College Loan Corporation Trust I Quarterly Servicing Report. Distribution Period: 7/26/ /25/2016 Collection Period: 7/1/2016-9/30/2016

Transcription

1 Quarterly Servicing Report Distribution Period: 7/26/ /25/2016 Collection Period: 7/1/2016 9/30/2016

2 I. Deal Parameters Student Loan Portfolio Characteristics 7/1/2016 Activity 9/30/2016 A i Portfolio Principal Balance 2,543,069,931 (93,433,675) 2,449,636,256 ii Accrued Interest 34,788,842 (278,364) 34,510,478 iii Pool Balance 2,577,858,773 (93,712,038) 2,484,146,734 B i Weighted Average Coupon (WAC) 4.599% 4.611% ii Weighted Average Remaining Term iii Number of Loans 274, ,780 iv Number of Borrowers 154, ,982 C Notes CUSIP Balance 7/26/2016 % O/S Securities Balance 10/25/2016 % O/S Securities i 20021A AA9 ii 20021A AB7 iii 20021A AC5 iv 20021A AD3 55,150, % 55,150, % v 20021A AE1 22,900, % 22,900, % vi 20021A AF8 vii 20021A AG6 viii 20021A AH4 ix 20021A AJ0 x 20021B AK7 42,000, % 42,000, % xi 20022A AL5 xii 20022A AM3 1,000, % 1,000, % xiii 20022A AN1 27,750, % 27,750, % xiv 20022A AP6 30,000, % 30,000, % xv 20022A AQ4 xvi 20022A AR2 xvii 20022A AS0 7,600, % 7,600, % xviii 20022A AT8 xix 20022A AU5 xx 20022A AV3 xxi 20022A AW1 xxii 20022A AX9 3,700, % 3,700, % xxiii 20022A AY7 21,100, % 21,100, % xxiv 20022A AZ4 1,200, % 1,200, % xxv 20022A BA8 54,000, % 54,000, % xxvi 20022A BB6 17,950, % 17,950, % xxvii 20022A BC4 19,400, % 19,400, % xxviii 20022A BD2 77,500, % 77,500, % xxix 20022A BE0 6,150, % 6,150, % xxx 20022A BF7 28,100, % 28,100, % xxxi 20022A BG5 20,200, % 20,200, % xxxii 20022B BH3 xxxiii 20022B BJ9 xxxiv 20022B BK6 40,000, % 40,000, % xxxv 20031A BL4 xxxvi 20031A BM2 1,700, % 1,700, % xxxvii 20031A BN0 65,850, % 65,850, % xxxviii 20031A BP5 57,000, % 57,000, % xxxix 20031A BQ3 42,450, % 42,450, % xl 20031A BR1 12,450, % 12,450, % xli 20031A BS9 7,900, % 7,900, % xlii 20031A BT7 16,600, % 16,600, % xliii 20031A BU4 xliv 20031A BV2 I

3 I. Deal Parameters Notes CUSIP Balance 7/26/2016 % O/S Securities Balance 10/25/2016 % O/S Securities xlv 20031B BW0 24,900, % 24,900, % xlvi 20031B BX8 xlvii 20032A BY6 xlviii 20032A BZ3 xlix 20032A CA7 l 20041A CB5 li 20041A CC3 lii 20041A CD1 liii 20041A CE9 104,573, % 50,073, % liv 20041B CF6 11,050, % 11,050, % lv 20051A CG4 lvi 20051A CH2 lvii 20051A CJ8 59,420, % 59,420, % lviii 20051A CK5 214,000, % 214,000, % lix 20051A CL3 137,000, % 137,000, % lx 20051B CM1 600, % 600, % lxi 20061A CN9 lxii 20061A CP4 lxiii 20061A CQ2 lxiv 20061A CR0 195,000, % 195,000, % lxv 20061A CS8 300,000, % 300,000, % lxvi 20061A CT6 250,000, % 250,000, % lxvii 20061A7A CW9 24,525, % 24,525, % lxviii 20061A7B CX7 141,000, % 103,000, % lxix 20061B CV1 475, % 475, % lxx 20061AIO CU3 lxxi 20072A CY5 327,787, % 327,787, % lxxii 20072A CZ2 lxxiii 20072A DA6 lxxiv 20072A DB4 lxxv 20072A DC2 lxxvi 20072A DD0 lxxvii 20072A DE8 lxxviii 20072A DF5 lxxix 20072A DG3 lxxx 20072A DH1 3,425, % 3,425, % lxxxi 20072A DJ7 14,000, % 14,000, % lxxxii 20072A DK4 32,200, % 32,200, % lxxxiii 20072A DL2 31,775, % 31,775, % lxxxiv 20072A DM0 30,125, % 30,125, % lxxxv 20072B DN8 35,000, % 35,000, % 2,616,505, ,524,005, D Reserve Fund Requirement 7/26/ /25/2016 i Required Reserve Fund Balance (%) 0.75% 0.75% ii Reserve Fund Requirement 19,623,795 18,930,045 iii Reserve Fund Floor Balance 3,000,000 3,000,000 iv Reserve Fund Balance After Distribution Date 19,623,795 18,930,045 I

4 I. Deal Parameters E Fund Balances 7/1/2016 9/30/2016 i Acquisition Fund Balance 2,000,000 2,000,000 ii Administration Fund 1,359,431 1,261,864 iii Capitalized Interest Fund iv Collection Fund Balance 42,848, ,232, v Interest Account 3,134,793 4,137,997 vi Reserve Fund Balance 20,265,294 19,346,295 vii Retirement Account 56,228,224 25,507,268 viii Surplus Account ix Total 125,836,115 92,485,933 F Asset Percentage 7/25/ /25/2016 i Portfolio Principal Balance (as of the end of collection period) 2,543,069,931 2,449,636,256 ii Accrued IRB/IRG/SAP (as of the end of collection period) 35,088,842 34,840,478 iii Total Fund Balance 67,123,941 62,562,267 iv Less: Accrued Interest on All Notes (4,100,000) (4,392,000) v Asset Value 2,641,182,714 2,542,647,001 vi Total Bonds Outstanding 2,616,505,951 2,524,005,951 vii Difference 24,676,763 18,641,050 viii Asset Percentage % % I

5 II. Transactions: 7/1/2016 9/30/2016 A Student Loan Principal Collection Activity i Regular Principal Collections (60,110,993) ii Paydown due to Loan Consolidation (24,657,192) iii Principal Claim Collections from Guarantor (13,732,234) iv School Refunds and Cancellations 15 v Other Adjustments vi Total Principal Collections (98,500,405) B Student Loan NonCash Principal Activity i Capitalized Interest 5,401,690 ii Principal Realized Losses WriteOffs (352,824) iii Principal Realized Losses Borrower Benefits (70,606) iv Other Adjustments 149,619 v Total NonCash Principal Activity 5,127,879 C Student Loan Principal Purchases (61,149) D Total Student Loan Principal Activity (93,433,675) E Student Loan Interest Activity i Regular Interest Collections (20,714,050) ii Interest due to Loan Consolidation (462,699) iii Government Interest Collections (1,423,308) iv Interest Claims Collections from Guarantors (975,691) v School Refunds and Cancellations vi Other Adjustments vii Total Interest Collections (23,575,749) F Student Loan NonCash Interest Activity i Regular Interest Accruals 27,625,509 ii Government Interest Accruals 1,279,779 iii Capitalized Interest (5,401,690) iv Interest Realized Losses Writeoffs (31,361) v Other Adjustments (168,166) vi Total NonCash Interest Activity 23,304,071 G Student Loan Interest Purchases (6,686) H Total Student Loan Interest Activity (278,364) I Defaults Paid this Quarter 14,972,981 J Cumulative Defaults Paid to Date 1,544,603,058 K NonDefault Claims Paid this Quarter 4,954,244 L NonDefault Claims Paid to Date 360,447,791 M NonReimbursable Losses During Collection Period 342,217 N Cumulative NonReimbursable Losses to Date 30,931,923 II

6 III. Monthly Distributions: 7/1/2016 9/30/2016 A Collection Fund Deposits Available 128,379,382 B Distributions i Allocations to the Acquisition Fund (5,772,782) ii Paid or accrued fees owed to the Department of Education (7,874,800) (includes monthly consolidation rebate fees and quarterly LaRS accrual) iii Allocations to the Administration Fund (1,904,747) iv Allocations to the Interest Account for Senior Notes (6,284,275) v Allocations to the Interest Account for Subordinate Notes (824,859) vi Allocations to the Retirement Account (89,849,902) vii Allocations to the Surplus Fund (18,483,883) viii Total Distributions (130,995,247) C Collection Fund Reconciliation i Beginning Balance 42,848,374 ii Deposits During Collection Period 128,379,382 iii Distributions During Collection Period (130,995,247) iv Funds Available for Distribution 40,232,509 III

