046.00
|
||
|
Release to Collection Account
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
1,250,046.00
|
||
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
|||
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
23,229.90
|
||
|
Deposits for the Period
|
$
|
11,065.75
|
||
|
Release to Collection Account
|
|
-
|
|
|
|
Ending Balance
|
$
|
34,295.65
|
||
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Supplemental Loan Purchases
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2012-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |