ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)   UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549   FORM 10-K (Mark One)  þ
Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934  For the fiscal year ended December 31, 2014 or   ̈
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934  For the transition period from 
to Commission File Number of issuing entity: 333-166301-07 SLM STUDENT LOAN TRUST 2012-3 (Exact name of issuing entity as specified in
its charter) Commission File Number of depositor: 333-166301 NAVIENT FUNDING, LLC (Exact name of depositor as specified in its charter) NAVIENT SOLUTIONS, INC. (Exact name of sponsor as specified in its charter)  DELAWARE (State or other Jurisdiction of Incorporation)

04-3480392 04-3480392 54-1843973
(I.R.S. Employer Identification Nos.) c/o Deutsche Bank Trust Company Americas 60 Wall
Street, 27th Floor Mailstop NYC 60-2720 New York, New York 10005 (Address of principal executive offices of issuing entity) (703) 984-5858 Registrants telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.  Yes  ̈ No þ Indicate by check mark if registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.  Yes  ̈ No þ Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes þ No  ̈  Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulations S-T during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).  Yes þ No  ̈ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form 10-K. ̈ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a
non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act.  Large Accelerated Filer  ̈

Accelerated Filer  ̈

Non-Accelerated
Filer þ (Do not check if a smaller reporting company)

Smaller Reporting Company  ̈ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of
the Exchange Act).  Yes  ̈ No þ State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to
the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrants most recently completed second fiscal quarter. Not applicable. Indicate by check mark whether the registrant has filed all documents and reports required to be filed by section 12, 13, or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Not
applicable. Indicate the number of shares outstanding of each of the registrants class of common stock, as of the latest
practicable date. Not applicable. List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the
document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents
should be clearly described for identification purposes (e.g. annual report to security holders for fiscal year ended December 24, 1980). Not applicable. This Annual Report on Form
10-K (the Report) is filed with respect to SLM Student Loan Trust 2012-3 (the Issuing Entity). Certain information requested by this Report is omitted pursuant to Regulation AB (17
CFR 229.1101) and SEC Releases 33-8518; 34-50905; December 24, 2004 (Regulation AB) and General Instruction J to Form 10-K.




---

PART I Item 1. Business Omitted. Item 1A. Risk Factors Omitted. Item 1B. Unresolved Staff Comments Not Applicable. Item 2. Properties Omitted. Item 3. Legal
Proceedings Omitted. Item 4. Mine Safety Disclosures. Not Applicable.  2




---

PART II Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Omitted. Item 6.
Selected Financial Data Omitted. Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operation Omitted. Item 7A. Quantitative and Qualitative Disclosures about Market Risk Omitted. Item 8. Financial Statements and Supplementary Data Omitted. Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure Omitted. Item 9A. Controls and Procedures Omitted. Item 9B. Other Information Nothing to report.  3




---

PART III Item 10. Directors, Executive Officers, and Corporate Governance Omitted. Item 11.
Executive Compensation Omitted. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Omitted. Item 13. Certain Relationships, Related Transactions, and Director Independence Omitted. Item 14. Principal Accountant Fees and Services Omitted. The following information is substitute information provided in accordance with General
Instruction J to Form 10-K: Item 1112(b) of Regulation AB. Significant Obligor Financial
Information No single obligor represents more than 10% of the pool assets held by the Issuing Entity. Items 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives No entity or group of affiliated entities provides external credit enhancement or other support with respect to payments on the notes
issued by the Issuing Entity. Items 1115(b)(2) of Regulation AB. Credit Derivatives Instruments No entity or group of affiliated entities provides derivative instruments with respect to payments on the notes issued by the Issuing
Entity. Item 1117 of Regulation AB. Legal Proceedings Other than as stated in the following paragraph, no legal proceedings are pending against the Issuing Entity, Navient Solutions, Inc., as the Sponsor, the Servicer and the Administrator, Navient Funding,
LLC, as the Depositor (the Depositor) and registrant under Registration Statement Number 333-166301 (the Registrant) or to the Registrants knowledge, Deutsche Bank National Trust
Company, as the Indenture Trustee that are or would be material to the holders of the notes issued by the Issuing Entity, nor does the Registrant know of any such proceeding contemplated by any governmental authorities. Deutsche Bank Trust Company Americas (DBTCA) and Deutsche Bank National Trust Company (DBNTC) have been named as
defendants in civil litigation concerning their roles as trustee of certain residential mortgage backed securities (RMBS) trusts. On June 18, 2014, a group of investors (Plaintiff Investors) filed a civil action against DBTCA
and DBNTC in New York State Supreme Court purportedly on behalf of and for the benefit of 544 private-label RMBS trusts asserting claims for alleged violations of the United States Trust Indenture Act of 1939 (as amended), breach of contract, breach
of fiduciary duty and negligence based on DBTCAs and DBNTCs alleged failure to perform their respective obligations as trustee for the applicable trusts (NY Derivative Action). An amended complaint was filed on July 16, 2014,
adding Plaintiff Investors and RMBS trusts to the NY Derivative Action. On November 24, 2014, the Plaintiff Investors moved to voluntarily dismiss the NY Derivative Action without prejudice. Also on November 24, 2014, substantially the same group of
Plaintiff Investors filed a civil action against DBTCA and DBNTC in the United States District Court for the Southern District of New York (the SDNY Action), making substantially the same allegations as the New York Derivative Action
with respect to 564 RMBS trusts (542 of which were at issue in the NY Derivative Action). The SDNY Action is styled both as a derivative action on behalf of the named RMBS Trusts and, in the alternative, as a putative class action on behalf of
holders of RMBS representing interests in those RMBS trusts. DBTCA is vigorously defending the SDNY Action. It is DBTCAs belief that it has no pending legal proceedings (including, based on DBTCAs present evaluation, the litigation
disclosed in this paragraph) that would materially affect its ability to perform its duties as a trustee on behalf of the trust identified on the cover of this Form 10-K. Such trust is not a party to this litigation. Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions Pursuant to the Instruction to Item 1119 of Regulation AB, information required by Item 1119 has been omitted from this Report
because substantially the same information related to affiliates of the Issuing Entity and certain relationships and related transactions is provided in the section titled The Sponsor, Servicer and Administrator of the base prospectus,
previously filed with the SEC on May 22, 2014 pursuant to Securities Act Rule 424, file number 333-190926. Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria Navient Solutions, Inc., as the Servicer, Navient Solutions, Inc., as the Administrator and Deutsche Bank National Trust Company, as the Indenture Trustee (collectively, the Servicing Parties)
have each been identified by the Depositor as parties participating in the servicing function with respect to the asset pool held by the Issuing Entity. Each of the Servicing Parties has completed a report on assessment of compliance with the
servicing criteria applicable to it (each a Servicing Report), which Servicing Reports are attached as exhibits to this Form 10-K. Each of the Servicing Parties have provided an attestation report
(each an Attestation Report) by one or more public accounting firms, which reports are also attached as exhibits to this Report. None of the Servicing Reports or Attestation Reports has identified any material instance of noncompliance
with the servicing criteria as applicable to the respective Servicing Party. There have been no material instances of noncompliance with the servicing criteria for the period of this Report. Item 1123 of Regulation AB. Servicer Compliance Statement A Servicer
Compliance Statement for each of Navient Solutions, Inc., as Servicer, and Navient Solutions, Inc., as Administrator, is included as an exhibit to this Report.  4




---

PART IV Item 15. Exhibits and Financial Statement Schedules  (a)
List of Documents Filed as Part of this Annual Report on Form 10-K  (1)
Not applicable.  (2)
Not applicable.  (3)
See Item 15 (b) below.  (b)
Exhibits Required by Item 601 of Regulation S-K  EXHIBIT

DESCRIPTION4.1

Indenture dated as of May 3, 2012 among SLM Student Loan Trust 2012-3, Deutsche Bank Trust Company Americas (as successor to The Bank of New York Mellon Trust Company, National
Association) and Deutsche Bank National Trust Company (as successor to Deutsche Bank Trust Company Americas) incorporated by reference from Exhibit 4.7 of the Current Report on Form 8-K of the registrant, as
filed with the Commission on May 3, 2012.10.1

Incorporated by reference as Exhibit 4.1.31.1

Rule 13a-14(d)/15d-14(d) Certification. (Section 302 Certification).33.1

Report on Assessment of Compliance with Servicing Criteria concerning servicing activities of Navient Solutions, Inc., as Servicer and Administrator, as of and for the year ended
December 31, 2014.33.2

Report on Assessment of Compliance with Servicing Criteria concerning servicing activities of Deutsche Bank National Trust Company, as Indenture Trustee, as of and for the year
ended December 31, 2014.34.1

Independent Accountants Attestation Report concerning servicing activities of Navient Solutions, Inc., as Servicer and Administrator, as of and for the year ended
December 31, 2014.34.2

Independent Accountants Attestation Report concerning servicing activities of Deutsche Bank National Trust Company, as Indenture Trustee, as of and for the year ended
December 31, 2014.35.1

Statement of Compliance of Navient Solutions, Inc., as Servicer and Administrator for the year ended December 31, 2014.
  (c)
Not Applicable.  5




---

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly
caused this report to be signed, on its behalf by the undersigned hereunto duly authorized.  Dated: March 31, 2015



NAVIENT FUNDING, LLC, the Depositor for itself as Registrant and on behalf of SLM Student Loan Trust 2012-3By:

/s/ SOMSAK CHIVAVIBULName:  Somsak ChivavibulTitle:  President and Chief Financial Officer
(Senior Securitization
Officer) SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH
HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT. No annual report, proxy statement, form of proxy or other proxy
soliciting material has been sent to holders of the notes issued by the Issuing Entity during the period covered by this Annual Report on Form 10-K and the Registrant does not intend to furnish such
materials subsequent to the filing of the report.  6




---

INDEX TO EXHIBITS  ExhibitNumber

Exhibit4.1

Indenture dated as of May 3, 2012 among SLM Student Loan Trust 2012-3, Deutsche Bank Trust Company Americas (as successor to The Bank of New York Mellon Trust Company, National
Association) and Deutsche Bank National Trust Company (as successor to Deutsche Bank Trust Company Americas) incorporated by reference from Exhibit 4.7 of the Current Report on Form 8-K of the registrant, as
filed with the Commission on May 3, 2012.10.1

Incorporated by reference as Exhibit 4.1.31.1

Rule 13a-14(d)/15d-14(d) Certification. (Section 302 Certification).33.1

Report on Assessment of Compliance with Servicing Criteria concerning servicing activities of Navient Solutions, Inc., as Servicer and Administrator, as of and for the year ended
December 31, 2014.33.2

Report on Assessment of Compliance with Servicing Criteria concerning servicing activities of Deutsche Bank National Trust Company, as Indenture Trustee, as of and for the year
ended December 31, 2014.34.1

Independent Accountants Attestation Report concerning servicing activities of Navient Solutions, Inc., as Servicer and Administrator, as of and for the year ended
December 31, 2014.34.2

Independent Accountants Attestation Report concerning servicing activities of Deutsche Bank National Trust Company as Indenture Trustee, as of and for the year ended
December 31, 2014.35.1

Statement of Compliance of Navient Solutions, Inc., as Servicer and Administrator for the year ended December 31, 2014.  7