05/08/2024 | Press release | Distributed by Public on 05/08/2024 08:09
Page 1 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024 |
I. |
Deal Parameters
|
A |
Student Loan Portfolio Characteristics
|
01/28/2014
|
02/29/2024
|
03/31/2024
|
|||||||||
Principal Balance
|
$
|
948,607,096.92
|
$
|
228,725,591.46
|
$
|
225,246,357.87
|
|||||||
Interest to be Capitalized Balance
|
17,230,470.46
|
2,538,289.20
|
2,436,372.73
|
||||||||||
Pool Balance
|
$
|
965,837,567.38
|
$
|
231,263,880.66
|
$
|
227,682,730.60
|
|||||||
Specified Reserve Account Balance
|
4,984,710.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool (1)
|
$
|
970,822,277.38
|
$
|
231,263,880.66
|
$
|
227,682,730.60
|
|||||||
Weighted Average Coupon (WAC)
|
6.28%
|
|
7.16%
|
|
7.16%
|
|
|||||||
Number of Loans
|
201,764
|
36,486
|
35,746
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
578,436.67
|
$
|
583,216.88
|
|||||||||
Aggregate Outstanding Principal Balance - SOFR
|
$
|
230,685,443.99
|
$
|
227,099,513.72
|
|||||||||
Pool Factor
|
0.231973258
|
0.228381123
|
|||||||||||
Since Issued Constant Prepayment Rate
|
(11.63)%
|
|
(12.46)% |
|
(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
|
03/25/2024
|
04/25/2024 | ||||||
A3
|
78448EAC9
|
$
|
201,651,241.85
|
$
|
198,105,903.29
|
|||||
B
|
78448EAD7
|
$
|
27,300,000.00
|
$
|
27,300,000.00
|
C |
Account Balances |
03/25/2024 | 04/25/2024 | ||||||
Reserve Account Balance
|
$
|
996,942.00
|
$
|
996,942.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
19,881.06
|
$
|
40,594.14
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D |
Asset / Liability |
03/25/2024 | 04/25/2024 | ||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
231,263,880.66
|
$
|
227,682,730.60
|
|||||
Total Notes
|
$
|
228,951,241.85
|
$
|
225,405,903.29
|
|||||
Difference
|
$
|
2,312,638.81
|
$
|
2,276,827.31
|
|||||
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024 |
II. | Trust Activity 03/01/2024 through 03/31/2024 |
A |
Student Loan Principal Receipts
|
||||
Borrower Principal
|
611,986.08
|
||||
Guarantor Principal
|
1,286,100.01
|
||||
Consolidation Activity Principal
|
2,351,166.42
|
||||
Seller Principal Reimbursement
|
87.47
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
4,249,339.98
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
327,346.95
|
||||
Guarantor Interest
|
123,105.20
|
||||
Consolidation Activity Interest
|
155,709.64
|
||||
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
|
24,090.26
|
||||
Total Interest Receipts
|
$
|
630,252.05
|
|||
C
|
Reserves in Excess of Requirement
|
-
|
|||
D |
Investment Income
|
$
|
30,517.46
|
||
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
|
$
|
(20,713.08)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
4,889,396.41
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(770,106.39)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
20,774.84
|
||
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 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024 |
III. |
2014-1 Portfolio Characteristics
|
03/31/2024
|
02/29/2024
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.92%
|
|
53
|
$
|
274,568.68
|
0.122%
|
|
6.92%
|
|
54
|
$
|
274,893.00
|
0.120%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
2
|
$
|
20,500.00
|
0.009%
|
|
6.80%
|
|
3
|
$
|
41,000.00
|
0.018%
|
|
||||||||||||||||||
|
DEFERMENT |
6.93%
|
|
2,049
|
$
|
12,460,261.73
|
5.532%
|
|
6.93%
|
|
2,081
|
$
|
12,596,122.50
|
5.507%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
7.16%
|
|
24,758
|
$
|
146,758,119.75
|
65.154%
|
|
7.16%
|
|
25,206
|
$
|
147,848,586.46
|
64.640%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
7.15%
|
|
1,182
|
$
|
8,334,528.41
|
3.700%
|
|
7.23%
|
|
1,038
|
$
|
7,009,279.31
|
3.064%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
7.25%
|
|
680
|
$
|
4,950,355.96
|
2.198%
|
|
7.23%
|
|
639
|
$
|
5,024,723.58
|
2.197%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
7.19%
|
|
467
|
$
|
3,629,593.74
|
1.611%
|
|
7.32%
|
|
471
|
$
|
4,139,299.68
|
1.810%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
7.20%
|
|
1,429
|
$
|
9,970,260.85
|
4.426%
|
|
7.13%
|
|
1,461
|
$
|
9,546,372.90
|
4.174%
|
|
||||||||||||||||||
|
FORBEARANCE |
7.24%
|
|
4,839
|
$
|
37,127,072.87
|
16.483%
|
|
7.21%
|
|
5,147
|
$
|
40,052,073.09
|
17.511%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
7.02%
|
|
287
|
$
|
1,721,095.88
|
0.764%
|
|
7.15%
|
|
386
|
$
|
2,193,240.94
|
0.959%
|
|
||||||||||||||||||
TOTAL
|
35,746
|
$
|
225,246,357.87
|
100.00%
|
|
36,486
|
$
|
228,725,591.46
|
100.00%
|
|
*
|
Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024 |
IV. | 2014-1 Portfolio Characteristics (cont'd) |
03/31/2024
|
02/29/2024
|
|||||||
Pool Balance
|
$
|
227,682,730.60
|
$
|
231,263,880.66
|
||||
Outstanding Borrower Accrued Interest
|
$
|
11,913,460.73
|
$
|
11,989,458.66
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
2,436,372.73
|
$
|
2,538,289.20
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,059,761.68
|
$
|
1,062,684.05
|
||||
Total # Loans
|
35,746
|
36,486
|
||||||
Total # Borrowers
|
10,202
|
10,448
|
||||||
Weighted Average Coupon
|
7.16%
|
|
7.16%
|
|
||||
Weighted Average Remaining Term
|
187.59
|
186.97
|
||||||
Non-Reimbursable Losses
|
$
|
20,774.84
|
$
|
10,506.53
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
3,328,011.06
|
$
|
3,307,236.22
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-12.46%
|
|
-11.63%
|
|
||||
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
|
$
|
790,583.12
|
$
|
837,747.23
|
||||
Borrower Interest Accrued
|
$
|
1,319,987.18
|
$
|
1,253,768.71
|
||||
Interest Subsidy Payments Accrued
|
$
|
39,808.37
|
$
|
37,466.84
|
||||
Special Allowance Payments Accrued
|
$
|
168,810.13
|
$
|
158,448.38
|
Page 5 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024 |
V. | 2014-1 Portfolio Statistics by School and Program |
A |
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- GSL (1) - Subsidized
|
6.93%
|
|
18,802
|
76,819,569.65
|
34.105%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.95%
|
|
15,950
|
116,270,514.35
|
51.619%
|
|
|||||||||||
- PLUS (2) Loans
|
8.50%
|
|
989
|
32,092,724.51
|
14.248%
|
|
|||||||||||
- SLS (3) Loans
|
8.36%
|
|
5
|
63,549.36
|
0.028%
|
|
|||||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
7.16%
|
|
35,746
|
$
|
225,246,357.87
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- Four Year
|
7.17%
|
|
30,870
|
206,687,594.91
|
91.761%
|
|
|||||||||||
- Two Year
|
7.04%
|
|
4,369
|
16,570,543.40
|
7.357%
|
|
|||||||||||
- Technical
|
6.96%
|
|
469
|
1,882,650.82
|
0.836%
|
|
|||||||||||
- Other
|
7.24%
|
|
38
|
105,568.74
|
0.047%
|
|
|||||||||||
Total
|
7.16%
|
|
35,746
|
$
|
225,246,357.87
|
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 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024 |
VI. | 2014-1 Waterfall for Distributions |
Paid |
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
4,889,396.41
|
|||||||
A |
Trustee Fees
|
-
|
$
|
4,889,396.41
|
|||||
B |
Primary Servicing Fee
|
$
|
49,367.83
|
$
|
4,840,028.58
|
||||
C |
Administration Fee
|
$
|
6,667.00
|
$
|
4,833,361.58
|
||||
D |
Class A Noteholders' Interest Distribution Amount
|
$
|
1,047,919.72
|
$
|
3,785,441.86
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
163,027.24
|
$
|
3,622,414.62
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
3,622,414.62
|
|||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
3,545,338.56
|
$
|
77,076.06
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
77,076.06
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
77,076.06
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
77,076.06
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
77,076.06
|
|||||
L
|
Excess Distribution Certificateholder
|
$
|
77,076.06
|
-
|
Waterfall Triggers
|
||||||
A |
Student Loan Principal Outstanding
|
$
|
225,246,357.87
|
|||
B
|
Interest to be Capitalized
|
$
|
2,436,372.73
|
|||
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
|
$
|
227,682,730.60
|
|||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
198,105,903.29
|
|||
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 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024 |
VII. | 2014-1 Distributions |
A3
|
B |
|
|||||
Cusip/Isin
|
78448EAC9
|
78448EAD7
|
|||||
Beginning Balance
|
$
|
201,651,241.85
|
$
|
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
|
3/25/2024
|
3/25/2024
|
|||||
Accrual Period End
|
4/25/2024
|
4/25/2024
|
|||||
Daycount Fraction
|
0.08611111
|
0.08611111
|
|||||
Interest Rate*
|
6.03487%
|
|
6.93487%
|
|
|||
Accrued Interest Factor
|
0.005196694
|
0.005971694
|
|||||
Current Interest Due
|
$
|
1,047,919.72
|
$
|
163,027.24
|
|||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
|||||
Total Interest Due
|
$
|
1,047,919.72
|
$
|
163,027.24
|
|||
Interest Paid
|
$
|
1,047,919.72
|
$
|
163,027.24
|
|||
Interest Shortfall
|
-
|
-
|
|||||
Principal Paid
|
$
|
3,545,338.56
|
-
|
||||
Ending Principal Balance
|
$
|
198,105,903.29
|
$
|
27,300,000.00
|
|||
Paydown Factor
|
0.006943475
|
0.000000000
|
|||||
Ending Balance Factor
|
0.387986493
|
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 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024 |
VIII. | 2014-1 Reconciliations |
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
228,951,241.85
|
||
|
Adjusted Pool Balance
|
$
|
227,682,730.60
|
||
|
Overcollateralization Amount
|
$
|
2,276,827.31
|
||
|
Principal Distribution Amount
|
$
|
3,545,338.56
|
||
|
Principal Distribution Amount Paid
|
$
|
3,545,338.56
|
||
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
|
$
|
19,881.06
|
||
|
Deposits for the Period
|
$
|
20,713.08
|
||
|
Release to Collection Account
|
$
|
|
|
|
|
Ending Balance
|
$
|
40,594.14
|
||
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 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024 |