|
Page 1 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
11/08/2012
|
11/30/2022
|
12/31/2022
|
|||||||||
|
|
Principal Balance
|
$
|
1,189,615,212.08
|
$
|
358,149,306.61
|
$
|
350,705,175.72
|
||||||
|
|
Interest to be Capitalized Balance
|
29,184,856.28
|
4,692,719.68
|
4,814,940.05
|
|||||||||
|
|
Pool Balance
|
$
|
1,218,800,068.36
|
$
|
362,842,026.29
|
$
|
355,520,115.77
|
||||||
|
|
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
|
$
|
362,842,026.29
|
$
|
355,520,115.77
|
|||||||
|
|
Weighted Average Coupon (WAC)
|
6.76%
|
|
6.77%
|
|
6.77%
|
|
||||||
|
Number of Loans
|
283,078
|
59,618
|
58,125
|
||||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
523,630.04
|
$
|
521,732.55
|
||||||||
|
|
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
362,318,396.25
|
$
|
354,998,383.22
|
||||||||
|
Pool Factor
|
0.290556166
|
0.284692936
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(17.22)%
|
|
(17.88)%
|
|
|||||||||
| (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
|
12/27/2022
|
01/25/2023
|
||||||
|
A3
|
78447KAC6
|
$
|
321,713,606.03
|
$
|
314,464,914.61
|
|||||
| B |
78447KAD4
|
$
|
37,500,000.00
|
$
|
37,500,000.00
|
|||||
|
C
|
Account Balances
|
12/27/2022
|
01/25/2023
|
||||||
|
Reserve Account Balance
|
$
|
1,248,784.00
|
$
|
1,248,784.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
247,900.03
|
$
|
388,698.87
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
12/27/2022
|
01/25/2023
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
362,842,026.29
|
$
|
355,520,115.77
|
|||||
|
Total Notes
|
$
|
359,213,606.03
|
$
|
351,964,914.61
|
|||||
|
Difference
|
$
|
3,628,420.26
|
$
|
3,555,201.16
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
|
II.
|
Trust Activity 12/01/2022 through 12/31/2022
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
855,835.45
|
||||
|
Guarantor Principal
|
2,142,862.64
|
||||
|
Consolidation Activity Principal
|
5,929,484.11
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
817.10
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
8,928,999.30
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
417,104.10
|
||||
|
Guarantor Interest
|
112,504.22
|
||||
|
Consolidation Activity Interest
|
214,830.09
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
681.97
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
52,659.85
|
||||
|
Total Interest Receipts
|
$
|
797,780.23
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
46,019.08
|
||
|
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
|
$
|
(140,798.84)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
9,631,999.77
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,484,868.41)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
55,344.67
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
|
III.
|
2012-7 Portfolio Characteristics
|
|
12/31/2022
|
11/30/2022
|
||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.48%
|
|
82
|
$
|
371,953.35
|
0.106%
|
|
6.50%
|
|
88
|
$
|
402,023.35
|
0.112%
|
|
||||||||||||
|
GRACE
|
6.80%
|
|
7
|
$
|
48,570.00
|
0.014%
|
|
0.00%
|
|
0
|
$
|
-
|
0.000%
|
|
|||||||||||||
|
DEFERMENT
|
6.69%
|
|
3,452
|
$
|
19,639,817.17
|
5.600%
|
|
6.71%
|
|
3,752
|
$
|
20,933,299.74
|
5.845%
|
|
|||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.76%
|
|
34,201
|
$
|
191,671,385.22
|
54.653%
|
|
6.76%
|
|
35,073
|
$
|
193,859,735.74
|
54.128%
|
|
||||||||||||
|
31-60 DAYS DELINQUENT
|
6.79%
|
|
1,825
|
$
|
11,662,391.70
|
3.325%
|
|
6.79%
|
|
2,050
|
$
|
14,483,227.05
|
4.044%
|
|
|||||||||||||
|
61-90 DAYS DELINQUENT
|
6.85%
|
|
1,079
|
$
|
7,637,065.88
|
2.178%
|
|
6.79%
|
|
1,198
|
$
|
8,264,734.83
|
2.308%
|
|
|||||||||||||
|
91-120 DAYS DELINQUENT
|
6.82%
|
|
642
|
$
|
4,658,171.24
|
1.328%
|
|
6.78%
|
|
1,113
|
$
|
7,673,300.59
|
2.142%
|
|
|||||||||||||
|
> 120 DAYS DELINQUENT
|
6.79%
|
|
4,149
|
$
|
28,003,379.73
|
7.985%
|
|
6.76%
|
|
4,675
|
$
|
32,575,818.93
|
9.096%
|
|
|||||||||||||
|
FORBEARANCE
|
6.78%
|
|
12,043
|
$
|
82,612,329.09
|
23.556%
|
|
6.80%
|
|
11,051
|
$
|
75,959,146.54
|
21.209%
|
|
|||||||||||||
|
CLAIMS IN PROCESS
|
6.76%
|
|
645
|
$
|
4,400,112.34
|
1.255%
|
|
6.79%
|
|
618
|
$
|
3,998,019.84
|
1.116%
|
|
|||||||||||||
|
TOTAL
|
58,125
|
$
|
350,705,175.72
|
100.00%
|
|
59,618
|
$
|
358,149,306.61
|
100.00%
|
|
|||||||||||||||||
|
*
|
Percentages may not total 100% due to rounding
|
|
Page 4 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
|
IV.
