{"text_format":"1","workbook":"xlsx","n_sheets":3,"sheets":["FFELP","Collection and Waterfall","Balance Sheet"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":4,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"FFELP","index":0,"n_rows":170,"n_cols":13,"rows_kept":170,"cut":false,"hidden":false,"merged":[[8,3,8,6],[4,11,6,12],[6,3,6,6],[4,3,4,6],[5,3,5,6],[3,8,5,9],[3,3,3,6],[6,1,6,2],[8,1,8,2],[3,1,3,2],[4,1,4,2],[5,1,5,2],[95,4,95,5],[102,4,102,5],[89,4,89,5],[157,7,157,8],[143,7,143,8],[124,7,124,8],[109,7,109,8],[90,4,90,5],[94,4,94,5],[157,9,157,10],[109,9,109,10],[157,5,157,6],[124,5,124,6],[109,5,109,6],[143,9,143,10],[124,9,124,10],[143,5,143,6]]}
["Student Loan Asset-Backed Notes, 2012-1"]
["Monthly Servicing Report"]
[]
[null,"Issuer",null,"Vermont Student Assistance Corporation"]
[null,"Deal Name",null,"2012-1"]
[null,"Distribution Date",null,"2019-11-29"]
[null,"Collection Period ",null,"10/1/19 - 10/31/19"]
[null,"Contact Email",null,"investorrelations@vsac.org"]
[null,"Website",null,"www.vsac.org"]
[]
[]
["Notes/Bonds"]
[]
[null,"Class","CUSIP","IRS Status","Rate","Original Balance","Beg Princ Bal","Interest Accrual","Principal Paid (a)","End Princ Bal","Bal after Waterfall","% of Securities","Maturity"]
[null,"2012-1 A","924279AC6","Taxable",2.5042499999999999E-2,755000000,232921520.96000001,63917.63,3208576.7000000179,229712944.25999999,226033180.8148067,0.93678963381490454,"2034-07-28"]
[null,"2012-1 B","924279AD4","Taxable",4.8042500000000002E-2,15500000,15500000,8273.99,0,15500000,15500000,6.3210366185095457E-2,"2041-12-30"]
[]
[null,"Total",null,null,null,770500000,248421520.96000001,72191.62,3208576.7000000179,245212944.25999999,241533180.8148067,1.0000000000000002]
["(a) Footnotes"]
["(b) Footnotes"]
[]
["Funds and Accounts - Trust"]
[]
[null,null,null,null,null,"Beg Balance","Activity","End Balance"]
[null,"Debt Service Reserve Fund",null,null,null,1176783,0,1176783]
[null,"Reserve Fund Requirement",null,null,null,1176783,0,1176783]
[]
[null,"Department Reserve Fund",null,null,null,0,15008.33,15008.33]
[null,"Collection Fund",null,null,null,4154084.11,528710.00000000047,4682794.1100000003]
[null,"Acquisition Fund",null,null,null,0,0,0]
[null,"Temp COI Fund",null,null,null,0,0,0]
[]
[null,"Total Accounts Balance",null,null,null,5330867.1099999994,543718.33000000101,5874585.4400000004]
[]
["(a) Footnotes"]
["(b) Footnotes"]
[]
["Balance Sheet and Parity - Trust",null,null,null,null,null,null,null,null,null,"Student Loans Receivable Activity"]
[null,null,null,null,null,"Collection Period",null,"Collection Period","Parity"]
[null,null,null,null,null,"Beg Balance","Activity","End Balance","After Waterfall"]
[null,"Assets",null,null,null,null,null,null,null,null,"Beginning Balance",null,260637412.33000001]
[null,"    Loans Receivable",null,null,null,260637412.33000001,-3371128.4200000167,257266283.91,257266283.91,null,"Interest Caps",null,286265.83]
[null,"    Allowance for Bad Debt",null,null,null,-475226.41,0,-475226.41,-475226.41,null,"Borrower Payments",null,-2866911.3]
[null,"    Accrued Interest Receivable on Loans",null,null,null,7341697.8099999996,-70070.879999999888,7271626.9299999997,7271626.9299999997,null,"Claim Payments",null,-602364.96]
[null,"    Accrued Interest on Investment",null,null,null,0,0,0,0,null,"Consolidation Payments",null,-184314.05]
