SLM Student Loan Trust 2012-1
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 2012-1
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 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
01/19/2012
|
08/31/2024
|
09/30/2024
|
|||||||||
|
|
Principal Balance
|
$
|
729,487,882.66
|
$
|
137,160,804.55
|
$
|
135,943,165.44
|
||||||
|
|
Interest to be Capitalized Balance
|
17,615,101.99
|
1,872,741.73
|
1,783,083.98
|
|||||||||
|
|
Pool Balance
|
$
|
747,102,984.65
|
$
|
139,033,546.28
|
$
|
137,726,249.42
|
||||||
|
|
Capitalized Interest Account Balance
|
$
|
5,000,000.00
|
-
|
-
|
||||||||
|
|
Specified Reserve Account Balance
|
1,911,821.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
754,014,805.65
|
$
|
139,033,546.28
|
$
|
137,726,249.42
|
||||||
|
|
Weighted Average Coupon (WAC)
|
6.64%
|
|
6.94%
|
|
6.93%
|
|
||||||
|
|
Number of Loans
|
174,879
|
21,758
|
21,479
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
147,459.04
|
$
|
144,447.34
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
138,886,087.24
|
$
|
137,581,802.08
|
||||||||
|
|
Pool Factor
|
0.181807757
|
0.180098265
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
(93.90)%
|
|
(96.62)% |
|
| (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
|
||||||
|
|
A3
|
78446WAC1
|
$
|
113,893,546.28
|
$
|
112,643,020.98
|
||||
|
|
B
|
78446WAD9
|
$
|
23,140,000.00
|
$
|
23,140,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Reserve Account Balance
|
$
|
764,728.00
|
$
|
764,728.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
3,955.72
|
$
|
8,309.38
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
139,033,546.28
|
$
|
137,726,249.42
|
||||
|
|
Total Notes
|
$
|
137,033,546.28
|
$
|
135,783,020.98
|
||||
|
|
Difference
|
$
|
2,000,000.00
|
$
|
1,943,228.44
|
||||
|
|
Parity Ratio
|
1.01459
|
1.01431
|
|
Page 2 of 9
|
Trust 2012-1 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
|
293,429.82
|
||||
|
Guarantor Principal
|
1,365,973.34
|
||||
|
Consolidation Activity Principal
|
45,404.44
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
4,551.04
|
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,709,358.64
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
173,292.62
|
||||
|
Guarantor Interest
|
122,896.95
|
||||
|
Consolidation Activity Interest
|
1,292.71
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
4,045.21
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
7,863.66
|
||||
|
Total Interest Receipts
|
$
|
309,391.15
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
14,064.31
|
||
|
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
|
$
|
(4,353.66)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,028,460.44
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(491,719.53)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
17,224.60
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
III.
|
2012-1 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||||
|
|
|
Wtd Avg Coupon
|
# Loans |
Principal |
% of Principal
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.80%
|
|
21
|
$
|
136,295.16
|
0.100%
|
|
6.80%
|
|
17
|
$
|
95,795.16
|
0.070%
|
|
||||||||||||||||||
|
GRACE
|
0.00%
|
|
0
|
|
-
|
0.000%
|
|
6.80%
|
|
4
|
$
|
40,500.00
|
0.030%
|
|
|||||||||||||||||||
|
DEFERMENT
|
6.83%
|
|
1,402
|
$
|
8,639,760.19
|
6.355%
|
|
6.84%
|
|
1,393
|
$
|
8,317,909.33
|
6.064%
|
|
|||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.93%
|
|
13,637
|
$
|
80,397,783.61
|
59.141%
|
|
6.93%
|
|
13,762
|
$
|
80,611,843.54
|
58.772%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
7.03%
|
|
658
|
$
|
5,307,755.86
|
3.904%
|
|
6.92%
|
|
628
|
$
|
4,493,243.87
|
3.276%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.91%
|
|
428
|
$
|
3,261,675.13
|
2.399%
|
|
6.93%
|
|
516
|
$
|
3,684,610.38
|
2.686%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.96%
|
|
346
|
$
|
2,527,867.02
|
1.860%
|
|
6.93%
|
|
389
|
$
|
2,890,664.93
|
2.108%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.89%
|
|
1,000
|
$
|
7,255,193.12
|
5.337%
|
|
6.89%
|
|
947
|
$
|
7,021,176.21
|
5.119%
|
|
|||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
|
FORBEARANCE
|
6.95%
|
|
3,113
|
$
|
23,262,769.04
|
17.112%
|
|
6.98%
|
|
3,390
|
$
|
25,400,459.63
|
18.519%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
7.05%
|
|
874
|
$
|
5,154,066.31
|
3.791%
|
|
7.17%
|
|
712
|
$
|
4,604,601.50
|
3.357%
|
|
||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
TOTAL
|
21,479
|
$
|
135,943,165.44
|
100.00%
|
|
21,758
|
$
|
137,160,804.55
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
IV.