7 IV

8 V. Waterfall For Distribution: 10/25/2016 Distributions Remaining Funds Balance Funds Available for Distribution 40,232,509 a Payments under the Joint Sharing Agreement 40,232,509 b Payments to the Department of Education 2,535,975 37,696,534 bb Allocations to the Department Rebate Fund 37,696,534 c Allocations to the Administration Fund for payment of servicing, admin and other fees 573,985 37,122,550 d Payment of interest on Senior Notes 2,307,104 34,815,446 e Payment of principal on Senior Notes 34,815,446 f Payment of interest on Subordinate Notes 252,156 34,563,289 g Payment of principal on Subordinate Notes 34,563,289 h Allocations to the Reserve fund to restore Reserve Fund Requirement 34,563,289 i Payment of interest on Junior Subordinate Notes 34,563,289 j Payment of Principal on Junior Subordinate Notes 34,563,289 k Payments required by the Supplemental Indenture to satisfy Rating Agency Conditions 34,563,289 l Allocations to the Acquisition Fund to purchase addon loans or bankruptcy claims 995,410 discharged in a court of law m Allocations to the Retirement Fund for the payment of principal on the notes n Allocations to the Acquisition Fund to purchase subsequent disbursements for Stafford and Plus loans o Payment of CarryOver amounts with respect to Senior Notes p Payment of CarryOver amounts with respect to Subordinate Notes q Payment of CarryOver amounts with respect to Junior Subordinate Notes r Senior Swap Agreement Termination Payments s Subordinate Swap Agreement Termination Payments t Junior Subordinate Swap Agreement Termination Payments u Payment of interest on Senior notes with intervals of more than every 60 days v Payment of interest on Subordinate notes with intervals of more than every 60 days w Allocations to the Retirement Fund for the payment of principal on the notes 29,958,982 3,608,898 x Payment of CarryOver Interest with respect to the Series IO note 3,608,898 y Any excess funds to the Surplus Fund 3,608,898 V

9 VI. Trust Fund Reconciliations: 7/1/2016 9/30/2016 A Acquisition Fund i Beginning Balance: 7/1/2016 2,000,000 ii Allocations from Collection Fund 5,772,782 iii Securitization Proceeds iv Loans funded (5,772,782) v Cost of issuance disbursements vi Interest earned 573 vii Interest transferred to Collection Fund (573) viii Ending Balance: 9/30/2016 2,000,000 B Administration Fund i Beginning Balance: 7/1/2016 1,359,431 ii Allocations from Collection Fund 9,779,547 iii Administration fees (636,470) iv Servicing fees (1,155,595) v Broker Dealer fees (24,110) vi Auction Agent fees (18,690) vii Trustee fees (61,770) viii Cost of issuance fees ix Miscellaneous Fees (5,645) x Consolidation Rebate Fees (6,149,675) xi Net LaRS Payable (1,825,157) xii Interest earned 448 xiii Interest transferred to Collection Fund (448) xiv Ending Balance: 9/30/2016 1,261,864 C Capitalized Interest Fund i Beginning Balance: 7/1/2016 ii Securitization Deposit iii Funds released to Collection Fund iv Interest earned v Interest transferred to Collection Fund vi Ending Balance: 9/30/2016 VI

10 VI. Trust Fund Reconciliations: 7/1/2016 9/30/2016 D Interest Account i Beginning Balance: 7/1/2016 3,134,793 ii Allocations from Collection Fund 7,109,134 iii Interest payments on the notes (6,106,383) iv Interest earned 1,115 v Interest transferred to Collection Fund (662) vi Ending Balance: 9/30/2016 4,137,997 E Reserve Fund i Beginning Balance: 7/1/ ,265,294 ii Funds released to Collection Fund (918,999) iii Allocations from Collection Fund iv Securitization Deposit v Interest Earned 12,247 vi Interest Transferred to Collection Fund (12,247) vii Ending Balance: 9/30/ ,346,295 F Retirement Account i Beginning Balance: 7/1/ ,228,224 ii Allocations from Collection Fund 89,849,902 iii Transfer from Surplus Fund iv Principal payments or redemption of the notes (120,579,487) v Interest earned 22,253 vi Interest transferred to Collection Fund (13,623) vii Ending Balance: 9/30/ ,507,268 G Surplus Account i Beginning Balance: 7/1/2016 ii Allocations from Collection Fund 18,483,883 iii Transfer to Retirement Account iv Release to Issuer (18,483,883) v Interest earned vi Interest transferred to Collection Fund vii Ending Balance: 9/30/2016 VI

11 VII. LIBOR Rate Note Detail: 7/26/ /25/2016 A LIBOR Rate Notes Interest Payments During Distribution Period Note Description Payment Date LIBOR Spread Interest Rate Start Date End Date Days Outstanding Interest Due Interest Paid Shortfall Accrued Interest Factor 20032A A A A A A A4 10/25/ % % % 7/25/ /25/ , , A A A3 10/25/ % % % 7/25/ /25/ , , A4 10/25/ % % % 7/25/ /25/ , , A5 10/25/ % % % 7/25/ /25/ , , A A A A4 10/25/ % % % 7/25/ /25/ , , A5 10/25/ % % % 7/25/ /25/ , , A6 10/25/ % % % 7/25/ /25/ , , A7A 10/25/ % % % 7/25/ /25/ ,788 91, A7B 9/26/ % % % 7/25/2016 9/26/ ,826 94, A7B 10/24/ % % % 7/25/ /24/ ,702 3, A7B 10/25/ % % % 7/25/ /25/ , , A1 10/25/ % % % 7/25/ /25/ , , AIO Total 4,182,628 4,182,628 B LIBOR Rate Notes Note Balances and Principal Redemptions During Distribution Period Note Description Maturity Date 7/26/2016 Note Balance Note Pool Factor Payment Date Principal Redemption Principal Factor Note Balance Note Pool Factor 20032A1 7/25/ A2 1/25/ A3 7/25/ A1 4/25/ A2 4/25/ A3 4/25/ A4 4/25/ ,573, /25/ ,500, ,073, A1 1/25/ A2 7/25/ A3 10/25/ ,420, ,420, A4 4/25/ ,000, ,000, A5 10/25/ ,000, ,000, A1 1/25/ A2 4/25/ A3 10/25/ A4 1/25/ ,000, ,000, A5 7/25/ ,000, ,000, A6 1/25/ ,000, ,000, A7A 4/25/ ,525, ,525, A7B 4/25/ ,000, /26/ ,000, /24/2016 1,000, ,000, AIO 7/25/ A1 1/25/ ,787, ,787, Total 1,753,305,951 92,500,000 1,660,805,951 10/25/2016 VII

12 VIII. Auction Rate Note Detail: 7/26/ /25/2016 A Auction Rate Notes Interest and Fee Payments During Distribution Period Note Description Payment Date Interest Rate Start Date End Date Days Outstanding Broker Dealer Fees Auction Agent Fees Interest Due Interest Paid Shortfall 20021A4 8/19/ % 7/22/2016 8/19/ ,409 12, A4 9/16/ % 8/19/2016 9/16/ ,032 53, A4 10/14/ % 9/16/ /14/ ,332 83, A5 7/26/ % 6/28/2016 7/26/ ,626 4, A5 8/23/ % 7/26/2016 8/23/ ,153 5, A5 9/20/ % 8/23/2016 9/20/ ,300 22, A5 10/18/ % 9/20/ /18/ ,602 34, B1 8/9/ % 7/12/2016 8/9/ ,554 63, B1 9/6/ % 8/9/2016 9/6/ ,646 64, B1 10/4/ % 9/6/ /4/ ,100 65, A11 8/11/ % 7/14/2016 8/11/ A11 9/8/ % 8/11/2016 9/8/ A11 10/6/ % 9/8/ /6/ ,490 1, A12 8/15/ % 7/18/2016 8/15/ ,371 6, A12 9/12/ % 8/15/2016 9/12/ ,781 13, A12 10/11/ % 9/12/ /11/ ,852 42, A13 7/26/ % 6/28/2016 7/26/ ,060 6, A13 8/23/ % 7/26/2016 8/23/ ,750 6, A13 9/20/ % 8/23/2016 9/20/ ,214 29, A13 10/18/ % 9/20/ /18/ ,330 45, A16 8/9/ % 7/12/2016 8/9/ ,506 1, A16 9/6/ % 8/9/2016 9/6/ ,447 1, A16 10/4/ % 9/6/ /4/ ,406 4, A21 8/18/ % 7/21/2016 8/18/ A21 9/15/ % 8/18/2016 9/15/ ,201 3, A21 10/13/ % 9/15/ /13/ ,591 5, A22 8/19/ % 7/22/2016 8/19/ ,748 4, A22 9/16/ % 8/19/2016 9/16/ ,484 19, A22 10/14/ % 9/16/ /14/ ,882 31, A23 8/16/ % 7/19/2016 8/16/ A23 9/13/ % 8/16/2016 9/13/ A23 10/11/ % 9/13/ /11/ ,789 1, A24 8/19/ % 7/22/2016 8/19/ ,150 12, A24 9/16/ % 8/19/2016 9/16/ ,926 51, A24 10/14/ % 9/16/ /14/ ,594 81, A25 8/22/ % 7/25/2016 8/22/ ,039 4, A25 9/19/ % 8/22/2016 9/19/ ,615 16, A25 10/17/ % 9/19/ /17/ ,122 27, A26 8/22/ % 7/25/2016 8/22/ ,365 4, A26 9/19/ % 8/22/2016 9/19/ ,474 16, A26 10/17/ % 9/19/ /17/ ,313 29, A27 8/10/ % 7/13/2016 8/10/ ,794 17, A27 9/7/ % 8/10/2016 9/7/ ,530 52, A27 10/5/ % 9/7/ /5/ , , A28 8/11/ % 7/14/2016 8/11/ ,412 1, A28 9/8/ % 8/11/2016 9/8/ ,813 2, A28 10/6/ % 9/8/ /6/ ,161 9, A29 8/15/ % 7/18/2016 8/15/ ,452 6, A29 9/12/ % 8/15/2016 9/12/ ,333 5, A29 10/11/ % 9/12/ /11/ ,745 40, A30 8/15/ % 7/18/2016 8/15/ ,638 4,638 VIII A

