Navient Student Loan Trust 2015-3

07/08/2024 | Press release | Distributed by Public on 07/08/2024 08:32

Asset Backed Issuer Distribution Report Form 10 D


Navient Student Loan Trust 2015-3

Monthly Servicing Report

Distribution Date 06/25/2024

Collection Period 05/01/2024 - 05/31/2024

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 2015-3 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
I.
Deal Parameters

A
 Student Loan Portfolio Characteristics
 06/18/2015 04/30/2024
 05/31/2024

Principal Balance
$
731,924,193.58
$
251,320,790.93
$
244,628,136.40
Interest to be Capitalized Balance
5,723,713.00
2,628,919.78
2,427,273.63
Pool Balance
$
737,647,906.58
$
253,949,710.71
$
247,055,410.03
Specified Reserve Account Balance
12,418,487.00
- N/A -
- N/A -
Adjusted Pool(1)
$
750,066,393.58
$
253,949,710.71
$
247,055,410.03
Weighted Average Coupon (WAC)
5.90%

6.65%

6.66%

Number of Loans
106,911
25,711
25,134
Aggregate Outstanding Principal Balance - Tbill
$
31,104,545.47
$
29,732,273.29
Aggregate Outstanding Principal Balance - SOFR
$
222,845,165.24
$
217,323,136.74
Pool Factor
0.337413915
0.328253704
Since Issued Constant Prepayment Rate
0.08%

0.19%


(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
 05/28/2024 06/25/2024
A2
63939LAB3
$
230,140,465.05
$
223,349,578.88
B
63939LAC1
$
20,000,000.00
$
20,000,000.00

C
Account Balances
05/28/2024
06/25/2024
Reserve Account Balance
$
752,636.00
$
752,636.00
Capitalized Interest Account Balance
-
-
Floor Income Rebate Account
$
16,601.92
$
5,804.61
Supplemental Loan Purchase Account
-
-

D
Asset / Liability
05/28/2024
06/25/2024
Adjusted Pool Balance + Supplemental Loan Purchase
$
253,949,710.71
$
247,055,410.03
Total Notes
$
250,140,465.05
$
243,349,578.88
Difference
$
3,809,245.66
$
3,705,831.15
Parity Ratio
1.01523
1.01523

Page 2 of 9
Trust 2015-3 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
II.
Trust Activity 05/01/2024 through 05/31/2024

A
Student Loan Principal Receipts
Borrower Principal
597,269.99
Guarantor Principal
1,496,973.15
Consolidation Activity Principal
5,441,622.75
Seller Principal Reimbursement
-
Servicer Principal Reimbursement
(120.72)
Rejected Claim Repurchased Principal
-
Other Principal Deposits
-
Total Principal Receipts
$
7,535,745.17
B
Student Loan Interest Receipts
Borrower Interest
309,562.71
Guarantor Interest
134,816.82
Consolidation Activity Interest
500,531.35
Special Allowance Payments
982,451.78
Interest Subsidy Payments
141,933.81
Seller Interest Reimbursement
0.00
Servicer Interest Reimbursement
978.02

Rejected Claim Repurchased Interest
0.00
Other Interest Deposits
36,285.72
Total Interest Receipts
$
2,106,560.21
C
Reserves in Excess of Requirement

-
D
Investment Income
$
41,360.08
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
$
16,601.92
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
$
(115,907.64)

Floor Income Rebate Fees to Dept. of Education
$
(9,536.64)
Funds Allocated to the Floor Income Rebate Account
$
(5,804.61)

M
AVAILABLE FUNDS
$
9,569,018.49
N
Non-Cash Principal Activity During Collection Period
$
(843,090.64)
O
Non-Reimbursable Losses During Collection Period
$
22,955.67
P
Aggregate Purchased Amounts by the Depositor, Servicer or Seller

-
Q
Aggregate Loan Substitutions
-

Page 3 of 9
Trust 2015-3 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
III.
2015-3 Portfolio Characteristics

05/31/2024
04/30/2024
Wtd Avg
Coupon
# Loans
Principal
% of
Principal
Wtd Avg
Coupon
# Loans
Principal
% of
Principal
INTERIM:
IN SCHOOL
6.81%

11
$
58,918.00
0.024%

6.81%

11
$
58,918.00
0.023%


GRACE
6.00%

1
$
753.55
0.000%

6.00%

1
$
753.55
0.000%


DEFERMENT
6.52%

1,426
$
10,694,804.37
4.372%

6.53%

1,556
$
11,805,386.24
4.697%

REPAYMENT:
CURRENT
6.61%

16,244
$
149,967,777.67
61.304%

6.62%

16,847
$
155,673,793.95
61.942%


31-60 DAYS DELINQUENT
6.76%

780
$
8,391,437.72
3.430%

6.57%

973
$
11,186,968.17
4.451%


61-90 DAYS DELINQUENT
6.66%

637
$
7,484,719.16
3.060%

6.94%

562
$
6,013,111.74
2.393%


91-120 DAYS DELINQUENT
6.83%

362
$
3,695,453.57
1.511%

6.51%

418
$
5,167,771.59
2.056%


> 120 DAYS DELINQUENT
6.71%

939
$
11,183,674.83
4.572%

6.83%

1,025
$
11,674,396.03
4.645%


FORBEARANCE
6.78%

4,462
$
50,898,276.21
20.806%

6.75%

3,999
$
46,946,767.75
18.680%


CLAIMS IN PROCESS
6.81%

272
$
2,252,321.32
0.921%

6.71%

319
$
2,792,923.91
1.111%

TOTAL
25,134
$
244,628,136.40
100.00%

25,711
$
251,320,790.93
100.00%


* Percentages may not total 100% due to rounding

Page 4 of 9
Trust 2015-3 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
IV.
2015-3 Portfolio Characteristics (cont'd)

05/31/2024
04/30/2024
Pool Balance
$
247,055,410.03
$
253,949,710.71
Outstanding Borrower Accrued Interest
$
10,520,627.38
$
10,992,405.10
Borrower Accrued Interest to be Capitalized
$
2,427,273.63
$
2,628,919.78
Borrower Accrued Interest >30 Days Delinquent
$
1,282,695.02
$
1,463,798.05
Total # Loans
25,134
25,711
Total # Borrowers
10,994
11,260
Weighted Average Coupon
6.66%

6.65%

Weighted Average Remaining Term
200.78
199.81
Non-Reimbursable Losses
$
22,955.67
$
19,037.55
Cumulative Non-Reimbursable Losses
$
3,763,473.67
$
3,740,518.00
Since Issued Constant Prepayment Rate (CPR)
0.19%

0.08%

Loan Substitutions
-
-
Cumulative Loan Substitutions
-
-
Rejected Claim Repurchases

-

-
Cumulative Rejected Claim Repurchases
$
155,863.91
$
155,863.91
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
$
865,800.04
$
778,062.14
Borrower Interest Accrued
$
1,339,514.39
$
1,329,541.76
Interest Subsidy Payments Accrued
$
46,134.08
$
46,483.47
Special Allowance Payments Accrued
$
310,604.49
$
312,773.14

Page 5 of 9
Trust 2015-3 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
V.
2015-3 Portfolio Statistics by School and Program

A
LOAN TYPE
Weighted Average Coupon
# LOANS
$ AMOUNT
%*

- GSL (1) - Subsidized
6.99%

10,336
45,741,062.73
18.698%

- GSL - Unsubsidized
7.01%

8,549
61,398,234.13
25.099%

- PLUS (2) Loans
8.50%

405
8,136,537.88
3.326%

- SLS (3) Loans
8.45%

17
191,058.32
0.078%

- Consolidation Loans
6.25%

5,827
129,161,243.34
52.799%

Total
6.66%

25,134
$
244,628,136.40
100.000%


B
SCHOOL TYPE

Weighted Average Coupon


# LOANS


$ AMOUNT



%*

- Four Year
7.11%

15,587
99,402,204.87
40.634%

- Two Year
7.10%

3,037
13,300,311.67
5.437%

- Technical
7.22%

666
2,895,289.29
1.184%

- Other
6.25%

5,844
129,030,330.57
52.745%

Total
6.66%

25,134
$
244,628,136.40
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 2015-3 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
VI.
2015-3 Waterfall for Distributions

Paid
Remaining
Funds Balance
Total Available Funds
$
9,569,018.49
A
Trustee Fees

-
$
9,569,018.49
B
Primary Servicing Fee
$
50,760.77
$
9,518,257.72
C
Administration Fee
$
6,667.00
$
9,511,590.72
D
Class A Noteholders' Interest Distribution Amount
$
1,089,780.05
$
8,421,810.67
E
Class B Noteholders' Interest Distribution Amount
$
107,927.87
$
8,313,882.80
F
Reserve Account Reinstatement
-
$
8,313,882.80
G
Class A Noteholders' Principal Distribution Amount
$
6,790,886.17
$
1,522,996.63
H
Class B Noteholders' Principal Distribution Amount
-
$
1,522,996.63
I
Class A Noteholders' Accelerated Principal Distribution Amount
-
$
1,522,996.63
J
Class B Noteholders' Accelerated Principal Distribution Amount
-
$
1,522,996.63
K
Unpaid Expenses of The Trustees
-
$
1,522,996.63
L
Carryover Servicing Fee
-
$
1,522,996.63
M
Remaining Amounts to the Noteholders after the first auction date
-
$
1,522,996.63
N
Excess Distribution Certificateholder
$
1,522,996.63
-

Waterfall Triggers
A
Student Loan Principal Outstanding
$
244,628,136.40
B
Interest to be Capitalized
$
2,427,273.63
C
Capitalized Interest Account Balance
-
D
Reserve Account Balance (after any reinstatement)
$
752,636.00
E
Less: Specified Reserve Account Balance
$
(752,636.00)

F
Total
$
247,055,410.03
G
Class A Notes Outstanding (after application of available funds)
$
223,349,578.88
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 2015-3 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
VII.
2015-3 Distributions

Distribution Amounts

A2
B

Cusip/Isin
63939LAB3
63939LAC1
Beginning Balance
$
230,140,465.05
$
20,000,000.00
Index
SOFR
SOFR
Spread/Fixed Rate
0.65%

1.50%

Record Date (Days Prior to Distribution)
1 NEW YORK BUSINESS DAY
1 NEW YORK BUSINESS DAY
Accrual Period Begin
5/28/2024
5/28/2024
Accrual Period End
6/25/2024
6/25/2024
Daycount Fraction
0.07777778
0.07777778
Interest Rate*
6.08822%

6.93822%

Accrued Interest Factor
0.004735282
0.005396394
Current Interest Due
$
1,089,780.05
$
107,927.87
Interest Shortfall from Prior Period Plus Accrued Interest
-
-
Total Interest Due
$
1,089,780.05
$
107,927.87
Interest Paid
$
1,089,780.05
$
107,927.87
Interest Shortfall
-
-
Principal Paid
$
6,790,886.17
-
Ending Principal Balance
$
223,349,578.88
$
20,000,000.00
Paydown Factor
0.013973017
0.000000000
Ending Balance Factor
0.459567035
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 2015-3 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
VIII.
2015-3 Reconciliations

A
Principal Distribution Reconciliation
Notes Outstanding Principal Balance
$
250,140,465.05
Adjusted Pool Balance
$
247,055,410.03
Overcollateralization Amount
$
3,705,831.15
Principal Distribution Amount
$
6,790,886.17
Principal Distribution Amount Paid
$
6,790,886.17
B
Reserve Account Reconciliation
Beginning Period Balance
$
752,636.00
Reserve Funds Utilized
0.00
Reserve Funds Reinstated
0.00
Balance Available
$
752,636.00
Required Reserve Acct Balance
$
752,636.00
Release to Collection Account

-
Ending Reserve Account Balance
$
752,636.00
C
Floor Income Rebate Account
Beginning Period Balance
$
16,601.92
Deposits for the Period
$
5,804.61
Release to Collection Account
$
(16,601.92)
Ending Balance
$
5,804.61
D
Supplemental Purchase Account
Beginning Period Balance
-
Supplemental Loan Purchases
-
Transfers to Collection Account
-
Ending Balance
-


Page 9 of 9
Trust 2015-3 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024