Navient Student Loan Trust 2014-6
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 2014-6
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 2014-6 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
|
$
|
154,772,903.21
|
$
|
50,582,863.21
|
$
|
50,351,247.90
|
|||||||
|
Interest to be Capitalized Balance
|
729,738.48
|
353,229.01
|
279,995.03
|
||||||||||
|
Pool Balance
|
$
|
155,502,641.69
|
$
|
50,936,092.22
|
$
|
50,631,242.93
|
|||||||
|
Specified Reserve Account Balance
|
3,559,801.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
159,062,442.69
|
$
|
50,936,092.22
|
$
|
50,631,242.93
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.54%
|
|
5.70%
|
|
5.71%
|
|
|||||||
|
Number of Loans
|
6,838
|
2,239
|
2,218
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
2,733,829.73
|
$
|
2,794,748.93
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
48,202,262.49
|
$
|
47,836,494.00
|
|||||||||
|
Pool Factor
|
0.321945586
|
0.320018762
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
6.26%
|
|
6.20%
|
|
| (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 |
63939BAA7
|
$
|
43,986,092.22
|
$
|
43,681,242.93
|
|||||
| B |
63939BAB5
|
$
|
4,200,000.00
|
$
|
4,200,000.00
|
|
C |
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
Reserve Account Balance
|
$
|
158,213.00
|
$
|
158,213.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
342.97
|
$
|
764.86
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D |
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
50,936,092.22
|
$
|
50,631,242.93
|
|||||
|
Total Notes
|
$
|
48,186,092.22
|
$
|
47,881,242.93
|
|||||
|
Difference
|
$
|
2,750,000.00
|
$
|
2,750,000.00
|
|||||
|
Parity Ratio
|
1.05707
|
1.05743
|
|
Page 2 of 9
|
Trust 2014-6 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
|
282,685.06
|
||||
|
Guarantor Principal
|
97,957.08
|
||||
|
Consolidation Activity Principal
|
129,555.76
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
510,197.90
|
|||
|
B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
106,419.14
|
||||
|
Guarantor Interest
|
9,298.18
|
||||
|
Consolidation Activity Interest
|
2,125.17
|
||||
|
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
|
2,605.33
|
||||
|
Total Interest Receipts
|
$
|
120,447.82
|
|||
|
C |
Reserves in Excess of Requirement
|
|
-
|
||
|
D |
Investment Income
|
$
|
6,962.36
|
||
|
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
|
$
|
(44,993.00)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(421.89)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
592,193.19
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(278,582.59)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
|
-
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2014-6 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| III. |
2014-6 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.95%
|
|
56
|
$
|
1,283,595.34
|
2.549%
|
|
6.67%
|
|
58
|
$
|
1,408,310.87
|
2.784%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.38%
|
|
1,780
|
$
|
33,816,270.92
|
67.161%
|
|
5.49%
|
|
1,789
|
$
|
34,800,370.81
|
68.799%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.50%
|
|
65
|
$
|
3,293,744.19
|
6.542%
|
|
5.49%
|
|
42
|
$
|
972,303.00
|
1.922%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
5.24%
|
|
20
|
$
|
615,751.21
|
1.223%
|
|
5.88%
|
|
31
|
$
|
1,134,144.68
|
2.242%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.38%
|
|
21
|
$
|
823,536.17
|
1.636%
|
|
6.73%
|
|
17
|
$
|
842,467.85
|
1.666%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
5.72%
|
|
48
|
$
|
1,305,083.09
|
2.592%
|
|
5.84%
|
|
60
|
$
|
1,655,869.05
|
3.274%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.42%
|
|
209
|
$
|
8,818,399.53
|
17.514%
|
|
6.15%
|
|
224
|
$
|
9,394,808.89
|
18.573%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
5.96%
|
|
19
|
$
|
394,867.45
|
0.784%
|
|
5.86%
|
|
18
|
$
|
374,588.06
|
0.741%
|
|
||||||||||||||||||
|
TOTAL
|
2,218
|
$
|
50,351,247.90
|
100.00%
|
|
2,239
|
$
|
50,582,863.21
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-6 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| IV. |
2014-6 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
50,631,242.93
|
$
|
50,936,092.22
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
1,506,954.85
|
$
|
1,676,923.25
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
279,995.03
|
$
|
353,229.01
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
196,116.83
|
$
|
177,828.61
|
||||
|
Total # Loans
|
2,218
|
2,239
|
||||||
|
Total # Borrowers
|
1,243
|
1,253
|
||||||
|
Weighted Average Coupon
|
5.71%
|
|
5.70%
|
|
||||
|
Weighted Average Remaining Term
|
201.23
|
201.92
|
||||||
|
Non-Reimbursable Losses
|
|
-
|
$
|
2,123.27
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
628,918.71
|
$
|
628,918.71
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
6.20%
|
|
6.26%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
-
|
-
|
||||||
|
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
|
$
|
278,274.68
|
$
|
64,698.22
|
||||
|
Borrower Interest Accrued
|
$
|
224,941.03
|
$
|
234,858.23
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
5,275.65
|
$
|
5,100.64
|
||||
|
Special Allowance Payments Accrued
|
$
|
104,272.55
|
$
|
111,670.48
|
|
Page 5 of 9
|
Trust 2014-6 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| V. |
2014-6 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%
|
|
2,218
|
50,351,247.90
|
100.000%
|
|
|||||||||||
|
Total
|
5.71%
|
|
2,218
|
$
|
50,351,247.90
|
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
|
5.71%
|
|
2,218
|
50,351,247.90
|
100.000%
|
|
|||||||||||
|
Total
|
5.71%
|
|
2,218
|
$
|
50,351,247.90
|
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 2014-6 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VI. |
2014-6 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
592,193.19
|
|||||||
| A |
Trustee Fees
|
|
-
|
$
|
592,193.19
|
||||
| B |
Primary Servicing Fee
|
$
|
6,628.37
|
$
|
585,564.82
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
578,897.82
|
||||
| D |
Class A Noteholders' Interest Distribution Amount
|
$
|
220,099.07
|
$
|
358,798.75
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
24,131.10
|
$
|
334,667.65
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
334,667.65
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
304,849.29
|
$
|
29,818.36
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
29,818.36
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
29,818.36
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
29,818.36
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
29,818.36
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
29,818.36
|
$ |
(0.00)
|
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
50,351,247.90
|
||
| B |
Interest to be Capitalized
|
$
|
279,995.03
|
||
| C |
Capitalized Interest Account Balance
|
-
|
|||
| D |
Reserve Account Balance (after any reinstatement)
|
$
|
158,213.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(158,213.00)
|
|
|
|
F
|
Total
|
$
|
50,631,242.93
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
43,681,242.93
|
||
|
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 2014-6 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VII. |
2014-6 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63939BAA7
|
63939BAB5
|
||||||
|
Beginning Balance
|
$
|
43,986,092.22
|
$
|
4,200,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.61%
|
|
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*
|
6.00460%
|
|
6.89460%
|
|
||||
|
Accrued Interest Factor
|
0.005003833
|
0.005745500
|
||||||
|
Current Interest Due
|
$
|
220,099.07
|
$
|
24,131.10
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
220,099.07
|
$
|
24,131.10
|
||||
|
Interest Paid
|
$
|
220,099.07
|
$
|
24,131.10
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
304,849.29
|
-
|
|||||
|
Ending Principal Balance
|
$
|
43,681,242.93
|
$
|
4,200,000.00
|
||||
|
Paydown Factor
|
0.001982115
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.284013283
|
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 2014-6 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VIII. |
2014-6 Reconciliations
|
|
A |
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
48,186,092.22
|
|||
|
Adjusted Pool Balance
|
$
|
50,631,242.93
|
|||
|
Overcollateralization Amount
|
$
|
2,750,000.00
|
|||
|
Principal Distribution Amount
|
$
|
304,849.29
|
|||
|
Principal Distribution Amount Paid
|
$
|
304,849.29
|
|||
|
B |
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
158,213.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
158,213.00
|
|||
|
Required Reserve Acct Balance
|
$
|
158,213.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
158,213.00
|
|||
|
C |
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
342.97
|
|||
|
Deposits for the Period
|
$
|
421.89
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Balance
|
$
|
764.86
|
|||
|
D |
|||||
|
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2014-6 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|