Indenture: Taxable Student Loan Backed Notes, Series 20121 (LIBOR Floating Rate Notes) Contact Phone: 6032275385 Contact Fax: 6032275385 Number of Loans Principal Balance Accrued Interest % of Balance Plus Accrued WA Borrower Rate WA Remaining Term (Mos) Beginning Ending Beginning Ending Beginning Ending Beginning Ending Beginning Ending Beginning Ending Loans by Program Type Subsidized Stafford 28,005 27,590 $ 58,785,932.28 $ 57,641,412.80 $ 552,494.11 $ 554,376.32 46.92% 46.88% 5.31% 5.31% 85.70 85.26 Unsubsidized Stafford 16,850 16,586 $ 53,154,096.91 $ 52,276,681.26 $ 1,672,973.45 $ 1,628,061.43 43.35% 43.42% 5.45% 5.45% 97.92 97.55 PLUS and Grad PLUS 1,989 1,950 $ 11,957,298.08 $ 11,712,639.24 $ 344,194.04 $ 330,295.50 9.73% 9.70% 7.89% 7.88% 114.49 115.28 Subsidized Consolidation $ $ $ $ 0.00 0.00 Unsubsidized Consolidation $ $ $ $ 0.00 0.00 SLS $ $ $ $ 0.00 0.00 Total 46,844 46,126 $ 123,897,327.27 $ 121,630,733.30 $ 2,569,661.60 $ 2,512,733.25 10 10 5.62% 5.62% 93.72 93.43 Portfolio by Loan Status In School 371 284 $ 1,260,327.93 $ 925,265.77 $ 280,020.02 $ 204,091.94 1.22% 0.91% 6.00% 5.96% 125.49 127.48 Grace 100 179 $ 369,459.24 $ 667,190.95 $ 100,943.55 $ 173,859.28 0.37% 0.68% 6.01% 6.02% 120.00 120.00 Current 35,605 35,476 $ 85,403,574.63 $ 84,719,930.20 $ 1,222,345.32 $ 1,235,909.09 68.50% 69.24% 5.66% 5.66% 88.25 87.70 3160 Days Delinquent 938 1,071 $ 3,216,279.16 $ 3,662,503.14 $ 43,890.87 $ 44,935.02 2.58% 2.99% 5.40% 5.32% 94.26 105.49 6190 Days Delinquent 642 655 $ 2,226,538.08 $ 2,339,740.74 $ 35,611.93 $ 44,726.74 1.79% 1.92% 5.28% 5.29% 101.39 100.50 91120 Days Delinquent 471 378 $ 1,860,911.74 $ 1,459,963.27 $ 38,881.73 $ 30,634.87 1.50% 1.20% 5.44% 5.55% 110.94 101.02 121150 Days Delinquent 281 358 $ 1,062,324.14 $ 1,337,855.03 $ 25,728.10 $ 32,587.94 0.86% 1.10% 5.48% 5.45% 111.19 109.23 151180 Days Delinquent 238 233 $ 861,750.26 $ 889,379.44 $ 25,202.17 $ 26,148.96 0.70% 0.74% 5.40% 5.54% 121.92 110.21 181210 Days Delinquent 197 213 $ 685,918.11 $ 731,987.62 $ 24,129.58 $ 25,573.18 0.56% 0.61% 5.59% 5.49% 102.79 125.22 211240 Days Delinquent 185 173 $ 646,831.17 $ 594,992.94 $ 22,177.13 $ 20,507.93 0.53% 0.50% 5.28% 5.65% 95.25 107.43 241270 Days Delinquent 155 156 $ 481,786.26 $ 565,505.91 $ 20,126.81 $ 21,649.92 0.40% 0.47% 5.29% 5.23% 106.55 93.95 271+ Days Delinquent 145 175 $ 547,080.27 $ 583,881.78 $ 29,288.77 $ 28,309.01 0.46% 0.49% 5.67% 5.53% 96.06 103.83 Total 38,857 38,888 $ 96,992,993.82 $ 96,885,740.07 $ 1,487,382.41 $ 1,510,982.66 77.87% 79.26% 5.63% 5.63% 90.02 89.93 Forbearance 2,534 2,405 $ 10,636,914.14 $ 10,061,684.73 $ 191,191.74 $ 170,028.26 8.56% 8.24% 5.63% 5.66% 113.70 112.07 Deferment 4,620 4,015 $ 13,198,425.40 $ 11,672,931.09 $ 429,482.16 $ 382,603.16 10.78% 9.71% 5.51% 5.47% 100.12 102.04 Claims in Progress 362 355 $ 1,439,206.74 $ 1,417,920.69 $ 80,641.72 $ 71,167.95 1.20% 1.20% 5.63% 5.68% 101.87 95.05 Claims Denied $ $ $ $ 0.00 0.00 Total Portfolio 46,844 46,126 $ 123,897,327.27 $ 121,630,733.30 $ 2,569,661.60 $ 2,512,733.25 10 10 5.62% 5.62% 93.72 93.43 Portfolio by School Type 4 Year+ 37,512 36,938 $ 101,995,322.48 $ 100,097,848.48 $ 2,094,385.35 $ 2,052,938.20 82.31% 82.28% 5.65% 5.66% 94.63 94.44 2 Year 8,343 8,217 $ 19,277,219.56 $ 19,010,074.68 $ 428,002.18 $ 414,139.28 15.58% 15.65% 5.35% 5.35% 90.06 89.77 Proprietary 625 613 $ 1,564,294.75 $ 1,499,371.40 $ 28,838.96 $ 26,703.35 1.26% 1.23% 6.59% 6.52% 90.76 84.66 Other 364 358 $ 1,060,490.48 $ 1,023,438.74 $ 18,435.11 $ 18,952.42 0.85% 0.84% 5.64% 5.60% 76.85 75.55 Total Balance 46,844 46,126 $ 123,897,327.27 $ 121,630,733.30 $ 2,569,661.60 $ 2,512,733.25 10 10 5.62% 5.62% 93.72 93.43 Portfolio by SAP Index 3 Month Financial CP $ $ $ $ 3 Month TBill $ $ $ $ 1 Month LIBOR 46,844 46,126 $ 123,897,327.27 $ 121,630,733.30 $ 2,569,661.60 $ 2,512,733.25 10 10 Other Indices $ $ $ $ Total Pool Balance 46,844 46,126 $ 123,897,327.27 $ 121,630,733.30 $ 2,569,661.60 $ 2,512,733.25 10 10 Servicer: Granite State 46,844 46,126 $ 123,897,327.27 $ 121,630,733.30 $ 2,569,661.60 $ 2,512,733.25 10 10 Nelnet $ $ $ $ Total 46,844 46,126 $ 123,897,327.27 $ 121,630,733.30 $ 2,569,661.60 $ 2,512,733.25 10 10
Indenture Name: Taxable Student Loan Backed Notes, Series 20121 (LIBOR Floating Rate Notes) Contact Phone: 6032275385 Contact Fax: 6032275385 Portfolio Activity Principal Only Principal Plus Accrued Interest Weighted Average Borrower Rate Weighted Average Remaining Term (Mos) Nr Loans Nr Accounts ABI Beginning Balance $ 123,897,327.27 $ 126,466,988.87 5.62% 93.72 46,844 16,608 $ 7,614.82 Loans Added with Recycling/Acquisition $ $ Loans Substituted/Transferred In $ $ Loan Accrued Interest $ $ 503,365.75 Loan Capping $ 238,995.38 $ Loans Repaid or Prepaid $ (2,269,325.32) $ (2,577,747.95) Loans Sold Out $ $ Loans Defaults $ (236,264.03) $ (249,140.12) Ending Balance $ 121,630,733.30 $ 124,143,466.55 5.62% 93.43 46,126 16,352 $ 7,591.94 CPR Current Month 11.96% Since 12/19/12 10.68% Loans Sold Out Loans Transferred In $ Amount % of Total Pool Price (%) $ Amount % of Total Pool Price (%) Sale/Release of Collateral Subsidized Stafford Total N/A 4Year N/A 2Year N/A Unsubsidized Stafford Total N/A 4Year N/A 2Year N/A PLUS Total N/A 4Year N/A 2Year N/A SLS Total N/A 4Year N/A 2Year N/A Consolidation Total N/A 4Year N/A 2Year N/A
Default Amount Cumulative $ Cumulative % Gross Defaults/Claims and Claim Reject Status During Period Since 12/19/12 Since 12/19/12 Subsidized Stafford $ 173,115.32 $ 10,707,959.72 47.95% Unsubsidized Stafford $ 204,434.21 $ 9,893,025.31 44.30% PLUS and Grad PLUS $ 5,610.05 $ 1,729,158.35 7.74% Subsidized Consolidation $ $ Unsubsidized Consolidation $ $ SLS $ $ Total Claims Filed $ 383,159.58 $ 22,330,143.38 10 Total Net Rejected Claims $ $ 4,347.57 0.02% Cumulative Default Rate Current Period's Defaults Filed ($) $ 383,159.58 Cumulative Defaults Filed ($) $ 22,330,143.38 Cumulative Default (% of original pool balance) 9.23% Cumulative Default (% of cumulative Entered balance) 7.63% Current period payments (recoveries) from Guarantor ($) $ 236,264.03 Cumulative Recovery Rate (%) 97.35% Cumulative Net Loss Rate (%) 2.65% Servicer Reject Rate (%) 0.02% Cumulative Servicer Reject Rate (%) 0.02% Weighted Average Payments Made W.A. Time until % of Pool (months) (a) In School 0.91% 22.12 Grace 0.68% 3.46 Deferment 9.71% 18.25 Forbearance 8.24% 2.17 W.A. Time in % of Pool (months) 80.46% 51.02 Total Portfolio 10 45.91 (a) Includes Grace period; may be negative.
Indenture Name: Taxable Student Loan Backed Notes, Series 20121 (LIBOR Floating Rate Notes) Contact Phone: 6032275385 Contact Fax: 6032275385 Bond Principal Series CUSIP Tax Status Maturity Date Initial Principal Balance Beginning Principal Balance Principal Distribution Ending Principal Balance Required Principal Distribution Principal Shortfall 20121 A1 644617AE2 Taxable 10/25/28 $ 239,515,000.00 $ 121,127,292.86 $ 2,313,756.84 $ 118,813,536.02 $ $ TOTAL $ 239,515,000.00 $ 121,127,292.86 $ 2,313,756.84 $ 118,813,536.02 $ $ Bond Interest Series CUSIP Tax Status Interest Mode Periodic Interest Due Periodic Interest Paid Interest Shortfall Interest Carryover Due Interest Carryover Paid Ending Interest Carryover Days in Period Actual Coupon Rate 20121 A1 644617AE2 Taxable 1mLIBOR+50bps $ 105,041.37 $ 105,041.37 $ $ $ $ 33 0.95% TOTAL $ 105,041.37 $ 105,041.37 $ $ $ $ Balance Sheet and Parity Calculations Beginning Balance Ending Balance Assets Student Loan Principal $ 123,897,327 $ 121,630,733 Student Loan SAP and ISP $ (249,596) $ (489,384) Student Loan Accrued Interest $ 2,569,662 $ 2,512,733 Debt Service Reserve $ 359,331 $ 359,333 Collections Account $ 7,641,041 $ 7,799,702 Capitalized Interest Fund $ $ DOE Reserve Account $ $ 249,633 Due from Servicer $ 184,404 $ 127,455 Total Assets $ 134,402,169 $ 132,190,206 Liabilities Accrued Interest $ 19,317 $ 22,276 Other Accruals $ 87,761 $ 86,155 Total Accruals $ 107,077 $ 108,431 Net Assets $ 134,295,092 $ 132,081,775 Bonds Outstanding $ 123,424,166 $ 121,127,293 Parity % 108.81% 109.04% Total Collections (a) Interest Collections Regular Interest Collections $ 309,106.65 ISP $ SAP $ Reimbursement by Guarantors (of accrued interest) $ 12,538.50 Purchases by Servicer/Seller $ Total Interest Collections $ 321,645.15 (b) Principal collections Principal Payments $ 2,237,726.73 Reimbursement by Guarantors $ 259,114.27 Repurchases by Seller $ Total Principal Collections $ 2,496,841.00 (c) Fee collections Late fees $ 12,436.87
Total Fee Collections $ 12,436.87 Total Collections $ 2,830,923.02 (d) Fees Administration and Servicing Fees $ 87,760.61 SAP Rebate Fund deposits $ 239,787.83 Consolidation Rebate Fees $ Other Fees, Expenses, and Amounts $ Servicing Conversion Fees $ Total Fees $ 327,548.44 (d) Investment Income $ 1,578.73 (e) Draws from Reserve $ (f) Other $ Total Available Funds: $ 2,504,953.31 Waterfall Activity 5.04 (c)(i) Payments under joint sharing agreement $ 5.04 (c)(ii) Pay trustee fees $ 5.04 (c)(iii) Pay current unpaid servicing fees $ 70,951.26 5.04 (c)(iv) Pay current administration fees $ 15,203.84 5.04 (c)(v) Pay noteholders' interest distribution amount $ 105,041.37 5.04 (c)(vi) Replenish reserve fund to required balance $ 5.04 (c)(vii) Pay remaining funds to noteholders $ 2,313,756.84 Total Distributions $ 2,504,953.31