Maine Educational Loan Authority MELA Statement of Net Assets September 30, 2011 UNAUDITED 11/14/2011 15:20 ASSETS LIABILITIES AND NET ASSETS CURRENT ASSETS CURRENT LIABILITIES 1 Cash & Cash Equivalents $ 23,961,211.63 9 Accounts Payable $ 309,499.10 2 Interest On Investments Rec 395.70 Accrued Payroll and Other Operating Expenses 14,028.67 3 Interest On Student Loans Rec. 1,384,376.31 10 Accrued Interest Payable 2,821,109.83 Accounts Receivable - Note Payable - Bond Issue 5,085,000.00 Due To/From Other Bond Issues - Origination Fees Payable - 4 Prepaid Expenses 27,376.14 TOTAL CURRENT LIABILITIES $ 8,229,637.60 TOTAL CURRENT ASSETS $ 25,373,359.78 NONCURRENT LIABILITIES NONCURRENT ASSETS Long-Term Liabilities $ - Investments $ (0.00) Note Payable - Bond Issue 161,790,000.00 5 Fixed Assets (Net) 864.58 Line of Credit - Interest On Student Loans Rec. 4,360,272.44 11 Unamortized Bond Discount (1,587,437.59) Prepaid Expenses 481,187.95 Deferred Loss on Refunding (1,214,795.71) Educational Loans Originated 143,098,169.96 12 Recognized Loss on Refunding - 6 Allowance For Loan Loss (3,165,314.66) Subtotal Bonds Payable 158,987,766.70 7 Guarantee Fee Receivable 710,954.36 Arbitrage Earnings Rebatable - Deferred Origination Fees 2,124,504.00 Deferred Guar Fee Income 2,057,352.49 Less Accumulated Amortization (1,507,199.63) Unearned Revenue - Deferred BILP Expense 74,100.00 TOTAL NONCURRENT LIABILITIES $ 161,045,119.19 Less Accumulated Amortization (71,387.73) Subtotal Educational Loans 141,263,826.30 TOTAL LIABILITIES $ 169,274,756.79 8 Deferred Bond Issuance Costs 793,480.87 Less Accumulated Amortization (60,425.12) NET ASSETS Subtotal Bond Issuance Costs 733,055.75 Restricted Net Assets 2,494,327.27 TOTAL NONCURRENT ASSETS $ 146,839,207.02 Unrestricted Net Assets 443,482.74 TOTAL NET ASSETS $ 2,937,810.01 TOTAL ASSETS $ 172,212,566.80 TOTAL LIABILITIES AND FUND BALANCE $ 172,212,566.80 *Cash & Cash Equivalents include $ 5,725,993.19 of Loan Acquisition funds (ie 2009 & 2010 Student Loan Funds)
Maine Educational Loan Authority UNAUDITED MELA 11/14/2011 15:59 Statement of Revenues, Expenses and Changes in Net Assets September 30, 2011 Current Period Current Year Prior Year Over/(Under) Year-to-Date Year-to-Date Over/(Under) Year-to-Date Net Change Amount Budget Budget Actual Budget Budget Amount Actual OPERATING REVENUE 1 Interest on Educational Loans 924,767.43 969,205.14 (44,437.71) 8,483,217.94 8,773,553.26 (290,335.32) 8,518,099.65 (34,881.71) Borrower Incentive Loan Program (250.15) (250.15) 0.00 (2,251.35) (2,251.35) 0.00 (3,261.78) 1,010.43 2 Interest and Dividends on Investments 441.31 5,025.17 (4,583.86) 5,300.71 44,908.66 (39,607.95) 196,003.04 (190,702.33) Guarantee Fee Income 57,272.16 56,926.31 345.85 461,432.60 471,268.45 (9,835.85) 476,229.08 (14,796.48) Referral Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Miscellaneous Income 3,202.60 3,500.00 (297.40) 42,299.94 31,500.00 10,799.94 37,678.32 4,621.62 TOTAL OPERATING REVENUE 985,433.35 1,034,406.47 (48,973.12) 8,989,999.84 9,318,979.02 (328,979.18) 9,224,748.31 (234,748.47) OPERATING EXPENSES Financing Costs 726,539.71 744,221.75 (17,682.04) 6,602,724.48 6,697,960.58 (95,236.10) 8,307,278.21 (1,704,553.73) Bond Administrative Draw 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3 Bond Administration Fees 44,912.91 46,248.10 (1,335.19) 408,467.69 416,409.56 (7,941.87) 515,558.26 (107,090.57) Program Administrative Draw 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Servicing Expense 108,689.79 126,170.23 (17,480.44) 1,032,115.78 1,066,651.96 (34,536.18) 1,063,477.90 (31,362.12) Provision for Loan Loss 75,000.00 100,000.00 (25,000.00) 650,000.00 900,000.00 (250,000.00) 1,013,598.27 (363,598.27) 4 Professional Fees 0.00 1,249.99 (1,249.99) 37,981.86 41,050.00 (3,068.14) 32,689.65 5,292.21 Excess Arbitrage Rebatable 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Salaries and Related Benefits 8,841.35 8,732.32 109.03 76,439.20 76,137.10 302.10 75,016.36 1,422.84 5 Marketing Expense 4,946.91 4,058.32 888.59 26,921.65 75,725.00 (48,803.35) 45,508.69 (18,587.04) 6 Other Operating Expenses 1,310.47 1,774.13 (463.66) 18,044.58 18,600.31 (555.73) 20,629.08 (2,584.50) Depreciation Expense 36.59 36.59 0.00 333.02 333.02 0.00 333.02 0.00 TOTAL OPERATING EXPENSES 970,277.73 1,032,491.43 (62,213.70) 8,853,028.26 9,292,867.53 (439,839.27) 11,074,089.44 (2,221,061.18) OPERATING INCOME (LOSS) 15,155.62 1,915.04 13,240.58 136,971.58 26,111.49 110,860.09 (1,849,341.13) 1,986,312.71 NONOPERATING EXPENSE Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Scholarships 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Transfers to/from Bond Issues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total Nonoperating Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Change in Net Assets 15,155.62 1,915.04 13,240.58 136,971.58 26,111.49 110,860.09 (1,849,341.13) 1,986,312.71 Total Net Assets, Beginning of Year 0.00 0.00 0.00 2,800,838.43 0.00 2,800,838.43 4,709,118.27 (1,908,279.84) Total Net Assets, End of Year 2,937,810.01 2,911,698.52 2,859,777.14
Maine Educational Loan Authority RESTRICTED NET ASSETS Statement of Net Assets September 30, 2011 UNAUDITED 11/14/2011 15:20 ASSETS LIABILITIES AND NET ASSETS CURRENT ASSETS CURRENT LIABILITIES Cash & Cash Equivalents $ 23,336,581.59 Accounts Payable 1,000.00 Interest On Investments Rec 389.68 Accrued Payroll and Other Operating Expenses - Interest On Student Loans Rec. 1,383,844.58 Accrued Interest Payable 2,821,109.83 Accounts Receivable - Note Payable - Bond Issue 5,085,000.00 Due To/From Other Bond Issues (133,772.12) Origination Fees Payable - Prepaid Expenses 21,170.12 TOTAL CURRENT LIABILITIES $ 7,907,109.83 TOTAL CURRENT ASSETS $ 24,608,213.85 NONCURRENT LIABILITIES NONCURRENT ASSETS Long-Term Liabilities - Investments (0.00) Note Payable - Bond Issue 161,790,000.00 Fixed Assets (Net) - Line of Credit - Interest On Student Loans Rec. 4,360,272.44 Unamortized Bond Discount (1,587,437.59) Prepaid Expenses 481,187.95 Deferred Loss on Refunding (1,214,795.71) Educational Loans Originated 143,098,169.96 Recognized Loss on Refunding - Allowance For Loan Loss (3,165,314.66) Subtotal Bonds Payable 158,987,766.70 Guarantee Fee Receivable 710,954.36 Arbitrage Earnings Refundable - Deferred Origination Fees 2,124,504.00 Deferred Guar Fee Income 2,057,352.49 Less Accumulated Amortization (1,507,199.63) Unearned Revenue - Deferred BILP Expense 74,100.00 TOTAL NONCURRENT LIABILITIES $ 161,045,119.19 Less Accumulated Amortization (71,387.73) Subtotal Educational Loans 141,263,826.30 TOTAL LIABILITIES $ 168,952,229.02 Deferred Bond Issuance Costs 793,480.87 Less Accumulated Amortization (60,425.12) NET ASSETS Subtotal Bond Issuance Costs 733,055.75 Restricted Net Assets 2,494,327.27 TOTAL NONCURRENT ASSETS $ 146,838,342.44 Unrestricted Net Assets - TOTAL NET ASSETS $ 2,494,327.27 TOTAL ASSETS $ 171,446,556.29 TOTAL LIABILITIES AND FUND BALANCE $ 171,446,556.29
