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Due To/From Other Funds Total Liabilities' Restricted by Bond Resolution Total Net Assets@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-offs 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$Debt Service Fund - Interest Account%Debt Service Fund - Principal Account&Debt Service Fund - Retirement AccountDebt Service Reserve Fund4Fourth: To the Debt Service Fund - Principal AccountFFirst: To the Rebate Fund for Rebate or Excess Earnings Tax ComplianceiFifth: To the Debt Service Reserve Fund if necessary to restore the Debt Service Reserve Fund RequirementEServicing Fees, Indenture and Program Expenses Due for Current PeriodIndenture Expenses<�Sixth: To the Operating Fund for payment of Program ExpensesISeventh: To the Student Loan Fund during any applicable Recycling Period TEighth: To the Debt Service Retirement Account (after any Recycling Period end date) _Ninth: Released to the Corporation if Senior Parity Percentage conditions are met after release !Servicing and Administrative Fees Debt Service Reserve Cap Int! Debt Service - Interest" Debt Service - Principal FIB SAP Bond Premium/Discount Notes Payable Revenue Account" Loan Acquisition Account Cap Interest Account& Debt Service Reserve Account) Debt Service Account - Interest* Debt Service Account - Principal! Accrued Interest on Investment Deferred Bond Issuance Costs Total Accounts/Funds Balance Prepaid Expenses Allowance for Bad Debt Unearned Student Loan Fees Bond Discount/Premium Due To/From other FundsTotal Repayment (a)investorrelations@vsac.org 1-29 Days Delinquent 240-269 Days Delinquent 270+ Days Delinquent Portfolio by Current Loan StatusSemi-Annual Interest DueSemi-Annual Interest Paid 650 - 699 700 - 749 750 - 799Quarterly Income StatementBond Direct Contribution Revenue# Federal Interest Benefits$ 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! 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Time sinceTotal 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 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 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) 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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