Exhibit 99.1

ANNEX A

The Trust Student Loan Pool as of April 30, 2021

The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by Student Loan Marketing Association by employing several criteria, including requirements that each trust student loan as of the original statistical cutoff date (and with respect to each additional trust student loan as of its related subsequent cutoff date):

•

was guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP;

•

contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;

•

was 90 days or more past the final disbursement;

•

was not more than 210 days past due;

•

did not have a borrower who was noted in the related records of the servicer as being currently involved in a bankruptcy proceeding; and

•

had special allowance payments, if any, based on the three-month commercial paper rate or the 91-day Treasury bill rate.

No trust student loan as of the applicable cutoff date was subject to any prior obligation to sell that loan to a third party.

Unless otherwise specified, all information with respect to the trust student loans is presented as of April 30, 2021, which is the statistical disclosure date.

The following tables provide a description of specified characteristics of the trust student loans as of the statistical disclosure date. The aggregate outstanding principal balance of the loans in each of the following tables includes the principal balance due from borrowers, plus accrued interest of $2,127,358 to be capitalized as of the statistical disclosure date. Percentages and dollar amounts in any table may not total 100% or whole dollars due to rounding. The following tables also contain information concerning the total number of loans and total number of borrowers in the portfolio of trust student loans. For ease of administration, the servicer separates a consolidation loan on its system into two separate loan segments representing subsidized and unsubsidized segments of the same loan. The following tables reflect those loan segments within the number of loans. In addition, 8 borrowers have more than one trust student loan as of the statistical disclosure date.

The distribution by weighted average interest rate applicable to the trust student loans on any date following the statistical disclosure date may vary significantly from that in the following tables as a result of variations in the effective rates of interest applicable to the trust student loans and in rates of principal reduction. Moreover, the information below about the weighted average remaining term to maturity of the trust student loans as of the statistical disclosure date may vary significantly from the actual term to maturity of any of the trust student loans as a result of prepayments or the granting of deferment and forbearance periods.

The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of trust student loans.

		2003-12
	A-1

Percentages and dollar amounts in any table may not total 100% of the trust student loan balance, as applicable, due to rounding.

COMPOSITION OF THE TRUST STUDENT LOANS AS OF THE STATISTICAL DISCLOSURE DATE
Aggregate Outstanding Principal Balance	$	478,667,739
Aggregate Outstanding Principal Balance – Treasury Bill	$	64,325,155
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill		13.44	%
Aggregate Outstanding Principal Balance – One-Month LIBOR	$	414,342,584
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR		86.56	%
Number of Borrowers		16,665
Average Outstanding Principal Balance Per Borrower	$	28,723
Number of Loans		29,208
Average Outstanding Principal Balance Per Loan – Treasury Bill	$	37,204
Average Outstanding Principal Balance Per Loan – One-Month LIBOR	$	15,079
Weighted Average Remaining Term to Scheduled Maturity		169 months
Weighted Average Annual Interest Rate		4.95	%
Aggregate Outstanding Principal Balance of Rehabilitated Loans	$	40,398
Percentage of Aggregate Outstanding Principal Balance of Rehabilitated Loans		0.01%

We determined the weighted average remaining term to maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum.

The weighted average annual borrower interest rate shown in the table is exclusive of special allowance payments. The weighted average spread for special allowance payments to the 91-day Treasury bill rate was 3.10% as of the statistical disclosure date.

The weighted average spread for special allowance payments to the one-month LIBOR rate was 2.64% as of the statistical disclosure date. See “Special Allowance Payments” in Appendix A to the preliminary remarketing memorandum.

For these purposes, the 91-day Treasury bill rate is the weighted average per annum discount rate, expressed on a bond equivalent basis and applied on a daily basis, for direct obligations of the United States with a maturity of thirteen weeks, as reported by the United States Department of the Treasury.

