Page 1 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
I. |
Deal Parameters
|
A |
Student Loan Portfolio Characteristics
|
05/29/2014
|
11/30/2022
|
12/31/2022
|
|||||||||
Principal Balance
|
$
|
717,979,937.57
|
$
|
246,640,325.18
|
$
|
241,470,383.25
|
|||||||
Interest to be Capitalized Balance
|
11,067,273.43
|
2,393,085.30
|
2,517,115.63
|
||||||||||
Pool Balance
|
$
|
729,047,211.00
|
$
|
249,033,410.48
|
$
|
243,987,498.88
|
|||||||
Specified Reserve Account Balance
|
4,867,795.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool (1)
|
$
|
733,915,006.00
|
$
|
249,033,410.48
|
$
|
243,987,498.88
|
|||||||
Weighted Average Coupon (WAC)
|
6.16%
|
|
6.28%
|
|
6.28%
|
|
|||||||
Number of Loans
|
121,418
|
31,094
|
30,375
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
6,285,032.68
|
$
|
6,312,183.43
|
|||||||||
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
242,748,377.80
|
$
|
237,675,315.45
|
|||||||||
Pool Factor
|
0.332536036
|
0.325798196
|
|||||||||||
Since Issued Constant Prepayment Rate
|
(0.74)%
|
|
(0.78)%
|
|
(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
|
63938EAC8
|
$
|
165,920,492.85
|
$
|
160,937,655.14
|
|||||
A4
|
63938EAD6
|
$
|
60,000,000.00
|
$
|
60,000,000.00
|
|||||
B
|
63938EAE4
|
$
|
20,000,000.00
|
$
|
20,000,000.00
|
C |
Account Balances |
12/27/2022 | 01/25/2023 | ||||||
Reserve Account Balance
|
$
|
748,891.00
|
$
|
748,891.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
124,227.45
|
$
|
196,648.99
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D |
Asset / Liability |
12/27/2022 | 01/25/2023 | ||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
249,033,410.48
|
$
|
243,987,498.88
|
|||||
Total Notes
|
$
|
245,920,492.85
|
$
|
240,937,655.14
|
|||||
Difference
|
$
|
3,112,917.63
|
$
|
3,049,843.74
|
|||||
Parity Ratio
|
1.01266
|
1.01266
|
Page 2 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
II. | Trust Activity 12/01/2021 through 12/31/2021 |
A |
Student Loan Principal Receipts
|
||||
Borrower Principal
|
626,303.02
|
||||
Guarantor Principal
|
619,478.58
|
||||
Consolidation Activity Principal
|
4,756,928.05
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
63.89
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
6,002,773.54
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
330,106.87
|
||||
Guarantor Interest
|
36,408.30
|
||||
Consolidation Activity Interest
|
153,889.18
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
23.03
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
33,994.84
|
||||
Total Interest Receipts
|
$
|
554,422.22
|
|||
C
|
Reserves in Excess of Requirement
|
-
|
|||
D |
Investment Income
|
$
|
35,372.81
|
||
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
|
$
|
(71,028.80)
|
|
||
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|
||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(72,421.54)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
6,449,118.23
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(832,831.61)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
14,111.38
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
III. |
2014-1 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
|
5.81%
|
|
32
|
$
|
117,535.93
|
0.049%
|
|
5.96%
|
|
34
|
$
|
138,035.93
|
0.056%
|
|
||||||||||||||||||
GRACE
|
6.80%
|
|
8
|
$
|
82,000.00
|
0.034%
|
|
6.80%
|
|
6
|
$
|
61,500.00
|
0.025%
|
|
|||||||||||||||||||
|
DEFERMENT |
6.24%
|
|
1,699
|
$
|
12,927,568.43
|
5.354%
|
|
6.27%
