10/08/2024 | Press release | Distributed by Public on 10/08/2024 09:17
Page 1 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
03/03/2011
|
07/31/2024
|
08/31/2024
|
|||||||||
|
Principal Balance
|
$
|
752,091,553.60
|
$
|
116,571,674.12
|
$
|
114,178,394.18
|
||||||
|
Interest to be Capitalized Balance
|
7,178,868.62
|
832,919.83
|
788,336.27
|
|||||||||
|
Pool Balance
|
$
|
759,270,422.22
|
$
|
117,404,593.95
|
$
|
114,966,730.45
|
||||||
|
Capitalized Interest Account Balance
|
$
|
65,100,000.00
|
-
|
-
|
||||||||
|
Specified Reserve Account Balance
|
1,931,510.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool (1)
|
$
|
826,301,932.22
|
$
|
117,404,593.95
|
$
|
114,966,730.45
|
||||||
|
Weighted Average Coupon (WAC)
|
5.64%
|
|
5.97%
|
|
5.97%
|
|
||||||
|
Number of Loans
|
62,997
|
7,937
|
7,773
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
119,996.62
|
$
|
119,996.62
|
||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
117,284,597.33
|
$
|
114,846,733.83
|
||||||||
|
Pool Factor
|
0.151959612
|
0.148804226
|
||||||||||
|
Since Issued Constant Prepayment Rate
|
4.58%
|
|
4.60%
|
|
(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
|
||||||
A2
|
83149VAB5
|
$
|
60,764,289.88
|
$
|
58,270,730.45
|
|||||
B |
83149VAC3
|
$
|
24,370,000.00
|
$
|
24,370,000.00
|
C |
Account Balances |
08/26/2024 | 09/25/2024 | ||||||
Reserve Account Balance
|
$
|
1,158,906.00
|
$
|
1,158,906.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
7,716.50
|
$
|
2,309.81
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D |
Asset / Liability |
08/26/2024 | 09/25/2024 | ||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
117,404,593.95
|
$
|
114,966,730.45
|
|||||
Total Notes
|
$
|
85,134,289.88
|
$
|
82,640,730.45
|
|||||
Difference
|
$
|
32,270,304.07
|
$
|
32,326,000.00
|
|||||
Parity Ratio
|
1.37905
|
1.39116
|
Page 2 of 10
|
Trust 2011-1 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
|
840,460.23
|
||||
Guarantor Principal
|
693,280.68
|
||||
Consolidation Activity Principal
|
1,043,419.99
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
(52.11)
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
2,577,108.79
|
|||
B |
Student Loan Interest Receipts
|
||||
Borrower Interest
|
301,258.32
|
||||
Guarantor Interest
|
63,170.24
|
||||
Consolidation Activity Interest
|
30,992.22
|
||||
Special Allowance Payments
|
682,574.71
|
||||
Interest Subsidy Payments
|
40,143.89
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
0.00
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
5,600.95
|
||||
Total Interest Receipts
|
$
|
1,123,740.33
|
|||
C
|
Reserves in Excess of Requirement
|
-
|
|||
D |
Investment Income
|
$
|
21,186.40
|
||
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
|
$
|
7,716.50
|
||
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
|
$
|
(103,678.01)
|
|
||
Floor Income Rebate Fees to Dept. of Education
|
$
|
(7,988.11)
|
|
||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(2,309.81)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
3,615,776.09
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$ | (183,828.85) | ||
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
10,574.99
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
III.
|
2011-1 Portfolio Characteristics
|
08/31/2024
|
07/31/2024
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
DEFERMENT
|
6.20%
|
|
216
|
$
|
4,641,509.84
|
4.065%
|
|
6.08%
|
|
233
|
$
|
4,898,369.55
|
4.202%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
5.84%
|
|
6,532
|
$
|
83,561,499.96
|
73.185%
|
|
5.88%
|
|
6,669
|
$
|
87,449,901.86
|
75.018%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.48%
|
|
162
|
$
|
3,643,443.66
|
3.191%
|
|
6.46%
|
|
151
|
$
|
3,015,058.15
|
2.586%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.45%
|
|
106
|
$
|
2,464,907.53
|
2.159%
|
|
6.76%
|
|
75
|
$
|
1,763,190.33
|
1.513%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.79%
|
|
53
|
$
|
1,279,026.65
|
1.120%
|
|
5.75%
|
|
51
|
$
|
814,813.86
|
0.699%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.07%
|
|
158
|
$
|
2,979,735.72
|
2.610%
|
|
6.41%
|
|
151
|
$
|
3,151,320.68
|
2.703%
|
|
||||||||||||||||||
|
FORBEARANCE |
6.29%
|
|
517
|
$
|
15,122,436.44
|
13.245%
|
|
6.14%
|
|
567
|
$
|
14,640,168.38
|
12.559%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.30%
|
|
29
|
$
|
485,834.38
|
0.426%
|
|
6.53%
|
|
40
|
$
|
838,851.31
|
0.720%
|
|
||||||||||||||||||
TOTAL
|
7,773
|
$
|
114,178,394.18
|
100.00%
|
|
7,937
|
$
|
116,571,674.12
|
100.00%
|
|
Page 4 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
IV.
|
2011-1 Portfolio Characteristics (cont'd)
|
08/31/2024
|
07/31/2024
|
|||||||
Pool Balance
|
$
|
114,966,730.45
|
$
|
117,404,593.95
|
||||
Outstanding Borrower Accrued Interest
|
$
|
4,278,818.49
|
$
|
4,312,642.52
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
788,336.27
|
$
|
832,919.83
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
354,525.23
|
$
|
357,061.99
|
||||
Total # Loans
|
7,773
|
7,937
|
||||||
Total # Borrowers
|
4,447
|
4,545
|
||||||
Weighted Average Coupon
|
5.97%
|
|
5.97%
|
|
||||
Weighted Average Remaining Term
|
184.24
|
184.93
|
||||||
Non-Reimbursable Losses
|
$
|
10,574.99
|
$
|
5,428.21
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
2,436,678.27
|
$
|
2,426,103.28
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
4.60%
|
|
4.58%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
56,610.53
|
$
|
56,610.53
|
||||
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
Unpaid Administration Fees
|
-
|
-
|
||||||
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
Note Principal Shortfall
|
-
|
$ |
55,695.93
|
|||||
Note Interest Shortfall
|
-
|
-
|
||||||
Unpaid Interest Carryover
|
-
|
-
|
||||||
Non-Cash Principal Activity - Capitalized Interest
|
$
|
194,409.57
|
$
|
197,851.55
|
||||
Borrower Interest Accrued
|
$
|
557,157.91
|
$
|
569,887.72
|
||||
Interest Subsidy Payments Accrued
|
$
|
13,695.10
|
$
|
14,571.92
|
||||
Special Allowance Payments Accrued
|
$
|
214,283.08
|
$
|
217,428.46
|
Page 5 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
V.
|
2011-1 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
|
5.97%
|
|
7,773 |
$
|
114,178,394.18
|
100.000%
|
|
||||||||||
Total | 5.97% |
7,773
|
114,178,394.18
|
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
|
5.97%
|
|
7,773
|
114,178,394.18
|
100.000%
|
|
|||||||||||
Total
|
5.97%
|
|
7,773
|
$
|
114,178,394.18
|
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 2011-1 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
VI. |
2011-1 Waterfall for Distributions |
Paid |
Remaining
Funds Balance
|
|||||||||
Total Available Funds
|
$
|
3,615,776.09
|
||||||||
A
|
Trustee Fees |
|
-
|
$
|
3,615,776.09
|
|||||
B
|
Primary Servicing Fee
|
$
|
29,672.32
|
$
|
3,586,103.77
|
|||||
C |
Administration Fee
|
$
|
6,667.00
|
$
|
3,579,436.77
|
|||||
D |
Class A Noteholders' Interest Distribution Amount
|
$
|
334,878.08
|
$
|
3,244,558.69
|
|||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$ |
129,228.42
|
$
|
3,115,330.27
|
|||||
F
|
Reserve Account Reinstatement
|
|
-
|
$
|
3,115,330.27
|
|||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$ |
2,493,559.43
|
$
|
621,770.84
|
|||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
621,770.84
|
||||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
621,770.84
|
||||||
J
|
Carryover Servicing Fee
|
-
|
$
|
621,770.84
|
||||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
|
-
|
$ |
621,770.84
|
|||||
L |
To the Lender under the Loan Agreement in repayment of the unpaid principal amount of the L
|
$ |
621,770.84
|
- |
||||||
M |
Excess Distribution Certificateholder
|
- |
- |
Waterfall Triggers
|
||||||
A
|
Student Loan Principal Outstanding
|
$
|
114,178,394.18
|
|||
B
|
Interest to be Capitalized
|
$
|
788,336.27
|
|||
C
|
Capitalized Interest Account Balance
|
-
|
||||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,158,906.00
|
|||
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,158,906.00)
|
|||
F
|
Total
|
$
|
114,966,730.45
|
|||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
58,270,730.45
|
|||
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 2011-1 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
VII.
|
2011-1 Distributions
|
A2
|
B |
|
||||||
Cusip/Isin
|
83149VAB5
|
83149VAC3
|
||||||
Beginning Balance
|
$
|
60,764,289.88
|
$
|
24,370,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
1.15%
|
|
0.90%
|
|
||||
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*
|
6.61332%
|
|
6.36332%
|
|
||||
Accrued Interest Factor
|
0.005511100
|
0.005302767
|
||||||
Current Interest Due
|
$
|
334,878.08
|
$
|
129,228.42
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
334,878.08
|
$
|
129,228.42
|
||||
Interest Paid
|
$
|
334,878.08
|
$
|
129,228.42
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
2,493,559.43
|
-
|
|||||
Ending Principal Balance
|
$
|
58,270,730.45
|
$
|
24,370,000.00
|
||||
Paydown Factor
|
0.012467797
|
0.000000000
|
||||||
Ending Balance Factor
|
0.291353652
|
1.000000000
|
Page 8 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
VIII.
|
2011-1 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
85,134,289.88
|
||
|
Adjusted Pool Balance
|
$
|
114,966,730.45
|
||
|
Overcollateralization Amount
|
$
|
32,326,000.00
|
||
|
Principal Distribution Amount
|
$
|
2,493,559.43
|
||
|
Principal Distribution Amount Paid
|
$
|
2,493,559.43
|
||
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,158,906.00
|
||
|
Reserve Funds Utilized
|
0.00
|
|||
|
Reserve Funds Reinstated
|
0.00
|
|||
|
Balance Available
|
$
|
1,158,906.00
|
||
|
Required Reserve Acct Balance
|
$
|
1,158,906.00
|
||
|
Release to Collection Account
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
1,158,906.00
|
||
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
|||
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
7,716.50
|
||
|
Deposits for the Period
|
$
|
2,309.81
|
||
|
Release to Collection Account
|
$
|
(7,716.50)
|
|
|
|
Ending Balance
|
$
|
2,309.81
|
||
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Supplemental Loan Purchases
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
Page 9 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
IX.
|
2011-1 Other Characteristics
|
Principal Balance of All Loans
|
||||||||||||||||
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
$
|
1,662,138.33
|
$
|
5,191,792.07
|
$
|
39,856,659.91
|
$
|
46,710,590.31
|
||||||||
Unsubsidized Consolidation Loans
|
$
|
3,359,813.98
|
$
|
10,680,218.77
|
$
|
54,216,107.39
|
$
|
68,256,140.14
|
||||||||
Total
|
$
|
5,021,952.31
|
$
|
15,872,010.84
|
$
|
94,072,767.30
|
$
|
114,966,730.45
|
Weighted Average Remaining Term of All Loans
|
||||||||||||||||
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
187
|
227
|
157
|
166
|
||||||||||||
Unsubsidized Consolidation Loans
|
263
|
273
|
178
|
197
|
||||||||||||
Total
|
238
|
258
|
169
|
184
|
Weighted Average Coupon of All Loans
|
||||||||||||||||
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
5.711%
|
|
6.123%
|
|
5.779%
|
|
5.814%
|
|
||||||||
Unsubsidized Consolidation Loans
|
6.396%
|
|
6.387%
|
|
5.994%
|
|
6.075%
|
|
||||||||
Total
|
6.170%
|
|
6.301%
|
|
5.903%
|
|
5.969%
|
|
Weighted Average SAP Margin of All SOFR Based Loans
|
||||||||||||||||
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
Subsidized Consolidation Loans
|
2.367%
|
|
2.352%
|
|
2.406%
|
|
2.399%
|
|
||||||||
Unsubsidized Consolidation Loans
|
2.250%
|
|
2.300%
|
|
2.373%
|
|
2.356%
|
|
||||||||
Total
|
2.289%
|
|
2.317%
|
|
2.387%
|
|
2.373%
|
|
Weighted Average SAP Margin of All T-Bill Based Loans
|
||||||||
Repayment |
Grand Total
|
|||||||
Unsubsidized Consolidation Loans
|
3.100%
|
|
3.100%
|
|||||
Total
|
3.100%
|
|
3.100%
|
Page 10 of 10
|
Trust 2011-1 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |