Page 1 of 9
|
Trust 2014-5 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
|
$
|
155,346,000.80
|
$
|
67,077,063.29
|
$
|
65,248,616.38
|
|||||||
Interest to be Capitalized Balance
|
812,255.89
|
543,443.69
|
453,764.51
|
||||||||||
Pool Balance
|
$
|
156,158,256.69
|
$
|
67,620,506.98
|
$
|
65,702,380.89
|
|||||||
Specified Reserve Account Balance
|
3,566,417.00
|
169,051.27
|
164,255.95
|
||||||||||
Adjusted Pool (1)
|
$
|
159,724,673.69
|
$
|
67,789,558.25
|
$
|
65,866,636.84
|
|||||||
Weighted Average Coupon (WAC)
|
5.48%
|
|
5.57%
|
|
5.56%
|
|
|||||||
Number of Loans
|
6,801
|
2,884
|
2,799
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
2,507,353.21
|
$
|
2,526,627.13
|
|||||||||
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
65,113,153.77
|
$
|
63,175,753.76
|
|||||||||
Pool Factor
|
0.426607771
|
0.414506598
|
|||||||||||
Since Issued Constant Prepayment Rate
|
5.78%
|
|
5.99%
|
|
(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 |
63938WAA2
|
$
|
60,539,028.13
|
$
|
58,702,638.18
|
|||||
B |
63938WAB0
|
$
|
4,200,000.00
|
$
|
4,200,000.00
|
C
|
Account Balances
|
12/27/2022
|
01/25/2023
|
||||||
Reserve Account Balance
|
$
|
169,051.27
|
$
|
164,255.95
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
12,544.81
|
$
|
18,822.41
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
12/27/2022
|
01/25/2023
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
67,789,558.25
|
$
|
65,866,636.84
|
|||||
Total Notes
|
$
|
64,739,028.13
|
$
|
62,902,638.18
|
|||||
Difference
|
$
|
3,050,530.12
|
$
|
2,963,998.66
|
|||||
Parity Ratio
|
1.04712
|
1.04712
|
Page 2 of 9
|
Trust 2014-5 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
|
160,653.64
|
||||
Guarantor Principal
|
537,673.05
|
||||
Consolidation Activity Principal
|
1,314,502.36
|
||||
Seller Principal Reimbursement
|
2,225.45
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
2,015,054.50
|
|||
B |
Student Loan Interest Receipts
|
||||
Borrower Interest
|
99,191.59
|
||||
Guarantor Interest
|
36,181.58
|
||||
Consolidation Activity Interest
|
17,269.92
|
||||
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
|
10,112.78
|
||||
Total Interest Receipts
|
$
|
162,755.87
|
|||
C |
Reserves in Excess of Requirement
|
$
|
4,795.32
|
||
D
|
Investment Income
|
$
|
11,815.47
|
||
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
|
$
|
(58,531.99)
|
|
||
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(6,277.60)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
2,129,611.57
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(186,607.59)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
11,438.62
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
III. |
2014-5 Portfolio Characteristics
|
12/31/2022
|
11/30/2022
|
||||||||||||||||||||||||||||||||
Wtd Avg Coupon
|
# Loans |
Principal |
% of Principal |
Wtd Avg Coupon
|
# Loans |
Principal |
% of Principal |
||||||||||||||||||||||||||
INTERIM:
|
DEFERMENT
|
5.97%
|
|
91
|
$
|
2,681,748.54
|
4.110%
|
|
6.04%
|
|
99
|
$
|
2,776,066.48
|
4.139%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
5.38%
|
|
2,168
|
$
|
44,078,932.47
|
67.555%
|
|
5.33%
|
|
2,203
|
$
|
44,264,957.73
|
65.991%
|
|
||||||||||||||||||
31-60 DAYS DELINQUENT
|
5.49%
|
|
41
|
$
|
1,630,529.94
|
2.499%
|
|
5.90%
|
|
63
|
$
|
1,612,804.02
|
2.404%
|
|
|||||||||||||||||||
61-90 DAYS DELINQUENT
|
5.43%
|
|
32
|
$
|
766,026.41
|
1.174%
|
|
5.94%
|
|
47
|
$
|
1,489,720.76
|
2.221%
|
|
|||||||||||||||||||
91-120 DAYS DELINQUENT
|
6.36%
|
|
14
|
$
|
304,172.37
|
0.466%
|
|
5.77%
|
|
33
|
$
|
1,032,937.08
|
1.540%
|
|
|||||||||||||||||||
> 120 DAYS DELINQUENT
|
6.19%
|
|
95
|
$
|
3,282,979.69
|
5.031%
|
|
6.10%
|
|
107
|
$
|
3,554,992.17
|
5.300%
|
|
|||||||||||||||||||
|
FORBEARANCE |
5.92%
|
|
347
|
$
|
12,283,137.77
|
18.825%
|
|
6.05%
|
|
317
|
$
|
11,726,230.11
|
17.482%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
5.53%
|
|
11
|
$
|
221,089.19
|
0.339%
|
|
6.34%
|
|
15
|
$
|
619,354.94
|
0.923%
|
|
||||||||||||||||||
TOTAL
|
2,799
|
$
|
65,248,616.38
|
100.00%
|
|
2,884
|
$
|
67,077,063.29
|
100.00%
|
|
Page 4 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
IV. |
2014-5 Portfolio Characteristics (cont'd)
|
12/31/2022
|
11/30/2022
|
|||||||
Pool Balance
|
$
|
65,702,380.89
|
$
|
67,620,506.98
|
||||
Outstanding Borrower Accrued Interest
|
$
|
1,988,696.27
|
$
|
2,047,605.52
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
453,764.51
|
$
|
543,443.69
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
235,173.28
|
$
|
296,964.30
|
||||
Total # Loans
|
2,799
|
2,884
|
||||||
Total # Borrowers
|
1,555
|
1,602
|
||||||
Weighted Average Coupon
|
5.56%
|
|
5.57%
|
|
||||
Weighted Average Remaining Term
|
202.45
|
202.18
|
||||||
Non-Reimbursable Losses
|
$
|
11,438.62
|
$
|
2,507.20
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
654,893.84
|
$
|
643,455.22
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
5.99%
|
|
5.78%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
-
|
-
|
||||||
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
|
$
|
197,872.73
|
$
|
156,619.79
|
||||
Borrower Interest Accrued
|
$
|
291,707.92
|
$
|
294,771.52
|
||||
Interest Subsidy Payments Accrued
|
$
|
8,718.29
|
$
|
8,988.58
|
||||
Special Allowance Payments Accrued
|
$
|
94,116.74
|
$
|
81,220.92
|
Page 5 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
V.
|
2014-5 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
|
5.56%
|
|
2,799
|
65,248,616.38
|
100.000%
|
|
|||||||||||
Total
|
5.56%
|
|
2,799
|
$
|
65,248,616.38
|
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
|
5.56%
|
|
2,799
|
65,248,616.38
|
100.000%
|
|
|||||||||||
Total
|
5.56%
|
|
2,799
|
$
|
65,248,616.38
|
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 2014-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VI. |
2014-5 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
2,129,611.57
|
|||||||
A
|
Trustee Fees
|
-
|
$
|
2,129,611.57
|
|||||
B
|
Primary Servicing Fee
|
$
|
7,984.00
|
$
|
2,121,627.57
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,114,960.57
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
244,262.52
|
$
|
1,870,698.05
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
19,923.47
|
$
|
1,850,774.58
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,850,774.58
|
|||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,836,389.95
|
$
|
14,384.63
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
14,384.63
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
14,384.63
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
14,384.63
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
14,384.63
|
|||||
L
|
Excess Distribution Certificateholder
|
$
|
14,384.63
|
$ |
(0.00)
|
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
65,248,616.38
|
||
B
|
Interest to be Capitalized
|
$
|
453,764.51
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
164,255.95
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(164,255.95)
|
|
|
F
|
Total
|
$
|
65,702,380.89
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
58,702,638.18
|
||
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 2014-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VII. |
2014-5 Distributions
|
A |
|
B
|
||||||
Cusip/Isin
|
63938WAA2
|
63938WAB0
|
||||||
Beginning Balance
|
$
|
60,539,028.13
|
$
|
4,200,000.00
|
||||
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
|
$
|
244,262.52
|
$
|
19,923.47
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
244,262.52
|
$
|
19,923.47
|
||||
Interest Paid
|
$
|
244,262.52
|
$
|
19,923.47
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
1,836,389.95
|
-
|
|||||
Ending Principal Balance
|
$
|
58,702,638.18
|
$
|
4,200,000.00
|
||||
Paydown Factor
|
0.011916872
|
0.000000000
|
||||||
Ending Balance Factor
|
0.380938599
|
1.000000000
|
Page 8 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
|
VIII. |
2014-5 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
64,739,028.13
|
|||
Adjusted Pool Balance
|
$
|
65,866,636.84
|
|||
Overcollateralization Amount
|
$
|
2,963,998.66
|
|||
Principal Distribution Amount
|
$
|
1,836,389.95
|
|||
Principal Distribution Amount Paid
|
$
|
1,836,389.95
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
169,051.27
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
169,051.27
|
|||
Required Reserve Acct Balance
|
$
|
164,255.95
|
|||
Release to Collection Account
|
$
|
4,795.32
|
|||
Ending Reserve Account Balance
|
$
|
164,255.95
|
|||
C
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
12,544.81
|
|||
Deposits for the Period
|
$
|
6,277.60
|
|||
Release to Collection Account
|
-
|
||||
Ending Balance
|
$
|
18,822.41
|
|||
D
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
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Ending Balance
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Page 9 of 9
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Trust 2014-5 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
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