|
|
1,824
|
$
|
14,372,046.84
|
5.827%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.23%
|
|
19,515
|
$
|
146,965,024.64
|
60.863%
|
|
6.25%
|
|
19,962
|
$
|
151,628,843.08
|
61.478%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.35%
|
|
837
|
$
|
8,141,346.22
|
3.372%
|
|
6.27%
|
|
924
|
$
|
7,414,556.15
|
3.006%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.22%
|
|
482
|
$
|
4,058,186.01
|
1.681%
|
|
5.96%
|
|
610
|
$
|
5,486,416.60
|
2.224%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
5.97%
|
|
332
|
$
|
2,854,757.83
|
1.182%
|
|
6.56%
|
|
483
|
$
|
4,496,143.06
|
1.823%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.29%
|
|
1,894
|
$
|
16,870,110.35
|
6.986%
|
|
6.31%
|
|
2,088
|
$
|
18,097,634.61
|
7.338%
|
|
||||||||||||||||||
|
FORBEARANCE |
6.41%
|
|
5,351
|
$
|
47,612,516.69
|
19.718%
|
|
6.35%
|
|
5,018
|
$
|
43,605,251.77
|
17.680%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.70%
|
|
225
|
$
|
1,841,337.15
|
0.763%
|
|
6.23%
|
|
145
|
$
|
1,339,897.14
|
0.543%
|
|
||||||||||||||||||
TOTAL
|
30,375
|
$
|
241,470,383.25
|
100.00%
|
|
31,094
|
$
|
246,640,325.18
|
100.00%
|
|
*
|
Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
IV. | 2014-1 Portfolio Characteristics (cont’d) |
12/31/2022
|
11/30/2022
|
|||||||
Pool Balance
|
$
|
243,987,498.88
|
$
|
249,033,410.48
|
||||
Outstanding Borrower Accrued Interest
|
$
|
10,140,237.99
|
$
|
10,274,712.27
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
2,517,115.63
|
$
|
2,393,085.30
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,148,127.08
|
$
|
1,232,951.68
|
||||
Total # Loans
|
30,375
|
31,094
|
||||||
Total # Borrowers
|
9,674
|
9,927
|
||||||
Weighted Average Coupon
|
6.28%
|
|
6.28%
|
|
||||
Weighted Average Remaining Term
|
182.57
|
181.80
|
||||||
Non-Reimbursable Losses
|
$
|
14,111.38
|
$
|
32,042.16
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
2,157,258.81
|
$
|
2,143,147.43
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-0.78%
|
|
-0.74%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
351,568.09
|
$
|
351,568.09
|
||||
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
|
$
|
847,057.99
|
$
|
797,511.15
|
||||
Borrower Interest Accrued
|
$
|
1,234,922.22
|
$
|
1,231,542.90
|
||||
Interest Subsidy Payments Accrued
|
$
|
37,461.43
|
$
|
37,630.76
|
||||
Special Allowance Payments Accrued
|
$
|
188,956.34
|
$
|
165,140.81
|
Page 5 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
V. | 2014-1 Portfolio Statistics by School and Program |
A |
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- GSL (1) - Subsidized
|
6.03%
|
|
14,241
|
56,831,800.08
|
23.536%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.25%
|
|
12,030
|
85,019,528.88
|
35.209%
|
|
|||||||||||
- PLUS (2) Loans
|
8.42%
|
|
759
|
21,475,672.79
|
8.894%
|
|
|||||||||||
- SLS (3) Loans
|
5.93%
|
|
1
|
13,821.14
|
0.006%
|
|
|||||||||||
- Consolidation Loans
|
5.89%
|
|
3,344
|
78,129,560.36
|
32.356%
|
|
|||||||||||
Total
|
6.28%
|
|
30,375
|
$
|
241,470,383.25
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
||||||||||
- Four Year
|
6.52%
|
|
22,908
|
148,329,197.59
|
61.427%
|
|
||||||||||
- Two Year
|
5.86%
|
|
3,661
|
13,316,028.28
|
5.515%
|
|
||||||||||
- Technical
|
5.87%
|
|
412
|
1,490,672.79
|
0.617%
|
|
||||||||||
- Other
|
5.89%
|
|
3,394
|
78,334,484.59
|
32.441%
|
|
||||||||||
Total
|
6.28%
|
|
30,375
|
$
|
241,470,383.25
|
100.000%
|
|
*
|
Percentages may not total 100% due to rounding.