13 VII. Auction Rate Note Detail: 7/26/ /25/2016 A Auction Rate Notes Interest and Fee Payments During Distribution Period Note Description Payment Date Interest Rate Start Date End Date Days Outstanding Broker Dealer Fees Auction Agent Fees Interest Due Interest Paid Shortfall 20022A30 9/12/ % 8/15/2016 9/12/ ,834 3, A30 10/11/ % 9/12/ /11/ ,290 29, B4 7/27/ % 6/29/2016 7/27/ ,976 59, B4 8/24/ % 7/27/2016 8/24/ ,984 60, B4 9/21/ % 8/24/2016 9/21/ ,936 61, B4 10/19/ % 9/21/ /19/ ,520 62, A2 7/27/ % 6/29/2016 7/27/ A2 8/24/ % 7/27/2016 8/24/ A2 9/21/ % 8/24/2016 9/21/ ,818 1, A2 10/19/ % 9/21/ /19/ ,481 2, A3 8/18/ % 7/21/2016 8/18/ ,816 14, A3 9/15/ % 8/18/2016 9/15/ ,533 64, A3 10/13/ % 9/15/ /13/ ,499 99, A4 8/16/ % 7/19/2016 8/16/ ,087 13, A4 9/13/ % 8/16/2016 9/13/ ,094 33, A4 10/11/ % 9/13/ /11/ ,987 84, A5 8/17/ % 7/20/2016 8/17/ ,551 9, A5 9/14/ % 8/17/2016 9/14/ ,438 26, A5 10/12/ % 9/14/ /12/ ,142 64, A6 8/16/ % 7/19/2016 8/16/ ,859 2, A6 9/13/ % 8/16/2016 9/13/ ,324 5, A6 10/11/ % 9/13/ /11/ ,563 18, A7 7/26/ % 6/28/2016 7/26/ ,596 1, A7 8/23/ % 7/26/2016 8/23/ ,778 1, A7 9/20/ % 8/23/2016 9/20/ ,693 7, A7 10/18/ % 9/20/ /18/ ,937 11, A8 7/26/ % 6/28/2016 7/26/ ,353 3, A8 8/23/ % 7/26/2016 8/23/ ,735 3, A8 9/20/ % 8/23/2016 9/20/ ,165 16, A8 10/18/ % 9/20/ /18/ ,083 25, B1 8/10/ % 7/13/2016 8/10/ ,699 37, B1 9/7/ % 8/10/2016 9/7/ ,346 38, B1 10/5/ % 9/7/ /5/ ,421 38, B1 7/28/ % 6/30/2016 7/28/ ,551 3, B1 8/25/ % 7/28/2016 8/25/ ,770 3, B1 9/22/ % 8/25/2016 9/22/ ,956 3, B1 10/20/ % 9/22/ /20/ ,150 4, B1 8/3/ % 7/6/2016 8/3/ B1 8/31/ % 8/3/2016 8/31/ B1 9/28/ % 8/31/2016 9/28/ B1 8/1/ % 7/5/2016 8/1/ B1 8/29/ % 8/1/2016 8/29/ B1 9/26/ % 8/29/2016 9/26/ B1 10/24/ % 9/26/ /24/ A10 7/27/ % 7/20/2016 7/27/ A10 8/3/ % 7/27/2016 8/3/ A10 8/10/ % 8/3/2016 8/10/ A10 8/17/ % 8/10/2016 8/17/ A10 8/24/ % 8/17/2016 8/24/ A10 8/31/ % 8/24/2016 8/31/ A10 9/7/ % 8/31/2016 9/7/ VIII A

14 VII. Auction Rate Note Detail: 7/26/ /25/2016 A Auction Rate Notes Interest and Fee Payments During Distribution Period Note Description Payment Date Interest Rate Start Date End Date Days Outstanding Broker Dealer Fees Auction Agent Fees Interest Due Interest Paid Shortfall 20072A10 9/14/ % 9/7/2016 9/14/ A10 9/21/ % 9/14/2016 9/21/ A10 9/28/ % 9/21/2016 9/28/ A10 10/5/ % 9/28/ /5/ A10 10/12/ % 10/5/ /12/ A10 10/19/ % 10/12/ /19/ A11 8/1/ % 7/25/2016 8/1/ ,331 5, A11 8/8/ % 8/1/2016 8/8/ ,342 5, A11 8/15/ % 8/8/2016 8/15/ ,365 5, A11 8/22/ % 8/15/2016 8/22/ ,376 5, A11 8/29/ % 8/22/2016 8/29/ ,410 5, A11 9/6/ % 8/29/2016 9/6/ ,194 6, A11 9/12/ % 9/6/2016 9/12/ ,648 4, A11 9/19/ % 9/12/2016 9/19/ ,426 5, A11 9/26/ % 9/19/2016 9/26/ ,443 5, A11 10/3/ % 9/26/ /3/ ,415 5, A11 10/11/ % 10/3/ /11/ ,216 6, A11 10/17/ % 10/11/ /17/ ,659 4, A11 10/24/ % 10/17/ /24/ ,449 5, A12 8/1/ % 7/25/2016 8/1/ ,262 12, A12 8/8/ % 8/1/2016 8/8/ ,288 12, A12 8/15/ % 8/8/2016 8/15/ ,339 12, A12 8/22/ % 8/15/2016 8/22/ ,365 12, A12 8/29/ % 8/22/2016 8/29/ ,442 12, A12 9/6/ % 8/29/2016 9/6/ ,245 14, A12 9/12/ % 9/6/2016 9/12/ ,690 10, A12 9/19/ % 9/12/2016 9/19/ ,481 12, A12 9/26/ % 9/19/2016 9/26/ ,519 12, A12 10/3/ % 9/26/ /3/ ,455 12, A12 10/11/ % 10/3/ /11/ ,297 14, A12 10/17/ % 10/11/ /17/ ,716 10, A12 10/24/ % 10/17/ /24/ ,532 12, A13 7/27/ % 7/20/2016 7/27/ ,062 12, A13 8/3/ % 7/27/2016 8/3/ ,113 12, A13 8/10/ % 8/3/2016 8/10/ ,113 12, A13 8/17/ % 8/10/2016 8/17/ ,240 12, A13 8/24/ % 8/17/2016 8/24/ ,202 12, A13 8/31/ % 8/24/2016 8/31/ ,303 12, A13 9/7/ % 8/31/2016 9/7/ ,291 12, A13 9/14/ % 9/7/2016 9/14/ ,252 12, A13 9/21/ % 9/14/2016 9/21/ ,303 12, A13 9/28/ % 9/21/2016 9/28/ ,418 12, A13 10/5/ % 9/28/ /5/ ,316 12, A13 10/12/ % 10/5/ /12/ ,316 12, A13 10/19/ % 10/12/ /19/ ,341 12, A14 7/28/ % 7/21/2016 7/28/ ,448 11, A14 8/4/ % 7/28/2016 8/4/ ,496 11, A14 8/11/ % 8/4/2016 8/11/ ,508 11, A14 8/18/ % 8/11/2016 8/18/ ,628 11, A14 8/25/ % 8/18/2016 8/25/ ,604 11, A14 9/1/ % 8/25/2016 9/1/ ,640 11,640 VIII A

15 VII. Auction Rate Note Detail: 7/26/ /25/2016 A Auction Rate Notes Interest and Fee Payments During Distribution Period Note Description Payment Date Interest Rate Start Date End Date Days Outstanding Broker Dealer Fees Auction Agent Fees Interest Due Interest Paid Shortfall 20072A14 9/8/ % 9/1/2016 9/8/ ,664 11, A14 9/15/ % 9/8/2016 9/15/ ,604 11, A14 9/22/ % 9/15/2016 9/22/ ,701 11, A14 9/29/ % 9/22/2016 9/29/ ,785 11, A14 10/6/ % 9/29/ /6/ ,664 11, A14 10/13/ % 10/6/ /13/ ,676 11, A14 10/20/ % 10/13/ /20/ ,725 11, B1 8/10/ % 7/13/2016 8/10/ ,772 79, B1 9/7/ % 8/10/2016 9/7/ ,682 80, B1 10/5/ % 9/7/ /5/ ,780 80,780 Total 25,426 19,815 2,847,671 2,847,671 VIII A

16 VIII. Auction Rate Note Detail: 7/26/ /25/2016 B Auction Rate Notes Note Balances and Principal Redemptions During Distribution Period Note Description Maturity Date Note Balance 7/26/ /25/2016 Note Pool Factor Payment Date Principal Redemption Principal Factor Note Balance Note Pool Factor 20021A1 3/1/ A2 3/1/ A3 3/1/ A4 3/1/ ,150, ,150, A5 3/1/ ,900, ,900, A6 3/1/ A7 3/1/ A8 3/1/ A9 3/1/ B1 3/1/ ,000, ,000, A10 3/1/ A11 3/1/2042 1,000, ,000, A12 3/1/ ,750, ,750, A13 3/1/ ,000, ,000, A14 3/1/ A15 3/1/ A16 3/1/2042 7,600, ,600, A17 3/1/ A18 3/1/ A19 3/1/ A20 3/1/ A21 3/1/2042 3,700, ,700, A22 3/1/ ,100, ,100, A23 3/1/2042 1,200, ,200, A24 3/1/ ,000, ,000, A25 3/1/ ,950, ,950, A26 3/1/ ,400, ,400, A27 3/1/ ,500, ,500, A28 3/1/2042 6,150, ,150, A29 3/1/ ,100, ,100, A30 3/1/ ,200, ,200, B2 3/1/ B3 3/1/ B4 3/1/ ,000, ,000, A1 3/1/ A2 3/1/2042 1,700, ,700, A3 3/1/ ,850, ,850, A4 3/1/ ,000, ,000, A5 3/1/ ,450, ,450, A6 3/1/ ,450, ,450, A7 3/1/2042 7,900, ,900, A8 3/1/ ,600, ,600, A9 3/1/ A10 3/1/ B1 3/1/ ,900, ,900, B2 3/1/ B1 5/1/ ,050, ,050, B1 1/1/ , , B1 4/25/ , , VIII B

17 VIII. Auction Rate Note Detail: 7/26/ /25/2016 B Auction Rate Notes Note Balances and Principal Redemptions During Distribution Period Note Description Maturity Date Note Balance 7/26/ /25/2016 Note Pool Factor Payment Date Principal Redemption Principal Factor Note Balance Note Pool Factor 20072A2 11/1/ A3 11/1/ A4 11/1/ A5 11/1/ A6 11/1/ A7 11/1/ A8 11/1/ A9 11/1/ A10 11/1/2047 3,425, ,425, A11 11/1/ ,000, ,000, A12 11/1/ ,200, ,200, A13 11/1/ ,775, ,775, A14 11/1/ ,125, ,125, B1 11/1/ ,000, ,000, Total 863,200, ,200,000 VIII B

18 VII. Auction Rate Note Detail: 7/26/ /25/2016 C Auction Rate Notes Net Loan Rate During Distribution Period Series Net Loan Rate as of: Net Loan Rate as of: Net Loan Rate as of: 5/31/2016 6/30/2016 7/31/2016 for Auction Date between: for Auction Date between: for Auction Date between: 6/1/2016 6/30/2016 7/1/2016 7/31/2016 8/1/2016 8/31/2016 Net Loan Rate as of: 8/31/2016 for Auction Date between: 9/1/2016 9/30/2016 Net Loan Rate as of: 9/30/2016 for Auction Date between: 10/1/ /31/ % 3.20% 3.69% 3.56% 3.20% 3.69% 3.56% 3.20% 3.69% 3.56% 3.20% 3.69% 3.56% 3.20% 3.69% 3.56% 3.20% 3.69% 10.36% 8.13% 8.67% 4.09% 3.30% 4.09% 4.09% 4.09% 4.09% 4.09% 10.24% 3.30% 3.30% 3.30% 3.30% 3.30% 8.00% VIII B

