Page 1 of 9
|
Trust 2014-3 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
|
$
|
257,379,779.65
|
$
|
125,911,348.36
|
$
|
123,988,002.88
|
|||||||
Interest to be Capitalized Balance
|
1,434,913.67
|
590,733.60
|
588,304.20
|
||||||||||
Pool Balance
|
$
|
258,814,693.32
|
$
|
126,502,081.96
|
$
|
124,576,307.08
|
|||||||
Specified Reserve Account Balance
|
5,924,377.00
|
316,255.20
|
311,440.77
|
||||||||||
Adjusted Pool (1)
|
$
|
264,739,070.32
|
$
|
126,818,337.16
|
$
|
124,887,747.85
|
|||||||
Weighted Average Coupon (WAC)
|
5.51%
|
|
5.73%
|
|
5.74%
|
|
|||||||
Number of Loans
|
11,328
|
5,173
|
5,113
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
7,843,933.47
|
$
|
7,826,885.61
|
|||||||||
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
118,658,148.49
|
$
|
116,749,421.47
|
|||||||||
Pool Factor
|
0.480438180
|
0.473124342
|
|||||||||||
Since Issued Constant Prepayment Rate
|
4.63%
|
|
4.70%
|
|
(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 |
|
63938JAA1
|
$
|
114,111,511.99
|
$
|
112,296,050.72
|
|||||
B |
|
63938JAB9
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
C |
Account Balances
|
10/25/2022
|
11/25/2022 | ||||||
Reserve Account Balance
|
$
|
316,255.20
|
$
|
311,440.77
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
125,771.66
|
$
|
162,309.85
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D |
Asset / Liability
|
10/25/2022
|
11/25/2022 | ||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
126,818,337.16
|
$
|
124,887,747.85
|
|||||
Total Notes
|
$
|
121,111,511.99
|
$
|
119,296,050.72
|
|||||
Difference
|
$
|
5,706,825.17
|
$
|
5,591,697.13
|
|||||
Parity Ratio
|
1.04712
|
1.04687
|
Page 2 of 9
|
Trust 2014-3 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
|
306,800.30
|
||||
Guarantor Principal
|
64,243.09
|
||||
Consolidation Activity Principal
|
1,755,028.73
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
|
|||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
2,126,072.12
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
193,297.36
|
||||
Guarantor Interest
|
4,448.43
|
||||
Consolidation Activity Interest
|
80,636.98
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
504.44
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
11,404.87
|
||||
Total Interest Receipts
|
$
|
290,292.08
|
|||
C
|
Reserves in Excess of Requirement
|
$
|
4,814.43
|
||
D
|
Investment Income
|
$
|
7,590.95
|
||
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
|
$
|
(111,771.72)
|
|
||
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(36,538.19)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
2,280,459.67
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(202,726.64)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
1,770.64
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
III. |
2014-3 Portfolio Characteristics
|
10/31/2022
|
09/30/2022
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
DEFERMENT
|
5.70%
|
|
195
|
$
|
5,125,202.67
|
4.134%
|
|
5.77%
|
|
195
|
$
|
5,545,785.56
|
4.405%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
5.55%
|
|
3,852
|
$
|
81,606,204.75
|
65.818%
|
|
5.48%
|
|
3,868
|
$
|
79,937,806.97
|
63.487%
|
|
||||||||||||||||||
31-60 DAYS DELINQUENT
|
5.73%
|
|
116
|
$
|
3,694,761.79
|
2.980%
|
|
5.88%
|
|
158
|
$
|
4,929,835.72
|
3.915%
|
|
|||||||||||||||||||
61-90 DAYS DELINQUENT
|
5.64%
|
|
84
|
$
|
2,597,927.69
|
2.095%
|
|
6.01%
|
|
123
|
$
|
3,872,643.63
|
3.076%
|
|
|||||||||||||||||||
91-120 DAYS DELINQUENT
|
6.21%
|
|
69
|
$
|
2,354,003.30
|
1.899%
|
|
6.97%
|
|
64
|
$
|
3,328,282.63
|
2.643%
|
|
|||||||||||||||||||
> 120 DAYS DELINQUENT
|
6.78%
|
|
208
|
$
|
9,230,056.30
|
7.444%
|
|
6.52%
|
|
202
|
$
|
8,025,903.61
|
6.374%
|
|
|||||||||||||||||||
FORBEARANCE
|
6.04%
|
|
568
|
$
|
18,706,675.37
|
15.087%
|
|
6.12%
|
|
547
|
$
|
19,767,398.43
|
15.699%
|
|
|||||||||||||||||||
CLAIMS IN PROCESS
|
5.66%
|
|
21
|
$
|
673,171.01
|
0.543%
|
|
5.34%
|
|
16
|
$
|
503,691.81
|
0.400%
|
|
|||||||||||||||||||
TOTAL
|
5,113
|
$
|
123,988,002.88
|
100.00%
|
|
5,173
|
$
|
125,911,348.36
|
100.00%
|
|
Page 4 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
IV. |
2014-3 Portfolio Characteristics (cont’d)
|
10/31/2022
|
09/30/2022
|
|||||||
Pool Balance
|
$
|
124,576,307.08
|
$
|
126,502,081.96
|
||||
Outstanding Borrower Accrued Interest
|
$
|
4,144,265.88
|
$
|
4,048,106.19
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
588,304.20
|
$
|
590,733.60
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
883,485.40
|
$
|
813,446.05
|
||||
Total # Loans
|
5,113
|
5,173
|
||||||
Total # Borrowers
|
2,859
|
2,891
|
||||||
Weighted Average Coupon
|
5.74%
|
|
5.73%
|
|
||||
Weighted Average Remaining Term
|
204.64
|
204.08
|
||||||
Non-Reimbursable Losses
|
$
|
