College Loan Corporation Trust II Quarterly Servicing Report. Distribution Period: 1/26/2012-4/25/2012 Collection Period: 1/1/2012-3/31/2012

Transcription

1 Quarterly Servicing Report Distribution Period: 1/26/2012 4/25/2012 Collection Period: 1/1/2012 3/31/2012

2 I. Deal Parameters Student Loan Portfolio Characteristics 1/1/2012 Activity 3/31/2012 A i Portfolio Principal Balance 866,402,007 (30,501,907) 835,900,099 ii Accrued Interest 19,810,377 (1,036,483) 18,773,894 iii Pool Balance 886,212,384 (31,538,391) 854,673,993 B i Weighted Average Coupon (WAC) 5.245% 5.246% ii Weighted Average Remaining Term iii Number of Loans 117, ,409 iv Number of Borrowers 66,284 63,801 C s CUSIP Balance 1/26/2012 % O/S Securities Balance 4/25/2012 % O/S Securities i 20071A AA6 0.00% 0.00% ii 20071A AB4 278,000, % 274,000, % iii 20071A AC2 222,000, % 222,000, % iv 20071A AA8 7,450, % 7,450, % v 20071A AB6 42,850, % 12,875, % vi 20071A AC4 34,000, % 34,000, % vii 20071A AD2 20,225, % 20,225, % viii 20071A AE0 8,450, % 8,450, % ix 20071A AF7 3,100, % 3,100, % x 20071A AG5 26,475, % 26,475, % xi 20071A AH3 6,000, % 6,000, % xii 20071A AJ9 0.00% 0.00% xiii 20071A AK6 0.00% 0.00% xiv 20071A AQ3 200,000, % 200,000, % xv 20071B AL4 0.00% 0.00% xvi 20071B AM2 25,000, % 25,000, % xvii 20071B AN0 25,000, % 25,000, % xviii 20071B AP5 0.00% 0.00% 898,550, % 864,575, % D Reserve Fund Requirement 1/26/2012 4/25/2012 i Required Reserve Fund Balance (%) 0.50% 0.50% ii Reserve Fund Requirement 4,492,750 4,322,875 iii Reserve Fund Floor Balance 2,000,000 2,000,000 iv Reserve Fund Balance After Distribution Date 4,492,750 4,378,500 E Fund Balances 1/1/2012 3/31/2012 i Acquisition Fund Balance 250, ,168 ii Administration Fund 51,736 52,630 iii Capitalized Interest Fund Balance iv Collection Fund Balance 12,311,490 13,436,788 v Interest Account 554, ,898 vi Reserve Fund Balance 5,078,625 4,438,125 vii Retirement Account 588, ,083 viii Department Rebate Fund Balance 2,666,000 2,800,000 ix Surplus Fund Balance xiv Total 21,501,365 21,874,692 F Asset percentage 1/25/2012 4/25/2012 i Portfolio Principal Balance 866,402, ,900,099 ii Accrued IRB/IRG/SAP 19,866,910 18,814,894 iii Total Fund Balance 21,461,315 22,673,329 iv Less: Accrued Interest on All s (867,000) (913,000) v Asset Value 906,863, ,475,322 vi Total Bonds Outstanding 898,550, ,575,000 vii Difference 8,313,232 11,900,322 viii Asset Percentage % % I

3 II. Transactions: 1/1/2012 3/31/2012 A Student Loan Principal Collection Activity i Regular Principal Collections (10,050,902) ii Paydown due to Loan Consolidation (11,219,688) iii Principal Claim Collections from Guarantor (13,224,829) iv School Refunds and Cancellations (4,570) v Other Adjustments vi Total Principal Collections (34,499,988) B Student Loan NonCash Principal Activity i Capitalized Interest 4,151,695 ii Principal Realized Losses WriteOffs (282,885) iii Principal Realized Losses Borrower Benefits (112,972) iv Other Adjustments 248,218 v Total NonCash Principal Activity 4,004,056 C Student Loan Principal Purchases (5,975) D Total Student Loan Principal Activity (30,501,907) E Student Loan Interest Activity i Regular Interest Collections (5,485,234) ii Interest due to Loan Consolidation (284,748) iii Government Interest Collections (1,112,301) iv Interest Claims Collections from Guarantors (779,005) v School Refunds and Cancellations vi Other Adjustments vii Total Interest Collections (7,661,288) F Student Loan NonCash Interest Activity i Regular Interest Accruals 9,974,204 ii Government Interest Accruals 1,081,759 iii Capitalized Interest (4,151,695) iv Interest Realized Losses Writeoffs (21,584) v Other Adjustments (256,076) vi Total NonCash Interest Activity 6,626,608 G Student Loan Interest Purchases (1,804) H Total Student Loan Interest Activity (1,036,483) I Defaults Paid this Quarter 12,028,182 J Cumulative Defaults Paid to Date 199,762,966 K NonDefault Claims Paid this Quarter 1,853,894 L NonDefault Claims Paid to Date 32,138,284 M NonReimbursable Losses During Collection Period 312,464 N Cumulative NonReimbursable Losses to Date 5,040,379 II

4 III. Monthly Distributions: 1/1/2012 3/31/2012 A Collection Fund Deposits Available 41,764,372 B Distributions i Allocations to the Acquisition Fund (255,868) ii Paid or accrued fees owed to the Department of Education (5,645,133) (Includes monthly consolidation rebate fees and quarterly LaRS accrual) iii Allocations to the Administration Fund (1,222,042) iv Allocations to the Interest Account (1,803,437) v Allocations to the Retirement Account (31,712,594) vi Allocation to the Surplus Account vii Total Distributions (40,639,075) C Collection Fund Reconciliation i Beginning Balance 12,311,490 ii Deposits During Collection Period 41,764,372 iii Distributions During Collection Period (40,639,074.60) iv Funds Available for Distribution 13,436,788 III

5 IV. Triggers A Administration Fee Administration Fee means a monthly fee paid to the Issuer Administrator on each Monthly Calculation Date equal to 1/12 of 0.10% of the ending Principal Balance of the Financed Student Loans, plus accrued interest thereon, during the preceding month, or such greater or lesser amount as may be provided by Issuer Order (provided that the Rating Agency Condition is met with respect to any increase in such amount) which shall be released to the Issuer Administrator each month to cover its expenses (other than Servicing Fees and Fees) incurred in connection with carrying out and administering its powers, duties and functions under the Indenture and any related agreements. Notwithstanding the foregoing, a) if at any time during the preceding Collection Period, the Net Loan Rate Restriction Period was applicable or any Auction Rate s accrued interest at the Maximum Rate, then the monthly fee paid on the Monthly Calculation Date following such Collection Period shall be equal to 1/12 of 0.05% of the ending Principal Balance of the Financed Student Loans, plus accrued interest thereon, during the preceding month, b) c) d) if on any Quarterly Distribution Date with respect to the Series LIB OR Rate s (and after giving effect to all payments to be made on such Quarterly Distribution Date), the Principal Amount of a class of Series LIBOR Rate s then outstanding is greater than the Targeted Balance for such class of Series LIBOR Rate s for such Quarterly Distribution Date, then for the following three Monthly Calculation Dates, the monthly fee paid on each such Monthly Calculation Date shall be equal to 1/12 of 0.05% of the ending Principal Balance of the Financed Student Loan, plus accrued interest thereon, during the preceding month, if at any time during the preceding Collection Period, the Senior Asset Percentage was less than 100%, then the monthly fee paid on the Monthly Calculation Date following such Collection Period shall be equal to 1/12 of 0.05% of the ending Principal Balance of the Financed Student Loans, plus accrued interest thereon, during the preceding month, or if an Event of Default has occurred and is continuing, then, subject to the other provisions of the Indenture with respect to application of moneys, the monthly fee paid on the Monthly Calculation Date shall be equal to 1/12 of 0.05% of the ending Principal Balance of the Financed Student Loans, plus accrued interest thereon, during the preceding month. B Master Servicing Fee Master Servicing Fee means a monthly fee paid to the Master Servicer on each Monthly Calculation Date equal to 1/12 of 0.40% of the ending Principal Balance of the Financed Student Loans, plus accrued interest thereon, during the preceding month, or such greater or lesser amount as may be provided by Issuer Order (provided that the Rating Agency Condition is met with respect to any increase in such amount) which shall be released to the Issuer each month to cover its expenses (other than Servicing Fees and Fees) incurred in connection with carrying out and administering its powers, duties and functions under the Indenture and any related agreements. Notwithstanding the foregoing, a) if at any time during the preceding Collection Period, the Net Loan Rate Restriction Period was applicable or any Auction Rate s accrued interest at the Maximum Rate, then the monthly fee paid on the Monthly Calculation Date following such Collection Period shall be equal to 1/12 of 0.25% of the ending Principal Balance of the Financed Student Loans, plus accrued interest thereon, during the preceding month, b) if on any Quarterly Distribution Date with respect to the Series LIBOR Rate s (and after giving effect to all payments to be made on such Quarterly Distribution Date), the Principal Amount of a class of Series LIBOR Rate s then outstanding is greater than the Targeted Balance set forth in Schedule I to this First Supplement for such class of Series LIBOR Rate s for such Quarterly Distribution Date, then for the following three Monthly Calculation Dates, the monthly fee paid on each such Monthly Calculation Date shall be equal to 1/12 of 0.25% of the ending Principal Balance of the Financed Student Loan, plus accrued interest thereon, during the preceding month, c) d) if at any time during the preceding Collection Period, the Senior Asset Percentage was less than 100%, then the monthly fee paid on the Monthly Calculation Date following such Collection Period shall be equal to 1/12 of 0.25% of the ending Principal Balance of the Financed Student Loans, plus accrued interest thereon, during the preceding month, or if an Event of Default has occurred and is continuing, then, subject to the other provisions of the Indenture with respect to application of moneys, the monthly fee paid on the Monthly Calculation Date shall be equal to 1/12 of 0.25% of the ending Principal Balance of the Financed Student Loans, plus accrued interest thereon, during the preceding month. IV

6 V. Waterfall For Distribution: 4/25/2012 Distributions Remaining Funds Balance Funds Available for Distribution 13,436,788 a Payments under any joint sharing agreement 13,436,788 b Payments to the Department of Education 1,890,909 11,545,879 c Administration Fund for payment of certain fees 229,736 11,316,143 d Interest payments to class A noteholders 341,293 10,974,850 e Principal payments to class A noteholders 10,974,850 f Interest payments to class B noteholders 135,500 10,839,350 g Principal payments to class B noteholders 10,839,350 h Interest payments to class C noteholders 10,839,350 i Principal payments to class C noteholders 10,839,350 j 10,839,350 Transfer to the Reserve Fund if necessary to increase the balance to its required level k Payments set forth in the supplemental indenture upon satisfaction of a rating agency 10,839,350 condition l Transfer to the Acquisition fund 246,989 m Transfer to the Supplemental Interest Fund equal to the supplemental interest amount n Payment to class A noteholders of any remaining interest o Payment to class B noteholders of any remaining interest p Principal payments to the class A LIBOR rate and targeted balance noteholders q Payment to class C noteholders of any remaining interest r Transfer to the Acquisition fund to fund subsequent disbursements relating to Stafford and PLUS loans or during the revolving period to fund additional student loans s Payment of unpaid amounts due under senior swap agreements t Payment of unpaid amounts due under subordinate swap agreements u Payment of unpaid amounts due under junior subordinate swap agreements v Redemption of or distribution of principal with respect to notes w Payment of any remaining carryover servicing fees or carryover administration fees x Payment of carryover amounts due with respect to the class A notes y Payment of carryover amounts due with respect to the class B notes z Payment of carryover amounts due with respect to the class C notes aa Payment of carryover amounts due with respect to the Series IO notes bb Servicing Administrator, any remaining funds V

7 VI. Trust Fund Reconciliations: 1/1/2012 3/31/2012 A Acquisition Fund i Beginning Balance: 1/1/ ,000 ii Allocations from Collection Fund 255,868 iii Loans funded (371,699) iv Cost of issuance disbursements v Interest earned 4 vi Interest transferred to Collection Fund (4) vii Ending Balance: 3/31/ ,168 B Administration Fund i Beginning Balance: 1/1/ ,736 ii Allocations from Collection Fund 1,222,042 iii Administration fees (109,420) iv Servicing fees (547,099) v Broker Dealer fees (4,352) vi Auction Agent fees (3,651) vii Trustee fees (23,229) viii Cost of Issuance, Legal fees and Other (533,397) ix Interest earned 1 x Interest transferred to Collection Fund (1) xi Ending Balance: 3/31/ ,630 C Capitalized Interest Fund i Beginning Balance: 1/1/2012 ii Funds released to the Collection Fund iii Interest earned iv Interest transferred to Collection Fund v Ending Balance: 3/31/2012 VI

8 VI. Trust Fund Reconciliations: 1/1/2012 3/31/2012 D Interest Account i Beginning Balance: 1/1/ ,774 ii Allocations from Collection Fund 1,803,437 iii Interest payments on the notes (1,560,313) iv Transfer to Retirement v Interest earned 19 vi Interest transferred to Collection Fund (19) vii Ending Balance: 3/31/ ,898 E Reserve Fund i Beginning Balance: 1/1/2012 5,078,625 ii Funds released to Collection Fund (640,500) iii Allocations from Collection Fund iv Interest Earned 115 v Interest Transferred to Collection Fund (115) vi Ending Balance: 3/31/2012 4,438,125 F Retirement Account i Beginning Balance: 1/1/ ,740 ii Allocations from Collection Fund 31,712,594 iii Principal payments on the notes (32,086,250) iv Interest earned 1,281 v Interest transferred to Collection Fund (1,281) vi Ending Balance: 3/31/ ,083 G Department Rebate Account i Beginning Balance: 1/1/2012 2,666,000 ii Allocations from Collection Fund 5,645,133 iii Consolidation Rebate Fees (1,498,412) iv LaRS Payments (4,012,721) v Interest earned 32 vi Interest transferred to Collection Fund (32) vii Ending Balance: 3/31/2012 2,800,000 H Surplus Account i Beginning Balance: 1/1/2012 ii Allocations from Collection Fund iii Release to Issuer iv Ending Balance: 3/31/2012 VI

9 VII. LIBOR Rate Detail: 1/26/2012 4/25/2012 A LIBOR Rate s Interest Payments During Distribution Period Description Payment Date LIBOR Spread Interest Rate Start Date End Date Days Outstanding Interest Due Interest Payment Interest Shortfall Accrued Interest Factor 20071A1 N/A N/A N/A N/A N/A N/A N/A N/A 20071A2 4/25/ % % % 1/25/2012 4/25/ , , A3 4/25/ % % % 1/25/2012 4/25/ , , Total 806, ,184 B LIBOR Rate s Balances and Principal Payments During Distribution Period Description Maturity Date Balance 1/26/2012 Pool Factor Payment Date Principal Payments Principal Factor Balance 4/25/2012 Pool Factor 20071A1 1/25/ A2 7/25/ ,000, /25/2012 4,000, ,000, A3 4/25/ ,000, ,000, Total 500,000,000 4,000, ,000,000 C Reset Rate s Interest Payment During Distribution Period Description Payment Date LIBOR Spread Interest Rate Start Date End Date Days Outstanding Interest Due Interest Payment Interest Shortfall Accrued Interest Factor 20071A14 2/27/ % % % 1/25/2012 2/27/ ,956 66, A14 3/26/ % % % 2/27/2012 3/26/ ,869 51, A14 4/25/ % % % 3/26/2012 4/25/ ,205 55, Total 174, ,030 D Reset Rate s Balances and Principal Payments During Distribution Period Description Maturity Date 1/26/2012 Balance Pool Factor Principal Payments Principal Factor Balance Pool Factor 20071A14 1/25/ ,000, ,000, Total 200,000, ,000,000 4/25/2012 VII

10 Auction Rate Detail: 1/26/2012 4/25/2012 Auction Rate s Interest and Fee Payments During Distribution Period Description Payment Date Interest Rate Start Date End Date Days Outstanding Broker Dealer Fees Auction Agent Fees Interest Due Interest Payment 20071A4 2/21/ % 1/24/2012 2/21/ ,280 9, A4 3/20/ % 2/21/2012 3/20/ ,843 9, A4 4/17/ % 3/20/2012 4/17/ ,929 9, A5 2/9/ % 1/25/2012 2/9/ ,359 7, A5 2/22/ % 1/25/2012 2/22/ ,149 40, A5 3/12/ % 2/22/2012 3/12/ ,690 10, A5 3/21/ % 2/22/2012 3/21/ ,424 26, A5 4/12/ % 3/21/2012 4/12/ A5 4/18/ % 3/21/2012 4/18/ ,148 2, A6 1/26/ % 12/29/2011 1/26/ ,698 41, A6 2/23/ % 1/26/2012 2/23/ ,758 42, A6 3/22/ % 2/23/2012 3/22/ ,152 45, A6 4/19/ % 3/22/2012 4/19/ ,315 45, A7 2/17/ % 1/20/2012 2/17/ ,192 25, A7 3/16/ % 2/17/2012 3/16/ ,737 26, A7 4/13/ % 3/16/2012 4/13/ ,956 26, A8 1/30/ % 1/23/2012 1/30/ ,630 2, A8 2/6/ % 1/30/2012 2/6/ ,657 2, A8 2/13/ % 2/6/2012 2/13/ ,687 2, A8 2/21/ % 2/13/2012 2/21/ ,130 3, A8 2/27/ % 2/21/2012 2/27/ ,393 2, A8 3/5/ % 2/27/2012 3/5/ ,805 2, A8 3/12/ % 3/5/2012 3/12/ ,795 2, A8 3/19/ % 3/12/2012 3/19/ ,785 2, A8 3/26/ % 3/19/2012 3/26/ ,816 2, A8 4/2/ % 3/26/2012 4/2/ ,812 2, A8 4/9/ % 4/2/2012 4/9/ ,812 2, A8 4/16/ % 4/9/2012 4/16/ ,812 2, A8 4/23/ % 4/16/2012 4/23/ ,812 2, A9 1/31/ % 1/24/2012 1/31/ A9 2/7/ % 1/31/2012 2/7/ A9 2/14/ % 2/7/2012 2/14/ A9 2/21/ % 2/14/2012 2/21/ ,004 1, A9 2/28/ % 2/21/2012 2/28/ ,024 1, A9 3/6/ % 2/28/2012 3/6/ ,029 1,029 Interest Shortfall VIII

11 Auction Rate Detail: 1/26/2012 4/25/2012 cont. Auction Rate s Interest and Fee Payments During Distribution Period Description Payment Date Interest Rate Start Date End Date Days Outstanding Broker Dealer Fees Auction Agent Fees Interest Due Interest Payment 20071A9 3/13/ % 3/6/2012 3/13/ ,025 1, A9 3/20/ % 3/13/2012 3/20/ ,022 1, A9 3/27/ % 3/20/2012 3/27/ ,033 1, A9 4/3/ % 3/27/2012 4/3/ ,032 1, A9 4/10/ % 4/3/2012 4/10/ ,032 1, A9 4/17/ % 4/10/2012 4/17/ ,032 1, A9 4/24/ % 4/17/2012 4/24/ ,032 1, A10 1/26/ % 12/29/2011 1/26/ ,469 32, A10 2/23/ % 1/26/2012 2/23/ ,295 33, A10 3/22/ % 2/23/2012 3/22/ ,159 35, A10 4/19/ % 3/22/2012 4/19/ ,416 4, A11 2/17/ % 1/20/2012 2/17/ ,474 7, A11 3/16/ % 2/17/2012 3/16/ ,015 1, A11 4/13/ % 3/16/2012 4/13/ ,001 1, B2 2/22/ % 1/25/2012 2/22/ ,950 33, B2 3/21/ % 2/22/2012 3/21/ ,390 33, B2 4/18/ % 3/21/2012 4/18/ ,320 33, B3 1/26/ % 12/29/2011 1/26/ ,360 34, B3 2/23/ % 1/26/2012 2/23/ ,910 33, B3 3/22/ % 2/23/2012 3/22/ ,370 33, B3 4/19/ % 3/22/2012 4/19/ ,320 33,320 Interest Shortfall TOTAL 4,760 3, , ,149 VIII

12 Auction Rate Detail: 1/26/2012 4/25/2012 Auction Rate s Balances and Principal Payments During Distribution Period Description 1/26/2012 4/25/2012 Balance Pool Factor Payment Date Principal Payment Principal Factor Balance Pool Factor 20071A4 1/25/2047 7,450, ,450, A5 1/25/ ,850, /9/ ,925, /12/ ,925, /12/2012 7,125, ,875, A6 1/25/ ,000, ,000, A7 1/25/ ,225, ,225, A8 1/25/2047 8,450, ,450, A9 1/25/2047 3,100, ,100, A10 1/25/ ,475, ,475, A11 1/25/2047 6,000, ,000, A12 1/25/ A13 1/25/ B1 1/25/ B2 1/25/ ,000, ,000, B3 1/25/ ,000, ,000, B4 1/25/ Total 198,550,000 29,975, ,575,000 VIII

13 Auction Rate Detail: 1/26/2012 4/25/2012 Auction Rate s Net Loan Rate During Distribution Period Series Net Loan Rate as of: Net Loan Rate as of: Net Loan Rate as of: Net Loan Rate as of: Net Loan Rate as of: 11/30/ /31/2011 1/31/2012 2/29/2012 3/31/2012 for Auction Date between: for Auction Date between: for Auction Date between: for Auction Date between: for Auction Date between: 12/1/ /31/2011 1/1/2012 1/31/2012 2/1/2012 2/29/2012 3/1/2012 3/31/2012 4/1/2012 4/30/ % 8.01% 8.68% 7.26% 8.29% VIII

14 IX. Portfolio Characteristics: 1/1/2012 3/31/2012 Weighted Average Coupon Number of Borrowers % Principal Amount % Status 1/1/2012 3/31/2012 1/1/2012 3/31/2012 1/1/2012 3/31/2012 1/1/2012 3/31/2012 1/1/2012 3/31/2012 Interim: In School Current 4.897% 4.908% 2,738 2, % 3.81% 17,235,077 15,435, % 1.85% Grace Current 4.386% 4.514% 1, % 1.38% 7,166,910 5,556, % 0.66% Total Interim 4.747% 4.804% 3,835 3, % 5.18% 24,401,987 20,992, % 2.51% Repayment Active Current 5.302% 5.294% 34,745 34, % 54.22% 474,984, ,646, % 56.54% 3160 Days Delq % 5.430% 2,878 2, % 3.26% 40,059,050 30,205, % 3.61% 6190 Days Delq % 5.405% 1,716 1, % 2.17% 25,038,051 21,724, % 2.60% Days Delq % 5.409% 1,101 1, % 1.77% 15,720,546 14,403, % 1.72% Days Delq % 5.427% % 1.53% 11,807,126 12,642, % 1.51% Days Delq % 5.542% % 1.04% 10,695,837 9,608, % 1.15% Days Delq % 5.414% % 0.87% 7,929,350 8,221, % 0.98% Days Delq % 5.545% % 0.80% 7,142,615 7,486, % 0.90% Days Delq % 5.577% % 0.70% 7,678,290 6,286, % 0.75% >270 Days Delq % 5.204% % 1.09% 10,432,185 9,173, % 1.10% Deferment Current 5.008% 4.997% 11,637 11, % 18.07% 136,395, ,269, % 15.94% Forbearance Current 5.206% 5.189% 5,223 5, % 7.91% 82,695,053 78,562, % 9.40% Total Repayment 5.259% 5.254% 61,396 59, % 93.45% 830,578, ,231, % 96.21% Claims in Process 5.332% 5.487% 1, % 1.33% 11,305,479 10,553, % 1.26% Aged Claims Rejected 6.008% 5.786% % 0.03% 116, , % 0.01% Grand Total 5.245% 5.246% 66,284 63, % % 866,402, ,900, % % IX

15 X. Portfolio Characteristics by School Type and Loan Type: 3/31/2012 XII. Portfolio Balances by Servicer: 3/31/2012 Number of Borrowers Average Borrower Indebtedness Principal Amount Servicer Principal Amount ACS 778,320,001 Loan Type Great Lakes 57,580,098 Stafford Subsidized 38,178 6, ,420, % Total 835,900,099 Stafford Unsubsidized * * 148,175, % PLUS Loans 2,545 8,233 20,952, % Consolidation Loans 23,078 23, ,352, % XIII. Portfolio Balances by Guarantor: 3/31/2012 Total 63,801 13, ,900, % Guarantor Principal Amount School Type ASA 483,177,975 Consolidation (n/a) 23,078 23, ,352, % ECMC 152,615,904 4Year 29,914 6, ,577, % Great Lakes 118,961,866 2Year 5,388 4,946 26,648, % Other 81,144,355 Vocational/Technical 962 4,740 4,559, % Total 835,900,099 Graduate 4,459 14,748 65,762, % Total 63,801 13, ,900, % % XIV. Payment History and CPR: 3/31/2012 *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 835,900, % 4.62% XI. Portfolio Balances Pre and Post 04/01/06: 12/31/2010 Principal Amount Pre 04/01/06 % Post 04/01/06 % Loan Type Stafford 72,780, % 190,815, % PLUS Loans 732, % 20,220, % Consolidation Loans % 551,352, % Total 73,512, % 762,387, % XXIV