BNYMELLON. Investor Report. Vermont Student Assistance Corporation Deal Code: VSAC20121 Distribution Date: 12/28/2016 Pay Date:

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1 . BNYMELLON Investor Report Distribution Date: 12/28/2016 Pay Date: Primary Contacts: Cherry L Mccarrell BNY, 919 Congress, Suite 500 Austin, TelCas Tef:(512) Ema II :cherry.mccarre1 l@bnymellon.com Copyright ) 2010 The Bank of New York Mellon Corporation. All rights rese,ved.

2 . Table Of Content Dlstrlbullon Date: 12/ Pay Date; 12/ Name Certificate Distribution Detail Deal other Details Page 1 3 Copyright Cl 2016 The Banlc of New Yorlc Mellon Corporation. All rights reserved.

3 ': DlstrlbuUon Date: 12/ Pay Date: 12/28/2016 Distribution Report I I A 'B '"-l'llnlug Rat Aa:full ACTUALJ360 ACTUALJ360 Orlglrii Face I Blglnnlng Balance Prfndpel llllnst Tata! ,, ,879, ,016, , ,4J0,7li ,500,.00 15,500,.00 46, , R..nz.dl.ots Dfflffll lnlffllt Ending Prlnclp, CUlltula Reallnd Lois , ,500,.00 Ml UtiJ1ll1 4111,71175 f,c71,tl!uii o.go Otll IN,ll3,1 UI Factor Information,- CLASS CIINfype CUSP Rffllwe Blglnnlng llalallc lnlarnt '* Rallzadlaa Enclng Prlnclpal A - B t AC AD4 - - FIX FIX 1,.00 0 OOOC(l(J m UII , l.40l Copyright If) 2016 The Banlc of New York Mellon Corporation. All rights reserved. Page 1

4 . Distribution Date: 12/20/2016 Pay Date: 12/28/2016 FORM OF DISTRIBUTION DATE INFORMATION This Distribution Date Information Form (the "Information Form") is being provided by The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee") pursuant to Section 4.21 of the Indenture of Trust, dated as of November I, 2012 (the "Indenture"), between Vermont Student Assistance Corporation (the "Corporation") and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"). All capitalized terms used in the Information Form and not otherwise defined shall have the same meanings as assigned to such terms in the Indenture. The Corporation has provided a Distribution Date Certificate to the Trustee. In reliance upon the information and the Corporation's direction contained therein, the Trustee shall make the following deposits and distributions in the following order or priority, to the Persons or to the account specified below by 3:00 p.m. (Eastern time) on December (the "Distribution Date"), to the extent of(w) the amount of Available Funds received during the related Collection Peirod in the Collection Fund (or, if necessary, other Available Funds on deposit in the Collection Fund as provided in Section 5.02(b) of the Indenture) (viz., the sum of$ 7 515,j ), (x) the amount transferred from the Debt Service Reserve Fund pursuant to Section 5.04 of the Indenture (viz., the sum of$ 0 ), and (y) the amount transferred from the Application Fund pursuant to Section 5.03 of the Indenture (viz., the sum of$. 0, Copyright itl 2018 The Bank of New York Mellon Corporation. All rights reserved. Page 2

5 . Deal other Details DealCode: VSAC20121 Distribution Date; 12/28/2016 Pay Date: 12/28/2016 (i) (ii) i) iii (iij Amounts required IO be deposited in the Oepartmen1 Reserve Fund (A)The Trus1ee Fee to the Trustee: (B)Any Trustee Fee to the e.<1enl nol previously paid in fut (A)The SeM:ing Fees to Ille Corporation, for payment due lo itsek. and any thild-party servicers and the Back-up Semcer. (B)Any unpaid Servicing Fees from prior Distribution Dates; 743, , , fiv) (A)The Administraoon Fees to lhe Admillistra1or; 35, fiv) (B)Any unpa«i Administraliln Fees Ill Ille e11ent not previous!y (v) (v) paid in fujfrom prior Oistribuliln Dates; (A)The ln1erest Dislribuliln Amount 10 the Class A Noleho1ders; [B)The Interest Dlslribuliln Amount IO the Class B Noleholders; 414, , (vil Amounts to be deposited to Ille Debi Semce Reserve Fund necessary to; reinstate the balance or the Debt Service Reser;e Fund up to the Debi (vii) (vii) service Reser;e Fund Requilemen (A)First all remaining amounts to the Class A Noteholders (until paid in fu!q; (B)Second. all remaining amounts IO the Class B No1ehoklers (until paid in full); 6,016, (vii Class 8 Carry-Over Amount; f11) Release of money lo the Corporation pursuant to Section 5.02(b)(K) ol the indenture; (x) (xi) To1al Distnbutions: The Avaiable Funds from Ille related Collection Period on this Distribution Date: 7, , (Ki) tr required, other Available Funds on deposit in the Collection Fund: ( The Parity Ratios as of such Oistribu1ion Date: Class A Parity Raoo Class 8 Parity Ratio: (xiv) Debt Service Reserw Fund Requirement f()( such Distribuliln Dale; % % 1.176, (xv) Pool Balance for such Distribution Date: , Copyright() 2018 The Bank of New York Mellon Corporation. All rights rese,ved. Page3

6 . Vermont Student Assistance Corporation Deal other Details Distribution Date: 12128/2016 Pay Date: 12128/2016 (xvil UBOR Rales for the related Interest Period (xvi) LIBOR Rates for the succeeding Interest Period (XV!i) Interest Rate on the Noles for the current paydate lnleresl Pem:1: ClassA' ClassB: (xviii) lnteres1 Rate on the Notes for the next succeeding Interest Period Period ClassA: Class B; rcxxl With respect to the calculatklns ot the Interest Distribution Amount aoo the Class B Ca11Y Over Amount referenced above: Acaued lnleresl AmounlS for the Class B Noles for such Distribution Date % % % % % % 46,397 (A) AU non-principal amounts accrued on the F111anced Sludent loans multiplied by a 365/360 day altllll 1,775, (B) Amounts nol attributable to prmcipaf that are payable kl the (C) (DJ (E) Department multiplied by a 365/360 day count SeMcing Fees and Admincstralion Fees acaued during Collect.io Period Interest Aa:tual Amount on Class A Notes T 11JStee Fees for Collection Penocl , , Class B Interest Cap (Class B lnteresl Cap= (A). (B) (Cl (DJ [Ell Daledthisdayof December , THE BANK OF NEW YORK MEllON TRUST COMPANY, N.A., as the TlllStee er.c e0 (!_ Autholiz. SignalOiy Copyright O The Bank of New York Mellon Corporation. All rights reserved. Page4