Maine Educational Loan Authority RESTRICTED NET ASSETS Statement of Revenues, Expenses and Changes in Net Assets September 30, 2011 UNAUDITED Current Period Current Year Prior Year Over/(Under) Year-to-Date Year-to-Date Over/(Under) Year-to-Date Net Change Amount Budget Budget Actual Budget Budget Amount Actual OPERATING REVENUE Interest on Educational Loans 924,547.97 969,205.14 (44,657.17) 8,483,124.98 8,773,553.26 (290,428.28) 8,518,217.16 (35,092.18) Borrower Incentive Loan Program (250.15) (250.15) 0.00 (2,251.35) (2,251.35) 0.00 (3,261.78) 1,010.43 Interest and Dividends on Investments 389.68 4,978.19 (4,588.51) 4,868.01 44,486.14 (39,618.13) 195,295.23 (190,427.22) Guarantee Fee Income 57,272.16 56,926.31 345.85 461,432.60 471,268.45 (9,835.85) 476,229.08 (14,796.48) Referral Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Miscellaneous Income 3,202.60 3,500.00 (297.40) 41,330.04 31,500.00 9,830.04 37,678.32 3,651.72 TOTAL OPERATING REVENUE 985,162.26 1,034,359.49 (49,197.23) 8,988,504.28 9,318,556.50 (330,052.22) 9,224,158.01 (235,653.73) OPERATING EXPENSES Financing Costs 726,539.71 744,221.75 (17,682.04) 6,602,724.48 6,697,960.58 (95,236.10) 8,307,278.21 (1,704,553.73) Bond Administrative Draw 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Bond Administration Fees 44,912.91 46,248.10 (1,335.19) 408,467.69 416,409.56 (7,941.87) 515,558.26 (107,090.57) Program Administrative Draw 101,361.00 103,730.00 (2,369.00) 884,050.00 929,559.61 (45,509.61) 956,908.31 (72,858.31) Servicing Expense 33,411.12 44,492.12 (11,081.00) 324,367.98 332,571.86 (8,203.88) 330,985.70 (6,617.72) Provision for Loan Loss 75,000.00 100,000.00 (25,000.00) 650,000.00 900,000.00 (250,000.00) 1,013,598.27 (363,598.27) Professional Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Excess Arbitrage Rebatable 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Salaries and Related Benefits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Marketing Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other Operating Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Depreciation Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL OPERATING EXPENSES 981,224.74 1,038,691.97 (57,467.23) 8,869,610.15 9,276,501.61 (406,891.46) 11,124,328.75 (2,254,718.60) OPERATING INCOME (LOSS) 3,937.52 (4,332.48) 8,270.00 118,894.13 42,054.89 76,839.24 (1,900,170.74) 2,019,064.87 NONOPERATING EXPENSE Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Scholarships 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Transfers to/from Bond Issues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total Nonoperating Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Change in Net Assets 3,937.52 (4,332.48) 8,270.00 118,894.13 42,054.89 76,839.24 (1,900,170.74) 2,019,064.87 Total Net Assets, Beginning of Year 0.00 0.00 0.00 2,375,433.14 0.00 2,375,433.14 4,306,315.80 (1,930,882.66) Total Net Assets, End of Year 2,494,327.27 2,452,272.38 2,406,145.06
MELA RESTRICTED NET ASSETS ASSET COVERAGE RATIO 9/30/2011 CASH & CASH EQUIVALENTS STUDENT LOAN ACCOUNT 5,725,993.19 RETIREMENT ACCOUNT 764.19 PRINCIPAL ACCOUNT 4,260,000.00 INTEREST ACCOUNT - CAPITALIZED INTEREST ACCOUNT 2,500,000.00 CAPITAL RESERVE ACCOUNT 2,254,600.00 REVENUE ACCOUNT 1,325,803.74 GUARANTEE FEE ACCOUNT 4,447,310.65 INVESTMENTS - STUDENT LOAN RECEIVABLE 143,098,169.96 PREPAID EXPENSE 21,170.12 INTEREST ON INVESTMENTS REC. 389.68 BORROWER INTEREST RECEIVABLE 5,744,117.02 GUARANTEE FEES RECEIVABLE 710,954.36 TOTAL ASSETS 170,089,272.91 BONDS ISSUED AND OUTSTANDING 166,875,000.00 TOTAL LIABILITIES 166,875,000.00 BASE CASE SCHEDULE OF NET ASSETS 3,214,272.91 PARITY RATIO 1.019
Quarterly Reporting Form 2009 Master Indenture Maine Educational Loan Authority Issue name: Student Loan Revenue Bonds (Supplemental Education Loan Program) Reporting period: Quarter Ending 09/30/2011 Contact: Darren J. Hurlburt, President & CEO Phone: 207.400.3001 Certificate/Note/Bond Status Cumulative: 2009 Beginning Principal Balance ($) 168,110,000 Beginning Principal Balance ($) - Bonds Issued ($) - Bonds Issued ($) 225,460,000 Interest Paid ($) - Interest Paid ($) - Principal Paid ($) (1,235,000) Principal Paid ($) (58,585,000) Ending Principal Balance ($) 166,875,000 Ending Principal Balance ($) 166,875,000 Actual Days in Period 92 Weighted Average Rate 5.073% Student Loan Pool Data Cumulative: Principal Weighted Principal Plus Average Plus Capitalized Interest Capitalized Pool Size ($) Interest Rate (%) Pool Size ($) Interest Beginning Balance 143,202,486 8.07% Beginning Balance 138,795,511 Loans Added 4,332,872 Loans Added 35,079,334 Loans Repaid (4,333,171) Loans Repaid (36,997,725) Capitalized Interest 337,574 Capitalized Interest 9,159,282 Defaulted Loans (419,679) Defaulted Loans (2,479,275) Adjustments (22,651) Adjustments (459,697) Ending Balance 143,097,430 7.98% Ending Balance 143,097,430 Loans by Program Type $ % Private (non-ffelp) 139,153,470 97.24% Private Consolidation (non-ffelp) 3,943,960 2.76% Loans by School Type (Nonguaranteed Loans Only, Excluding Consolidations) $ % 4-Year 116,913,509 84.18% 2-Year 12,028,319 8.66% Technical/Proprietary 340,051 0.24% Graduate/Medical 9,540,995 6.87% Other 61,515 0.04% 138,884,390 100.00% - Loans by Guarantor $ % Nonguaranteed 142,828,350 99.81% The Education Resource Institute 269,080 0.19% - Guarantee Fund Balance in the Guarantee Fee Account at end of period: $ 4,444,571 Page 1
Quarterly Reporting Form 2009 Master Indenture Reporting period: Quarter Ending 09/30/2011 Loans by Status $ % In School 10,475,911 7.32% Grace 7,860,216 5.49% Deferment 9,806,518 6.85% Forbearance 831,945 0.58% Interest Repayment 28,634,185 20.01% Prinipal & Interest Repayment 85,477,504 59.73% Claims Waiting to be Filed - 0.00% Claims Filed Outstanding 11,151 0.01% Claims Rejected - 0.00% All Loans 143,097,430 100.00% - (Loans in repayment includes all delinquent) Delinquency Bucket (days) 31-60 61-90 91-120 121-150 151-180 181+ TOTAL Private Loans Delinquent $ 1,578,074 843,005 556,090 228,805 89,692-3,295,666 % of Loans in Repayment 1.37% 0.73% 0.48% 0.20% 0.08% 0.00% 2.87% % of Total Loans 1.10% 0.59% 0.39% 0.16% 0.06% 0.00% 2.30% Outstanding Filed during Paid during Rejected at end reporting reporting status at end of period Claims ($) period period of period (1) (2) Private Loans - - - 47,468 1. Rejected subject to cure, aged six months or more. 2. Outstanding, including rejected aged less than six months. Credit Support $ % Reserve Funds 2,254,600 1.35% Capitalized Interest Fund 2,500,000 1.50% Loan Delinquency Percentage Preceding 9 months average delinquent loans,including forbearance, divided by preceding 9 months average loans in repayment per the indenture 5.02% Annual Default Rate Defaults from May 1st to April 30th divided by monthly average loans in repayment for the 12 months ended on the preceding April 30th. 0.98% Loan Default Percentage Aggregate defaulted loans from 05/27/09 divided by aggregate of all financed student loans per the indenture 1.54% Underwriting Metrics (07/01/11-09/30/11) FICO Score Distribution # Bwr $ AMT % of Pool DTI Distribution # Bwr $ AMT % of Pool <630 - - 0% <30% 167 1,894,360 29% 630-639 - - 0% 30-39% 201 2,253,748 34% 640-649 - - 0% 40-44% 104 1,370,007 21% 650-659 4 48,400 1% 45-50% 86 984,309 15% 660-669 - - 0% >50% 2 35,000 1% 670-679 10 143,211 2% TOTAL 560 6,537,424 100% 680-689 12 153,600 2% 690-699 18 214,250 3% 700-709 20 204,340 3% 710-719 26 321,985 5% 720-729 35 397,512 6% 730-739 37 407,398 6% 740-749 43 473,668 7% 750-759 48 611,249 9% 760-769 43 450,863 7% 770-779 80 994,206 15% 780-789 56 652,122 10% 790-799 63 664,629 10% 800-809 53 620,718 9% 810-819 6 107,000 2% 820-829 6 72,273 1% >830 - - 0% Total 560 6,537,424 98% Page 2
Quarterly Reporting Form 2009 Supplemental Indenture Maine Educational Loan Authority Issue name: Student Loan Revenue Bonds (Supplemental Education Loan Program) Series 2009A Reporting period: Quarter Ending 09/30/2011 Contact: Darren J. Hurlburt, President & CEO Phone: 207.400.3001 Certificate/Note/Bond Status Cumulative: 2009 Beginning Principal Balance ($) 152,650,000 Beginning Principal Balance ($) - Bonds Issued ($) - Bonds Issued ($) 210,000,000 Interest Paid ($) - Interest Paid ($) - Principal Paid ($) (1,235,000) Principal Paid ($) (58,585,000) Ending Principal Balance ($) 151,415,000 Ending Principal Balance ($) 151,415,000 Actual Days in Period 92 Weighted Average Rate 5.252% Student Loan Pool Data Cumulative: Principal Weighted Principal Plus Average Plus Capitalized Interest Capitalized Pool Size ($) Interest Rate (%) Pool Size ($) Interest Beginning Balance 133,603,448 8.08% Beginning Balance 138,795,511 Loans Added 1,431,096 Loans Added 21,933,306 Loans Repaid (4,116,069) Loans Repaid (36,166,890) Capitalized Interest 337,590 Capitalized Interest 9,157,723 Defaulted Loans (419,679) Defaulted Loans (2,479,275) Adjustments (23,082) Adjustments (427,071) Ending Balance 130,813,304 8.06% Ending Balance 130,813,304 Loans by Program Type $ % Private (non-ffelp) 126,869,344 96.99% Private Consolidation (non-ffelp) 3,943,960 3.01% Loans by School Type (Nonguaranteed Loans Only, Excluding Consolidations) $ % 4-Year 105,730,070 83.51% 2-Year 11,203,701 8.85% Technical/Proprietary 314,438 0.25% Graduate/Medical 9,298,145 7.34% Other 53,910 0.04% 126,600,264 100.00% - Loans by Guarantor $ % Nonguaranteed 130,544,224 99.79% The Education Resource Institute 269,080 0.21% - Guarantee Fund Balance in the Guarantee Fee Account at end of period: $ 4,077,306 Page 1
Quarterly Reporting Form 2009 Supplemental Indenture Reporting period: Quarter Ending 09/30/2011 Loans by Status $ % In School 10,302,127 7.88% Grace 7,804,250 5.97% Deferment 9,806,518 7.50% Forbearance 831,945 0.64% Interest Repayment 17,502,157 13.38% Prinipal & Interest Repayment 84,555,156 64.64% Claims Waiting to be Filed 0.00% Claims Filed Outstanding 11,151 0.01% Claims Rejected - 0.00% All Loans 130,813,304 100.00% - (Loans in repayment includes all delinquent) Delinquency Bucket (days) 31-60 61-90 91-120 121-150 151-180 181+ TOTAL Private Loans Delinquent $ 1,550,244 843,005 556,090 228,805 89,692-3,267,836 % of Loans in Repayment 1.51% 0.82% 0.54% 0.22% 0.09% 0.00% 3.18% % of Total Loans 1.19% 0.64% 0.43% 0.17% 0.07% 0.00% 2.50% Outstanding Filed during Paid during Rejected at end reporting reporting status at end of period Claims ($) period period of period (1) (2) Private Loans - - - 47,468 1. Rejected subject to cure, aged six months or more. 2. Outstanding, including rejected aged less than six months. Credit Support $ % Reserve Funds 2,100,000 1.39% Capitalized Interest Fund 2,500,000 1.65% Page 2
Quarterly Reporting Form 2010 Supplemental Indenture Maine Educational Loan Authority Issue name: Student Loan Revenue Bonds (Supplemental Education Loan Program) Series 2010A Reporting period: Quarter Ending 09/30/2011 Contact: Darren J. Hurlburt, President & CEO Phone: 207.400.3001 Certificate/Note/Bond Status Cumulative: 2010 Beginning Principal Balance ($) 15,460,000 Beginning Principal Balance ($) - Bonds Issued ($) - Bonds Issued ($) 15,460,000 Interest Paid ($) - Interest Paid ($) - Principal Paid ($) - Principal Paid ($) - Ending Principal Balance ($) 15,460,000 Ending Principal Balance ($) 15,460,000 Actual Days in Period 92 Weighted Average Rate 3.301% Student Loan Pool Data Cumulative: Principal Weighted Principal Plus Average Plus Capitalized Interest Capitalized Pool Size ($) Interest Rate (%) Pool Size ($) Interest Beginning Balance 9,599,038 7.75% Beginning Balance - Loans Added 2,901,776 Loans Added 13,146,028 Loans Repaid (217,102) Loans Repaid (830,836) Capitalized Interest (17) Capitalized Interest 1,558 Defaulted Loans - Defaulted Loans - Adjustments 430 Adjustments (32,625) Ending Balance 12,284,126 7.75% Ending Balance 12,284,126 Loans by Program Type $ % Private (non-ffelp) 12,284,126 100.00% Private Consolidation (non-ffelp) - 0.00% Loans by School Type (Nonguaranteed Loans Only, Excluding Consolidations) $ % 4-Year 11,183,439 91.04% 2-Year 824,618 6.71% Technical/Proprietary 25,614 0.21% Graduate/Medical 242,850 1.98% Other 7,605 0.06% 12,284,126 100.00% - Loans by Guarantor $ % Nonguaranteed 12,284,126 100.00% The Education Resource Institute - 0.00% - Guarantee Fund Balance in the Guarantee Fee Account at end of period: $ 367,265 Page 1
Quarterly Reporting Form 2010 Supplemental Indenture Reporting period: Quarter Ending 09/30/2011 Loans by Status $ % In School 173,784 1.41% Grace 55,966 0.46% Deferment - 0.00% Forbearance - 0.00% Interest Repayment 11,132,028 90.62% Prinipal & Interest Repayment 922,348 7.51% Claims Waiting to be Filed 0.00% Claims Filed Outstanding - 0.00% Claims Rejected - 0.00% All Loans 12,284,126 100.00% - (Loans in repayment includes all delinquent) Delinquency Bucket (days) 31-60 61-90 91-120 121-150 151-180 181+ TOTAL Private Loans Delinquent $ 27,830 - - - - - 27,830 % of Loans in Repayment 0.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.23% % of Total Loans 0.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.23% Outstanding Filed during Paid during Rejected at end reporting reporting status at end of period Claims ($) period period of period (1) (2) Private Loans - - - - 1. Rejected subject to cure, aged six months or more. 2. Outstanding, including rejected aged less than six months. Credit Support $ % Reserve Funds 154,600 1.00% Capitalized Interest Fund - 0.00% Page 2
Issuer: Maine Educational Loan Authority Issue name: Student Loan Revenue Bonds (Supplemental Education Loan Program) Series 2009A-1 Reporting period: Quarter Ending 09/30/2011 Contact: Darren J. Hurlburt, President & CEO Phone: 207.400.3001 ORIGINAL BEGINNING PRINCIPAL PRINCIPAL ENDING INTEREST INTEREST AVERAGE INTEREST BOND ISSUE BALANCE PAID AS PAID AS BALANCE TAX PAID ACCRUED INTEREST RATE PAYMENT MATURITY BOND SERIES INDENTURE AMOUNT PER MATURITY SCHEDULED EARLY REDEMP. PER MATURITY STATUS 04/01/11-09/30/11 9/30/2011 RATE FOR PERIOD DATE DATE MELA 09A-1 YES 1,000,000 - - - - Exempt - - 3.400% 3.400% June 1 and 12/1/2010 CUSIP: 560-40P-AK4 AMT December 1 MELA 09A-1 YES 3,800,000 2,800,000-40,000 2,760,000 Exempt 55,200 36,800 4.000% 4.000% June 1 and 12/1/2011 CUSIP: 560-40P-AL2 AMT December 1 MELA 09A-1 YES 5,100,000 3,765,000-50,000 3,715,000 Exempt 79,873 53,248 4.300% 4.300% June 1 and 12/1/2012 CUSIP: 560-40P-AM0 AMT December 1 MELA 09A-1 YES 5,200,000 3,835,000-50,000 3,785,000 Exempt 87,528 58,352 4.625% 4.625% June 1 and 12/1/2013 CUSIP: 560-40P-AN8 AMT December 1 MELA 09A-1 YES 5,200,000 3,835,000-50,000 3,785,000 Exempt 93,679 62,453 4.950% 4.950% June 1 and 12/1/2014 CUSIP: 560-40P-AP3 AMT December 1 MELA 09A-1 YES 5,200,000 3,835,000-50,000 3,785,000 Exempt 97,464 64,976 5.150% 5.150% June 1 and 12/1/2015 CUSIP: 560-40P-AQ1 AMT December 1 MELA 09A-1 YES 5,600,000 4,130,000-60,000 4,070,000 Exempt 106,838 71,225 5.250% 5.250% June 1 and 12/1/2016 CUSIP: 560-40P-AR9 AMT December 1 MELA 09A-1 YES 5,600,000 4,130,000-60,000 4,070,000 Exempt 109,381 72,921 5.375% 5.375% June 1 and 12/1/2017 CUSIP: 560-40P-AS7 AMT December 1 MELA 09A-1 YES 4,800,000 3,540,000-50,000 3,490,000 Exempt 95,975 63,983 5.500% 5.500% June 1 and 12/1/2018 CUSIP: 560-40P-AT5 AMT December 1 MELA 09A-1 YES 4,600,000 3,395,000-45,000 3,350,000 Exempt 94,219 62,813 5.625% 5.625% June 1 and 12/1/2019 CUSIP: 560-40P-AU2 AMT December 1 MELA 09A-1 YES 10,400,000 7,670,000-100,000 7,570,000 Exempt 217,638 145,092 5.750% 5.750% June 1 and 12/1/2022 CUSIP: 560-40P-AX6 AMT December 1
Issuer: Maine Educational Loan Authority Issue name: Student Loan Revenue Bonds (Supplemental Education Loan Program) Series 2009A-2 Reporting period: Quarter Ending 09/30/2011 Contact: Darren J. Hurlburt, President & CEO Phone: 207.400.3001 ORIGINAL BEGINNING PRINCIPAL PRINCIPAL ENDING INTEREST INTEREST AVERAGE INTEREST BOND ISSUE BALANCE PAID AS PAID AS BALANCE TAX PAID ACCRUED INTEREST RATE PAYMENT MATURITY BOND SERIES INDENTURE AMOUNT PER MATURITY SCHEDULED EARLY REDEMP. PER MATURITY STATUS 04/01/11-09/30/11 9/30/2011 RATE FOR PERIOD DATE DATE MELA 09A-2 YES 900,000 - - - - Exempt - - 1.850% 1.850% June 1 and 12/1/2010 CUSIP: 560-40P-AY4 NON-AMT December 1 MELA 09A-2 YES 3,200,000 2,360,000-35,000 2,325,000 Exempt 27,900 18,600 2.400% 2.400% June 1 and 12/1/2011 CUSIP: 560-40P-AZ1 NON-AMT December 1 MELA 09A-2 YES 4,300,000 3,170,000-40,000 3,130,000 Exempt 43,038 28,692 2.750% 2.750% June 1 and 12/1/2012 CUSIP: 560-40P-BA5 NON-AMT December 1 MELA 09A-2 YES 4,300,000 3,170,000-40,000 3,130,000 Exempt 48,906 32,604 3.125% 3.125% June 1 and 12/1/2013 CUSIP: 560-40P-BB3 NON-AMT December 1 MELA 09A-2 YES 4,000,000 2,950,000-40,000 2,910,000 Exempt 50,925 33,950 3.500% 3.500% June 1 and 12/1/2014 CUSIP: 560-40P-BC1 NON-AMT December 1 MELA 09A-2 YES 4,500,000 3,320,000-45,000 3,275,000 Exempt 63,453 42,302 3.875% 3.875% June 1 and 12/1/2015 CUSIP: 560-40P-BD9 NON-AMT December 1 MELA 09A-2 YES 4,000,000 2,950,000-40,000 2,910,000 Exempt 59,655 39,770 4.100% 4.100% June 1 and 12/1/2016 CUSIP: 560-40P-BE7 NON-AMT December 1 MELA 09A-2 YES 4,200,000 3,100,000-40,000 3,060,000 Exempt 65,025 43,350 4.250% 4.250% June 1 and 12/1/2017 CUSIP: 560-40P-BF4 NON-AMT December 1 MELA 09A-2 YES 4,200,000 3,100,000-40,000 3,060,000 Exempt 68,850 45,900 4.500% 4.500% June 1 and 12/1/2018 CUSIP: 560-40P-BG2 NON-AMT December 1 MELA 09A-2 YES 4,200,000 3,100,000-40,000 3,060,000 Exempt 70,763 47,175 4.625% 4.625% June 1 and 12/1/2019 CUSIP: 560-40P-BH0 NON-AMT December 1 MELA 09A-2 YES 35,700,000 26,330,000-355,000 25,975,000 Exempt 730,547 487,031 5.625% 5.625% June 1 and 12/1/2027 CUSIP: 560-40P-BR8 NON-AMT December 1
Issuer: Maine Educational Loan Authority Issue name: Student Loan Revenue Bonds (Supplemental Education Loan Program) Series 2009A-3 Reporting period: Quarter Ending 09/30/2011 Contact: Darren J. Hurlburt, President & CEO Phone: 207.400.3001 ORIGINAL BEGINNING PRINCIPAL PRINCIPAL ENDING INTEREST INTEREST AVERAGE INTEREST BOND ISSUE BALANCE PAID AS PAID AS BALANCE TAX PAID ACCRUED INTEREST RATE PAYMENT MATURITY BOND SERIES INDENTURE AMOUNT PER MATURITY SCHEDULED EARLY REDEMP. PER MATURITY STATUS 04/01/11-09/30/11 9/30/2011 RATE FOR PERIOD DATE DATE MELA 09A-3 YES 80,000,000 59,005,000-805,000 58,200,000 Exempt 1,709,625 1,139,750 5.875% 5.88% June 1 and 12/1/2039 CUSIP: 560-40P-BS6 NON-AMT December 1 TOTAL Issuer: Maine Educational Loan Authority Issue name: Student Loan Revenue Bonds (Supplemental Education Loan Program) Series 2009A Reporting period: Quarter Ending 09/30/2011 Contact: Darren J. Hurlburt, President & CEO Phone: 207.400.3001 ORIGINAL BEGINNING PRINCIPAL PRINCIPAL ENDING INTEREST INTEREST AVERAGE INTEREST BOND ISSUE BALANCE PAID AS PAID AS BALANCE TAX PAID ACCRUED INTEREST RATE PAYMENT MATURITY BOND SERIES INDENTURE AMOUNT PER MATURITY SCHEDULED EARLY REDEMP. PER MATURITY STATUS 04/01/11-09/30/11 9/30/2011 RATE FOR PERIOD DATE DATE MELA 2009A YES 210,000,000 153,490,000-2,075,000 151,415,000 Exempt 3,976,479 2,650,986 Various Various June 1 and Various CUSIP: Various December 1
Issuer: Maine Educational Loan Authority Issue name: Student Loan Revenue Bonds (Supplemental Education Loan Program) Series 2010A-1 Reporting period: Quarter Ending 09/30/2011 Contact: Darren J. Hurlburt, President & CEO Phone: 207.400.3001 ORIGINAL BEGINNING PRINCIPAL PRINCIPAL ENDING INTEREST INTEREST AVERAGE INTEREST BOND ISSUE BALANCE PAID AS PAID AS BALANCE TAX PAID ACCRUED INTEREST RATE PAYMENT MATURITY BOND SERIES INDENTURE AMOUNT PER MATURITY SCHEDULED EARLY REDEMP. PER MATURITY STATUS 04/01/11-09/30/11 9/30/2011 RATE FOR PERIOD DATE DATE MELA 10A-1 YES 900,000 900,000 - - 900,000 Exempt 5,175 863 1.150% 1.150% June 1 and 12/1/2012 CUSIP: 560-40P-BT4 NON-AMT December 1 MELA 10A-1 YES 900,000 900,000 - - 900,000 Exempt 6,750 1,125 1.500% 1.500% June 1 and 12/1/2013 CUSIP: 560-40P-BU1 NON-AMT December 1 MELA 10A-1 YES 900,000 900,000 - - 900,000 Exempt 8,325 1,388 1.850% 1.850% June 1 and 12/1/2014 CUSIP: 560-40P-BV9 NON-AMT December 1 MELA 10A-1 YES 950,000 950,000 - - 950,000 Exempt 11,163 1,860 2.350% 2.350% June 1 and 12/1/2015 CUSIP: 560-40P-BW7 NON-AMT December 1 MELA 10A-1 YES 1,100,000 1,100,000 - - 1,100,000 Exempt 15,125 2,521 2.750% 2.750% June 1 and 12/1/2016 CUSIP: 560-40P-BX5 NON-AMT December 1 MELA 10A-1 YES 1,100,000 1,100,000 - - 1,100,000 Exempt 16,500 2,750 3.000% 3.000% June 1 and 12/1/2017 CUSIP: 560-40P-BY3 NON-AMT December 1 MELA 10A-1 YES 1,100,000 1,100,000 - - 1,100,000 Exempt 18,150 3,025 3.300% 3.300% June 1 and 12/1/2018 CUSIP: 560-40P-BZ0 NON-AMT December 1 MELA 10A-1 YES 1,100,000 1,100,000 - - 1,100,000 Exempt 19,250 3,208 3.500% 3.500% June 1 and 12/1/2019 CUSIP: 560-40P-CA4 NON-AMT December 1 MELA 10A-1 YES 1,100,000 1,100,000 - - 1,100,000 Exempt 20,625 3,438 3.750% 3.750% June 1 and 12/1/2020 CUSIP: 560-40P-CB2 NON-AMT December 1 MELA 10A-1 YES 1,100,000 1,100,000 - - 1,100,000 Exempt 22,000 3,667 4.000% 4.000% June 1 and 12/1/2021 CUSIP: 560-40P-CC0 NON-AMT December 1 MELA 10A-1 YES 1,200,000 1,200,000 - - 1,200,000 Exempt 24,900 4,150 4.150% 4.150% June 1 and 12/1/2022 CUSIP: 560-40P-CD8 NON-AMT December 1 MELA 10A-1 YES 1,300,000 1,300,000 - - 1,300,000 Exempt 27,625 4,604 4.250% 4.250% June 1 and 12/1/2023 CUSIP: 560-40P-CE6 NON-AMT December 1 MELA 10A-1 YES 1,400,000 1,400,000 - - 1,400,000 Exempt 30,450 5,075 4.350% 4.350% June 1 and 12/1/2024 CUSIP: 560-40P-CF3 NON-AMT December 1 MELA 10A-1 YES 1,310,000 1,310,000 - - 1,310,000 Exempt 29,148 4,858 4.450% 4.450% June 1 and 12/1/2025 CUSIP: 560-40P-CG1 NON-AMT December 1 TOTAL Issuer: Maine Educational Loan Authority Issue name: Student Loan Revenue Bonds (Supplemental Education Loan Program) Series 2010A Reporting period: Quarter Ending 09/30/2011 Contact: Darren J. Hurlburt, President & CEO Phone: 207.400.3001 ORIGINAL BEGINNING PRINCIPAL PRINCIPAL ENDING INTEREST INTEREST AVERAGE INTEREST BOND ISSUE BALANCE PAID AS PAID AS BALANCE TAX PAID ACCRUED INTEREST RATE PAYMENT MATURITY BOND SERIES INDENTURE AMOUNT PER MATURITY SCHEDULED EARLY REDEMP. PER MATURITY STATUS 04/01/11-09/30/11 9/30/2011 RATE FOR PERIOD DATE DATE MELA 2010A YES 15,460,000 15,460,000 - - 15,460,000 Exempt 255,185 42,531 Various Various June 1 and Various CUSIP: Various December 1
MAINE EDUCATION SERVICES MAINE EDUCATION SERVICES EXECUTIVE SUMMARY EXECUTIVE SUMMARY September 30, 2011 September 30, 2010 MELA PORTFOLIO STATISTICS MELA PORTFOLIO STATISTICS PHEAA # LOANS PRINCIPAL $ PERCENT PHEAA # LOANS PRINCIPAL $ PERCENT CURRENT (DEFERMENT) - 0.00 0.00% CURRENT (DEFERMENT) - 0.00 0.00% CURRENT (REPAYMENT) 57 257,928.63 95.86% CURRENT (REPAYMENT) 86 410,746.04 98.69% DELINQUENCIES - 0.00 0.00% DELINQUENCIES - 0.00 0.00% CLAIMS 1 11,151.01 4.14% CLAIMS 1 5,454.59 1.31% UNINSURED - 0.00 0.00% UNINSURED - 0.00 0.00% TOTALS 58 $269,079.64 100.00% TOTALS 87 $416,200.63 100.00% FIRSTMARK # LOANS PRINCIPAL $ PERCENT FIRSTMARK # LOANS PRINCIPAL $ PERCENT CURRENT (DEFERMENT) 2,436 27,912,895.59 19.54% CURRENT (DEFERMENT) 3,946 44,031,912.01 30.45% CURRENT (REPAYMENT) 12,121 111,583,471.84 78.12% CURRENT (REPAYMENT) 10,955 96,499,045.86 66.73% DELINQUENCIES 319 3,331,982.89 2.33% DELINQUENCIES 384 4,010,383.71 2.77% CLAIMS - 0.00 0.00% CLAIMS 6 64,765.84 0.04% UNINSURED - 0.00 0.00% UNINSURED - 0.00 0.00% TOTALS 14,876 $142,828,350.32 100.00% TOTALS 15,291 $144,606,107.42 100.00% TOTAL MELA # LOANS PRINCIPAL $ PERCENT TOTAL MELA # LOANS PRINCIPAL $ PERCENT CURRENT (DEFERMENT) 2,436 27,912,895.59 19.51% CURRENT (DEFERMENT) 3,946 44,031,912.01 30.36% CURRENT (REPAYMENT) 12,178 111,841,400.47 78.16% CURRENT (REPAYMENT) 11,041 96,909,791.90 66.82% DELINQUENCIES 319 3,331,982.89 2.33% DELINQUENCIES 384 4,010,383.71 2.77% CLAIMS 1 11,151.01 0.01% CLAIMS 7 70,220.43 0.05% UNINSURED - - 0.00% UNINSURED - - 0.00% TOTALS 14,934 143,097,429.96 100.00% TOTALS 15,378 145,022,308.05 100.00%
MAINE EDUCATION SERVICES EXECUTIVE SUMMARY September 30, 2011 DELINQUENCIES DAYS DELINQUENT 31-60 61-90 91-120 121-180 181+ TOTALS 31-181+ TOTAL REPAY PHEAA #LOANS - - - - - - 58 PRINCIPAL $ 0.00 0.00 0.00 0.00 0.00 0.00 $269,079.64 % $ REPAY 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% FIRSTMARK #LOANS 158 76 41 40 4 319 12,440 PRINCIPAL $ 1,578,073.85 843,005.00 556,090.37 318,496.48 36,317.19 3,331,982.89 $114,915,454.73 % $ REPAY 1.37% 0.73% 0.48% 0.28% 0.03% 2.90% 80.46% TOTALS #LOANS 158 76 41 40 4 319 12,498 PRINCIPAL $ 1,578,073.85 843,005.00 556,090.37 318,496.48 36,317.19 3,331,982.89 $115,184,534.37 % $ REPAY 1.37% 0.73% 0.48% 0.28% 0.03% 2.89% 80.49% CLAIMS/UNINSURED PHEAA DAYS IN PROCESS 1-90 91+ SUPPL TOTAL CLAIMS UNINSURED TOTAL REPAY #LOANS - 1-1 - 58 PRINCIPAL $ 0.00 11,151.01 0.00 11,151.01 0.00 $269,079.64 % $ REPAY 0.00% 4.14% 0.00% 4.14% 0.00% 100.00% FIRSTMARK #LOANS - - - - - 12,440 PRINCIPAL $ 0.00 0.00 0.00 0.00 0.00 $114,915,454.73 % $ REPAY 0.00% 0.00% 0.00% 0.00% 0.00% 80.46% TOTALS #LOANS - 1-1 - 12,498 PRINCIPAL $ 0.00 11,151.01 0.00 11,151.01 0.00 $115,184,534.37 % $ REPAY 0.00% 0.01% 0.00% 0.01% 0.00% 80.49% Note: Delinqency and claims numbers only reflect loans in repayment.
MAINE EDUCATION SERVICES EXECUTIVE SUMMARY September 30, 2011 PHEAA NON-FEDERAL LOAN AVERAGE BORROWER INDEBTEDNESS Type # of Borrowers Principal Balance Avg. Indebtedness Total 51 $269,079.64 $5,276.07 FIRSTMARK NON-FEDERAL LOAN AVERAGE BORROWER INDEBTEDNESS Type # of Borrowers Principal Balance Avg. Indebtedness Maine Loan 6,939 $130,224,497.19 $18,767.04 MedLoan 256 $8,659,893.07 $33,827.71 Consolidation Loan 91 $3,943,960.06 $43,340.22 Total 7,286 $142,828,350.32 $19,603.12
MAINE EDUCATION SERVICES EXECUTIVE SUMMARY September 30, 2011 MELA ORIGINATION STATISTICS Maine Loan and MedLoan Maine Loan Volume Maine Medical Loan Volume TOTAL Loan Volume 01/01/11-12/31/11 01/01/10-12/31/10 01/01/11-12/31/11 01/01/10-12/31/10 01/01/11-12/31/11 01/01/10-12/31/10 Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Through 09/30/11 Through 09/30/10 Through 09/30/11 Through 09/30/10 Through 09/30/11 Through 09/30/10 Applications in Process--beginning of period 21 37 0 0 21 37 Applications Received 1,763 2,721 15 25 1,778 2,746 Applications Approved 792 961 8 9 800 970 Applications Denied 698 1,082 3 4 701 1,086 Applications Cancelled 250 592 4 10 254 602 Applications in Process--end of period 44 123 0 2 44 125 Approval Rate 53% 47% 73% 69% 53% 47% Number of Disbursements 1,522 1,758 12 14 1,534 1,772 Dollar Amount of Disbursements $ 9,172,819.00 $ 10,607,383.00 $ 133,339.00 $ 130,405.00 $ 9,306,158.00 $ 10,737,788.00 Year to Date Plan $ 8,738,897.98 $ 14,148,973.88 $ 95,823.00 $ 352,802.12 $ 8,834,720.98 $ 14,501,776.00 Year to Date Variance $ 433,921.02 $ (3,541,590.88) $ 37,516.00 $ (222,397.12) $ 471,437.02 $ (3,763,988.00) Average Disbursed Amount $ 6,026.82 $ 6,033.78 $ 11,111.58 $ 9,314.64 $ 6,066.60 $ 6,059.70
MAINE SCHOOLS MAINE EDUCATION SERVICES EXECUTIVE SUMMARY September 30, 2011 SOURCE OF NEW MELA DISBURSEMENTS BY MAINE SCHOOLS MONTHLY YTD MONTHLY YTD MONTHLY YTD MAINE LOAN $ MAINE LOAN $ MEDLOAN $ MEDLOAN $ TOTAL $ TOTAL $ UNIV OF ME - ORONO 327,852.00 1,502,895.00 - - 327,852.00 1,502,895.00 UNIV OF NEW ENGLAND 402,060.00 948,114.00-50,839.00 402,060.00 998,953.00 UNIV OF SOUTHERN ME 105,258.00 657,807.00 - - 105,258.00 657,807.00 HUSSON UNIVERSITY 29,000.00 377,527.00 - - 29,000.00 377,527.00 MAINE MARITIME ACADEMY 149,584.00 338,002.00 - - 149,584.00 338,002.00 THOMAS COLLEGE 65,545.00 274,826.00 - - 65,545.00 274,826.00 COLBY COLLEGE 6,001.00 233,273.00 - - 6,001.00 233,273.00 UNIV OF ME - FARMINGTON 73,549.00 227,973.00 - - 73,549.00 227,973.00 ST JOSEPH'S COLLEGE 15,783.00 152,035.00 - - 15,783.00 152,035.00 SOUTHERN ME COMMUNITY COLLEGE 60,575.00 142,294.00 - - 60,575.00 142,294.00 THE LANDING SCHOOL OF BOAT BUILDING & DE 98,558.00 117,558.00 - - 98,558.00 117,558.00 UNITY COLLEGE 25,020.00 104,758.00 - - 25,020.00 104,758.00 BOWDOIN COLLEGE 12,000.00 101,473.00 - - 12,000.00 101,473.00 UNIV OF ME - FORT KENT 22,990.00 75,423.00 - - 22,990.00 75,423.00 NE SCHOOL OF COMMUNICATION, Bangor, ME 38,842.00 74,348.00 - - 38,842.00 74,348.00 MAINE COLLEGE OF ART 5,354.00 57,147.00 - - 5,354.00 57,147.00 BATES COLLEGE 23,468.00 54,262.00 - - 23,468.00 54,262.00 UNIV OF ME - PRESQUE ISLE 20,357.00 51,256.00 - - 20,357.00 51,256.00 EASTERN ME COMMUNITY COLLEGE 23,321.00 48,571.00 - - 23,321.00 48,571.00 CENTRAL ME COMMUNITY COLLEGE 19,440.00 37,562.00 - - 19,440.00 37,562.00 UNIV OF ME - AUGUSTA 15,565.00 32,019.00 - - 15,565.00 32,019.00 KENNEBEC VALLEY COMMUNITY COLLEGE, FAI - 29,180.00 - - - 29,180.00 UNIV OF ME - MACHIAS 5,576.00 23,076.00 - - 5,576.00 23,076.00 COLLEGE OF THE ATLANTIC 11,000.00 15,666.00 - - 11,000.00 15,666.00 NORTHERN ME COMMUNITY COLLEGE 6,572.00 11,022.00 - - 6,572.00 11,022.00 CENTRAL ME MED CTR SCH NURSING, Lewiston 3,900.00 7,650.00 - - 3,900.00 7,650.00 BEAL COLLEGE - 6,000.00 - - - 6,000.00 YORK COUNTY COMMUNITY COLLEGE - 5,500.00 - - - 5,500.00 KAPLAN UNIVERSITY - PORTLAND 807.00 4,281.00 - - 807.00 4,281.00 KAPLAN UNIVERSITY - LEWISTON - 626.00 - - - 626.00 WASHINGTON COUNTY COMMUNITY COLLEGE - - - - - - BANGOR THEOLOGICAL SEMINARY - - - - - - MAINE MEDICAL CENTER - - - - - - OUT OF STATE COLLEGES 913,634.00 3,460,695.00 5,000.00 82,500.00 918,634.00 3,543,195.00 TOTALS 2,481,611.00 9,172,819.00 5,000.00 133,339.00 2,486,611.00 9,306,158.00
MAINE EDUCATION SERVICES EXECUTIVE SUMMARY September 30, 2011 COLLECTION STATISTICS TOTAL PORTFOLIO STATISTICS # OUTSTANDING AVERAGE AVERAGE LENDER OF PRINCIPAL & LOAN INTEREST ACCOUNTS INTEREST BALANCE RATE MELA 5 $56,744.63 $11,348.93 8.90% MAINE LOAN 371 3,254,651.30 $8,772.65 7.81% MED LOAN 2 $29,610.38 $14,805.19 7.17% CONSOLIDATION 3 $207,432.20 $69,144.07 7.89% TOTAL PORTFOLIO 381 $3,548,438.51 $9,313.49 7.76% MONETARY TRANSACTIONS PAYMENTS PAYMENTS MELA FEES MELA FEES ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS LENDER COLLECTED COLLECTED PAID PAID SETTLED SETTLED UNRECOVERABLE UNRECOVERABLE MONTH YTD MONTH YTD MONTH YTD MONTH YTD MELA $225.00 $1,700.00 $75.00 $500.00 $0.00 $0.00 $0.00 $0.00 MAINE LOAN $21,120.47 $148,657.37 $6,756.09 $52,590.04 $0.00 $36,000.00 $0.00 $0.00 MED LOAN $0.00 $891.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CONSOLIDATION $300.00 $2,175.00 $100.00 $725.00 $0.00 $0.00 $0.00 $0.00 TOTAL PORTFOLIO $21,645.47 $153,424.19 $6,931.09 $53,815.04 $0.00 $36,000.00 $0.00 $0.00 TOTAL PORTFOLIO STATISTICS AT KIMMEL, BEACH & FITZPATRICK # OUTSTANDING AVERAGE AVERAGE LENDER OF PRINCIPAL & LOAN INTEREST ACCOUNTS INTEREST BALANCE RATE MELA 4 $49,658.33 $12,414.58 8.90% MAINE LOAN 217 $1,519,829.89 $7,003.82 7.37% MED LOAN 1 $8,722.64 $8,722.64 7.17% CONSOLIDATION 2 $137,675.04 $68,837.52 7.47% TOTAL KB&F PORTFOLIO 224 $1,715,885.90 $7,660.20 7.38% KIMMEL, BEACH & FITZPATRICK MONETARY TRANSACTIONS PAYMENTS PAYMENTS MELA FEES MELA FEES ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS LENDER COLLECTED COLLECTED PAID PAID SETTLED SETTLED UNRECOVERABLE UNRECOVERABLE MONTH YTD MONTH YTD MONTH YTD MONTH YTD MELA $225.00 $1,700.00 $75.00 $500.00 $0.00 $0.00 $0.00 $0.00 MAINE LOAN $18,380.32 $115,680.46 $6,071.24 $48,800.04 $0.00 $36,000.00 $0.00 $0.00 MED LOAN $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CONSOLIDATION $300.00 $2,175.00 $100.00 $725.00 $0.00 $0.00 $0.00 $0.00 TOTAL KB&F PORTFOLIO $18,905.32 $119,555.46 $6,246.24 $50,025.04 $0.00 $36,000.00 $0.00 $0.00 **Fees include regular pmts & satisfied
MAINE EDUCATION SERVICES EXECUTIVE SUMMARY September 30, 2011 COLLECTION STATISTICS TOTAL PORTFOLIO STATISTICS AT MAINE EDUCATION SERVICES CURRENT MONTH CURRENT MONTH YTD YTD # OUTSTANDING LENDER # OF ACCOUNTS P & I # OF ACCOUNTS P & I OF ACCOUNTS PRINCIPAL & ASSIGNED ASSIGNED ASSIGNED ASSIGNED ASSIGNED INTEREST MELA 0 $0.00 0 $0.00 0 $0.00 MAINE LOAN 0 $0.00 1 $14,460.76 3 $22,782.68 MED LOAN 0 $0.00 0 $0.00 1 $20,887.74 CONSOLIDATION 0 $0.00 0 $0.00 0 $0.00 TOTAL GENFUND 0 $0.00 1 $14,460.76 4 $43,670.42 MAINE EDUCATION SERVICES MONETARY TRANSACTIONS PAYMENTS PAYMENTS ACCOUNTS ACCOUNTS LENDER COLLECTED COLLECTED SETTLED SETTLED MONTH YTD MONTH YTD MELA $0.00 $0.00 $0.00 $0.00 MAINE LOAN $0.00 $16,527.68 $0.00 $0.00 MED LOAN $0.00 $891.82 $0.00 $0.00 CONSOLIDATION $0.00 $0.00 $0.00 $0.00 TOTAL GENFUND $0.00 $17,419.50 $0.00 $0.00 *All Genfund loans are considered defaulted. The debtors of these loans made payment arrangements, so the loans are held at MES rather than assigning to a collection agency. TOTAL NEW ASSIGNMENTS TO NCO IN 2011 CURRENT MONTH CURRENT MONTH YTD YTD LENDER # OF ACCOUNTS P & I # OF ACCOUNTS P & I ASSIGNED ASSIGNED ASSIGNED ASSIGNED MELA 0 $0.00 0 $0.00 MAINE LOAN 3 $31,759.34 154 $1,735,534.63 MED LOAN 0 $0.00 0 $0.00 CONSOLIDATION 0 $0.00 1 $69,757.16 TOTAL NCO PORTFOLIO 3 $31,759.34 155 $1,805,291.79 TOTAL PORTFOLIO STATISTICS AT NCO # OUTSTANDING AVERAGE AVERAGE LENDER OF PRINCIPAL & LOAN INTEREST ACCOUNTS INTEREST BALANCE RATE MELA 0 $0.00 $0.00 N/A MAINE LOAN 152 $1,719,109.16 $11,309.93 8.44% MED LOAN 0 $0.00 $0.00 N/A CONSOLIDATION 1 $69,757.16 $69,757.16 8.75% TOTAL NCO PORTFOLIO 153 $1,788,866.32 $11,691.94 8.59% PAYMENTS PAYMENTS MELA FEES MELA FEES ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS LENDER COLLECTED COLLECTED PAID PAID SETTLED SETTLED UNRECOVERABLE UNRECOVERABLE MONTH YTD MONTH YTD MONTH YTD MONTH YTD MELA $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 MAINE LOAN $2,740.15 $16,449.23 $684.85 $3,790.00 $0.00 $0.00 $0.00 $0.00 MED LOAN $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CONSOLIDATION $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TOTAL NCO PORTFOLIO $2,740.15 $16,449.23 $684.85 $3,790.00 $0.00 $0.00 $0.00 $0.00 **Fees include regular pmts & satisfied NCO MONETARY TRANSACTIONS
MAINE LOAN APPROVALS AND DENIALS BY DEBT TO INCOME RATIOS YEAR-TO-DATE DECISIONED LOANS AS OF SEPTEMBER 30, 2011 Ranges Total Number % of Total Approved % of Total % of Range Denied % of Total % of Range of Applications Applications Approved Denied < 30% 572 38% 238 30% 42% 334 48% 58% 30-39% 329 22% 273 34% 83% 56 8% 17% 40-44% 181 12% 147 19% 81% 34 5% 19% 45-50% 174 12% 134 17% 77% 40 6% 23% > 50% 234 16% - 0% 0% 234 33% 100% 1,490 100% 792 100% 53% 698 100% 47% Total Number of Applications Approved Denied 16% 12% 38% < 30% 30-39% 40-44% 19% 17% 30% < 30% 30-39% 40-44% 33% 48% < 30% 30-39% 40-44% 12% 22% 45-50% > 50% 34% 45-50% > 50% 6% 5% 8% 45-50% > 50% Quarterly Loan Stats Graphs 093011.xlsx recap DI
MAINE LOAN APPROVALS AND DENIALS BY INCOME LEVEL YEAR-TO-DATE DECISIONED LOANS AS OF SEPTEMBER 30, 2011 Income Total Number % of Total Approved % of Total Denied % of Total Ranges of Applications Applications Approved Denied $0-$25,000 355 24% 16 5% 339 95% $25,001-$35,000 104 7% 38 37% 66 63% $35,001-$45,000 122 8% 66 54% 56 46% $45,001-$55,000 136 9% 74 54% 62 46% $55,001-$65,000 123 8% 91 74% 32 26% $65,001-$75,000 116 8% 79 68% 37 32% $75,001-$85,000 89 6% 67 75% 22 25% $85,001-$95,000 84 6% 66 79% 18 21% $95,001-$100,000 45 3% 35 78% 10 22% Over $100,000 316 21% 260 82% 56 18% 1,490 100% 792 53% 698 47% 120% 100% 5% 80% 37% 54% 54% 60% 74% 68% 75% 79% 78% 82% Approved Denied 95% 40% 63% 20% 0% 46% 46% 26% 32% 25% 21% 22% $0-$25,000$25,001-$35,000 $35,001-$45,000 $45,001-$55,000 $55,001-$65,000 $65,001-$75,000 $75,001-$85,000 $85,001-$95,000 $95,001-$100,000 Over $100,000 18% Quarterly Loan Stats Graphs 093011.xlsx recap Income
MAINE LOAN APPROVALS AND DENIALS BY FICO SCORES YEAR-TO-DATE DECISIONED LOANS AS OF SEPTEMBER 30, 2011 Ranges Total Number % of Total Approved % of Total % of Range Denied % of Total % of Range of Applications Applications Approved Denied <650 289 19% - 0% 0% 289 42% 100% 650-679 140 9% 21 3% 15% 119 17% 85% 680-799 950 64% 675 85% 71% 275 39% 29% >800 111 8% 96 12% 86% 15 2% 14% 1,490 100% 792 100% 53% 698 100% 47% Total Number of Applications Approved Denied 3% 2% 8% 19% 9% <650 650-679 680-799 12% <650 650-679 680-799 39% 42% <650 650-679 680-799 64% >800 85% >800 17% >800 Quarterly Loan Stats Graphs 093011.xlsx FICO Recap
Year to Date Maine Loan Disbursements By Quarter 35,000,000.00 30,000,000.00 25,000,000.00 20,000,000.00 15,000,000.00 10,000,000.00 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 5,000,000.00 - March 31 June 30 September 30 December 31 Quarterly Loan Stats Graphs 093011.xlsx orig info qrt
Year to Date Maine Medical Loan Disbursements By Quarter 1,600,000.00 1,400,000.00 1,200,000.00 1,000,000.00 800,000.00 600,000.00 400,000.00 200,000.00 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 - March 31 June 30 September 30 December 31 Quarterly Loan Stats Graphs 093011.xlsx orig info qrt
MELA Loan Loss Trends 09/30/11 12/31/2010 3/31/2011 6/30/2011 7/31/2011 8/31/2011 9/30/2011 NON-GUARANTEED 145,521,356 145,851,993 142,886,598 141,573,694 141,738,861 142,828,350 GUARANTEED 380,592 346,477 315,888 285,080 276,242 910,904 Total Loans 145,901,948 146,198,469 143,202,486 141,858,774 142,015,103 143,739,254 Loans in Repayment 113,310,374 113,057,658 115,519,691 114,228,953 114,322,268 115,184,534 Problem Loans 5,697,900 5,385,699 4,881,392 4,832,282 5,081,076 4,509,570 Loans > 90 days past due (incl in prob) 1,437,714 992,968 989,548 810,947 700,947 910,904 YTD Net Charge-Offs (Recoveries) 1,119,852 63,474 291,572 515,578 624,268 648,304 Loans in Deferment 32,591,574 33,140,812 27,682,794 27,629,821 27,692,835 28,554,720 Forbearance 1,492,455 1,326,493 1,548,251 1,259,463 1,138,287 831,945 Gross Charge-Offs 1,265,983 70,142 416,188 650,502 790,252 835,867 Allowance 3,164,380 3,200,892 3,297,244 3,148,193 3,114,426 3,165,315 Ratios: Avg. Allowance as a % of Total Loans 2.17% 2.19% 2.30% 2.22% 2.19% 2.20% 2.20% Problem Loans as a % of Loans in Repay 5.03% 4.76% 4.23% 4.23% 4.44% 3.92% 4.20% Allowance as a % of Loans in Repay 2.79% 2.83% 2.85% 2.76% 2.72% 2.75% 2.74% Allowance as a % of Problem Loans 55.54% 59.43% 67.55% 65.15% 61.29% 70.19% 65.54% Allowance to Loans > 90 days 2.20 3.22 3.33 3.88 4.44 3.47 3.93 Allowance to Net Charge-Offs 2.83 50.43 11.31 6.11 4.99 4.88 5.33 Net Charge-Offs as a % of Loans in Repay 0.99% 0.06% 0.25% 0.45% 0.55% 0.56% 0.52% Forbearance as a % of Loans in Repay 1.32% 1.17% 1.34% 1.10% 1.00% 0.72% 0.94% Gross Charge-Offs as % of Loans in Repay 1.12% 0.06% 0.36% 0.57% 0.69% 0.73% 0.66% Allowance, BOQ $ 3,297,244 Allowance, BOY $ 3,164,380 Provision for Loan Loss 225,000 Provision for Loan Loss 650,000 Charge-Offs (419,679) Charge-Offs (835,867) Recoveries 62,946 Recoveries 187,563 Small Balance Adjustments (197) Small Balance Adjustments (761) Allowance, EOQ $ 3,165,315 Allowance, EOY $ 3,165,315
DEFAULT RATE CALCULATED FOR CLAIM PAYMENTS FOR MELA FUNDED LOANS ORIGINATED IN A GIVEN YEAR VERSUS TOTAL MELA FUNDED LOAN ORIGINATIONS FOR THAT GIVEN YEAR FOR CLAIM PAYMENTS RECEIVED THROUGH SEPTEMBER 30, 2011 Year Originated Originations # of Defaults *Gross Defaults Gross Def. Rate Claim pmts # Claims Purch by Servicer Recoveries Net Chargeoff Net c/o % principal only principal only principal only principal only principal only 2011 $9,306,158.00 0 $0.00 0.00% $0.00 0 $0.00 $0.00 $0.00 0.00% 2010 $12,983,344.00 0 $0.00 0.00% $0.00 0 $0.00 $0.00 $0.00 0.00% 2009 $22,414,714.00 4 $28,749.50 0.13% $0.00 0 $0.00 $277.50 $28,472.00 0.13% 2008 $34,048,382.33 19 $194,480.35 0.57% $0.00 0 $0.00 $11,617.67 $182,862.68 0.54% 2007 $31,957,352.99 55 $653,694.67 2.05% $0.00 0 $0.00 $42,605.40 $611,089.27 1.91% 2006 $23,762,942.46 71 $672,386.56 2.83% $0.00 0 $0.00 $50,989.79 $621,396.77 2.61% 2005 $17,929,934.00 75 $638,205.31 3.56% $0.00 0 $0.00 $76,107.44 $562,097.87 3.13% 2004 $12,506,501.91 75 $681,033.00 5.45% $0.00 0 $0.00 $138,671.10 $542,361.90 4.34% 2003 $7,199,223.27 29 $314,858.69 4.37% $0.00 0 $0.00 $61,099.20 $253,759.49 3.52% 2002 $5,122,925.12 20 $138,547.91 2.70% $0.00 0 $0.00 $26,850.54 $111,697.37 2.18% 2001 $5,961,611.72 16 $92,928.21 1.56% $0.00 0 $0.00 $20,598.89 $72,329.32 1.21% 2000 $6,460,823.67 20 $149,190.36 2.31% $0.00 0 $0.00 $48,285.34 $100,905.02 1.56% 1999 $9,525,419.37 46 $364,211.85 3.82% $0.00 0 $0.00 $201,975.70 $162,236.15 1.70% 1998 $9,570,155.99 32 $257,912.95 2.69% $0.00 0 $0.00 $187,941.40 $69,971.55 0.73% 1997 $6,916,140.00 29 $218,456.42 3.16% $0.00 0 $0.00 $147,552.76 $70,903.66 1.03% 1996 $4,157,117.00 18 $147,856.57 3.56% $0.00 0 $0.00 $118,044.18 $29,812.39 0.72% 1995 $4,029,007.00 10 $68,186.27 1.69% $53,265.82 9 $0.00 $4,159.11 $10,761.34 0.27% 1994 $5,500,907.00 18 $156,886.08 2.85% $105,801.66 14 $8,857.92 $21,539.05 $20,687.45 0.38% 1993 $6,933,198.00 27 $179,508.82 2.59% $163,629.54 22 $12,376.47 $3,502.81 $0.00 0.00% 1992 $9,476,947.00 42 $224,838.41 2.37% $154,911.81 30 $40,547.78 $29,378.82 $0.00 0.00% 1991 $8,760,484.00 33 $205,372.98 2.34% $190,120.42 30 $15,252.56 $0.00 $0.00 0.00% 1990 $9,784,629.00 55 $273,783.17 2.80% $159,597.26 35 $72,314.85 $41,871.06 $0.00 0.00% TOTAL $264,307,917.83 694 $5,661,088.08 2.14% $827,326.51 140 $149,349.58 $1,233,067.76 $3,451,344.23 1.31% *INCLUDES ALL DEFAULTED LOANS BY DEFINITION EVEN UNINSURED ACCOUNTS SOLD TO A SERVICER OR CHARGED OFF BY MELA Rate.xls;DEFAULT RATE
MELA Default - Static Pool Non-Guaranteed Only 9/30/2011 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Total Cumulative Loans in Repayment Total Number (Total Originations less Current Defermen Origination Dollar $3,799,009 $6,916,140 $9,570,156 $9,525,419 $6,460,824 $5,961,612 $5,122,925 $7,199,223 $12,506,502 $17,929,934 $23,762,942 $31,957,353 $34,048,382 $22,414,714 $12,983,344 $9,306,158 $219,464,638 $191,551,742 Default Year 1998 Defaulted $$$ $0 $0 $21,964 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 21,964 % 0.00% 0.00% 0.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.11% Claims/Recov $$$ $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ - % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Net Defaults $$$ $0 $0 $21,964 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 21,964 % 0.00% 0.00% 0.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.11% 1999 Defaulted $$$ $4,939 $2,121 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 7,060 % 0.13% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% Claims/Recov $$$ $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ - % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Net Defaults $$$ $4,939 $2,121 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 7,060 % 0.13% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 2000 Defaulted $$$ $59,907 $33,018 $33,653 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 126,578 % 1.58% 0.48% 0.35% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.35% Claims/Recov $$$ $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ - % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Net Defaults $$$ $59,907 $33,018 $33,653 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 126,578 % 1.58% 0.48% 0.35% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.35% 2001 Defaulted $$$ $7,492 $16,964 $20,922 $25,218 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 70,596 % 0.20% 0.25% 0.22% 0.26% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.17% Claims/Recov $$$ $6,273 $3,013 $4,561 $859 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 14,706 % 0.17% 0.04% 0.05% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% Net Defaults $$$ $1,219 $13,951 $16,361 $24,359 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 55,890 % 0.03% 0.20% 0.17% 0.26% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.13% 2002 Defaulted $$$ $22,859 $86,935 $59,211 $39,333 $7,279 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 215,617 % 0.60% 1.26% 0.62% 0.41% 0.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.46% Claims/Recov $$$ $8,952 $7,896 $18,467 $7,226 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 42,541 % 0.24% 0.11% 0.19% 0.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.09% Net Defaults $$$ $13,907 $79,039 $40,744 $32,107 $7,279 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 173,076 % 0.37% 1.14% 0.43% 0.34% 0.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.37% 2003 Defaulted $$$ $9,605 $4,844 $11,857 $3,597 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 29,903 % 0.25% 0.07% 0.12% 0.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.05% Claims/Recov $$$ $11,450 $19,447 $43,245 $11,042 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 85,184 % 0.30% 0.28% 0.45% 0.12% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.16% Net Defaults $$$ -$1,845 -$14,603 -$31,388 -$7,445 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ (55,281) % -0.05% -0.21% -0.33% -0.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.10% 2004 Defaulted $$$ $5,815 $5,443 $22,013 $20,573 $0 $5,852 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 59,696 % 0.15% 0.08% 0.23% 0.22% 0.00% 0.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.09% Claims/Recov $$$ $17,060 $26,627 $7,907 $8,199 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 59,793 % 0.45% 0.38% 0.08% 0.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.09% Net Defaults $$$ -$11,245 -$21,184 $14,106 $12,374 $0 $5,852 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ (97) % -0.30% -0.31% 0.15% 0.13% 0.00% 0.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2005 Defaulted $$$ $17,516 $39,505 $36,296 $70,151 $0 $0 $2,745 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 166,213 % 0.46% 0.57% 0.38% 0.74% 0.00% 0.00% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.20% Claims/Recov $$$ $54,063 $48,983 $15,572 $39,479 $1,583 $900 $38 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 160,618 % 1.42% 0.71% 0.16% 0.41% 0.02% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.19% Net Defaults $$$ -$36,547 -$9,478 $20,724 $30,672 -$1,583 -$900 $2,707 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 5,595 % -0.96% -0.14% 0.22% 0.32% -0.02% -0.02% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 2006 Defaulted $$$ $0 $0 $7,045 $102,861 $51,686 $22,585 $26,556 $22,834 $39,297 $16,250 $0 $0 $0 $0 $0 $0 $ 289,114 % 0.00% 0.00% 0.07% 1.08% 0.80% 0.38% 0.52% 0.32% 0.31% 0.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.27% Claims/Recov $$$ $7,449 $8,945 $25,156 $23,531 $4,342 $825 $450 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ 70,698 % 0.20% 0.13% 0.26% 0.25% 0.07% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% Net Defaults $$$ -$7,449 -$8,945 -$18,111 $79,330 $47,344 $21,760 $26,106 $22,834 $39,297 $16,250 $0 $0 $0 $0 $0 $0 $ 218,416 % -0.20% -0.13% -0.19% 0.83% 0.73% 0.37% 0.51% 0.32% 0.31% 0.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.20% 2007 Defaulted $$$ $19,723 $15,234 $11,792 $31,734 $31,517 $9,240 $15,936 $84,776 $137,851 $90,465 $0 $126,647 $0 $0 $0 $0 $ 574,915 % 0.52% 0.22% 0.12% 0.33% 0.49% 0.15% 0.31% 1.18% 1.10% 0.50% 0.00% 0.40% 0.00% 0.00% 0.00% 0.00% 0.41% Claims/Recov $$$ $3,722 $16,299 $30,243 $37,791 $1,375 $2,180 $2,550 $1,528 $1,154 $225 $0 $0 $0 $0 $0 $0 $ 97,067 % 0.10% 0.24% 0.32% 0.40% 0.02% 0.04% 0.05% 0.02% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% Net Defaults $$$ $16,001 -$1,065 -$18,451 -$6,057 $30,142 $7,060 $13,386 $83,248 $136,697 $90,240 $0 $126,647 $0 $0 $0 $0 $ 477,848 % 0.42% -0.02% -0.19% -0.06% 0.47% 0.12% 0.26% 1.16% 1.09% 0.50% 0.00% 0.40% 0.00% 0.00% 0.00% 0.00% 0.34% 2008 Defaulted $$$ $0 $0 $3,972 $30,558 $16,660 $11,907 $0 $64,828 $96,371 $52,280 $53,375 $0 $7,368 $0 $0 $0 $ 337,319 % 0.00% 0.00% 0.04% 0.32% 0.26% 0.20% 0.00% 0.90% 0.77% 0.29% 0.22% 0.00% 0.02% 0.00% 0.00% 0.00% 0.19% Claims/Recov $$$ $1,938 $56 $24,883 $21,820 $11,873 $2,289 $6,124 $39,888 $41,470 $36,401 $900 $4,575 $0 $0 $0 $0 $ 192,217 % 0.05% 0.00% 0.26% 0.23% 0.18% 0.04% 0.12% 0.55% 0.33% 0.20% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.11% Net Defaults $$$ -$1,938 -$56 -$20,911 $8,738 $4,787 $9,618 -$6,124 $24,940 $54,901 $15,879 $52,475 -$4,575 $7,368 $0 $0 $0 $ 145,102 % -0.05% 0.00% -0.22% 0.09% 0.07% 0.16% -0.12% 0.35% 0.44% 0.09% 0.22% -0.01% 0.02% 0.00% 0.00% 0.00% 0.08% 2009 Defaulted $$$ $0 $0 $12,029 $12,889 $4,864 $23,548 $37,765 $54,859 $133,672 $92,607 $110,112 $38,610 $24,170 $6,562 $0 $0 $ 551,687 % 0.00% 0.00% 0.13% 0.14% 0.08% 0.39% 0.74% 0.76% 1.07% 0.52% 0.46% 0.12% 0.07% 0.03% 0.00% 0.00% 0.28% Claims/Recov $$$ $1,875 $1,312 $5,828 $24,675 $4,039 $3,543 $5,318 $4,991 $23,478 $1,601 $4,793 $1,215 $150 $0 $0 $0 $ 82,818 % 0.05% 0.02% 0.06% 0.26% 0.06% 0.06% 0.10% 0.07% 0.19% 0.01% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.04% Net Defaults $$$ -$1,875 -$1,312 $6,201 -$11,786 $825 $20,005 $32,447 $49,868 $110,194 $91,006 $105,319 $37,395 $24,020 $6,562 $0 $0 $ 468,869 % -0.05% -0.02% 0.06% -0.12% 0.01% 0.34% 0.63% 0.69% 0.88% 0.51% 0.44% 0.12% 0.07% 0.03% 0.00% 0.00% 0.24% 2010 Defaulted $$$ $0 $14,393 $12,643 $15,961 $37,184 $15,815 $45,339 $53,113 $172,456 $254,948 $313,173 $233,475 $86,393 $11,090 $0 $0 $ 1,265,983 % 0.00% 0.21% 0.13% 0.17% 0.58% 0.27% 0.89% 0.74% 1.38% 1.42% 1.32% 0.73% 0.25% 0.05% 0.00% 0.00% 0.64% Claims/Recov $$$ $2,242 $4,374 $7,362 $17,501 $13,703 $8,912 $6,108 $7,489 $29,597 $22,151 $5,808 $10,921 $7,079 $278 $0 $0 $ 143,524 % 0.06% 0.06% 0.08% 0.18% 0.21% 0.15% 0.12% 0.10% 0.24% 0.12% 0.02% 0.03% 0.02% 0.00% 0.00% 0.00% 0.07% Net Defaults $$$ -$2,242 $10,019 $5,282 -$1,540 $23,481 $6,904 $39,232 $45,624 $142,859 $232,798 $307,365 $222,553 $79,314 $10,812 $0 $0 $ 1,122,460 % -0.06% 0.14% 0.06% -0.02% 0.36% 0.12% 0.77% 0.63% 1.14% 1.30% 1.29% 0.70% 0.23% 0.05% 0.00% 0.00% 0.57% 2011 Defaulted $$$ $0 $0 $4,516 $11,336 $0 $3,982 $10,207 $34,448 $101,386 $131,656 $195,726 $254,963 $76,550 $11,098 $0 $0 $ 835,867 % 0.00% 0.00% 0.05% 0.12% 0.00% 0.07% 0.20% 0.48% 0.81% 0.73% 0.82% 0.80% 0.22% 0.05% 0.00% 0.00% 0.42% Claims/Recov $$$ $3,020 $10,600 $4,718 $9,853 $11,370 $1,950 $6,264 $7,203 $42,972 $15,730 $39,489 $25,894 $4,389 $0 $0 $0 $ 183,451 % 0.08% 0.15% 0.05% 0.10% 0.18% 0.03% 0.12% 0.10% 0.34% 0.09% 0.17% 0.08% 0.01% 0.00% 0.00% 0.00% 0.09% Net Defaults $$$ -$3,020 -$10,600 -$202 $1,483 -$11,370 $2,032 $3,943 $27,245 $58,414 $115,926 $156,237 $229,069 $72,161 $11,098 $0 $0 $ 652,416 % Defaults to % -0.08% -0.15% 0.00% 0.02% -0.18% 0.03% 0.08% 0.38% 0.47% 0.65% 0.66% 0.72% 0.21% 0.05% 0.00% 0.00% 0.33% Cumulative Loans in Repayment Total Defaulted $$$ $147,856 $218,457 $257,913 $364,211 $149,190 $92,929 $138,548 $314,858 $681,033 $638,206 $672,386 $653,694 $194,481 $28,750 $0 $0 $4,552,512 $4,552,512 % 3.89% 3.16% 2.69% 3.82% 2.31% 1.56% 2.70% 4.37% 5.45% 3.56% 2.83% 2.05% 0.57% 0.13% 0.00% 0.00% 2.07% 2.38% Claims/Recov $$$ $118,044 $147,553 $187,941 $201,976 $48,285 $20,599 $26,851 $61,099 $138,671 $76,108 $50,990 $42,605 $11,618 $278 $0 $0 $1,132,617 $1,132,617 % 3.11% 2.13% 1.96% 2.12% 0.75% 0.35% 0.52% 0.85% 1.11% 0.42% 0.21% 0.13% 0.03% 0.00% 0.00% 0.00% 0.52% 0.59% Net Defaults $$$ $35,074 $71,485 $64,892 $162,292 $88,794 $63,395 $68,523 $180,890 $341,088 $213,375 $157,794 $159,467 $31,388 $6,562 $0 $0 $3,419,895 $3,419,895 % 0.92% 1.03% 0.68% 1.70% 1.37% 1.06% 1.34% 2.51% 2.73% 1.19% 0.66% 0.50% 0.09% 0.03% 0.00% 0.00% 1.56% 1.79%