06/09/2024 | Press release | Distributed by Public on 06/09/2024 15:59
Page 1 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
I. |
Deal Parameters
|
A |
Student Loan Portfolio Characteristics
|
05/29/2014
|
06/30/2024
|
07/31/2024
|
|||||||||
Principal Balance
|
$
|
717,979,937.57
|
$
|
182,605,457.90
|
$
|
178,199,566.55
|
|||||||
Interest to be Capitalized Balance
|
11,067,273.43
|
2,037,962.23
|
1,949,016.61
|
||||||||||
Pool Balance
|
$
|
729,047,211.00
|
$
|
184,643,420.13
|
$
|
180,148,583.16
|
|||||||
Specified Reserve Account Balance
|
4,867,795.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool (1)
|
$
|
733,915,006.00
|
$
|
184,643,420.13
|
$
|
180,148,583.16
|
|||||||
Weighted Average Coupon (WAC)
|
6.16%
|
|
6.73%
|
|
6.72%
|
|
|||||||
Number of Loans
|
121,418
|
22,166
|
21,699
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
4,160,705.02
|
$
|
4,182,745.10
|
|||||||||
Aggregate Outstanding Principal Balance - SOFR
|
$
|
180,482,715.11
|
$
|
175,965,838.06
|
|||||||||
Pool Factor
|
0.246555637
|
0.240553650
|
|||||||||||
Since Issued Constant Prepayment Rate
|
(3.30)%
|
|
(3.35)%
|
|
(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
|
07/25/2024
|
08/26/2024 | ||||||
A3
|
63938EAC8
|
$
|
102,143,420.13
|
$
|
97,648,583.16
|
|||||
A4
|
63938EAD6
|
$
|
60,000,000.00
|
$
|
60,000,000.00
|
|||||
|
B
|
63938EAE4
|
$
|
20,000,000.00
|
$
|
20,000,000.00
|
C |
Account Balances |
07/25/2024 | 08/26/2024 | ||||||
Reserve Account Balance
|
$
|
748,891.00
|
$
|
748,891.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
21,304.35
|
$
|
31,332.17
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D |
Asset / Liability |
07/25/2024 | 08/26/2024 | ||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
184,643,420.13
|
$
|
180,148,583.16
|
|||||
Total Notes
|
$
|
182,143,420.13
|
$
|
177,648,583.16
|
|||||
Difference
|
$
|
2,500,000.00
|
$
|
2,500,000.00
|
|||||
Parity Ratio
|
1.01373
|
1.01407
|
Page 2 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
II. | Trust Activity 07/01/2024 through 07/31/2024 |
A |
Student Loan Principal Receipts
|
||||
Borrower Principal
|
540,481.54
|
||||
Guarantor Principal
|
540,708.28
|
||||
Consolidation Activity Principal
|
3,874,201.62
|
||||
Seller Principal Reimbursement
|
25.78
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$ |
|
4,955,417.22
|
||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
259,047.92
|
||||
Guarantor Interest
|
43,799.18
|
||||
Consolidation Activity Interest
|
366,806.66
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
191.17
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
20,105.15
|
||||
Total Interest Receipts
|
$ |
|
689,950.08
|
||
C
|
Reserves in Excess of Requirement
|
-
|
|||
D |
Investment Income
|
$ |
|
36,044.10
|
|
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
|
$ |
|
(51,041.72)
|
|
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|
||
Funds Allocated to the Floor Income Rebate Account
|
$ |
|
(10,027.82)
|
|
|
M
|
AVAILABLE FUNDS
|
$ |
|
5,620,341.86
|
|
N
|
Non-Cash Principal Activity During Collection Period
|
$ |
|
(549,525.87)
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$ |
|
8,238.57
|
|
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 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
III. |
2014-1 Portfolio Characteristics
|
07/31/2024
|
06/30/2024
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.86%
|
|
24
|
$
|
99,243.63
|
0.056%
|
|
6.87%
|
|
24
|
$
|
99,243.63
|
0.054%
|
|
||||||||||||||||||
|
DEFERMENT |
6.70%
|
|
1,232
|
$
|
10,184,388.67
|
5.715%
|
|
6.73%
|
|
1,248
|
$
|
10,213,785.14
|
5.593%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.67%
|
|
14,720
|
$
|
112,587,191.48
|
63.180%
|
|
6.69%
|
|
15,253
|
$
|
116,990,908.33
|
64.068%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.79%
|
|
664
|
$
|
6,104,664.50
|
3.426%
|
|
6.57%
|
|
663
|
$
|
6,407,046.90
|
3.509%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.51%
|
|
440
|
$
|
4,607,004.34
|
2.585%
|
|
6.76%
|
|
461
|
$
|
4,261,313.09
|
2.334%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.70%
|
|
303
|
$
|
2,896,548.77
|
1.625%
|
|
6.85%
|
|
345
|
$
|
2,913,249.42
|
1.595%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.66%
|
|
835
|
$
|
7,731,713.19
|
4.339%
|
|
6.77%
|
|
814
|
$
|
7,763,067.73
|
4.251%
|
|
||||||||||||||||||
|
FORBEARANCE |
6.88%
|
|
3,235
|
$
|
31,460,986.78
|
17.655%
|
|
6.85%
|
|
3,194
|
$
|
32,186,753.95
|
17.626%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
7.16%
|
|
246
|
$
|
2,527,825.19
|
1.419%
|
|
6.97%
|
|
164
|
$
|
1,770,089.71
|
0.969%
|
|
||||||||||||||||||
TOTAL
|
21,699
|
$
|
178,199,566.55
|
100.00%
|
|
22,166
|
$
|
182,605,457.90
|
100.00%
|
|
*
|
Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
IV. | 2014-1 Portfolio Characteristics (cont'd) |
07/31/2024
|
06/30/2024
|
|||||||
Pool Balance
|
$
|
180,148,583.16
|
$
|
184,643,420.13
|
||||
Outstanding Borrower Accrued Interest
|
$
|
8,138,934.76
|
$
|
8,386,441.35
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
1,949,016.61
|
$
|
2,037,962.23
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
873,456.66
|
$
|
841,751.77
|
||||
Total # Loans
|
21,699
|
22,166
|
||||||
Total # Borrowers
|
6,858
|
7,015
|
||||||
Weighted Average Coupon
|
6.72%
|
|
6.73%
|
|
||||
Weighted Average Remaining Term
|
194.89
|
195.23
|
||||||
Non-Reimbursable Losses
|
$
|
8,238.57
|
$
|
17,013.12
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
2,544,440.36
|
$
|
2,536,201.79
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-3.35%
|
|
-3.30%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
351,568.09
|
$
|
351,568.09
|
||||
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
|
$
|
558,304.73
|
$
|
614,953.23
|
||||
Borrower Interest Accrued
|
$
|
980,538.22
|
$
|
968,530.67
|
||||
Interest Subsidy Payments Accrued
|
$
|
32,643.27
|
$
|
32,881.83
|
||||
Special Allowance Payments Accrued
|
$
|
208,624.62
|
$
|
208,232.44
|
Page 5 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
V. | 2014-1 Portfolio Statistics by School and Program |
A |
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- GSL (1) - Subsidized
|
6.90%
|
|
10,143
|
42,549,490.81
|
23.877%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.93%
|
|
8,549
|
64,076,196.86
|
35.958%
|
|
|||||||||||
- PLUS (2) Loans
|
8.50%
|
|
522
|
15,454,605.52
|
8.673%
|
|
|||||||||||
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
- Consolidation Loans
|
5.84%
|
|
2,485
|
56,119,273.36
|
31.492%
|
|
|||||||||||
Total
|
6.72%
|
|
21,699
|
$
|
178,199,566.55
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
||||||||||
- Four Year
|
7.13%
|
|
16,322
|
110,603,625.25
|
62.067%
|
|
||||||||||
- Two Year
|
7.02%
|
|
2,506
|
10,029,330.02
|
5.628%
|
|
||||||||||
- Technical
|
6.97%
|
|
342
|
1,286,571.56
|
0.722%
|
|
||||||||||
- Other
|
5.84%
|
|
2,529
|
56,280,039.72
|
31.583%
|
|
||||||||||
Total
|
6.72%
|
|
21,699
|
$
|
178,199,566.55
|
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 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VI. | 2014-1 Waterfall for Distributions |
Paid |
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
5,620,341.86
|
|||||||
A |
Trustee Fees
|
-
|
$
|
5,620,341.86
|
|||||
B |
Primary Servicing Fee
|
$
|
33,521.42
|
$
|
5,586,820.44
|
||||
C |
Administration Fee
|
$
|
6,667.00
|
$
|
5,580,153.44
|
||||
D |
Class A Noteholders' Interest Distribution Amount
