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Warning TextXTableStyleMedium2PivotStyleLight1683ffff̙̙3f3fff3f3f33333f33333\` ^FFELP RCollection and Waterfallu Balance SheetIncome Statement  ;S   ;   ;3  ;  ; 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 BorrowersReserve AccountReserve Amt Required Total AssetsSenior Parity %Total Parity % Current Deferment # of Loans BeginningEnding % of BalanceTotal PortfolioTotalAssets Loans Receivable Liabilities Bonds PayableTotal LiabilitiesMaturityAverage Borrower Indebtedness" Accrued Interest on Investment Total Accounts/Funds Balance# Accrued Interest on Senior Bonds Total Liabilities and Net Assets Balance Sheet Proprietary$Monitoring Waterfall and CollectionsCollection PeriodCollection Activity$Principal and Interest DistributionsCollection AccountCollection Amount ReceivedInterest Shortfall RecoveriesInterest Carryover DueInterest Carryover PaidInterest CarryoverPayments from Guarantor Sale ProceedsTotal Distribution AmountInvestment IncomeAll Fees%Other Amounts Received in Collection Total Available FundsWaterfall ActivityWaterfall for Distribution Amount DueAmount Remaining Contact EmailConsolidation Loans As of DateBal after WaterfallSubsidized Stafford LoansUnsubsidized Stafford Loans(Student Loan Backed Reporting Mixed Deal 30-59 Days Delinquent 60-89 Days Delinquent 90-119 Days Delinqent 150-179 Days Delinquent 120-149 Days Delinquent 180-209 Days Delinquent 210-239 Days Delinquent4 Year2 YearForeign VocationalGrad / PLUS Loans&й Cash and Equivalents Operating Revenue Loan Acquisition Total Cash and Equivalents Receivables Investment Interest Student Loans Allowance for Bad Debt Contra SLR - Alt Fees" Deferred Subsidized Fees Student Loan Interest Total Receivables Other Assets Def Bond Issuance, Net Prepaid Expenses Total Other AssetsLiabilities and Net Assets Liabilities Senior Bonds Payable Bond Interest Payable" VT Value Rebates Payable% Accrued Yield - US Treasury' Accrued Rebates - US Treasury+ Due To US Department of Education0 Accounts Payable and Other Liabilities! Due To/From Other Funds Total Liabilities Net Assets' Restricted by Bond Resolution Total Net Assets@Cumulative Recoveries (including reimbursements and collections) Borrower RecoveriesCumulative Net Loss0Fees and Program Expenses Due for Current PeriodTotal Fees and Program Expenses*Available Funds at Beginning of Period (a)Borrower 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 IRSAccrued Interest Carryover,Consolidation Rebate Fee paid to Dept. of Ed'Excess Interest returned to Dept. of EdExempt IRS Status % of Pool In School GraceRate(a)Loan Acquisition Fund Revenue Fund Debt Service Reserve Allowance for Bad Debt Student Loan Fees Prepaid Expenses Deferred Bond Issuance Costs# 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 FiledOther / 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 *Weghted Average Maturity (WAM) (in months)Interest Accrued Interest Due Interest PaidPortfolio Summary - FFELP Notes/BondsFunds and Accounts - Trust Balance Sheet and Parity - Trust Portfolio by Loan Status - FFELPDelinquency Status - FFELPPortfolio by Loan Type - FFELP Portfolio by School Type - FFELPQuarterly Distribution ReportStudent Loan Backed ReportingTotal Repayment (a) Cap IntCapitalized Interest Account!Capitalized Interest Amt RequiredDebt Service Account(a) Footnotes:ARemaining Amount Released to Corporation if parity conditions met.Total Repayment includes Reduced Payment Loans2008 C2008 C12008 C2 92428C FK 5 92428C FL 32008 C Indenture Rehab Default ReserveNon-Guaranteed FFELLast result in periodRehab Default Reserve FIB SAP- Student Loan Accrued Interest and SubsidyLoan Purchases and OriginationsAFirst: Fees and Program Expenses transferred to Operating Account investorrelations@vsac.orgOSecond: Semi-Annual Interest Due transferred to Debt Service - Interest Account 2008C TrustQuarterly Income StatementBond Direct Contribution Revenue# Federal Interest Benefits$ Special Allowance Payments! Interest on Investments) Interest and Fees/Student Loans Other Income Total Revenue Bond Expenses Bond/Note Interest, Lender Fees and Consolidation Fees! SAP Int Returned to DOE! VT Value Rebate Expense& Fees Paid on Borrower Behalf! Yield Exp - US Treasury Yield Analysis" Rebate Exp - US Treasury Rebate Analysis Bad Debt Expense Credit Enhancement Auction Agent Remarketing Trustee Fees Total Interest ExpensesTotal Direct ContributionAdministrative Expense Salaries and Benefits! Other General and Admin$ Other Loan Finance Expense' Amortization of Bond Issuance! Subsidy Transfer to OpsTotal Administrative TransfersBEGINNING NET ASSETSNET SURPLUS/(DEFICIT)ENDING NET ASSETS Rating Agency Fees*Periodic Principal Distribution Amount DuePrincipal ShortfallPeriodic Principal Paid (a)7Principal Distributions are voluntary early retirementsWeighted Average Payments Made Repayment ForbearanceConversion to RepaymentW.A. Time sinceTotal Not ConvertedTotal ConvertedW.A. Time until (a)months=W.A. Time until Conversion to Repayment includes Grace period!Student Loans Receivable ActivityBeginning Balance Interest CapsClaim PaymentsConsolidation Payments DisbursementsRefunds to BorrowerBorrower Benefit RebatesSchool Refunds Write-offs Miscellaneous AdjustmentsEnding Balance' Excess SAP due to the Department (a)$Assets to Exclude for Parity ! Non-Guaranteed FFEL Loans (b)UEffective 3/31/12 Non-Guaranteed FFEL loans are excluded from Total Assets for ParitygEffective 3/31/12 Student Loan Accrued Interest and Subsidy is shown net of Excess SAP due to the Dept. 9/30/201210/1/12 - 12/31/12 12/31/201210/1/2012- 12/31/2012Cumulative Default Rate - FFELPU Loans for which claims have been filed but not yet paid as of Distribution Date( Cumulative Purchases and OriginationsCumulative Default Rate (1) Payments from GuarantorRecovery Rate (2)Cumulative Net Loss (3)g1) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) / Cumulative Purchases and OriginationsW2) (Payments from Guarantor + Borrower Recoveries) / Cumulative Defaults and Write-offss3) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) - (Payments from Guarantor + Borrower Recoveries) /* Cumulative Purchases and Orig<sinationsThird: For the 12 months preceding a stated maturiry, equal installments of maturity amount transferred to Debt Service - Principal Account ]Fourth: Transfer to Debt Service Reserve Account if necessary to increase to minimum required aFifth: Transfer to Retirement Account for non-scheduled retirement of bond principal and interest N/A2; <t<1==&'>>_?-t@.AAYB.gC]D6E uF G uH fI IEJBK6vL?M0NNbO PbQQ StSRTIUFVLWXoY[ccB g2 $ao~&$  dMbP?_*+%_ A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(?)?MS o1XXLetter"1XX??&U} J} m J}  J} mJ} J} IJ} J} J} mJ} J} IJ} J} J} J} mJ} J} $ J ; ;             ; @     ;   hi j\ jjk rr de l llm rr  WW de~ n@'@ llm rr  WW de l llm  WW I   fg o ppq KK r sssssssssst MKKKKKKKKKKKu  l l m  l l m l l mL l +M K  /nR?6Q`fAQQQv@ M K  /nR?n 3nY zr@NAn>n>  m&l?~  `@M K  /nR?nwAwAnV@nwAnwA  ۛ) ?~  @M K  /nR?ngAgAnV@ngAngA  ۛ) ?~  m@M K  /nR?nllnR@nlnl  ) V?~  #@M K  a2U0*S?6n`fAnnnv@ M K  a2U0*S?n 3nTr@NAn>n>  m&l?~  `@M K  a2U0*S?nwAwAn/w @nwAnwA  ۛ) ?~  @M K  a2U0*S?ngAgAn/w @ngAngA  ۛ) ?~  m@M K  a2U0*S?nllnPz溙@nlnl  ) V?~  #@ wLjkjkj w D% hקAh$hH{@h^AiN"hN"?   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