SLM Student Loan Trust 2012-2
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 2012-2
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 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
03/15/2012
|
08/31/2025
|
9/30/2025
|
|||||||||
|
|
Principal Balance
|
$
|
790,250,485.92
|
$
|
147,539,076.68
|
$
|
146,490,364.63
|
||||||
|
|
Interest to be Capitalized Balance
|
19,607,366.14
|
1,895,935.71
|
1,896,457.79
|
|||||||||
|
|
Pool Balance
|
$
|
809,857,852.06
|
$
|
149,435,012.39
|
$
|
148,386,822.42
|
||||||
|
|
Capitalized Interest Account Balance
|
$
|
10,000,000.00
|
-
|
- |
||||||||
|
|
Specified Reserve Account Balance
|
2,054,965.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool(1)
|
$
|
821,912,817.06
|
$
|
149,435,012.39
|
$
|
148,386,822.42
|
||||||
|
|
Weighted Average Coupon (WAC)
|
6.65%
|
|
6.86%
|
|
6.86%
|
|
||||||
|
|
Number of Loans
|
188,679
|
21,538
|
21,309
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
-
|
-
|
||||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
149,435,012.39
|
$
|
148,386,822.42
|
||||||||
|
|
Pool Factor
|
0.181797536
|
0.180522344
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
(71.50)%
|
|
(71.52)%
|
|
||||||||
| (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 |
78446YAA1
|
$
|
122,435,012.39
|
$
|
121,386,822.42
|
|||||
| B |
78446YAB9
|
$
|
25,000,000.00
|
$
|
25,000,000.00
|
|||||
|
C
|
Account Balances
|
09/25/2025
|
10/27/2025 | ||||||
|
|
Reserve Account Balance
|
$
|
821,986.00
|
$
|
821,986.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
42,086.10
|
$
|
80,432.47
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
||||||
|
D
|
Asset / Liability
|
09/25/2025
|
10/27/2025 | ||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
149,435,012.39
|
$
|
148,386,822.42
|
||||
|
|
Total Notes
|
$
|
147,435,012.39
|
$
|
146,386,822.42
|
||||
|
|
Difference
|
$
|
2,000,000.00
|
$
|
2,000,000.00
|
||||
|
|
Parity Ratio
|
1.01357
|
1.01366
|
||||||
|
Page 2 of 9
|
Trust 2012-2 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
|
297,513.79
|
||||
|
Guarantor Principal
|
707,422.66
|
||||
|
Consolidation Activity Principal
|
639,438.95
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,644,375.40
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
167,932.61
|
||||
|
Guarantor Interest
|
22,700.00
|
||||
|
Consolidation Activity Interest
|
9,097.01
|
||||
|
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
|
13,078.94
|
||||
|
Total Interest Receipts
|
$
|
212,808.56
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
10,225.02
|
||
|
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
|
$
|
(38,346.37)
|
|
||
|
M |
AVAILABLE FUNDS
|
$
|
1,829,062.61
|
||
|
N |
Non-Cash Principal Activity During Collection Period
|
$
|
(595,663.35)
|
|
|
|
O |
Non-Reimbursable Losses During Collection Period
|
$
|
17,535.26
|
||
|
P |
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q |
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
III.
|
2012-2 Portfolio Characteristics
|
|
09/30/2025
|
08/31/2025 |
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
#Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
#Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.80%
|
|
16
|
$
|
81,477.00
|
0.056%
|
|
6.80%
|
|
17 |
$
|
86,977.00
|
0.059%
|
|
||||||||||||||||||
|
|
GRACE
|
6.80%
|
|
2
|
$
|
14,000.00
|
0.010%
|
|
6.80%
|
|
1 |
$
|
8,500.00
|
0.006%
|
|
||||||||||||||||||
|
|
DEFERMENT
|
6.84%
|
|
1,343
|
$
|
8,932,097.91
|
6.097%
|
|
6.85%
|
|
1,313 |
$
|
8,644,693.00
|
5.859%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.86%
|
|
13,782
|
$
|
87,314,506.75
|
59.604%
|
|
6.86%
|
|
13,856 |
$
|
86,964,299.22
|
58.943%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.87%
|
|
804
|
$
|
6,296,485.04
|
4.298%
|
|
6.86%
|
|
893 |
$
|
6,988,186.69
|
4.736%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.85%
|
|
579
|
$
|
4,908,549.83
|
3.351%
|
|
6.84%
|
|
588 |
$
|
5,050,910.19
|
3.423%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.84%
|
|
387
|
$
|
3,383,903.03
|
2.310%
|
|
6.84%
|
|
327 |
$
|
2,561,396.66
|
1.736%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.83%
|
|
1,337
|
$
|
10,288,740.69
|
7.023%
|
|
6.85%
|
|
1,415 |
$
|
11,005,156.79
|
7.459%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.87%
|
|
2,821
|
$
|
23,191,868.69
|
15.832%
|
|
6.88%
|
|
2,952 |
$
|
24,815,105.17
|
16.819%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.87%
|
|
238
|
$
|
2,078,735.69
|
1.419%
|
|
6.81%
|
|
176 |
$
|
1,413,851.96
|
0.958%
|
|
||||||||||||||||||
|
TOTAL
|
21,309
|
$
|
146,490,364.63
|
100.00%
|
|
21,538 |
$
|
147,539,076.68
|
100.00%
|
|
|||||||||||||||||||||||
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
IV.
|
2012-2 Portfolio Characteristics (cont'd)
|
|
09/30/2025
|
08/31/2025
|
|||||||
|
Pool Balance
|
$
|
148,386,822.42
|
$
|
149,435,012.39
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
6,984,719.13
|
$
|
7,003,176.90
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
1,896,457.79
|
$
|
1,895,935.71
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
921,104.27
|
$
|
896,501.13
|
||||
|
Total # Loans
|
21,309
|
21,538
|
||||||
|
Total # Borrowers
|
10,060
|
10,181
|
||||||
|
Weighted Average Coupon
|
6.86%
|
|
6.86%
|
|
||||
|
Weighted Average Remaining Term
|
199.89
|
198.80
|
||||||
|
Non-Reimbursable Losses
|
$
|
17,535.26
|
$
|
15,438.28
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,801,652.48
|
$
|
4,784,117.22
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-71.52 %
|
|
-71.50 %
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
390,423.45
|
$
|
390,423.45
|
||||
|
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
|
$
|
613,326.02
|
$
|
557,774.83
|
||||
|
Borrower Interest Accrued
|
$
|
792,967.77
|
$
|
825,655.30
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
30,620.00
|
$
|
31,315.16
|
||||
|
Special Allowance Payments Accrued
|
$
|
27,621.87
|
$
|
26,593.72
|
||||
|
Page 5 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
V.
|
2012-2 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.77
|
%
|
11,271
|
58,579,888.79
|
39.989
|
%
|
|||||||||||
|
- GSL - Unsubsidized
|
6.79
|
%
|
9,613
|
81,159,781.21
|
55.403
|
%
|
|||||||||||
|
- PLUS (2) Loans
|
8.48
|
%
|
425
|
6,750,694.63
|
4.608
|
%
|
|||||||||||
|
- SLS (3) Loans
|
0.00
|
%
|
0
|
-
|
0.000
|
%
|
|||||||||||
|
- Consolidation Loans
|
0.00
|
%
|
0
|
-
|
0.000
|
%
|
|||||||||||
|
Total
|
6.86
|
%
|
21,309
|
$
|
146,490,364.63
|
100.000
|
%
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.86
|
%
|
17,695
|
127,423,267.24
|
86.984
|
%
|
|||||||||||
|
- Two Year
|
6.83
|
%
|
2,999
|
15,762,389.16
|
10.760
|
%
|
|||||||||||
|
- Technical
|
6.82
|
%
|
588
|
3,198,716.52
|
2.184
|
%
|
|||||||||||
|
- Other
|
6.74
|
%
|
27
|
105,991.71
|
0.072
|
%
|
|||||||||||
|
Total
|
6.86
|
%
|
21,309
|
$
|
146,490,364.63
|
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 2012-2 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
VI.
|
2012-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,829,062.61
|
|||||||
|
A
|
Trustee Fees
|
- |
$ |
1,829,062.61
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
52,618.30
|
$
|
1,776,444.31
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,769,777.31
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
562,712.41
|
$
|
1,207,064.90
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
120,455.78
|
$
|
1,086,609.12
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
1,086,609.12
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
1,048,189.97
|
$ |
38,419.15
|
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
38,419.15
|
|||||
| I |
Unpaid Expenses of The Trustees
|
-
|
$ |
38,419.15
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$ |
38,419.15
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
38,419.15
|
|||||
| L |
Excess Distribution Certificateholder
|
$ |
38,419.15
|
- |
|||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
146,490,364.63
|
||
|
B
|
Interest to be Capitalized
|
$
|
1,896,457.79
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
821,986.00
|
||
| E |
Less: Specified Reserve Account Balance
|
$
|
(821,986.00)
|
|
|
| F |
Total
|
$
|
148,386,822.42
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
121,386,822.42
|
||
| 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 2012-2 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
VII.
|
2012-2 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
78446YAA1
|
78446YAB9
|
||||||
|
Beginning Balance
|
$
|
122,435,012.39
|
$
|
25,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.70%
|
|
0.95%
|
|
||||
|
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*
|
5.17051%
|
|
5.42051%
|
|
||||
|
Accrued Interest Factor
|
0.004596009
|
0.004818231
|
||||||
|
Current Interest Due
|
$
|
562,712.41
|
$
|
120,455.78
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
562,712.41
|
$
|
120,455.78
|
||||
|
Interest Paid
|
$
|
562,712.41
|
$
|
120,455.78
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,048,189.97
|
-
|
|||||
|
Ending Principal Balance
|
$
|
121,386,822.42
|
$
|
25,000,000.00
|
||||
|
Paydown Factor
|
0.001311877
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.151923432
|
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 2012-2 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
|
VIII.
|
2012-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
147,435,012.39
|
||
|
|
Adjusted Pool Balance
|
$
|
148,386,822.42
|
||
|
|
Overcollateralization Amount
|
$
|
2,000,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
1,048,189.97
|
||
|
|
Principal Distribution Amount Paid
|
$
|
1,048,189.97
|
||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
821,986.00
|
||
|
|
Reserve Funds Utilized
|
0.00
|
|||
|
|
Reserve Funds Reinstated
|
0.00
|
|||
|
|
Balance Available
|
$
|
821,986.00
|
||
|
|
Required Reserve Acct Balance
|
$
|
821,986.00
|
||
|
|
Release to Collection Account
|
|
-
|
||
|
|
Ending Reserve Account Balance
|
$
|
821,986.00
|
||
|
C
|
Capitalized Interest Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
D
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
42,086.10
|
||
|
|
Deposits for the Period
|
$
|
38,346.37
|
||
|
|
Release to Collection Account
|
|
-
|
|
|
|
|
Ending Balance
|
$
|
80,432.47
|
||
|
E
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
Page 9 of 9
|
Trust 2012-2 Monthly Servicing Report: Collection Period 09/01/2025 - 09/30/2025, Distribution Date 10/27/2025
|
SLM Student Loan Trust 2012-2 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]