Results
Navient Student Loan Trust 2014 2
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 2014-2
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 2014-2 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
|
$
|
257,208,313.46
|
$
|
81,037,792.48
|
$
|
80,891,273.84
|
||||||
|
|
Interest to be Capitalized Balance
|
1,145,436.55
|
513,556.12
|
474,977.88
|
|||||||||
|
|
Pool Balance
|
$
|
258,353,750.01
|
$
|
81,551,348.60
|
$
|
81,366,251.72
|
||||||
|
|
Specified Reserve Account Balance
|
5,924,254.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
264,278,004.01
|
$
|
81,551,348.60
|
$
|
81,366,251.72
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.68% |
|
5.71% |
|
5.71%
|
|
||||||
|
|
Number of Loans
|
10,746 |
3,387 |
3,369
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
5,863,029.19
|
$
|
5,903,165.96
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
75,688,319.41
|
$
|
75,463,085.76
|
||||||||
|
|
Pool Factor
|
0.309727648
|
0.309024660
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
6.97%
|
|
6.88%
|
|
| (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 |
|
63938GAA7
|
$
|
70,881,537.91
|
$
|
70,740,675.26
|
|||||
| B |
|
63938GAB5
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Reserve Account Balance
|
$
|
263,300.00
|
$
|
263,300.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
567.80
|
$
|
1,310.48
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
81,551,348.60
|
$
|
81,366,251.72
|
||||
|
|
Total Notes
|
$
|
77,881,537.91
|
$
|
77,740,675.26
|
||||
|
|
Difference
|
$
|
3,669,810.69
|
$
|
3,625,576.46
|
||||
|
|
Parity Ratio
|
1.04712
|
1.04664
|
|
Page 2 of 9
|
Trust 2014-2 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
|
296,994.06
|
||||
|
Guarantor Principal
|
80,735.21
|
||||
|
Consolidation Activity Principal
|
84,837.34
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
462,566.61
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
144,008.98
|
||||
|
Guarantor Interest
|
5,916.25
|
||||
|
Consolidation Activity Interest
|
2,413.66
|
||||
|
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
|
2,207.24
|
||||
|
Total Interest Receipts
|
$
|
154,546.13
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
10,901.93
|
||
|
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
|
$
|
(72,936.76)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(742.68)
|
|
||
|
M |
AVAILABLE FUNDS
|
$
|
554,335.23
|
||
|
N |
Non-Cash Principal Activity During Collection Period
|
$
|
(316,047.97)
|
|
|
|
O |
Non-Reimbursable Losses During Collection Period
|
$
|
2,169.29
|
||
|
P |
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q |
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| III. |
2014-2 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
4.89%
|
|
72
|
$
|
2,419,428.87
|
2.991%
|
|
5.24%
|
|
84
|
$
|
2,877,851.82
|
3.551%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.53%
|
|
2,707
|
$
|
54,889,335.79
|
67.856%
|
|
5.58%
|
|
2,724
|
$
|
55,940,372.07
|
69.030%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.04%
|
|
70
|
$
|
2,542,049.05
|
3.143%
|
|
5.95%
|
|
61
|
$
|
1,712,324.62
|
2.113%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
5.93%
|
|
57
|
$
|
1,516,102.42
|
1.874%
|
|
6.10%
|
|
48
|
$
|
2,129,399.96
|
2.628%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
5.99%
|
|
31
|
$
|
1,639,018.59
|
2.026%
|
|
6.06%
|
|
26
|
$
|
831,337.08
|
1.026%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
5.91%
|
|
73
|
$
|
2,497,753.55
|
3.088%
|
|
5.92%
|
|
77
|
$
|
2,895,985.60
|
3.574%
|
|
||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
|
FORBEARANCE
|
6.34%
|
|
332
|
$
|
14,780,452.63
|
18.272%
|
|
6.16%
|
|
347
|
$
|
14,168,203.31
|
17.483%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.55%
|
|
27
|
$
|
607,132.94
|
0.751%
|
|
5.92%
|
|
20
|
$
|
482,318.02
|
0.595%
|
|
||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
TOTAL
|
|
3,369
|
$
|
80,891,273.84
|
100.00%
|
|
3,387
|
$
|
81,037,792.48
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| IV. |
2014-2 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
81,366,251.72
|
$
|
81,551,348.60
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
2,803,748.23
|
$
|
2,907,724.04
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
474,977.88
|
$
|
513,556.12
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
286,951.99
|
$
|
278,653.35
|
||||
|
Total # Loans
|
3,369
|
3,387
|
||||||
|
Total # Borrowers
|
1,906
|
1,916
|
||||||
|
Weighted Average Coupon
|
5.71%
|
|
5.71%
|
|
||||
|
Weighted Average Remaining Term
|
202.40
|
202.09
|
||||||
|
Non-Reimbursable Losses
|
$
|
2,169.29
|
$
|
1,623.57
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
1,137,424.67
|
$
|
1,135,255.38
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
6.88%
|
|
6.97%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
110,678.37
|
$
|
110,678.37
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$ |
35,904.87
|
-
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
318,094.53
|
$
|
184,090.37
|
||||
|
Borrower Interest Accrued
|
$
|
363,994.90
|
$
|
377,005.31
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
8,096.46
|
$
|
9,890.24
|
||||
|
Special Allowance Payments Accrued
|
$
|
166,716.76
|
$
|
178,169.12
|
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| V. |
2014-2 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
|
5.71%
|
|
3,369
|
80,891,273.84
|
100.000%
|
|
||||||||||
|
|
Total
|
5.71%
|
|
3,369
|
$
|
80,891,273.84
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- Four Year
|
9.00%
|
|
1
|
48,617.55
|
0.060%
|
|
||||||||||
|
|
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- Other
|
5.71%
|
|
3,368
|
80,842,656.29
|
99.940%
|
|
||||||||||
|
|
Total
|
5.71%
|
|
3,369
|
$
|
80,891,273.84
|
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 2014-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VI. |
2014-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
554,335.23
|
|||||||
|
A
|
Trustee Fees
|
|
-
|
$
|
554,335.23
|
||||
|
B
|
Primary Servicing Fee
|
$
|
10,135.64
|
$
|
544,199.59
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
537,532.59
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
356,451.44
|
$
|
181,081.15
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
40,218.50
|
$
|
140,862.65
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
140,862.65
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
140,862.65
|
|
-
|
||||
| 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
|
$
|
80,891,273.84
|
||
|
B
|
Interest to be Capitalized
|
$
|
474,977.88
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
263,300.00
|
||
| E |
Less: Specified Reserve Account Balance
|
$
|
(263,300.00)
|
|
|
| F |
Total
|
$
|
81,366,251.72
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
70,740,675.26
|
||
| 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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VII. |
2014-2 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938GAA7
|
63938GAB5
|
||||||
|
Beginning Balance
|
$
|
70,881,537.91
|
$
|
7,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.64%
|
|
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*
|
6.03460%
|
|
6.89460%
|
|
||||
|
Accrued Interest Factor
|
0.005028833
|
0.005745500
|
||||||
|
Current Interest Due
|
$
|
356,451.44
|
$
|
40,218.50
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
356,451.44
|
$
|
40,218.50
|
||||
|
Interest Paid
|
$
|
356,451.44
|
$
|
40,218.50
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
140,862.65
|
-
|
|||||
|
Ending Principal Balance
|
$
|
70,740,675.26
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.000550245
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.276330763
|
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 2014-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VIII. |
2014-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
77,881,537.91
|
||
|
|
Adjusted Pool Balance
|
$
|
81,366,251.72
|
||
|
|
Overcollateralization Amount
|
$
|
3,661,481.33
|
||
|
|
Principal Distribution Amount
|
$
|
176,767.52
|
||
|
|
Principal Distribution Amount Paid
|
$
|
140,862.65
|
||
|
|
|||||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
263,300.00
|
||
|
|
Reserve Funds Utilized
|
0.00
|
|||
|
|
Reserve Funds Reinstated
|
0.00
|
|||
|
|
Balance Available
|
$
|
263,300.00
|
||
|
|
Required Reserve Acct Balance
|
$
|
263,300.00
|
||
|
|
Release to Collection Account
|
|
-
|
||
|
|
Ending Reserve Account Balance
|
$
|
263,300.00
|
||
|
|
|||||
|
C
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
567.80
|
||
|
|
Deposits for the Period
|
$
|
742.68
|
||
|
|
Release to Collection Account
|
-
|
|||
|
|
Ending Balance
|
$
|
1,310.48
|
||
|
|
|||||
|
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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|