SLM Student Loan Trust 2011-2
11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:33
Asset Backed Issuer Distribution Report Form 10 D
SLM Student Loan Trust 2011-2
Monthly Servicing Report
Distribution Date 10/25/2024
Collection Period 09/01/2024 - 09/30/2024
Navient Funding, LLC - Depositor
Navient Solutions - Master Servicer and Administrator
Deutsche Bank National Trust Company - Indenture Trustee
Deutsche Bank Trust Company Americas - Eligible Lender Trustee
Navient Funding - Excess Distribution Certificateholder
|
Page 1 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
05/26/2011 |
08/31/2024
|
09/30/2024
|
|||||||||
|
|
Principal Balance
|
$
|
752,435,249.40
|
$
|
128,042,703.73
|
$
|
127,056,710.22
|
||||||
|
|
Interest to be Capitalized Balance
|
8,054,313.32
|
887,934.60
|
823,497.18
|
|||||||||
|
|
Pool Balance
|
$
|
760,489,562.72
|
$
|
128,930,638.33
|
$
|
127,880,207.40
|
||||||
|
|
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
|
$
|
128,930,638.33
|
$
|
127,880,207.40
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.65%
|
|
5.84%
|
|
5.84%
|
|
||||||
|
|
Number of Loans
|
61,067
|
7,884
|
7,770
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
84,021.21
|
$
|
84,021.21
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
128,846,617.12
|
$
|
127,796,186.19
|
||||||||
|
|
Pool Factor
|
0.166707144
|
0.165348938
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
4.67%
|
|
4.61%
|
|
| (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
|
09/25/2024
|
10/25/2024
|
|||||||
|
A2
|
78446JAB2
|
$
|
72,930,638.33
|
$
|
72,017,037.11
|
||||||
| B |
78446JAC0
|
$
|
24,000,000.00
|
$
|
24,000,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Reserve Account Balance
|
$
|
1,160,094.00
|
$
|
1,160,094.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
2,247.45
|
$
|
4,794.51
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
128,930,638.33
|
$
|
127,880,207.40
|
||||
|
|
Total Notes
|
$
|
96,930,638.33
|
$
|
96,017,037.11
|
||||
|
|
Difference
|
$
|
32,000,000.00
|
$
|
31,863,170.29
|
||||
|
|
Parity Ratio
|
1.33013
|
1.33185
|
|
Page 2 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
II.
|
Trust Activity 09/01/2024 through 09/30/2024
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
640,576.61
|
||||
|
Guarantor Principal
|
622,662.92
|
||||
|
Consolidation Activity Principal
|
19,960.09
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
(55.16)
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,283,144.46
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
261,772.95
|
||||
|
Guarantor Interest
|
25,255.82
|
||||
|
Consolidation Activity Interest
|
238.72
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
3,068.21
|
||||
|
Total Interest Receipts
|
$
|
290,335.70
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
|
D
|
Investment Income
|
$
|
20,422.40
|
||
|
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
|
$
|
(115,470.56)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(2,547.06)
|
|
||
|
M |
AVAILABLE FUNDS
|
$
|
1,475,884.94
|
||
|
N |
Non-Cash Principal Activity During Collection Period
|
$
|
(297,150.95)
|
|
|
|
O |
Non-Reimbursable Losses During Collection Period
|
$
|
999.74
|
||
|
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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
III.
|
2011-2 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.93%
|
|
244
|
$
|
4,581,998.98
|
3.606%
|
|
5.98%
|
|
242
|
$
|
4,281,014.34
|
3.343%
|
|
||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.71%
|
|
6,425
|
$
|
92,943,678.32
|
73.151%
|
|
5.72%
|
|
6,512
|
$
|
93,301,658.43
|
72.868%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.29%
|
|
112
|
$
|
3,409,944.77
|
2.684%
|
|
6.03%
|
|
140
|
$
|
4,060,400.67
|
3.171%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
5.97%
|
|
78
|
$
|
2,311,329.56
|
1.819%
|
|
6.12%
|
|
92
|
$
|
2,306,684.24
|
1.801%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
5.66%
|
|
53
|
$
|
1,235,341.13
|
0.972%
|
|
6.57%
|
|
72
|
$
|
2,081,024.11
|
1.625%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.19%
|
|
164
|
$
|
4,862,094.08
|
3.827%
|
|
5.96%
|
|
151
|
$
|
3,736,652.99
|
2.918%
|
|
||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
|
FORBEARANCE
|
6.25%
|
|
638
|
$
|
16,245,520.38
|
12.786%
|
|
6.20%
|
|
627
|
$
|
16,955,657.48
|
13.242%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.81%
|
|
56
|
$
|
1,466,803.00
|
1.154%
|
|
6.46%
|
|
48
|
$
|
1,319,611.47
|
1.031%
|
|
||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
TOTAL
|
|
7,770
|
$
|
127,056,710.22
|
100.00%
|
|
7,884
|
$
|
128,042,703.73
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
IV.