[null,"    Accrued Interest Subsidy Payments",null,null,null,-15008.330000000002,-57620.479999999996,-72628.81,-72628.81,null,"Loan Transfers",null,0]
[null,"    Student Loan Fees",null,null,null,0,0,0,0,null,"Refunds to Borrowers",null,7195.57]
[null,"    Total Accounts/Funds Balance",null,null,null,5330867.1099999994,543718.33000000101,5874585.4400000004,1191791.330000001,null,"Borrower Benefit Rebates",null,0]
[null,"    Deferred Bond Issuance Costs",null,null,null,0,0,0,0,null,"School Refunds",null,0]
[null,"    Prepaid Expenses",null,null,null,0,0,0,0,null,"Write-offs ",null,-10999.51]
[null,"Total Assets",null,null,null,272819742.50999999,-2955101.4499999881,269864641.06,265181846.95000002,null,"Miscellaneous Adjustments",null,0]
[null,null,null,null,null,null,null,null,null,null,"Ending Balance",null,257266283.91]
[null,"Liabilities"]
[null,"   Bonds Payable",null,null,null,232921520.96000001,-3208576.7000000179,229712944.25999999,226033180.8148067]
[null,"   Accrued Interest on Senior Bonds",null,null,null,17750.560000000001,46167.069999999992,63917.63,0]
[null,"   Principal of Sub Bonds Outstanding",null,null,null,15500000,0,15500000,15500000]
[null,"   Accrued Interest on Sub Bonds Outstanding",null,null,null,2171.5100000000002,6102.48,8273.99,0]
[null,"   Borrower Benefit Rebates Payable",null,null,null,149199.29,46223.50999999998,195422.8,195422.8]
[null,"   Accrued Yield and Rebate - US Treasury",null,null,null,0,0,0,0]
[null,"   Due to US Dept. of Ed",null,null,null,0,0,0,0]
[null,"   Accounts Payable and Other Liabilities",null,null,null,0,0,0,0]
[null,"   Due To/From Operations",null,null,null,39916.550000000003,137706.89000000001,177623.44,177623.44]
[null,"Total Liabilities",null,null,null,248630558.87,-2972376.75,245658182.12,241906227.05480671]
[]
[null,"Senior Parity %",null,null,null,1.1732455722758415,null,1.1765321592711915,1.1753012208311926]
[null,"Total Parity %",null,null,null,1.1000377617634385,null,1.1021453317997119,1.0998781718677819]
["(a) Footnotes"]
["(b) Footnotes"]
[]
["Portfolio Summary - FFELP"]
[]
[null,null,null,null,null,"Beg Balance","Activity","End Balance"]
[null,"Principal Balance",null,null,null,260637412.32999998,-3371128.4199999869,257266283.91]
[null,"Accrued Interest",null,null,null,7341697.8099999996,-70070.879999998957,7271626.9300000006]
[]
[null,"Total Pool Balance",null,null,null,267979110.13999999,-3441199.2999999821,264537910.84]
[]
[null,"Weighted Average Coupon (WAC)",null,null,null,5.1966073993867053E-2,null,5.1976172822019003E-2]
[null,"Weighted Average Maturity (WAM) (in months)",null,null,null,155.00460864321678,null,154.59734918835608]
[null,"Number of Loans",null,null,null,31769,-528,31241]
[null,"Number of Borrowers",null,null,null,15681,-284,15397]
[null,"Average Borrower Indebtedness",null,null,null,17089.414587079904,91.718805139360484,17181.133392219264]
[]
[]
["(a) Footnotes"]
["(b) Footnotes"]
[]
[null,"Weighted Average Payments Made - FFELP",null,null,null,null,null,"Cumulative Default Rate - FFELP"]
[]
[null,null,null,null,"W.A. Time until (a)",null,null,null,null,null,null,"2019-10-31"]
[null,"Current Status","Principal","% of Pool","Conversion to Repayment"]
[null,"    In School",41359.660000000003,1.6076595569153144E-4,-19.098402162880447,"months",null,"   Current Period Defaults and Write-offs",null,null,null,638387.46]
