8/31/ /30/ Portfolio Principal Balance. $ 580,618, $ (13,529,708.04) $ 567,088, Accrued Interest

Transcription

1 Collegiate Funding Services Education Loan Trust 2003A Quarterly Servicing Report I. Series 2003A Asset and Liability Summary A. Student Loan Portfolio and Fund Balance 8/31/ /30/ Portfolio Principal Balance 580,618, (13,529,708.04) 567,088, Accrued Interest 7,533, (173,795.71) 7,359, Total Principal and Accrued Interest Balance 588,151, (13,703,503.75) 574,448, Fund Accounts Balance 29,002, (5,748,453.34) 23,253, Total Student Loans and Fund Balance 617,153, (19,451,957.09) 597,701, B. 1 Weighted Average Coupon (WAC) 5.01% 0.010% 5.00% 2 Weighted Avg Rem Maturity (WARM) (1.40) Number of Loans 29,692 (613) 29,079 4 Number of Borrowers 16,377 (340) 16,037 C. Notes and Certificates CUSIP Spread 9/30/2006 % 12/31/2006 % 1 Class A1 LIBOR Notes 19458LAA % 0.00% 0.00% 2 Class A2 LIBOR Notes 19458LAB % 186,506, % 170,979, % 3 Class A3 ARS Notes 19458LAC4 ARS 116,950, % 116,950, % 4 Class A4 ARS Notes 19458LAD2 ARS 116,950, % 116,950, % 5 Class A5 ARS Notes 19458LAE0 ARS 59,250, % 59,250, % 6 Class A6 ARS Notes 19458LAF7 ARS 59,250, % 59,250, % 7 Class B ARS Notes 19458LAG5 ARS 42,350, % 42,350, % 8 Total Notes and Certificates 581,256, % 565,729, % D. Reserve Fund 8/31/2006 Change 11/30/ Reserve Fund 6,197, (232,674.09) 5,964, Required Reserve 5,964, (152,266.62) 5,812, E. Other Fund Balances 8/31/2006 Change 11/30/ Acquisition Fund 2 Collection Fund 17,269, , ,288, Total Fund Balances 23,467, (213,414.13) 23,253, Page 1 of 9

2 II. Series 2003A Transactions and Accruals 9/01/06 through 11/30/06 A. Student Loan Cash Principal Activity Beginning Balance as of 9/01/06 580,618, Borrower Payments (13,263,462.42) 2 Claim Payments (1,791,276.49) 3 Other Adjustments 4 New Acquisitions 5 Total Principal Collections 565,563, B. Student Loan NonCash Principal Activity 1 Capitalized Interest 1,559, Cancellations/Reissues 3 Other Adjustments (34,685.38) 4 Total NonCash Principal Activity 1,525, C. Total Student Loan Principal 567,088, D. Student Loan Cash Interest Activity Beginning Balance as of 9/01/06 7,533, Borrower Payments (5,163,608.78) 2 Claim Payments (88,192.04) 3 Other Adjustments 4 New Acquisitions 5 Subsidy Payments (ISP) (416,886.02) 6 Special Allowance Payments (SAP) (3,881,187.76) 7 Total Interest Collections (2,016,400.78) E. Student Loan NonCash Interest Activity 1 Borrower Accruals 6,815, Interest Subsidy Payment Accruals (ISP) 308, Special Allowance Payment Accrual Estimate (SAP) 3,767, Capitalized Interest (1,559,716.25) 5 Other Adjustments 44, Total NonCash Interest Activity 9,376, F. Total Student Loan Interest 7,359, G. NonReimbursable Losses During Collection Period 12, H. Cumulative NonReimbursable Losses to Date 296, Page 2 of 9

3 III. Cash Receipts for the Period 9/01/06 11/30/06 A. B. Principal Collections Beginning Balance as of 9/1/06 17,269, Principal Payments Received Cash Payments 7,092, Principal Payments Received from Loans Paid in Full 7,272, Principal Payments Received Servicer Recoveries/Reimbursements 1,060, Principal Payments Received Seller Recoveries/Reimbursements 5 Total Principal Collections 15,425, Interest Collections 1 Interest Payments Received Cash Payments 5,014, Interest Payments Received from Loans Paid in Full 96, Interest Payments Received Special Allowance and Interest Benefit Payments 4,298, Interest Payments Received Servicer Recoveries/Reimbursements 5 Interest Payments Received Seller Recoveries/Reimbursements 6 Late Fee Activity 30, Total Interest Collections 9,439, C. Other Reimbursements 232, D. E. Investment Earnings 1 Collection Fund Investment Earnings 257, Acquisition Fund Investment Earnings 3 Reserve Fund Investment Earnings 4 Total Investment Earnings 257, Funds Previously Remitted 1 Payments to the Department of Education 1,524, Servicing Fees 164, Administration Fees 146, Broker Dealer/Auction Agent Fees 154, Derivative Payments Paid to Counterparties 6 Interest PaymentsAuction Rate Certificates 5,134, Interest PaymentsLIBOR Notes 2,984, Principal PaymentsLIBOR Notes 15,226, Trustee Fees 10 Total Previously Remitted Fees 25,336, F. Total Cash Available at 11/30/06 17,288, Other Reimbursements: Transfer From Reserve Fund 232, , Page 3 of 9

4 IV. Series 2003A Notes Waterfall for Distributions Remaining Funds Balance A. Total Available Funds (Collection Fund Account) as of 12/20/06: 20,420, Reserve Fund Excess: 152, ,572, B. First Payments to the Dept of Ed and Guarantee Fees 500, ,072, C. Second Payments to the Master Servicer, Indenture Trustee, Auction Agent, Broker Dealer and the Delaware Trustee Master Servicer Fee 53, Indenture Trustee 44, Auction Agent 0.00 Broker Dealer 0.00 Delaware Trustee ,973, D. Third Payments to the Administrator 142, ,830, E. Fourth Interest Payments to Class A Noteholders and Swap Counterparties 1 Class A1 Senior Notes Class A2 Senior Notes 2,670, Class A3 Senior ARS Notes 483, Class A4 Senior ARS Notes 483, Class A5 Senior ARS Notes 244, Class A6 Senior ARS Notes 244, Other Senior Obligations SWAP Payments (Net of Settlement on SWAP) Total Principal Distribution on Senior Notes or Obligations 4,125, ,705, F. Fifth Interest Payments to Class B Noteholders 178, ,526, Less Accrued Interest Amounts owed on each class of auction rate notes the first auction rate distribution date following the quarterly distribution date ,226, G. Sixth Principal Payments to the Class A1 Senior Noteholders H. Seventh Principal Payments to the Class A2 Senior Noteholders 15,226, I. Eighth Principal Payments to the Class A3 through A6 Senior ARS Noteholders, prorata in lots of 50, J. Ninth Principal Payments to the Class B Subordinate ARS Noteholders, prorata in lots of 50, K. Tenth Reserve Fund amount, if any, necessary to restore the Reserve Fund to it's required minimum balance L. Eleventh To the Class A3 through A6 Senior ARS Noteholders to pay any unpaid carryover amounts M. Twelfth To the Class B Subordinate ARS Noteholders to pay any unpaid carryover amounts N. Thirteenth To the Derivative Product Agreement Counterparties, prorata, any unreimbursed termination payments due under the terms of the related derivative product agreements O. Fourteenth To the Master Servicer, any unpaid carryover servicing fee P. Fifteenth Remaining amounts, less the portion, if any, of principal distribution amounts allocated but not paid to a class of auction rate notes on that quarterly distribution date Page 4 of 9

5 V. Auction Rate Securities Detail A. Auction rate Securities Paid During Collection Period Security Description Interest Period Pay Date # of Days Rate Payment A3 08/18/200609/14/ /15/ , A3 09/15/200610/12/ /13/ , A3 10/13/200611/09/ /10/ , A4 08/25/200609/21/ /22/ , A4 09/22/200610/19/ /20/ , A4 10/20/200611/16/ /17/ , A5 08/08/200609/04/ /05/ , A5 09/05/200610/02/ /03/ , A5 10/03/200610/30/ /31/ , A5 10/31/200611/27/ /28/ , A6 08/15/200609/11/ /12/ , A6 09/12/200610/09/ /10/ , A6 10/10/200611/06/ /07/ , B 08/25/200609/21/ /22/ , B 09/22/200610/19/ /20/ , B 10/20/200611/16/ /17/ , Auction Rate Security Payments Made During Collection Period 5,134, Broker Dealer Fees Paid During Collection Period 9/1/0611/30/06 145, Auction Agent Fees Paid During Collection period 9/1/0611/30/06 9, Total Auction Rate Securities Related Payments From Collection Fund During Period 5,288, B. Payments Accrued During Collection Period for Future Distributions Security Description Interest Period Pay Date # of Days Rate Payment A3 11/10/200612/07/ /08/ , A4 11/17/200612/14/ /15/ , A5 11/28/200612/25/ /26/ , A6 11/07/200612/04/ /05/ , B 11/17/200612/14/ /15/ , Accrued Auction Rate Interest Payments 1,630, Page 5 of 9

6 VI. Accrued Interest Factors from Prior Distribution Date Accrued Interest Factor Accrual Begin Period Accrual End Period Rate A. Class A1 Interest Rate B. Class A2 Interest Rate /28/ /27/ % C. Class A3 Interest Rate Auction rate D. Class A4 Interest Rate Auction rate E. Class A5 Interest Rate Auction rate F. Class A6 Interest Rate Auction rate G. Class B Interest Rate Auction rate VII. Inputs From Prior Distribution Date A. Student Loan Portfolio Balance 588,151, B. Total Note Factor C. Total Note Balance 581,256, D. Note Balance Class A1 Class A2 Class A3 Class A4 Class A5 Class A6 Class B Ending Balance Factor Note Balance ,506, ,950, ,950, ,250, ,250, ,350, Note Principal Shortfall Interest Shortfall Interest Carryover Page 6 of 9

7 VIII. Series 2003A Portfolio Characteristics Status Weighted Average Coupon Number of Loans % Dollar Amount % 8/31/ /30/2006 8/31/ /30/2006 8/31/ /30/2006 8/31/ /30/2006 8/31/ /30/2006 A. Borrower Distribution: Deferment Unsubsidized Loans 5.419% 5.340% 1,182 1, % 4.02% 22,350,408 21,867, % 3.86% Subsidized Loans 5.398% 5.330% 1,269 1, % 4.30% 24,765,910 23,643, % 4.17% Forbearance Unsubsidized Loans 4.915% 5.510% 1,081 1, % 3.49% 29,733,771 27,716, % 4.89% Subsidized Loans 5.856% 5.450% 1,072 1, % 3.55% 26,606,302 25,624, % 4.52% Repayment Current 4.868% 4.860% 23,457 22, % 79.00% 442,734, ,849, % 76.33% 3160 Days Delinquent 5.541% 5.620% % 2.34% 16,488,766 14,238, % 2.51% 6190 Days Delinquent 5.450% 5.610% % 0.86% 4,966,137 5,379, % 0.95% Days Delinquent 5.377% 5.500% % 0.58% 3,455,723 3,945, % 0.70% Days Delinquent 5.295% 5.600% % 0.54% 2,552,323 3,518, % 0.62% Days Delinquent 5.298% 5.600% % 0.39% 2,761,895 1,975, % 0.35% Days Delinquent 5.886% 5.340% % 0.32% 1,065,825 2,016, % 0.36% Days Delinquent 5.459% 5.080% % 0.18% 790,905 1,202, % 0.21% > 240 Days Delinquent 4.500% 0.000% % 0.00% 22, % 0.00% Claims in Process 5.695% 5.380% % 0.43% 2,324,086 3,108, % 0.55% B. Grand Total 29,692 29, % % 580,618, ,088, % % Note: Delinquent means more than 30 days past due Page 7 of 9

8 IX. Distributions A. Distribution Amounts Combined Class A1 Class A2 Class A3 Class A4 Class A5 Class A6 Class B 1. Interest Due 2,670, ,670, Interest Paid 2,670, ,670, Interest Shortfall 4. Interest Carryover Due 5. Interest Carryover Paid 6. Interest Carryover 7. Quarterly Principal Paid 15,226, ,226, Total Distribution Amount 17,896, B. Principal Distribution Amount Reconciliation 1. Principal Balanc 11/30/06 567,008, Required Reserve 11/30/06 5,812, Accrued Interest 11/30/06 7,359, Adjusted Pool Balance 580,180, Total Notes Outstanding Principal Balance (Class A & Class B Notes) 581,256, Class A Notes Outstanding Principal Balance 538,906, Total Principal Distribution Amount as Defined by Indenture 9,649, Actual Principal Distribution Amount based on Funds held in Collection Fund 15,226, Principal Distribution Amount Shortfall (5,577,140.60) 10. Senior Noteholders' Principal Distribution Amount 15,226, C. Parity Calculations 1. Total Principal and Accrued Interest Balance 574,368, Required Reserve Fund Balance 5,812, Collection Fund (based on Senior Noteholders Principal Distribution Amount) 15,226, Total Assets 595,407, Senior Liabilities (Class A Notes) 538,906, Senior Parity % 7. Total Liabilities (Class A & Class B Notes) 581,256, Total Parity % D. Reserve Fund Reconciliation 1. Beginning Period Balance 5,964, Necessary Deposits from Excess Funds Remaining after Waterfall Distribution 3. Total Reserve Fund Balance Available 5,964, Required Reserve Fund Balance 5,812, Excess Reserve Transfer to Collection Fund 152, Ending Reserve Fund Balance 5,812, E. Note Balances 9/28/2006 Paydown Factors 12/28/ A1 Note Balance A1 Pool Factor A2 Note Balance 186,506, ,979, A2 Pool Factor A3 Note Balance 116,950, ,950, A3 Pool Factor A4 Note Balance 116,950, ,950, A4 Pool Factor A5 Note Balance 59,250, ,250, A5 Pool Factor A6 Note Balance 59,250, ,250, A6 Pool Factor B Note Balance 42,350, ,350, B Pool Factor Page 8 of 9

9 X. Payment History and CPRs Collection Period End Actual EndingPrincipal Balance Cumulative CPR 2/29/ ,196, % 5/31/ ,462, % 8/31/ ,315, % 11/30/ ,561, % 2/28/ ,775, % 5/31/ ,768, % 8/31/ ,165, % 11/30/ ,618, % 2/28/ ,090, % 5/31/ ,938, % 8/31/ ,618, % 11/30/ ,088, % Current B(n) Remaining Prin Balance (assume no prepays) 727,202, C(n) Actual remaining prin balance 567,088, Ratio (C/B) % of initial balance prepaid CPR % % 6.417% Page 9 of 9