|
(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 2014-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VI. | 2014-1 Waterfall for Distributions |
Paid |
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
6,449,118.23
|
|||||||
A |
Trustee Fees
|
-
|
$
|
6,449,118.23
|
|||||
B |
Primary Servicing Fee
|
$
|
43,862.44
|
$
|
6,405,255.79
|
||||
C |
Administration Fee
|
$
|
6,667.00
|
$
|
6,398,588.79
|
||||
D |
Class A Noteholders’ Interest Distribution Amount
|
$
|
903,123.62
|
$
|
5,495,465.17
|
||||
E
|
Class B Noteholders’ Interest Distribution Amount
|
$
|
94,873.66
|
$
|
5,400,591.51
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
5,400,591.51
|
|||||
G
|
Class A Noteholders’ Principal Distribution Amount
|
$
|
4,982,837.71
|
$
|
417,753.80
|
||||
H
|
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
417,753.80
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
417,753.80
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
417,753.80
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
417,753.80
|
|||||
L
|
Excess Distribution Certificateholder
|
$
|
417,753.80
|
-
|
Waterfall Triggers
|
||||||
A |
Student Loan Principal Outstanding
|
$
|
241,470,383.25
|
|||
B
|
Interest to be Capitalized
|
$
|
2,517,115.63
|
|||
C |
Capitalized Interest Account Balance
|
-
|
||||
D |
Reserve Account Balance (after any reinstatement)
|
$
|
748,891.00
|
|||
E
|
Less: Specified Reserve Account Balance
|
$
|
(748,891.00)
|
|
||
F
|
Total
|
$
|
243,987,498.88
|
|||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
220,937,655.14
|
|||
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 2014-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VII. | 2014-1 Distributions |
A3
|
A4
|
B |
|
|||||||||
Cusip/Isin
|
63938EAC8
|
63938EAD6
|
63938EAE4
|
|||||||||
Beginning Balance
|
$
|
165,920,492.85
|
$
|
60,000,000.00
|
$
|
20,000,000.00
|
||||||
Index
|
LIBOR
|
LIBOR
|
LIBOR
|
|||||||||
Spread/Fixed Rate
|
0.51%
|
|
0.75%
|
|
1.50%
|
|
||||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
|||||||||
Accrual Period Begin
|
12/27/2022
|
12/27/2022
|
12/27/2022
|
|||||||||
Accrual Period End
|
1/25/2023
|
1/25/2023
|
1/25/2023
|
|||||||||
Daycount Fraction
|
0.08055556
|
0.08055556
|
0.08055556
|
|||||||||
Interest Rate*
|
4.89871%
|
|
5.13871%
|
|
5.88871%
|
|
||||||
Accrued Interest Factor
|
0.003946183
|
0.004139516
|
0.004743683
|
|||||||||
Current Interest Due
|
$
|
654,752.64
|
$
|
248,370.98
|
$
|
94,873.66
|
||||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
-
|
|||||||||
Total Interest Due
|
$
|
654,752.64
|
$
|
248,370.98
|
$
|
94,873.66
|
||||||
Interest Paid
|
$
|
654,752.64
|
$
|
248,370.98
|
$
|
94,873.66
|
||||||
Interest Shortfall
|
-
|
-
|
-
|
|||||||||
Principal Paid
|
$
|
4,982,837.71
|
-
|
-
|
||||||||
Ending Principal Balance
|
$
|
160,937,655.14
|
$
|
60,000,000.00
|
$
|
20,000,000.00
|
||||||
Paydown Factor
|
0.014236679
|
-
|
-
|
|||||||||
Ending Balance Factor
|
0.459821872
|
1.000000000
|
1.000000000
|
*
|
Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://images.navient.com/investors/data/abrate.txt.
|
Page 8 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |
VIII. | 2014-1 Reconciliations |
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
245,920,492.85
|
||
|
Adjusted Pool Balance
|
$
|
243,987,498.88
|
||
|
Overcollateralization Amount
|
$
|
3,049,843.74
|
||
|
Principal Distribution Amount
|
$
|
4,982,837.71
|
||
|
Principal Distribution Amount Paid
|
$
|
4,982,837.71
|
||
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
748,891.00
|
||
|
Reserve Funds Utilized
|
0.00
|
|||
|
Reserve Funds Reinstated
|
0.00
|
|||
|
Balance Available
|
$
|
748,891.00
|
||
|
Required Reserve Acct Balance
|
$
|
748,891.00
|
||
|
Release to Collection Account
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
748,891.00
|
||
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
124,227.45
|
||
|
Deposits for the Period
|
$
|
72,421.54
|
||
|
Release to Collection Account
|
$
|
-
|
|
|
|
Ending Balance
|
$
|
196,648.99
|
||
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Supplemental Loan Purchases
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023 |