10/08/2024 | Press release | Distributed by Public on 10/08/2024 09:17
Page 1 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
03/15/2012
|
07/31/2024
|
08/31/2024
|
|||||||||
|
Principal Balance
|
$
|
790,250,485.92
|
$
|
159,321,566.52
|
$
|
157,796,738.08
|
||||||
|
Interest to be Capitalized Balance
|
19,607,366.14
|
1,879,015.72
|
1,836,700.93
|
|||||||||
|
Pool Balance
|
$
|
809,857,852.06
|
$
|
161,200,582.24
|
$
|
159,633,439.01
|
||||||
|
Capitalized Interest Account Balance
|
$
|
10,000,000.00
|
-
|
-
|
||||||||
|
Specified Reserve Account Balance
|
2,054,965.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool(1)
|
$
|
821,912,817.06
|
$
|
161,200,582.24
|
$
|
159,633,439.01
|
||||||
|
Weighted Average Coupon (WAC)
|
6.65%
|
|
6.91%
|
|
6.91%
|
|
||||||
|
Number of Loans
|
188,679
|
24,890
|
24,521
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
-
|
-
|
||||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
161,200,582.24 |
$
|
159,633,439.01
|
||||||||
|
Pool Factor
|
0.196111127
|
0.194204594
|
||||||||||
|
Since Issued Constant Prepayment Rate
|
(68.36)%
|
|
(69.09)%
|
|
(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 |
78446YAA1
|
$
|
134,185,574.96
|
$
|
132,633,439.01
|
|||||
B |
78446YAB9
|
$
|
25,000,000.00
|
$
|
25,000,000.00
|
C
|
Account Balances
|
08/26/2024
|
09/25/2024
|
||||||
|
Reserve Account Balance
|
$
|
821,986.00
|
$
|
821,986.00
|
||||
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
Floor Income Rebate Account
|
$
|
14,441.51
|
$
|
4,302.58
|
||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
08/26/2024
|
09/25/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
161,200,582.24
|
$
|
159,633,439.01
|
||||
|
Total Notes
|
$
|
159,185,574.96
|
$
|
157,633,439.01
|
||||
|
Difference
|
$
|
2,015,007.28
|
$
|
2,000,000.00
|
||||
|
Parity Ratio
|
1.01266
|
1.01269
|
Page 2 of 9
|
Trust 2012-2 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
|
287,776.97
|
||||
Guarantor Principal
|
1,041,943.40
|
||||
Consolidation Activity Principal
|
831,202.11
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
153.36
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
- | ||||
Total Principal Receipts
|
$
|
2,161,075.84
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
181,852.01
|
||||
Guarantor Interest
|
58,266.57
|
||||
Consolidation Activity Interest
|
21,139.18
|
||||
Special Allowance Payments
|
370,930.13
|
||||
Interest Subsidy Payments
|
112,659.57
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
414.99
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
12,627.98
|
||||
Total Interest Receipts
|
$
|
757,890.43
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D
|
Investment Income
|
$
|
22,208.18
|
||
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
|
$ |
14,441.51
|
||
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
|
$ |
(14,725.39)
|
|
||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(4,302.58)
|
|
||
M |
AVAILABLE FUNDS
|
$
|
2,936,587.99
|
||
N |
Non-Cash Principal Activity During Collection Period
|
$
|
(636,247.40)
|
|
|
O |
Non-Reimbursable Losses During Collection Period
|
$
|
14,939.70
|
||
P |
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
- |
||
Q |
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
III.
|
2012-2 Portfolio Characteristics
|
8/31/2024
|
7/31/2024
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans |
Principal |
% of
Principal
|
Wtd Avg
Coupon
|
# Loans |
Principal |
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.80%
|
|
17
|
$
|
86,977.00
|
0.055%
|
|
6.80%
|
|
17
|
$
|
86,977.00
|
0.055%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
3
|
$
|
29,000.00
|
0.018%
|
|
6.76%
|
|
6
|
$
|
36,369.00
|
0.023%
|
|
||||||||||||||||||
|
DEFERMENT
|
6.86%
|
|
1,404
|
$
|
9,036,919.28
|
5.727%
|
|
6.85%
|
|
1,487
|
$
|
9,442,948.67
|
5.927%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.91%
|
|
15,861
|
$
|
94,856,275.40
|
60.113%
|
|
6.91%
|
|
15,856
|
$
|
94,053,501.72
|
59.034%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.95%
|
|
694
|
$
|
5,157,938.16
|
3.269%
|
|
6.90%
|
|
900
|
$
|
6,774,761.61
|
4.252%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.87%
|
|
620
|
$
|
4,752,509.23
|
3.012%
|
|
6.89%
|
|
683
|
$
|
5,350,910.61
|
3.359%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.88%
|
|
484
|
$
|
3,811,136.15
|
2.415%
|
|
6.90%
|
|
426
|
$
|
3,181,964.44
|
1.997%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.86%
|
|
1,152
|
$
|
8,218,684.27
|
5.208%
|
|
6.85%
|
|
1,086
|
$
|
7,761,642.80
|
4.872%
|
|
||||||||||||||||||
|
FORBEARANCE
|
6.93%
|
|
3,598
|
$
|
27,840,882.04
|
17.644%
|
|
6.93%
|
|
3,994
|
$
|
29,948,117.29
|
18.797%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.95%
|
|
688
|
$
|
4,006,416.55
|
2.539%
|
|
6.93%
|
|
435
|
$
|
2,684,373.38
|
1.685%
|
|
||||||||||||||||||
TOTAL
|
24,521
|
$
|
157,796,738.08
|
100.00%
|
|
24,890
|
$
|
159,321,566.52
|
100.00%
|
|
Page 4 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
IV.
|
2012-2 Portfolio Characteristics (cont'd)
|
08/31/2024
|
07/31/2024
|
|||||||
Pool Balance
|
$
|
159,633,439.01
|
$
|
161,200,582.24
|
||||
Outstanding Borrower Accrued Interest
|
$
|
7,197,871.47
|
$
|
7,223,631.87
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
1,836,700.93
|
$
|
1,879,015.72
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
976,014.84
|
$
|
924,912.78
|
||||
Total # Loans
|
24,521
|
24,890
|
||||||
Total # Borrowers
|
11,688
|
11,877
|
||||||
Weighted Average Coupon
|
6.91%
|
|
6.91%
|
|
||||
Weighted Average Remaining Term
|
189.74
|
189.26
|
||||||
Non-Reimbursable Losses
|
$
|
14,939.70
|
$
|
21,682.65
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
4,607,216.70
|
$
|
4,592,277.00
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-69.09 %
|
|
-68.36 %
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
|
-
|
|||||
Cumulative Rejected Claim Repurchases
|
$
|
390,423.45
|
$
|
390,423.45
|
||||
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
|
$
|
651,049.56
|
$
|
570,672.71
|
||||
Borrower Interest Accrued
|
$
|
887,583.32
|
$
|
900,770.81
|
||||
Interest Subsidy Payments Accrued
|
$
|
35,446.15
|
$
|
36,545.98
|
||||
Special Allowance Payments Accrued
|
$
|
125,244.18
|
$
|
123,576.47
|
Page 5 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
V.
|
2012-2 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.82%
|
|
12,999
|
63,739,918.44
|
40.394% |
|
||||||||||
|
- GSL - Unsubsidized
|
6.84%
|
|
11,000
|
86,632,976.00
|
54.902% |
|
||||||||||
|
- PLUS (2) Loans
|
8.50%
|
|
522
|
7,423,843.64
|
4.705% |
|
||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000% |
|
||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000% |
|
||||||||||
Total
|
6.91%
|
|
24,521
|
$
|
157,796,738.08
|
100.000% |
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.91%
|
|
20,332
|
137,154,956.39
|
86.919% |
|
||||||||||
|
- Two Year
|
6.88%
|
|
3,579
|
17,614,055.81
|
11.162% |
|
||||||||||
|
- Technical
|
6.88%
|
|
582
|
2,923,369.35
|
1.853% |
|
||||||||||
|
- Other
|
7.12%
|
|
28
|
104,356.53
|
0.066% |
|
||||||||||
|
Total
|
6.91%
|
|
24,521
|
$
|
157,796,738.08
|
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 2012-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
VI.
