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Warning TextXTableStyleMedium2PivotStyleLight1683ffff̙̙3f3fff3f3f33333f33333\`kPrivate Collection and Waterfall Balance Sheet$'Income Statement  ;7  ;   ;3  ;   ;  ; 8bZ 3 A@@   PIssuer Deal NameDistribution DateWebsiteClassCollection Period CUSIP Beg Princ BalPrincipal Paid End Princ BalOriginal Balance% of Securities (a) Footnotes (b) FootnotesPortfolio SummaryPrincipal Balance Beg Balance End BalanceActivityAccrued InterestTotal Pool BalanceTotal Accounts BalanceTotal Trust AssetsWeghted Average Maturity (WAM)Weighted Average Coupon (WAC)Number of LoansNumber of BorrowersFunds and Accounts Total Assets Repayment CurrentClaims in Progress Claims Denied # of Loans BeginningEnding % of BalanceTotal PortfolioBalancePortfolio by School TypeTotal%Monthly/Quarterly Distribution ReportOvercollateralization Amount3Specified Overcollateralization Amount (no Trigger)Balance Sheet and ParityAssets Loans Receivable Liabilities Bonds PayableTotal Liabilities( Accrued Interest Receivable on Loans Total BalanceAverage Borrower IndebtednessRate# Accrued Interest on Senior Bonds Total Liabilities and Net Assets Balance Sheet Proprietary Total Balance$Monitoring Waterfall and CollectionsCollection PeriodCollection Activity$Principal and Interest DistributionsCollection Amount ReceivedInterest Shortfall RecoveriesInterest Carryover DueInterest Carryover PaidInterest CarryoverTotal Distribution AmountInvestment Income%Other Amounts Received in Collection Total Available FundsWaterfall ActivityWaterfall for Distribution Amount DueAmount Remaining Contact EmailDelinquency Status"Distribution by FICO Credit Scores Less than 650800 + As of DateBal after WaterfallCumulative Default Rate 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 VocationalOther / Unknown&й Cash and Equivalents 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 Education! Due To/From Other Funds Total Liabilities Net Assets' Restricted by Bond Resolution Total Net Assets@Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor Borrower RecoveriesCumulative Net LossBorrower Payments) Current Period Defaults and Write-offs% Cumulative Defaults and Write-offs Other Fees www.vsac.orgAccrued Interest CarryoverExempt IRS Status PrincipalIn School DeferredInterest Only Repayment Notes/Bonds-Student Loan Backed Reporting - Private Loans Revenue Fund&Available Funds at Beginning of PeriodeSecond: To the Operating Fund for payment of Servicing and Administrative Fees and Indenture Expenses2Third: To the Debt Service Fund - Interest Account%Debt Service Fund - Principal Account&Debt Service Fund - Retirement AccountDebt Service Reserve Fund4Fourth: To the Debt Service Fund - Principal AccountFFirst: To the Rebate Fund for Rebate or Excess Earnings Tax ComplianceiFifth: To the Debt Service Reserve Fund if necessary to restore the Debt Service Reserve Fund RequirementEServicing Fees, Indenture and Program Expenses Due for Current PeriodIndenture Expenses!Servicing and Administrative FeesProgram Expenses Debt Service Reserve Cap Int! Debt Service - Interest" Debt Service - Principal FIB SAP Bond Premium/Discount Notes Payable Revenue Account" Loan Acquisition Account Cap Interest Account& Debt Service Reserve Account) Debt Service Account - Interest* Debt Service Account - Principal! Accrued Interest on Investment Deferred Bond Issuance Costs Total Accounts/Funds Balance Prepaid Expenses Allowance for Bad Debt Unearned Student Loan Fees Bond Discount/Premium Due To/From other FundsTotal Repayment (a)investorrelations@vsac.org 1-29 Days Delinquent 240-269 Days Delinquent 270+ Days Delinquent Portfolio by Current Loan StatusSemi-Annual Interest DueSemi-Annual Interest Paid 650 - 699 700 - 749 750 - 799Quarterly 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/ Amortization of Bond Discount/Premium, 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 ASSETSPortfolio Interest RatesFixed Rate Loans ForbearanceInterim/Grace(a) 2Interim/Grace status loans are not fully disbursedSemi-Annual Interest AccruedSenior Parity % (a)Total Parity % (a) Rating Agency FeesNParity calculation excludes non-cash items as outlined in the Master IndentureWeighted Average Payments MadeW.A. Time until (a) % of PoolConversion to Repayment In Schoolmonths GraceTotal Not ConvertedW.A. Time sinceTotal Converted=W.A. Time until Conversion to Repayment includes Grace period2011A-1 92428C GD 0 92428C GE 8 92428C GF 5 92428C GG 3 92428C GH 1 92428C GJ 7 92428C GK 4 92428C GL 2 92428C GM 0 92428C GN 8 92428C GP 3 92428C GQ 1 92428C GR 9 92428C GC 2Matdate2011 A Indenture2011 A 2011A-1 Trust!Student Loans Receivable ActivityBeginning Balance Interest CapsClaim PaymentsConsolidation Payments DisbursementsRefunds to BorrowerBorrower Benefit RebatesSchool Refunds Write-offs Miscellaneous AdjustmentsEnding BalanceWeighted Average FICO ScoreAvailable FundsCapitalized Interest Fund*Periodic Principal Distribution Amount DuePrincipal Shortfall+Principal and Interest Distribution SummaryPeriodic Principal PaidCollateral Pool Characteristics Amount ($)Original Pool Balance<Cumulative original pool balance acquired through prefunding .;Cumulative original pool balance acquired through recycling .JCumulative original pool balance acquired through additional note issuance .FCumulative original pool balance removed through loan sales / buybacks ..Cumulative Interest Capitalized on above loansEnding Original Pool Balance1$Cumulative Entered Repayment BalanceCurrent amount in repayment ($)>Cumulative Principal Collections (Scheduled and Voluntary) ($)KIncludes loans in Repayment and Inter<est Only Repayment, net of Refunds Due&Portfolio by Original Repayment OptionImmediate RepaymentDeferred RepaymentU Loans for which claims have been filed but not yet paid as of Distribution Date( Cumulative Purchases and OriginationsCumulative Default Rate (1)Recovery 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 OriginationsInterest Accrual(Debt Service Fund - Interest Account (a)Excluded from Available Funds&Cumulative Defaults and Write-offs ($)) Debt Service Retirement Account+ Debt Service Account - Retirement) Accrued Yield and Rebate - US TreasuryReduced Payment ForbearanceReduced Payment%Remaining amounts in Retirement Fund LSixth: To the Debt Service Fund - Interest Account for any Subordinate BondsOSeventh: To the Debt Service Fund - Principal Account for any Subordinate BondsLEighth: To the Operating Fund for payment of Subordinate Administrative Fees;Ninth: To the Student Loan Fund during any Recycling Period5Tenth: To the Debt Service Fund - Retirement Account LEleventh: To the Statefor any unreimbursed amounts appropriated by the StateITwelfth: Released to the Corporation is certain parity conditions are met!Total Fees and Indenture Expenses 9/30/201510/1/15 - 12/31/15 12/31/201510/1/2015- 12/31/2015N/ARkC CtaDDE;FFGSzH&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&= ףp=?' ףp= ?(Q?)ףp= ?MS o/XXLetter"/XX??&cU} T} T} $T} T} mT} $T} T} IT} T} mT} IT} $T} T} m T} mT} T} $ T ; ;             ; @     )  a         ~  @      L    M      UU  ~~~~~~~~~~ WUUUUUUUUUUU     5   9  S W   <@[A[[[[[R@ W   <@\A\\\\\@ W   <@\.A\.A\\.A\\ @ W   @\.A\.A\88r@\\.A\.A  qq?~  @W   @\\5A\\5A\8㨤@\\\5A\\5A  >>?~  @W   @\`6A\`6A\UUUUU@\\`6A\`6A  UUUUUU?~  7@W   @\`6A\`6A\"@\\`6A\`6A  UUUUUU?~  d@W   @\`6A\`6A\UUUUՄ@\\`6A\`6A  UUUUUU?~  @W   @\0A\0A\qG?@\\0A\0A  II?~  @W   0@\0A\0A\@\j@\.A\.A  qq?~  @W   <@\O"A\@\\@\\`@ W   <@\A\\\\\ I@ W   <@\A\\\\\v@ W   <@\0AA\\\\\@ tttttt  K( r8lArhMcArqH@r1As*aAr*aA?   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