SMB Private Education Loan Trust 2015-C

SMB Private Education Loan Trust 2015-C Monthly Servicing Report Distribution Date 09/17/2018 Collection Period 08/01/2018-08/31/2018 SMB Education Funding LLC - Depositor Sallie Mae Bank - Servicer and Administrator Deutsche Bank National Trust Company - Indenture Trustee Deutsche Bank Trust Company Americas - Trustee Page 1 of 14

I. Deal Parameters A Settlement Date Student Loan Portfolio Characteristics 10/27/2015 07/31/2018 08/31/2018 Principal Balance $ 693,787,197.00 $ 477,732,617.42 Interest to be Capitalized Balance 55,852,621.68 22,468,950.73 $ 469,287,113.89 22,548,797.34 Pool Balance $ 749,639,818.68 $ 500,201,568.15 Weighted Average Coupon (WAC) WAC1 (Contractual Interest Rate on the Loan) WAC2 (Average of Applicable Interest Rate) WAC3 (Average of Actual Interest Rate) $ 491,835,911.23 8.28% 9.25% 9.23% Weighted Average Remaining Term 127.00 121.73 121.91 Number of Loans 65,154 44,960 44,206 Number of Borrowers 45,614 32,154 31,650 Pool Factor 0.667255868 0.667255868 0.656096300 Since Issued Total Constant Prepayment Rate (1) 9.83% 9.85% 8.28% 8.22% 9.29% 9.17% 9.28% 9.16% B Debt Securities Cusip/Isin 08/15/2018 09/17/2018 A2A 78448RAB2 $138,319,893.24 $134,371,412.18 A2B 78448RAC0 $66,821,204.46 $64,913,725.68 A3 78448RAD8 $75,000,00 $75,000,00 B 78448RAE6 $70,000,00 $70,000,00 C 78448RAF3 $50,000,00 $50,000,00 C AllBonds $999.00 $999.00 Certificates Cusip/Isin 08/15/2018 09/17/2018 Residual 78448R106 $ 100,00 $100,00 D Account Balances 08/15/2018 09/17/2018 Reserve Account Balance $ 1,884,455.00 $ 1,884,455.00 E Asset / Liability 08/15/2018 09/17/2018 Overcollateralization Percentage Specified Overcollateralization Amount Actual Overcollateralization Amount 2% 19.83% $150,060,470.45 $147,550,773.37 $100,060,470.45 $97,550,773.37 (1) For additional information, see 'Since Issued CPR Methodology' found on page 11 of this report. Page 2 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

II. 2015-C Trust Activity 08/01/2018 through 08/31/2018 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 8,704,796.13 342.38 $ 8,705,138.51 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 2,734,811.78 (0.11) $ 2,734,811.67 C Recoveries on Realized Losses $ 132,805.13 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 Distribution Account Excess Transferred from Other Accounts Borrower Benefit Reimbursements $ 20,230.86 K Other Deposits L Other Fees Collected M N O P AVAILABLE FUNDS Non-Cash Principal Activity During Collection Period Aggregate Purchased Amounts by the Depositor, Servicer or Seller Aggregate Loan Substitutions $ 11,592,986.17 $ 259,634.98 Page 3 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

III. 2015-C Portfolio Characteristics Loans by Repayment Status 08/31/2018 07/31/2018 Wtd Avg Coupon # Loans Principal and Interest Accrued to Capitalize % of Principal % of Loans in Repay (1) Wtd Avg Coupon # Loans Principal and Interest Accrued to Capitalize % of Principal % of Loans in Repay (1) INTERIM: IN SCHOOL 10.41% 1,834 $26,707,332.63 5.430% - % 10.39% 1,932 $27,309,754.77 5.460% - % GRACE 10.26% 1,134 $16,757,483.49 3.407% - % 10.29% 1,088 $16,800,393.53 3.359% - % DEFERMENT 10.38% 2,585 $32,865,495.31 6.682% - % 10.36% 2,563 $32,288,357.52 6.455% - % REPAYMENT: CURRENT 8.89% 36,102 $379,814,931.86 77.224% 91.410% 8.90% 36,803 $387,417,199.44 77.452% 91.414% 31-60 DAYS DELINQUENT 9.50% 581 $7,589,367.79 1.543% 1.827% 9.47% 606 $7,411,398.14 1.482% 1.749% 61-90 DAYS DELINQUENT 8.88% 268 $3,503,179.02 0.712% 0.843% 8.63% 298 $3,769,855.00 0.754% 0.890% > 90 DAYS DELINQUENT 10.07% 165 $2,237,746.90 0.455% 0.539% 10.21% 186 $2,815,097.07 0.563% 0.664% FORBEARANCE 9.40% 1,537 $22,360,374.23 4.546% 5.381% 9.56% 1,484 $22,389,512.68 4.476% 5.283% TOTAL 44,206 $491,835,911.23 10% 10% 44,960 $500,201,568.15 10% 10% * Percentages may not total 100% due to rounding 1 Loans classified in "Repayment" include any loan for which interim interest only, $25 fixed payments or full principal and interest payments are due. Page 4 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

Loans by Borrower Status 08/31/2018 07/31/2018 Wtd Avg Coupon # Loans Principal and Interest Accrued to Capitalize % of Principal % of Loans in P&I Repay (2) Wtd Avg Coupon # Loans Principal and Interest Accrued to Capitalize % of Principal % of Loans in P&I Repay (2) INTERIM: IN SCHOOL 10.13% 3,364 $49,161,776.48 9.996% - % 10.12% 3,536 $50,811,804.87 10.158% - % GRACE 9.94% 2,153 $31,156,763.58 6.335% - % 9.98% 2,074 $30,746,049.23 6.147% - % DEFERMENT 10.03% 4,744 $57,657,150.42 11.723% - % 1% 4,693 $56,586,875.99 11.313% - % P&I REPAYMENT: CURRENT 8.74% 31,423 $318,506,426.03 64.759% 99% 8.76% 32,130 $326,275,033.10 65.229% 90.117% 31-60 DAYS DELINQUENT 9.46% 562 $7,319,476.08 1.488% 2.068% 9.41% 575 $7,031,316.25 1.406% 1.942% 61-90 DAYS DELINQUENT 8.87% 264 $3,487,196.21 0.709% 0.985% 8.56% 284 $3,557,108.91 0.711% 0.982% > 90 DAYS DELINQUENT 10.05% 159 $2,186,748.20 0.445% 0.618% 10.21% 184 $2,803,867.12 0.561% 0.774% FORBEARANCE 9.40% 1,537 $22,360,374.23 4.546% 6.319% 9.56% 1,484 $22,389,512.68 4.476% 6.184% TOTAL 44,206 $491,835,911.23 10% 10% 44,960 $500,201,568.15 10% 10% * 2 Percentages may not total 100% due to rounding Loans classified in "P&I Repayment" includes only those loans for which scheduled principal and interest payments are due. WAC reflects WAC3 To conform with company standard reporting these sections now include Princial and Interest Accrued to Capitalize. Page 5 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

III. 2015-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 8/31/2018 7/31/2018 $491,835,911.23 44,206 31,650 9.23% 121.91 93.2% 6.8% $3,658,877.91 $500,201,568.15 44,960 32,154 9.25% 121.73 93.2% 6.8% $3,725,734.50 $25,554,861.67 $25,553,174.35 $99.00 $99.00 1. Gross Principal Realized Loss - Periodic * $592,925.79 $641,300.42 2. Gross Principal Realized Loss - Cumulative * $18,527,983.80 $17,935,058.01 5. Recoveries on Realized Losses - Periodic $132,805.13 $102,758.59 6. Recoveries on Realized Losses - Cumulative $2,458,387.55 $2,325,582.42 7. Net Losses - Periodic $460,120.66 $538,541.83 8. Net Losses - Cumulative $16,069,596.25 $15,609,475.59 Non-Cash Principal Activity - Capitalized Interest Since Issued Total Constant Prepayment Rate (CPR) (1) Loan Substitutions Cumulative Loan Substitutions Unpaid Servicing Fees Unpaid Administration Fees Unpaid Carryover Servicing Fees Note Interest Shortfall Loans in Modification % of Loans in Modification as a % of Loans in Repayment (P&I) $857,983.72 9.85% $38,694,644.15 11.67% $2,414,231.70 9.83% $38,164,987.73 11.24% % Annualized Gross Principal Realized Loss - Periodic as a % of Loans in Repayment (P&I) * 12 % Gross Principal Realized Loss - Cumulative as a % of Original Pool Balance 2.15% 2.27% 2.47% 2.39% * In accordance with the Servicer s current policies and procedures, after September 1, 2017 loans subject to bankruptcy claims generally will not be reported as a charged-off unless and until they are delinquent for 120 days. (1) For additional information, see 'Since Issued CPR Methodology' found on page 11 of this report. Page 6 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

IV. Portfolio Statistics as of 08/31/2018 Page 7 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

A Loan Program Weighted Average Coupon # LOANS $ AMOUNT % * - Smart Option Interest-Only Loans 8.52% 9,665 $ 77,496,131.23 15.757% - Smart Option Fixed Pay Loans 9.14% 11,658 $ 153,989,402.27 31.309% - Smart Option Deferred Loans 9.35% 22,883 $ 260,350,377.73 52.934% - Other Loan Programs % 0 0% Total 9.16% 44,206 $ 491,835,911.23 100% * Percentages may not total 100% due to rounding B Index Type Weighted Average Coupon # LOANS $ AMOUNT % * - Fixed Rate Loans 7.58% 9,915 $ 129,911,140.07 26.414% - LIBOR Indexed Loans 9.72% 34,291 $ 361,924,771.16 73.586% - Other Index Rates % 0 0% Total 9.16% 44,206 $ 491,835,911.23 100% * Percentages may not total 100% due to rounding C Weighted Average Recent FICO Wtd Avg Recent FICO Band (2) # LOANS $ AMOUNT %* 0-639 640-669 670-699 700-739 740 + N/A (1) 3,488 2,897 4,533 9,421 23,860 7 $ 38,886,084.25 $ 32,304,239.00 $ 50,032,403.67 $ 106,711,406.23 $ 263,875,775.73 $ 26,002.35 7.906% 6.568% 10.173% 21.697% 53.651% 5% Total 44,206 $ 491,835,911.23 100% * Percentages may not total 100% due to rounding 1 Includes trust private education loans where recent FICO is unavailable or obtaining recent FICO is prohibited by law 2 Recent FICO is updated in quarterly intervals; unless prohibited by law WAC reflects WAC3 To conform with company standard reporting these sections now include Princial and Interest Accrued to Capitalize. Page 8 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

V. 2015-C Reserve Account and Principal Distribution Calculations A. Reserve Account Specified Reserve Account Balance Actual Reserve Account Balance $ 1,884,455.00 $ 1,884,455.00 B. Principal Distribution Amount i. Class A Notes Outstanding $ 280,141,097.70 ii. iii. Pool Balance First Priority Principal Distribution Amount (i - ii) $ 491,835,911.23 iv. Class A and B Notes Outstanding $ 350,141,097.70 v. First Priority Principal Distribution Amount vi. vii. Pool Balance Specified Overcollateralization Amount $ 491,835,911.23 $ 147,550,773.37 viii. Available Funds (after payment of waterfall items A through H) $ 10,068,544.36 ix. Class C Notes Outstanding $ 50,000,00 x. Regular Principal Distribution Amount (if (iv > 0, (iv - v) - (vi - vii), min(viii, ix)) $ 5,855,959.84 xi. Pool Balance $ 491,835,911.23 xii. 10% of Initial Pool Balance $ 74,963,981.87 xiii. First Priority Principal Distribution Amount xiv. Regular Principal Distribution Amount $ 5,855,959.84 xv. Available Funds (after payment of waterfall items A through J) $ 4,212,584.52 xvi. Additional Principal Distribution Amount (if(ix <= x,min(xv, xi - xiii - xiv))) Page 9 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

VI. 2015-C Waterfall for Distributions Paid Funds Balance Total Available Funds $ 11,592,986.17 A Trustee Fees $ 11,592,986.17 B Servicing Fees $ 319,487.25 $ 11,273,498.92 C i. Administration Fees $ 8,333.00 ii. Unreimbursed Administrator Advances plus any Unpaid D Class A Noteholders Interest Distribution Amount $ 804,954.89 E First Priority Principal Payment $ 11,265,165.92 $ 11,265,165.92 $ 10,460,211.03 $ 10,460,211.03 F Class B Noteholders Interest Distribution Amount $ 204,166.67 $ 10,256,044.36 G Class C Noteholders Interest Distribution Amount $ 187,50 $ 10,068,544.36 H Reinstatement Reserve Account $ 10,068,544.36 I Regular Principal Distribution $ 5,855,959.84 J Carryover Servicing Fees $ 4,212,584.52 $ 4,212,584.52 K Additional Principal Distribution Amount $ 4,212,584.52 L Unpaid Expenses of Trustee $ 4,212,584.52 M Unpaid Expenses of Administrator $ 4,212,584.52 N Remaining Funds to the Residual Certificateholders $ 4,212,584.52 Waterfall Conditions A. Class C Noteholders' Interest Distribution Condition i. Pool Balance $ 491,835,911.23 ii. Class A and B Notes Outstanding $ 350,141,097.70 iii. Class C Noteholders' Interest Distribution Ratio (i / ii) 140.47% iv. Minimum Ratio 11% v. Is the Class C Noteholders' Interest Distribution Condition Satisfied (iii > iv) Y * If the Class C Noteholders' Interest Distribution Condition is satisfied then the amount of interest accrued at the Class C Rate for the Accrual Period is Released on the distribution Date. Page 10 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

VII. 2015-C Distributions Distribution Amounts A2A A2B A3 Cusip/Isin 78448RAB2 78448RAC0 78448RAD8 Beginning Balance $ 138,319,893.24 $ 66,821,204.46 $ 75,000,00 Index Spread/Fixed Rate Record Date (Days Prior to Distribution) Accrual Period Begin Accrual Period End Daycount Fraction FIXED LIBOR 2.75% 1.40% 1 NEW YORK BUSINESS DAY 1 NEW YORK BUSINESS DAY 8/15/2018 8/15/2018 9/15/2018 9/17/2018 0.08333333 0.09166667 LIBOR 1.95% 1 NEW YORK BUSINESS DAY 8/15/2018 9/17/2018 0.09166667 Interest Rate* 2.75000% 3.46269% 4.01269% Accrued Interest Factor 2291667 3174133 3678299 Current Interest Due $ 316,983.09 $ 212,099.36 $ 275,872.44 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 $ 316,983.09 $ 212,099.36 $ 275,872.44 $ 316,983.09 $ 212,099.36 $ 275,872.44 $3,948,481.06 $ 1,907,478.78 $ 134,371,412.18 $ 64,913,725.68 $ 75,000,00 0.019074788 0.019074788 0000000 0.649137257 0.649137257 1.000000000 * Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://www.salliemae.com/about/investors/data/smbabrate.txt. Page 11 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

VII. 2015-C Distributions Distribution Amounts 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 B 78448RAE6 $ 70,000,00 FIXED 3.50% 1 NEW YORK BUSINESS DAY 8/15/2018 9/15/2018 0.08333333 3.50000% 2916667 $ 204,166.67 $ 204,166.67 $ 204,166.67 $ 70,000,00 0000000 1.000000000 C 78448RAF3 $ 50,000,00 FIXED 4.50% 1 NEW YORK BUSINESS DAY 8/15/2018 9/15/2018 0.08333333 4.50000% 3750000 $ 187,50 $ 187,50 $ 187,50 $ 50,000,00 0000000 1.000000000 * Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://www.salliemae.com/about/investors/data/smbabrate.txt. Page 12 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

VIII. 2015-C Methodology Since Issued Total CPR TOTAL CPR = 1 APB PPB 12 MSC APB = Actual period-end Pool Balance PPB = Projected period-end Pool Balance assuming no prepayments and no defaults Pool Balance = Sum(Principal Balance + Interest Accrued to Capitalize Balance) MSC = Months Since Cut-Off Since-Issued Total Constant Prepayment Rate (CPR) Since-Issued Total CPR measures prepayments, both voluntary and involuntary, for a trust student loan pool over the life of a transaction. For each trust distribution, the actual month-end pool balance is compared against a month-end pool balance originally projected at issuance assuming no prepayments and defaults. For purposes of Since-Issued Total CPR calculations, projected period end pool balance assumes in-school status loans have up to a six month grace period before moving to repayment, grace status loans remain in grace status until their status end date and then to move to full principal and interest repayment, loans subject to interim interest or fixed payments during their in-school and grace period continue paying interim interest or fixed payments until full principal and interest repayment begins, all other trust loans are in full principal and interest repayment status, and that no trust loan in full principal and interest repayment moves from full principal and interest repayment status to any other status. Weighted Average Coupon WAC1 = (( CIR )*( APB)) APB WAC2 = (( APCL )*( APB)) APB WAC3 = (( ACTL )*( APB)) APB APB = Actual period-end Pool Balance CIR = Average of the Contractual Interest Rate (1) APCL = Average of the Applicable Interest Rate (2) ACTL = Average of the Actual Interest Rate (3) Weighted Average Coupon (WAC) (1) Contractual Interest Rate represents the interest rate indicated in the Promissory Note (2) Appliclable Interest Rate represents the interest rate after rate reductions, if applicable, are applied (3) Actual Interest Rate represents the interest rate when borrower incentive programs and rate reductions, if applicable, are applied Page 13 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018

Page 14 of 14 Trust 2015-C Monthly Servicing Report: Collection Period 08/01/2018-08/31/2018, Distribution Date 09/17/2018