05/08/2024 | Press release | Distributed by Public on 05/08/2024 08:09
Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024
|
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
03/27/2014
|
02/29/2024
|
03/31/2024
|
|||||||||
|
Principal Balance
|
$
|
947,628,246.57
|
$
|
235,472,371.22
|
$
|
229,867,465.35
|
||||||
|
Interest to be Capitalized Balance
|
17,244,992.28
|
2,698,867.61
|
2,478,097.90
|
|||||||||
|
Pool Balance
|
$
|
964,873,238.85
|
$
|
238,171,238.83
|
$
|
232,345,563.25
|
||||||
|
Specified Reserve Account Balance
|
4,976,726.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool(1)
|
$
|
969,849,964.85
|
$
|
238,171,238.83
|
$
|
232,345,563.25
|
||||||
|
Weighted Average Coupon (WAC)
|
6.24%
|
|
7.18%
|
|
7.18%
|
|
||||||
|
Number of Loans
|
199,512
|
36,789
|
35,752
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,621,581.87
|
$
|
1,561,078.21
|
||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
236,549,656.96
|
$
|
230,784,485.04
|
||||||||
|
Pool Factor
|
0.239285062
|
0.233432143
|
||||||||||
|
Since Issued Constant Prepayment Rate
|
(10.97)%
|
|
(11.60)%
|
|
(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
|
78448GAC4
|
$
|
208,589,526.44
|
$
|
202,822,107.62
|
|||||
B |
78448GAD2
|
$
|
27,200,000.00
|
$
|
27,200,000.00
|
C
|
Account Balances
|
03/25/2024
|
04/25/2024
|
||||||
|
Reserve Account Balance
|
$
|
995,345.00
|
$
|
995,345.00
|
||||
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
Floor Income Rebate Account
|
$
|
20,817.05
|
$
|
42,402.02
|
||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
03/25/2024
|
04/25/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
238,171,238.83
|
$
|
232,345,563.25
|
||||
|
Total Notes
|
$
|
235,789,526.44
|
$
|
230,022,107.62
|
||||
|
Difference
|
$
|
2,381,712.39
|
$
|
2,323,455.63
|
||||
|
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2014-2 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
|
602,053.80
|
||||
Guarantor Principal
|
2,108,858.61
|
||||
Consolidation Activity Principal
|
3,704,568.93
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
29,602.61
|
||||
Total Principal Receipts
|
$
|
6,445,083.95
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
316,086.37
|
||||
Guarantor Interest
|
207,206.26
|
||||
Consolidation Activity Interest
|
174,085.82
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
82.58
|
|
|||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
28,911.63
|
||||
Total Interest Receipts
|
$
|
726,372.66
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D |
Investment Income
|
$
|
37,596.94
|
||
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
|
$
|
(21,584.97)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
7,187,468.58
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(840,178.08)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
20,027.45
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
30,225.38
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024
|
III. |
2014-2 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
|
6.90%
|
|
63
|
$
|
295,359.30
|
0.128%
|
|
6.90%
|
|
61
|
$
|
291,631.16
|
0.124%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
1
|
$
|
4,500.00
|
0.002%
|
|
6.80%
|
|
3
|
$
|
8,228.14
|
0.003%
|
|
||||||||||||||||||
|
DEFERMENT
|
6.94%
|
|
2,227
|
$
|
13,245,491.73
|
5.762%
|
|
6.93%
|
|
2,177
|
$
|
12,606,174.01
|
5.354%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
7.18%
|
|
24,629
|
$
|
148,966,314.85
|
64.805%
|
|
7.17%
|
|
24,772
|
$
|
148,253,145.87
|
62.960%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
7.07%
|
|
1,123
|
$
|
8,216,340.20
|
3.574%
|
|
7.15%
|
|
1,080
|
$
|
7,993,396.13
|
3.395%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
7.24%
|
|
588
|
$
|
4,889,000.82
|
2.127%
|
|
7.39%
|
|
768
|
$
|
6,928,605.96
|
2.942%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
7.40%
|
|
534
|
$
|
4,814,792.85
|
2.095%
|
|
7.34%
|
|
361
|
$
|
3,206,618.13
|
1.362%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
7.20%
|
|
1,198
|
$
|
8,959,611.76
|
3.898%
|
|
7.19%
|
|
1,245
|
$
|
9,081,793.09
|
3.857%
|
|
||||||||||||||||||
|
FORBEARANCE |
7.25%
|
|
5,057
|
$
|
38,497,937.89
|
16.748%
|
|
7.25%
|
|
5,681
|
$
|
43,637,320.52
|
18.532%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
7.17%
|
|
332
|
$
|
1,978,115.95
|
0.861%
|
|
7.16%
|
|
641
|
$
|
3,465,458.21
|
1.472%
|
|
||||||||||||||||||
TOTAL
|
35,752
|
$
|
229,867,465.35
|
100.00%
|
|
36,789
|
$
|
235,472,371.22
|
100.00%
|
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024
|
IV. |
2014-2 Portfolio Characteristics (cont'd)
|
03/31/2024
|
02/29/2024
|
|||||||
Pool Balance
|
$
|
232,345,563.25
|
$
|
238,171,238.83
|
||||
Outstanding Borrower Accrued Interest
|
$
|
11,192,417.45
|
$
|
11,397,096.03
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
2,478,097.90
|
$
|
2,698,867.61
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,007,084.13
|
$
|
1,167,443.80
|
||||
Total # Loans
|
35,752
|
36,789
|
||||||
Total # Borrowers
|
10,290
|
10,617
|
||||||
Weighted Average Coupon
|
7.18%
|
|
7.18%
|
|
||||
Weighted Average Remaining Term
|
186.76
|
186.68
|
||||||
Non-Reimbursable Losses
|
$
|
20,027.45
|
$
|
17,613.69
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
3,620,644.19
|
$
|
3,600,616.74
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-11.60%
|
|
-10.97%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
Cumulative Rejected Claim Repurchases
|
$
|
338,527.31
|
$
|
338,527.31
|
||||
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
|
$
|
861,340.42
|
$
|
885,324.39
|
||||
Borrower Interest Accrued
|
$
|
1,353,894.57
|
$
|
1,295,466.75
|
||||
Interest Subsidy Payments Accrued
|
$
|
41,647.32
|
$
|
39,218.75
|
||||
Special Allowance Payments Accrued
|
$
|
164,234.16
|
$
|
154,647.14
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024
|
V. |
2014-2 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.94%
|
|
18,680
|
78,504,854.12
|
34.152%
|
|
||||||||||
|
- GSL - Unsubsidized
|
6.95%
|
|
15,954
|
116,648,011.49
|
50.746%
|
|
||||||||||
|
- PLUS (2) Loans
|
8.50%
|
|
1,097
|
34,591,213.70
|
15.048%
|
|
||||||||||
|
- SLS (3) Loans
|
8.46%
|
|
21
|
123,386.04
|
0.054%
|
|
||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
Total
|
7.18%
|
|
35,752
|
$
|
229,867,465.35
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
7.19%
|
|
30,567
|
209,727,499.02
|
91.238%
|
|
||||||||||
|
- Two Year
|
7.07%
|
|
4,561
|
17,593,675.17
|
7.654%
|
|
||||||||||
|
- Technical
|
7.13%
|
|
590
|
2,446,136.55
|
1.064%
|
|
||||||||||
|
- Other
|
7.49%
|
|
34
|
100,154.61
|
0.044%
|
|
||||||||||
|
Total
|
7.18%
|
|
35,752
|
$
|
229,867,465.35
|
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 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024
|
VI. |
2014-2 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance |
||||||||
Total Available Funds
|
$
|
7,187,468.58
|
|||||||
A |
Trustee Fees |
- |
$ |
7,187,468.58 |
|||||
B
|
Primary Servicing Fee
|
$
|
48,686.97
|
$
|
7,138,781.61
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
7,132,114.61
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,082,179.67
|
$
|
6,049,934.94
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
162,430.07
|
$
|
5,887,504.87
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
5,887,504.87
|
|||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
5,767,418.82
|
$
|
120,086.05
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
120,086.05
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
120,086.05
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
120,086.05
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
120,086.05
|
|||||
L
|
Excess Distribution Certificateholder
|
$
|
120,086.05
|
- |
|
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
229,867,465.35
|
||
B
|
Interest to be Capitalized
|
$
|
2,478,097.90
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
995,345.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(995,345.00)
|
|
|
F
|
Total
|
$
|
232,345,563.25
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
202,822,107.62
|
||
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 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024
|
VII. |
2014-2 Distributions
|
A3
|
B |
|
||||||
Cusip/Isin
|
78448GAC4
|
78448GAD2
|
||||||
Beginning Balance
|
$
|
208,589,526.44
|
$
|
27,200,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
0.59%
|
|
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*
|
6.02487%
|
|
6.93487%
|
|
||||
Accrued Interest Factor
|
0.005188082
|
0.005971694
|
||||||
Current Interest Due
|
$
|
1,082,179.67
|
$
|
162,430.07
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,082,179.67
|
$
|
162,430.07
|
||||
Interest Paid
|
$
|
1,082,179.67
|
$
|
162,430.07
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
5,767,418.82
|
-
|
|||||
Ending Principal Balance
|
$
|
202,822,107.62
|
$
|
27,200,000.00
|
||||
Paydown Factor
|
0.011395809
|
0.000000000
|
||||||
Ending Balance Factor
|
0.400755004
|
1.000000000
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024
|
VIII. |
2014-2 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
235,789,526.44
|
||
|
Adjusted Pool Balance
|
$
|
232,345,563.25
|
||
|
Overcollateralization Amount
|
$
|
2,323,455.63
|
||
|
Principal Distribution Amount
|
$
|
5,767,418.82
|
||
|
Principal Distribution Amount Paid
|
$
|
5,767,418.82
|
||
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
995,345.00
|
||
|
Reserve Funds Utilized
|
0.00
|
|||
|
Reserve Funds Reinstated
|
0.00
|
|||
|
Balance Available
|
$
|
995,345.00
|
||
|
Required Reserve Acct Balance
|
$
|
995,345.00
|
||
|
Release to Collection Account
|
|
-
|
||
|
Ending Reserve Account Balance
|
$
|
995,345.00
|
||
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
20,817.05
|
||
|
Deposits for the Period
|
$
|
21,584.97
|
||
|
Release to Collection Account
|
|
-
|
||
|
Ending Balance
|
$
|
42,402.02
|
||
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 03/01/2024 - 03/31/2024, Distribution Date 04/25/2024
|