Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
03/27/2014
|
11/30/2022
|
12/31/2022
|
|||||||||
Principal Balance
|
$
|
947,628,246.57
|
$
|
284,581,387.55
|
$
|
278,220,320.75
|
|||||||
Interest to be Capitalized Balance
|
17,244,992.28
|
2,971,318.16
|
3,011,756.64
|
||||||||||
Pool Balance
|
$
|
964,873,238.85
|
$
|
287,552,705.71
|
$
|
281,232,077.39
|
|||||||
Specified Reserve Account Balance
|
4,976,726.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool (1)
|
$
|
969,849,964.85
|
$
|
287,552,705.71
|
$
|
281,232,077.39
|
|||||||
Weighted Average Coupon (WAC)
|
6.24%
|
|
6.45%
|
|
6.45%
|
|
|||||||
Number of Loans
|
199,512
|
47,376
|
46,173
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,984,222.62
|
$
|
1,955,937.66
|
|||||||||
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
285,568,483.09
|
$
|
279,276,139.73
|
|||||||||
Pool Factor
|
0.288897465
|
0.282547278
|
|||||||||||
Since Issued Constant Prepayment Rate
|
(3.76)%
|
|
(3.98)%
|
|
(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
|
12/27/2022
|
01/25/2023
|
||||||
A3
|
78448GAC4
|
$
|
257,477,178.65
|
$
|
251,219,756.62
|
|||||
B |
78448GAD2
|
$
|
27,200,000.00
|
$
|
27,200,000.00
|
C
|
Account Balances
|
12/27/2022
|
01/25/2023
|
||||||
Reserve Account Balance
|
$
|
995,345.00
|
$
|
995,345.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
187,244.50
|
$
|
300,343.35
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
12/27/2022
|
01/25/2023
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
287,552,705.71
|
$
|
281,232,077.39
|
|||||
Total Notes
|
$
|
284,677,178.65
|
$
|
278,419,756.62
|
|||||
Difference
|
$
|
2,875,527.06
|
$
|
2,812,320.77
|
|||||
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
II. | Trust Activity 12/01/2022 through 12/31/2022 |
A |
Student Loan Principal Receipts
|
||||
Borrower Principal
|
696,914.33
|
||||
Guarantor Principal
|
1,183,830.79
|
||||
Consolidation Activity Principal
|
5,591,769.37
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
827.06
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
653.44
|
||||
Total Principal Receipts
|
$
|
7,473,994.99
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
380,022.96
|
||||
Guarantor Interest
|
46,424.32
|
||||
Consolidation Activity Interest
|
162,689.03
|
||||
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
|
42,964.59
|
||||
Total Interest Receipts
|
$
|
632,100.90
|
|||
C
|
Reserves in Excess of Requirement
|
-
|
|||
D |
Investment Income
|
$
|
38,073.37
|
||
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
|
$
|
(113,098.85)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
8,031,070.41
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,112,928.19)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
26,991.56
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
656.24
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
III. |
2014-2 Portfolio Characteristics
|
12/31/2022
|
11/30/2022
|
||||||||||||||||||||||||||||||||
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.09%
|
|
59
|
$
|
242,042.06
|
0.087%
|
|
6.23%
|
|
78
|
$
|
319,077.06
|
0.112%
|
|
||||||||||||||||||
GRACE
|
5.88%
|
|
39
|
$
|
223,309.60
|
0.080%
|
|
6.27%
|
|
13
|
$
|
103,562.00
|
0.036%
|
|
|||||||||||||||||||
DEFERMENT
|
6.19%
|
|
2,477
|
$
|
13,172,803.06
|
4.735%
|
|
6.21%
|
|
2,686
|
$
|
14,111,811.96
|
4.959%
|
|
|||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.47%
|
|
29,032
|
$
|
162,978,833.37
|
58.579%
|
|
6.45%
|
|
29,940
|
$
|
169,373,166.58
|
59.517%
|
|
||||||||||||||||||
31-60 DAYS DELINQUENT
|
6.39%
|
|
1,431
|
$
|
10,522,558.71
|
3.782%
|
|
6.25%
|
|
1,481
|
$
|
9,801,996.02
|
3.444%
|
|
|||||||||||||||||||
61-90 DAYS DELINQUENT
|
6.24%
|
|
809
|
$
|
5,164,961.78
|
1.856%
|
|
6.54%
|
|
935
|
$
|
6,052,922.05
|
2.127%
|
|
|||||||||||||||||||
91-120 DAYS DELINQUENT
|
6.51%
|
|
558
|
$
|
3,950,205.86
|
1.420%
|
|
6.45%
|
|
789
|
$
|
5,567,979.22
|
1.957%
|
|
|||||||||||||||||||
> 120 DAYS DELINQUENT
|
6.33%
|
|
2,836
|
$
|
19,465,604.01
|
6.996%
|
|
6.41%
|
|
3,113
|
$
|
21,948,528.73
|
7.713%
|
|
|||||||||||||||||||
|
FORBEARANCE |
6.51%
|
|
8,532
|
$
|
60,063,786.05
|
21.589%
|
|
6.55%
|
|
7,927
|
$
|
54,901,900.10
|
19.292%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.48%
|
|
400
|
$
|
2,436,216.25
|
0.876%
|
|
6.17%
|
|
414
|
$
|
2,400,443.83
|
0.843%
|
|
||||||||||||||||||
TOTAL
|
46,173
|
$
|
278,220,320.75
|
100.00%
|
|
47,376
|
$
|
284,581,387.55
|
100.00%
|
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
IV. |
2014-2 Portfolio Characteristics (cont’d)
|
12/31/2022
|
11/30/2022
|
|||||||
Pool Balance
|
$
|
281,232,077.39
|
$
|
287,552,705.71
|
||||
Outstanding Borrower Accrued Interest
|
$
|
12,063,844.70
|
$
|
12,326,096.39
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
3,011,756.64
|
$
|
2,971,318.16
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,340,437.40
|
$
|
1,498,108.89
|
||||
Total # Loans
|
46,173
|
47,376
|
||||||
Total # Borrowers
|
13,564
|
13,921
|
||||||
Weighted Average Coupon
|
6.45%
|
|
6.45%
|
|
||||
Weighted Average Remaining Term
|
169.40
|
168.00
|
||||||
Non-Reimbursable Losses
|
$
|
26,991.56
|
$
|
19,637.25
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
3,209,984.25
|
$
|
3,182,992.69
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-3.98 %
|
|
-3.76 %
|
|
||||
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
|
$
|
1,139,836.95
|
$
|
932,341.93
|
||||
Borrower Interest Accrued
|
$
|
1,466,191.26
|
$
|
1,458,892.37
|
||||
Interest Subsidy Payments Accrued
|
$
|
40,587.44
|
$
|
41,781.17
|
||||
Special Allowance Payments Accrued
|
$
|
168,998.63
|
$
|
150,966.27
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
V. |
2014-2 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- GSL (1) - Subsidized
|
5.98%
|
|
24,182
|
96,011,512.92
|
34.509%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.20%
|
|
20,561
|
141,412,074.78
|
50.827%
|
|
|||||||||||
- PLUS (2) Loans
|
8.40%
|
|
1,396
|
40,611,241.17
|
14.597%
|
|
|||||||||||
- SLS (3) Loans
|
6.05%
|
|
34
|
185,491.88
|
0.067%
|
|
|||||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
6.45%
|
|
46,173
|
$
|
278,220,320.75
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- Four Year
|
6.51%
|
|
38,998
|
252,530,484.32
|
90.766%
|
|
|||||||||||
- Two Year
|
5.86%
|
|
6,312
|
22,489,456.08
|
8.083%
|
|
|||||||||||
- Technical
|
5.77%
|
|
820
|
3,082,826.07
|
1.108%
|
|
|||||||||||
- Other
|
4.38%
|
|
43
|
117,554.28
|
0.042%
|
|
|||||||||||
Total
|
6.45%
|
|
46,173
|
$
|
278,220,320.75
|
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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VI. |
2014-2 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance |
||||||||
Total Available Funds
|
$
|
8,031,070.41
|
|||||||
A | Trustee Fees |
- |
$ | 8,031,070.41 |
|||||
B
|
Primary Servicing Fee
|
$
|
60,363.80
|
$
|
7,970,706.61
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
7,964,039.61
|
||||
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
1,032,645.05
|
$
|
6,931,394.56
|
||||
E
|
Class B Noteholders’ Interest Distribution Amount
|
$
|
129,028.18
|
$
|
6,802,366.38
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
6,802,366.38
|
|||||
G
|
Class A Noteholders’ Principal Distribution Amount
|
$
|
6,257,422.03
|
$
|
544,944.35
|
||||
H
|
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
544,944.35
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
544,944.35
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
544,944.35
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
544,944.35
|
|||||
L
|
Excess Distribution Certificateholder
|
$
|
544,944.35
|
- |
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
278,220,320.75
|
||
B
|
Interest to be Capitalized
|
$
|
3,011,756.64
|
||
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
|
$
|
281,232,077.39
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
251,219,756.62
|
||
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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VII. |
2014-2 Distributions
|
A3
|
B |
|
||||||
Cusip/Isin
|
78448GAC4
|
78448GAD2
|
||||||
Beginning Balance
|
$
|
257,477,178.65
|
$
|
27,200,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
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
|
12/27/2022
|
12/27/2022
|
||||||
Accrual Period End
|
1/25/2023
|
1/25/2023
|
||||||
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
Interest Rate*
|
4.97871%
|
|
5.88871%
|
|
||||
Accrued Interest Factor
|
0.004010627
|
0.004743683
|
||||||
Current Interest Due
|
$
|
1,032,645.05
|
$
|
129,028.18
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,032,645.05
|
$
|
129,028.18
|
||||
Interest Paid
|
$
|
1,032,645.05
|
$
|
129,028.18
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
6,257,422.03
|
-
|
|||||
Ending Principal Balance
|
$
|
251,219,756.62
|
$
|
27,200,000.00
|
||||
Paydown Factor
|
0.012364003
|
0.000000000
|
||||||
Ending Balance Factor
|
0.496383633
|
1.000000000
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VIII. |
2014-2 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
284,677,178.65
|
|||
Adjusted Pool Balance
|
$
|
281,232,077.39
|
|||
Overcollateralization Amount
|
$
|
2,812,320.77
|
|||
Principal Distribution Amount
|
$
|
6,257,422.03
|
|||
Principal Distribution Amount Paid
|
$
|
6,257,422.03
|
|||
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
|
$
|
187,244.50
|
|||
Deposits for the Period
|
$
|
113,098.85
|
|||
Release to Collection Account
|
-
|
||||
Ending Balance
|
$
|
300,343.35
|
|||
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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|