10/08/2024 | Press release | Distributed by Public on 10/08/2024 09:17
Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
03/27/2014
|
07/31/2024
|
08/31/2024
|
|||||||||
|
Principal Balance
|
$
|
947,628,246.57
|
$
|
207,556,802.91
|
$
|
204,961,962.84
|
||||||
|
Interest to be Capitalized Balance
|
17,244,992.28
|
2,500,647.27
|
2,384,923.45
|
|||||||||
|
Pool Balance
|
$
|
964,873,238.85
|
$
|
210,057,450.18
|
$
|
207,346,886.29
|
||||||
|
Specified Reserve Account Balance
|
4,976,726.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool (1)
|
$
|
969,849,964.85
|
$
|
210,057,450.18
|
$
|
207,346,886.29
|
||||||
|
Weighted Average Coupon (WAC)
|
6.24%
|
|
7.17%
|
|
7.17%
|
|
||||||
|
Number of Loans
|
199,512
|
32,315
|
31,846
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,532,559.66
|
$
|
1,523,757.36
|
||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
208,524,890.52
|
$
|
205,823,128.93
|
||||||||
|
Pool Factor
|
0.211039798
|
0.208316558
|
||||||||||
|
Since Issued Constant Prepayment Rate
|
(14.25)%
|
|
(15.13)%
|
|
(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
|
08/26/2024
|
09/25/2024
|
||||||
A3
|
78448GAC4
|
$
|
180,756,875.68
|
$
|
178,073,417.43
|
|||||
B |
78448GAD2
|
$
|
27,200,000.00
|
$
|
27,200,000.00
|
C
|
Account Balances
|
08/26/2024
|
09/25/2024
|
||||||
|
Reserve Account Balance
|
$
|
995,345.00
|
$
|
995,345.00
|
||||
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
Floor Income Rebate Account
|
$
|
59,384.69
|
$
|
18,239.46
|
||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
08/26/2024
|
09/25/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
210,057,450.18
|
$
|
207,346,886.29
|
||||
|
Total Notes
|
$
|
207,956,875.68
|
$
|
205,273,417.43
|
||||
|
Difference
|
$
|
2.100,574.50
|
$
|
2,073,468.86 |
||||
|
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
II. |
Trust Activity 08/01/2024 through 08/31/2024
|
A |
Student Loan Principal Receipts
|
||||
Borrower Principal
|
558,291.72
|
||||
Guarantor Principal
|
869,880.14
|
||||
Consolidation Activity Principal
|
1,865,287.78
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
4,392.89
|
||||
Total Principal Receipts
|
$
|
3,297,852.53
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
286,816.56
|
||||
Guarantor Interest
|
84,490.79
|
||||
Consolidation Activity Interest
|
119,408.12
|
||||
Special Allowance Payments
|
453,127.14
|
||||
Interest Subsidy Payments
|
115,510.66
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
0.00
|
|
|||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
23,668.21
|
||||
Total Interest Receipts
|
$
|
1,083,021.48
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D |
Investment Income
|
$
|
31,095.21
|
||
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
|
$ |
59,384.69
|
||
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
|
-
|
||||
Floor Income Rebate Fees to Dept. of Education
|
$ |
(60,444.11)
|
|||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(18,239.46)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
4,392,670.34
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(703,012.46)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
12,355.79
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
4,497.16
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
III. |
2014-2 Portfolio Characteristics
|
08/31/2024
|
07/31/2024
|
||||||||||||||||||||||||||||||||
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.90%
|
|
54
|
$
|
225,300.87
|
0.110%
|
|
6.89%
|
|
59
|
$
|
267,861.37
|
0.129%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
5
|
$
|
44,360.93
|
0.022%
|
|
6.80%
|
|
4
|
$
|
27,497.93
|
0.013%
|
|
||||||||||||||||||
|
DEFERMENT
|
6.89%
|
|
1,931
|
$
|
10,962,427.29
|
5.349%
|
|
6.87%
|
|
1,942
|
$
|
10,914,790.66
|
5.259%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
7.15%
|
|
21,404
|
$
|
127,175,034.45
|
62.048%
|
|
7.16%
|
|
21,436
|
$
|
126,623,299.22
|
61.007%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
7.11%
|
|
848
|
$
|
6,315,711.83
|
3.081%
|
|
7.18%
|
|
1,113
|
$
|
8,681,401.13
|
4.183%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
7.23%
|
|
731
|
$
|
6,094,391.30
|
2.973%
|
|
7.33%
|
|
669
|
$
|
5,889,608.81
|
2.838%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
7.35%
|
|
478
|
$
|
4,236,164.86
|
2.067%
|
|
7.29%
|
|
502
|
$
|
3,566,854.24
|
1.718%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
7.18%
|
|
1,260
|
$
|
10,428,444.49
|
5.088%
|
|
7.16%
|
|
1,234
|
$
|
10,021,268.31
|
4.828%
|
|
||||||||||||||||||
|
FORBEARANCE |
7.28%
|
|
4,769
|
$
|
36,826,763.34
|
17.968%
|
|
7.26%
|
|
5,105
|
$
|
39,729,918.19
|
19.142%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
7.48%
|
|
366
|
$
|
2,653,363.48
|
1.295%
|
|
7.41%
|
|
251
|
$
|
1,834,303.05
|
0.884%
|
|
||||||||||||||||||
TOTAL
|
31,846
|
$
|
204,961,962.84
|
100.00%
|
|
32,315
|
$
|
207,556,802.91
|
100.00%
|
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
IV. |
2014-2 Portfolio Characteristics (cont'd)
|
08/31/2024
|
07/31/2024
|
|||||||
Pool Balance
|
$
|
207,346,886.29
|
$
|
210,057,450.18
|
||||
Outstanding Borrower Accrued Interest
|
$
|
10,342,609.34
|
$
|
10,342,283.54
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
2,384,923.45
|
$
|
2,500,647.27
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,241,133.75
|
$
|
1,228,886.94
|
||||
Total # Loans
|
31,846
|
32,315
|
||||||
Total # Borrowers
|
9,149
|
9,279
|
||||||
Weighted Average Coupon
|
7.17%
|
|
7.17%
|
|
||||
Weighted Average Remaining Term
|
189.38
|
189.03
|
||||||
Non-Reimbursable Losses
|
$
|
12,355.79
|
$
|
15,274.37
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
3,706,941.95
|
$
|
3,694,586.16
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-15.13%
|
|
-14.25% |
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
Cumulative Rejected Claim Repurchases
|
$
|
338,527.31
|
$
|
338,527.31
|
||||
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
|
$
|
717,140.50
|
$
|
770,702.55
|
||||
Borrower Interest Accrued
|
$
|
1,201,262.74
|
$
|
1,225,447.35
|
||||
Interest Subsidy Payments Accrued
|
$
|
36,047.91
|
$
|
36,465.86
|
||||
Special Allowance Payments Accrued
|
$
|
151,135.94
|
$
|
150,537.70
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
V. |
2014-2 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.92%
|
|
16,637
|
70,220,678.92
|
34.260%
|
|
||||||||||
|
- GSL - Unsubsidized
|
6.95%
|
|
14,214
|
103,904,926.44
|
50.695%
|
|
||||||||||
|
- PLUS (2) Loans
|
8.50%
|
|
974
|
30,715,291.51
|
14.986%
|
|
||||||||||
|
- SLS (3) Loans
|
8.30%
|
|
21
|
121,065.97
|
0.059%
|
|
||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
Total
|
7.17%
|
|
31,846
|
$
|
204,961,962.84
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
7.18%
|
|
27,131
|
186,180,520.81
|
90.837%
|
|
||||||||||
|
- Two Year
|
7.04%
|
|
3,996
|
16,029,811.26
|
7.821%
|
|
||||||||||
|
- Technical
|
7.16%
|
|
689
|
2,656,617.06
|
1.296%
|
|
||||||||||
|
- Other
|
7.43%
|
|
30
|
95,013.71
|
0.046%
|
|
||||||||||
|
Total
|
7.17%
|
|
31,846
|
$
|
204,961,962.84
|
100.000%
|
|
(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 2014-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
VI. |
2014-2 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance |
||||||||
Total Available Funds
|
$
|
4,392,670.34
|
|||||||
A
|
Trustee Fees |
|
-
|
$
|
4,392,670.34
|
||||
B
|
Primary Servicing Fee |
$
|
43,850.57
|
$
|
4,348,819.77
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
4,342,152.77
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
911,816.01
|
$
|
3,430,336.76
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$ |
157,835.25
|
$
|
3,272,501.51
|
||||
F
|
Reserve Account Reinstatement
|
|
-
|
$
|
3,272,501.51
|
||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$ |
2,683,458.25
|
$
|
589,043.26
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
589,043.26
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
589,043.26
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
589,043.26
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
|
-
|
$ |
589,043.26 |
|
|||
L |
Excess Distribution Certificateholder
|
$ |
589,043.26 |
- |
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
204,961,962.84
|
||
B
|
Interest to be Capitalized
|
$
|
2,384,923.45
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
995,345.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(995,345.00)
|
|
|
F
|
Total
|
$
|
207,346,886.29
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
178,073,417.43
|
||
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 2014-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
VII. |
2014-2 Distributions
|
A3
|
B |
|
||||||
Cusip/Isin
|
78448GAC4
|
78448GAD2
|
||||||
Beginning Balance
|
$
|
180,756,875.68
|
$
|
27,200,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
0.59%
|
|
1.50%
|
|
||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
Accrual Period Begin
|
8/26/2024
|
8/26/2024
|
||||||
Accrual Period End
|
9/25/2024
|
9/25/2024
|
||||||
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
Interest Rate*
|
6.05332%
|
|
6.96332%
|
|
||||
Accrued Interest Factor
|
0.005044433
|
0.005802767
|
||||||
Current Interest Due
|
$
|
911,816.01
|
$
|
157,835.25
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
911,816.01
|
$
|
157,835.25
|
||||
Interest Paid
|
$
|
911,816.01
|
$
|
157,835.25
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
2,683,458.25
|
-
|
|||||
Ending Principal Balance
|
$
|
178,073,417.43
|
$
|
27,200,000.00
|
||||
Paydown Factor
|
0.005302229
|
0.000000000
|
||||||
Ending Balance Factor
|
0.351854213
|
1.000000000
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|
VIII. |
2014-2 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
207,956,875.68
|
||
|
Adjusted Pool Balance
|
$
|
207,346,886.29
|
||
|
Overcollateralization Amount
|
$
|
2,073,468.86
|
||
|
Principal Distribution Amount
|
$
|
2,683,458.25
|
||
|
Principal Distribution Amount Paid
|
$
|
2,683,458.25
|
||
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
995,345.00
|
||
|
Reserve Funds Utilized
|
0.00
|
|||
|
Reserve Funds Reinstated
|
0.00
|
|||
|
Balance Available
|
$
|
995,345.00
|
||
|
Required Reserve Acct Balance
|
$
|
995,345.00
|
||
|
Release to Collection Account
|
|
-
|
||
|
Ending Reserve Account Balance
|
$
|
995,345.00
|
||
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
59,384.69
|
||
|
Deposits for the Period
|
$
|
18,239.46
|
||
|
Release to Collection Account
|
$ |
(59,384.69)
|
||
|
Ending Balance
|
$
|
18,239.46
|
||
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Supplemental Loan Purchases
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024
|