Navient Student Loan Trust 2015 1
11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:35
Asset Backed Issuer Distribution Report Form 10 D
Navient Student Loan Trust 2015-1
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
Wells Fargo - Indenture Trustee
Wells Fargo Bank, National Association - Eligible Lender Trustee
Navient Funding - Excess Distribution Certificateholder
|
Page 1 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
02/26/2015
|
08/31/2024
|
09/30/2024
|
|||||||||
|
|
Principal Balance
|
$
|
968,675,662.97
|
$
|
294,594,570.51
|
$
|
292,790,456.29
|
||||||
|
|
Interest to be Capitalized Balance |
8,452,423.99
|
2,933,600.86
|
2,844,414.11
|
|||||||||
|
|
Pool Balance
|
$
|
977,128,086.96
|
$
|
297,528,171.37
|
$
|
295,634,870.40
|
||||||
|
|
Specified Reserve Account Balance |
16,379,916.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
993,508,002.96
|
$
|
297,528,171.37
|
$
|
295,634,870.40
|
||||||
|
|
Weighted Average Coupon (WAC) |
6.11%
|
|
6.72%
|
|
6.72%
|
|
||||||
|
|
Number of Loans |
155,605
|
32,700
|
32,274
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill |
$
|
38,570,685.55
|
$
|
38,480,179.52
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
258,957,485.82
|
$
|
257,154,690.88
|
||||||||
|
|
Pool Factor |
0.299709402
|
0.297802221
|
||||||||||
|
|
Since Issued Constant Prepayment Rate |
(2.23)%
|
|
(2.41)%
|
|
| (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
|
|||||||
|
A2
|
63939FAB6
|
$
|
266,365,248.80
|
$ |
264,517,148.18
|
||||||
|
B
|
63939FAC4
|
$
|
26,700,000.00
|
$
|
26,700,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
Reserve Account Balance
|
$
|
992,722.00
|
$
|
992,722.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
6,351.12
|
$
|
13,346.27
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
297,528,171.37
|
$
|
295,634,870.40
|
|||||
|
Total Notes
|
$
|
293,065,248.80
|
$
|
291,217,148.18
|
|||||
|
Difference
|
$
|
4,462,922.57
|
$
|
4,417,722.22
|
|||||
|
Parity Ratio
|
1.01523
|
1.01517
|
|
Page 2 of 9
|
Trust 2015-1 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
|
760,373.00
|
||||
|
Guarantor Principal
|
1,990,080.30
|
||||
|
Consolidation Activity Principal
|
250,680.79
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
3,001,134.09
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
358,846.83
|
||||
|
Guarantor Interest
|
110,167.25
|
||||
|
Consolidation Activity Interest
|
7,909.16
|
||||
|
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
|
10,382.03
|
||||
|
Total Interest Receipts
|
$
|
487,305.27
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
31,307.56
|
||
|
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
|
$
|
(108,141.93)
|
|||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(6,995.15)
|
|||
|
M
|
AVAILABLE FUNDS
|
$
|
3,404,609.84
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,197,019.87)
|
||
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
19,789.39
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
|
III.
|
2015-1 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
7.01%
|
|
22
|
$
|
125,625.60
|
0.043%
|
|
7.02%
|
|
23
|
$
|
117,327.93
|
0.040%
|
|
||||||||||||||||
|
|
GRACE
|
6.72%
|
|
11
|
$
|
51,086.00
|
0.017%
|
|
6.73%
|
|
10
|
$
|
59,383.67
|
0.020%
|
|
||||||||||||||||
|
|
DEFERMENT |
6.62%
|
|
1,940
|
$
|
15,318,809.77
|
5.232%
|
|
6.68%
|
|
1,966
|
$
|
15,070,665.46
|
5.116%
|
|
||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.65%
|
|
20,492
|
$
|
179,450,217.82
|
61.290%
|
|
6.66%
|
|
20,726
|
$
|
178,460,843.22
|
60.578%
|
|
||||||||||||||||
|
|
31-60 DAYS DELINQUENT |
6.76%
|
|
1,022
|
$
|
10,146,489.82
|
3.465%
|
|
6.88%
|
|
1,058
|
$
|
10,587,820.99
|
3.594%
|
|
||||||||||||||||
|
|
61-90 DAYS DELINQUENT |
6.90%
|
|
690
|
$
|
6,561,979.38
|
2.241%
|
|
6.78%
|
|
|
847
|
$
|
7,368,562.63
|
2.501%
|
|
|||||||||||||||
|
|
91-120 DAYS DELINQUENT |
6.98%
|
|
549
|
$
|
4,540,353.11
|
1.551%
|
|
6.61%
|
|
653
|
$
|
6,280,181.52
|
2.132%
|
|
||||||||||||||||
|
|
> 120 DAYS DELINQUENT |
6.81%
|
|
1,596
|
$
|
17,550,135.64
|
5.994%
|
|
6.81%
|
|
1,549
|
$
|
17,164,288.91
|
5.826%
|
|
||||||||||||||||
|
|
FORBEARANCE |
6.84%
|
|
5,445
|
$
|
54,554,198.84
|
18.633%
|
|
6.81%
|
|
5,318
|
$
|
54,512,397.91
|
18.504%
|
|
||||||||||||||||
|
|
CLAIMS IN PROCESS |
7.21%
|
|
507
|
$
|
4,491,560.31
|
1.534%
|
|
7.29%
|
|
550
|
$
|
4,973,098.27
|
1.688%
|
|
||||||||||||||||
|
TOTAL
|
32,274
|
$
|
292,790,456.29
|
100.00%
|
|
32,700
|
$
|
294,594,570.51
|
100.00%
|
|
|
*
|
Percentages may not total 100% due to rounding
|
|
Page 4 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
|
IV.
|
2015-1 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
295,634,870.40
|
$
|
297,528,171.37
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
12,978,203.70
|
$
|
13,108,970.79
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,844,414.11
|
$
|
2,933,600.86
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,657,741.65
|
$
|
1,745,065.79
|
||||
|
Total # Loans
|
32,274
|
32,700
|
||||||
|
Total # Borrowers
|
14,143
|
14,345
|
||||||
|
Weighted Average Coupon
|
6.72%
|
|
6.72%
|
|
||||
|
Weighted Average Remaining Term
|
195.80
|
195.50
|
||||||
|
Non-Reimbursable Losses
|
$
|
19,789.39
|
$
|
24,297.36
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
5,417,916.13
|
$
|
5,398,126.74
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-2.41%
|
|
-2.23%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
405,329.34
|
$
|
405,329.34
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$ |
16,800.84
|
-
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
1,215,918.04
|
$
|
1,093,445.01
|
||||
|
Borrower Interest Accrued
|
$
|
1,556,943.62
|
$
|
1,619,479.05
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
53,553.95
|
$
|
56,547.66
|
||||
|
Special Allowance Payments Accrued
|
$
|
303,513.10
|
$
|
336,729.21
|
|
Page 5 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
|
V.
|
2015-1 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
- GSL (1) - Subsidized
|
6.87%
|
|
14,440
|
68,142,465.10
|
23.273%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.93%
|
|
12,206
|
93,391,700.40
|
31.897%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.49%
|
|
484
|
9,917,251.67
|
3.387%
|
|
|||||||||||
|
- SLS (3) Loans
|
8.27%
|
|
40
|
305,831.50
|
0.104%
|
|
|||||||||||
|
- Consolidation Loans
|
6.32%
|
|
5,104
|
121,033,207.62
|
41.338%
|
|
|||||||||||
|
Total
|
6.72%
|
|
32,274
|
$
|
292,790,456.29
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
- Four Year
|
7.01%
|
|
21,914
|
146,511,107.12
|
50.040%
|
|
|||||||||||
|
- Two Year
|
6.90%
|
|
4,228
|
20,148,474.67
|
6.882%
|
|
|||||||||||
|
- Technical
|
6.98%
|
|
1,028
|
5,096,625.10
|
1.741%
|
|
|||||||||||
|
- Other
|
6.32%
|
|
5,104
|
121,034,249.40
|
41.338%
|
|
|||||||||||
|
Total
|
6.72%
|
|
32,274
|
$
|
292,790,456.29
|
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 2015-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
|
VI.
|
2015-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
3,404,609.84
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
3,404,609.84
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
65,809.77
|
$
|
3,338,800.07
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
3,332,133.07
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,330,627.60
|
$
|
2,001,505.47
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
153,404.85
|
$
|
1,848,100.62
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,848,100.62
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,848,100.62
|
|
-
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
|
-
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
|
-
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
|
-
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
|
-
|
|||||
|
L
|
Excess Distribution Certificateholder
|
|
-
|
-
|
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
292,790,456.29
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,844,414.11
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
992,722.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(992,722.00)
|
|
|
|
F
|
Total
|
$
|
295,634,870.40
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
264,517,148.18
|
||
|
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 2015-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
|
VII.
|
2015-1 Distributions
|
Distribution Amounts
|
A2
|
B |
|
||||||
|
Cusip/Isin
|
63939FAB6
|
63939FAC4
|
||||||
|
Beginning Balance
|
$
|
266,365,248.80
|
$
|
26,700,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.60%
|
|
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*
|
5.99460%
|
|
6.89460%
|
|
||||
|
Accrued Interest Factor
|
0.004995500
|
0.005745500
|
||||||
|
Current Interest Due
|
$
|
1,330,627.60
|
$
|
153,404.85
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
1,330,627.60
|
$
|
153,404.85
|
||||
|
Interest Paid
|
$
|
1,330,627.60
|
$
|
153,404.85
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,848,100.62
|
|
-
|
||||
|
Ending Principal Balance
|
$
|
264,517,148.18
|
$
|
26,700,000.00
|
||||
|
Paydown Factor
|
0.002934891
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.420068522
|
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 2015-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
|
VIII.
|
2015-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
293,065,248.80
|
|||
|
Adjusted Pool Balance
|
$
|
295,634,870.40
|
|||
|
Overcollateralization Amount
|
$
|
4,434,523.06
|
|||
|
Principal Distribution Amount
|
$
|
1,864,901.46
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,848,100.62
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
992,722.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
992,722.00
|
|||
|
Required Reserve Acct Balance
|
$
|
992,722.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
992,722.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
6,351.12
|
|||
|
Deposits for the Period
|
$
|
6,995.15
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Balance
|
$
|
13,346.27
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |