National Collegiate Student Loan Trust

Transcription

1 National Collegiate Student Loan Trust Closing Date: June 8, 2006 Monthly Distribution Report Collection Period 04/01/11 to 04/30/11 Monthly Distribution Date 05/25/11 Volume 58 I Asset and Liability Summary A. Student Loan Portfolio 03/31/11 Change 04/30/11 1 Student Loan Principal $ 424,657, $ (3,328,973.22) $ 421,328, Student Loan Accrued Interest $ 3,741, $ (596,077.02) $ 3,145, Pool Balance $ 428,399, $ (3,925,050.24) $ 424,474, Weighted Average Coupon (WAC) 5.06% 0.00% 5.06% 5 Weighted Average Maturity (WAM) Months 0.9 Months Months 6 Number of Loans 31, ,959 7 Number of Borrowers 29, ,078 B. Trust Accounts 03/31/11 Change 04/30/11 1 Collection Account + Collections Receivable $ 2,973, $ (149,211.14) $ 2,824, Reserve Account $ 3,366, $ (14.27) $ 3,366, Total Trust Accounts $ 6,340, $ (149,225.41) $ 6,191, Pool Balance + Trust Accounts $ 434,740, $ (4,074,275.65) $ 430,666, Reserve Account Balance: Reserve Account Balance after the 04/25/11 Monthly Distribution Date was $3,366, Reserve Account Balance after the 05/25/11 Monthly Distribution Date will be $3,366, C. Securities Cusip Index Spread Initial Debt Issued 03/31/11 Change 04/30/11 Change 05/25/11 % of Securities 1 Class A MAA1 1M LIBOR 0.03% $ 190,020, $ 7,312, $ (1,838,875.67) $ 5,473, $ (1,725,022.79) $ 3,748, % 2 Class A MAB9 1M LIBOR 0.15% $ 138,980, $ 138,980, $ $ 138,980, $ $ 138,980, % 3 Class A MAC7 1M LIBOR 0.21% $ 104,410, $ 104,410, $ $ 104,410, $ $ 104,410, % 4 Class A MAD5 1M LIBOR 0.33% $ 169,520, $ 169,520, $ $ 169,520, $ $ 169,520, % 5 Class AIO 63543MAE3 Fixed 6.00% $ $ 0.00% 6 Class B 63543MAF0 1M LIBOR 0.32% $ 29,900, $ 29,900, $ $ 29,900, $ $ 29,900, % 7 Class C 63543MAG8 1M LIBOR 0.50% $ 40,500, $ 40,500, $ $ 40,500, $ $ 40,500, % 8 Total Securities $ 673,330, $ 490,622, $ (1,838,875.67) $ 488,783, $ (1,725,022.79) $ 487,058, % The notional amount, in effect through the May 2011 Distribution Date, equals $121,515,000. NCSLT Monthly Distribution Report Page 1 of

2 National Collegiate Student Loan Trust II Transactions and Accruals From 04/01/11 to 04/30/11 A. Student Loan Cash Principal Activity 1 Principal Payments Received $ (1,289,803.99) 2 Principal Cash Claim Payments (c) $ 3 Repurchased Principal $ 4 New Loan Additions $ 5 Other Adjustments (cancellations, consolidations and other) $ (42,427.46) 6 Total Principal Collections $ (1,332,231.45) B. Student Loan NonCash Principal Activity 1 Capitalized Interest $ 1,014, NonCash Claims on Unsecured Defaults $ (3,011,121.60) 3 Realized Losses $ 4 Repurchased Principal $ 5 New Loan Additions $ 6 Other Adjustments $ (5.30) 7 Total NonCash Principal Activity $ (1,996,741.77) C. Total Student Loan Principal Activity (II.A.6 + II.B.7) $ (3,328,973.22) D. Student Loan Cash Interest Activity 1 Interest Payments Received $ (1,233,275.37) 2 Interest Cash Claim Payments (c) $ 3 Repurchased Interest $ 4 New Loan Additions $ 5 Other Adjustments (cancellations, consolidations and other) $ (198.90) 6 Total Interest Collections $ (1,233,474.27) E. Student Loan NonCash Interest Activity 1 Interest Accruals $ 1,754, NonCash Claims on Unsecured Defaults $ (102,975.93) 3 Capitalized Interest $ (1,014,385.13) 4 Realized Losses $ 5 Repurchased Interest $ 6 Other Adjustments $ Total NonCash Interest Activity $ 637, F. Total Student Loan Interest Activity (II.D.6 + II.E.7) $ (596,077.02) G. Student Loan Late Fees Activity 1 Cash Late Fees $ (7,074.79) 2 NonCash Late Fees $ 5, Net Late Fees Activity (II.G.1 + II.G.2) $ (1,120.36) III Prepayment Data 06/30/10 12/31/10 Prepayment Rate (1) 0.78% 0.53% (1) Prepayment Rate will be updated in the July and January Monthly Distribution Reports for the 6month periods ending June and December, respectively. NCSLT Monthly Distribution Report Page 2 of 6 2A44E74C

