|
Page 1 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
05/26/2011 |
02/28/2026
|
03/31/2026
|
|||||||||
|
Principal Balance
|
$
|
752,435,249.40
|
$
|
110,543,474.37
|
$
|
109,041,939.83
|
|||||||
|
Interest to be Capitalized Balance
|
8,054,313.32
|
1,035,504.53
|
999,201.51
|
||||||||||
|
Pool Balance
|
$
|
760,489,562.72
|
$
|
111,578,978.90
|
$
|
110,041,141.34
|
|||||||
|
Capitalized Interest Account Balance
|
$
|
71,500,000.00
|
-
|
-
|
|||||||||
|
Specified Reserve Account Balance
|
1,933,490.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
833,923,052.72
|
$
|
111,578,978.90
|
$
|
110,041,141.34
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.65%
|
|
5.87%
|
|
5.87%
|
|
|||||||
|
Number of Loans
|
61,067
|
6,298
|
6,148
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
95,232.14
|
$
|
95,324.54
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
111,483,746.76
|
$
|
109,945,816.80
|
|||||||||
|
Pool Factor
|
0.144271471 |
0.142283049 |
|||||||||||
|
Since Issued Constant Prepayment Rate
|
3.64%
|
|
3.62%
|
|
|||||||||
| (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
|
03/25/2026
|
04/27/2026
|
|||||||
|
A2
|
78446JAB2
|
$
|
55,578,978.90
|
$
|
54,041,141.34
|
||||||
| B |
78446JAC0
|
$
|
24,000,000.00
|
$
|
24,000,000.00
|
||||||
|
C
|
Account Balances
|
03/25/2026
|
04/27/2026
|
||||||
|
Reserve Account Balance
|
$
|
1,160,094.00
|
$
|
1,160,094.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
37,860.47
|
$
|
79,786.22
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
03/25/2026
|
04/27/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
111,578,978.90
|
$
|
110,041,141.34
|
|||||
|
Total Notes
|
$
|
79,578,978.90
|
$
|
78,041,141.34
|
|||||
|
Difference
|
$
|
32,000,000.00
|
$
|
32,000,000.00
|
|||||
|
Parity Ratio
|
1.40212
|
1.41004
|
|||||||
|
Page 2 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
|
II.
|
Trust Activity 03/01/2026 through 03/31/2026
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
584,886.52
|
||||
|
Guarantor Principal
|
892,153.04
|
||||
|
Consolidation Activity Principal
|
262,529.47
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,739,569.03
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
229,173.19
|
||||
|
Guarantor Interest
|
68,892.52
|
||||
|
Consolidation Activity Interest
|
16,975.16
|
||||
|
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
|
6,307.79
|
||||
|
Total Interest Receipts
|
$
|
321,348.66
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
|
D
|
Investment Income
|
$
|
10,013.83
|
||
| 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
|
$
|
(99,832.02)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
- |
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(41,925.75)
|
|
||
| M |
AVAILABLE FUNDS
|
$
|
1,929,173.75
|
||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(238,034.49)
|
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
$
|
20,884.25
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
| Q |
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
|
III.
|
2011-2 Portfolio Characteristics
|
|
03/31/2026
|
02/28/2026
|
||||||||||||||||||||||||||||||||
|
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
|||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.35%
|
|
213
|
$
|
5,226,771.24
|
4.793%
|
|
6.40%
|
|
220
|
$
|
5,233,725.39
|
4.735%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.77%
|
|
5,102
|
$
|
81,657,386.46
|
74.886%
|
|
5.75%
|
|
5,169
|
$
|
81,007,943.26
|
73.282%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.25%
|
|
115
|
$
|
3,319,072.97
|
3.044%
|
|
6.01%
|
|
168
|
$
|
4,072,273.63
|
3.684%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
5.99%
|
|
106
|
$
|
2,577,505.29
|
2.364%
|
|
5.88%
|
|
82
|
$
|
1,597,048.55
|
1.445%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.10%
|
|
38
|
$
|
957,326.01
|
0.878%
|
|
5.70%
|
|
41
|
$
|
950,847.91
|
0.860%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.22%
|
|
122
|
$
|
3,536,033.12
|
3.243%
|
|
6.26%
|
|
130
|
$
|
3,907,097.33
|
3.534%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.07%
|
|
407
|
$
|
10,931,240.38
|
10.025%
|
|
6.23%
|
|
416
|
$
|
12,416,712.28
|
11.232%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.08%
|
|
45
|
$
|
836,604.36
|
0.767%
|
|
5.94%
|
|
72
|
$
|
1,357,826.02
|
1.228%
|
|
||||||||||||||||||
|
TOTAL
|
6,148
|
$
|
109,041,939.83
|
100.00%
|
|
6,298
|
$
|
110,543,474.37
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
|
IV.
|
2011-2 Portfolio Characteristics (cont’d)
|
|
03/31/2026
|
02/28/2026
|
|||||||
|
Pool Balance
|
$
|
110,041,141.34
|
$
|
111,578,978.90
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
4,999,124.92
|
$
|
5,057,252.95
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
999,201.51
|
$
|
1,035,504.53
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
384,400.63
|
$
|
439,462.35
|
||||
|
Total # Loans
|
6,148
|
6,298
|
||||||
|
Total # Borrowers
|
3,411
|
3,485
|
||||||
|
Weighted Average Coupon
|
5.87%
|
|
5.87%
|
|
||||
|
Weighted Average Remaining Term
|
192.99
|
192.57
|
||||||
|
Non-Reimbursable Losses
|
$
|
20,884.25
|
$
|
4,544.09
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
3,069,951.96
|
$
|
3,049,067.71
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
3.62%
|
|
3.64%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
16,748.86
|
$
|
16,748.86
|
||||
|
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
|
$
|
258,770.07
|
$
|
216,700.31
|
||||
|
Borrower Interest Accrued
|
$
|
517,939.21
|
$
|
473,316.45
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
16,465.72
|
$
|
15,593.30
|
||||
|
Special Allowance Payments Accrued
|
$
|
100,512.80
|
$
|
91,612.36
|
||||
|
Page 5 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
|
V.
|
2011-2 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
|
5.87%
|
|
6,148
|
109,041,939.83
|
100.000%
|
|
|||||||||||
| |
Total |
5.87%
|
|
6,148
|
$
|
109,041,939.83
|
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
|
5.87%
|
|
6,148
|
109,041,939.83
|
100.000%
|
|
|||||||||||
|
Total
|
5.87%
|
|
6,148
|
$
|
109,041,939.83
|
100.000%
|
|
||||||||||
| (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 2011-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
|
VI.
|
2011-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,929,173.75
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
1,929,173.75
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
23,698.00
|
$
|
1,905,475.75
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,898,808.75
|
||||
|
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
253,533.61
|
$
|
1,645,275.14
|
||||
| E |
Class B Noteholders’ Interest Distribution Amount
|
$
|
102,880.36
|
$
|
1,542,394.78
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
1,542,394.78
|
|||||
| G |
Class A Noteholders’ Principal Distribution Amount
|
$
|
1,537,837.56
|
$ |
4,557.22
|
||||
| H |
Class B Noteholders’ Principal Distribution Amount
|
-
|
$ |
4,557.22
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$ |
4,557.22
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$ |
4,557.22
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
4,557.22
|
|||||
| L |
To the Lender under the Loan Agreement in repayment of the unpaid principal amount of |
$ |
4,557.22
|
-
|
|||||
| M |
Excess Distribution Certificateholder
|
- |
- |
||||||
|
Waterfall Triggers
|
||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
109,041,939.83
|
|||
|
B
|
Interest to be Capitalized
|
$
|
999,201.51
|
|||
|
C
|
Capitalized Interest Account Balance
|
-
|
||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,160,094.00
|
|||
| E |
Less: Specified Reserve Account Balance
|
$
|
(1,160,094.00)
|
|
||
| F |
Total
|
$
|
110,041,141.34
|
|||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
54,041,141.34
|
|||
| 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 2011-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
|
VII.
|
2011-2 Distributions
|
|
A2
|
B | ||||||||
|
Cusip/Isin
|
78446JAB2
|
78446JAC0
|
|||||||
|
Beginning Balance
|
$
|
55,578,978.90
|
$
|
24,000,000.00
|
|||||
|
Index
|
SOFR
|
SOFR
|
|||||||
|
Spread/Fixed Rate
|
|
1.20%
|
|
0.90%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
|||||||
|
Accrual Period Begin
|
3/25/2026
|
3/25/2026
|
|||||||
|
Accrual Period End
|
4/27/2026
|
4/27/2026
|
|||||||
|
Daycount Fraction
|
0.09166667
|
0.09166667
|
|||||||
|
Interest Rate*
|
|
4.97638%
|
|
4.67638%
|
|
||||
|
Accrued Interest Factor
|
0.004561682
|
0.004286682
|
|||||||
|
Current Interest Due
|
$
|
253,533.61
|
$
|
102,880.36
|
|||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
|||||||
|
Total Interest Due
|
$
|
253,533.61
|
$
|
102,880.36
|
|||||
|
Interest Paid
|
$
|
253,533.61
|
$
|
102,880.36
|
|||||
|
Interest Shortfall
|
-
|
-
|
|||||||
|
Principal Paid
|
$ |
1,537,837.56
|
-
|
||||||
|
Ending Principal Balance
|
$
|
54,041,141.34
|
$
|
24,000,000.00
|
|||||
|
Paydown Factor
|
0.008787643
|
0.000000000
|
|||||||
|
Ending Balance Factor
|
0.308806522
|
1.000000000
|
|||||||
|
Page 8 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
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|
VIII.
|
2011-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
79,578,978.90
|
|||
|
Adjusted Pool Balance
|
$
|
110,041,141.34
|
|||
|
Overcollateralization Amount
|
$
|
32,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
1,537,837.56
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,537,837.56
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,160,094.00
|
|||
|
Reserve Funds Utilized
|
0.00 |
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,160,094.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,160,094.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
1,160,094.00
|
|||
|
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
37,860.47
|
|||
|
Deposits for the Period
|
$
|
41,925.75
|
|||
|
Release to Collection Account
|
- |
|
|||
|
Ending Balance
|
$
|
79,786.22
|
|||
|
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 10
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Trust 2011-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
|
IX.
|
2011-2 Other Characteristics
|
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
$
|
2,211,201.64
|
$
|
4,875,733.10
|
$
|
39,557,901.12
|
$
|
46,644,835.86
|
||||||||
|
Unsubsidized Consolidation Loans
|
$
|
3,485,865.40
|
$
|
6,968,676.15
|
$
|
52,941,763.93
|
$
|
63,396,305.48
|
||||||||
|
Total
|
$
|
5,697,067.04
|
$
|
11,844,409.25
|
$
|
92,499,665.05
|
$
|
110,041,141.34
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
206
|
227
|
172
|
180
|
||||||||||||
|
Unsubsidized Consolidation Loans
|
260
|
248
|
193
|
203
|
||||||||||||
|
Total
|
239
|
239
|
184
|
193
|
||||||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
6.178%
|
|
6.011%
|
|
5.764%
|
|
5.809%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
6.465%
|
|
6.144%
|
|
5.853%
|
|
5.919%
|
|
||||||||
|
Total
|
6.354%
|
|
6.089%
|
|
5.815%
|
|
5.872%
|
|
||||||||
|
Deferment
|
Forbearance
|
Repayment
|
Grand Total
|
|||||||||||||
|
Subsidized Consolidation Loans
|
2.329%
|
|
2.335%
|
|
2.408%
|
|
2.396%
|
|
||||||||
|
Unsubsidized Consolidation Loans
|
2.281%
|
|
2.316%
|
|
2.376%
|
|
2.364%
|
|
||||||||
|
Total
|
2.300%
|
|
2.323%
|
|
2.390%
|
|
2.378%
|
|
||||||||
|
Forbearance
|
Repayment
|
Grand Total
|
||||||||||
|
Subsidized Consolidation Loans
|
3.100%
|
|
3.100%
|
|
3.100%
|
|
||||||
|
Unsubsidized Consolidation Loans
|
3.100%
|
|
3.100%
|
|
3.100%
|
|
||||||
|
Total
|
3.100%
|
|
3.100%
|
|
3.100%
|
|
||||||
|
Page 10 of 10
|
Trust 2011-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
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