1,770.64
|
$
|
5,753.17
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
813,441.74
|
$
|
811,671.10
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
4.70%
|
|
4.63%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
403,730.37
|
$
|
403,730.37
|
||||
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
Unpaid Administration Fees
|
-
|
-
|
||||||
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
Note Principal Shortfall
|
$ |
28,251.52
|
-
|
|||||
Note Interest Shortfall
|
-
|
-
|
||||||
Unpaid Interest Carryover
|
-
|
-
|
||||||
Non-Cash Principal Activity - Capitalized Interest
|
$
|
204,536.44
|
$
|
485,776.55
|
||||
Borrower Interest Accrued
|
$
|
576,326.12
|
$
|
564,834.03
|
||||
Interest Subsidy Payments Accrued
|
$
|
17,582.08
|
$
|
18,098.31
|
||||
Special Allowance Payments Accrued
|
$
|
110,908.72
|
$
|
78,334.33
|
Page 5 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
V. |
2014-3 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
|
5.74%
|
|
5,113
|
123,988,002.88
|
100.000%
|
|
|||||||||||
Total
|
5.74%
|
|
5,113
|
$
|
123,988,002.88
|
100.000%
|
|
B |
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
- Four Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
- Other
|
5.74%
|
|
5,113
|
123,988,002.88
|
100.000%
|
|
|||||||||||
Total
|
5.74%
|
|
5,113
|
$
|
123,988,002.88
|
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 2014-3 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
VI. |
2014-3 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
2,280,459.67
|
|||||||
A
|
Trustee Fees
|
|
-
|
$
|
2,280,459.67
|
||||
B
|
Primary Servicing Fee
|
$
|
14,426.09
|
$
|
2,266,033.58
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,259,366.58
|
||||
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
413,250.62
|
$
|
1,846,115.96
|
||||
E
|
Class B Noteholders’ Interest Distribution Amount
|
$
|
30,654.69
|
$
|
1,815,461.27
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,815,461.27
|
|||||
G
|
Class A Noteholders’ Principal Distribution Amount
|
$
|
1,815,461.27
|
|
-
|
||||
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
|
$
|
123,988,002.88
|
||||||
B
|
Interest to be Capitalized
|
$
|
588,304.20
|
||||||
C
|
Capitalized Interest Account Balance
|
-
|
|||||||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
311,440.77
|
||||||
E
|
Less: Specified Reserve Account Balance
|
$
|
(311,440.77)
|
|
|||||
F
|
Total
|
$
|
124,576,307.08
|
||||||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
112,296,050.72
|
||||||
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 2014-3 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
VII. |
2014-3 Distributions
|
A |
|
B |
|
|||||
Cusip/Isin
|
63938JAA1
|
63938JAB9
|
||||||
Beginning Balance
|
$
|
114,111,511.99
|
$
|
7,000,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
Spread/Fixed Rate
|
0.62%
|
|
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*
|
4.20557%
|
|
5.08557%
|
|
||||
Accrued Interest Factor
|
0.003621463
|
0.004379241
|
||||||
Current Interest Due
|
$
|
413,250.62
|
$
|
30,654.69
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
413,250.62
|
$
|
30,654.69
|
||||
Interest Paid
|
$
|
413,250.62
|
$
|
30,654.69
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
1,815,461.27
|
-
|
|||||
Ending Principal Balance
|
$
|
112,296,050.72
|
$
|
7,000,000.00
|
||||
Paydown Factor
|
0.007091646
|
0.000000000
|
||||||
Ending Balance Factor
|
0.438656448
|
1.000000000
|
Page 8 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
|
VIII. |
2014-3 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
121,111,511.99
|
|||
Adjusted Pool Balance
|
$
|
124,887,747.85
|
|||
Overcollateralization Amount
|
$
|
5,619,948.65
|
|||
Principal Distribution Amount
|
$
|
1,843,712.79
|
|||
Principal Distribution Amount Paid
|
$
|
1,815,461.27
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
316,255.20
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
316,255.20
|
|||
Required Reserve Acct Balance
|
$
|
311,440.77
|
|||
Release to Collection Account
|
$
|
4,814.43
|
|||
Ending Reserve Account Balance
|
$
|
311,440.77
|
|||
C
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
125,771.66
|
|||
Deposits for the Period
|
$
|
36,538.19
|
|||
Release to Collection Account
|
-
|
||||
Ending Balance
|
$
|
162,309.85
|
|||
D
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
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Ending Balance
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-
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Page 9 of 9
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Trust 2014-3 Monthly Servicing Report: Collection Period 10/01/2022 - 10/31/2022, Distribution Date 11/25/2022
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