		2003-12
	A-2

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY BORROWER INTEREST RATE AS OF THE STATISTICAL

DISCLOSURE DATE

Interest Rates	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Less than or equal to 3.00%		2,445	$	27,370,065		5.7	%
3.01% to 3.50%		4,165		50,664,054		10.6
3.51% to 4.00%		5,628		80,037,926		16.7
4.01% to 4.50%		9,144		126,752,978		26.5
4.51% to 5.00%		4,004		68,031,535		14.2
5.01% to 5.50%		699		16,266,624		3.4
5.51% to 6.00%		340		7,943,841		1.7
6.01% to 6.50%		303		9,125,513		1.9
6.51% to 7.00%		344		10,186,388		2.1
7.01% to 7.50%		292		8,134,155		1.7
7.51% to 8.00%		808		24,084,512		5.0
8.01% to 8.50%		490		19,940,981		4.2
Greater than or equal to 8.51%		546		30,129,168		6.3

Total		29,208	$	478,667,739		100.0	%

We determined the interest rates shown in the table above using the interest rates applicable to the trust student loans as of the statistical disclosure date. Because trust student loans with different interest rates are likely to be repaid at different rates, this information is not likely to remain applicable to the trust student loans after the statistical disclosure date. See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – Sallie Mae’s Student Loan Financing Business” in the prospectus.

		2003-12
	A-3

DISTRIBUTION OF THE TRUST STUDENT LOANS BY

OUTSTANDING PRINCIPAL BALANCE PER BORROWER

AS OF THE STATISTICAL DISCLOSURE DATE

Range of Outstanding Principal Balance	Number of Borrowers		Aggregate Outstanding Principal Balance			Percent of Pool by Outstanding Principal Balance
$-5,000 to $-0,000.01		14	$	(675	)		*	%
$0.00 to $4,999.99		3,514				$	1.9	%
$ 5,000.00 to $ 9,999.99		2,485		19,812,131			3.8
$10,000.00 to $14,999.99		1,962		25,810,912			5.1
$15,000.00 to $19,999.99		1,566		27,897,179			5.7
$20,000.00 to $24,999.99		1,167		27,838,969			5.5
$25,000.00 to $29,999.99		935		26,846,177			5.4
$30,000.00 to $34,999.99		774		26,535,255			5.2
$35,000.00 to $39,999.99		640		24,440,265			5.0
$40,000.00 to $44,999.99		516		23,017,746			4.6
$45,000.00 to $49,999.99		414		21,114,837			4.1
$50,000.00 to $54,999.99		339		18,828,527			3.7
$55,000.00 to $59,999.99		299		17,577,100			3.6
$60,000.00 to $64,999.99		257		17,004,999			3.4
$65,000.00 to $69,999.99		227		15,658,882			3.2
$70,000.00 to $74,999.99		180		13,951,074			2.7
$75,000.00 to $79,999.99		152		11,941,284			2.5
$80,000.00 to $84,999.99		148		12,978,279			2.5
$85,000.00 to $89,999.99		109		8,668,350			2.0
$90,000.00 to $94,999.99		103		10,166,864			2.0
$95,000.00 to $99,999.99		93		9,175,791			1.9
$100,000.00 and above		771		125,702,197			26.3

Total		16,665	$	478,667,739			100.0	%

* Represents a percentage greater than 0.00% but less than 0.05%

DISTRIBUTION OF THE TRUST STUDENT LOANS BY SCHOOL

TYPE AS OF THE STATISTICAL DISCLOSURE DATE

School Type	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Unidentified		29,208	$	478,667,739		100.0	%

Total		29,208	$	478,667,739		100.0	%

		2003-12
	A-4

DISTRIBUTION OF THE TRUST STUDENT LOANS BY DELINQUENCY STATUS AS OF THE STATISTICAL DISCLOSURE DATE
Number of Days Delinquent	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
0-30 days		28,492	$	460,875,454		96.3	%
31-60 days		259		6,198,034		1.3
61-90 days		157		4,294,571		0.9
91-120 days		86		2,552,704		0.5
121-150 days		52		1,356,254		0.3
151-180 days		15		212,659		*
181-210 days		37		807,955		0.2
Greater than 210 days		110		2,370,108		0.5

