Total 104,300,000 79,408,472 51,767 2,076,410 77,332, % (a) Should include Principal Pmts in the current distribution month (b) Footnotes

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1 Student Loan Backed Reporting Mixed Deal FFELP Quarterly Distribution Report Issuer Distribution Date Collection Period Contact Name Contact Number Contact Website South Texas Higher Education Authority /1/2015 Ending 08/31/15 Adam Gonzalez Notes/Bonds Group I (FFELP) Class CUSIP Rate Index Margin Auction Status Original Balance Beg Princ Bal Interest Accrual Principal Paid End Princ Bal ª % of Securities Maturity DB % 1 Mo Libor 0.60% N/A 104,300,000 79,408,472 51,767 2,076,410 77,332, % December 3, 2029 Total 104,300,000 79,408,472 51,767 2,076,410 77,332, % (a) Should include Principal Pmts in the current distribution month Portfolio Summary Weighted Average Payments Made Beg Balance Activity End Balance % of Pool W.A. Time until Repayment (months) (a) Principal Balance $82,495,218 ($1,556,925) $80,938,293 (should include grace period) Accrued Interest $2,460,930 ($327,475) $2,133,455 In School 0% 37 Total Pool Balance $84,956,148 ($1,884,400) $83,071,748 Grace 0% 3 Total Accounts Balance Deferment 10% 20 Total Trust Assets Forbearance 18% 4 W.A. Time in Repayment (months) Weighted Average Coupon (WAC) 4.93% 0.00% 4.93% Repayment 71% 42 Weighted Average Maturity (WAM) 151 (0.53) 150 Total Weighted Average Number of Loans 30,603 (1,022) 29,581 Number of Borrowers 6,468 (230) 6,238 Average Borrower Indebtedness $12,754 $221 $12,975 Funds and Accounts Prefunding Account ($) Capitalized Interest Account ($) Reserve Account Prefunding Account (beginning) Capitalized Interest Account (beginning) Reserve Account (beginning) $ 500,000 Less loans acquired from prefunding Less releases Less releases Less amounts transferred to other accounts Less draws Less draws $ Plus investment earnings Plus investment earnings Plus investment earnings $ Prefunding Account (ending) Capitalized Interest Account (ending) Reserve Account (ending) $ 500,000 Capitalized Interest Account Requirement Reserve Account Requirement $ 500,000 Collection Fund $ 1,316,998 COI Account $ Total Accounts Balances $ 1,316,998 Ending Overcollateralization Amount Specified Overcollateralization Requirement (no Trigger) (a) footnotes

2 Student Loan Backed Reporting Mixed Deal FFELP Quarterly Distribution Report Issuer Distribution Date Collection Period Contact Name Contact Number Contact Website South Texas Higher Education Authority /1/2015 Ending 08/31/15 Adam Gonzalez Balance Sheet and Parity as of 08/31/15 CPR (constant pmt rate) Beg Balance Activity End Balance $ % Assets Current $387, % Loans Receivable 82,495,218 (1,556,925) 80,938,293 Lifetime $10,361, % Accrued Interest Receivable on Loans 2,460,930 (327,475) 2,133,455 (a) Since August 31, 2013 Accrued Interest on Investment 156 (15) 141 Special Allowance (177,892) 6,415 (171,477) Accrued Interest Subsidy Payments 53,555 (695) 52,860 Total Accounts/Funds Balance 3,050,309 (483,311) 2,566,998 Payments received and not credited to Trustee 226,559 (71,700) 154,859 Less: Principal payment on distribution date 10/1/15 (805,694) 29,776 (775,918) Less: Interest payment on distribution date 10/1/15 (54,590) 4,686 (49,904) Total Assets $ 87,248,551 (2,399,244) $ 84,849,307 Servicer Balance Liabilities Balance % of Portfolio # of Loans Clms Outstding Bonds Payable 81,248,904 (2,682,123) 78,566,781 COSTEP $80,938, % 29, ,629 Accrued Interest on Bonds 54,590 (4,686) 49,904 Accrued and unpaid operating expenses 141,553 9, ,850 Less: Principal payment on distribution date 10/1/15 (805,694) 29,776 (775,918) Less: Interest payment on distribution date 10/1/15 (54,590) 4,686 (49,904) Total Liabilities $ 80,584,763 (2,643,050) $ 77,941,713 Total Senior Parity % Junior Sub Parity % Total Parity % % % Portfolio by Loan Status In School , , % 0.2% 5.46% 5.76% Grace , , % 0.2% 6.01% 5.09% Repayment Current 16,964 16,461 46,104,410 45,758, % 56.5% 5.01% 4.96% Days Delinquent 1,075 1,311 2,973,231 4,115, % 5.1% 4.92% 4.96% Days Delinquent ,442,435 2,464, % 3.0% 5.02% 5.23% Days Delinquent ,203,617 1,491, % 1.8% 5.48% 5.23% Days Delinquent ,442,470 1,465, % 1.8% 5.13% 5.09% Days Delinquent ,544,655 1,728, % 2.1% 5.49% 5.89% Total Repayment 19,945 19,923 55,710,819 57,023, % 70.5% 5.03% 5.01% Forbearance 6,394 5,464 17,392,058 14,670, % 18.1% 4.81% 4.91% Deferment 3,812 3,735 8,437,854 8,296, % 10.3% 4.45% 4.42% Claims , , % 0.8% 5.64% 4.51% Total Portfolio 30,603 29,581 82,495,218 80,938, % 100.0% 4.93% 4.93% (0) 0.00% (0.0)

3 Student Loan Backed Reporting Mixed Deal FFELP Quarterly Distribution Report Issuer Distribution Date Collection Period Contact Name Contact Number Contact Website South Texas Higher Education Authority /1/2015 Ending 08/31/15 Adam Gonzalez Delinquency Status Current 16,964 16,461 46,104,410 45,758, % 80.2% 5.01% 4.96% Days Delinquent 1,075 1,311 2,973,231 4,115, % 7.2% 4.92% 4.96% Days Delinquent ,442,435 2,464, % 4.3% 5.02% 5.23% Days Delinquent ,203,617 1,491, % 2.6% 5.48% 5.23% Days Delinquent ,442,470 1,465, % 2.6% 5.13% 5.09% Days Delinquent ,544,655 1,728, % 3.0% 5.49% 5.89% Total Portfolio 19,945 19,923 55,710,819 57,023, % 100.0% 5.03% 5.01% Portfolio by Loan Type Consolidation Loans 3,369 3,285 43,906,633 43,228, % 53.4% 5.55% 5.54% Subsidized Stafford Loans 18,477 17,826 23,390,687 22,790, % 28.2% 4.17% 4.16% Unsubsidized Stafford Loans 8,581 8,292 14,758,603 14,468, % 17.9% 4.31% 4.33% PLUS Loans , , % 0.4% 5.56% 5.44% Other Loans ,371 90, % 0.1% 3.38% 3.52% Total Balance 30,603 29,581 82,495,218 80,938, % 100.0% 4.93% 4.93% Portfolio by School Type 4 Year Public 17,824 17,159 33,054,715 32,476, % 40.1% 4.63% 4.61% Year Private 2,159 2,069 4,847,654 4,689, % 5.8% 4.73% 4.79% Year Public 4,492 4,394 6,983,033 6,928, % 8.6% 4.27% 4.30% Year Private 4 4 2,791 2, % 0.0% 2.33% 2.32% Proprietary 2,524 2,488 4,648,915 4,704, % 5.8% 4.31% 4.36% Other Loans 3,600 3,467 32,958,110 32,135, % 39.7% 5.50% 5.50% Total Balance 30,603 29,581 82,495,218 80,938, % 100.0% 4.93% 4.93% Proprietary loans shown individually beginning 8/31/2013, previously included as private (2 and 4 year) and other SAP Indices Balance % of Total Margin Beginning Ending Beginning Ending TBill Loans 11,703,809 11,585, % 14.3% 3.05% LIBOR Loans 70,791,409 69,353, % 85.7% 2.43% Other Loans 0.0% 0.0% N/A Total Pool Balance 82,495,218 80,938, % 100.0%

4 Student Loan Backed Reporting Mixed Deal Monitoring Waterfall and Collections Distribution Date 10/1/2015 Collection Period Ending 08/31/15 Collection Activity Cash Inflows Available to be Distributed 10/1/2015 Fees Due for Current Period Period Ending 8/31/2015 Indenture Trustee Fees Interest Collections Custodial Fees Regular Interest Collections 142, Paying Agent Fees Reimbursement by Guarantor Registrar Fees Servicing Fees 33, Principal Collections Administration Fees 33, Regular principal Payments 748, Late Fees Reimbursement by Guarantor Other Fees Total Fees 67, Government Interest and Special Allowance Derivative Payments (to the issuer) Cumulative Default Rate As of 8/31/2015 Investment Income Claims Filed 897, Draws from Reserve Claims > 390 days delinquent 96, Claims Rejected 1, Other (please specify) Default Claims paid during the quarter 739, Temporary Collection 750, Cumulative Default Claims Paid (Beg 06/12/2013) 10,925, Operating Expenses (313,100.12) (a) Including loans originated through prefunding and recycling Total Available Funds 1,328,161.20

5 Student Loan Backed Reporting Mixed Deal Monitoring Waterfall and Collections Distribution Date 10/1/2015 Collection Period Ending 08/31/15 Waterfall Activity Waterfall for Distribution (in accordance with Transaction specific documents) Amount Due Amount Remaining Total Available Funds 1,328, First: Fees, Expenses and Allowances 67, ,260, Second: Interest Distribution on Senior Notes or Obligations 51, ,208, Third: Payment of any Senior notes Maturing on current Payment Date Fourth: Payment of Interest on Class B Notes (unless Interest Trigger in effect) Fifth: Principal Distribution on Senior Notes or Obligations 458, , Sixth: Payment of Subordinate, Class B Notes Principal Maturing on current Payment Date Seventh: Payment to Capitalized Interest Account if necessary to increase to minimum required Eight: To the Certificate Holders any Remaining Amount

6 South Texas Higher Education Authority Series Balance Sheet August 31, 2015 Unaudited Assets Current Assets: Cash and Cash Equivalents $ 2,578,045 Investments Investment interest receivable 141 Student loan interest receivable 2,186,314 Due from Servicing Agent/Interfund 154,859 Other Current Assets Total Current Assets 4,919,360 Noncurrent Assets: Student Loan Notes Receivables $ 80,318,664 Claims Receivables 619,629 Reserve for Losses on Notes (96,283) Other Assets 30,280 Total Noncurrent Assets 80,872,290 Total Assets $ 85,791,650 Liabilities Current liabilities: Accrued Interest Payables $ 49,904 Interfund Payable/Receivable Clearing Special Allowance Payables 171,477 Accounts Payables 150,850 Loan Payables Total Current Liabilities 372,231 Noncurrent liabilities: Bonds Payable 78,566,781 Total Noncurrent Liabilities 78,566,781 Total Liabilities 78,939,012 Deferred Inflows of Resources: Deferred Debit on Discounts 434,871 Net Position: Restricted 6,417,767 Unrestricted Total Net Position $ 6,417,767