|
2012-7 Portfolio Characteristics (cont'd)
|
|
12/31/2022
|
11/30/2022
|
|||||||
|
Pool Balance
|
$
|
355,520,115.77
|
$
|
362,842,026.29
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
15,155,893.27
|
$
|
15,501,028.99
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
4,814,940.05
|
$
|
4,692,719.68
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,948,650.26
|
$
|
2,350,698.79
|
||||
|
Total # Loans
|
58,125
|
59,618
|
||||||
|
Total # Borrowers
|
26,696
|
27,363
|
||||||
|
Weighted Average Coupon
|
6.77%
|
6.77%
|
|
|||||
|
Weighted Average Remaining Term
|
172.53
|
169.72
|
||||||
|
Non-Reimbursable Losses
|
$
|
55,344.67
|
$
|
48,442.81
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
6,269,093.93
|
$
|
6,213,749.26
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-17.88%
|
|
-17.22%
|
|
||||
|
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
|
$
|
1,542,747.04
|
$
|
1,368,462.77
|
||||
|
Borrower Interest Accrued
|
$
|
1,944,025.09
|
$
|
1,933,121.60
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
66,478.90
|
$
|
67,652.56
|
||||
|
Special Allowance Payments Accrued
|
$
|
82,084.58
|
$
|
73,803.88
|
||||
|
Page 5 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
|
V.
|
2012-7 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.62%
|
30,955
|
136,071,710.73
|
38.799%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.65%
|
25,683
|
189,034,734.11
|
53.901%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.41%
|
1,485
|
25,579,885.51
|
7.294%
|
|
|||||||||||
|
- SLS (3) Loans
|
6.02%
|
2
|
18,845.37
|
0.005%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.77%
|
58,125
|
$
|
350,705,175.72
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|||||||||||
|
- Four Year
|
6.78%
|
48,086
|
305,327,664.74
|
87.061%
|
|
|||||||||||
|
- Two Year
|
6.70%
|
8,577
|
38,945,133.69
|
11.105%
|
|
|||||||||||
|
- Technical
|
6.59%
|
1,434
|
6,285,693.93
|
1.792%
|
|
|||||||||||
|
- Other
|
6.57%
|
28
|
146,683.36
|
0.042%
|
|
|||||||||||
|
Total
|
6.77%
|
58,125
|
$
|
350,705,175.72
|
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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
|
VI.
|
2012-7 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
|||||||
|
Total Available Funds
|
$
|
9,631,999.77
|
||||||
| A | Trustee Fees |
- |
$
|
9,631,999.77 |
||||
|
B
|
Primary Servicing Fee
|
$
|
129,906.10
|
$
|
9,502,093.67
|
|||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
9,495,426.67
|
|||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,305,822.93
|
$
|
8,189,603.74
|
|||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
186,950.61
|
$
|
8,002,653.13
|
|||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
8,002,653.13
|
||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
7,248,691.42
|
$ |
753,961.71
|
|||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
753,961.71
|
||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$ |
753,961.71
|
||||
|
J
|
Carryover Servicing Fee
|
-
|
$ |
753,961.71
|
||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
753,961.71
|
||||
|
L
|
Excess Distribution Certificateholder
|
$ |
753,961.71
|
-
|
||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
350,705,175.72
|
||
|
B
|
Interest to be Capitalized
|
$
|
4,814,940.05
|
||
|
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
|
$
|
355,520,115.77
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
314,464,914.61
|
||
|
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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
|
VII.
|
2012-7 Distributions
|
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78447KAC6
|
78447KAD4
|
||||||
|
Beginning Balance
|
$
|
321,713,606.03
|
$
|
37,500,000.00
|
||||
|
Index
|
LIBOR
|
LIBOR
|
||||||
|
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
|
12/27/2022
|
12/27/2022
|
||||||
|
Accrual Period End
|
1/25/2023
|
1/25/2023
|
||||||
|
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
|
Interest Rate*
|
5.03871%
|
|
6.18871%
|
|
||||
|
Accrued Interest Factor
|
0.004058961
|
0.004985350
|
||||||
|
Current Interest Due
|
$
|
1,305,822.93
|
$
|
186,950.61
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
1,305,822.93
|
$
|
186,950.61
|
||||
|
Interest Paid
|
$
|
1,305,822.93
|
$
|
186,950.61 | ||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
7,248,691.42
|
-
|
|||||
|
Ending Principal Balance
|
$
|
314,464,914.61
|
$
|
37,500,000.00
|
||||
|
Paydown Factor
|
0.012606420
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.546895504
|
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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
|
VIII.
|
2012-7 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
359,213,606.03
|
|||
|
Adjusted Pool Balance
|
$
|
355,520,115.77
|
|||
|
Overcollateralization Amount
|
$
|
3,555,201.16
|
|||
|
Principal Distribution Amount
|
$
|
7,248,691.42
|
|||
|
Principal Distribution Amount Paid
|
$
|
7,248,691.42
|
|||
| 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
|
$
|
247,900.03 | |||
|
Deposits for the Period
|
$
|
140,798.84
|
|||
|
Release to Collection Account
|
-
|
|
|||
|
Ending Balance
|
$
|
388,698.87
|
|||
| 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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|