Total		29,208	$	478,667,739		100.0	%

* Represents a percentage greater than 0.00% but less than 0.05%

		2003-12
	A-5

DISTRIBUTION OF THE TRUST STUDENT LOANS BY REMAINING TERM TO SCHEDULED MATURITY AS OF THE STATISTICAL DISCLOSURE DATE
Number of Months Remaining to Scheduled Maturity	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
0 to 3		88	$	30,702		*
4 to 12		368		355,369		0.1	%
13 to 24		796		1,831,252		0.4
25 to 36		3,949		8,325,129		1.7
37 to 48		1,822		7,673,394		1.6
49 to 60		1,529		8,198,911		1.7
61 to 72		1,090		8,323,899		1.7
73 to 84		1,032		9,169,144		1.9
85 to 96		3,214		27,347,340		5.7
97 to 108		1,510		16,433,919		3.4
109 to 120		1,297		17,065,796		3.6
121 to 132		1,718		32,708,570		6.8
133 to 144		1,543		32,749,678		6.8
145 to 156		3,168		67,263,956		14.1
157 to 168		1,470		39,231,984		8.2
169 to 180		1,022		29,707,011		6.2
181 to 192		805		27,921,231		5.8
193 to 204		550		19,486,184		4.1
205 to 216		514		20,329,310		4.2
217 to 228		352		14,488,026		3.0
229 to 240		300		12,507,353		2.6
241 to 252		205		10,123,840		2.1
253 to 264		135		7,480,170		1.6
265 to 276		130		8,370,260		1.7
277 to 288		75		4,335,696		0.9
289 to 300		139		11,058,672		2.3
301 to 312		249		23,907,654		5.0
313 to 324		24		1,507,332		0.3
325 to 336		12		994,885		0.2
337 to 348		14		1,522,593		0.3
349 to 360		49		4,858,129		1.0
361 and above		39		3,369,710		0.7

Total		29,208	$	478,667,739		100.0	%
* Represents a percentage greater than 0% but less than 0.05%.

We have determined the number of months remaining to scheduled maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools –Sallie Mae’s Student Loan Financing Business” in the prospectus.

		2003-12
	A-6

DISTRIBUTION OF THE TRUST STUDENT LOANS BY BORROWER PAYMENT STATUS AS OF THE STATISTICAL DISCLOSURE DATE
Current Borrower Payment Status	Number of Loans		Aggregate Outstanding Principal Balance			Percent of Pool by Outstanding Principal Balance
Deferral		789	$	17,175,274			3.6	%
Forbearance		1,865		50,757,936			10.6
Paid in Full		2		(50	)		0.0
Repayment
First year in repayment		165		8,075,891			1.7
Second year in repayment		167		7,926,626			1.7
Third year in repayment		213		8,147,553			1.7
More than 3 years in repayment		26,007		386,584,509			80.8

Total		29,208	$	498,667,739			100.0	%
* Of the trust student loans in forbearance status, approximately 391 loans with an aggregate outstanding principal balance of $10,306,032, representing 2.15% of the pool by outstanding principal balance, are in the Coronavirus Disaster Forbearance Program.

Current borrower payment status refers to the status of the borrower of each trust student loan as of the statistical disclosure date. The borrower:

•	may have temporarily ceased repaying the loan through a deferment or a forbearance period (this category includes the Coronavirus Disaster Forbearance Program.); or

•	may have paid the loan in full – paid in full.

•	may be currently required to repay the loan – repayment.

See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools –Sallie Mae’s Student Loan Financing Business” in the prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 142.5 calculated as the term to maturity at the commencement of repayment less the number of months remaining to scheduled maturity as of the statistical disclosure date.

		2003-12
	A-7

SCHEDULED WEIGHTED AVERAGE REMAINING MONTHS IN STATUS OF THE TRUST STUDENT LOANS BY CURRENT BORROWER PAYMENT STATUS AS OF THE STATISTICAL DISCLOSURE DATE
	Scheduled Months in Status Remaining
Current Borrower Payment Status	Deferment	Forbearance	Repayment
Deferment	17.5	-	202.9
Forbearance	-	7.6	196.4
Repayment	-	-	162.9

We have determined the scheduled weighted average remaining months in status shown in the previous table without giving effect to any deferment or forbearance periods that may be granted in the future. Of the $17,175,274 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $11,771,406 or approximately 68.5% of such loans are to borrowers who had not graduated as of that date. We expect that a significant portion of these loans could qualify for additional deferments or forbearances at the end of their current deferment periods as the related borrowers continue their education beyond their current degree programs. As a result, the overall duration of any applicable deferment and forbearance periods as well as the likelihood of future deferment and forbearance periods within this pool of trust student loans is likely to be higher than in other pools of student loans without similar numbers of in-school consolidation loans. See Appendix A to the preliminary remarketing memorandum.

