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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 Pool In School GraceTotal Not ConvertedW.A. Time since Claim FiledTotal ConvertedMatdate!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 Interest Only Repayment, net of Refunds Due2012A-1 92428C GS 7 92428C GT 5 92428C GU 2 92428C HF 4 92428C GV 0 92428C GW 8 92428C HG 2 92428C GX 6 92428C GY 4 92428C GZ 1 92428C HA 5 92428C HB 3 92428C HC 1 92428C HD 9 92428C HE 72012 A Indenture2012 A 2012A-1 TrustImmediate RepaymentDeferred Repayment&Portfolio by Original Repayment OptionProgram ExpensesU Loans for which claims have been filed but not yet paid as of Distribution Date( Cumulative Purchases and Originati<onsCumulative 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 Originations2013A-1 92428C HK 3 92428C HL 1 92428C HM 9 92428C HN 7 92428C HP 2 92428C HQ 0 92428C HR 8 92428C HS 6 92428C HT 4 92428C HU 1 92428C HV 9 92428C HW 7Principal Paid/(Issued)%Cumulative Defaults and Write-offs($)2012A Master Indenture 2012A Trust 12/31/2013) Debt Service Retirement Account Temporary COI Net Assets+ Debt Service Account - Retirement) Accrued Yield and Rebate - US TreasurySOther Amounts Received in Collection - Transfer of remaining 2012 Acquisition Funds,Principal and Interest Distributions 2012A-1,Principal and Interest Distributions 2013A-1/W.A. 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