3 National Collegiate Student Loan Trust IV Collection Account Activity From 04/01/11 to 04/30/11 A. Collection Account 1 Collections by Servicers $ 2,565, Cash Claim Payments $ 3 Liquidation Proceeds and Recoveries $ 136, Sale Proceeds $ 5 Investment Earnings on Trust Accounts $ Excess of Required Reserve Amount Balance $ 7 Other Receipts (Late Fees and Other) (b) $ 7, Prior Month Allocation and Adjustments $ 118, Advances or Reimbursements $ 10 Opening Balance and Post Sale Settlement $ 11 Total Available Funds $ 2,827, Includes GIC interest from 04/22/1105/23/11 B. Allocations through 04/30/11 with Payments and Distributions for 05/25/11 Total Available Remaining Reserve Funds Funds Transfer $ 2,827, $ 2,827, Payment of Trustee, Servicers, Administrators & Paying Agent Fees & Expenses: Payment of Trustee Fees & Expenses $ $ 2,827, $ (b) Payment of Servicing Fees & Expenses $ 163, $ 2,664, $ (c) Payment of Administration Fees & Expenses $ 28, $ 2,636, $ (d) Payment of Irish Paying Agent Fees & Expenses $ $ 2,636, $ (e) Payment of Backup Administration Fees & Expenses $ 1, $ 2,635, $ 2 Allocation of Trustee, Servicers, Administrators & Paying Agent Fees & Expenses: Allocation of Trustee Fees & Expenses $ $ 2,635, $ (b) Allocation of Servicing Fees & Expenses $ 132, $ 2,502, $ (c) Allocation of Administration Fees & Expenses $ $ 2,502, $ (d) Allocation of Irish Paying Agent Fees & Expenses $ $ 2,502, $ (e) Allocation of Backup Administration Fees & Expenses $ $ 2,502, $ 3 Payment of Other Fees $ $ 2,502, $ 4 Payment of Interest Distribution Amount to Class A Securities: Class A1 $ 1, $ 2,501, $ (b) Class A2 $ 41, $ 2,459, $ (c) Class A3 $ 36, $ 2,422, $ (d) Class A4 $ 76, $ 2,345, $ (e) Class AIO $ 607, $ 1,738, $ 5 Payment of Interest Distribution Amount to Class B Securities $ 13, $ 1,725, $ 6 Payment of Interest Distribution Amount to Class C Securities $ $ 1,725, $ 7 Transfer to Reinstate Reserve Account up to Required Reserve Amount Balance $ $ 1,725, $ 8 Payment to Purchase Rehabilitated Loans $ $ 1,725, $ 9 Payment of Principal Distribution: Class A1 $ 1,725, $ $ (b) Class A2 $ $ $ (c) Class A3 $ $ $ (d) Class A4 $ $ $ (e) Class B Interest Carryover Shortfall $ $ $ (f) Class B $ $ $ (g) Class C Interest Carryover Shortfall $ $ $ (h) Class C $ $ $ 10 Payment of any remaining Interest Carryover Shortfall to Class B Noteholders $ $ $ 11 Payment of any remaining Interest Carryover Shortfall to Class C Noteholders $ $ $ 12 Payment of the following: Unreimbursed Advances $ $ $ (b) Payment of Indenture Trustee Fees & Expenses, in excess of maximum amounts specified $ $ $ (c) Payment of Irish Paying Agent Fees & Expenses, in excess of maximum amounts specified $ $ $ (d) Payment of Owner Trustee Fees & Expenses, in excess of maximum amounts specified $ $ $ (e) Payment of Backup Administration Fees & Expenses, in excess of maximum amounts specified $ $ $ (f) Payment of Indemnities, Fees & Expenses of the Servicers $ $ $ (g) Payment of Administration Fees & Expenses allocated to the Notes $ $ $ 13 Remaining Amounts of Principal, if a Turbo Trigger is in effect $ $ $ 14 Payment of any Prepayment Penalties to Class AIO Noteholders previously unpaid $ $ $ 15 Payment of structuring advisory fees and then to the Certificate holders, any remaining amounts $ $ $ NCSLT Monthly Distribution Report Page 3 of 6 1CE360FF

4 National Collegiate Student Loan Trust V Parity Calculations Parity 1 Senior Parity ((Pool Balance + Trust Accounts) / Class A Securities) % % 2 Total Parity ((Pool Balance + Trust Accounts) / Securities) 88.61% 88.11% Parity ratio calculations include all Securities. VI Portfolio Characteristics by Payment Status WAC # of Loans % Principal Amount % Payment Status Interim (1) In School 5.27% 5.24% 2,947 2, % 7.62% $ 52,981, $ 43,073, % 10.22% Total Interim 2,947 2, % 7.62% $ 52,981, $ 43,073, % 10.22% Repayment Active Current 5.00% 5.00% 25,265 25, % 82.42% $ 319,504, $ 323,662, % 76.82% 3160 Days Delinquent 5.33% 5.30% % 2.14% $ 8,261, $ 10,849, % 2.58% 6190 Days Delinquent 5.18% 5.34% % 1.05% $ 5,761, $ 5,249, % 1.25% Days Delinquent 5.26% 5.21% % 0.80% $ 6,085, $ 4,244, % 1.01% Days Delinquent 5.15% 5.27% % 0.81% $ 4,350, $ 4,445, % 1.06% Days Delinquent 5.27% 5.18% % 0.63% $ 3,460, $ 3,464, % 0.82% > 180 Days Delinquent 5.23% 5.23% % 0.58% $ 3,382, $ 3,229, % 0.77% Forbearance 5.20% 5.22% 1,120 1, % 3.94% $ 20,870, $ 23,110, % 5.49% Total Repayment 28,260 28, % 92.38% $ 371,676, $ 378,255, % 89.78% Grand Total 31,207 30, % % $ 424,657, $ 421,328, % % (1) Loans in Interim Status have not yet had a scheduled payment. VII Portfolio Characteristics by Borrower Type and Program Type Borrower Type Principal Amount % Principal Amount % 1 Creditworthy Cosigned Loans $ 342,101, % $ 339,624, % 2 Creditworthy NonCosigned Loans $ 81,849, % $ 81,002, % 3 Creditready Loans $ 706, % $ 702, % Total $ 424,657, % $ 421,328, % Program Type Principal Amount % Principal Amount % 1 Continuing Education $ 8,685, % $ 8,616, % 2 Graduate $ 55,072, % $ 54,671, % 3 K12 $ 5,907, % $ 5,879, % 4 Medical $ 2,866, % $ 2,825, % 5 Undergraduate $ 351,557, % $ 348,787, % 6 Consolidation, Parent, Other $ 568, % $ 547, % Total $ 424,657, % $ 421,328, % NCSLT Monthly Distribution Report Page 4 of 6 2ED1322C

5 National Collegiate Student Loan Trust VIII Default Information, Claims, Net Losses and Related Information Defaulted Loan Detail Principal Amount Principal Amount A. Cumulative Defaulted Loans (1) $ 110,643, $ 113,519, B. Cumulative Cash Claim Payments Made $ 28,158, $ 28,158, C. Cumulative NonCash Claims on Unsecured Defaults $ 79,461, $ 82,472, D. Defaulted Loans in Process at Servicer $ 3,022, $ 2,887, Default Rates E. Cumulative Default Rate as a percentage of Loans in Repayment (2) 19.48% 19.61% F. Cumulative Default Rate as a percentage of Financed Student Loans at Closing Date (3) 22.22% 22.80% Related Information G. Has a Material Change to ChargeOff Method Occurred? No No H. Has a Material Change to Asset Terms, Fees, Penalties or Payments Occurred? No No I. Has a Material Breach of Pool Asset Representations or Warranties or Transaction Covenants Occurred? No No (1) (2) (3) Cumulative Principal Balance of Defaulted Student Loans as of the last day of the Collection Period, less cumulative claims cancelled and returned to nondefault status. Section VIII.A divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the Trust. Section VIII.A divided by the Principal Balance of Financed Student Loans as of Closing Date $497,888, Supplemental Information Cumulative Net Loss to the Trust on Defaulted Loans 04/30/11 J. Cumulative Defaulted Principal Amount (Section VIII.A) $ 113,519, K. Cumulative Defaulted Interest Amount $ 5,995, L. Cumulative Cash Claim Principal Payments Made (Section VIII.B) $ (28,158,557.70) M. Cumulative Cash Claim Interest Payments Made $ (2,032,382.71) N. Cumulative Principal and Interest Recoveries after Collection Costs (while under Trust ownership) $ (1,898,014.60) O. Other (b) $ (3,051,411.23) P. Cumulative Net Loss $ 84,374, Q. Cumulative Net Loss rate as a percentage of Financed Student Loans at Closing Date (c) 16.95% (b) (c) Includes recoveries on defaulted loans since the November 2010 transfer to the Trust from TERI pursuant to the Plan. See Section IX.12 details on TERI bankruptcy settlement. Includes cash received from TERI pursuant to the Plan for recoveries collected on defaulted loans that had not been deposited into the Pledge Fund and unsecured claim distributions being received periodically from the Plan Trust. See Section IX.12 details on TERI bankruptcy settlement. Cumulative Net Loss (Line P above) divided by the Principal Balance of Financed Student Loans as of Closing Date $497,888, NCSLT Monthly Distribution Report Page 5 of 6 5FC1E7A5

6 National Collegiate Student Loan Trust IX Triggers and Other Information 1 Has a change occurred in the notional amount of the Class AIO? Yes a change has occurred in the notional amount. The next change date is May 26, Has Prepayment Penalty occurred on Class AIO Notes? (The scheduled Reference Amount exceeds the notional amount on Distribution Date)? No next change date is May 26, Has a Required Reserve Amount Balance date occurred? Yes 4 Note Parity Trigger (Pool Balance plus Reserve Account, at end of Collection period, is less than 101% of Outstanding Debt after payments on Distribution Date on or after the Stepdown Date). Has Note Parity Trigger occurred? No If so, the date such trigger occurred. Is Note Parity Trigger currently in effect? No 5 Subordinate Note Interest Triggers (Cumulative Default Rate equals or exceeds set rates) Has a Class B Note Interest Trigger occurred? No If so, the date the Class B Note Interest Trigger occurred. Is a Class B Note Interest Trigger currently in effect? No Has a Class C Note Interest Trigger occurred? Yes If so, the date the Class C Note Interest Trigger occurred. The trigger occurred on the 7/26/10 Distribution Report. The trigger cured on the 8/25/10 Distribution Report. The trigger occurred again on the 9/27/10 Distribution Report. Is a Class C Note Interest Trigger currently in effect? Yes, Interest on the Class C Notes will be subordinated to the payment of principal on the Class A Securities and the Class B Notes. Interest previously withheld from the waterfall will not be paid but will continue to earn interest and be paid after the Class B Notes have been paid in full. 6 Subordinate Note Principal Trigger (Note Parity Trigger has occurred or Cumulative Default Rate greater than 10% and TERI is no longer paying claims) Has a Subordinate Note Principal Trigger occurred? Yes If so, the date such trigger occurred. The trigger occurred on the 7/27/09 Distribution Report. Is a Subordinate Note Principal Trigger currently in effect? Yes, however, since the Stepdown Date has not been reached there is no impact. 7 Turbo Trigger (Pool Balance of loans is equal to or less than 10% of the Principal Balance as of the Cutoff date or Cumulative Default Rate is greater than 10% and TERI is no longer paying claims) Has a Turbo Trigger occurred? Yes If so, the date such trigger occurred. The trigger occurred on the 7/27/09 Distribution Report. Is a Turbo Trigger currently in effect? Yes, however, since the Stepdown Date has not been reached there is no impact. 8 Has the Stepdown Date of August 25, 2014 occurred (On or after Stepdown Date and if a Subordinate Note Trigger is not in effect, Principal Distribution method may change)? No 9 Has an Event of Default occurred? No 10 Has the Parity Ratio reached its release point of 103%? No 11 Has Trust exceeded annual fees or expense cap to Service Providers? No 12 On November 19, 2010, the Modified Fourth Amended Joint Plan of Reorganization of TERI and the Official Committee of Unsecured Creditors (the Plan) became effective, having been confirmed by the Bankruptcy Court in October Pursuant to the Plan s settlement provisions accepted by the Trust, the Trust received in November 2010: (i) all funds remaining in its Pledge Fund, (ii) all defaulted loans purchased from the Trust by TERI prior to April 7, 2008 using funds in the Pledge Fund (the Prepetition Loans ), (iii) all net recoveries realized, and rights to all net recoveries to be realized in the future, in respect of such Prepetition Loans, except for certain net recoveries received by TERI prior to April 7, 2008 and not deposited in the Pledge Fund (the Undeposited Recoveries ) and (iv) certain additional cash in settlement of a dispute concerning the Undeposited Recoveries. In addition, the Trust has an unsecured claim against TERI s estate in the amount specified in the Plan. The Trust received payment of a portion of its unsecured claim (approximately 10%) in December Pursuant to the Plan, TERI released its claim against the Trust for payment of accrued and future guaranty fees, and the litigation filed by the Creditors Committee against the indenture trustee, the Trust and the administrator, FMDS, was dismissed with prejudice. Copies of the Plan and all other filings made in the TERI bankruptcy proceedings may be obtained at and if not available on such case website, then such filings may be obtained by contacting the Clerk at the Bankruptcy Court. See VIII. Default Information, Net Losses and Related Information (above) for Cumulative Default Rate and calculation. NCSLT Monthly Distribution Report Page 6 of 6 614BBE82