SLM Student Loan Trust 2011-3
11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:33
Asset Backed Issuer Distribution Report Form 10 D
SLM Student Loan Trust 2011-3
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 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
11/18/2011
|
08/31/2024
|
09/30/2024
|
|||||||||
|
Principal Balance
|
$
|
767,002,624.19
|
$
|
135,746,993.55
|
$
|
134,235,518.61
|
|||||||
|
Interest to be Capitalized Balance
|
7,606,904.17
|
741,707.35
|
569,578.43
|
||||||||||
|
Pool Balance
|
$
|
774,609,528.36
|
$
|
136,488,700.90
|
$
|
134,805,097.04
|
|||||||
|
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
|
$
|
136,488,700.90
|
$
|
134,805,097.04
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.49%
|
|
5.64%
|
|
5.64%
|
|
|||||||
|
Number of Loans
|
61,014
|
8,532
|
8,406
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
253,562.53
|
$
|
265,456.63
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
136,235,138.37 |
|
$
|
134,539,640.41 |
||||||||
|
Pool Factor
|
0.171014025
|
|
0.168904548
|
||||||||||
|
Since Issued Constant Prepayment Rate
|
4.84% |
|
4.81% |
|
| (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
|
|||||||
| A |
|
78445UAA0
|
$
|
102,488,700.90
|
$
|
101,125,330.90
|
|||||
| B |
|
78445UAD4
|
$
|
24,000,000.00
|
$
|
24,000,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
Reserve Account Balance
|
$
|
1,197,172.00
|
$
|
1,197,172.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
2,327.82
|
$
|
4,955.49
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
136,488,700.90
|
$
|
134,805,097.04
|
|||||
|
Total Notes
|
$
|
126,488,700.90
|
$
|
125,125,330.90
|
|||||
|
Difference
|
$
|
10,000,000.00
|
$
|
9,679,766.14
|
|||||
|
Parity Ratio
|
1.07906
|
1.07736
|
|
Page 2 of 10
|
Trust 2011-3 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
|
763,667.82
|
||||
|
Guarantor Principal
|
367,907.40
|
||||
|
Consolidation Activity Principal
|
644,695.59
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,776,270.81
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
323,592.84
|
||||
|
Guarantor Interest
|
20,020.45
|
||||
|
Consolidation Activity Interest
|
58,413.46
|
||||
|
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
|
4,543.70
|
||||
|
Total Interest Receipts
|
$
|
406,570.45
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
|
D
|
Investment Income
|
$
|
22,261.39
|
||
|
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
|
$
|
(121,421.09)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(2,627.67)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,081,053.89
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(264,795.87)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
7,351.00
|
||
|
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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
III.
|
2011-3 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
|||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
|||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.83%
|
|
202
|
$
|
3,757,325.69
|
2.799%
|
|
5.72%
|
|
196
|
$
|
3,189,421.00 |
2.350%
|
|
|||||||||
|
REPAYMENT:
|
CURRENT
|
5.47%
|
|
7,050
|
$
|
101,521,753.73
|
75.630%
|
|
5.47%
|
|
7,201
|
$
|
101,248,529.81 |
74.586%
|
|
|||||||||
|
|
31-60 DAYS DELINQUENT
|
6.06%
|
|
149
|
$
|
3,471,481.51
|
2.586%
|
|
6.10%
|
|
128
|
$
|
2,702,642.91
|
1.991%
|
|
|||||||||
|
|
61-90 DAYS DELINQUENT
|
6.18%
|
|
91
|
$
|
2,102,028.38
|
1.566%
|
|
6.35%
|
|
110
|
$
|
2,596,175.42
|
1.913%
|
|
|||||||||
|
|
91-120 DAYS DELINQUENT
|
6.38%
|
|
67
|
$
|
1,954,745.03
|
1.456%
|
|
6.03%
|
|
65
|
$
|
1,385,032.44
|
1.020%
|
|
|||||||||
|
|
> 120 DAYS DELINQUENT
|
6.48%
|
|
138
|
$
|
3,672,826.66
|
2.736%
|
|
6.39%
|
|
159
|
$
|
4,103,164.98
|
3.023%
|
|
|||||||||
|
|
|
|||||||||||||||||||||||
|
|
FORBEARANCE
|
6.12%
|
|
659
|
$
|
16,984,368.95
|
12.653%
|
|
6.14%
|
|
636
|
$
|
19,701,549.88 |
14.513%
|
|
|||||||||
|
|
CLAIMS IN PROCESS
|
6.25%
|
|
50
|
$
|
770,988.66
|
0.574%
|
|
5.93%
|
|
37
|
$
|
820,477.11
|
0.604%
|
|
|||||||||
|
|
||||||||||||||||||||||||
|
TOTAL
|
|
8,406
|
$
|
134,235,518.61
|
100.00%
|
|
8,532
|
$
|
135,746,993.55 |
100.00% |
|
* Percentages may not total 100% due to rounding
|
Page 4 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
IV.
|
2011-3 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
134,805,097.04
|
$
|
136,488,700.90
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
4,535,439.07
|
$
|
4,615,447.67
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
569,578.43
|
$
|
741,707.35
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
409,512.60
|
$
|
392,927.36
|
||||
|
Total # Loans
|
8,406
|
8,532
|
||||||
|
Total # Borrowers
|
4,711
|
4,786
|
||||||
|
Weighted Average Coupon
|
5.64%
|
|
5.64%
|
|
||||
|
Weighted Average Remaining Term
|
179.32
|
180.58
|
||||||
|
Non-Reimbursable Losses
|
$
|
7,351.00
|
$
|
6,214.16
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
2,761,717.19
|
$
|
2,754,366.19
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
4.81%
|
|
4.84%
|
|
||||
|
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
|
$
|
320,233.86
|
|
-
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
271,952.82
|
$
|
382,784.72
|
||||
|
Borrower Interest Accrued
|
$
|
594,051.10
|
$
|
623,296.31
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
15,376.78
|
$
|
14,930.36
|
||||
|
Special Allowance Payments Accrued
|
$
|
273,711.79
|
$
|
293,915.70
|
|
Page 5 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
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
|
5.64%
|
|
8,406
|
134,235,518.61
|
100.000%
|
|
|||||||||||
|
Total
|
5.64%
|
|
8,406
|
$
|
134,235,518.61
|
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
|
5.64%
|
|
8,406
|
134,235,518.61
|
100.000%
|
|
|||||||||||
|
Total
|
5.64%
|
|
8,406
|
$
|
134,235,518.61
|
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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VI.
|
2011-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,081,053.89
|
|||||||
|
A
|
Primary Servicing Fee
|
$
|
30,438.96
|
$
|
2,050,614.93
|
||||
|
B
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,043,947.93
|
||||
|
C
|
Class A Noteholders' Interest Distribution Amount
|
$
|
554,685.93
|
$
|
1,489,262.00
|
||||
|
D
|
Class B Noteholders' Interest Distribution Amount
|
$
|
125,892.00
|
$
|
1,363,370.00
|
||||
|
E
|
Reserve Account Reinstatement
|
-
|
$
|
1,363,370.00
|
|||||
|
F
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,363,370.00
|
|
-
|
||||
|
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
|
$
|
134,235,518.61
|
||||||
|
B
|
Interest to be Capitalized
|
$
|
569,578.43
|
||||||
|
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
|
$
|
134,805,097.04
|
||||||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
101,125,330.90
|
||||||
|
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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VII.
|
2011-3 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
78445UAA0
|
78445UAD4
|
||||||
|
Beginning Balance
|
$
|
102,488,700.90
|
$
|
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
|
9/25/2024
|
9/25/2024
|
||||||
|
Accrual Period End
|
10/25/2024
|
10/25/2024
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
6.49460%
|
|
6.29460%
|
|
||||
|
Accrued Interest Factor
|
0.005412167
|
0.005245500
|
||||||
|
Current Interest Due
|
$
|
554,685.93
|
$
|
125,892.00
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
554,685.93
|
$
|
125,892.00
|
||||
|
Interest Paid
|
$
|
554,685.93
|
$
|
125,892.00
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,363,370.00
|
-
|
|||||
|
Ending Principal Balance
|
$
|
101,125,330.90
|
$
|
24,000,000.00
|
||||
|
Paydown Factor
|
0.001679027
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.124538585
|
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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VIII.
|
2011-3 Reconciliations
|
| A |
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
126,488,700.90
|
||
|
|
Adjusted Pool Balance
|
$
|
134,805,097.04
|
||
|
|
Overcollateralization Amount
|
$
|
10,000,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
1,683,603.86
|
||
|
|
Principal Distribution Amount Paid
|
$
|
1,363,370.00
|
||
|
|
|||||
|
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
|
$
|
2,327.82
|
||
|
|
Deposits for the Period
|
$
|
2,627.67
|
||
|
|
Release to Collection Account
|
|
-
|
|
|
|
|
Ending Balance
|
$
|
4,955.49
|
||
|
|
|||||
|
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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
IX.
|
2011-3 Other Characteristics
|
Principal Balance of All Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
1,534,805.73
|
$
|
7,140,650.33
|
$
|
47,781,361.05
|
$
|
56,456,817.11
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
2,418,795.44
|
$
|
10,494,274.17
|
$
|
65,435,210.32
|
$
|
78,348,279.93
|
||||||||
|
Total
|
$
|
3,953,601.17
|
$
|
17,634,924.50
|
$
|
113,216,571.37
|
$
|
134,805,097.04
|
Weighted Average Remaining Term of All Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
189
|
206
|
157
|
164
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
231
|
240
|
181
|
191
|
||||||||||||
|
Total
|
215
|
226
|
171
|
179
|
Weighted Average Coupon of All Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
5.828%
|
|
5.988%
|
|
5.487%
|
|
5.560%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
5.828%
|
|
6.229%
|
|
5.601%
|
|
5.692%
|
|
||||||||
|
Total
|
5.828%
|
|
6.132%
|
|
5.553%
|
|
5.637%
|
|
Weighted Average SAP Margin of All SOFR Based Loans
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.418%
|
|
2.332%
|
|
2.437%
|
|
2.424%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.392%
|
|
2.269%
|
|
2.402%
|
|
2.384%
|
|
||||||||
|
Total
|
2.402%
|
|
2.294%
|
|
2.417%
|
|
2.400%
|
|
Weighted Average SAP Margin of All T-Bill Based Loans
|
Forbearance
|
Repayment
|
Grand Total
|
||||||||||
|
Subsidized Consolidation Loans
|
3.100%
|
|
3.100%
|
|
3.100%
|
|
||||||
|
Unsubsidized Consolidation Loans
|
3.100%
|
|
3.137%
|
|
3.133%
|
|
||||||
|
Total
|
3.100%
|
|
3.135%
|
|
3.129%
|
|
|
Page 10 of 10
|
Trust 2011-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|