Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
09/30/2022
|
10/31/2022
|
|||||||||
Principal Balance
|
$
|
257,208,313.46
|
$
|
115,999,828.43
|
$
|
114,318,282.91
|
|||||||
Interest to be Capitalized Balance
|
1,145,436.55
|
495,059.35
|
600,780.16
|
||||||||||
Pool Balance
|
$
|
258,353,750.01
|
$
|
116,494,887.78
|
$
|
114,919,063.07
|
|||||||
Specified Reserve Account Balance
|
5,924,254.00
|
291,237.22
|
287,297.66
|
||||||||||
Adjusted Pool (1)
|
$
|
264,278,004.01
|
$
|
116,786,125.00
|
$
|
115,206,360.73
|
|||||||
Weighted Average Coupon (WAC)
|
5.68% |
|
5.72% |
|
5.72%
|
|
|||||||
Number of Loans
|
10,746 |
4,692 |
4,619
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
8,412,492.58
|
$
|
7,955,622.51
|
|||||||||
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
108,082,395.20
|
$
|
106,963,440.56
|
|||||||||
Pool Factor
|
0.442441336
|
0.436456438
|
|||||||||||
Since Issued Constant Prepayment Rate
|
5.88%
|
|
5.92%
|
|
(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
|
10/25/2022
|
11/25/2022
|
|||||||
A |
|
63938GAA7
|
$
|
104,530,749.37
|
$
|
103,022,074.50
|
|||||
B |
|
63938GAB5
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
C
|
Account Balances
|
10/25/2022
|
11/25/2022
|
||||||
Reserve Account Balance
|
$
|
291,237.22
|
$
|
287,297.66
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
118,821.00
|
$
|
153,524.10
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
10/25/2022
|
11/25/2022
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
116,786,125.00
|
$
|
115,206,360.73
|
|||||
Total Notes
|
$
|
111,530,749.37
|
$
|
110,022,074.50
|
|||||
Difference
|
$
|
5,255,375.63
|
$
|
5,184,286.23
|
|||||
Parity Ratio
|
1.04712
|
1.04712
|
Page 2 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
II. |
Trust Activity 10/01/2022 through 10/31/2022
|
A
|
Student Loan Principal Receipts
|
||||
Borrower Principal
|
313,695.22
|
||||
Guarantor Principal
|
303,629.83
|
||||
Consolidation Activity Principal
|
1,334,907.04
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
(526.82)
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
1,951,705.27
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
193,358.44
|
||||
Guarantor Interest
|
14,140.56
|
||||
Consolidation Activity Interest
|
67,725.29
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00 | ||||
Seller Interest Reimbursement
|
0.00 | ||||
Servicer Interest Reimbursement
|
447.62
|
||||
Rejected Claim Repurchased Interest
|
0.00 | ||||
Other Interest Deposits
|
6,279.00
|
||||
Total Interest Receipts
|
$
|
281,950.91
|
|||
C
|
Reserves in Excess of Requirement
|
$
|
3,939.56
|
||
D
|
Investment Income
|
$
|
6,873.88
|
||
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
|
$
|
(102,641.02)
|
|
||
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(34,703.10)
|
|
||
M |
AVAILABLE FUNDS
|
$
|
2,107,125.50
|
||
N |
Non-Cash Principal Activity During Collection Period
|
$
|
(270,159.75)
|
|
|
O |
Non-Reimbursable Losses During Collection Period
|
$
|
3,698.76
|
||
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 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
III. |
2014-2 Portfolio Characteristics
|
10/31/2022
|
09/30/2022
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
DEFERMENT
|
5.91%
|
|
144
|
$
|
4,165,794.14
|
3.644%
|
|
5.87%
|
|
147
|
$
|
4,353,497.65
|
3.753%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
5.61%
|
|
3,509
|
$
|
75,478,844.25
|
66.025%
|
|
5.59%
|
|
3,535
|
$
|
74,833,521.65
|
64.512%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
5.76%
|
|
103
|
$
|
2,677,013.97
|
2.342%
|
|
5.85%
|
|
149
|
$
|
4,510,870.44
|
3.889%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.13%
|
|
82
|
$
|
2,465,329.09
|
2.157%
|
|
5.59%
|
|
82
|
$
|
2,637,119.50
|
2.273%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
5.39%
|
|
45
|
$
|
1,605,517.38
|
1.404%
|
|
6.20%
|
|
69
|
$
|
3,025,341.72
|
2.608%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.24%
|
|
194
|
$
|
7,354,508.03
|
6.433%
|
|
6.12%
|
|
185
|
$
|
6,932,998.31
|
5.977%
|
|
||||||||||||||||||
|
FORBEARANCE
|
5.89%
|
|
516
|
$
|
20,072,894.51
|
17.559%
|
|
5.95%
|
|
499
|
$
|
19,145,780.87
|
16.505%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.15%
|
|
26
|
$
|
498,381.54
|
0.436%
|
|
6.67% |
|
26
|
$
|
560,698.29
|
0.483%
|
|
||||||||||||||||||
TOTAL
|
4,619
|
$
|
114,318,282.91
|
100.00%
|
|
4,692
|
$
|
115,999,828.43
|
100.00%
|
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
IV. |
2014-2 Portfolio Characteristics (cont’d)
|
10/31/2022
|
09/30/2022
|
|||||||
Pool Balance
|
$
|
114,919,063.07
|
$
|
116,494,887.78
|
||||
Outstanding Borrower Accrued Interest
|
$
|
3,597,456.24
|
$
|
3,615,241.49
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
600,780.16
|
$
|
495,059.35
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
598,579.64
|
$
|
652,125.95
|
||||
Total # Loans
|
4,619
|
4,692
|
||||||
Total # Borrowers
|
2,608
|
2,647
|
||||||
Weighted Average Coupon
|
5.72%
|
|
5.72%
|
|
||||
Weighted Average Remaining Term
|
202.78
|
202.07
|
||||||
Non-Reimbursable Losses
|
$
|
3,698.76
|
$
|
11,652.75
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
1,000,108.45
|
$
|
996,409.69
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
5.92%
|
|
5.88%
|
|
||||
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
|
-
|
-
|
||||||
Note Interest Shortfall
|
-
|
-
|
||||||
Unpaid Interest Carryover
|
-
|
-
|
||||||
Non-Cash Principal Activity - Capitalized Interest
|
$
|
273,822.05
|
$
|
328,808.15
|
||||
Borrower Interest Accrued
|
$
|
532,790.64
|
$
|
522,946.11
|
||||
Interest Subsidy Payments Accrued
|
$
|
15,259.73
|
$
|
14,612.67
|
||||
Special Allowance Payments Accrued
|
$
|
99,963.09
|
$
|
68,418.95
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
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%
|
|
4,619
|
114,318,282.91
|
100.000%
|
|
|||||||||||
Total
|
5.72%
|
|
4,619
|
$
|
114,318,282.91
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
- Four Year
|
8.34%
|
|
2
|
165,990.89
|
0.145%
|
|
|||||||||||
- Two Year
|
0.00%
|
|
0 |
-
|
0.000%
|
|
|||||||||||
- Technical
|
0.00%
|
|
0 |
-
|
0.000%
|
|
|||||||||||
- Other
|
5.72%
|
|
4,617
|
114,152,292.02
|
99.855%
|
|
|||||||||||
Total
|
5.72%
|
|
4,619
|
$
|
114,318,282.91
|
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 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
VI. |
2014-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
|||||||
Total Available Funds
|
$
|
2,107,125.50
|
|||||||
A
|
Trustee Fees
|
-
|
$
|
2,107,125.50
|
|||||
B
|
Primary Servicing Fee
|
$
|
13,208.53
|
$
|
2,093,916.97
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,087,249.97
|
||||
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
380,354.50
|
$
|
1,706,895.47
|
||||
E |
Class B Noteholders’ Interest Distribution Amount
|
$
|
30,654.69
|
$
|
1,676,240.78
|
||||
F |
Reserve Account Reinstatement
|
-
|
$
|
1,676,240.78
|
|||||
G |
Class A Noteholders’ Principal Distribution Amount
|
$
|
1,508,674.87
|
$
|
167,565.91
|
||||
H |
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
167,565.91
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
167,565.91
|
|||||
J |
Carryover Servicing Fee
|
-
|
$
|
167,565.91
|
|||||
K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
167,565.91
|
|||||
L |
Excess Distribution Certificateholder
|
$
|
167,565.91
|
|
-
|
|
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
114,318,282.91
|
||
B
|
Interest to be Capitalized
|
$
|
600,780.16
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
287,297.66
|
||
E |
Less: Specified Reserve Account Balance
|
$
|
(287,297.66)
|
|
|
F |
Total
|
$
|
114,919,063.07
|
||
G |
Class A Notes Outstanding (after application of available funds)
|
$
|
103,022,074.50
|
||
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 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
VII. |
2014-2 Distributions
|
A |
|
B |
|
|||||
Cusip/Isin
|
63938GAA7
|
63938GAB5
|
||||||
Beginning Balance
|
$
|
104,530,749.37
|
$
|
7,000,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
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
|
10/25/2022
|
10/25/2022
|
||||||
Accrual Period End
|
11/25/2022
|
11/25/2022
|
||||||
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
Interest Rate*
|
4.22557%
|
|
5.08557%
|
|
||||
Accrued Interest Factor
|
0.003638685
|
0.004379241
|
||||||
Current Interest Due
|
$
|
380,354.50
|
$
|
30,654.69
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
380,354.50
|
$
|
30,654.69
|
||||
Interest Paid
|
$
|
380,354.50
|
$
|
30,654.69
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
1,508,674.87
|
-
|
|||||
Ending Principal Balance
|
$
|
103,022,074.50
|
$
|
7,000,000.00
|
||||
Paydown Factor
|
0.005893261
|
0.000000000 | ||||||
Ending Balance Factor
|
0.402429979
|
1.000000000
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
VIII. |
2014-2 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
111,530,749.37
|
|||
Adjusted Pool Balance
|
$
|
115,206,360.73
|
|||
Overcollateralization Amount
|
$
|
5,184,286.23
|
|||
Principal Distribution Amount
|
$
|
1,508,674.87
|
|||
Principal Distribution Amount Paid
|
$
|
1,508,674.87
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
291,237.22
|
|||
Reserve Funds Utilized
|
0.00 | ||||
Reserve Funds Reinstated
|
0.00 | ||||
Balance Available
|
$
|
291,237.22
|
|||
Required Reserve Acct Balance
|
$
|
287,297.66
|
|||
Release to Collection Account
|
$
|
3,939.56
|
|||
Ending Reserve Account Balance
|
$
|
287,297.66
|
|||
C
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
118,821.00
|
|||
Deposits for the Period
|
$
|
34,703.10
|
|||
Release to Collection Account
|
|
-
|
|||
Ending Balance
|
$
|
153,524.10
|
|||
D
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
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Page 9 of 9
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Trust 2014-2 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
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