SLM Student Loan Trust 2014 1
11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:34
Asset Backed Issuer Distribution Report Form 10 D
SLM Student Loan Trust 2014-1
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
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 2014-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| I. |
Deal Parameters
|
| A |
Student Loan Portfolio Characteristics
|
01/28/2014
|
08/31/2024
|
09/30/2024
|
|||||||||
|
Principal Balance
|
$
|
948,607,096.92
|
$
|
198,897,733.06
|
$
|
197,750,038.76
|
|||||||
|
Interest to be Capitalized Balance
|
17,230,470.46
|
2,317,969.14
|
2,200,242.94
|
||||||||||
|
Pool Balance
|
$
|
965,837,567.38
|
$
|
201,215,702.20
|
$
|
199,950,281.70
|
|||||||
|
Specified Reserve Account Balance
|
4,984,710.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
970,822,277.38
|
$
|
201,215,702.20
|
$
|
199,950,281.70
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.28%
|
|
7.15%
|
|
7.15%
|
|
|||||||
|
Number of Loans
|
201,764
|
31,646
|
31,236
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
517,297.54
|
$
|
520,904.87
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
200,698,404.66
|
$
|
199,429,376.83
|
|||||||||
|
Pool Factor
|
0.201832910
|
0.200563608
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(15.64)%
|
|
(16.76)%
|
|
| (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
|
||||||
|
A3
|
78448EAC9
|
$
|
171,903,545.18
|
$
|
170,650,778.88
|
|||||
| B |
78448EAD7
|
$
|
27,300,000.00
|
$
|
27,300,000.00
|
| C |
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
Reserve Account Balance
|
$
|
996,942.00
|
$
|
996,942.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
17,048.85
|
$
|
35,269.60
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
| D |
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
201,215,702.20
|
$
|
199,950,281.70
|
|||||
|
Total Notes
|
$
|
199,203,545.18
|
$
|
197,950,778.88
|
|||||
|
Difference
|
$
|
2,012,157.02
|
$
|
1,999,502.82
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|
Page 2 of 9
|
Trust 2014-1 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
|
455,118.38
|
||||
|
Guarantor Principal
|
1,420,596.71
|
||||
|
Consolidation Activity Principal
|
204,489.54
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
(50.53)
|
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,080,154.10
|
|||
|
B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
293,756.94
|
||||
|
Guarantor Interest
|
83,017.80
|
||||
|
Consolidation Activity Interest
|
6,766.00
|
||||
|
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
|
7,963.34
|
||||
|
Total Interest Receipts
|
$
|
391,504.08
|
|||
|
C |
Reserves in Excess of Requirement
|
|
-
|
||
|
D |
Investment Income
|
$
|
25,452.94
|
||
|
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
|
-
|
||||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(18,220.75)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,478,890.37
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(932,459.80)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
16,135.69
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| III. |
2014-1 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
|
6.91%
|
|
46
|
$
|
252,760.68
|
0.128%
|
|
6.89%
|
|
40
|
$
|
242,121.68
|
0.122%
|
|
||||||||||||||||||
|
GRACE
|
6.81%
|
|
6
|
$
|
36,571.00
|
0.018%
|
|
6.86%
|
|
14
|
$
|
57,772.54
|
0.029%
|
|
|||||||||||||||||||
|
DEFERMENT
|
6.94%
|
|
1,625
|
$
|
9,935,204.39
|
5.024%
|
|
6.94%
|
|
1,623
|
$
|
9,983,055.71
|
5.019%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
7.14%
|
|
21,641
|
$
|
127,045,792.24
|
64.246%
|
|
7.13%
|
|
21,869
|
$
|
126,437,543.12
|
63.569%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
7.15%
|
|
921
|
$
|
6,579,702.52
|
3.327%
|
|
7.11%
|
|
822
|
$
|
5,601,199.32
|
2.816%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
7.09%
|
|
545
|
$
|
3,884,018.25
|
1.964%
|
|
7.25%
|
|
682
|
$
|
6,475,898.79
|
3.256%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
7.20%
|
|
430
|
$
|
3,382,432.40
|
1.710%
|
|
7.08%
|
|
427
|
$
|
3,449,983.41
|
1.735%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
7.16%
|
|
1,240
|
$
|
9,029,782.02
|
4.566%
|
|
7.22%
|
|
1,350
|
$
|
10,323,634.89
|
5.190%
|
|
|||||||||||||||||||
|
FORBEARANCE
|
7.22%
|
|
4,468
|
$
|
36,028,048.35
|
18.219%
|
|
7.23%
|
|
4,410
|
$
|
34,115,068.84
|
17.152%
|
|
|||||||||||||||||||
|
CLAIMS IN PROCESS
|
7.25%
|
|
314
|
$
|
1,575,726.91
|
0.797%
|
|
7.05%
|
|
409
|
$
|
2,211,454.76
|
1.112%
|
|
|||||||||||||||||||
| TOTAL |
31,236
|
$
|
197,750,038.76
|
100.00%
|
|
31,646
|
$
|
198,897,733.06
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| IV. |
2014-1 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
199,950,281.70
|
$
|
201,215,702.20
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
10,472,691.11
|
$
|
10,683,941.62
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,200,242.94
|
$
|
2,317,969.14
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
940,670.46
|
$
|
1,086,180.92
|
||||
|
Total # Loans
|
31,236
|
31,646
|
||||||
|
Total # Borrowers
|
8,917
|
9,057
|
||||||
|
Weighted Average Coupon
|
7.15%
|
|
7.15%
|
|
||||
|
Weighted Average Remaining Term
|
190.67
|
190.26
|
||||||
|
Non-Reimbursable Losses
|
$
|
16,135.69
|
$
|
8,704.52
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
3,430,671.70
|
$
|
3,414,536.01
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-16.76%
|
|
-15.64%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
210,184.34
|
$
|
210,184.34
|
||||
|
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
|
$
|
948,361.85
|
$
|
715,305.61
|
||||
|
Borrower Interest Accrued
|
$
|
1,116,185.80
|
$
|
1,161,611.04
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
33,501.46
|
$
|
34,751.77
|
||||
|
Special Allowance Payments Accrued
|
$
|
138,697.59
|
$
|
153,998.34
|
|
Page 5 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| V. |
2014-1 Portfolio Statistics by School and Program
|
| A |
LOAN TYPE
|
Weighted
Average Coupon |
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.91%
|
|
16,418
|
67,852,183.51
|
34.312%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.94%
|
|
13,968
|
102,197,792.50
|
51.680%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.50%
|
|
845
|
27,637,113.45
|
13.976%
|
|
|||||||||||
|
- SLS (3) Loans
|
8.20%
|
|
5
|
62,949.30
|
0.032%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
7.15%
|
|
31,236
|
$
|
197,750,038.76
|
100.000%
|
|
| B |
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
7.16%
|
|
26,968
|
181,056,150.89
|
91.558%
|
|
|||||||||||
|
- Two Year
|
7.01%
|
|
3,662
|
14,540,533.19
|
7.353%
|
|
|||||||||||
|
- Technical
|
7.03%
|
|
570
|
2,050,150.76
|
1.037%
|
|
|||||||||||
|
- Other
|
7.23%
|
|
36
|
103,203.92
|
0.052%
|
|
|||||||||||
|
Total
|
7.15%
|
|
31,236
|
$
|
197,750,038.76
|
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 2014-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| VI. |
2014-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,478,890.37
|
|||||||
| A |
Trustee Fees |
$ |
2,478,890.37
|
||||||
|
B |
Primary Servicing Fee
|
$
|
42,804.75
|
$
|
2,436,085.62
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
2,429,418.62
|
||||
| D |
Class A Noteholders' Interest Distribution Amount
|
$
|
858,744.16
|
$
|
1,570,674.46
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
156,852.15
|
$
|
1,413,822.31
|
||||
|
F |
Reserve Account Reinstatement
|
-
|
$
|
1,413,822.31
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
1,252,766.30
|
$ |
161,056.01
|
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
161,056.01
|
|||||
| I |
Unpaid Expenses of The Trustees
|
-
|
$ |
161,056.01
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$ |
161,056.01
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
161,056.01
|
|||||
| L |
Excess Distribution Certificateholder
|
$ |
161,056.01
|
|
-
|
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
197,750,038.76
|
||
| B |
Interest to be Capitalized
|
$
|
2,200,242.94
|
||
| C |
Capitalized Interest Account Balance
|
-
|
|||
| D |
Reserve Account Balance (after any reinstatement)
|
$
|
996,942.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(996,942.00)
|
|
|
|
F
|
Total
|
$
|
199,950,281.70
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
170,650,778.88
|
||
|
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 2014-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| VII. |
2014-1 Distributions
|
Distribution Amounts
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78448EAC9
|
78448EAD7
|
||||||
|
Beginning Balance
|
$
|
171,903,545.18
|
$
|
27,300,000.00
|
||||
|
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
|
$
|
858,744.16
|
$
|
156,852.15
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
858,744.16
|
$
|
156,852.15
|
||||
|
Interest Paid
|
$
|
858,744.16
|
$
|
156,852.15
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,252,766.30
|
-
|
|||||
|
Ending Principal Balance
|
$
|
170,650,778.88
|
$
|
27,300,000.00
|
||||
|
Paydown Factor
|
0.002453518
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.334216175
|
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 2014-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| VIII. |
2014-1 Reconciliations
|
| A |
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
199,203,545.18
|
|||
|
Adjusted Pool Balance
|
$
|
199,950,281.70
|
|||
|
Overcollateralization Amount
|
$
|
1,999,502.82
|
|||
|
Principal Distribution Amount
|
$
|
1,252,766.30
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,252,766.30
|
|||
| B |
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
996,942.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
996,942.00
|
|||
|
Required Reserve Acct Balance
|
$
|
996,942.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
996,942.00
|
|||
| C |
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
17,048.85
|
|||
|
Deposits for the Period
|
$
|
18,220.75
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Balance
|
$
|
35,269.60
|
|||
| D |
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |