SLM Student Loan Trust 2012-2
09/04/2026 | Press release | Distributed by Public on 09/04/2026 11:20
Asset-Backed Issuer Distribution Report (Form 10-D)
SLM Student Loan Trust 2012-2
Monthly Servicing Report
Distribution Date 08/25/2026
Collection Period 07/01/2026 - 07/31/2026
Navient Funding, LLC - Depositor
Navient Solutions - Master Servicer and Administrator
Deutsche Bank National Trust Company - Indenture Trustee
Deutsche Bank Trust Company Americas - Eligible Lender Trustee
Navient Funding - Excess Distribution Certificateholder
|
Page 1 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
03/15/2012
|
06/30/2026
|
07/31/2026
|
|||||||||
|
|
Principal Balance
|
$
|
790,250,485.92
|
$
|
135,966,394.01
|
$
|
134,405,425.46 |
||||||
|
|
Interest to be Capitalized Balance
|
19,607,366.14
|
2,012,537.05
|
2,011,349.03 |
|||||||||
|
|
Pool Balance
|
$
|
809,857,852.06
|
$
|
137,978,931.06
|
$
|
136,426,774.49 |
||||||
|
|
Capitalized Interest Account Balance
|
$
|
10,000,000.00
|
-
|
- | ||||||||
|
|
Specified Reserve Account Balance
|
2,054,965.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool(1)
|
$
|
821,912,817.06
|
$
|
137,978,931.06
|
$
|
136,416,774.49 |
||||||
|
|
Weighted Average Coupon (WAC)
|
6.65%
|
|
6.85%
|
|
6.82% |
|
||||||
|
|
Number of Loans
|
188,679
|
19,067
|
18,823 |
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
-
|
-
|
||||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
137,978,931.06 |
$
|
136,416,774.49 | ||||||||
|
|
Pool Factor
|
0.167860458 |
0.165959992 |
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
(71.93)%
|
|
(72.02)% |
|
||||||||
| (1) |
The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than or equal to 40% of the original pool.
|
|
B
|
Debt Securities
|
Cusip/Isin
|
07/27/2026
|
08/25/2026
|
||||||
| A |
78446YAA1
|
$
|
111,007,769.67
|
$
|
109,416,774.49
|
|||||
| B |
78446YAB9
|
$
|
25,000,000.00
|
$
|
25,000,000.00
|
|||||
|
C
|
Account Balances
|
07/27/2026
|
08/25/2026
|
||||||
|
|
Reserve Account Balance
|
$
|
821,986.00
|
$
|
821,986.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
229,814.12
|
$
|
342,833.00
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
||||||
|
D
|
Asset / Liability
|
07/27/2026
|
08/25/2026
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
137,978,931.06
|
$
|
136,416,774.49
|
||||
|
|
Total Notes
|
$
|
136,007,769.67
|
$
|
134,416,774.49
|
||||
|
|
Difference
|
$
|
1,971,161.39
|
$
|
2,000,000.00
|
||||
|
|
Parity Ratio
|
1.01449
|
1.01488
|
||||||
|
Page 2 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
II.
|
Trust Activity 07/01/2026 through 07/31/2026
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
307,160.88
|
||||
|
Guarantor Principal
|
976,366.74
|
||||
|
Consolidation Activity Principal
|
723,422.95
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,006,950.57
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
160,984.90
|
||||
|
Guarantor Interest
|
49,339.62
|
||||
|
Consolidation Activity Interest
|
15,687.34
|
||||
|
Special Allowance Payments
|
0.00 | ||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
(48.67)
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
17,631.29
|
||||
|
Total Interest Receipts
|
$
|
243,594.48
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
8,675.27
|
||
|
E |
Funds Borrowed from Next Collection Period
|
-
|
|||
|
F |
Funds Repaid from Prior Collection Period
|
-
|
|||
|
G |
Loan Sale or Purchase Proceeds
|
-
|
|||
|
H |
Initial Deposits to Collection Account
|
-
|
|||
|
I |
Excess Transferred from Other Accounts
|
|
-
|
||
|
J |
Other Deposits
|
-
|
|||
|
K |
Funds Released from Capitalized Interest Account
|
-
|
|||
|
L |
Less: Funds Previously Remitted:
|
||||
|
Servicing Fees to Servicer
|
-
|
||||
|
Consolidation Loan Rebate Fees to Dept. of Education
|
-
|
||||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(113,018.88)
|
|
||
|
M |
AVAILABLE FUNDS
|
$
|
2,146,201.44
|
||
|
N |
Non-Cash Principal Activity During Collection Period
|
$
|
(445,982.02)
|
|
|
|
O |
Non-Reimbursable Losses During Collection Period
|
$
|
19,496.87
|
||
|
P |
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q |
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
III.
|
2012-2 Portfolio Characteristics
|
|
07/31/2026
|
06/30/2026 |
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans |
Principal |
% of
Principal
|
Wtd Avg
Coupon
|
# Loans |
Principal |
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.80%
|
|
13
|
$
|
71,226.00
|
0.053%
|
|
6.80%
|
|
16 |
$
|
81,477.00 |
0.060% |
|
||||||||||||||||||
|
|
GRACE
|
6.80%
|
|
4
|
$
|
15,751.00
|
0.012%
|
|
6.80%
|
|
1 |
$
|
5,500.00 |
0.004% |
|
||||||||||||||||||
|
|
DEFERMENT
|
6.75%
|
|
1,104
|
$
|
7,797,956.96
|
5.802%
|
|
6.76%
|
|
1,113 |
$
|
7,715,272.76 |
5.674% |
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.82%
|
|
12,909
|
$
|
86,464,350.66
|
64.331%
|
|
6.86%
|
|
13,164 |
$
|
87,877,535.06 |
64.632% |
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.85%
|
|
669
|
$
|
5,604,019.75
|
4.169%
|
|
6.83% |
|
600 |
$
|
4,942,953.72 |
3.635% |
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.81%
|
|
380
|
$
|
3,251,055.57
|
2.419%
|
|
6.92%
|
|
438 |
$
|
3,990,684.38 |
2.935% |
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.88%
|
|
311
|
$
|
2,913,443.75
|
2.168%
|
|
6.79%
|
|
261 |
$
|
2,255,645.56 |
1.659% |
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.88%
|
|
793
|
$
|
6,715,473.06
|
4.996%
|
|
6.91%
|
|
853 |
$
|
7,180,432.06 |
5.281% |
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.83%
|
|
2,435
|
$
|
19,995,805.92
|
14.877%
|
|
6.84%
|
|
2,421 |
$
|
20,272,720.44 |
14.910% |
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.87%
|
|
205
|
$
|
1,576,342.79
|
1.173%
|
|
6.89%
|
|
200 |
$
|
1,644,173.03 |
1.209% |
|
||||||||||||||||||
|
TOTAL
|
18,823
|
$
|
134,405,425.46
|
100.00%
|
|
19,067 |
$
|
135,966,394.01 |
100.00% |
|
|||||||||||||||||||||||
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
IV.
|
2012-2 Portfolio Characteristics (cont'd)
|
|
07/31/2026
|
06/30/2026
|
|||||||
|
Pool Balance
|
$
|
136,416,774.49
|
$
|
137,978,931.06
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
7,334,136.95
|
$
|
7,277,006.20
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,011,349.03
|
$
|
2,012,537.05
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
680,192.03
|
$
|
656,585.96
|
||||
|
Total # Loans
|
18,823
|
19,067
|
||||||
|
Total # Borrowers
|
8,838
|
8,952
|
||||||
|
Weighted Average Coupon
|
6.82%
|
|
6.85%
|
|
||||
|
Weighted Average Remaining Term
|
208.10
|
207.63
|
||||||
|
Non-Reimbursable Losses
|
$
|
19,496.87
|
$
|
13,921.05
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
5,017,060.06
|
$
|
4,997,563.19
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-72.02 %
|
|
-71.93 %
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
390,423.45
|
$
|
390,423.45
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
|
-
|
$ |
28,838.61
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
464,361.43
|
$
|
460,456.89
|
||||
|
Borrower Interest Accrued
|
$
|
749,052.19
|
$
|
734,972.89
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
28,411.18
|
$
|
27,483.62
|
||||
|
Special Allowance Payments Accrued
|
$
|
22,570.46
|
$
|
21,087.29
|
||||
|
Page 5 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
V.
|
2012-2 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- GSL (1) - Subsidized
|
6.74%
|
|
9,966
|
53,448,613.07
|
39.767% |
|
||||||||||
|
|
- GSL - Unsubsidized
|
6.75%
|
|
8,498
|
74,936,211.69
|
55.754% |
|
||||||||||
|
|
- PLUS (2) Loans
|
8.47%
|
|
359
|
6,020,600.70
|
4.479% |
|
||||||||||
|
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000% |
|
||||||||||
|
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000% |
|
||||||||||
|
Total
|
6.82%
|
|
18,823
|
$
|
134,405,425.46
|
100.000% |
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- Four Year
|
6.83%
|
|
15,828
|
118,005,809.74
|
87.798% |
|
||||||||||
|
|
- Two Year
|
6.81%
|
|
2,450
|
13,354,754.03
|
9.936% |
|
||||||||||
|
|
- Technical
|
6.78%
|
|
519
|
2,939,043.10
|
2.187% |
|
||||||||||
|
|
- Other
|
6.42%
|
|
26
|
105,818.59
|
0.079% |
|
||||||||||
|
|
Total
|
6.82%
|
|
18,823
|
$
|
134,405,425.46
|
100.000% |
|
|||||||||
*Percentages may not total 100% due to rounding.
| (1) |
Guaranteed Stafford Loan
|
| (2) |
Parent Loans for Undergraduate Students
|
| (3) |
Supplemental Loans to Students. The Unsubsidized Stafford Loan program replaced the SLS program on July 1, 1994.
|
|
Page 6 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
VI.
|
2012-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,146,201.44 |
|||||||
|
A
|
Trustee Fees |
|
- |
$
|
2,146,201.44 |
||||
|
B
|
Primary Servicing Fee
|
$
|
47,698.99
|
$
|
2,098,502.45 |
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,091,835.45 |
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
396,193.64
|
$
|
1,695,641.81 |
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$ |
94,261.28
|
$
|
1,601,380.53 |
||||
| F |
Reserve Account Reinstatement
|
|
- | $ | 1,601,380.53 | ||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$ |
1,590,995.18
|
$ |
10,385.35 |
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$ | 10,385.35 | |||||
| I |
Unpaid Expenses of The Trustees
|
-
|
$ | 10,385.35 | |||||
| J |
Carryover Servicing Fee
|
-
|
$ | 10,385.35 | |||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
|
- |
$ | 10,385.35 | ||||
|
L |
Excess Distribution Certificateholder
|
|
$ |
10,385.35 |
|
|
|
- |
|
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
134,405,425.46
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,011,349.03
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
821,986.00
|
||
| E |
Less: Specified Reserve Account Balance
|
$
|
(821,986.00)
|
|
|
| F |
Total
|
$
|
136,416,774.49
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
109,416,774.49
|
||
| H |
Insolvency Event or Event of Default Under Indenture
|
N |
|
||
| I |
Available Funds Applied to Class A Noteholders' Distribution Amount Before Any Amounts are Applied to the Class B Noteholders' Distribution Amount (G>F or H=Y)
|
N |
|
||
|
Page 7 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
VII.
|
2012-2 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
78446YAA1
|
78446YAB9
|
||||||
|
Beginning Balance
|
$
|
111,007,769.67
|
$
|
25,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.70%
|
|
0.95%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
7/27/2026
|
7/27/2026
|
||||||
|
Accrual Period End
|
8/25/2026
|
8/25/2026
|
||||||
|
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
|
Interest Rate*
|
4.43056%
|
|
4.68056%
|
|
||||
|
Accrued Interest Factor
|
0.003569062
|
0.003770451
|
||||||
|
Current Interest Due
|
$
|
396,193.64
|
$
|
94,261.28
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
396,193.64
|
$
|
94,261.28
|
||||
|
Interest Paid
|
$
|
396,193.64
|
$
|
94,261.28
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,590,995.18
|
-
|
|||||
|
Ending Principal Balance
|
$
|
109,416,774.49
|
$
|
25,000,000.00
|
||||
|
Paydown Factor
|
0.001991233
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.136942146
|
1.000000000
|
||||||
* Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://images.navient.com/investors/data/abrate.txt.
|
Page 8 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
|
VIII.
|
2012-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
136,007,769.67
|
||
|
|
Adjusted Pool Balance
|
$
|
136,416,774.49
|
||
|
|
Overcollateralization Amount
|
$
|
2,000,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
1,590,995.18
|
||
|
|
Principal Distribution Amount Paid
|
$
|
1,590,995.18
|
||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
821,986.00
|
||
|
|
Reserve Funds Utilized
|
0.00
|
|||
|
|
Reserve Funds Reinstated
|
0.00
|
|||
|
|
Balance Available
|
$
|
821,986.00
|
||
|
|
Required Reserve Acct Balance
|
$
|
821,986.00
|
||
|
|
Release to Collection Account
|
|
-
|
||
|
|
Ending Reserve Account Balance
|
$
|
821,986.00
|
||
|
C
|
Capitalized Interest Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
D
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
229,814.12
|
||
|
|
Deposits for the Period
|
$
|
113,018.88
|
||
|
|
Release to Collection Account
|
|
-
|
|
|
|
|
Ending Balance
|
$
|
342,833.00
|
||
|
E
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
Page 9 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 07/01/2026 - 07/31/2026, Distribution Date 08/25/2026
|
SLM Student Loan Trust 2012-2 published this content on September 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 04, 2026 at 17:20 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]