Student Loan Backed Reporting Quarterly Distribution Report Issuer Deal Name Contact Email Website Vermont Student Assistance Corporation 2008 C investorrelations@vsac.org www.vsac.org Notes/Bonds Class CUSIP IRS Status Rate(a) Original Balance Beg Princ Bal Interest Accrual Principal Paid End Princ Bal Bal after Waterfall % of Securities Maturity 2008 C1 92428C FK 5 Exempt 0.160% $12,000,000 $0 $0 $0 $0 $0 0.00% 12/15/2025 2008 C1 92428C FK 5 Exempt 0.160% $20,625,000 $19,625,000 $6,072 $3,000,000 $16,625,000 $16,625,000 9.90% 12/15/2032 2008 C1 92428C FK 5 Exempt 0.160% $25,000,000 $25,000,000 $9,130 $0 $25,000,000 $25,000,000 14.88% 12/15/2034 2008 C1 92428C FK 5 Exempt 0.160% $12,500,000 $12,500,000 $4,565 $0 $12,500,000 $12,500,000 7.44% 12/15/2036 2008 C1 92428C FK 5 Exempt 0.160% $29,875,000 $29,875,000 $10,911 $0 $29,875,000 $29,875,000 17.78% 12/15/2040 2008 C2 92428C FL 3 Exempt 0.200% $12,000,000 $0 $0 $0 $0 $0 0.00% 12/15/2025 2008 C2 92428C FL 3 Exempt 0.200% $20,625,000 $19,625,000 $8,067 $3,000,000 $16,625,000 $16,625,000 9.90% 12/15/2032 2008 C2 92428C FL 3 Exempt 0.200% $25,000,000 $25,000,000 $12,130 $0 $25,000,000 $25,000,000 14.88% 12/15/2034 2008 C2 92428C FL 3 Exempt 0.200% $12,500,000 $12,500,000 $6,065 $0 $12,500,000 $12,500,000 7.44% 12/15/2036 2008 C2 92428C FL 3 Exempt 0.200% $29,875,000 $29,875,000 $14,495 $0 $29,875,000 $29,875,000 17.78% 12/15/2040 Total $200,000,000 $174,000,000 $71,435 $6,000,000 $168,000,000 $168,000,000 100.00% Last result in period Funds and Accounts - Trust Beg Balance Activity End Balance Debt Service Account $1,740,000 $0 $1,740,000 Capitalized Interest Account $0 $0 $0 Reserve Amt Required $2,000,000 $0 $2,000,000 Capitalized Interest Amt Required $0 $0 $0 Rehab Default Reserve $50,000 ($50,000) $0 Revenue Fund $777,517 ($299,065) $478,452 Loan Acquisition Fund $3,828,536 $1,045,147 $4,873,682 Total Accounts Balance $6,396,052 $696,082 $7,092,134 Balance Sheet and Parity - Trust Student Loans Receivable Activity Beg Balance Activity End Balance Assets Beginning Balance $178,995,488 Loans Receivable $178,995,488 ($6,925,110) $172,070,378 Interest Caps $370,586 Allowance for Bad Debt ($356,412) $0 ($356,412) Borrower Payments ($3,871,605) Student Loan Accrued Interest and Subsidy $3,328,890 ($2,066,110) $1,262,780 Claim Payments ($1,093,843) Accrued Interest on Investment $680 $216 $896 Consolidation Payments ($2,299,662) Student Loan Fees $17,344 ($1,523) $15,822 Disbursements $0 Total Accounts/Funds Balance $6,396,052 $696,082 $7,092,134 Refunds to Borrower $14,633 Deferred Bond Issuance Costs $832,034 $179,405 $1,011,439 Borrower Benefit Rebates $0 Prepaid Expenses $0 $0 $0 School Refunds $0 Total Assets $189,214,076 ($8,117,040) $181,097,037 Write-offs ($45,222) Miscellaneous Adjustments $2 Assets to Exclude for Parity Ending Balance $172,070,378 Non-Guaranteed FFEL Loans (b) $21,758 ($21,627) $131 Liabilities Bonds Payable $174,000,000 ($6,000,000) $168,000,000 Accrued Interest on Senior Bonds $13,157 $58,277 $71,435 Excess SAP due to the Department (a) $2,096,205 ($2,096,205) $0 Borrower Benefit Rebates Payable $287,133 $123,600 $410,733 Accrued Yield and Rebate - US Treasury $0 $0 $0 Due to US Dept. of Ed $0 $0 $0 Accounts Payable and Other Liabilities $451,039 ($451,039) $0 Due To/From Operations $94,004 ($14,811) $79,194 Total Liabilities $176,941,538 ($8,380,177) $168,561,361 Senior Parity % 106.63% 107.04% Total Parity % 106.63% 107.04% Effective 3/31/12 Student Loan Accrued Interest and Subsidy is shown net of Excess SAP due to the Dept. Weighted Average Payments Made Effective 3/31/12 Non-Guaranteed FFEL loans are excluded from Total Assets for Parity W.A. Time until (a) Portfolio Summary - FFELP Principal % of Pool Conversion to Repayment In School $6,172,921 3.6% (20.5) months Beg Balance Activity End Balance Grace $1,608,206 0.9% (3.3) months $178,995,488 ($6,925,110) $172,070,378 Total Not Converted $7,781,127 4.5% Accrued Interest $2,557,199 $28,491 $2,585,689 W.A. Time since Principal % of Pool Conversion to Repayment Total Pool Balance $181,552,687 ($6,896,619) $174,656,068 Repayment $129,191,066 75.1% 66.4 months Reduced Payment $2,086,177 1.2% 69.6 months Weighted Average Coupon (WAC) 5.38% 5.37% Forbearance $7,386,090 4.3% 57.4 months Weghted Average Maturity (WAM) (in months) 171.0 170.7 Deferment $23,786,946 13.8% 56.0 months Number of Loans 28,833 (920) 27,913 Claim Filed $1,838,974 1.1% 81.0 months Number of Borrowers 19,372 (605) 18,767 Total Converted $164,289,251 95.5% Average Borrower Indebtedness $9,372 ($65) $9,307 Total Portfolio $172,070,378 100% W.A. Time until Conversion to Repayment includes Grace period Portfolio by Loan Status - FFELP In School 2,064 1,863 $6,665,799 $6,172,921 3.7% 3.6% Repayment 20,657 19,934 $134,915,768 $129,191,066 75.4% 75.1% Reduced Payment 298 283 $2,256,476 $2,086,177 1.3% 1.2% In Grace 527 503 $1,970,247 $1,608,206 1.1% 0.9% Forbearance 813 804 $7,406,182 $7,386,090 4.1% 4.3% Deferment 4,270 4,303 $24,583,211 $23,786,946 13.7% 13.8% Claim Filed 204 223 $1,197,803 $1,838,974 0.7% 1.1% Vermont Student Assistance Corp. Page 1 of 5
Student Loan Backed Reporting Quarterly Distribution Report Issuer Deal Name Contact Email Website Vermont Student Assistance Corporation 2008 C investorrelations@vsac.org www.vsac.org Delinquency Status - FFELP Current 16,817 16,871 $108,483,988 $107,911,046 79.1% 82.2% 1-29 Days Delinquent 1,208 1,038 $10,577,040 $8,902,547 7.7% 6.8% 30-59 Days Delinquent 1,078 921 $5,944,078 $5,831,135 4.3% 4.4% 60-89 Days Delinquent 550 171 $3,426,234 $1,401,635 2.5% 1.1% 90-119 Days Delinqent 306 270 $2,117,973 $1,581,873 1.5% 1.2% 120-149 Days Delinquent 227 282 $1,579,657 $1,709,281 1.2% 1.3% 150-179 Days Delinquent 190 209 $1,064,915 $1,258,994 0.8% 1.0% 180-209 Days Delinquent 248 136 $1,779,043 $944,553 1.3% 0.7% 210-239 Days Delinquent 134 89 $809,558 $660,309 0.6% 0.5% 240-269 Days Delinquent 144 106 $1,221,677 $453,035 0.9% 0.3% 270+ Days Delinquent 53 124 $168,082 $622,836 0.1% 0.5% Total Repayment (a) 20,955 20,217 $137,172,245 $131,277,243 100% 100% Total Repayment includes Reduced Payment Loans Portfolio by Loan Type - FFELP Unsubsidized Stafford Loans 5,295 5,108 $18,513,026 $17,486,511 10.3% 10.2% Subsidized Stafford Loans 12,715 12,241 $41,248,491 $39,092,328 23.0% 22.7% Grad / PLUS Loans 848 801 $5,172,103 $4,798,402 2.9% 2.8% Consolidation Loans 9,970 9,762 $114,040,110 $110,693,006 63.7% 64.3% Non-Guaranteed FFEL 5 1 $21,758 $131 0.0% 0.0% Portfolio by School Type - FFELP 2 Year 4,169 4,022 $15,373,208 $14,745,091 8.6% 8.6% 4 Year 21,222 20,542 $131,903,859 $126,651,303 73.7% 73.6% Foreign 158 156 $2,027,907 $1,992,840 1.1% 1.2% Proprietary 816 788 $3,784,529 $3,637,975 2.1% 2.1% Vocational 715 688 $5,112,953 $4,853,596 2.9% 2.8% Other / Unknown (a) 1,753 1,717 $20,793,032 $20,189,573 11.6% 11.7% Includes Consolidation loans for which no School Code is maintained Vermont Student Assistance Corp. Page 2 of 5
Student Loan Backed Reporting Mixed Deal Monitoring Waterfall and Collections Collection Activity Collection Account Fees and Program Expenses Due for Current Period Available Funds at Beginning of Period (a) $4,656,052 Indenture Trustee Fees $3,600 Collection Amount Received $7,617,028 Remarketing Fees $31,436 Recoveries $0 Credit Enhancement Fees $838,325 Reserve Account $1,740,000 Arbitrage Analysis Fees $0 Capitalized Interest Account $0 Servicing Fees $244,240 Payments from Guarantor $1,147,254 Other Fees $0 Sale Proceeds $0 Total Fees and Program Expenses $1,117,601 Investment Income $2,183 Loan Purchases and Originations $0 All Fees $0 Other Amounts Received in Collection $0 Cumulative Default Rate Consolidation Rebate Fee paid to Dept. of Ed ($295,725) Excess Interest returned to Dept. of Ed ($655,312) Current Period Defaults and Write-offs $1,174,793 Excess Earnings Rebate paid to IRS $0 Cumulative Defaults and Write-offs $12,745,555 Loans for which claims have been filed as of $4,742,674 Cumulative Default Rate 7.09% Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor $12,686,279 Borrower Recoveries $0 Total Available Funds $14,211,480 Recovery Rate 72.54% Cumulative Net Loss $4,801,950 : Cumulative Net Loss 1.95% Waterfall Activity Waterfall for Distribution Amount Due Amount Remaining Total Available Funds $14,211,480 First: Fees and Program Expenses transferred to Operating Account $1,117,601 $13,093,879 Second: Semi-Annual Interest Due transferred to Debt Service - Interest Account 2008 C $0 $13,093,879 Third: For the 12 months preceding a stated maturiry, equal installments of maturity amount transferred to Debt Service - Principal Account 2008 C $0 $13,093,879 Fourth: Transfer to Debt Service Reserve Account if necessary to increase to minimum required $0 $13,093,879 Fifth: Transfer to Retirement Account for non-scheduled retirement of bond principal and interest $6,001,745 $7,092,134 Remaining Amount Released to Corporation if parity conditions met $7,092,134 Principal and Interest Distributions As of Date Interest Accrued $73,180 Interest Due $1,745 Interest Paid $1,745 Interest Shortfall N/A Accrued Interest Carryover $71,435 Interest Carryover Due $0 Interest Carryover Paid $0 Interest Carryover $71,435 Periodic Principal Distribution Amount Due $0 Periodic Principal Paid (a) $6,000,000 Principal Shortfall N/A Total Distribution Amount $6,001,745 Principal Distributions are voluntary early retirements Vermont Student Assistance Corp. Page 3 of 5
Vermont Student Assistance Corporation 2008 C Indenture Balance Sheet 2008 C 2008 C 12/31/2011 Assets Cash and Equivalents Receivables Operating $0.00 $0.00 Revenue $777,516.79 $478,451.76 Loan Acquisition $3,828,535.67 $4,873,682.44 Debt Service Reserve $1,740,000.00 $1,740,000.00 Cap Int $0.00 $0.00 Rehab Default Reserve $50,000.00 $0.00 Total Cash and Equivalents $6,396,052.46 $7,092,134.20 Investment Interest $679.73 $895.82 Student Loans $178,995,487.72 $172,070,378.11 Allowance for Bad Debt ($356,412.09) ($356,412.09) Contra SLR - Alt Fees $0.00 $0.00 Deferred Subsidized Fees $17,344.24 $15,821.74 Student Loan Interest $2,557,198.83 $2,585,689.42 FIB $771,691.05 $682,767.40 SAP ($2,096,205.08) ($2,005,677.26) Total Receivables $179,889,784.40 $172,993,463.14 Other Assets Def Bond Issuance, Net $832,034.38 $1,011,439.28 Prepaid Expenses $0.00 $0.00 Total Other Assets $832,034.38 $1,011,439.28 Liabilities and Net Assets Liabilities Total Assets $187,117,871.24 $181,097,036.62 Senior Bonds Payable $174,000,000.00 $168,000,000.00 Bond Interest Payable $13,157.26 $71,434.71 VT Value Rebates Payable $287,132.79 $410,733.05 Accrued Yield - US Treasury $0.00 $0.00 Accrued Rebates - US Treasury $0.00 $0.00 Due To US Department of Education $0.00 $0.00 Accounts Payable and Other Liabilities $451,038.55 $0.00 Due To/From Other Funds $94,004.22 $79,193.53 Total Liabilities $174,845,332.82 $168,561,361.29 Net Assets Restricted by Bond Resolution $12,272,538.42 $12,535,675.33 Total Net Assets $12,272,538.42 $12,535,675.33 Total Liabilities and Net Assets $187,117,871.24 $181,097,036.62 Vermont Student Assistance Corp. Page 4 of 5
Vermont Student Assistance Corporation 2008C Trust Quarterly Income Statement 2008C Trust 1/1/2012- Bond Direct Contribution Revenue Bond Expenses Administrative Expense Federal Interest Benefits $321,714.27 Special Allowance Payments $3,802.57 Interest on Investments $2,398.83 Interest and Fees/Student Loans $2,026,713.17 Other Income $0.00 Total Revenue $2,354,628.84 Bond/Note Interest $60,022.67 Lender Fees and Consolidation Fees $295,724.62 SAP Int Returned to DOE $979,224.95 VT Value Rebate Expense $177,303.03 Fees Paid on Borrower Behalf $1,522.50 Yield Exp - US Treasury $0.00 Yield Analysis $0.00 Rebate Exp - US Treasury $0.00 Rebate Analysis $0.00 Bad Debt Expense $51,245.50 Credit Enhancement $387,286.83 Auction Agent $0.00 Remarketing $31,435.73 Trustee Fees $3,600.00 Rating Agency Fees $0.00 Total Interest Expenses $1,987,365.83 Total Direct Contribution $367,263.01 Salaries and Benefits $157,761.00 Other General and Admin ($3.00) Other Loan Finance Expense $0.00 Amortization of Bond Issuance $6,027.00 Subsidy Transfer to Ops $70,773.00 Total Administrative $234,558.00 Transfers $130,431.90 BEGINNING NET ASSETS $12,272,538.42 NET SURPLUS/(DEFICIT) $263,136.91 ENDING NET ASSETS $12,535,675.33 Vermont Student Assistance Corp. Page 5 of 5