10/08/2024 | Press release | Distributed by Public on 10/08/2024 09:17
Page 1 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
05/03/2012
|
07/31/2024
|
08/31/2024
|
|||||||||
|
Principal Balance |
$
|
1,207,071,961.47
|
$
|
229,214,950.78
|
$
|
226,148,943.71
|
||||||
|
Interest to be Capitalized Balance |
24,814,000.46
|
2,706,469.72
|
2,639,955.76
|
|||||||||
|
Pool Balance |
$
|
1,231,885,961.93
|
$
|
231,921,420.50
|
$
|
228,788,899.47
|
||||||
|
Capitalized Interest Account Balance |
$
|
11,000,000.00
|
-
|
-
|
||||||||
|
Specified Reserve Account Balance |
3,123,383.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool (1) |
$
|
1,246,009,344.93
|
$
|
231,921,420.50
|
$
|
228,788,899.47
|
||||||
|
Weighted Average Coupon (WAC) |
6.41%
|
|
6.99%
|
|
6.99%
|
|
||||||
|
Number of Loans |
294,137
|
37,309
|
36,671
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill |
$
|
8,933,671.59
|
$
|
8,857,151.52
|
||||||||
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
222,987,748.91
|
$
|
219,931,747.95
|
||||||||
|
Pool Factor |
0.185633219
|
0.183125904
|
||||||||||
|
Since Issued Constant Prepayment Rate |
(46.20)%
|
|
(46.53)%
|
|
(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
|
08/26/2024
|
09/25/2024
|
|||||||
A |
|
78447AAA2
|
$
|
191,997,206.29
|
$
|
188,896,010.48
|
|||||
B |
|
78447AAB0
|
$
|
37,605,000.00
|
$
|
37,605,000.00
|
C
|
Account Balances
|
08/26/2024
|
09/25/2024
|
||||||
|
Reserve Account Balance |
$
|
1,249,353.00
|
$
|
1,249,353.00
|
||||
|
Capitalized Interest Account Balance |
-
|
-
|
||||||
|
Floor Income Rebate Account |
$
|
26,162.68
|
$
|
7,940.57
|
||||
|
Supplemental Loan Purchase Account |
-
|
-
|
D
|
Asset / Liability
|
08/26/2024
|
09/25/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
231,921,420.50
|
$
|
228,788,899.47
|
||||
|
Total Notes |
$
|
229,602,206.29
|
$
|
226,501,010.48
|
||||
|
Difference |
$
|
2,319,214.21
|
$
|
2,287,888.99
|
||||
|
Parity Ratio |
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
II.
|
Trust Activity 08/01/2024 through 08/31/2024
|
A |
Student Loan Principal Receipts
|
||||
Borrower Principal
|
541,348.68
|
||||
Guarantor Principal
|
2,057,145.41
|
||||
Consolidation Activity Principal
|
1,305,237.48
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
7,284.17
|
||||
Total Principal Receipts
|
$
|
3,911,015.74
|
|||
B |
Student Loan Interest Receipts
|
||||
Borrower Interest
|
262,909.56
|
||||
Guarantor Interest
|
134,583.97
|
||||
Consolidation Activity Interest
|
53,608.74
|
||||
Special Allowance Payments
|
492,793.21
|
||||
Interest Subsidy Payments
|
170,205.65
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
0.00
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
18,768.51
|
||||
Total Interest Receipts
|
$
|
1,132,869.64
|
|||
C |
Reserves in Excess of Requirement
|
|
-
|
||
D |
Investment Income
|
$
|
35,934.95
|
||
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
|
$ |
26,162.68
|
||
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
|
$ |
(26,198.35)
|
|
||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(7,940.57)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
5,071,844.09
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(845,008.67)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
20,530.86
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
7,307.31
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
III.
|
2012-3 Portfolio Characteristics
|
08/31/2024
|
07/31/2024
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.83%
|
|
36
|
$
|
158,064.87
|
0.070%
|
|
6.83%
|
|
34
|
$
|
150,923.87
|
0.066%
|
|
||||||||||||||||||
|
GRACE |
7.00%
|
|
15
|
$
|
46,635.00
|
0.021%
|
|
6.95%
|
|
17
|
$
|
53,776.00
|
0.023%
|
|
||||||||||||||||||
|
DEFERMENT |
6.94%
|
|
2,261
|
$
|
13,592,145.57
|
6.010%
|
|
6.92%
|
|
2,344
|
$
|
13,922,356.65
|
6.074%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.97%
|
|
23,642
|
$
|
135,671,204.57
|
59.992%
|
|
6.97%
|
|
23,712
|
$
|
134,252,735.61
|
58.571%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT |
7.01%
|
|
1,096
|
$
|
7,273,083.52
|
3.216%
|
|
7.04%
|
|
1,337
|
$
|
10,117,742.63
|
4.414%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT |
7.04%
|
|
905
|
$
|
7,243,051.06
|
3.203%
|
|
6.97%
|
|
980
|
$
|
6,953,370.94
|
3.034%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT |
6.95%
|
|
703
|
$
|
4,725,200.24
|
2.089%
|
|
6.96%
|
|
650
|
$
|
4,541,508.20
|
1.981%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT |
6.98%
|
|
1,775
|
$
|
12,705,288.19
|
5.618%
|
|
6.99%
|
|
1,723
|
$
|
12,819,762.57
|
5.593%
|
|
||||||||||||||||||
|
FORBEARANCE |
7.04%
|
|
5,277
|
$
|
38,613,422.42
|
17.074%
|
|
7.04%
|
|
5,791
|
$
|
41,803,713.06
|
18.238%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS |
7.13%
|
|
961
|
$
|
6,120,848.27
|
2.707%
|
|
7.04%
|
|
721
|
$
|
4,599,061.25
|
2.006%
|
|
||||||||||||||||||
TOTAL
|
36,671
|
$
|
226,148,943.71
|
100.00%
|
|
37,309
|
$
|
229,214,950.78
|
100.00%
|
|
*
|
Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
IV.
|
2012-3 Portfolio Characteristics (cont'd)
|
08/31/2024
|
07/31/2024
|
|||||||
Pool Balance
|
$
|
228,788,899.47
|
$
|
231,921,420.50
|
||||
Outstanding Borrower Accrued Interest
|
$
|
10,017,030.84
|
$
|
10,045,555.01
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
2,639,955.76
|
$
|
2,706,469.72
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,475,627.63
|
$
|
1,457,431.94
|
||||
Total # Loans
|
36,671
|
37,309
|
||||||
Total # Borrowers
|
17,137
|
17,462
|
||||||
Weighted Average Coupon
|
6.99%
|
|
6.99%
|
|
||||
Weighted Average Remaining Term
|
185.36
|
185.14
|
||||||
Non-Reimbursable Losses
|
$
|
20,530.86
|
$
|
28,026.66
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
9,011,405.55
|
$
|
8,990,874.69
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-46.53%
|
|
-46.20%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
Cumulative Rejected Claim Repurchases
|
$
|
926,143.85
|
$
|
926,143.85
|
||||
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
|
$
|
865,070.57
|
$
|
907,566.12
|
||||
Borrower Interest Accrued
|
$
|
1,288,063.79
|
$
|
1,313,066.27
|
||||
Interest Subsidy Payments Accrued
|
$
|
51,824.62
|
$
|
53,794.62
|
||||
Special Allowance Payments Accrued
|
$
|
165,155.74
|
$
|
164,708.88
|
Page 5 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
V.
|
2012-3 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized |
6.90%
|
|
19,875
|
91,958,002.52
|
40.663%
|
|
||||||||||
|
- GSL - Unsubsidized |
6.88%
|
|
16,015
|
120,848,942.92
|
53.438%
|
|
||||||||||
|
- PLUS (2) Loans |
8.49%
|
|
781
|
13,341,998.27
|
5.900%
|
|
||||||||||
|
- SLS (3) Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
- Consolidation Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
Total |
6.99%
|
|
36,671
|
$
|
226,148,943.71
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year |
6.99%
|
|
29,894
|
194,163,273.20
|
85.856%
|
|
||||||||||
|
- Two Year |
6.95%
|
|
5,660
|
26,812,514.67
|
11.856%
|
|
||||||||||
|
- Technical |
7.04%
|
|
1,097
|
5,079,689.25
|
2.246%
|
|
||||||||||
|
- Other |
6.96%
|
|
20
|
93,466.59
|
0.041%
|
|
||||||||||
|
Total |
6.99%
|
|
36,671
|
$
|
226,148,943.71
|
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 2012-3 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
VI.
|
2012-3 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
5,071,844.09
|
|||||||
A |
Trustee Fees
|
-
|
$
|
5,071,844.09
|
|||||
B |
Primary Servicing Fee
|
$
|
88,671.12
|
$
|
4,983,172.97
|
||||
C |
Administration Fee
|
$
|
6,667.00
|
$
|
4,976,505.97
|
||||
D |
Class A Noteholders' Interest Distribution Amount
|
$
|
978,116.97
|
$
|
3,998,389.00
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
200,977.42
|
$
|
3,797,411.58
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
3,797,411.58
|
|||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
3,101,195.81
|
$
|
696,215.77
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
696,215.77
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
696,215.77
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
696,215.77
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
696,215.77
|
|||||
L
|
Excess Distribution Certificateholder
|
$
|
696,215.77
|
-
|
Waterfall Triggers | |||||
A |
Student Loan Principal Outstanding
|
$ |
226,148,943.71
|
||
B |
Interest to be Capitalized
|
$
|
2,639,955.76
|
||
C |
Capitalized Interest Account Balance
|
-
|
|||
D |
Reserve Account Balance (after any reinstatement)
|
$
|
1,249,353.00
|
||
E |
Less: Specified Reserve Account Balance
|
$
|
(1,249,353.00
|
) |
|
F |
Total
|
$
|
228,788,899.47
|
|
|
G |
Class A Notes Outstanding (after application of available funds)
|
$
|
188,896,010.48
|
||
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 2012-3 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
VII.
|
2012-3 Distributions
|
A
|
|
B |
|
|||||
Cusip/Isin
|
78447AAA2
|
78447AAB0
|
||||||
Beginning Balance
|
$
|
191,997,206.29
|
$
|
37,605,000.00
|
||||
Index
|
SOFR |
SOFR |
||||||
Spread/Fixed Rate
|
0.65%
|
|
0.95%
|
|
||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY |
1 NEW YORK BUSINESS DAY |
||||||
Accrual Period Begin
|
8/26/2024 |
8/26/2024 |
||||||
Accrual Period End
|
9/25/2024 |
9/25/2024 |
||||||
Daycount Fraction
|
0.08333333 |
0.08333333 |
||||||
Interest Rate*
|
6.11332% |
|
6.41332% |
|
||||
Accrued Interest Factor
|
0.005094433 |
0.005344433 |
||||||
Current Interest Due
|
$
|
978,116.97 |
$
|
200,977.42 |
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
978,116.97 |
$
|
200,977.42 |
||||
Interest Paid
|
$
|
978,116.97 |
$
|
200,977.42 |
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
3,101,195.81 |
-
|
|||||
Ending Principal Balance
|
$
|
188,896,010.48 |
$
|
37,605,000.00 |
||||
Paydown Factor
|
0.002553475
|
0.000000000 | ||||||
Ending Balance Factor
|
0.155533973 |
1.000000000 |
Page 8 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
VIII.
|
2012-3 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
|||
|
Notes Outstanding Principal Balance |
$
|
229,602,206.29
|
|
|
Adjusted Pool Balance |
$
|
228,788,899.47
|
|
|
Overcollateralization Amount |
$
|
2,287,888.99
|
|
|
Principal Distribution Amount |
$
|
3,101,195.81
|
|
|
Principal Distribution Amount Paid |
$
|
3,101,195.81
|
|
B
|
Reserve Account Reconciliation
|
|||
|
Beginning Period Balance |
$
|
1,249,353.00
|
|
|
Reserve Funds Utilized |
0.00
|
||
|
Reserve Funds Reinstated |
0.00
|
||
|
Balance Available |
$
|
1,249,353.00
|
|
|
Required Reserve Acct Balance |
$
|
1,249,353.00
|
|
|
Release to Collection Account |
|
-
|
|
|
Ending Reserve Account Balance |
$
|
1,249,353.00
|
|
C
|
Capitalized Interest Account
|
|||
|
Beginning Period Balance |
-
|
||
|
Transfers to Collection Account |
-
|
||
|
Ending Balance |
-
|
||
D
|
Floor Income Rebate Account
|
|||
|
Beginning Period Balance |
$
|
26,162.68 | |
|
Deposits for the Period |
$
|
7,940.57
|
|
|
Release to Collection Account | $ |
(26,162.68)
|
|
|
Ending Balance |
$
|
7,940.57
|
|
E
|
Supplemental Purchase Account
|
|||
|
Beginning Period Balance |
-
|
||
|
Supplemental Loan Purchases |
-
|
||
|
Transfers to Collection Account |
-
|
||
|
Ending Balance |
-
|
Page 9 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |