SLM Student Loan Trust 2011-3
11/07/2025 | Press release | Distributed by Public on 11/07/2025 09:39
Asset-Backed Issuer Distribution Report (Form 10-D)
SLM Student Loan Trust 2011-3
Monthly Servicing Report
Distribution Date 10/27/2025
Collection Period 09/01/2025 - 09/30/2025
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 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
11/18/2011
|
08/31/2025
|
09/30/2025 |
|||||||||
|
Principal Balance
|
$
|
767,002,624.19
|
$
|
123,885,134.33
|
$
|
122,581,712.65 |
|||||||
|
Interest to be Capitalized Balance
|
7,606,904.17
|
566,786.66
|
543,244.85 |
||||||||||
|
Pool Balance
|
$
|
774,609,528.36
|
$
|
124,451,920.99
|
$
|
123,124,957.50 |
|||||||
|
Capitalized Interest Account Balance
|
$
|
76,000,000.00
|
-
|
- | |||||||||
|
Specified Reserve Account Balance
|
1,995,285.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
852,604,813.36
|
$
|
124,451,920.99
|
$
|
123,124,957.50 |
|||||||
|
Weighted Average Coupon (WAC)
|
5.49%
|
|
5.67%
|
|
5.66% |
|
|||||||
|
Number of Loans
|
61,014
|
7,294
|
7,190 |
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
238,842.11
|
$
|
238,658.80 |
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
124,213,078.88 |
$
|
122,886,298.70 |
|||||||||
|
Pool Factor
|
0.155932497
|
0.154269873 |
|||||||||||
|
Since Issued Constant Prepayment Rate
|
4.06% |
|
4.01% |
|
|||||||||
| (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
|
09/25/2025
|
10/27/2025
|
|||||||
| A |
|
78445UAA0
|
$
|
90,451,920.99
|
$
|
89,307,125.06
|
|||||
| B |
|
78445UAD4
|
$
|
24,000,000.00
|
$
|
24,000,000.00
|
|||||
|
C
|
Account Balances
|
09/25/2025
|
10/27/2025
|
||||||
|
Reserve Account Balance
|
$
|
1,197,172.00
|
$
|
1,197,172.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
19,435.84
|
$
|
37,035.42
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
09/25/2025
|
10/27/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
124,451,920.99
|
$
|
123,124,957.50 |
|||||
|
Total Notes
|
$
|
114,451,920.99
|
$
|
113,307,125.06 |
|||||
|
Difference
|
$
|
10,000,000.00
|
$
|
9,817,832.44 |
|||||
|
Parity Ratio
|
1.08737
|
1.08665 |
|||||||
|
Page 2 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
II.
|
Trust Activity 09/01/2025 through 09/30/2025
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
717,622.10
|
||||
|
Guarantor Principal
|
750,760.66
|
||||
|
Consolidation Activity Principal
|
86,459.14
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,554,841.90
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
236,933.62
|
||||
|
Guarantor Interest
|
60,321.61
|
||||
|
Consolidation Activity Interest
|
358.68
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
4,291.40
|
||||
|
Total Interest Receipts
|
$
|
301,905.31
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
|
D
|
Investment Income
|
$
|
12,910.68
|
||
|
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
|
$
|
(111,441.63)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
|
- |
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(17,599.58)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,740,616.68
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(251,420.22)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
8,427.99
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
III.
|
2011-3 Portfolio Characteristics
|
|
09/30/2025
|
08/31/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.70
|
%
|
227
|
$
|
4,645,212.42
|
3.789
|
%
|
5.73
|
%
|
211
|
$
|
4,462,188.76
|
3.602 | % | ||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.49
|
%
|
5,943
|
$
|
90,054,679.58
|
73.465
|
%
|
5.46
|
%
|
6,036
|
$
|
90,862,014.91
|
73.344 | % | ||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
5.96
|
%
|
175
|
$
|
4,316,530.26
|
3.521
|
%
|
6.04
|
%
|
196
|
$
|
4,373,813.11
|
3.531 | % | ||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.37
|
%
|
125
|
$
|
2,688,774.55
|
2.193
|
%
|
6.01
|
%
|
106
|
$
|
2,333,571.07
|
1.884 | % | ||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.10
|
%
|
58
|
$
|
1,229,965.28
|
1.003
|
%
|
6.94
|
%
|
34
|
$
|
1,031,361.69
|
0.833 | % | ||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.64
|
%
|
185
|
$
|
5,587,404.30
|
4.558
|
%
|
6.56
|
%
|
218
|
$
|
6,264,650.08
|
5.057 | % | ||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
|
FORBEARANCE
|
6.10
|
%
|
448
|
$
|
13,627,792.24
|
11.117
|
%
|
6.28
|
%
|
470
|
$
|
13,669,918.68
|
11.034 | % | ||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
5.48
|
%
|
29
|
$
|
431,354.02
|
0.352
|
%
|
6.54
|
%
|
23
|
$
|
887,616.03
|
0.716 | % | ||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
TOTAL
|
|
7,190
|
$
|
122,581,712.65
|
100.00
|
%
|
7,294
|
$
|
123,885,134.33
|
100.00 | % | ||||||||||||||||||||||
* Percentages may not total 100% due to rounding
|
Page 4 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
IV.
|
2011-3 Portfolio Characteristics (cont'd)
|
|
09/30/2025
|
08/31/2025
|
|||||||
|
Pool Balance
|
$
|
123,124,957.50
|
$
|
124,451,920.99
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
4,778,986.83
|
$
|
4,794,925.80
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
543,244.85
|
$
|
566,786.66
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
518,306.98
|
$
|
575,894.91
|
||||
|
Total # Loans
|
7,190
|
7,294
|
||||||
|
Total # Borrowers
|
4,024
|
4,077
|
||||||
|
Weighted Average Coupon
|
5.66%
|
|
5.67%
|
|
||||
|
Weighted Average Remaining Term
|
184.12
|
183.96
|
||||||
|
Non-Reimbursable Losses
|
$
|
8,427.99
|
$
|
4,356.49
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
2,824,370.51
|
$
|
2,815,942.52
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
4.01%
|
|
4.06%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$ |
10,384.75
|
$ |
10,384.75
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$
|
182,167.56
|
|
-
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
259,813.19
|
$
|
321,296.18
|
||||
|
Borrower Interest Accrued
|
$
|
544,147.19
|
$
|
569,654.71
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
15,085.97
|
$
|
14,790.51
|
||||
|
Special Allowance Payments Accrued
|
$
|
170,120.99
|
$
|
174,576.38
|
||||
|
Page 5 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
V.
|
2011-3 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- PLUS (2) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Consolidation Loans
|
5.66%
|
|
7,190
|
122,581,712.65
|
100.000%
|
|
|||||||||||
|
Total
|
5.66%
|
|
7,190
|
$
|
122,581,712.65
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Other
|
5.66%
|
|
7,190
|
122,581,712.65
|
100.000%
|
|
|||||||||||
|
Total
|
5.66%
|
|
7,190
|
$
|
122,581,712.65
|
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 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
VI.
|
2011-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,740,616.68
|
|||||||
|
A
|
Primary Servicing Fee
|
$
|
26,704.35
|
$
|
1,713,912.33
|
||||
|
B
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,707,245.33
|
||||
|
C
|
Class A Noteholders' Interest Distribution Amount
|
$
|
447,878.52
|
$
|
1,259,366.81
|
||||
|
D
|
Class B Noteholders' Interest Distribution Amount
|
$
|
114,570.88
|
$
|
1,144,795.93
|
||||
|
E
|
Reserve Account Reinstatement
|
-
|
$
|
1,144,795.93
|
|||||
|
F
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,144,795.93
|
|
- | ||||
|
G
|
Class B Noteholders' Principal Distribution Amount
|
-
|
|
-
|
|||||
|
H
|
Unpaid Expenses of The Trustees
|
-
|
|
- | |||||
|
I
|
Carryover Servicing Fee
|
-
|
|
- | |||||
|
J
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
|
- | |||||
|
K
|
Excess Distribution Certificateholder
|
|
-
|
|
- | ||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
122,581,712.65
|
||
|
B
|
Interest to be Capitalized
|
$
|
543,244.85
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,197,172.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,197,172.00)
|
|
|
|
F
|
Total
|
$
|
123,124,957.50
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
89,307,125.06
|
||
|
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 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
VII.
|
2011-3 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
78445UAA0
|
78445UAD4
|
||||||
|
Beginning Balance
|
$
|
90,451,920.99
|
$
|
24,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
1.10%
|
|
0.90%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
9/25/2025
|
9/25/2025
|
||||||
|
Accrual Period End
|
10/27/2025
|
10/27/2025
|
||||||
|
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
|
Interest Rate*
|
5.57051%
|
|
5.37051%
|
|
||||
|
Accrued Interest Factor
|
0.004951564
|
0.004773787
|
||||||
|
Current Interest Due
|
$
|
447,878.52
|
$
|
114,570.88
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
- | ||||||
|
Total Interest Due
|
$
|
447,878.52
|
$
|
114,570.88
|
||||
|
Interest Paid
|
$
|
447,878.52
|
$
|
114,570.88
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,144,795.93
|
-
|
|||||
|
Ending Principal Balance
|
$
|
89,307,125.06
|
$
|
24,000,000.00
|
||||
|
Paydown Factor
|
0.001409847
|
0.000000000 | ||||||
|
Ending Balance Factor
|
0.109984144
|
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 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
VIII.
|
2011-3 Reconciliations
|
| A |
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
114,451,920.99
|
||
|
|
Adjusted Pool Balance
|
$
|
123,124,957.50
|
||
|
|
Overcollateralization Amount
|
$
|
10,000,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
1,326,963.49
|
||
|
|
Principal Distribution Amount Paid
|
$
|
1,144,795.93
|
||
|
|
|||||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
1,197,172.00
|
||
|
|
Reserve Funds Utilized
|
0.00
|
|||
|
|
Reserve Funds Reinstated
|
0.00
|
|||
|
|
Balance Available
|
$
|
1,197,172.00
|
||
|
|
Required Reserve Acct Balance
|
$
|
1,197,172.00
|
||
|
|
Release to Collection Account
|
-
|
|||
|
|
Ending Reserve Account Balance
|
$
|
1,197,172.00
|
||
|
|
|||||
|
C
|
Capitalized Interest Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
|
|||||
|
D
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
19,435.84
|
||
|
|
Deposits for the Period
|
$
|
17,599.58
|
||
|
|
Release to Collection Account
|
|
- |
|
|
|
|
Ending Balance
|
$
|
37,035.42
|
||
|
|
|||||
|
E
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
Page 9 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
IX.
|
2011-3 Other Characteristics
|
Principal Balance of All Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
2,074,346.83
|
$
|
5,625,996.75
|
$
|
43,668,203.49
|
$
|
51,368,547.07
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
2,833,533.56
|
$
|
8,320,495.49
|
$
|
60,602,381.38
|
$
|
71,756,410.43
|
||||||||
|
Total
|
$
|
4,907,880.39
|
$
|
13,946,492.24
|
$
|
104,270,584.87
|
$
|
123,124,957.50
|
||||||||
Weighted Average Remaining Term of All Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
187
|
221
|
161
|
169
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
221
|
254
|
186
|
195
|
||||||||||||
|
Total
|
206
|
241
|
175
|
184
|
||||||||||||
Weighted Average Coupon of All Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
5.656%
|
|
6.049%
|
|
5.529%
|
|
5.592%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
5.727%
|
|
6.145%
|
|
5.657%
|
|
5.716%
|
|
||||||||
|
Total
|
5.697%
|
|
6.106%
|
|
5.603%
|
|
5.664%
|
|
||||||||
Weighted Average SAP Margin of All SOFR Based Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.418%
|
|
2.335%
|
|
2.431%
|
|
2.420%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.422%
|
|
2.285%
|
|
2.391%
|
|
2.380%
|
|
||||||||
|
Total
|
2.420%
|
|
2.305%
|
|
2.408%
|
|
2.396%
|
|
||||||||
Weighted Average SAP Margin of All T-Bill Based Loans
|
Repayment
|
Grand Total
|
|||||||
|
Subsidized Consolidation Loans
|
|
3.100%
|
|
3.100%
|
|
|||
|
Unsubsidized Consolidation Loans
|
|
3.135%
|
|
3.135%
|
|
|||
|
Total
|
|
3.131%
|
|
3.131%
|
|
|||
|
Page 10 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
SLM Student Loan Trust 2011-3 published this content on November 07, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on November 07, 2025 at 15:39 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]