		2003-12
	A-8

GEOGRAPHIC DISTRIBUTION OF THE TRUST STUDENT LOANS

AS OF THE STATISTICAL DISCLOSURE DATE

State	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Alabama		268	$	4,738,677		1.0	%
Alaska		55		719,964		0.2
Arizona		689		12,293,017		2.6
Arkansas		180		2,884,829		0.6
California		2,872		53,331,237		11.1
Colorado		437		5,062,714		1.1
Connecticut		541		7,460,827		1.6
Delaware		99		1,425,247		0.3
District of Columbia		107		1,959,841		0.4
Florida		1,795		37,344,133		7.8
Georgia		923		17,751,350		3.7
Hawaii		105		1,212,145		0.3
Idaho		101		1,359,198		0.3
Illinois		1,350		21,161,057		4.4
Indiana		862		12,776,546		2.7
Iowa		113		1,936,825		0.4
Kansas		456		5,346,300		1.1
Kentucky		207		3,471,309		0.7
Louisiana		973		17,485,591		3.7
Maine		115		1,607,522		0.3
Maryland		756		13,227,443		2.8
Massachusetts		950		11,668,910		2.4
Michigan		643		11,931,304		2.5
Minnesota		382		6,630,988		1.4
Mississippi		265		4,399,444		0.9
Missouri		579		9,340,474		2.0
Montana		67		740,890		0.2
Nebraska		40		442,934		0.1
Nevada		182		3,205,073		0.7
New Hampshire		206		2,937,815		0.6
New Jersey		899		13,370,673		2.8
New Mexico		100		2,108,688		0.4
New York		2,438		33,709,768		7.0
North Carolina		703		11,091,741		2.3
North Dakota		18		314,400		0.1
Ohio		210		4,498,289		0.9
Oklahoma		634		9,580,967		2.0
Oregon		452		7,016,715		1.5
Pennsylvania		1,224		21,325,964		4.5
Rhode Island		105		1,689,217		0.4
South Carolina		294		5,013,502		1.0
South Dakota		25		382,622		0.1
Tennessee		492		9,431,224		2.0
Texas		2,564		44,033,159		9.2
Utah		89		1,190,973		0.2
Vermont		52		510,140		0.1
Virginia		909		12,708,038		2.7
Washington		878		11,883,892		2.5
West Virginia		119		2,207,044		0.5
Wisconsin		400		4,636,526		1.0
Wyoming		23		316,080		0.1
Other		262		5,794,516		1.2

Total		29,208	$	478,667,739		100.0	%

		2003-12
	A-9

We have based the geographic distribution shown in the table on the billing addresses of the borrowers of the trust student loans shown on the servicer’s records as of the statistical disclosure date.

Each of the trust student loans provides or will provide for the amortization of its outstanding principal balance over a series of regular payments. Except as described below, each regular payment consists of an installment of interest which is calculated on the basis of the outstanding principal balance of the trust student loan. The amount received is applied first to interest accrued to the date of payment and the balance of the payment, if any, is applied to reduce the unpaid principal balance. Accordingly, if a borrower pays a regular installment before its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be less than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly greater. Conversely, if a borrower pays a monthly installment after its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be greater than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly less.

In either case, subject to any applicable deferment periods or forbearance periods, and except as provided below, the borrower pays a regular installment until the final scheduled payment date, at which time the amount of the final installment is increased or decreased as necessary to repay the then outstanding principal balance of that trust student loan.