|
2012-2 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
2,936,587.99
|
|||||||
A |
Trustee Fees |
|
- |
|
|
$ |
2,936,587.99
|
||
B |
Primary Servicing Fee
|
$
|
59,604.03
|
$
|
2,876,983.96
|
||||
C |
Administration Fee
|
$
|
6,667.00
|
$
|
2,870,316.96
|
||||
D |
Class A Noteholders' Interest Distribution Amount
|
$
|
689,190.53
|
$
|
2,181,126.43
|
||||
E |
Class B Noteholders' Interest Distribution Amount
|
$
|
133,610.83
|
$
|
2,047,515.60
|
||||
F |
Reserve Account Reinstatement
|
-
|
$
|
2,047,515.60
|
|||||
G |
Class A Noteholders' Principal Distribution Amount
|
$
|
1,552,135.95
|
$ |
495,379.65
|
||||
H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
495,379.65
|
|||||
I |
Unpaid Expenses of The Trustees
|
-
|
$ |
495,379.65
|
|||||
J |
Carryover Servicing Fee
|
-
|
$ |
495,379.65
|
|||||
K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
495,379.65
|
|||||
L |
Excess Distribution Certificateholder
|
$ |
495,379.65
|
-
|
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
157,796,738.08
|
||
B
|
Interest to be Capitalized
|
$
|
1,836,700.93
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
821,986.00
|
||
E |
Less: Specified Reserve Account Balance
|
$
|
(821,986.00)
|
|
|
F |
Total
|
$
|
159,633,439.01
|
||
G |
Class A Notes Outstanding (after application of available funds)
|
$
|
132,633,439.01
|
||
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 2012-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
VII.
|
2012-2 Distributions
|
A |
|
B |
|
|||||
Cusip/Isin
|
78446YAA1
|
78446YAB9
|
||||||
Beginning Balance
|
$
|
134,185,574.96
|
$
|
25,000,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
0.70%
|
|
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*
|
6.16332%
|
|
6.41332%
|
|
||||
Accrued Interest Factor
|
0.005136100
|
0.005344433
|
||||||
Current Interest Due
|
$
|
689,190.53
|
$
|
133,610.83
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
689,190.53
|
$
|
133,610.83
|
||||
Interest Paid
|
$
|
689,190.53
|
$
|
133,610.83
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
1,552,135.95
|
-
|
|||||
Ending Principal Balance
|
$
|
132,633,439.01
|
$
|
25,000,000.00
|
||||
Paydown Factor
|
0.001942598
|
0.000000000
|
||||||
Ending Balance Factor
|
0.165999298
|
1.000000000
|
Page 8 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
VIII.
|
2012-2 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
159,185,574.96
|
||
|
Adjusted Pool Balance
|
$
|
159,633,439.01
|
||
|
Overcollateralization Amount
|
$
|
2,000,000.00
|
||
|
Principal Distribution Amount
|
$
|
1,552,135.95
|
||
|
Principal Distribution Amount Paid
|
$
|
1,552,135.95
|
||
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
821,986.00
|
||
|
Reserve Funds Utilized
|
0.00
|
|||
|
Reserve Funds Reinstated
|
0.00
|
|||
|
Balance Available
|
$
|
821,986.00
|
||
|
Required Reserve Acct Balance
|
$
|
821,986.00
|
||
|
Release to Collection Account
|
|
-
|
||
|
Ending Reserve Account Balance
|
$
|
821,986.00
|
||
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
|||
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
14,441.51
|
||
|
Deposits for the Period
|
$
|
4,302.58
|
||
|
Release to Collection Account
|
$ |
(14,441.51)
|
|
|
|
Ending Balance
|
$
|
4,302.58
|
||
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Supplemental Loan Purchases
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|