[null,"    Grace",91876,3.5712413847490868E-4,-2.4206103879141452,"months",null,"   Cumulative Defaults and Write-offs",null,null,null,103529758.17999999]
[null,"Total Not Converted",133235.66,5.1789009416644007E-4,null,null,null,"      Loans for which claims have been filed but not yet paid as of Distribution Date",null,null,null,466240.7]
[null,null,null,null,"W.A. Time since",null,null,"   Cumulative Purchases and Originations",null,null,null,778276142.25999999]
[null,"Current Status","Principal","% of Pool","Conversion to Repayment",null,null,"Cumulative Default Rate (1)",null,null,null,0.13362352156653656]
[null,"Repayment",239518800.82999998,0.93101512250159979,165.5809974569521,"months",null,"Cumulative Recoveries (including reimbursements and collections)"]
[null,"Reduced Payment",0,0,0,"months",null,"   Payments from Guarantor",null,null,null,101479933.98999999]
[null,"Forbearance",6408712.2599999998,2.4910812884606261E-2,155.41856073282344,"months",null,"   Borrower Recoveries",null,null,null,6984.2199999999984]
[null,"Deferment",10739294.460000001,4.1743886127561712E-2,155.06411424070401,"months",null,"Recovery Rate (2)",null,null,null,0.98026808904114071]
[null,"Claim Filed",466240.7,1.8122883920658099E-3,172.46310238466955,"months",null,"Cumulative Net Loss",null,null,null,2509080.6700000018]
[null,"Total Converted",257133048.24999997,0.99948210990583364,null,null,null,"Cumulative Net Loss (3)",null,null,null,3.223895136646485E-3]
[null,"Total Portfolio",257266283.90999997,1,null,null,null,"1) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) / Cumulative Purchases and Originations"]
[null,null,null,null,null,null,null,"2) (Payments from Guarantor + Borrower Recoveries) / Cumulative Defaults and Write-offs"]
[null,"(a) Footnotes","W.A. Time until Conversion to Repayment includes Grace period",null,null,null,null,"3) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) - (Payments from Guarantor + Borrower Recoveries) /"]
[null,null,null,null,null,null,null,"     Cumulative Purchases and Originations"]
[]
["Portfolio by Loan Status - FFELP"]
[]
[null,null,null,null,null,"# of Loans",null,"Principal Balance",null,"% of Balance"]
[null,null,null,null,null,"Beginning","Ending","Beginning","Ending","Beginning","Ending"]
[null,"In School ",null,null,null,18,13,71848.66,41359.660000000003,2.756651831281631E-4,1.6076595569153142E-4]
[null,"Repayment ",null,null,null,29381,28928,242184652.87,239518800.83000001,0.9292014170374111,0.9310151225015999]
[null,"Reduced Payment",null,null,null,0,0,0,0,0,0]
[null,"In Grace",null,null,null,17,22,61387,91876,2.3552643287555461E-4,3.5712413847490863E-4]
[null,"Forbearance ",null,null,null,647,584,6933298.3499999996,6408712.2599999998,2.6601316702843738E-2,2.4910812884606257E-2]
[null,"Deferment",null,null,null,1628,1643,10490696.050000001,10739294.460000001,4.0250154251521841E-2,4.1743886127561712E-2]
[null,"Claim Filed",null,null,null,78,51,895529.4,466240.7,3.4359203922196182E-3,1.8122883920658097E-3]
[null,"Total Portfolio",null,null,null,31769,31241,260637412.33000001,257266283.91,1,1]
["(a) Footnotes"]
["(b) Footnotes"]
[]
["Delinquency Status - FFELP"]
[]
[null,null,null,null,null,"# of Loans",null,"Principal Balance",null,"% of Balance"]
[null,null,null,null,null,"Beginning","Ending","Beginning","Ending","Beginning","Ending"]
[null,"    Current",null,null,null,25881,25926,207205494.16,210530852.97,0.85556822740218741,0.87897422766167577]
[null,"    1-29 Days Delinquent",null,null,null,2115,1291,21684711.68,13966366.75,8.9537926631709105E-2,5.8310106353249146E-2]
[null,"    30-59 Days Delinquent",null,null,null,372,717,4215362.0999999996,5989159.5800000001,1.7405570708325286E-2,2.5004966454599296E-2]
[null,"    60-89 Days Delinquent",null,null,null,324,335,3144921.29,2635959.46,1.2985634113191031E-2,1.1005229864485206E-2]
[null,"    90-119 Days Delinquent",null,null,null,202,190,1538947.68,2104365.0099999998,6.3544393162934115E-3,8.7858030463904419E-3]
[null,"    120-149 Days Delinquent",null,null,null,161,132,1369491.74,1307808.47,5.6547420481475198E-3,5.4601495392765653E-3]
[null,"    150-179 Days Delinquent",null,null,null,81,116,880506.94,1099972.3600000001,3.63568429942024E-3,4.5924259648440395E-3]
[null,"    180-209 Days Delinquent",null,null,null,120,78,1063326.03,857184.78,4.3905590936465025E-3,3.578778688894624E-3]
[null,"    210-239 Days Delinquent",null,null,null,60,81,499344.68,656224.39,2.0618345303161653E-3,2.7397615040071926E-3]
[null,"    240-269 Days Delinquent",null,null,null,47,45,542746.26,313839.32,2.241043160944371E-3,1.3102909621810835E-3]
[null,"    270+ Days Delinquent",null,null,null,18,17,39800.31,57067.74,1.6433869581886358E-4,2.3825996039661282E-4]
[null,"Total Repayment",null,null,null,29381,28928,242184652.87,239518800.83000001,1,0.99999999999999989]
["(a) Footnotes",null,"Total Repayment includes Reduced Payment loans"]
["(b) Footnotes"]
[]
["Portfolio by Loan Type - FFELP"]
[]
[null,null,null,null,null,"# of Loans",null,"Principal Balance",null,"% of Balance"]
[null,null,null,null,null,"Beginning","Ending","Beginning","Ending","Beginning","Ending"]
[null,"Unsubsidized Stafford Loans",null,null,null,8770,8580,30613251,30095718.98,0.11745532126922648,0.11698275624227716]
[null,"Subsidized Stafford Loans",null,null,null,5352,5262,11199493.24,11013311.529999999,4.2969630260985027E-2,4.2808996820791367E-2]
[null,"Grad / PLUS Loans",null,null,null,1112,1099,11519117.42,11513342.369999999,4.4195947607917993E-2,4.4752628269111763E-2]
[null,"HEAL Loans",null,null,null,99,94,243906.14,227614.53,9.3580632887493495E-4,8.8474294626040802E-4]
[null,"Consolidation Loans",null,null,null,16436,16206,207061644.53,204416296.5,0.79444329453299556,0.79457087572155927]
[null,"Non-Guaranteed FFELP",null,null,null,0,0,0,0,0,0]
[null,"Total Portfolio",null,null,null,31769,31241,260637412.33000001,257266283.91,1,1]
["(a) Footnotes"]
["(b) Footnotes"]
[]
["Portfolio by School Type - FFELP"]
[]
[null,null,null,null,null,"# of Loans",null,"Principal Balance",null,"% of Balance"]
[null,null,null,null,null,"Beginning","Ending","Beginning","Ending","Beginning","Ending"]
[null,"2 Year",null,null,null,2038,2007,5339334.45,5244990.8600000003,2.0485679328490745E-2,2.0387400868412536E-2]
[null,"4 Year",null,null,null,25065,24634,199373178.47999999,196738733.11000001,0.76494458987172675,0.76472800912701611]
[null,"Foreign",null,null,null,272,266,4102057.94,4042587.94,1.5738561487889061E-2,1.5713632888692972E-2]
[null,"Private-nonprofit Non-Degree Program",null,null,null,24,24,113322.58,112433.60000000001,4.3479015152482887E-4,4.3703200548165448E-4]
[null,"Private-nonprofit Professional Degree",null,null,null,25,25,369174.33,365775.14,1.4164287724456783E-3,1.4217764350650777E-3]
[null,"Proprietary",null,null,null,799,792,5557191.8300000001,5510374.1200000001,2.132154313657738E-2,2.1418951742342207E-2]
[null,"Public Non-Degree Program",null,null,null,12,12,38750.26,38453.58,1.486749720755256E-4,1.4946995547015517E-4]
[null,"Other / Unknown (a)",null,null,null,3534,3481,45744402.460000001,45212935.560000002,0.17550973227926997,0.17574372697751928]
[null,"Total Portfolio",null,null,null,31769,31241,260637412.33000001,257266283.91000003,1,0.99999999999999989]
["(a) Footnotes",null,"Includes Consolidation loans for which no School Code is maintained"]
["(b) Footnotes",null,"Effective April 30,  2017 School Types are reported according to the Dept. of Education Postsecondary Education Participants System (PEPS) database"]

{"sheet":"Collection and Waterfall","index":1,"n_rows":61,"n_cols":14,"rows_kept":61,"cut":false,"hidden":false,"merged":[[1,11,3,12],[3,4,3,6],[4,4,4,6],[3,1,3,3],[4,1,4,3]]}
["Student Loan Asset-Backed Notes, 2012-1"]
["Monitoring Waterfall and Collections"]
[]
[null,"Distribution Date",null,null,"2019-11-29"]
[null,"Collection Period",null,null,"10/1/19 - 10/31/19"]
[]
["Collection Activity"]
[]
[]
["Collection Account",null,null,null,null,null,null,"2019-10-31",null,"Fees and Program Expenses for Current Collection Period",null,null,null,"2019-10-31"]
[]
[null,null,"Available Funds at Beginning of Period",null,null,null,null,0,null,"Indenture Trustee Fees",null,null,null,1226.06]
[null,"Collection Amount Received",null,null,null,null,null,4042668.3099999996,null,"Remarketing Fees",null,null,null,0]
[null,"Recoveries",null,null,null,null,null,180.22,null,"Credit Enhancement Fees",null,null,null,0]
[null,"Reserve Account - Beginning of Period",null,null,null,null,null,1176783,null,"Arbitrage Analysis Fees",null,null,null,0]
[null,null,"Excess of Required Reserve Account",null,null,null,null,0,null,"Servicing Fees",null,null,null,161323.17700625001]
[null,"Reserve Account - End of Period",null,null,null,null,null,1176783,null,"Administration Fees",null,null,null,22843.0902675]
[null,null,null,null,null,null,null,null,null,"Other Fees",null,null,null,0]
[null,"Payments from Guarantor",null,null,null,null,null,627387.94999999995]
[null,"Sale Proceeds",null,null,null,null,null,0,null,null,"Total Fees and Program Expenses",null,null,185392.32727375001]
[null,"Investment Income",null,null,null,null,null,12557.630000000001]
[null,"All Fees",null,null,null,null,null,0]
[null,"Other Amounts Received in Collection "]
[null,null,"FIB/SAP Received from Dept. of Ed",null,null,null,null,0]
[null,"Consolidation Rebate Fee paid to Dept. of Ed",null,null,null,null,null,0]
[null,"Excess Interest returned to Dept. of Ed",null,null,null,null,null,0]
[null,"Excess Earnings Rebate paid to IRS",null,null,null,null,null,0]
[]
[]
[]
[null,null,"Total Available Funds",null,null,null,null,4682794.1099999994]
[]
["(a) Footnotes:"]
["(b) Footnotes"]
[]
["Waterfall Activity"]
[]
[]
["Waterfall for Distribution",null,null,null,null,null,null,null,null,null,null,"Amount Due",null,"Amount Remaining"]
[]
[null,"Total Available Funds",null,null,null,null,null,null,null,null,null,null,null,4682794.1099999994]
[]
[null,"First: Department of Education, Guaranty Agency, and Rebate Fees to the DOE Reserve Fund",null,null,null,null,null,null,null,null,null,240105.43,null,4442688.68]
[]
[null,"Second: Trustee Fees",null,null,null,null,null,null,null,null,null,1226.06,null,4441462.62]
[]
[null,"Third: Servicing Fees",null,null,null,null,null,null,null,null,null,161323.17700625001,null,4280139.4429937499]
[]
[null,"Fourth: Administration Fees",null,null,null,null,null,null,null,null,null,22843.0902675,null,4257296.35272625]
[]
[null,"Fifth: Noteholders' Interest",null,null,null,null,null,null,null,null,null,577532.90281164891,null,3679763.4499146012]
[]
[null,"Sixth: Reserve Fund Requirement",null,null,null,null,null,null,null,null,null,0,null,3679763.4499146012]
[]
[null,"Seventh: Noteholders' Principal",null,null,null,null,null,null,null,null,null,3679763.4451933,null,4.7213011421263218E-3]
[]
[null,"Eighth: Class B Carry Over Amount",null,null,null,null,null,null,null,null,null,0,null,4.7213011421263218E-3]
[]
[null,"Remaining Amount Available for Release to Issuer",null,null,null,null,null,null,null,null,null,0,null,4.7213011421263218E-3]
["(a) Footnotes"]
["(b) Footnotes"]

{"sheet":"Balance Sheet","index":2,"n_rows":52,"n_cols":5,"rows_kept":52,"cut":false,"hidden":false,"merged":[]}
[null,null,null,"Vermont Student Assistance Corporation"]
[]
[null,null,null,"2012-1 Indenture"]
[]
[null,null,null,"Balance Sheet"]
[]
[]
[]
[]
[]
[null,null,null,"2012 - 1","2012 - 1"]
[null,null,null,"2019-09-30","2019-10-31"]
[]
["Assets"]
["     Cash and Equivalents"]
[null,"          Revenue",null,4154084.11,4682794.1100000003]
[null,"          Loan Acquisition",null,0,0]
[null,"          Debt Service Reserve",null,1176783,1176783]
[null,"          Cap Int",null,0,0]
[null,"          DOE Reserve Fund",null,0,15008.33]
[null,"     Total Cash and Equivalents",null,5330867.1100000003,5874585.4400000004]
["     Receivables"]
[null,"          Investment Interest",null,0,0]
[null,"          Student Loans",null,260637412.33000001,257266283.91]
[null,"          Allowance for Bad Debt",null,-475226.41,-475226.41]
[null,"          Contra SLR - Alt Fees",null,0,0]
[null,"          Deferred Subsidized Fees",null,0,0]
[null,"          Student Loan Interest",null,7341697.8099999996,7271626.9299999997]
[null,"          FIB",null,86614.93,115044.65]
[null,"          SAP",null,-101623.26,-187673.46]
[null,"     Total Receivables",null,267488875.40000001,263990055.62]
[]
[null,"Total Assets",null,272819742.50999999,269864641.06]
["Liabilities and Net Assets"]
["     Liabilities"]
[null,"          Senior Bonds Payable",null,232921520.96000001,229712944.25999999]
[null,"          Bond Premium/Discount",null,0,0]
[null,"          Sub Bond Payable",null,15500000,15500000]
[null,"          Bond Interest Payable",null,17750.560000000001,63917.63]
[null,"          Sub Bond Interest Payable",null,2171.5100000000002,8273.99]
[null,"          Deferred Gain on Discounted Bond Refunding",null,15617905.49,15402763.300000001]
[null,"          VT Value Rebates Payable",null,149199.29,195422.8]
[null,"          Accrued Yield - US Treasury",null,0,0]
[null,"          Accrued Rebates - US Treasury",null,0,0]
[null,"          Due To US Department of Education",null,0,0]
[null,"          Due To/From Other Funds",null,39916.550000000003,177623.44]
[null,"     Total Liabilities",null,264248464.36000001,261060945.41999999]
[]
["     Net Assets"]
[null,"          Restricted by Bond Resolution",null,8571278.1500000004,8803695.6400000006]
[null,"     Total Net Assets",null,8571278.1500000004,8803695.6400000006]
[null,"Total Liabilities and Net Assets",null,272819742.50999999,269864641.06]