|
$
|
873,474.57
|
$
|
4,706,678.87
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
123,762.13
|
$
|
4,582,916.74
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
4,582,916.74
|
|||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
4,494,836.97
|
$
|
88,079.77
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
88,079.77
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
88,079.77
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
88,079.77
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
88,079.77
|
|||||
L
|
Excess Distribution Certificateholder
|
$
|
88,079.77
|
-
|
Waterfall Triggers
|
||||||
A |
Student Loan Principal Outstanding
|
$
|
178,199,566.55
|
|||
B
|
Interest to be Capitalized
|
$
|
1,949,016.61
|
|||
C |
Capitalized Interest Account Balance
|
-
|
||||
D |
Reserve Account Balance (after any reinstatement)
|
$
|
748,891.00
|
|||
E
|
Less: Specified Reserve Account Balance
|
$
|
(748,891.00)
|
|
||
F
|
Total
|
$
|
180,148,583.16
|
|||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
157,648,583.16
|
|||
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 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VII. | 2014-1 Distributions |
A3
|
A4
|
B |
|
|||||||||
Cusip/Isin
|
63938EAC8
|
63938EAD6
|
63938EAE4
|
|||||||||
Beginning Balance
|
$
|
102,143,420.13
|
$
|
60,000,000.00
|
$
|
20,000,000.00
|
||||||
Index
|
SOFR
|
SOFR
|
SOFR
|
|||||||||
Spread/Fixed Rate
|
0.51%
|
|
0.75%
|
|
1.50%
|
|
||||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
|||||||||
Accrual Period Begin
|
7/25/2024
|
7/25/2024
|
7/25/2024
|
|||||||||
Accrual Period End
|
8/26/2024
|
8/26/2024
|
8/26/2024
|
|||||||||
Daycount Fraction
|
0.08888889
|
0.08888889
|
0.08888889
|
|||||||||
Interest Rate*
|
5.97162%
|
|
6.21162%
|
|
6.96162%
|
|
||||||
Accrued Interest Factor
|
0.005308107
|
0.005521440
|
0.006188107
|
|||||||||
Current Interest Due
|
$
|
542,188.17
|
$
|
331,286.40
|
$
|
123,762.13
|
||||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
-
|
|||||||||
Total Interest Due
|
$
|
542,188.17
|
$
|
331,286.40
|
$
|
123,762.13
|
||||||
Interest Paid
|
$
|
542,188.17
|
$
|
331,286.40
|
$
|
123,762.13
|
||||||
Interest Shortfall
|
-
|
-
|
-
|
|||||||||
Principal Paid
|
$
|
4,494,836.97
|
-
|
-
|
||||||||
Ending Principal Balance
|
$
|
97,648,583.16
|
$
|
60,000,000.00
|
$
|
20,000,000.00
|
||||||
Paydown Factor
|
0.012842391
|
0.000000000
|
0.000000000
|
|||||||||
Ending Balance Factor
|
0.278995952
|
1.000000000
|
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 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VIII. | 2014-1 Reconciliations |
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
182,143,420.13
|
||
|
Adjusted Pool Balance
|
$
|
180,148,583.16
|
||
|
Overcollateralization Amount
|
$
|
2,500,000.00
|
||
|
Principal Distribution Amount
|
$
|
4,494,836.97
|
||
|
Principal Distribution Amount Paid
|
$
|
4,494,836.97
|
||
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
748,891.00
|
||
|
Reserve Funds Utilized
|
0.00
|
|||
|
Reserve Funds Reinstated
|
0.00
|
|||
|
Balance Available
|
$
|
748,891.00
|
||
|
Required Reserve Acct Balance
|
$
|
748,891.00
|
||
|
Release to Collection Account
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
748,891.00
|
||
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
21,304.35
|
||
|
Deposits for the Period
|
$
|
10,027.82
|
||
|
Release to Collection Account
|
|
-
|
|
|
|
Ending Balance
|
$
|
31,332.17
|
||
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Supplemental Loan Purchases
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
Page 9 of 9
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Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |