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Warning TextXTableStyleMedium2PivotStyleLight1683ffff̙̙3f3fff3f3f33333f33333\` QFFELP ۳Collection and Waterfall  ;=   ;   ;  ; 8ZR3 A@@  ] Issuer Deal NameDistribution DateWebsiteClassCollection Period CUSIP Beg Princ BalInterest AccrualPrincipal Paid End Princ BalOriginal Balance% of Securities (a) Footnotes (b) FootnotesPrincipal Balance Beg Balance End BalanceActivityAccrued InterestTotal Pool BalanceTotal Accounts BalanceWeighted Average Coupon (WAC)Number of LoansNumber of Borrowers Total AssetsSenior Parity %Total Parity % CurrentTotal Repayment Deferment # of Loans BeginningEnding % of BalanceTotal PortfolioTotalAssets Loans Receivable Liabilities Bonds PayableTotal LiabilitiesMaturityAverage Borrower Indebtedness" Accrued Interest on Investment% Accrued Interest Subsidy Payments Total Accounts/Funds Balance# Accrued Interest on Senior Bonds% Principal of Sub Bonds Outstanding, Accrued Interest on Sub Bonds Outstanding Proprietary$Monitoring Waterfall and CollectionsCollection PeriodCollection ActivityCollection AccountCollection Amount Received Recoveries"Excess of Required Reserve AccountPayments from Guarantor Sale ProceedsInvestment IncomeAll Fees%Other Amounts Received in Collection Total Available FundsWaterfall ActivityWaterfall for Distribution Amount DueAmount Remaining Contact EmailConsolidation LoansBal after WaterfallSubsidized Stafford LoansUnsubsidized Stafford Loans 30-59 Days Delinquent 60-89 Days Delinquent 150-179 Days Delinquent 120-149 Days Delinquent 180-209 Days Delinquent 210-239 Days Delinquent4 Year2 YearForeign VocationalGrad / PLUS Loans&й@Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor Borrower RecoveriesCumulative Net LossTotal Fees and Program ExpensesBorrower Payments) Current Period Defaults and Write-offs% Cumulative Defaults and Write-offsServicing FeesIndenture Trustee Fees Other FeesRemarketing FeesCredit Enhancement FeesArbitrage Analysis Fees www.vsac.org"Excess Earnings Rebate paid to IRS,Consolidation Rebate Fee paid to Dept. of Ed'Excess Interest returned to Dept. of EdTaxable IRS Status % of Pool In School Grace Allowance for Bad Debt Student Loan Fees Prepaid Expenses Deferred Bond Issuance Costs( Accrued Interest Receivable on Loans# Borrower Benefit Rebates Payable) Accrued Yield and Rebate - US Treasury Due to US Dept. of Ed) Accounts Payable and Other Liabilities Due To/From Operations PrincipalReduced Payment Claim Filed HEAL LoansOther / Unknown (a)CIncludes Consolidation loans for which no School Code is maintained 240-269 Days Delinquent 270+ Days Delinquent 1-29 Days DelinquentIn Grace In School Repayment Forbearance Portfolio Summary - FFELP Notes/Bonds&Weighted Average Payments Made - FFELPFunds and Accounts - Trust Balance Sheet and Parity - Trust Portfolio by Loan Status - FFELPDelinquency Status - FFELPPortfolio by Loan Type - FFELP Portfolio by School Type - FFELP.Total Repayment includes Reduced Payment loansinvestorrelations@vsac.orgCumulative Default Rate - FFELP Repayment ForbearanceW.A. Time until (a)Current StatusConversion to RepaymentmonthsTotal Not ConvertedW.A. Time sinceTotal Converted=W.A. Time until Conversion to Repayment includes Grace period!Student Loans Receivable ActivityBeginning Balance Interest CapsConsolidation PaymentsClaim PaymentsBorrower Benefit RebatesSchool Refunds Write-offs Miscellaneous AdjustmentsEnding Balance(a) Footnotes:%Reserve Account - Beginning of PeriodReserve Account - End of Period'Student Loan Asset-Backed Notes, 2012-1Monthly Servicing Report2012-12012-1 A2012-1 BDepartment Reserve FundCollection FundSecond: Trustee FeesThird: Servicing FeesFourth: Administration FeesFifth: Noteholders' InterestSeventh: Noteholders' Principal0Remaining Amount Available for Release to IssuerReserve Fund RequirementSixth: Reserve Fund Requirement+Weighted Average Maturity (WAM) (in months) 90-119 Days Delinquent 924279AC6 924279AD4Loan TransfersRateNon-Guaranteed FFELPAcquisition Fund Temp COI Fund&Available Funds at Beginning of PeriodDebt Service Reserve FundXFirst: Department of Education, Guaranty Agency, and Rebate Fees to the DOE Reserve FundAdministration Fees!Eighth: Class B Carry Over Amount( Cumulative Purchases and OriginationsCumulative Default Rate (1)Recovery Rate (2)Cumulative Net Loss (3)* Cumulative Purchases and OriginationsU Loans for which claims have been filed but not yet paid as of Distribution Dates3) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) - (Payments from Guarantor + Borrower Recoveries) /W2) (Payments from Guarantor + Borrower Recoveries) / Cumulative Defaults and Write-offsg1) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) / Cumulative Purchases and Originations7Fees and Program Expenses for Current Collection PeriodAfter WaterfallParity4/1/14 - 4/30/14Refunds to Borrowers?; ;t4<<O==>p?XF@@ABjtCARD D E F GY HY I IJKNLh>M NP}PJccB g2 (+T`sp}3Þף  dMbP?_*+%D y A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(?)?MC odXXLetter"7XX??&U} Y} Y} $Y} Y} m Y} $Y}  Y} $Y} $Y} $Y} $Y} $Y} Y} Y} mY} Y} $ Y;;      ; @   ; n n de ^T ^^_ ]] `a Z ZZ[ ]]  XX `a~ \`g@ ZZ[ ]]  XX `a Y ZZ[  XX PDQ o RRS bc Uc VVW \\ p qrrrrrrrrrrs\ " ^\\\\\\\\\\\t\  u l l lh  l l l l l mF m v* \^ \ Z Zg;*kq?c`1Ac #sA~ c3< c33cƻ_A gp]sA glk8)A &KE7?~  $ @ \^ \ w #g<|x #?*d\mAd\mAdAdh\mAh\mA  'V-?~  x S@ \"_]y[zjjjjkk({\ _ N$ |}~irAi #G)A~ iUQRAi33cƻ_A ip]VA ilyA %?  \  `J``    JJ U aaaaaaaaaaaJ "JJJJJJJJJJJJJJ p rrrrrrsJQQQQQ "^\\\\\\tJQQQQQ    JQQQQQ ^ ) \\\~  G&(~ _8LJQQQQQ ^ \ \\\fff,dA0\B45AQfAJQQQQQ ^ ) \\\JQQQQQ ^ ) \\\JQQQQQ "^\\\\JQQQQQ D lDRRD662&&22&2&Tlp&ptZZ !"# $ %;&'()*+,-./0123456 789:;<=>? ^ M \\\ GpA @b# Q.pA JQQQQQ "!^\\\\JQQQQQ " "``````JQQQQQ #U #aaaaaaJQQQQQ "$YYYYYYYYJYQQQ %p%rrrrrrrs % p % sQ &^\\\\ &M4&J &M4 &K& ^JtQ ' 'M 'J 'M 'K' Q ( (%(= ( ( ( = A( Q)^ )\& )\\\)= A)>ף0Oda)zJA)zJA ) ) ~ ) + ) Q*^ *\l *\\\*K>KK * Z* * R9U* Q+^ +\p +\\\+GcA+>p= +p=, cA+p=, cA + + + G5@+ Q,^ ,\, ,\\\,> , , ~ , [, Q-^ -\- -\\\-ףpU->LѨ>A-㣸㣸 - - ~ - - Q.^ .\m .\\\.> . 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