|
Page 1 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
11/30/2022
|
12/31/2022
|
|||||||||
|
Principal Balance
|
$
|
257,379,779.65
|
$
|
121,333,025.55
|
$
|
118,668,981.06
|
|||||||
|
Interest to be Capitalized Balance
|
1,434,913.67
|
658,247.12
|
583,924.73
|
||||||||||
|
Pool Balance
|
$
|
258,814,693.32
|
$
|
121,991,272.67
|
$
|
119,252,905.79
|
|||||||
|
Specified Reserve Account Balance
|
5,924,377.00
|
304,978.18
|
298,132.26
|
||||||||||
|
Adjusted Pool (1)
|
$
|
264,739,070.32
|
$
|
122,296,250.85
|
$
|
119,551,038.05
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.51%
|
|
5.75%
|
|
5.76%
|
|
|||||||
|
Number of Loans
|
11,328
|
4,995
|
4,839
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
7,803,266.84
|
$
|
7,726,326.38
|
|||||||||
|
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
114,188,005.83
|
$
|
111,526,579.41
|
|||||||||
|
Pool Factor
|
0.463306723
|
0.452906767
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
4.84%
|
|
4.99%
|
|
|||||||||
| (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 | |||||||
| A |
|
63938JAA1
|
$
|
109,792,919.56
|
$
|
107,171,241.34
|
|||||
| B |
|
63938JAB9
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|||||
| C |
Account Balances
|
12/27/2022
|
01/25/2023 | ||||||
|
Reserve Account Balance
|
$
|
304,978.18
|
$
|
298,132.26
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
21,134.24
|
$
|
33,261.53
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
| D |
Asset / Liability
|
12/27/2022
|
01/25/2023 | ||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
122,296,250.85
|
$
|
119,551,038.05
|
|||||
|
Total Notes
|
$
|
116,792,919.56
|
$
|
114,171,241.34
|
|||||
|
Difference
|
$
|
5,503,331.29
|
$
|
5,379,796.71
|
|||||
|
Parity Ratio
|
1.04712
|
1.04712
|
|||||||
|
Page 2 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
| II. |
Trust Activity 11/01/2021 through 11/30/2021
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
301,239.28
|
||||
|
Guarantor Principal
|
185,820.69
|
||||
|
Consolidation Activity Principal
|
2,520,095.83
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
3,007,155.80
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
179,399.38
|
||||
|
Guarantor Interest
|
12,437.47
|
||||
|
Consolidation Activity Interest
|
28,613.34
|
||||
|
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
|
17,065.31
|
||||
|
Total Interest Receipts
|
$
|
237,515.50
|
|||
|
C
|
Reserves in Excess of Requirement
|
$
|
6,845.92
|
||
|
D
|
Investment Income
|
$
|
14,931.27
|
||
|
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
|
$
|
(106,965.58)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(12,127.29)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
3,147,355.62
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(343,111.31)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
1,595.62
|
||
|
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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
| III. |
2014-3 Portfolio Characteristics
|
|
11/30/2021
|
10/31/2021
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.79%
|
|
186
|
$
|
4,831,587.01
|
4.071%
|
|
5.78%
|
|
200
|
$
|
5,272,874.46
|
4.346%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.53%
|
|
3,700
|
$
|
78,630,338.60
|
66.260%
|
|
5.49%
|
|
3,782
|
$
|
77,473,039.80
|
63.852%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
5.87%
|
|
123
|
$
|
3,416,266.63
|
2.879%
|
|
6.74%
|
|
112
|
$
|
4,376,718.00
|
3.607%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.88%
|
|
68
|
$
|
3,111,515.38
|
2.622%
|
|
5.53%
|
|
59
|
$
|
1,568,126.39
|
1.292%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
5.24%
|
|
24
|
$
|
758,197.04
|
0.639%
|
|
5.67%
|
|
53
|
$
|
1,557,638.72
|
1.284%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.50%
|
|
170
|
$
|
5,861,995.05
|
4.940%
|
|
6.74%
|
|
199
|
$
|
8,506,450.18
|
7.011%
|
|
|||||||||||||||||||
|
FORBEARANCE
|
6.23%
|
|
526
|
$
|
20,460,781.85
|
17.242%
|
|
6.12%
|
|
553
|
$
|
21,395,446.09
|
17.634%
|
|
|||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.13%
|
|
42
|
$
|
1,598,299.50
|
1.347%
|
|
5.89%
|
|
37
|
$
|
1,182,731.91
|
0.975%
|
|
|||||||||||||||||||
|
TOTAL
|
4,839
|
$
|
118,668,981.06
|
100.000%
|
|
4,995
|
$
|
121,333,025.55
|
100.000%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
| IV. |
2014-3 Portfolio Characteristics (cont'd)
|
|
12/31/2022
|
11/30/2022
|
|||||||
|
Pool Balance
|
$
|
119,252,905.79
|
$
|
121,991,272.67
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
3,941,367.17
|
$
|
3,952,416.65
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
583,924.73
|
$
|
658,247.12
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
675,128.51
|
$
|
765,724.37
|
||||
|
Total # Loans
|
4,839
|
4,995
|
||||||
|
Total # Borrowers
|
2,712
|
2,797
|
||||||
|
Weighted Average Coupon
|
5.76%
|
|
5.75%
|
|
||||
|
Weighted Average Remaining Term
|
206.77
|
205.59
|
||||||
|
Non-Reimbursable Losses
|
$
|
1,595.62
|
$
|
127.92
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
815,165.28
|
$
|
813,569.66
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
4.99%
|
|
4.84%
|
|
||||
|
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
|
-
|
-
|
||||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
344,686.55
|
$
|
434,611.45
|
||||
|
Borrower Interest Accrued
|
$
|
552,036.34
|
$
|
549,438.37
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
16,738.34
|
$
|
16,481.64
|
||||
|
Special Allowance Payments Accrued
|
$
|
156,026.37
|
$
|
132,468.59
|
||||
|
Page 5 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
| 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
|
5.76%
|
|
4,839
|
118,668,981.06
|
100.000%
|
|
|||||||||||
|
Total
|
5.76%
|
|
4,839
|
$
|
118,668,981.06
|
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
|
5.76%
|
|
4,839
|
118,668,981.06
|
100.000%
|
|
|||||||||||
|
Total
|
5.76%
|
|
4,839
|
$
|
118,668,981.06
|
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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
| VI. |
2014-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
3,147,355.62
|
|||||||
|
A
|
Trustee Fees
|
|
-
|
$
|
3,147,355.62
|
||||
|
B
|
Primary Servicing Fee
|
$
|
13,952.04
|
$
|
3,133,403.58
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
3,126,736.58
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
442,991.83
|
$
|
2,683,744.75
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
33,205.78
|
$
|
2,650,538.97
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
2,650,538.97
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
2,621,678.22
|
$
|
28,860.75
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
28,860.75
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
28,860.75
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
28,860.75
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
28,860.75
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
28,860.75
|
-
|
|||||
|
Waterfall Triggers
|
|||||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
118,668,981.06
|
||||||
|
B
|
Interest to be Capitalized
|
$
|
583,924.73
|
||||||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
298,132.26
|
||||||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(298,132.26)
|
|
|||||
|
F
|
Total
|
$
|
119,252,905.79
|
||||||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
107,171,241.34
|
||||||
|
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 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
| VII. |
2014-3 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938JAA1
|
63938JAB9
|
||||||
|
Beginning Balance
|
$
|
109,792,919.56
|
$
|
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
|
12/27/2022
|
12/27/2022
|
||||||
|
Accrual Period End
|
1/25/2023
|
1/25/2023
|
||||||
|
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
|
Interest Rate*
|
5.00871%
|
|
5.88871%
|
|
||||
|
Accrued Interest Factor
|
0.004034794
|
0.004743683
|
||||||
|
Current Interest Due
|
$
|
442,991.83
|
$
|
33,205.78
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
442,991.83
|
$
|
33,205.78
|
||||
|
Interest Paid
|
$
|
442,991.83
|
$
|
33,205.78
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
2,621,678.22
|
-
|
|||||
|
Ending Principal Balance
|
$
|
107,171,241.34
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.010240931
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.418637661
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
| VIII. |
2014-3 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
116,792,919.56
|
|||
|
Adjusted Pool Balance
|
$
|
119,551,038.05
|
|||
|
Overcollateralization Amount
|
$
|
5,379,796.71
|
|||
|
Principal Distribution Amount
|
$
|
2,621,678.22
|
|||
|
Principal Distribution Amount Paid
|
$
|
2,621,678.22
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
304,978.18
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
304,978.18
|
|||
|
Required Reserve Acct Balance
|
$
|
298,132.26
|
|||
|
Release to Collection Account
|
$
|
6,845.92
|
|||
|
Ending Reserve Account Balance
|
$
|
298,132.26
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
21,134.24
|
|||
|
Deposits for the Period
|
$
|
12,127.29
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Balance
|
$
|
33,261.53
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|