|
2011-2 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
127,880,207.40
|
$
|
128,930,638.33
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
4,859,270.59
|
$
|
4,860,521.41
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
823,497.18
|
$
|
887,934.60
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
469,781.03
|
$
|
440,225.66
|
||||
|
Total # Loans
|
7,770
|
7,884
|
||||||
|
Total # Borrowers
|
4,315
|
4,385
|
||||||
|
Weighted Average Coupon
|
5.84%
|
|
5.84%
|
|
||||
|
Weighted Average Remaining Term
|
186.73
|
186.86
|
||||||
|
Non-Reimbursable Losses
|
$
|
999.74
|
$
|
6,254.91
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
2,948,023.08
|
$
|
2,947,023.34
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
4.61%
|
|
4.67%
|
|
||||
|
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
|
$
|
136,829.71
|
|
-
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
298,006.75
|
$
|
251,629.58
|
||||
|
Borrower Interest Accrued
|
$
|
583,840.58
|
$
|
608,879.88
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
15,079.42
|
$
|
15,860.60
|
||||
|
Special Allowance Payments Accrued
|
$
|
237,017.71
|
$
|
254,200.85
|
|
Page 5 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
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
|
5.84%
|
|
7,770
|
127,056,710.22
|
100.000%
|
|
||||||||||
|
Total
|
5.84%
|
|
7,770
|
$
|
127,056,710.22
|
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
|
5.84%
|
|
7,770
|
127,056,710.22
|
100.000%
|
|
||||||||||
|
|
Total
|
5.84%
|
|
7,770
|
$
|
127,056,710.22
|
100.000%
|
|
*Percentages may not total 100% due to rounding.
| (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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VI.
|
2011-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,475,884.94
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
1,475,884.94
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
28,934.40
|
$
|
1,446,950.54
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,440,283.54
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
400,790.32
|
$
|
1,039,493.22
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
125,892.00
|
$
|
913,601.22
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
913,601.22
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
913,601.22
|
|
-
|
||||
| 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
|
$
|
127,056,710.22
|
|||
|
B
|
Interest to be Capitalized
|
$
|
823,497.18
|
|||
|
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
|
$
|
127,880,207.40
|
|||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
72,017,037.11
|
|||
| 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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VII.
|
2011-2 Distributions
|
Distribution Amounts
|
A2
|
B | |||||||
|
Cusip/Isin
|
78446JAB2
|
78446JAC0
|
||||||
|
Beginning Balance
|
$
|
72,930,638.33
|
$
|
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
|
9/25/2024
|
9/25/2024
|
||||||
|
Accrual Period End
|
10/25/2024
|
10/25/2024
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
6.59460%
|
|
6.29460%
|
|
||||
|
Accrued Interest Factor
|
0.005495500
|
0.005245500
|
||||||
|
Current Interest Due
|
$
|
400,790.32
|
$
|
125,892.00
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
400,790.32 |
$
|
125,892.00
|
||||
|
Interest Paid
|
$
|
400,790.32 |
$
|
125,892.00
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$ |
913,601.22
|
-
|
|||||
|
Ending Principal Balance
|
$
|
72,017,037.11
|
$
|
24,000,000.00
|
||||
|
Paydown Factor
|
0.005220578
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.411525926
|
1.000000000
|
* Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://images.navient.com/investors/data/abrate.txt.
|
Page 8 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VIII.
|
2011-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
96,930,638.33
|
||
|
|
Adjusted Pool Balance
|
$
|
127,880,207.40
|
||
|
|
Overcollateralization Amount
|
$
|
32,000,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
1,050,430.93
|
||
|
|
Principal Distribution Amount Paid
|
$
|
913,601.22
|
||
|
|
|||||
|
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
|
$
|
2,247.45
|
||
|
|
Deposits for the Period
|
$
|
2,547.06
|
||
|
|
Release to Collection Account
|
|
-
|
|
|
|
|
Ending Balance
|
$
|
4,794.51
|
||
|
|
|||||
|
E
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|
Page 9 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
IX.
|
2011-2 Other Characteristics
|
Principal Balance of All Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
2,022,583.07
|
$
|
7,183,987.75
|
$
|
45,212,119.89
|
$
|
54,418,690.71
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
2,818,232.11
|
$
|
10,792,166.35
|
$
|
59,851,118.23
|
$
|
73,461,516.69
|
||||||||
|
Total
|
$
|
4,840,815.18
|
$
|
17,976,154.10
|
$
|
105,063,238.12
|
$
|
127,880,207.40
|
Weighted Average Remaining Term of All Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
204
|
212
|
165
|
173
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
246
|
241
|
187
|
197
|
||||||||||||
|
Total
|
228
|
229
|
178
|
187
|
Weighted Average Coupon of All Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
5.927%
|
|
6.152%
|
|
5.713%
|
|
5.779%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
5.932%
|
|
6.432%
|
|
5.784%
|
|
5.885%
|
|
||||||||
|
Total
|
5.930%
|
|
6.320%
|
|
5.753%
|
|
5.840%
|
|
Weighted Average SAP Margin of All SOFR Based Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.414%
|
|
2.346%
|
|
2.409%
|
|
2.401%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.366%
|
|
2.286%
|
|
2.382%
|
|
2.367%
|
|
||||||||
|
Total
|
2.386%
|
|
2.310%
|
|
2.393%
|
|
2.381%
|
|
Weighted Average SAP Margin of All T-Bill Based Loans
|
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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|