Higher Education Loan Authority of the State of Missouri. Student Loan Asset-Backed Notes, Series
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1 Higher Education Loan Authority of the State of Missouri Student Loan AssetBacked Notes, Series Fluctuations were noted in the Student Loan AssetBacked Notes, Series (20121 Bond) parity rates between various reporting periods. Upon further review of the Bond detail, it was noted that fluctuations in the Bond s cashintransit amounts were causing the differences in the parity ratio. Cash received by the Higher Education Loan Authority of the State of Missouri (Authority) is initially deposited into a depository account for approximately three business days and then transferred to the Bond. This allows payments to clear the bank s normal cash clearing process and ensures no borrower insufficient fund issues within the bond itself. When payments are received, the borrower accounts are immediately given credit and reversed in cases of insufficient funds. At the end of each month there are typically three days of funds in transit. The parity ratio is calculated by dividing the adjusted pool balance by the debt outstanding after distribution. In the situation of the Bond, two million dollars of cash was in transit for the final three business days of July 2012 and borrower accounts were given credit for their payments. This action reduced the amount of the adjusted pool balance. However, since the funds were in transit over the end of the reporting period, the two million dollars was not included in the July 31, 2012 waterfall nor was it used to pay down debt in the period ended July 31, This resulted in a parity rate of % as of July 31, 2012, which would have been 0.87% higher (102.74%) had the additional funds been included in the waterfall and used to pay down debt. In an effort to provide additional clarity to the monitoring reports, the Authority will add three additional lines to the monitoring reports. They are: CashInTransit at Month End o Represents the borrower payments received in the final three business days of the month in transit to the bond Outstanding Debt Adjusted for CashInTransit o Represents the outstanding debt amount had the cash in transit amount been included in the waterfall and used to pay down additional debt Adjusted Parity Ratio o Adjusted pool balance divided by the Outstanding Debt Adjusted for CashInTransition The following pages summarize the impact of the cashintransit for the periods from July 31, 2012 to January 31, The cashintransit will not be included in the waterfall calculation, but will be presented for informational purposes only as additional lines in all future reporting periods in the monitoring reports.
2 A. Student Loan Portfolio Characteristics 5/10/2012 Activity 7/31/2012 i. Portfolio Principal Balance 247,934, (10,346,228.50) 237,587, ii. Interest Expected to be Capitalized 5,925, ,244, iii. Pool Balance (i + ii) 253,859, ,832, iv. Adjusted Pool Balance (Pool Balance + Capitalized Interest Fund + Specified Reserve Fund Balance) 257,125, ,052, v. Other Accrued Interest 1,337, ,447, vi. Weighted Average Coupon (WAC) 5.580% 5.842% vii. Weighted Average Remaining Months to Maturity (WARM) viii. Number of Loans 62,596 60,998 ix. Number of Borrowers 35,386 36,599 x. Average Borrower Indebtedness 7, , xi. Portfolio Yield ((Trust Income Trust Expenses) / (Student Loans + Cash)) 3.85% 0.07% xii. Parity Ratio (Adjusted Pool Balance / Bond Outstanding after Distributions) n/a % Adjusted Pool Balance 257,125, ,052, Bond Outstanding after Distribution 256,100, ,537, Cash in Transit at month end 2,044, Outstanding Debt Adjusted for Cash in Transit 239,492, Adjusted Parity Ratio (inlucdes cash in transit used to pay down debt) % B. Notes CUSIP Spread Coupon Rate 5/10/2012 % Interest Due % i. Class A1 Notes LA2 0.83% % 256,100, ,047, ,537, iii. Total Notes 256,100, ,047, ,537, LIBOR Rate Notes: Collection Period: Record Date 8/26/2012 LIBOR Rate for Accrual Period % First Date in Collection Period 5/10/2012 Distribution Date 8/27/2012 First Date in Accrual Period 5/10/2012 Last Date in Collection Period 7/31/2012 Last Date in Accrual Period 8/26/2012 Days in Accrual Period 109 C. Reserve Fund 5/10/2012 7/31/2012 ii. Specified Reserve Fund Balance 653, , iii. Reserve Fund Floor Balance 653, , iv. Reserve Fund Balance after Distribution Date 653, , D. Other Fund Balances 5/10/2012 7/31/2012 i. Collection Fund* 16,495, ii. Capitalized Interest Fund iii. Department Rebate Fund 1,121, iv. Acquisition Fund 4,404, , Total Fund Balances 7,670, ,000,723.72
3 A. Student Loan Portfolio Characteristics 7/31/2012 Activity 8/31/2012 i. Portfolio Principal Balance 237,587, (7,577,764.04) 230,010, ii. Interest Expected to be Capitalized 5,244, ,106, iii. Pool Balance (i + ii) 242,832, ,116, iv. Adjusted Pool Balance (Pool Balance + Capitalized Interest Fund + Specified Reserve Fund Balance) 246,052, ,317, v. Other Accrued Interest 1,447, ,614, vi. Weighted Average Coupon (WAC) 5.842% 5.746% vii. Weighted Average Remaining Months to Maturity (WARM) viii. Number of Loans 60,998 59,348 ix. Number of Borrowers 36,599 33,515 x. Average Borrower Indebtedness 6, , xi. Portfolio Yield ((Trust Income Trust Expenses) / (Student Loans + Cash)) 0.07% 0.20% xii. Parity Ratio (Adjusted Pool Balance / Bond Outstanding after Distributions) % % Adjusted Pool Balance 246,052, ,317, Bond Outstanding after Distribution 241,537, ,891, Cash in Transit at month end 2,044, , Outstanding Debt Adjusted for Cash in Transit 239,492, ,578, % B. Notes CUSIP Spread Coupon Rate 8/27/2012 % Interest Due 9/25/2012 % i. Class A1 Notes LA2 0.83% % 241,537, , ,891, iii. Total Notes 241,537, , ,891, LIBOR Rate Notes: Collection Period: Record Date 9/24/2012 LIBOR Rate for Accrual Period % First Date in Collection Period 8/1/2012 Distribution Date 9/25/2012 First Date in Accrual Period 8/27/2012 Last Date in Collection Period 8/31/2012 Last Date in Accrual Period 9/24/2012 Days in Accrual Period 29 C. Reserve Fund 7/31/2012 8/31/2012 ii. Specified Reserve Fund Balance 607, , iii. Reserve Fund Floor Balance 653, , iv. Reserve Fund Balance after Distribution Date 607, , D. Other Fund Balances 7/31/2012 8/31/2012 i. Collection Fund* 16,495, ,290, ii. Capitalized Interest Fund iii. Department Rebate Fund 1,121, ,596, iv. Acquisition Fund 163, Total Fund Balances 21,000, ,087,141.44
4 A. Student Loan Portfolio Characteristics 8/31/2012 Activity 9/30/2012 i. Portfolio Principal Balance 230,010, (3,718,234.58) 226,291, ii. Interest Expected to be Capitalized 5,106, ,066, iii. Pool Balance (i + ii) 235,116, ,358, iv. Adjusted Pool Balance (Pool Balance + Capitalized Interest Fund + Specified Reserve Fund Balance) 238,317, ,549, v. Other Accrued Interest 1,614, ,960, vi. Weighted Average Coupon (WAC) 5.746% 5.759% vii. Weighted Average Remaining Months to Maturity (WARM) viii. Number of Loans 59,348 58,331 ix. Number of Borrowers 33,515 32,938 x. Average Borrower Indebtedness 6, , xi. Portfolio Yield ((Trust Income Trust Expenses) / (Student Loans + Cash)) 0.20% 0.149% xii. Parity Ratio (Adjusted Pool Balance / Bond Outstanding after Distributions) % % Adjusted Pool Balance 238,317, ,549, Bond Outstanding after Distribution 231,891, ,431, Cash in Transit at month end 313, , Outstanding Debt Adjusted for Cash in Transit 231,578, ,957, % B. Notes CUSIP Spread Coupon Rate % Interest Due % i. Class A1 Notes LA2 0.83% % 231,891, , ,431, iii. Total Notes 231,891, , ,431, LIBOR Rate Notes: Collection Period: Record Date 10/24/2012 LIBOR Rate for Accrual Period % First Date in Collection Period 9/1/2012 Distribution Date 10/25/2012 First Date in Accrual Period 9/25/2012 Last Date in Collection Period 9/30/2012 Last Date in Accrual Period 10/24/2012 Days in Accrual Period 30 C. Reserve Fund 8/31/2012 9/30/2012 ii. Specified Reserve Fund Balance 587, , iii. Reserve Fund Floor Balance 607, , iv. Reserve Fund Balance after Distribution Date 587, , D. Other Fund Balances 8/31/2012 9/30/2012 i. Collection Fund* 10,290, ,275, ii. Capitalized Interest Fund iii. Department Rebate Fund 1,596, ,890, iv. Acquisition Fund Total Fund Balances 15,087, ,357,007.12
5 A. Student Loan Portfolio Characteristics 9/30/2012 Activity 10/31/2012 i. Portfolio Principal Balance 226,291, (3,249,703.22) 223,042, ii. Interest Expected to be Capitalized 5,066, ,946, iii. Pool Balance (i + ii) 231,358, ,988, iv. Adjusted Pool Balance (Pool Balance + Capitalized Interest Fund + Specified Reserve Fund Balance) 234,549, ,171, v. Other Accrued Interest 1,960, ,458, vi. Weighted Average Coupon (WAC) 5.759% 5.655% vii. Weighted Average Remaining Months to Maturity (WARM) viii. Number of Loans 58,331 57,561 ix. Number of Borrowers 32,938 32,503 x. Average Borrower Indebtedness 6, , xi. Portfolio Yield ((Trust Income Trust Expenses) / (Student Loans + Cash)) 0.15% 0.153% xii. Parity Ratio (Adjusted Pool Balance / Bond Outstanding after Distributions) % % Adjusted Pool Balance 234,549, ,171, Bond Outstanding after Distribution 228,431, ,756, Cash in Transit at month end 473, , Outstanding Debt Adjusted for Cash in Transit 227,957, ,380, % B. Notes CUSIP Spread Coupon Rate 10/25/2012 % Interest Due 11/26/2012 % i. Class A1 Notes LA2 0.83% % 228,431, , ,756, iii. Total Notes 228,431, , ,756, LIBOR Rate Notes: Collection Period: Record Date 11/25/2012 LIBOR Rate for Accrual Period % First Date in Collection Period 10/1/2012 Distribution Date 11/26/2012 First Date in Accrual Period 10/25/2012 Last Date in Collection Period 10/31/2012 Last Date in Accrual Period 11/25/2012 Days in Accrual Period 32 C. Reserve Fund 9/30/ /31/2012 ii. Specified Reserve Fund Balance 578, , iii. Reserve Fund Floor Balance 587, , iv. Reserve Fund Balance after Distribution Date 578, , D. Other Fund Balances 9/30/ /31/2012 i. Collection Fund* 4,275, ,547, ii. Capitalized Interest Fund iii. Department Rebate Fund 1,890, ,458, iv. Acquisition Fund Total Fund Balances 9,357, ,189,244.65
6 A. Student Loan Portfolio Characteristics 10/31/2012 Activity 11/30/2012 i. Portfolio Principal Balance 223,042, (2,156,213.22) 220,885, ii. Interest Expected to be Capitalized 4,946, ,063, iii. Pool Balance (i + ii) 227,988, ,949, iv. Adjusted Pool Balance (Pool Balance + Capitalized Interest Fund + Specified Reserve Fund Balance) 231,171, ,125, v. Other Accrued Interest 1,458, ,621, vi. Weighted Average Coupon (WAC) 5.655% 5.678% vii. Weighted Average Remaining Months to Maturity (WARM) viii. Number of Loans 57,561 56,854 ix. Number of Borrowers 32,503 32,085 x. Average Borrower Indebtedness 6, , xi. Portfolio Yield ((Trust Income Trust Expenses) / (Student Loans + Cash)) 0.15% 0.148% xii. Parity Ratio (Adjusted Pool Balance / Bond Outstanding after Distributions) % % Adjusted Pool Balance 231,171, ,125, Bond Outstanding after Distribution 224,756, ,778, Cash in Transit at month end 375, , Outstanding Debt Adjusted for Cash in Transit 224,380, ,359, % B. Notes CUSIP Spread Coupon Rate 11/26/2012 % Interest Due 12/26/2012 % i. Class A1 Notes LA2 0.83% % 224,756, , ,778, iii. Total Notes 224,756, , ,778, LIBOR Rate Notes: Collection Period: Record Date 12/25/2012 LIBOR Rate for Accrual Period % First Date in Collection Period 11/1/2012 Distribution Date 12/26/2012 First Date in Accrual Period 11/26/2012 Last Date in Collection Period 11/30/2012 Last Date in Accrual Period 12/25/2012 Days in Accrual Period 30 C. Reserve Fund 10/31/ /30/2012 ii. Specified Reserve Fund Balance 569, , iii. Reserve Fund Floor Balance 578, , iv. Reserve Fund Balance after Distribution Date 569, , D. Other Fund Balances 10/31/ /30/2012 i. Collection Fund* 4,547, ,815, ii. Capitalized Interest Fund iii. Department Rebate Fund 1,458, ,967, iv. Acquisition Fund Total Fund Balances 9,189, ,958,223.72
7 A. Student Loan Portfolio Characteristics 11/30/2012 Activity 12/31/2012 i. Portfolio Principal Balance 220,885, (3,970,131.94) 216,915, ii. Interest Expected to be Capitalized 4,063, ,998, iii. Pool Balance (i + ii) 224,949, ,914, iv. Adjusted Pool Balance (Pool Balance + Capitalized Interest Fund + Specified Reserve Fund Balance) 228,125, ,079, v. Other Accrued Interest 1,621, ,747, vi. Weighted Average Coupon (WAC) 5.678% 5.696% vii. Weighted Average Remaining Months to Maturity (WARM) viii. Number of Loans 56,854 56,053 ix. Number of Borrowers 32,085 31,664 x. Average Borrower Indebtedness 6, , xi. Portfolio Yield ((Trust Income Trust Expenses) / (Student Loans + Cash)) 0.148% 0.214% xii. Parity Ratio (Adjusted Pool Balance / Bond Outstanding after Distributions) % % Adjusted Pool Balance 228,125, ,079, Bond Outstanding after Distribution 221,778, ,118, Cash in Transit at month end 419, , Outstanding Debt Adjusted for Cash in Transit 221,359, ,206, % B. Notes CUSIP Spread Coupon Rate 12/26/2012 % Interest Due 1/25/2013 % i. Class A1 Notes LA2 0.83% % 221,778, , ,118, iii. Total Notes 221,778, , ,118, LIBOR Rate Notes: Collection Period: Record Date 1/24/2013 LIBOR Rate for Accrual Period % First Date in Collection Period 12/1/2012 Distribution Date 1/25/2013 First Date in Accrual Period 12/26/2012 Last Date in Collection Period 12/31/2012 Last Date in Accrual Period 1/24/2013 Days in Accrual Period 30 C. Reserve Fund 11/30/ /31/2012 ii. Specified Reserve Fund Balance 562, , iii. Reserve Fund Floor Balance 569, , iv. Reserve Fund Balance after Distribution Date 562, , D. Other Fund Balances 11/30/ /31/2012 i. Collection Fund* 3,815, ,391, ii. Capitalized Interest Fund iii. Department Rebate Fund 1,967, ,004, iv. Acquisition Fund Total Fund Balances 8,958, ,562,001.63
8 A. Student Loan Portfolio Characteristics 12/31/2012 Activity 1/31/2013 i. Portfolio Principal Balance 216,915, (2,955,279.43) 213,960, ii. Interest Expected to be Capitalized 3,998, ,928, iii. Pool Balance (i + ii) 220,914, ,888, iv. Adjusted Pool Balance (Pool Balance + Capitalized Interest Fund + Specified Reserve Fund Balance) 224,079, ,046, v. Other Accrued Interest 1,747, ,435, vi. Weighted Average Coupon (WAC) 5.696% 5.637% vii. Weighted Average Remaining Months to Maturity (WARM) viii. Number of Loans 56,053 55,301 ix. Number of Borrowers 31,664 31,243 x. Average Borrower Indebtedness 6, , xi. Portfolio Yield ((Trust Income Trust Expenses) / (Student Loans + Cash)) 0.214% 0.232% xii. Parity Ratio (Adjusted Pool Balance / Bond Outstanding after Distributions) % % Adjusted Pool Balance 224,079, ,046, Bond Outstanding after Distribution 218,118, ,570, Cash in Transit at month end 912, , Outstanding Debt Adjusted for Cash in Transit 217,206, ,093, % B. Notes CUSIP Spread Coupon Rate 1/25/2013 % Interest Due 2/25/2013 % i. Class A1 Notes LA2 0.83% % 218,118, , ,570, iii. Total Notes 218,118, , ,570, LIBOR Rate Notes: Collection Period: Record Date 2/24/2013 LIBOR Rate for Accrual Period % First Date in Collection Period 1/1/2013 Distribution Date 2/25/2013 First Date in Accrual Period 1/25/2013 Last Date in Collection Period 1/31/2013 Last Date in Accrual Period 2/24/2013 Days in Accrual Period 31 C. Reserve Fund 12/31/2012 1/31/2013 ii. Specified Reserve Fund Balance 552, , iii. Reserve Fund Floor Balance 562, , iv. Reserve Fund Balance after Distribution Date 552, , D. Other Fund Balances 12/31/2012 1/31/2013 i. Collection Fund* 4,391, ,351, ii. Capitalized Interest Fund iii. Department Rebate Fund 1,004, ,407, iv. Acquisition Fund Total Fund Balances 8,562, ,916,646.56
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