09/06/2024 | Press release | Distributed by Public on 09/06/2024 09:59
Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
06/30/2024
|
07/31/2024
|
|||||||||
|
Principal Balance
|
$
|
257,208,313.46
|
$
|
84,170,337.85
|
$
|
82,737,859.92
|
||||||
|
Interest to be Capitalized Balance
|
1,145,436.55
|
562,645.07
|
591,941.71
|
|||||||||
|
Pool Balance
|
$
|
258,353,750.01
|
$
|
84,732,982.92
|
$
|
83,329,801.63
|
||||||
|
Specified Reserve Account Balance
|
5,924,254.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool (1)
|
$
|
264,278,004.01
|
$
|
84,732,982.92
|
$
|
83,329,801.63
|
||||||
|
Weighted Average Coupon (WAC)
|
5.68% |
|
5.73% |
|
5.72%
|
|
||||||
|
Number of Loans
|
10,746 |
3,497 |
3,440
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
5,922,918.15
|
$
|
5,922,757.09
|
||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
78,810,064.77
|
$
|
77,407,044.54
|
||||||||
|
Pool Factor
|
0.321811325
|
0.316482117
|
||||||||||
|
Since Issued Constant Prepayment Rate
|
7.27%
|
|
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
|
07/25/2024
|
08/26/2024
|
|||||||
A |
|
63938GAA7
|
$
|
73,919,998.69
|
$
|
72,618,009.30
|
|||||
B |
|
63938GAB5
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
C
|
Account Balances
|
07/25/2024
|
08/26/2024
|
||||||
|
Reserve Account Balance
|
$
|
263,300.00
|
$
|
263,300.00
|
||||
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
Floor Income Rebate Account
|
$
|
1,351.00
|
$
|
1,990.19
|
||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
07/25/2024
|
08/26/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
84,732,982.92
|
$
|
83,329,801.63
|
||||
|
Total Notes
|
$
|
80,919,998.69
|
$
|
79,618,009.30
|
||||
|
Difference
|
$
|
3,812,984.23
|
$
|
3,711,792.33
|
||||
|
Parity Ratio
|
1.04712
|
1.04662
|
Page 2 of 9
|
Trust 2014-2 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
|
297,436.75
|
||||
Guarantor Principal
|
366,351.12
|
||||
Consolidation Activity Principal
|
960,557.50
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
1,624,345.37
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
148,923.52
|
||||
Guarantor Interest
|
19,194.25
|
||||
Consolidation Activity Interest
|
22,332.31
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
(416.12)
|
||||
Rejected Claim Repurchased Interest
|
0.00 | ||||
Other Interest Deposits
|
8,043.23
|
||||
Total Interest Receipts
|
$
|
198,077.19
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D
|
Investment Income
|
$
|
15,955.18
|
||
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
|
$
|
(74,676.25)
|
|
||
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(639.19)
|
|
||
M |
AVAILABLE FUNDS
|
$
|
1,763,062.30
|
||
N |
Non-Cash Principal Activity During Collection Period
|
$
|
(191,867.44)
|
|
|
O |
Non-Reimbursable Losses During Collection Period
|
$
|
6,003.10
|
||
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 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
III. |
2014-2 Portfolio Characteristics
|
07/31/2024
|
06/30/2024
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
||||||||||||||||||||||||||
INTERIM:
|
DEFERMENT
|
5.28%
|
|
88
|
$
|
2,775,050.72
|
3.354%
|
|
5.12%
|
|
78
|
$
|
2,450,492.73
|
2.911%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
5.55%
|
|
2,764
|
$
|
56,231,346.17
|
67.963%
|
|
5.54%
|
|
2,796
|
$
|
57,255,237.03
|
68.023%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
5.87%
|
|
86
|
$
|
3,699,234.66
|
4.471%
|
|
6.27%
|
|
80
|
$
|
2,315,741.30
|
2.751%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.44%
|
|
40
|
$
|
1,193,930.93
|
1.443%
|
|
5.64%
|
|
41
|
$
|
1,282,571.16
|
1.524%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.01%
|
|
27
|
$
|
969,852.32
|
1.172%
|
|
6.06%
|
|
25
|
$
|
1,050,384.65
|
1.248%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.12%
|
|
81
|
$
|
3,017,424.79
|
3.647%
|
|
6.20%
|
|
86
|
$
|
3,213,553.04
|
3.818%
|
|
||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
|
FORBEARANCE
|
6.29%
|
|
345
|
$
|
14,671,249.80
|
17.732%
|
|
6.28%
|
|
378
|
$
|
16,144,151.44
|
19.180%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
5.32%
|
|
9
|
$
|
179,770.53
|
0.217%
|
|
5.32%
|
|
13
|
$
|
458,206.50
|
0.544%
|
|
||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
TOTAL
|
|
3,440
|
$
|
82,737,859.92
|
100.00%
|
|
3,497
|
$
|
84,170,337.85
|
100.00%
|
|
*
|
Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
IV. |
2014-2 Portfolio Characteristics (cont'd)
|
07/31/2024
|
06/30/2024
|
|||||||
Pool Balance
|
$
|
83,329,801.63
|
$
|
84,732,982.92
|
||||
Outstanding Borrower Accrued Interest
|
$
|
2,959,757.06
|
$
|
2,960,187.10
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
591,941.71
|
$
|
562,645.07
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
286,166.06
|
$
|
294,923.01
|
||||
Total # Loans
|
3,440
|
3,497
|
||||||
Total # Borrowers
|
1,946
|
1,979
|
||||||
Weighted Average Coupon
|
5.72%
|
|
5.73%
|
|
||||
Weighted Average Remaining Term
|
202.31
|
202.49
|
||||||
Non-Reimbursable Losses
|
$
|
6,003.10
|
$
|
8,696.05
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
1,133,631.81
|
$
|
1,127,628.71
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
6.88%
|
|
7.27%
|
|
||||
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
|
$ |
38,048.74
|
-
|
|||||
Note Interest Shortfall
|
-
|
-
|
||||||
Unpaid Interest Carryover
|
-
|
-
|
||||||
Non-Cash Principal Activity - Capitalized Interest
|
$
|
197,941.32
|
$
|
237,452.66
|
||||
Borrower Interest Accrued
|
$
|
387,548.59
|
$
|
381,595.84
|
||||
Interest Subsidy Payments Accrued
|
$
|
10,056.94
|
$
|
9,364.90
|
||||
Special Allowance Payments Accrued
|
$
|
180,235.48
|
$
|
179,484.59
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
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
|
5.72%
|
|
3,440
|
82,737,859.92
|
100.000%
|
|
||||||||||
|
Total
|
5.72%
|
|
3,440
|
$
|
82,737,859.92
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
9.00%
|
|
1
|
49,318.97
|
0.060%
|
|
||||||||||
|
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
- Other
|
5.72%
|
|
3,439
|
82,688,540.95
|
99.940%
|
|
||||||||||
|
Total
|
5.72%
|
|
3,440
|
$
|
82,737,859.92
|
100.000%
|
|
(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 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VI. |
2014-2 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
1,763,062.30
|
|||||||
A
|
Trustee Fees
|
|
-
|
$
|
1,763,062.30
|
||||
B
|
Primary Servicing Fee
|
$
|
10,172.06
|
$
|
1,752,890.24
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,746,223.24
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
400,917.10
|
$
|
1,345,306.14
|
||||
E |
Class B Noteholders' Interest Distribution Amount
|
$
|
43,316.75
|
$
|
1,301,989.39
|
||||
F |
Reserve Account Reinstatement
|
-
|
$
|
1,301,989.39
|
|||||
G |
Class A Noteholders' Principal Distribution Amount
|
$
|
1,301,989.39
|
|
-
|
||||
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
|
$
|
82,737,859.92
|
||
B
|
Interest to be Capitalized
|
$
|
591,941.71
|
||
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
|
$
|
83,329,801.63
|
||
G |
Class A Notes Outstanding (after application of available funds)
|
$
|
72,618,009.30
|
||
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 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VII. |
2014-2 Distributions
|
A |
|
B |
|
|||||
Cusip/Isin
|
63938GAA7
|
63938GAB5
|
||||||
Beginning Balance
|
$
|
73,919,998.69
|
$
|
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
|
7/25/2024
|
7/25/2024
|
||||||
Accrual Period End
|
8/26/2024
|
8/26/2024
|
||||||
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
Interest Rate*
|
6.10162%
|
|
6.96162%
|
|
||||
Accrued Interest Factor
|
0.005423662
|
0.006188107
|
||||||
Current Interest Due
|
$
|
400,917.10
|
$
|
43,316.75
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
400,917.10
|
$
|
43,316.75
|
||||
Interest Paid
|
$
|
400,917.10
|
$
|
43,316.75
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
1,301,989.39
|
-
|
|||||
Ending Principal Balance
|
$
|
72,618,009.30
|
$
|
7,000,000.00
|
||||
Paydown Factor
|
0.005085896
|
0.000000000
|
||||||
Ending Balance Factor
|
0.283664099
|
1.000000000
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VIII. |
2014-2 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
80,919,998.69
|
||
|
Adjusted Pool Balance
|
$
|
83,329,801.63
|
||
|
Overcollateralization Amount
|
$
|
3,749,841.07
|
||
|
Principal Distribution Amount
|
$
|
1,340,038.13
|
||
|
Principal Distribution Amount Paid
|
$
|
1,301,989.39
|
||
|
|||||
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
|
$
|
1,351.00
|
||
|
Deposits for the Period
|
$
|
639.19
|
||
|
Release to Collection Account
|
-
|
|||
|
Ending Balance
|
$
|
1,990.19
|
||
|
|||||
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 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|