The servicer makes available to borrowers of student loans it holds (including the trust student loans) payment terms that may result in the lengthening of the remaining term of the student loans. For example, not all of the loans sold to the trust provide for level payments throughout the repayment term of the loans. Some student loans provide for interest only payments to be made for a designated portion of the term of the loans, with amortization of the principal of the loans occurring only when payments increase in the latter stage of the term of the loans. Other loans provide for a graduated phase in of the amortization of principal with a greater portion of principal amortization being required in the latter stages than would be the case if amortization were on a level payment basis. The servicer also offers an income-sensitive repayment plan, under which repayments are based on the borrower’s income. Under that plan, ultimate repayment may be delayed up to five years. Borrowers under trust student loans will continue to be eligible for the graduated payment and income-sensitive repayment plans. These programs are applicable to the trust student loans and may be offered by the servicer to related borrowers at its discretion.

		2003-12
	A-10

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY SERVICER AS OF THE

STATISTICAL DISCLOSURE DATE

Name of Servicer	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Navient		29,208	$	478,667,739		100.0	%

Total		29,208	$	478,667,739		100.0	%

The following table provides certain information about trust student loans subject to the repayment terms described in the preceding paragraphs.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY REPAYMENT

TERMS AS OF THE STATISTICAL DISCLOSURE DATE

Loan Repayment Terms	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Level Repayment⁽¹⁾		14,712	$	189,855,953		39.7	%
Other Repayment Options⁽²⁾		11,298		187,454,287		39.2
Income-driven Repayment		3,198		101,357,499		21.2

Total		29,208	$	478,667,739		100.0	%

(1) Includes in-school and in-grace loans. (2) Includes, among others, graduated repayment and interest-only period loans.

With respect to interest-only loans, as of the statistical disclosure date, there are 231 loans with an aggregate outstanding principal balance of $6,631,571 currently in an interest-only period. These interest-only loans represent approximately 1.4% of the aggregate outstanding principal balance of the trust student loans. Interest-only periods range up to 48 months in overall length.

The servicer may in the future offer repayment terms similar to those described above to borrowers of trust student loans who are not entitled to these repayment terms as of the statistical disclosure date. If repayment terms are offered to and accepted by those borrowers, the weighted average life of the securities could be lengthened.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY LOAN

TYPE AS OF THE STATISTICAL DISCLOSURE DATE

Loan Type	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Subsidized Consolidated Loans		14,300	$	197,081,231		41.2	%
Unsubsidized Consolidated Loans		14,908		281,586,509		58.8

Total		29,208	$	478,667,739		100.0	%

		2003-12
	A-11

The following table provides information about the trust student loans regarding date of disbursement.

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY DATE OF DISBURSEMENT AS OF

THE STATISTICAL DISCLOSURE DATE

Disbursement Date	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
September 30, 1993 and earlier		41	$	2,203,568		0.5	%
October 1, 1993 through June 30, 2006		29,167		476,464,171		99.5

Total		29,208	$	478,667,739		100.0	%

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY INTEREST ONLY STATUS AS OF

THE STATISTICAL DISCLOSURE DATE

Rehabilitated Loans	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
No		29,203	$	478,627,341		100	%
Yes		5		40,398		*

Total		29,208	$	478,667,739		100.0	%
* Represents a percentage greater than 0% but less than 0.05%.

		2003-12
	A-12

Guaranty Agencies for the Trust Student Loans. The eligible lender trustee has entered into a separate guarantee agreement with each of the guaranty agencies listed below, under which each of the guarantors has agreed to serve as guarantor for specified trust student loans.

The following table provides information with respect to the portion of the trust student loans guaranteed by each guarantor.

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY GUARANTY AGENCY AS OF

THE STATISTICAL DISCLOSURE DATE

Name of Guaranty Agency	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
American Student Assistance		1,113	$	14,222,481		3.0	%
College Assist		10		523,916		0.1
Educational Credit Management Corporation		784		14,962,408		3.1
Great Lakes Higher Education Corporation		15,887		286,803,285		59.9
Illinois Student Assistance Comm		1,110		14,898,374		3.1
Kentucky Higher Educ. Asst. Auth.		1,154		13,398,484		2.8
Louisiana Office Of Student Financial Asst		162		2,284,123		0.5
Michigan Guaranty Agency		426		6,201,487		1.3
New York State Higher Ed Services Corp		3,642		48,130,742		10.1
Oklahoma Guaranteed Stud Loan Prog		616		8,370,675		1.7
Pennsylvania Higher Education Assistance Agency		2,598		36,596,488		7.6
Texas Guaranteed Student Loan Corp		1,706		32,275,278		6.7
Total		29,208	$	478,667,739		100.0	%

		2003-12
	A-13

SIGNIFICANT GUARANTOR INFORMATION

The information shown for the Significant Guarantors relates to all student loans, including but not limited to trust student loans, guaranteed by the Significant Guarantors.

We obtained the following information from various sources, including from the related Significant Guarantors and/or from the Department of Education. None of the depositor, the sellers, the servicer, their affiliates or the remarketing agents have audited or independently verified this information for accuracy or completeness.

ASCENDIUM EDUCATION SOLUTIONS, INC.

Ascendium Education Solutions, Inc. f/k/a Great Lakes Higher Education Guaranty Corporation (“Ascendium”) is a Wisconsin nonstock, nonprofit corporation, the sole member of which is Ascendium Education Group, Inc. f/k/a Great Lakes Higher Education Corporation (“Ascendium Education Group”). Ascendium’s predecessor organization, Ascendium Education Group, was organized as a Wisconsin nonstock, nonprofit corporation and began guaranteeing student loans under the Higher Education Act in 1967. Ascendium is the designated guaranty agency under the Higher Education Act for Wisconsin, Arkansas, Iowa, Minnesota, Montana, North Dakota, Ohio, South Dakota, Puerto Rico and the Virgin Islands. On January 1, 2002, Ascendium Education Group (and Ascendium directly and through its support services agreement with Ascendium Education Group), outsourced certain aspects of its student loan program guaranty support operations to Great Lakes Educational Loan Services, Inc. (“GLELSI”). Ascendium continues as the “guaranty agency” as defined in Section 435(j) of the Higher Education Act and continues its default aversion, claim purchase and compliance, collection support and federal reporting responsibilities as well as custody and responsibility for all revenues, expenses and assets related to that status. The primary operations center for Ascendium Education Group and its affiliates (including Ascendium) is in Madison, Wisconsin, which includes operational staff offices for guaranty functions. Ascendium also maintain offices in; Eagan, Minnesota; Aberdeen, South Dakota; and Indianapolis, Indiana. Ascendium will provide a copy of Ascendium Education Group’s most recent consolidated financial statements on receipt of a written request directed to 2501 International Lane, Madison, Wisconsin 53704, Attention: Chief Financial Officer.

United Student Aid Funds, Inc. (“USAF”) was organized as a private, nonprofit corporation under the General Corporation Law of the State of Delaware in 1960. USAF (i) maintained facilities for the provision of guarantee services with respect to approved education loans made to or for the benefit of eligible students attending approved educational institutions; (ii) guaranteed education loans made pursuant to certain loan programs under the Higher Education Act, as well as loans made under certain private loan programs; and (iii) served as the designated guarantor for education-loan programs under the Higher Education Act of 1965, as amended (the “Act”) in Arizona, Hawaii and certain Pacific Islands, Indiana, Kansas, Maryland, Mississippi, Nevada and Wyoming.

USAF was the sole member of the Northwest Education Loan Association (“NELA”), a guarantor serving the states of Washington, Idaho and the Northwest. Ascendium Education Group became a member of USAF effective January 1, 2017.

Effective as of December 31, 2018, NELA was dissolved, with its remaining assets going to its sole member, USAF. Immediately thereafter, USAF was merged into Ascendium. Thus, the portfolios previously held by USAF and NELA are now held by Ascendium.

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The information in the following tables has been provided to the Issuer from reports provided by or to the United States Department of Education and has not been verified by the Issuer, Ascendium, or the initial purchasers. No representation is made by the Issuer, Ascendium, or the initial purchasers as to the accuracy or completeness of this information. Prospective investors may consult the United States Department of Education Data Books and Web sites http://www2.ed.gov/finaid/prof/resources/data/opeloanvol.html and http://www.fp.ed.gov/pubs.html for further information concerning Ascendium or any other guaranty agency.

Guaranty Volume. Pursuant to the SAFRA Act, part of the Health Care and Education Reconciliation Act of 2010, Ascendium, the former USAF, and the former NELA ceased issuing new loan guarantees on June 30, 2010. The most recent year for which the United States Department of Education has issued guaranty volume information is 2009. Ascendium issued $7.0 billion in new loan guarantees in that year.

Reserve Ratio. The reserve ratios for Ascendium, the former USAF and the former NELA are as follows:

The Ascendium Portfolio*

Following are Ascendium’s reserve fund levels as calculated in accordance with 34 CFR 682.410(a)(10) for federal fiscal years 2015 through 2019:


Federal Fiscal Year	Federal Guaranty Reserve Fund Level¹
2015	1.05%
2016	1.37%
2017	1.80%
2018	2.21%
2019	0.64%

The United States Department of Education’s website at http://www.fp.ed.gov/pubs.html has posted reserve ratios for Ascendium for federal years 2015, 2016, 2017, 2018 and 2019 of 0.608%, 0.827%, 1.000%, 1.480% and 0.49% respectively. Ascendium believes the Department of Education has not calculated the reserve ratio in accordance with the Act and the correct ratio should be 1.05%, 1.37%, 1.80%, 2.21% and 0.64% respectively, as shown above and as explained in the following footnote. On November 17, 2006, the United States Department of Education advised Ascendium that beginning in Federal Fiscal Year 2006 it will publish reserve ratios that include loan loss provision and deferred revenues. Ascendium believes this change more closely approximates the statutory calculation. According to the United States Department of Education, available cash reserves may not always be an accurate barometer of a guarantor’s financial health.

¹ In accordance with Section 428(c)(9) of the Higher Education Act, does not include loans transferred from the former Higher Education Assistance Foundation, Northstar Guarantee Inc., Ohio Student Aid Commission, Puerto Rico Higher Education Assistance Corporation, Student Loan Guarantee Foundation of Arkansas, Student Loans of North Dakota, Montana Guaranteed Student Loan Program, or designated states of Arizona, Hawaii, Idaho, Indiana, Kansas, Maryland, Mississippi, Nevada, Washington, Wyoming, and certain Pacific Trust Territories. (The minimum reserve fund ratio under the Higher Education Act is 0.25 %.)

* The percentages for 2015-2018 include only the Ascendium portfolio; the percentage for 2019 include the combined

portfolios of Ascendium, USAF and NELA.

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The Former USAF Portfolio Now Held by Ascendium

Following are USAF’s reserve fund levels as calculated in accordance with 34 CFR 682.410(a)(10) for federal fiscal years 2014 through 2018:


Federal Fiscal Year	Federal Guaranty Reserve Fund Level¹
2014	0.277%
2015	0.251%
2016	0.308%
2017	0.350%
2018	0.363%

The Former NELA Portfolio Now Held by Ascendium

Following are NELA’s reserve fund levels as calculated in accordance with 34 CFR 682.410(a)(10) for federal fiscal years 2014 through 2018:


Federal Fiscal Year	Federal Guaranty Reserve Fund Level¹
2014	0.377%
2015	0.295%
2016	0.373%
2017	0.430%
2018	0.460%

Claims Rate. The claims rate for Ascendium, USAF and NELA are as follows:

The Ascendium Portfolio*

For the past five federal fiscal years, Ascendium’s claims rate has not exceeded 5%, and, as a result, the highest allowable reinsurance has been paid on all Ascendium’s claims. The actual claims rates for federal fiscal years 2015 through 2019 are as follows:


Federal Fiscal Year	Claims Rate
2015	0.96%
2016	1.00%
2017	0.35%
2018 2019	0.35% 2.00%

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The Former USAF Portfolio Now Held by Ascendium

For the past five federal fiscal years, USAF’s claims rate has not exceeded 5%, and, as a result, the highest allowable reinsurance has been paid on all USAF’s claims. The actual claims rates for federal fiscal years 2014 through 2018 are as follows:

Federal Fiscal Year	Claims Rate
2014	4.73%
2015	4.71%
2016	0.60%
2017	0.67%
2018	2.15%

As a result of various statutory and regulatory changes over the past several years, historical rates may not be an accurate indicator of current delinquency or default trends or future claims rates.

The Former NELA Portfolio Now Held by Ascendium

For the past five federal fiscal years, NELA’s claims rate has not exceeded 5%, and, as a result, the highest allowable reinsurance has been paid on all NELA’s claims. The actual claims rates for federal fiscal years 2014 through 2018 are as follows:


Federal Fiscal Year	Claims Rate
2014	1.37%
2015	0.60%
2016	1.31%
2017	0.63%
2018	1.52%

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NEW YORK STATE HIGHER EDUCATION SERVICES CORPORATION

New York State Higher Education Services Corporation (“HESC”) was organized in 1975 as an agency of the State of New York, pursuant to an act of the New York legislature, to expand educational opportunities for students. HESC administers the New York Tuition Assistance Program and a variety of state scholarships in addition to acting as a guarantee agency under the Federal Family Education Loan Program (FFELP). HESC is the designated guarantee agency for the State of New York, and guarantees all types of FFELP loans.

As a result of the March 30, 2010 enactment of the Health Care and Education Reconciliation Act of 2010 (HCERA) (HR4872), the FFELP was eliminated effective 7/1/2010. No new (first disbursed) Stafford, PLUS or consolidation loans may be disbursed through the FFELP after 6/30/2010. Existing FFELP loans will continue to be eligible for program benefits. Beginning July 1, 2010, all new Stafford, PLUS and consolidation loans will be made under the U. S. Department of Education’s Direct Loan Program.

For the FFELP, HESC will continue to have the responsibility for providing collection assistance to lenders for delinquent loans, paying lender claims for loans in default, and collection activities on loans after purchase by HESC. In addition to the FFELP, HESC continues to perform residual administrative activities of the State guaranteed loan program in which no new loans have been guaranteed since 1984.

HESC has a Federal Student Loan Reserve Fund (the “Federal Fund”) and an Agency Operating Fund to account for FFELP activity. The Federal Fund assets, and earnings on those assets, are restricted in use and are considered property of the Department of Education. The Agency Operating Fund is considered property of HESC, and its assets and earnings may be used generally for guarantee agency and other student financial aid related activities.

As of September 30, 2017, HESC had total FFELP assets of approximately $160 million (including balances for both the Federal Fund and the Agency Operating Fund) and had a total of approximately $12.1 billion in original principal amount of loans outstanding.

Guarantee Volume. As a result of HCERA, HESC has not guaranteed any loans in the last five federal fiscal years ended September 30.

Reserve Ratio. A guarantee agency’s reserve ratio is determined by dividing its Federal Fund Balance by the original principal amount of loans outstanding. HESC’s reserve ratio for each of the five federal fiscal years ended September 30, 2013 through September 30, 2017 was as follows:

	Reserve Ratio as of Close of Federal Fiscal Year
Guarantor	2013	2014	2015	2016	2017
New York State Higher Education Services Corporation	0.31%	0.29%	0.32%	0.45%	0.60%

Recovery Rates. The Department of Education calculates a guaranty agency’s recovery rate by dividing the amount recovered from borrowers during a federal fiscal year by the guaranty agency’s outstanding default loan portfolio (beginning inventory) at the end of the prior federal fiscal year. HESC’s recovery rate for each of the five federal fiscal years ended September 30, 2013 through September 30, 2017 provided below uses the Department of Education’s calculation method:

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	Recovery Rate Federal Fiscal Year
Guarantor	2013	2014	2015	2016	2017
New York State Higher Education Services Corporation	25.56%	22.74%	21.86%	24.86%	25.42%

Claims Rate. A guaranty agency’s claims rate is determined by dividing the amount of federal reinsurance claims paid by the Department of Education during a federal fiscal year by the original principal amount of loans in repayment at the end of the prior federal fiscal year. HESC’s claims rate for each of the five federal fiscal years ended September 30, 2013 through September 30, 2017 is as follows:


	Claims Rate Federal Fiscal Year
Guarantor	2013	2014	2015	2016	2017
New York State Higher Education Services Corporation	1.51%	1.52%	0.93%	0.62%	0.78%

HESC is headquartered at 99 Washington Avenue, Albany, New York 12255. Its most recent annual report is available on its web site.

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SLM STudent Loan Trust 2003-12 8-K