|
2012-1 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
137,726,249.42
|
$
|
139,033,546.28
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
6,240,023.94
|
$
|
6,309,920.10
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
1,783,083.98
|
$
|
1,872,741.73
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
895,091.33
|
$
|
939,087.68
|
||||
|
Total # Loans
|
21,479
|
21,758
|
||||||
|
Total # Borrowers
|
9,167
|
9,316
|
||||||
|
Weighted Average Coupon
|
6.93%
|
|
6.94%
|
|
||||
|
Weighted Average Remaining Term
|
184.14
|
183.65
|
||||||
|
Non-Reimbursable Losses
|
$
|
17,224.60
|
$
|
17,151.91
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,481,711.47
|
$
|
4,464,486.87
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-96.62%
|
|
-93.90%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
385,108.47
|
$
|
385,108.47
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$ |
56,771.56
|
|
-
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
508,687.01
|
$
|
476,219.49
|
||||
|
Borrower Interest Accrued
|
$
|
743,341.35
|
$
|
774,606.05
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
30,704.47
|
$
|
31,608.71
|
||||
|
Special Allowance Payments Accrued
|
$
|
103,019.56
|
$
|
114,437.73
|
|
Page 5 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
V.
|
2012-1 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- GSL (1) - Subsidized
|
6.83%
|
|
11,525
|
53,883,600.81
|
39.637%
|
|
||||||||||
|
|
- GSL - Unsubsidized
|
6.84%
|
|
9,453
|
73,890,403.01
|
54.354%
|
|
||||||||||
|
|
- PLUS (2) Loans
|
8.49%
|
|
501
|
8,169,161.62
|
6.009%
|
|
||||||||||
|
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
Total
|
6.93%
|
|
21,479
|
$
|
135,943,165.44
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- Four Year
|
6.94%
|
|
17,792
|
117,846,555.62
|
86.688%
|
|
||||||||||
|
|
- Two Year
|
6.91%
|
|
3,204
|
15,552,905.88
|
11.441%
|
|
||||||||||
|
|
- Technical
|
6.90%
|
|
481
|
2,542,317.85
|
1.870%
|
|
||||||||||
|
|
- Other
|
6.80%
|
|
2
|
1,386.09
|
0.001%
|
|
||||||||||
|
|
Total
|
6.93%
|
|
21,479
|
$
|
135,943,165.44
|
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 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VI.
|
2012-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,028,460.44
|
|||||||
|
A |
Trustee Fees |
- |
$ |
2,028,460.44
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
46,748.94
|
$
|
1,981,711.50
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,975,044.50
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
602,174.16
|
$
|
1,372,870.34
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
122,345.04
|
$
|
1,250,525.30
|
||||
|
F
|
Reserve Account Reinstatement
|
|
-
|
$
|
1,250,525.30
|
||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,250,525.30
|
|
-
|
||||
|
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
|
Excess Distribution Certificateholder
|
|
-
|
|
-
|
|
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
135,943,165.44
|
||
|
B
|
Interest to be Capitalized
|
$
|
1,783,083.98
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
764,728.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(764,728.00)
|
|
|
|
F
|
Total
|
$
|
137,726,249.42
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
112,643,020.98
|
||
|
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 2012-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VII.
|
2012-1 Distributions
|
Distribution Amounts
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78446WAC1
|
78446WAD9
|
||||||
|
Beginning Balance
|
$
|
113,893,546.28
|
$
|
23,140,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.95%
|
|
0.95%
|
|
||||
|
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*
|
6.34460%
|
|
6.34460%
|
|
||||
|
Accrued Interest Factor
|
0.005287167
|
0.005287167
|
||||||
|
Current Interest Due
|
$
|
602,174.16
|
$
|
122,345.04
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
602,174.16
|
$
|
122,345.04
|
||||
|
Interest Paid
|
$
|
602,174.16
|
$
|
122,345.04
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,250,525.30
|
-
|
|||||
|
Ending Principal Balance
|
$
|
112,643,020.98
|
$
|
23,140,000.00
|
||||
|
Paydown Factor
|
0.003609020
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.325088084
|
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 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VIII.
|
2012-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
137,033,546.28
|
||
|
|
Adjusted Pool Balance
|
$
|
137,726,249.42
|
||
|
|
Overcollateralization Amount
|
$
|
2,000,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
1,307,296.86
|
||
|
|
Principal Distribution Amount Paid
|
$
|
1,250,525.30
|
||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
764,728.00
|
||
|
|
Reserve Funds Utilized
|
0.00
|
|||
|
|
Reserve Funds Reinstated
|
0.00
|
|||
|
|
Balance Available
|
$
|
764,728.00
|
||
|
|
Required Reserve Acct Balance
|
$
|
764,728.00
|
||
|
|
Release to Collection Account
|
|
-
|
||
|
|
Ending Reserve Account Balance
|
$
|
764,728.00
|
||
|
C
|
Capitalized Interest Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
|
|||||
|
D
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
3,955.72
|
||
|
|
Deposits for the Period
|
$
|
4,353.66
|
||
|
|
Release to Collection Account
|
|
-
|
|
|
|
|
Ending Balance
|
$
|
8,309.38
|
||
|
|
|||||
|
E
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2012-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|