Page 1 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
11/25/2014
|
11/30/2022
|
12/31/2022
|
|||||||||
|
Principal Balance
|
$
|
986,262,493.46
|
$
|
351,967,310.35
|
$
|
346,093,379.16
|
||||||
|
Interest to be Capitalized Balance
|
9,997,361.62
|
3,608,400.32
|
3,623,735.35
|
|||||||||
|
Pool Balance
|
$
|
996,259,855.08
|
$
|
355,575,710.67
|
$
|
349,717,114.51
|
||||||
|
Specified Reserve Account Balance
|
5,098,821.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool (1)
|
$
|
1,001,358,676.08
|
$
|
355,575,710.67
|
$
|
349,717,114.51
|
||||||
|
Weighted Average Coupon (WAC)
|
5.29%
|
|
5.78%
|
|
5.78%
|
|
||||||
|
Number of Loans
|
247,055
|
69,139
|
67,659
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
33,547,123.11
|
$
|
33,206,618.82
|
||||||||
|
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
322,028,587.56
|
$
|
316,510,495.69
|
||||||||
|
Pool Factor
|
0.348684218
|
0.342939169
|
||||||||||
|
Since Issued Constant Prepayment Rate
|
(8.57)%
|
|
(8.93)%
|
|
(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
|
63939DAC9
|
$
|
324,119,953.56
|
$
|
318,319,943.36
|
||||||
B |
63939DAD7
|
$
|
27,900,000.00
|
$
|
27,900,000.00
|
C
|
Account Balances
|
12/27/2022
|
01/25/2023
|
||||||
|
Reserve Account Balance
|
$
|
1,019,764.00
|
$
|
1,019,764.00
|
||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
152,848.86
|
$
|
235,124.53
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
12/27/2022
|
01/25/2023
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
355,575,710.67
|
$
|
349,717,114.51
|
||||
Total Notes
|
$
|
352,019,953.56
|
$
|
346,219,943.36
|
|||||
Difference
|
$
|
3,555,757.11
|
$
|
3,497,171.15
|
|||||
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2014-8 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
|
898,243.15
|
||||
Guarantor Principal
|
2,043,631.80
|
||||
Consolidation Activity Principal
|
4,180,142.67
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
906.36
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
7,122,923.98
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
343,077.05
|
||||
Guarantor Interest
|
69,234.00
|
||||
Consolidation Activity Interest
|
98,400.88
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
205.71
|
|
|||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
44,820.79
|
||||
Total Interest Receipts
|
$
|
555,738.43
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D
|
Investment Income
|
$
|
44,004.44
|
||
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
|
$
|
(82,275.67)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
7,640,391.18
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,248,992.79)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
41,655.22
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
III. |
2014-8 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
|
4.78%
|
|
39
|
$
|
148,672.85
|
0.043%
|
|
4.79%
|
|
50
|
$
|
199,172.82
|
0.057%
|
|
|||||||||||||||||||
|
GRACE |
5.59%
|
|
53
|
$
|
218,625.48
|
0.063%
|
|
5.40%
|
|
51
|
$
|
207,131.51
|
0.059%
|
|
|||||||||||||||||||
|
DEFERMENT |
5.49%
|
|
4,180
|
$
|
20,399,407.16
|
5.894%
|
|
5.49%
|
|
4,357
|
$
|
21,468,911.35
|
6.100%
|
|
|||||||||||||||||||
REPAYMENT:
|
CURRENT
|
5.78%
|
|
38,846
|
$
|
182,514,018.48
|
52.735%
|
|
5.76%
|
|
39,749
|
$
|
184,608,122.82
|
52.450%
|
|
|||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
5.82%
|
|
2,092
|
$
|
11,191,188.67
|
3.234%
|
|
5.74%
|
|
2,704
|
$
|
15,105,443.20
|
4.292%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
5.59%
|
|
1,518
|
$
|
8,474,312.08
|
2.449%
|
|
5.83%
|
|
1,633
|
$
|
9,829,687.72
|
2.793%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
5.81%
|
|
966
|
$
|
5,670,870.52
|
1.639%
|
|
5.92%
|
|
1,252
|
$
|
7,645,353.12
|
2.172%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
5.82%
|
|
5,153
|
$
|
29,808,903.59
|
8.613%
|
|
5.79%
|
|
5,812
|
$
|
33,979,261.98
|
9.654%
|
|
|||||||||||||||||||
|
FORBEARANCE |
5.86%
|
|
13,914
|
$
|
82,931,179.29
|
23.962%
|
|
5.88%
|
|
12,789
|
$
|
75,052,793.37
|
21.324%
|
|
|||||||||||||||||||
CLAIMS IN PROCESS
|
5.68%
|
|
897
|
$
|
4,732,234.55
|
1.367%
|
|
5.83%
|
|
741
|
$
|
3,867,465.97
|
1.099%
|
|
||||||||||||||||||||
|
AGED CLAIMS REJECTED
|
6.80%
|
|
1
|
$
|
3,966.49
|
0.001%
|
|
6.80%
|
|
1
|
$
|
3,966.49
|
0.001%
|
|
|||||||||||||||||||
TOTAL
|
67,659
|
$
|
346,093,379.16
|
100.00%
|
|
69,139
|
$
|
351,967,310.35
|
100.00%
|
|
Page 4 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
IV. |
2014-8 Portfolio Characteristics (cont'd)
|
12/31/2022
|
11/30/2022
|
|||||||
Pool Balance
|
$
|
349,717,114.51
|
$
|
355,575,710.67
|
||||
Outstanding Borrower Accrued Interest
|
$
|
11,741,514.01
|
$
|
11,910,280.51
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
3,623,735.35
|
$
|
3,608,400.32
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,853,304.01
|
$
|
2,078,580.43
|
||||
Total # Loans
|
67,659
|
69,139
|
||||||
Total # Borrowers
|
25,611
|
26,181
|
||||||
Weighted Average Coupon
|
5.78%
|
|
5.78%
|
|
||||
Weighted Average Remaining Term
|
156.40
|
154.16
|
||||||
Non-Reimbursable Losses
|
$
|
41,655.22
|
$
|
49,055.35
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
5,294,064.11
|
$
|
5,252,408.89
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-8.93%
|
|
-8.57%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
Cumulative Rejected Claim Repurchases
|
$
|
614,588.16
|
$
|
614,588.16
|
||||
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
|
$
|
1,289,567.13
|
$
|
1,119,856.56
|
||||
Borrower Interest Accrued
|
$
|
1,633,424.73
|
$
|
1,619,837.25
|
||||
Interest Subsidy Payments Accrued
|
$
|
58,607.23
|
$
|
59,309.20
|
||||
Special Allowance Payments Accrued
|
$
|
359,054.60
|
$
|
322,759.16
|
Page 5 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
V. |
2014-8 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
- GSL (1) - Subsidized
|
5.50%
|
|
37,494
|
144,089,402.33
|
41.633%
|
|
||||||||||
|
- GSL - Unsubsidized
|
5.71%
|
|
28,397
|
175,296,841.85
|
50.650%
|
|
||||||||||
|
- PLUS (2) Loans
|
7.86%
|
|
1,509
|
25,238,751.69
|
7.292%
|
|
||||||||||
|
- SLS (3) Loans
|
6.02%
|
|
259
|
1,468,383.29
|
0.424%
|
|
||||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
5.78%
|
|
67,659
|
$
|
346,093,379.16
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
|
|||||||||||
|
- Four Year
|
5.82%
|
|
52,430
|
290,807,856.53
|
84.026%
|
|
||||||||||
|
- Two Year
|
5.59%
|
|
12,255
|
44,825,993.81
|
12.952%
|
|
||||||||||
- Technical
|
5.42%
|
|
2,911
|
10,224,620.51
|
2.954%
|
|
|||||||||||
- Other
|
4.23%
|
|
63
|
234,908.31
|
0.068%
|
|
|||||||||||
Total
|
5.78%
|
|
67,659
|
$
|
346,093,379.16
|
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 2014-8 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VI. |
2014-8 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
|||||||
Total Available Funds
|
$
|
7,640,391.18
|
|||||||
A
|
Trustee Fees
|
-
|
$
|
7,640,391.18
|
|||||
B
|
Primary Servicing Fee
|
$
|
117,237.49
|
$
|
7,523,153.69
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
7,516,486.69
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,302,535.37
|
$
|
6,213,951.32
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
132,348.76
|
$
|
6,081,602.56
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
6,081,602.56
|
|||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
5,800,010.20
|
$
|
281,592.36
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
281,592.36
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
281,592.36
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
281,592.36
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
281,592.36
|
|||||
L
|
Excess Distribution Certificateholder
|
$
|
281,592.36
|
-
|
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
346,093,379.16
|
||
B
|
Interest to be Capitalized
|
$
|
3,623,735.35
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,019,764.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,019,764.00)
|
|
|
F
|
Total
|
$
|
349,717,114.51
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
318,319,943.36
|
||
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 2014-8 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VII.
|
2014-8 Distributions
|
A3
|
B |
|
||||||
Cusip/Isin
|
63939DAC9
|
63939DAD7
|
||||||
Beginning Balance
|
$
|
324,119,953.56
|
$
|
27,900,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
Spread/Fixed Rate
|
0.60%
|
|
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*
|
4.98871%
|
|
5.88871%
|
|
||||
Accrued Interest Factor
|
0.004018683
|
0.004743683
|
||||||
Current Interest Due
|
$
|
1,302,535.37
|
$
|
132,348.76
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,302,535.37
|
$
|
132,348.76
|
||||
Interest Paid
|
$
|
1,302,535.37
|
$
|
132,348.76
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
5,800,010.20
|
-
|
|||||
Ending Principal Balance
|
$
|
318,319,943.36
|
$
|
27,900,000.00
|
||||
Paydown Factor
|
0.012372035
|
0.000000000
|
||||||
Ending Balance Factor
|
0.679010118
|
1.000000000
|
Page 8 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VIII. |
2014-8 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
352,019,953.56
|
||
|
Adjusted Pool Balance
|
$
|
349,717,114.51
|
||
Overcollateralization Amount
|
$
|
3,497,171.15
|
|||
Principal Distribution Amount
|
$
|
5,800,010.20
|
|||
Principal Distribution Amount Paid
|
$
|
5,800,010.20
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
1,019,764.00
|
|||
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
|||
|
Balance Available
|
$
|
1,019,764.00
|
||
Required Reserve Acct Balance
|
$
|
1,019,764.00
|
|||
|
Release to Collection Account
|
|
-
|
||
|
Ending Reserve Account Balance
|
$
|
1,019,764.00
|
||
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
152,848.86
|
||
|
Deposits for the Period
|
$
|
82,275.67
|
||
|
Release to Collection Account
|
-
|
|||
|
Ending Balance
|
$
|
235,124.53
|
||
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Supplemental Loan Purchases
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |