SLM Student Loan Trust 2012-7
11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:34
Asset Backed Issuer Distribution Report Form 10 D
SLM Student Loan Trust 2012-7
Monthly Servicing Report
Distribution Date 10/25/2024
Collection Period 09/01/2024 - 09/30/2024
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 2012-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
11/08/2012
|
08/31/2024
|
09/30/2024
|
||||||||
|
Principal Balance
|
$
|
1,189,615,212.08
|
$
|
256,527,559.26
|
$
|
253,075,396.94
|
||||||
|
Interest to be Capitalized Balance
|
29,184,856.28
|
3,329,540.39
|
3,169,801.18
|
|||||||||
|
Pool Balance
|
$
|
1,218,800,068.36
|
$
|
259,857,099.65
|
$
|
256,245,198.12
|
||||||
|
Capitalized Interest Account Balance
|
$
|
10,000,000.00
|
-
|
-
|
||||||||
|
Specified Reserve Account Balance
|
3,121,961.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool (1)
|
$
|
1,231,922,029.36
|
$
|
259,857,099.65
|
$
|
256,245,198.12
|
||||||
|
Weighted Average Coupon (WAC)
|
6.76%
|
|
6.94%
|
|
6.94%
|
|
||||||
|
Number of Loans
|
283,078
|
39,551
|
38,737
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
388,915.81
|
$
|
382,189.41
|
||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
259,468,183.84 |
$
|
255,863,008.71 |
||||||||
|
Pool Factor
|
0.208088031
|
0.205195697
|
||||||||||
|
Since Issued Constant Prepayment Rate
|
(49.00)%
|
|
(55.61)%
|
|
| (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
|
09/25/2024
|
10/25/2024
|
||||||
|
A3
|
78447KAC6
|
$
|
219,758,528.65
|
$
|
216,182,746.14
|
|||||
| B |
78447KAD4
|
$
|
37,500,000.00
|
$
|
37,500,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
Reserve Account Balance
|
$
|
1,248,784.00
|
$
|
1,248,784.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
11,549.81
|
$
|
23,725.42
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
259,857,099.65
|
$
|
256,245,198.12
|
|||||
|
Total Notes
|
$
|
257,258,528.65
|
$
|
253,682,746.14
|
|||||
|
Difference
|
$
|
2,598,571.00
|
$
|
2,562,451.98
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|
Page 2 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
II.
|
Trust Activity 09/01/2024 through 09/30/2024
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
585,970.94
|
||||
|
Guarantor Principal
|
3,857,913.88
|
||||
|
Consolidation Activity Principal
|
161,439.07
|
||||
|
Seller Principal Reimbursement
|
623.70
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
6,801.40
|
||||
|
Total Principal Receipts
|
$
|
4,612,748.99
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
291,739.46
|
||||
|
Guarantor Interest
|
253,098.22
|
||||
|
Consolidation Activity Interest
|
4,549.76
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
153.86
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
11,401.29
|
||||
|
Total Interest Receipts
|
$
|
560,942.59
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
33,142.52
|
||
|
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
|
$
|
(12,175.61)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
5,194,658.49
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,160,586.67)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
27,083.26
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
7,240.78
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
III.
|
2012-7 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.82%
|
|
66
|
$
|
329,492.84
|
0.130%
|
|
6.82%
|
|
65
|
$
|
320,617.84
|
0.125%
|
|
||||||||||||
|
|
GRACE
|
6.80%
|
|
7
|
$
|
38,253.52
|
0.015%
|
|
6.80%
|
|
8
|
$
|
47,128.52
|
0.018%
|
|
||||||||||||
|
|
DEFERMENT
|
6.82%
|
|
2,412
|
$
|
14,593,906.14
|
5.767%
|
|
6.82%
|
|
2,393
|
$
|
14,888,107.54
|
5.804%
|
|
||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.94%
|
|
24,913
|
$
|
151,064,914.73
|
59.692%
|
|
6.93%
|
|
25,294
|
$
|
152,310,666.22
|
59.374%
|
|
||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.90%
|
|
1,186
|
$
|
8,740,646.05
|
3.454%
|
|
7.02%
|
|
1,245
|
$
|
9,516,478.90
|
3.710%
|
|
||||||||||||
|
|
61-90 DAYS DELINQUENT
|
7.08%
|
|
776
|
$
|
6,501,079.76
|
2.569%
|
|
6.94%
|
|
1,040
|
$
|
8,177,198.97
|
3.188%
|
|
||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.92%
|
|
690
|
$
|
5,252,818.10
|
2.076%
|
|
6.88%
|
|
772
|
$
|
6,095,224.56
|
2.376%
|
|
||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.95%
|
|
1,848
|
$
|
14,582,817.16
|
5.762%
|
|
6.99%
|
|
1,823
|
$
|
14,270,921.41
|
5.563%
|
|
||||||||||||
|
|
FORBEARANCE
|
6.97%
|
|
6,077
|
$
|
47,276,483.18
|
18.681%
|
|
6.96%
|
|
5,763
|
$
|
44,045,869.57
|
17.170%
|
|
||||||||||||
|
|
CLAIMS IN PROCESS
|
6.99%
|
|
762
|
$
|
4,694,985.46
|
1.855%
|
|
7.03%
|
|
1,148
|
$
|
6,855,345.73
|
2.672%
|
|
||||||||||||
|
TOTAL
|
38,737
|
$
|
253,075,396.94
|
100.00%
|
|
39,551
|
$
|
256,527,559.26
|
100.00%
|
|
|
*
|
Percentages may not total 100% due to rounding
|
|
Page 4 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
IV.
|
2012-7 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
256,245,198.12
|
$
|
259,857,099.65
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
11,661,631.88
|
$
|
12,008,628.23
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
3,169,801.18
|
$
|
3,329,540.39
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,455,863.99
|
$
|
1,717,670.97
|
||||
|
Total # Loans
|
38,737
|
39,551
|
||||||
|
Total # Borrowers
|
17,591
|
17,982
|
||||||
|
Weighted Average Coupon
|
6.94%
|
|
6.94%
|
|
||||
|
Weighted Average Remaining Term
|
187.91
|
188.00
|
||||||
|
Non-Reimbursable Losses
|
$
|
27,083.26
|
$
|
26,739.77
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
7,110,468.50
|
$
|
7,083,385.24
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-55.61%
|
|
-49.00%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
364,278.81
|
$
|
364,278.81
|
||||
|
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
|
$
|
1,186,712.61
|
$
|
872,770.69
|
||||
|
Borrower Interest Accrued
|
$
|
1,389,044.94
|
$
|
1,454,204.70
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
51,415.56
|
$
|
54,772.90
|
||||
|
Special Allowance Payments Accrued
|
$
|
177,041.55
|
$
|
199,199.19
|
|
Page 5 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
V.
|
2012-7 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.81%
|
20,578
|
97,236,467.67
|
38.422%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.83%
|
17,252
|
138,283,513.84
|
54.641%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.50%
|
905
|
17,544,238.26
|
6.932%
|
|
|||||||||||
|
- SLS (3) Loans
|
8.25%
|
2
|
11,177.17
|
0.004%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.94%
|
38,737
|
$
|
253,075,396.94
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|||||||||||
|
- Four Year
|
6.95%
|
32,319
|
221,260,685.91
|
87.429%
|
|
|||||||||||
|
- Two Year
|
6.88%
|
5,344
|
26,621,287.74
|
10.519%
|
|
|||||||||||
|
- Technical
|
6.97%
|
1,049
|
5,033,618.26
|
1.989%
|
|
|||||||||||
|
- Other
|
6.86%
|
25
|
159,805.03
|
0.063%
|
|
|||||||||||
|
Total
|
6.94%
|
38,737
|
$
|
253,075,396.94
|
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 2012-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VI.
|
2012-7 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
|||||||
|
Total Available Funds
|
$
|
5,194,658.49
|
||||||
|
A |
Trustee Fees |
- |
$ |
5,194,658.49 |
||||
|
B
|
Primary Servicing Fee
|
$
|
88,064.37
|
$
|
5,106,594.12
|
|||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
5,099,927.12
|
|||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,106,960.34
|
$
|
3,992,966.78
|
|||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
224,831.25
|
$
|
3,768,135.53
|
|||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
3,768,135.53
|
||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
3,575,782.51
|
$ |
192,353.02
|
|||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
192,353.02
|
||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$ |
192,353.02
|
||||
|
J
|
Carryover Servicing Fee
|
-
|
$ |
192,353.02
|
||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
192,353.02
|
||||
|
L
|
Excess Distribution Certificateholder
|
$ |
192,353.02
|
-
|
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
253,075,396.94
|
||
|
B
|
Interest to be Capitalized
|
$
|
3,169,801.18
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,248,784.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,248,784.00)
|
|
|
|
F
|
Total
|
$
|
256,245,198.12
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
216,182,746.14
|
||
|
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 2012-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VII.
|
2012-7 Distributions
|
Distribution Amounts
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78447KAC6
|
78447KAD4
|
||||||
|
Beginning Balance
|
$
|
219,758,528.65
|
$
|
37,500,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.65%
|
|
1.80%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
9/25/2024
|
9/25/2024
|
||||||
|
Accrual Period End
|
10/25/2024
|
10/25/2024
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
6.04460%
|
|
7.19460%
|
|
||||
|
Accrued Interest Factor
|
0.005037167
|
0.005995500
|
||||||
|
Current Interest Due
|
$
|
1,106,960.34
|
$
|
224,831.25
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
1,106,960.34
|
$
|
224,831.25
|
||||
|
Interest Paid
|
$
|
1,106,960.34
|
$
|
224,831.25
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
3,575,782.51
|
-
|
|||||
|
Ending Principal Balance
|
$
|
216,182,746.14
|
$
|
37,500,000.00
|
||||
|
Paydown Factor
|
0.006218752
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.375969993
|
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 2012-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VIII.
|
2012-7 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
257,258,528.65
|
|||
|
Adjusted Pool Balance
|
$
|
256,245,198.12
|
|||
|
Overcollateralization Amount
|
$
|
2,562,451.98
|
|||
|
Principal Distribution Amount
|
$
|
3,575,782.51
|
|||
|
Principal Distribution Amount Paid
|
$
|
3,575,782.51
|
|||
| B |
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,248,784.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,248,784.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,248,784.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
1,248,784.00
|
|||
| C |
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
| D |
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
11,549.81
|
|||
|
Deposits for the Period
|
$
|
12,175.61
|
|||
|
Release to Collection Account
|
|
-
|
|
||
|
Ending Balance
|
$
|
23,725.42
|
|||
| E |
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2012-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|