09/06/2024 | Press release | Distributed by Public on 09/06/2024 10:00
Page 1 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
11/08/2012
|
06/30/2024
|
07/31/2024
|
||||||||
Principal Balance
|
$
|
1,189,615,212.08
|
$
|
265,695,816.25
|
$
|
260,166,385.24
|
||||||
Interest to be Capitalized Balance
|
29,184,856.28
|
3,396,455.37
|
3,346,823.51
|
|||||||||
Pool Balance
|
$
|
1,218,800,068.36
|
$
|
269,092,271.62
|
$
|
263,513,208.75
|
||||||
Capitalized Interest Account Balance
|
$
|
10,000,000.00
|
-
|
-
|
||||||||
Specified Reserve Account Balance
|
3,121,961.00
|
- N/A -
|
- N/A -
|
|||||||||
Adjusted Pool (1)
|
$
|
1,231,922,029.36
|
$
|
269,092,271.62
|
$
|
263,513,208.75
|
||||||
Weighted Average Coupon (WAC)
|
6.76%
|
|
6.94%
|
|
6.94%
|
|
||||||
Number of Loans
|
283,078
|
41,088
|
40,194
|
|||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
396,838.53
|
$
|
391,053.95
|
||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
|
|
|
|
$
|
268,695,433.09 |
|
|
$ |
263,122,154.80 |
|
|
Pool Factor
|
|
|
|
|
|
0.215483360 |
|
|
|
0.211015765 |
|
Since Issued Constant Prepayment Rate
|
(42.57)%
|
|
(45.14)%
|
|
(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
|
07/25/2024
|
08/26/2024
|
||||||
A3
|
78447KAC6
|
$
|
228,901,348.90
|
$
|
223,378,076.66
|
|||||
B |
78447KAD4
|
$
|
37,500,000.00
|
$
|
37,500,000.00
|
C
|
Account Balances
|
07/25/2024
|
08/26/2024
|
||||||
Reserve Account Balance
|
$
|
1,248,784.00
|
$
|
1,248,784.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
26,029.20
|
$
|
38,444.56
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
07/25/2024
|
08/26/2024
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
269,092,271.62
|
$
|
263,513,208.75
|
|||||
Total Notes
|
$
|
266,401,348.90
|
$
|
260,878,076.66
|
|||||
Difference
|
$
|
2,690,922.72
|
$
|
2,635,132.09
|
|||||
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
II.
|
Trust Activity 07/01/2024 through 07/31/2024
|
A
|
Student Loan Principal Receipts
|
|
|||
Borrower Principal
|
536,760.12
|
||||
Guarantor Principal
|
1,437,441.69
|
||||
Consolidation Activity Principal
|
4,401,826.77
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
12,479.59
|
||||
Total Principal Receipts
|
$
|
6,388,508.17
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
308,813.63
|
||||
Guarantor Interest
|
152,104.65
|
||||
Consolidation Activity Interest
|
184,416.40
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
(49.06)
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
43,935.28
|
||||
Total Interest Receipts
|
$
|
689,220.90
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D |
Investment Income
|
$
|
49,095.47
|
||
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
|
$
|
(12,415.36)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
7,114,409.18
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(859,077.16)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
22,879.93
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
13,496.22
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
III.
|
2012-7 Portfolio Characteristics
|
07/31/2024
|
06/30/2024
|
||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.82%
|
|
67
|
$
|
332,949.84
|
0.128%
|
|
6.83%
|
|
67
|
$
|
332,949.84
|
0.125%
|
|
||||||||||||
|
GRACE
|
6.80%
|
|
6
|
$
|
34,796.52
|
0.013%
|
|
6.80%
|
|
6
|
$
|
34,796.52
|
0.013%
|
|
||||||||||||
|
DEFERMENT
|
6.83%
|
|
2,472
|
$
|
15,418,370.66
|
5.926%
|
|
6.85%
|
|
2,483
|
$
|
15,412,978.65
|
5.801%
|
|
||||||||||||
REPAYMENT:
|
CURRENT
|
6.94%
|
|
25,424
|
$
|
152,729,711.25
|
58.705%
|
|
6.94%
|
|
26,316
|
$
|
158,626,163.89
|
59.702%
|
|
||||||||||||
|
31-60 DAYS DELINQUENT
|
6.94%
|
|
1,522
|
$
|
11,452,163.82
|
4.402%
|
|
6.91%
|
|
1,480
|
$
|
10,838,399.12
|
4.079%
|
|
||||||||||||
|
61-90 DAYS DELINQUENT
|
6.90%
|
|
1,008
|
$
|
7,815,043.62
|
3.004%
|
|
6.98%
|
|
918
|
$
|
6,921,332.82
|
2.605%
|
|
||||||||||||
|
91-120 DAYS DELINQUENT
|
7.00%
|
|
632
|
$
|
4,707,635.05
|
1.809%
|
|
6.97%
|
|
801
|
$
|
6,303,045.63
|
2.372%
|
|
||||||||||||
|
> 120 DAYS DELINQUENT
|
6.95%
|
|
1,896
|
$
|
14,146,050.33
|
5.437%
|
|
6.94%
|
|
1,736
|
$
|
12,664,065.55
|
4.766%
|
|
||||||||||||
|
FORBEARANCE
|
6.96%
|
|
6,445
|
$
|
48,621,353.69
|
18.689%
|
|
6.99%
|
|
6,944
|
$
|
52,199,321.47
|
19.646%
|
|
||||||||||||
|
CLAIMS IN PROCESS
|
7.06%
|
|
722
|
$
|
4,908,310.46
|
1.887%
|
|
6.96%
|
|
337
|
$
|
2,362,762.76
|
0.889%
|
|
||||||||||||
TOTAL
|
40,194
|
$
|
260,166,385.24
|
100.00%
|
|
41,088
|
$
|
265,695,816.25
|
100.00%
|
|
*
|
Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
IV.
|
2012-7 Portfolio Characteristics (cont'd)
|
|
07/31/2024
|
06/30/2024
|
||||||
Pool Balance
|
$
|
263,513,208.75
|
$
|
269,092,271.62
|
||||
Outstanding Borrower Accrued Interest
|
$
|
11,910,529.74
|
$
|
11,959,822.00
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
3,346,823.51
|
$
|
3,396,455.37
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,505,339.10
|
$
|
1,375,773.20
|
||||
Total # Loans
|
40,194
|
41,088
|
||||||
Total # Borrowers
|
18,298
|
18,701
|
||||||
Weighted Average Coupon
|
6.94%
|
|
6.94%
|
|
||||
Weighted Average Remaining Term
|
187.75
|
187.17
|
||||||
Non-Reimbursable Losses
|
$
|
22,879.93
|
$
|
27,221.24
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
7,056,645.47
|
$
|
7,033,765.54
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-45.14%
|
|
-42.57%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
Cumulative Rejected Claim Repurchases
|
$
|
364,278.81
|
$
|
364,278.81
|
||||
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
|
$
|
882,936.36
|
$
|
977,117.94
|
||||
Borrower Interest Accrued
|
$
|
1,482,473.43
|
$
|
1,459,625.97
|
||||
Interest Subsidy Payments Accrued
|
$
|
55,721.00
|
$
|
54,055.91
|
||||
Special Allowance Payments Accrued
|
$
|
197,429.35
|
$
|
198,607.64
|
Page 5 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
V.
|
2012-7 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|||||||||||
- GSL (1) - Subsidized
|
6.81%
|
21,358
|
99,926,831.01
|
38.409%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.83%
|
17,860
|
141,719,870.24
|
54.473%
|
|
|||||||||||
- PLUS (2) Loans
|
8.50%
|
974
|
18,507,736.28
|
7.114%
|
|
|||||||||||
- SLS (3) Loans
|
8.26%
|
2
|
11,947.71
|
0.005%
|
|
|||||||||||
- Consolidation Loans
|
0.00%
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
6.94%
|
40,194
|
$
|
260,166,385.24
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|||||||||||
- Four Year
|
6.95%
|
33,566
|
227,644,960.80
|
87.500%
|
|
|||||||||||
- Two Year
|
6.88%
|
5,542
|
27,331,630.63
|
10.505%
|
|
|||||||||||
- Technical
|
6.97%
|
1,061
|
5,029,832.38
|
1.933%
|
|
|||||||||||
- Other
|
6.86%
|
25
|
159,961.43
|
0.061%
|
|
|||||||||||
Total
|
6.94%
|
40,194
|
$
|
260,166,385.24
|
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 2012-7 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VI.
|
2012-7 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
|||||||
Total Available Funds
|
$
|
7,114,409.18
|
||||||
A
|
Trustee Fees |
|
|
- |
|
$ | 7,114,409.18 |
|
B
|
Primary Servicing Fee
|
$
|
91,590.51 |
$
|
7,022,818.67
|
|||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
7,016,151.67
|
|||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,243,518.28
|
$
|
5,772,633.39
|
|||
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
242,054.00
|
$
|
5,530,579.39
|
|||
F
|
Reserve Account Reinstatement
|
-
|
$
|
5,530,579.39
|
||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
5,523,272.24 |
$ |
7,307.15
|
|||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
7,307.15
|
||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$ |
7,307.15
|
||||
J
|
Carryover Servicing Fee
|
-
|
$ |
7,307.15
|
||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
7,307.15
|
||||
L |
Excess Distribution Certificateholder
|
$ | 7,307.15 |
-
|
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
260,166,385.24
|
||
B
|
Interest to be Capitalized
|
$
|
3,346,823.51
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,248,784.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,248,784.00)
|
|
|
F
|
Total
|
$
|
263,513,208.75
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
223,378,076.66
|
||
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 2012-7 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VII.
|
2012-7 Distributions
|
A3
|
B |
|
||||||
Cusip/Isin
|
78447KAC6
|
78447KAD4
|
||||||
Beginning Balance
|
$
|
228,901,348.90
|
$
|
37,500,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
0.65%
|
|
1.80%
|
|
||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
Accrual Period Begin
|
7/25/2024
|
7/25/2024
|
||||||
Accrual Period End
|
8/26/2024
|
8/26/2024
|
||||||
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
Interest Rate*
|
6.11162%
|
|
7.26162%
|
|
||||
Accrued Interest Factor
|
0.005432551
|
0.006454773
|
||||||
Current Interest Due
|
$
|
1,243,518.28
|
$
|
242,054.00
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,243,518.28
|
$
|
242,054.00
|
||||
Interest Paid
|
$
|
1,243,518.28
|
$
|
242,054.00
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
5,523,272.24
|
-
|
|||||
Ending Principal Balance
|
$
|
223,378,076.66
|
$
|
37,500,000.00
|
||||
Paydown Factor
|
0.009605691
|
0.000000000
|
||||||
Ending Balance Factor
|
0.388483612
|
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 2012-7 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VIII.
|
2012-7 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
|
|||
Notes Outstanding Principal Balance
|
$
|
266,401,348.90
|
|||
Adjusted Pool Balance
|
$
|
263,513,208.75
|
|||
Overcollateralization Amount
|
$
|
2,635,132.09
|
|||
Principal Distribution Amount
|
$
|
5,523,272.24
|
|||
Principal Distribution Amount Paid
|
$
|
5,523,272.24
|
|||
B |
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
1,248,784.00
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
1,248,784.00
|
|||
Required Reserve Acct Balance
|
$
|
1,248,784.00
|
|||
Release to Collection Account
|
|
-
|
|||
Ending Reserve Account Balance
|
$
|
1,248,784.00
|
|||
C |
Capitalized Interest Account
|
||||
Beginning Period Balance
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
||||
D |
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
26,029.20
|
|||
Deposits for the Period
|
$
|
12,415.36
|
|||
Release to Collection Account
|
|
-
|
|
||
Ending Balance
|
$
|
38,444.56
|
|||
E |
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|