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{"sheet":"FFELP","index":0,"n_rows":170,"n_cols":13,"rows_kept":170,"cut":false,"hidden":false,"merged":[[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],[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],[6,1,6,2],[8,1,8,2],[3,1,3,2],[4,1,4,2],[5,1,5,2],[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]]}
["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,"2019-12-30"]
[null,"Collection Period ",null,"11/1/19 - 11/30/19"]
[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",2.4016300000000001E-2,755000000,229712944.25999999,60316.45,3679763.4499999881,226033180.81,223331456.30402294,0.93582662246230697,"2034-07-28"]
[null,"2012-1 B","924279AD4","Taxable",4.7016299999999997E-2,15500000,15500000,8097.25,0,15500000,15500000,6.4173377537693019E-2,"2041-12-30"]
[]
[null,"Total",null,null,null,770500000,245212944.25999999,68413.7,3679763.4499999881,241533180.81,238831456.30402294,1.0000000000000002]
["(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,15008.33,57620.479999999996,72628.81]
[null,"Collection Fund",null,null,null,4682794.1100000003,-1003666.9800000004,3679127.13]
[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,5874585.4400000004,-946046.50000000093,4928538.9399999995]
[]
["(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,257266283.91]
[null,"    Loans Receivable",null,null,null,257266283.91,-2672524.9199999869,254593758.99000001,254593758.99000001,null,"Interest Caps",null,234893.74]
[null,"    Allowance for Bad Debt",null,null,null,-475226.41,0,-475226.41,-475226.41,null,"Borrower Payments",null,-2267455.9]
[null,"    Accrued Interest Receivable on Loans",null,null,null,7271626.9299999997,109189.94000000041,7380816.8700000001,7380816.8700000001,null,"Claim Payments",null,-341486.54]
[null,"    Accrued Interest on Investment",null,null,null,0,0,0,0,null,"Consolidation Payments",null,-298324.59999999998]
[null,"    Accrued Interest Subsidy Payments",null,null,null,-72628.81,-83002.169999999984,-155630.97999999998,-155630.97999999998,null,"Loan Transfers",null,0]
[null,"    Student Loan Fees",null,null,null,0,0,0,0,null,"Refunds to Borrowers",null,7330.74]
[null,"    Total Accounts/Funds Balance",null,null,null,5874585.4400000004,-946046.50000000093,4928538.9399999995,1249411.8099999991,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,-7482.3600000000006]
[null,"Total Assets",null,null,null,269864641.06,-3592383.6499999762,266272257.41000003,262593130.28000003,null,"Miscellaneous Adjustments",null,0]
[null,null,null,null,null,null,null,null,null,null,"Ending Balance",null,254593758.99000001]
[null,"Liabilities"]
[null,"   Bonds Payable",null,null,null,229712944.25999999,-3679763.4499999881,226033180.81,223331456.30402294]
[null,"   Accrued Interest on Senior Bonds",null,null,null,63917.63,-3601.1800000000003,60316.45,0]
[null,"   Principal of Sub Bonds Outstanding",null,null,null,15500000,0,15500000,15500000]
[null,"   Accrued Interest on Sub Bonds Outstanding",null,null,null,8273.99,-176.73999999999978,8097.25,0]
[null,"   Borrower Benefit Rebates Payable",null,null,null,195422.8,46030.69,241453.49,241453.49]
[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,177623.44,76322.25,253945.69,253945.69]
[null,"Total Liabilities",null,null,null,245658182.12,-3561188.4300000072,242096993.69,239326855.48402295]
[]
[null,"Senior Parity %",null,null,null,1.1765321592711915,null,1.1798105078327366,1.1779279150532334]
[null,"Total Parity %",null,null,null,1.1021453317997119,null,1.1040799807675079,1.1014811899615287]
["(a) Footnotes"]
["(b) Footnotes"]
[]
["Portfolio Summary - FFELP"]
[]
[null,null,null,null,null,"Beg Balance","Activity","End Balance"]
[null,"Principal Balance",null,null,null,257266283.91,-2672524.9199999869,254593758.99000001]
[null,"Accrued Interest",null,null,null,7271626.9300000006,109189.93999999948,7380816.8700000001]
[]
[null,"Total Pool Balance",null,null,null,264537910.84,-2563334.9799999893,261974575.86000001]
[]
[null,"Weighted Average Coupon (WAC)",null,null,null,5.1976172822019003E-2,null,5.1986333736348242E-2]
[null,"Weighted Average Maturity (WAM) (in months)",null,null,null,154.59734918835608,null,153.94451615520836]
[null,"Number of Loans",null,null,null,31241,-433,30808]
[null,"Number of Borrowers",null,null,null,15397,-248,15149]
[null,"Average Borrower Indebtedness",null,null,null,17181.133392219264,112.05928452507578,17293.19267674434]
[]
[]
["(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,"2019-11-30"]
[null,"Current Status","Principal","% of Pool","Conversion to Repayment"]
[null,"    In School",66774.66,2.6227924936142206E-4,-15.396690301380792,"months",null,"   Current Period Defaults and Write-offs",null,null,null,370982.84]
[null,"    Grace",17275,6.7853195100035942E-5,-3.1418234442836468,"months",null,"   Cumulative Defaults and Write-offs",null,null,null,103900741.02000001]
[null,"Total Not Converted",84049.66,3.30132444461458E-4,null,null,null,"      Loans for which claims have been filed but not yet paid as of Distribution Date",null,null,null,288754.55]
[null,null,null,null,"W.A. Time since",null,null,"   Cumulative Purchases and Originations",null,null,null,778276141.99000001]
[null,"Current Status","Principal","% of Pool","Conversion to Repayment",null,null,"Cumulative Default Rate (1)",null,null,null,0.13387214376582898]
[null,"Repayment",237040231.64000002,0.93105279791760542,166.38069184334626,"months",null,"Cumulative Recoveries (including reimbursements and collections)"]
[null,"Reduced Payment",0,0,0,"months",null,"   Payments from Guarantor",null,null,null,101843434.43000001]
[null,"Forbearance",6686500.4800000004,2.6263410802079536E-2,162.10844901337688,"months",null,"   Borrower Recoveries",null,null,null,7164.4399999999987]
[null,"Deferment",10494222.66,4.1219481190865305E-2,156.14587826841478,"months",null,"Recovery Rate (2)",null,null,null,0.98026826247942378]
[null,"Claim Filed",288754.55,1.1341776449883116E-3,157.22016099832888,"months",null,"Cumulative Net Loss",null,null,null,2338896.700000003]
[null,"Total Converted",254509709.33000001,0.99966986755553855,null,null,null,"Cumulative Net Loss (3)",null,null,null,3.005227288632542E-3]
[null,"Total Portfolio",254593758.99000001,1,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,13,18,41359.660000000003,66774.66,1.6076595569153142E-4,2.6227924936142211E-4]
[null,"Repayment ",null,null,null,28928,28500,239518800.83000001,237040231.63999999,0.9310151225015999,0.93105279791760542]
[null,"Reduced Payment",null,null,null,0,0,0,0,0,0]
[null,"In Grace",null,null,null,22,7,91876,17275,3.5712413847490863E-4,6.7853195100035956E-5]
[null,"Forbearance ",null,null,null,584,602,6408712.2599999998,6686500.4800000004,2.4910812884606257E-2,2.6263410802079539E-2]
[null,"Deferment",null,null,null,1643,1636,10739294.460000001,10494222.66,4.1743886127561712E-2,4.1219481190865312E-2]
[null,"Claim Filed",null,null,null,51,45,466240.7,288754.55,1.8122883920658097E-3,1.1341776449883118E-3]
[null,"Total Portfolio",null,null,null,31241,30808,257266283.91,254593758.98999998,1,1]
["(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,25926,24273,210530852.97,193655620.55000001,0.87897422766167577,0.81697363865265926]
[null,"    1-29 Days Delinquent",null,null,null,1291,2837,13966366.75,29961363.670000002,5.8310106353249146E-2,0.12639779949043928]
[null,"    30-59 Days Delinquent",null,null,null,717,343,5989159.5800000001,3514131.98,2.5004966454599296E-2,1.4825044490072114E-2]
[null,"    60-89 Days Delinquent",null,null,null,335,324,2635959.46,2884331.52,1.1005229864485206E-2,1.2168109607572943E-2]
[null,"    90-119 Days Delinquent",null,null,null,190,195,2104365.0099999998,1936811.22,8.7858030463904419E-3,8.1708122144492842E-3]
[null,"    120-149 Days Delinquent",null,null,null,132,151,1307808.47,1787676.28,5.4601495392765653E-3,7.541657665585632E-3]
[null,"    150-179 Days Delinquent",null,null,null,116,107,1099972.3600000001,757411.35,4.5924259648440395E-3,3.195286069203235E-3]
[null,"    180-209 Days Delinquent",null,null,null,78,122,857184.78,1420929.71,3.578778688894624E-3,5.9944664252522661E-3]
[null,"    210-239 Days Delinquent",null,null,null,81,57,656224.39,611402.79,2.7397615040071926E-3,2.5793207582101739E-3]
[null,"    240-269 Days Delinquent",null,null,null,45,63,313839.32,363883.34,1.3102909621810835E-3,1.5351121515635388E-3]
[null,"    270+ Days Delinquent",null,null,null,17,28,57067.74,146669.23000000001,2.3825996039661282E-4,6.1875247499230805E-4]
[null,"Total Repayment",null,null,null,28928,28500,239518800.83000001,237040231.64000002,0.99999999999999989,1.0000000000000002]
["(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,8580,8452,30095718.98,29764237.699999999,0.11698275624227716,0.11690874834511984]
[null,"Subsidized Stafford Loans",null,null,null,5262,5160,11013311.529999999,10876179.23,4.2808996820791367E-2,4.2719740158387774E-2]
[null,"Grad / PLUS Loans",null,null,null,1099,1089,11513342.369999999,11474556.810000001,4.4752628269111763E-2,4.5070063207836533E-2]
[null,"HEAL Loans",null,null,null,94,90,227614.53,209620.86,8.8474294626040802E-4,8.2335427557842671E-4]
[null,"Consolidation Loans",null,null,null,16206,16017,204416296.5,202269164.38999999,0.79457087572155927,0.79447809401307745]
[null,"Non-Guaranteed FFELP",null,null,null,0,0,0,0,0,0]
[null,"Total Portfolio",null,null,null,31241,30808,257266283.91,254593758.98999998,1,1]
["(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,2007,1975,5244990.8600000003,5204373.0599999996,2.0387400868412536E-2,2.0441872104981246E-2]
[null,"4 Year",null,null,null,24634,24285,196738733.11000001,194621464,0.76472800912701611,0.76443925716044114]
[null,"Foreign",null,null,null,266,262,4042587.94,4033374.45,1.5713632888692972E-2,1.5842393254260501E-2]
[null,"Private-nonprofit Non-Degree Program",null,null,null,24,24,112433.60000000001,111698.28,4.3703200548165448E-4,4.3873141448210953E-4]
[null,"Private-nonprofit Professional Degree",null,null,null,25,25,365775.14,372872.28,1.4217764350650777E-3,1.4645774565693332E-3]
[null,"Proprietary",null,null,null,792,786,5510374.1200000001,5480411.3200000003,2.1418951742342207E-2,2.1526102374784691E-2]
[null,"Public Non-Degree Program",null,null,null,12,12,38453.58,36357.93,1.4946995547015517E-4,1.428076247596787E-4]
[null,"Other / Unknown (a)",null,null,null,3481,3439,45212935.560000002,44733207.670000002,0.17574372697751928,0.17570425860972122]
[null,"Total Portfolio",null,null,null,31241,30808,257266283.91000003,254593758.99000001,0.99999999999999989,1]
["(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,"2019-12-30"]
[null,"Collection Period",null,null,"11/1/19 - 11/30/19"]
[]
["Collection Activity"]
[]
[]
["Collection Account",null,null,null,null,null,null,"2019-11-30",null,"Fees and Program Expenses for Current Collection Period",null,null,null,"2019-11-30"]
[]
[null,null,"Available Funds at Beginning of Period",null,null,null,null,0,null,"Indenture Trustee Fees",null,null,null,1207.6659040500001]
[null,"Collection Amount Received",null,null,null,null,null,3304462.0100000002,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,159628.94236249998]
[null,"Reserve Account - End of Period",null,null,null,null,null,1176783,null,"Administration Fees",null,null,null,22617.192315]
[null,null,null,null,null,null,null,null,null,"Other Fees",null,null,null,0]
[null,"Payments from Guarantor",null,null,null,null,null,363500.44]
[null,"Sale Proceeds",null,null,null,null,null,0,null,null,"Total Fees and Program Expenses",null,null,183453.80058154996]
[null,"Investment Income",null,null,null,null,null,10984.46]
[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,3679127.1300000004]
[]
["(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,3679127.1300000004]
[]
[null,"First: Department of Education, Guaranty Agency, and Rebate Fees to the DOE Reserve Fund",null,null,null,null,null,null,null,null,null,263742.62,null,3415384.5100000002]
[]
[null,"Second: Trustee Fees",null,null,null,null,null,null,null,null,null,1207.6659040500001,null,3414176.84409595]
[]
[null,"Third: Servicing Fees",null,null,null,null,null,null,null,null,null,159628.94236249998,null,3254547.9017334501]
[]
[null,"Fourth: Administration Fees",null,null,null,null,null,null,null,null,null,22617.192315,null,3231930.70941845]
[]
[null,"Fifth: Noteholders' Interest",null,null,null,null,null,null,null,null,null,530206.20344139799,null,2701724.5059770523]
[]
[null,"Sixth: Reserve Fund Requirement",null,null,null,null,null,null,null,null,null,0,null,2701724.5059770523]
[]
[null,"Seventh: Noteholders' Principal",null,null,null,null,null,null,null,null,null,2701724.5059770499,null,0]
[]
[null,"Eighth: Class B Carry Over Amount",null,null,null,null,null,null,null,null,null,0,null,0]
[]
[null,"Remaining Amount Available for Release to Issuer",null,null,null,null,null,null,null,null,null,0,null,0]
["(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,"2019-10-31","2019-11-30"]
[]
["Assets"]
["     Cash and Equivalents"]
[null,"          Revenue",null,4682794.1100000003,3679127.13]
[null,"          Loan Acquisition",null,0,0]
[null,"          Debt Service Reserve",null,1176783,1176783]
[null,"          Cap Int",null,0,0]
[null,"          DOE Reserve Fund",null,15008.33,72628.81]
[null,"     Total Cash and Equivalents",null,5874585.4400000004,4928538.9400000004]
["     Receivables"]
[null,"          Investment Interest",null,0,0]
[null,"          Student Loans",null,257266283.91,254593758.99000001]
[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,7271626.9299999997,7380816.8700000001]
[null,"          FIB",null,115044.65,142032.81]
[null,"          SAP",null,-187673.46,-297663.78999999998]
[null,"     Total Receivables",null,263990055.62,261343718.47]
[]
[null,"Total Assets",null,269864641.06,266272257.41]
["Liabilities and Net Assets"]
["     Liabilities"]
[null,"          Senior Bonds Payable",null,229712944.25999999,226033180.81]
[null,"          Bond Premium/Discount",null,0,0]
[null,"          Sub Bond Payable",null,15500000,15500000]
[null,"          Bond Interest Payable",null,63917.63,60316.45]
[null,"          Sub Bond Interest Payable",null,8273.99,8097.25]
[null,"          Deferred Gain on Discounted Bond Refunding",null,15402763.300000001,15156026.98]
[null,"          VT Value Rebates Payable",null,195422.8,241453.49]
[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,177623.44,253945.69]
[null,"     Total Liabilities",null,261060945.41999999,257253020.66999999]
[]
["     Net Assets"]
[null,"          Restricted by Bond Resolution",null,8803695.6400000006,9019236.7400000002]
[null,"     Total Net Assets",null,8803695.6400000006,9019236.7400000002]
[null,"Total Liabilities and Net Assets",null,269864641.06,266272257.41]