SLM Student Loan Trust 2012-3
01/08/2025 | Press release | Distributed by Public on 01/08/2025 11:27
Asset Backed Issuer Distribution Report (Form 10 D)
SLM Student Loan Trust 2012-3
Monthly Servicing Report
Distribution Date 12/26/2024
Collection Period 11/01/2024 - 11/30/2024
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 2012-3 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
05/03/2012
|
10/31/2024
|
11/30/2024
|
|||||||||
|
|
Principal Balance |
$
|
1,207,071,961.47
|
$
|
222,057,414.21
|
$
|
219,288,872.92
|
||||||
|
|
Interest to be Capitalized Balance |
24,814,000.46
|
2,611,901.80
|
2,559,822.70
|
|||||||||
|
|
Pool Balance |
$
|
1,231,885,961.93
|
$
|
224,669,316.01
|
$
|
221,848,695.62
|
||||||
|
|
Capitalized Interest Account Balance |
$
|
11,000,000.00
|
-
|
-
|
||||||||
|
|
Specified Reserve Account Balance |
3,123,383.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1) |
$
|
1,246,009,344.93
|
$
|
224,669,316.01
|
$
|
221,848,695.62
|
||||||
|
|
Weighted Average Coupon (WAC) |
6.41%
|
|
6.98%
|
|
6.98%
|
|
||||||
|
|
Number of Loans |
294,137
|
35,536
|
34,986
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill |
$
|
8,861,024.26
|
$
|
8,822,924.31
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
215,808,291.75
|
$
|
213,025,771.31
|
||||||||
|
|
Pool Factor |
0.179828531
|
0.177570866
|
||||||||||
|
|
Since Issued Constant Prepayment Rate |
(47.39)%
|
|
(47.55)%
|
|
| (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
|
11/25/2024
|
12/26/2024
|
|||||||
| A |
|
78447AAA2
|
$
|
184,817,622.85
|
$
|
182,025,208.66
|
|||||
| B |
|
78447AAB0
|
$
|
37,605,000.00
|
$
|
37,605,000.00
|
|
C
|
Account Balances
|
11/25/2024
|
12/26/2024
|
||||||
|
|
Reserve Account Balance |
$
|
1,249,353.00
|
$
|
1,249,353.00
|
||||
|
|
Capitalized Interest Account Balance |
-
|
-
|
||||||
|
|
Floor Income Rebate Account |
$
|
30,627.05
|
$
|
16,002.75
|
||||
|
|
Supplemental Loan Purchase Account |
-
|
-
|
|
D
|
Asset / Liability
|
11/25/2024
|
12/26/2024
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
224,669,316.01
|
$
|
221,848,695.62
|
||||
|
|
Total Notes |
$
|
222,422,622.85
|
$
|
219,630,208.66
|
||||
|
|
Difference |
$
|
2,246,693.16
|
$
|
2,218,486.96
|
||||
|
|
Parity Ratio |
1.01010
|
1.01010
|
|
Page 2 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
|
II.
|
Trust Activity 11/01/2024 through 11/30/2024
|
|
A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
415,651.90
|
||||
|
Guarantor Principal
|
2,675,598.15
|
||||
|
Consolidation Activity Principal
|
364,381.01
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
97.50
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
50.01
|
||||
|
Total Principal Receipts
|
$
|
3,455,778.57
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
239,566.07
|
||||
|
Guarantor Interest
|
156,740.30
|
||||
|
Consolidation Activity Interest
|
4,266.47
|
||||
|
Special Allowance Payments
|
468,899.52
|
||||
|
Interest Subsidy Payments
|
152,130.92
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
(420.17)
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
8,805.12
|
||||
|
Total Interest Receipts
|
$
|
1,029,988.23
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
20,774.87
|
||
|
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
|
$ |
30,627.05
|
||
|
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
|
$ |
(24,878.03)
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(16,002.75)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
4,496,287.94
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(687,237.28)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
22,054.88
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
50.13
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
|
III.
|
2012-3 Portfolio Characteristics
|
|
11/30/2024
|
10/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.85%
|
|
43
|
$
|
181,759.57
|
0.083%
|
|
6.85%
|
|
41
|
$
|
181,814.87
|
0.082%
|
|
||||||||||||||||||
|
|
GRACE |
6.80%
|
|
2
|
$
|
3,750.00
|
0.002%
|
|
6.94%
|
|
8
|
$
|
18,385.00
|
0.008%
|
|
||||||||||||||||||
|
|
DEFERMENT |
6.92%
|
|
2,224
|
$
|
13,506,881.19
|
6.159%
|
|
6.93%
|
|
2,307
|
$
|
13,941,210.27
|
6.278%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.99%
|
|
22,279
|
$
|
129,498,907.22
|
59.054%
|
|
6.98%
|
|
22,964
|
$
|
132,524,628.29
|
59.680%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT |
7.00%
|
|
1,910
|
$
|
13,488,725.54
|
6.151%
|
|
6.94%
|
|
1,546
|
$
|
11,111,691.97
|
5.004%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT |
6.95%
|
|
1,174
|
$
|
8,760,706.86
|
3.995%
|
|
6.92%
|
|
770
|
$
|
5,332,916.72
|
2.402%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT |
6.91%
|
|
611
|
$
|
4,377,192.25
|
1.996%
|
|
6.99%
|
|
433
|
$
|
3,128,143.23
|
1.409%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT |
7.00%
|
|
1,764
|
$
|
13,079,652.59
|
5.965%
|
|
6.98%
|
|
1,754
|
$
|
13,019,342.18
|
5.863%
|
|
||||||||||||||||||
|
|
FORBEARANCE |
6.99%
|
|
4,754
|
$
|
34,708,714.22
|
15.828%
|
|
7.04%
|
|
5,195
|
$
|
39,427,250.80
|
17.755%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS |
6.95%
|
|
225
|
$
|
1,682,583.48
|
0.767%
|
|
7.17%
|
|
518
|
$
|
3,372,030.88
|
1.519%
|
|
||||||||||||||||||
|
TOTAL
|
34,986
|
$
|
219,288,872.92
|
100.00%
|
|
35,536
|
$
|
222,057,414.21
|
100.00%
|
|
|
*
|
Percentages may not total 100% due to rounding
|
|
Page 4 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
|
IV.
|
2012-3 Portfolio Characteristics (cont'd)
|
|
11/30/2024
|
10/31/2024
|
|||||||
|
Pool Balance
|
$
|
221,848,695.62
|
$
|
224,669,316.01
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
9,872,757.13
|
$
|
9,772,496.79
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,559,822.70
|
$
|
2,611,901.80
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,368,983.75
|
$
|
1,278,576.36
|
||||
|
Total # Loans
|
34,986
|
35,536
|
||||||
|
Total # Borrowers
|
16,279
|
16,580
|
||||||
|
Weighted Average Coupon
|
6.98%
|
|
6.98%
|
|
||||
|
Weighted Average Remaining Term
|
185.42
|
185.39
|
||||||
|
Non-Reimbursable Losses
|
$
|
22,054.88
|
$
|
12,927.50
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
9,077,385.57
|
$
|
9,055,330.69
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-47.55%
|
|
-47.39%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
926,143.85
|
$
|
926,143.85
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
-
|
-
|
||||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
708,275.43
|
$
|
936,532.63
|
||||
|
Borrower Interest Accrued
|
$
|
1,209,732.30
|
$
|
1,264,423.21
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
45,972.43
|
$
|
48,808.26
|
||||
|
Special Allowance Payments Accrued
|
$
|
61,559.12
|
$
|
92,748.47
|
|
Page 5 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
|
V.
|
2012-3 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- GSL (1) - Subsidized |
6.90%
|
|
18,943
|
89,131,013.54
|
40.645%
|
|
||||||||||
|
|
- GSL - Unsubsidized |
6.88%
|
|
15,329
|
118,030,040.03
|
53.824%
|
|
||||||||||
|
|
- PLUS (2) Loans |
8.49%
|
|
714
|
12,127,819.35
|
5.531%
|
|
||||||||||
|
|
- SLS (3) Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- Consolidation Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
Total |
6.98%
|
|
34,986
|
$
|
219,288,872.92
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- Four Year |
6.99%
|
|
28,387
|
187,742,147.01
|
85.614%
|
|
||||||||||
|
|
- Two Year |
6.94%
|
|
5,476
|
26,263,848.85
|
11.977%
|
|
||||||||||
|
|
- Technical |
7.05%
|
|
1,103
|
5,189,053.93
|
2.366%
|
|
||||||||||
|
|
- Other |
6.96%
|
|
20
|
93,823.13
|
0.043%
|
|
||||||||||
|
|
Total |
6.98%
|
|
34,986
|
$
|
219,288,872.92
|
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 2012-3 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
|
VI.
|
2012-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
4,496,287.94
|
|||||||
|
A |
Trustee Fees |
-
|
$ |
4,496,287.94
|
|||||
| B |
Primary Servicing Fee
|
$
|
84,186.72
|
$
|
4,412,101.22
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
4,405,434.22
|
||||
| D |
Class A Noteholders' Interest Distribution Amount
|
$
|
875,079.67
|
$
|
3,530,354.55
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
187,767.83
|
$
|
3,342,586.72
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
3,342,586.72
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
2,792,414.19
|
$
|
550,172.53
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
550,172.53
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
550,172.53
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
550,172.53
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
550,172.53
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
550,172.53
|
$ |
0.00
|
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
219,288,872.92
|
||
| B |
Interest to be Capitalized
|
$
|
2,559,822.70
|
||
| C |
Capitalized Interest Account Balance
|
-
|
|||
| D |
Reserve Account Balance (after any reinstatement)
|
$
|
1,249,353.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,249,353.00)
|
|
|
|
F
|
Total
|
$
|
221,848,695.62
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
182,025,208.66
|
||
|
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 2012-3 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
|
VII.
|
2012-3 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
78447AAA2
|
78447AAB0
|
||||||
|
Beginning Balance
|
$
|
184,817,622.85
|
$
|
37,605,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.65%
|
|
0.95%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
11/25/2024
|
11/25/2024
|
||||||
|
Accrual Period End
|
12/26/2024
|
12/26/2024
|
||||||
|
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
|
Interest Rate*
|
5.49851%
|
|
5.79851%
|
|
||||
|
Accrued Interest Factor
|
0.004734828
|
0.004993161
|
||||||
|
Current Interest Due
|
$
|
875,079.67
|
$
|
187,767.83
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
875,079.67
|
$
|
187,767.83
|
||||
|
Interest Paid
|
$
|
875,079.67
|
$
|
187,767.83
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
2,792,414.19
|
-
|
|||||
|
Ending Principal Balance
|
$
|
182,025,208.66
|
$
|
37,605,000.00
|
||||
|
Paydown Factor
|
0.002299229
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.149876664
|
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 2012-3 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
|
VIII.
|
2012-3 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance |
$
|
222,422,622.85
|
||
|
|
Adjusted Pool Balance |
$
|
221,848,695.62
|
||
|
|
Overcollateralization Amount |
$
|
2,218,486.96
|
||
|
|
Principal Distribution Amount |
$
|
2,792,414.19
|
||
|
|
Principal Distribution Amount Paid |
$
|
2,792,414.19
|
||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance |
$
|
1,249,353.00
|
||
|
|
Reserve Funds Utilized |
0.00
|
|||
|
|
Reserve Funds Reinstated |
0.00
|
|||
|
|
Balance Available |
$
|
1,249,353.00
|
||
|
|
Required Reserve Acct Balance |
$
|
1,249,353.00
|
||
|
|
Release to Collection Account |
|
-
|
||
|
|
Ending Reserve Account Balance |
$
|
1,249,353.00
|
||
|
C
|
Capitalized Interest Account
|
||||
|
|
Beginning Period Balance |
-
|
|||
|
|
Transfers to Collection Account |
-
|
|||
|
|
Ending Balance |
-
|
|||
|
D
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance |
$
|
30,627.05
|
||
|
|
Deposits for the Period |
$
|
16,002.75
|
||
|
|
Release to Collection Account | $ |
(30,627.05)
|
|
|
|
|
Ending Balance |
$
|
16,002.75
|
||
|
E
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance |
-
|
|||
|
|
Supplemental Loan Purchases |
-
|
|||
|
|
Transfers to Collection Account |
-
|
|||
|
|
Ending Balance |
-
|
|
Page 9 of 9
|
Trust 2012-3 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|