SLM Private Education Student Loan Trust 2012-C Monthly Servicing Report Distribution Date 11/15/2017 Collection Period 10/01/2017-10/31/2017 Navient Funding, LLC - Depositor Navient Solutions - Servicer and Administrator Deutsche Bank National Trust Company - Indenture Trustee Deutsche Bank Trust Company Americas - Trustee Navient Funding - Excess Distribution Certificateholder Page 1 of 10
I. Deal Parameters A Student Loan Portfolio Characteristics 05/31/2012 09/30/2017 10/31/2017 Principal Balance $ 1,468,038,885.13 $ 724,479,233.79 $ 714,508,006.20 Interest to be Capitalized Balance 24,485,818.50 2,107,413.68 2,050,223.27 Pool Balance $ 1,492,524,703.63 $ 726,586,647.47 $ 716,558,229.47 Reserve Account 3,782,436.00 3,782,436.00 3,782,436.00 Asset Balance $ 1,496,307,139.63 $ 730,369,083.47 $ 720,340,665.47 Weighted Average Coupon (WAC) 7.38% 7.14% 7.13% Weighted Average Remaining Term 149.64 163.58 163.97 Number of Loans 143,647 79,090 78,044 Number of Borrowers 113,778 62,076 61,243 Pool Factor 0.486817167 0.480098070 Since Issued Constant Prepayment Rate 3.43% 3.39% B Debt Securities Cusip/Isin 10/16/2017 11/15/2017 A2 78447BAB8 $148,501,701.29 $136,165,786.36 AllBonds $999.00 $999.00 C Account Balances 10/16/2017 11/15/2017 Reserve Account Balance $ 3,782,436.00 $ 3,782,436.00 D Asset / Liability 10/16/2017 11/15/2017 Parity Ratio 491.83% 529.02% Initial Asset Balance $1,516,756,648.00 $1,516,756,648.00 Specified Overcollateralization Amount $292,147,633.39 $288,136,266.19 Actual Overcollateralization Amount $581,867,382.18 $584,174,879.11 Page 2 of 10 Trust 2012-C Monthly Servicing Report: Collection Period 10/01/2017-10/31/2017, Distribution Date 11/15/2017
II. 2012-C Trust Activity 10/01/2017 through 10/31/2017 A Student Loan Principal Receipts Borrower Principal Consolidation Activity Principal Seller Principal Reimbursement Servicer Principal Reimbursement Delinquent Principal Purchases by Servicer Other Principal Deposits Total Principal Receipts 9,451,248.06 3,243.56 $ 9,454,491.62 B Student Loan Interest Receipts Borrower Interest Consolidation Activity Interest Seller Interest Reimbursement Servicer Interest Reimbursement Delinquent Interest Purchases by Servicer Other Interest Deposits Total Interest Receipts 3,494,005.01 37.57 $ 3,494,042.58 C Recoveries on Realized Losses $ 266,104.15 D E F G H I J Investment Income Funds Borrowed from Next Collection Period Funds Repaid from Prior Collection Period Loan Sale or Purchase Proceeds Initial Deposits to Collection Account Excess Transferred from Other Accounts Borrower Benefit Reimbursements $ 13,364.21 $ $ $ $ $ $ K Gross Swap Receipt $ 72,594.14 L Other Deposits $ - M Other Fees Collected $ N O P Q AVAILABLE FUNDS Non-Cash Principal Activity During Collection Period Aggregate Purchased Amounts by the Depositor, Servicer or Seller Aggregate Loan Substitutions $ 13,300,596.70 $(516,735.97) $ $ Page 3 of 10 Trust 2012-C Monthly Servicing Report: Collection Period 10/01/2017-10/31/2017, Distribution Date 11/15/2017
III. 2012-C Portfolio Characteristics 10/31/2017 09/30/2017 Wtd Avg Coupon # Loans Principal % of Principal Wtd Avg Coupon # Loans Principal % of Principal INTERIM: IN SCHOOL 7.69% 107 $940,073.87 0.132% 7.68% 105 $924,607.92 0.128% GRACE 7.94% 70 $643,575.45 0.090% 7.82% 76 $697,723.14 0.096% DEFERMENT 7.43% 2,692 $30,673,639.17 4.293% 7.50% 2,711 $30,834,865.53 4.256% REPAYMENT: CURRENT 7.05% 70,144 $624,840,795.60 87.450% 7.06% 70,791 $630,340,557.19 87.006% 31-60 DAYS DELINQUENT 7.30% 1,024 $11,316,979.65 1.584% 7.77% 1,061 $11,683,825.57 1.613% 61-90 DAYS DELINQUENT 8.05% 575 $6,523,416.55 0.913% 7.88% 628 $7,401,984.76 1.022% 91-120 DAYS DELINQUENT 8.17% 416 $5,261,659.57 0.736% 8.14% 416 $5,131,297.98 0.708% 121-150 DAYS DELINQUENT 8.45% 275 $3,546,936.67 0.496% 8.61% 210 $2,837,285.44 0.392% 151-180 DAYS DELINQUENT 8.78% 188 $2,500,457.28 0.350% 9.20% 200 $2,385,089.00 0.329% > 180 DAYS DELINQUENT 8.40% 215 $2,727,015.50 0.382% 8.22% 195 $2,622,596.11 0.362% FORBEARANCE 7.44% 2,338 $25,533,456.89 3.574% 7.52% 2,697 $29,619,401.15 4.088% TOTAL 78,044 $714,508,006.20 10% 79,090 $724,479,233.79 10% * Percentages may not total 100% due to rounding Page 4 of 10 Trust 2012-C Monthly Servicing Report: Collection Period 10/01/2017-10/31/2017, Distribution Date 11/15/2017
III. 2012-C Portfolio Characteristics (cont'd) Pool Balance Total # Loans Total # Borrowers Weighted Average Coupon Weighted Average Remaining Term Percent of Pool - Cosigned Percent of Pool - Non Cosigned Borrower Interest Accrued for Period Outstanding Borrower Interest Accrued 10/31/2017 9/30/2017 $716,558,229.47 78,044 61,243 7.13% 163.97 75% 25% $4,297,517.76 $726,586,647.47 79,090 62,076 7.14% 163.58 75% 25% $4,225,945.46 $7,365,129.42 $7,225,845.88 $99.00 $99.00 1. Gross Principal Realized Loss - Periodic $1,069,500.75 $872,763.02 2. Gross Principal Realized Loss - Cumulative $104,067,253.94 $102,997,753.19 3. Delinquent Principal Purchased by Servicer - Periodic $ $ 4. Delinquent Principal Purchased by Servicer - Cumulative $ $ 5. Recoveries on Realized Losses - Periodic $266,104.15 $347,483.71 6. Recoveries on Realized Losses - Cumulative $12,405,944.17 $12,139,840.02 7. Net Losses - Periodic $803,396.60 $525,279.31 8. Net Losses - Cumulative $91,661,309.77 $90,857,913.17 9. Cumulative Gross Defaults $104,067,253.94 $102,997,753.19 9 Change in Gross Defaults $1,069,500.75 $872,763.02 Non-Cash Principal Activity - Capitalized Interest Since Issued Constant Prepayment Rate (CPR) Loan Substitutions Cumulative Loan Substitutions Unpaid Primary Servicing Fees Unpaid Administration Fees Unpaid Carryover Servicing Fees Note Interest Shortfall Outstanding Balance of the RC Certificate $552,568.79 3.39% $ $ $ $ $ $ $ $478,924.94 3.43% $ $ $ $ $ $ $ Page 5 of 10 Trust 2012-C Monthly Servicing Report: Collection Period 10/01/2017-10/31/2017, Distribution Date 11/15/2017
IV. 2012-C Portfolio Statistics by Loan Program Weighted Average Coupon # LOANS $ AMOUNT % * - Undergraduate and Graduate Loans 6.32% 40,306 $ 378,554,947.23 52.981% - Career Training % $ 0% - Law Loans 8.03% 1,134 $ 12,297,656.97 1.721% - Med Loans 7.59% 277 $ 3,994,694.80 0.559% - MBA Loans 4.84% 187 $ 2,103,393.75 0.294% - Direct to Consumer 6.91% 7,692 $ 99,517,250.30 13.928% - Private Credit Consolidation 5.33% 1,561 $ 51,606,168.03 7.223% - Smart Option Loans 9.60% 26,887 $ 166,433,895.12 23.293% - Other Loan Programs % $ 0% Total 7.13% 78,044 $ 714,508,006.20 100% Prime Indexed Loans -- Monthly Reset Adjustable Prime Indexed Loans -- Monthly Reset Non-Adjustable Prime Indexed Loans -- Quarterly Reset Adjustable Prime Indexed Loans -- Quarterly Reset Non-Adjustable Prime Indexed Loans -- Annual Reset T-Bill Indexed Loans Fixed Rate Loans LIBOR Indexed Loans $2,337,118.25 $423,155,516.84 $ $2,181,628.86 $5,799,652.70 $543,801.29 $42,209.07 $282,498,302.46 * Note: Percentages may not total 100% due to rounding Page 6 of 10 Trust 2012-C Monthly Servicing Report: Collection Period 10/01/2017-10/31/2017, Distribution Date 11/15/2017
V. 2012-C Reserve Account and Principal Distribution Calculations A. Reserve Account: Specified Reserve Account Balance Actual Reserve Account Balance $ 3,782,436.00 $ 3,782,436.00 B. i Aggregate Notes Outstanding 10/16/2017 $ 148,501,701.29 ii Asset Balance 10/31/2017 $ 720,340,665.47 iii Specified Overcollateralization Amount $ 288,136,266.19 iv Specified Overcollaterization Percentage 4% v Principal Distribution Amount $ Page 7 of 10 Trust 2012-C Monthly Servicing Report: Collection Period 10/01/2017-10/31/2017, Distribution Date 11/15/2017
VI. 2012-C Waterfall for Distributions Paid Funds Balance Total Available Funds $ 13,300,596.70 A Trustee Fees $ $ 13,300,596.70 B Primary Servicing Fees-Current Month plus any Unpaid $ 473,747.73 $ 12,826,848.97 C Administration Fee plus any Unpaid $ 6,667.00 $ 12,820,181.97 D Gross Swap Payment due $ 74,649.85 $ 12,745,532.12 E i. Class A Noteholders Interest Distribution Amount ii. Swap Termination Fees $ 409,617.19 $ 12,335,914.93 $ $ 12,335,914.93 F Principal Distribution Amount $ $ 12,335,914.93 G Increase to the Specified Reserve Account Balance $ $ 12,335,914.93 H Unpaid Expenses of the Trustees $ $ 12,335,914.93 I Carryover Servicing Fees $ $ 12,335,914.93 J Additional Swap Termination Payments $ $ 12,335,914.93 K Additional Principal Distribution Amount $ 12,335,914.93 $ L Remaining Amounts to the RC Certificateholder * $ $ M To the Lender under the Loan Agreement in repayment of the unpaid principal amount of the Loan $ $ N Remaining Funds to the Excess Distribution Certificateholder $ $ * The Administrator on behalf of the Trust confirms that for the Collection Period, the RC Certificate was held by either the Depositor or an Affiliate of the Depositor Page 8 of 10 Trust 2012-C Monthly Servicing Report: Collection Period 10/01/2017-10/31/2017, Distribution Date 11/15/2017
VII. 2012-C Distributions Distribution Amounts A2 Cusip/Isin Beginning Balance Index Spread/Fixed Rate Record Date (Days Prior to Distribution) Accrual Period Begin Accrual Period End Daycount Fraction Interest Rate* Accrued Interest Factor Current Interest Due Interest Shortfall from Prior Period Plus Accrued Interest Total Interest Due Interest Paid Interest Shortfall Principal Paid Ending Principal Balance Paydown Factor Ending Balance Factor 78447BAB8 $148,501,701.29 FIXED 3.31% 1 NEW YORK BUSINESS DAY 10/15/2017 11/15/2017 0.08333333 3.31000% 2758333 $409,617.19 $- $409,617.19 $409,617.19 $- $12,335,914.93 $136,165,786.36 0.034847217 0.384649114 * Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://www.navient.com/about/investors/data/abrate.txt. Page 9 of 10 Trust 2012-C Monthly Servicing Report: Collection Period 10/01/2017-10/31/2017, Distribution Date 11/15/2017
VII. 2012-C Interest Rate Swap Calculations SLM Student Loan Trust Pays: BANK OF NEW YORK i. Notional Swap Amount (USD) ii. Pay Rate (PRIME) iii. Gross Swap Interest Payment Due Counterparty (USD) $70,315,338.53 1.25000% $74,649.85 iv. Days in Period 10/15/2017-11/15/2017 31 Counterparty Pays: BANK OF NEW YORK i. Notional Swap Amount (USD) ii. Pay Rate (LIBOR) iii. Gross Swap Interest Payment Due Trust (USD) $70,315,338.53 1.23889% $72,594.14 iv. Days in Period 10/16/2017-11/15/2017 30 Overcollateralization Event* Y The new notional amount for the next accrual period is $ 64,684,249.64 * The Overcollateralization Event is the first distribution date after the June 2015 distribution date but prior to the June 2020 distribution date when the Overcollateralization Percentage is at least equal to 40.0%. After an Overcollateralization Event, the notional amount is a percentage of the aggregate outstanding principal balance of the aggregate notes corresponding to the prime collateral. See "Swap Agreement" in the Offering Memorandum for more information. Page 10 of 10 Trust 2012-C Monthly Servicing Report: Collection Period 10/01/2017-10/31/2017, Distribution Date 11/15/2017