Results
Navient Student Loan Trust 2014 4
11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:33
Asset Backed Issuer Distribution Report Form 10 D
Navient Student Loan Trust 2014-4
Monthly Servicing Report
Distribution Date 10/25/2024
Collection Period 09/01/2024 - 09/30/2024
Navient Funding, LLC - Depositor
Navient Solutions - Master Servicer and Administrator
Deutsche Bank National Trust Company - Indenture Trustee
Deutsche Bank Trust Company Americas - Eligible Lender Trustee
Navient Funding - Excess Distribution Certificateholder
|
Page 1 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
08/31/2024
|
09/30/2024
|
|||||||||
|
|
Principal Balance
|
$
|
257,634,642.08
|
$
|
85,049,725.77
|
$
|
84,931,620.64
|
||||||
|
|
Interest to be Capitalized Balance
|
1,346,161.30
|
635,718.79
|
711,677.69
|
|||||||||
|
|
Pool Balance
|
$
|
258,980,803.38
|
$
|
85,685,444.56
|
$
|
85,643,298.33
|
||||||
|
|
Specified Reserve Account Balance
|
5,932,561.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
264,913,364.38
|
$
|
85,685,444.56
|
$
|
85,643,298.33
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.58%
|
|
5.63%
|
|
5.64%
|
|
||||||
|
|
Number of Loans
|
11,290
|
3,613
|
3,594
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
4,798,648.40
|
$
|
4,820,667.97
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
80,886,796.16
|
$
|
80,822,630.36
|
||||||||
|
|
Pool Factor
|
0.324973065
|
0.324813220
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
6.18%
|
|
6.07%
|
|
| (1) |
The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than or equal to 40% of the original pool.
|
|
B
|
Debt Securities
|
Cusip/Isin
|
09/25/2024
|
10/25/2024
|
||||||
| A |
63938QAA5
|
$
|
74,829,599.55
|
$
|
74,789,349.91
|
|||||
| B |
63938QAB3
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Reserve Account Balance
|
$
|
263,669.00
|
$
|
263,669.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
642.73
|
$
|
1,455.79
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
85,685,444.56
|
$
|
85,643,298.33
|
||||
|
|
Total Notes
|
$
|
81,829,599.55
|
$
|
81,789,349.91
|
||||
|
|
Difference
|
$
|
3,855,845.01
|
$
|
3,853,948.42
|
||||
|
|
Parity Ratio
|
1.04712
|
1.04712
|
|
Page 2 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| II. |
Trust Activity 09/01/2024 through 09/30/2024
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
315,688.48
|
||||
|
Guarantor Principal
|
103,843.68
|
||||
|
Consolidation Activity Principal
|
220.17
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
419,752.33
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
134,664.39
|
||||
|
Guarantor Interest
|
2,385.33
|
||||
|
Consolidation Activity Interest
|
3.63
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
2,552.58
|
||||
|
Total Interest Receipts
|
$
|
139,605.93
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
8,581.41
|
||
|
E |
Funds Borrowed from Next Collection Period
|
-
|
|||
|
F |
Funds Repaid from Prior Collection Period
|
-
|
|||
|
G |
Loan Sale or Purchase Proceeds
|
-
|
|||
|
H |
Initial Deposits to Collection Account
|
-
|
|||
|
I |
Excess Transferred from Other Accounts
|
|
-
|
||
|
J |
Other Deposits
|
-
|
|||
|
K |
Funds Released from Capitalized Interest Account
|
-
|
|||
|
L |
Less: Funds Previously Remitted:
|
||||
|
Servicing Fees to Servicer
|
-
|
||||
|
Consolidation Loan Rebate Fees to Dept. of Education
|
$
|
(76,658.30)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(813.06)
|
|
||
|
M |
AVAILABLE FUNDS
|
$
|
490,468.31
|
||
|
N |
Non-Cash Principal Activity During Collection Period
|
$
|
(301,647.20)
|
|
|
|
O |
Non-Reimbursable Losses During Collection Period
|
$
|
2,497.55
|
||
|
P |
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q |
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| III. |
2014-4 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.87%
|
|
95
|
$
|
2,702,848.42
|
3.182%
|
|
5.74%
|
|
99
|
$
|
2,552,158.58
|
3.001%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.56%
|
|
2,857
|
$
|
59,348,177.62
|
69.878%
|
|
5.56%
|
|
2,907
|
$
|
59,723,309.53
|
70.222%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
5.68%
|
|
82
|
$
|
2,393,116.23
|
2.818%
|
|
5.80%
|
|
69
|
$
|
1,743,765.96
|
2.050%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
5.69%
|
|
40
|
$
|
1,030,602.66
|
1.213%
|
|
5.15%
|
|
39
|
$
|
1,193,918.40
|
1.404%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
5.15%
|
|
22
|
$
|
851,947.95
|
1.003%
|
|
5.91%
|
|
42
|
$
|
2,207,612.96
|
2.596%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
5.80%
|
|
111
|
$
|
4,222,280.18
|
4.971%
|
|
5.85%
|
|
98
|
$
|
3,780,921.58
|
4.446%
|
|
||||||||||||||||||
|
|
FORBEARANCE |
5.82%
|
|
363
|
$
|
13,836,914.61
|
16.292%
|
|
5.81%
|
|
344
|
$
|
13,322,128.53
|
15.664%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.66%
|
|
24
|
$
|
545,732.97
|
0.643%
|
|
6.20%
|
|
15
|
$
|
525,910.23
|
0.618%
|
|
||||||||||||||||||
|
TOTAL
|
3,594
|
$
|
84,931,620.64
|
100.00%
|
|
3,613
|
$
|
85,049,725.77
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| IV. |
2014-4 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
85,643,298.33
|
$
|
85,685,444.56
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
3,124,300.31
|
$
|
3,188,116.57
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
711,677.69
|
$
|
635,718.79
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
366,924.13
|
$
|
342,990.50
|
||||
|
Total # Loans
|
3,594
|
3,613
|
||||||
|
Total # Borrowers
|
2,021
|
2,029
|
||||||
|
Weighted Average Coupon
|
5.64%
|
|
5.63%
|
|
||||
|
Weighted Average Remaining Term
|
204.89
|
204.34
|
||||||
|
Non-Reimbursable Losses
|
$
|
2,497.55
|
$
|
4,949.38
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
1,005,220.77
|
$
|
1,002,723.22
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
6.07%
|
|
6.18%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
94,153.60
|
$
|
94,153.60
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
-
|
-
|
||||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
304,010.28
|
$
|
125,238.05
|
||||
|
Borrower Interest Accrued
|
$
|
374,760.33
|
$
|
388,376.76
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
9,412.36
|
$
|
9,986.29
|
||||
|
Special Allowance Payments Accrued
|
$
|
182,625.75
|
$
|
195,656.17
|
|
Page 5 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| V. |
2014-4 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- GSL (1) - Subsidized
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- GSL - Unsubsidized
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- PLUS (2) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- Consolidation Loans
|
5.64%
|
|
3,594
|
84,931,620.64
|
100.000%
|
|
||||||||||
|
|
Total
|
5.64%
|
|
3,594
|
$
|
84,931,620.64
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- Four Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- Other
|
5.64%
|
|
3,594
|
84,931,620.64
|
100.000%
|
|
||||||||||
|
|
Total
|
5.64%
|
|
3,594
|
$
|
84,931,620.64
|
100.000%
|
|
*Percentages may not total 100% due to rounding.
| (1) |
Guaranteed Stafford Loan
|
| (2) |
Parent Loans for Undergraduate Students
|
| (3) |
Supplemental Loans to Students. The Unsubsidized Stafford Loan program replaced the SLS program on July 1, 1994.
|
|
Page 6 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VI. |
2014-4 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
490,468.31
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
490,468.31
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
10,733.41
|
$
|
479,734.90
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
473,067.90
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
375,058.42
|
$
|
98,009.48
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
40,218.50
|
$
|
57,790.98
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
57,790.98
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
40,249.64
|
$
|
17,541.34
|
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
17,541.34
|
|||||
| I |
Unpaid Expenses of The Trustees
|
-
|
$
|
17,541.34
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$
|
17,541.34
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
17,541.34
|
|||||
|
L |
Excess Distribution Certificateholder
|
$
|
17,541.34
|
-
|
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
84,931,620.64
|
||
|
B
|
Interest to be Capitalized
|
$
|
711,677.69
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
263,669.00
|
||
| E |
Less: Specified Reserve Account Balance
|
$
|
(263,669.00)
|
|
|
| F |
Total
|
$
|
85,643,298.33
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
74,789,349.91
|
||
| H |
Insolvency Event or Event of Default Under Indenture
|
N |
|
||
| I |
Available Funds Applied to Class A Noteholders' Distribution Amount Before Any Amounts are Applied to the Class B Noteholders' Distribution Amount (G>F or H=Y)
|
N |
|
|
Page 7 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VII. |
2014-4 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938QAA5
|
63938QAB3
|
||||||
|
Beginning Balance
|
$
|
74,829,599.55
|
$
|
7,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.62%
|
|
1.50%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
9/25/2024
|
9/25/2024
|
||||||
|
Accrual Period End
|
10/25/2024
|
10/25/2024
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
6.01460%
|
|
6.89460%
|
|
||||
|
Accrued Interest Factor
|
0.005012167
|
0.005745500
|
||||||
|
Current Interest Due
|
$
|
375,058.42
|
$
|
40,218.50
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
375,058.42
|
$
|
40,218.50
|
||||
|
Interest Paid
|
$
|
375,058.42
|
$
|
40,218.50
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
40,249.64
|
-
|
|||||
|
Ending Principal Balance
|
$
|
74,789,349.91
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.000156980
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.291690132
|
1.000000000
|
* Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://images.navient.com/investors/data/abrate.txt.
|
Page 8 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VIII. |
2014-4 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
81,829,599.55
|
||
|
|
Adjusted Pool Balance
|
$
|
85,643,298.33
|
||
|
|
Overcollateralization Amount
|
$
|
3,853,948.42
|
||
|
|
Principal Distribution Amount
|
$
|
40,249.64
|
||
|
|
Principal Distribution Amount Paid
|
$
|
40,249.64
|
||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
263,669.00
|
||
|
|
Reserve Funds Utilized
|
0.00
|
|||
|
|
Reserve Funds Reinstated
|
0.00
|
|||
|
|
Balance Available
|
$
|
263,669.00
|
||
|
|
Required Reserve Acct Balance
|
$
|
263,669.00
|
||
|
|
Release to Collection Account
|
|
-
|
||
|
|
Ending Reserve Account Balance
|
$
|
263,669.00
|
||
|
C
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
642.73
|
||
|
|
Deposits for the Period
|
$
|
813.06
|
||
|
|
Release to Collection Account
|
|
-
|
|
|
|
|
Ending Balance
|
$
|
1,455.79
|
||
|
D
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|