19 IX. Portfolio Characteristics: 7/1/2016 9/30/2016 Weighted Average Coupon Number of Borrowers % Principal Amount % Status 7/1/2016 9/30/2016 7/1/2016 9/30/2016 7/1/2016 9/30/2016 7/1/2016 9/30/2016 7/1/2016 9/30/2016 Interim: In School Current 4.374% 4.535% % 0.15% 2,033,633 1,781, % 0.07% Grace Current 4.804% 4.610% % 0.07% 640, , % 0.03% Total Interim 4.476% 4.557% % 0.22% 2,673,678 2,539, % 0.10% Repayment Active Current 4.533% 4.540% 128, , % 82.63% 2,089,114,774 1,996,949, % 81.52% 3160 Days Delq % 4.862% 3,781 3, % 2.64% 67,640,594 72,124, % 2.94% 6190 Days Delq % 4.914% 2,270 2, % 1.47% 39,140,299 38,936, % 1.59% Days Delq % 5.099% 1,336 1, % 0.97% 24,786,172 27,582, % 1.13% Days Delq % 4.889% 1,004 1, % 0.70% 19,648,789 18,783, % 0.77% Days Delq % 4.890% 752 1, % 0.68% 13,933,795 17,450, % 0.71% Days Delq % 4.961% % 0.51% 12,315,777 14,199, % 0.58% Days Delq % 5.163% % 0.40% 10,216,080 12,522, % 0.51% Days Delq % 5.261% % 0.30% 10,404,648 8,591, % 0.35% >270 Days Delq % 5.374% % 0.36% 9,833,845 10,494, % 0.43% Deferment Current 4.666% 4.715% 8,928 8, % 5.71% 134,161, ,734, % 5.21% Forbearance Current 5.169% 5.124% 4,496 4, % 2.77% 96,157,534 86,341, % 3.52% Total Repayment 4.596% 4.609% 153, , % 99.14% 2,527,354,065 2,431,711, % 99.27% Claims in Process 5.202% 4.954% % 0.62% 12,853,122 14,733, % 0.60% Aged Claims Rejected 4.648% 5.975% % 0.02% 189, , % 0.03% Grand Total 4.599% 4.611% 154, , ,543,069,931 2,449,636, IX

20 X. Portfolio Characteristics by School Type and Loan Type: 9/30/2016 XII. Portfolio Balances by Servicer: 9/30/2016 Number of Borrowers Average Borrower Indebtedness Principal Amount Servicer Principal Amount XES (formerly ACS) 2,294,908,410 Loan Type Great Lakes 154,727,846 Stafford Subsidized 29,150 6,302 75,747, % Total 2,449,636,256 Stafford Unsubsidiz * * 107,945, % PLUS Loans 972 6,435 6,255, % Consolidation Loans 119,860 18,853 2,259,688, % XIII. Portfolio Balances by Guarantor: 9/30/2016 Total 149,982 16,333 2,449,636, Guarantor Principal Amount School Type ASA 1,832,266,199 Consolidation (n/a) 119,860 18,853 2,259,688, % Great Lakes 280,049,567 4Year 21,794 5, ,813, % ECMC 195,253,347 2Year 4,302 4,447 19,130, % Other 142,067,143 Vocational/Technica 575 4,193 2,410, % Total 2,449,636,256 Graduate 3,451 12,632 43,594, % Total 149,982 16,333 2,449,636, % XIV. Payment History and CPR: 9/30/2016 *The Borrower Count and Average Borrower Indebtedness for Stafford loans represents the total for subsidized and unsubsidized loans due to the fact that a single borrower can have both loan types PBO LifetoDate CPR Current Qtr CPR 2,449,636, % 6.48% XI. Portfolio Balances Pre and Post 04/01/06: 9/30/2016 Principal Amount XV. Portfolio Characteristics by Status Month: 9/30/2016 Pre 04/01/06 % Post 04/01/06 % Status % of Pool W.A. Months Until Repayment Loan Type In School w/ Grace 0.07% 27 Stafford 104,830, % 78,861, % Grace 0.03% 3 PLUS Loans 1,287, % 4,968, % Deferment 5.21% 18 Consolidation Loans 1,953,251, % 306,436, % Forbearance 3.52% 4 Total 2,059,369, % 390,266, % W.A. Months in Repayment Repayment 91.16% 143 XVI. Portfolio Characteristics by Repayment Plan: 9/30/2016 XES (formerly ACS) Repayment Plan Stafford % PLUS % Consolidation % Total % Standard Repayment 143,900, % 4,947, % 1,931,083, % 2,079,930, % IBR 23,936, % 598, % 185,686, % 210,221, % Income Sensitive 607, % 109,714 4,039, % 4,756, % Total 168,443, % 5,655, % 2,120,808, % 2,294,908, Great Lakes Repayment Plan Stafford % PLUS % Consolidation % Total % Standard Repayment 9,396, % 394, % 113,042, % 122,832, % IBR 5,852, % 205, % 25,837, % 31,895, % Total 15,249, % 599, % 138,879, % 154,727, XXVI