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
|
08/14/2014
|
11/30/2022
|
12/31/2022
|
|||||||||
Principal Balance
|
$
|
257,208,313.46
|
$
|
110,261,177.85
|
$
|
107,869,420.77
|
|||||||
Interest to be Capitalized Balance
|
1,145,436.55
|
585,007.78
|
566,011.74
|
||||||||||
Pool Balance
|
$
|
258,353,750.01
|
$
|
110,846,185.63
|
$
|
108,435,432.51
|
|||||||
Specified Reserve Account Balance
|
5,924,254.00
|
277,115.46
|
271,088.58
|
||||||||||
Adjusted Pool (1)
|
$
|
264,278,004.01
|
$
|
111,123,301.09
|
$
|
108,706,521.09
|
|||||||
Weighted Average Coupon (WAC)
|
5.68% |
|
5.74% |
|
5.74%
|
|
|||||||
Number of Loans
|
10,746 |
4,513 |
4,354
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
7,596,581.60
|
$
|
7,541,375.97
|
|||||||||
Aggregate Outstanding Principal Balance - LIBOR
|
$
|
103,249,604.03
|
$
|
100,894,056.54
|
|||||||||
Pool Factor
|
0.420987868
|
0.411831957
|
|||||||||||
Since Issued Constant Prepayment Rate
|
6.21%
|
|
6.34%
|
|
(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 |
|
63938GAA7
|
$
|
99,122,752.54
|
$
|
96,814,727.64
|
|||||
B |
|
63938GAB5
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
C
|
Account Balances
|
12/27/2022
|
01/25/2023
|
||||||
Reserve Account Balance
|
$
|
277,115.46
|
$
|
271,088.58
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
20,465.49
|
$
|
31,723.09
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
12/27/2022
|
01/25/2023
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
111,123,301.09
|
$
|
108,706,521.09
|
|||||
Total Notes
|
$
|
106,122,752.54
|
$
|
103,814,727.64
|
|||||
Difference
|
$
|
5,000,548.55
|
$
|
4,891,793.45
|
|||||
Parity Ratio
|
1.04712
|
1.04712
|
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
|
292,103.40
|
||||
Guarantor Principal
|
737,693.19
|
||||
Consolidation Activity Principal
|
1,708,123.64
|
||||
Seller Principal Reimbursement
|
44.39
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
2,737,964.62
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
178,443.79
|
||||
Guarantor Interest
|
24,038.13
|
||||
Consolidation Activity Interest
|
39,395.27
|
||||
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
|
8,657.09
|
||||
Total Interest Receipts
|
$
|
250,534.28
|
|||
C
|
Reserves in Excess of Requirement
|
$
|
6,026.88
|
||
D
|
Investment Income
|
$
|
15,698.73
|
||
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
|
$
|
(96,950.54)
|
|
||
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(11,257.60)
|
|
||
M |
AVAILABLE FUNDS
|
$
|
2,902,016.37
|
||
N |
Non-Cash Principal Activity During Collection Period
|
$
|
(346,207.54)
|
|
|
O |
Non-Reimbursable Losses During Collection Period
|
$
|
3,920.09
|
||
P |
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
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:
|
DEFERMENT
|
5.72%
|
|
119
|
$
|
3,495,588.65
|
3.241%
|
|
5.82%
|
|
146
|
$
|
4,090,263.91
|
3.710%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
5.58%
|
|
3,325
|
$
|
69,512,175.81
|
64.441%
|
|
5.64%
|
|
3,443
|
$
|
72,459,943.34
|
65.717%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.40%
|
|
118
|
$
|
4,901,571.20
|
4.544%
|
|
5.80%
|
|
131
|
$
|
4,730,119.54
|
4.290%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
5.68%
|
|
74
|
$
|
3,023,755.36
|
2.803%
|
|
5.85%
|
|
58
|
$
|
1,569,923.79
|
1.424%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
5.94%
|
|
26
|
$
|
821,856.03
|
0.762%
|
|
6.04%
|
|
48
|
$
|
1,505,346.73
|
1.365%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.10%
|
|
160
|
$
|
6,031,646.37
|
5.592%
|
|
6.09%
|
|
180
|
$
|
6,509,667.76
|
5.904%
|
|
||||||||||||||||||
|
FORBEARANCE
|
6.07%
|
|
504
|
$
|
18,994,829.36
|
17.609%
|
|
5.96%
|
|
480
|
$
|
18,064,578.85
|
16.383%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
5.18%
|
|
28
|
$
|
1,087,997.99
|
1.009%
|
|
4.99%
|
|
27
|
$
|
1,331,333.93
|
1.207%
|
|
||||||||||||||||||
TOTAL
|
4,354
|
$
|
107,869,420.77
|
100.00%
|
|
4,513
|
$
|
110,261,177.85
|
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
|
$
|
108,435,432.51
|
$
|
110,846,185.63
|
||||
Outstanding Borrower Accrued Interest
|
$
|
3,367,084.59
|
$
|
3,451,581.62
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
566,011.74
|
$
|
585,007.78
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
612,790.99
|
$
|
580,367.95
|
||||
Total # Loans
|
4,354
|
4,513
|
||||||
Total # Borrowers
|
2,468
|
2,550
|
||||||
Weighted Average Coupon
|
5.74%
|
|
5.74%
|
|
||||
Weighted Average Remaining Term
|
202.96
|
203.60
|
||||||
Non-Reimbursable Losses
|
$
|
3,920.09
|
$
|
6,205.10
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
1,010,233.64
|
$
|
1,006,313.55
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
6.34%
|
|
6.21%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
110,678.37
|
$
|
110,678.37
|
||||
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
|
$
|
350,090.93
|
$
|
302,855.33
|
||||
Borrower Interest Accrued
|
$
|
505,234.38
|
$
|
505,450.09
|
||||
Interest Subsidy Payments Accrued
|
$
|
13,244.09
|
$
|
13,999.20
|
||||
Special Allowance Payments Accrued
|
$
|
139,578.12
|
$
|
119,403.15
|
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
|
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
|
5.74%
|
|
4,354
|
107,869,420.77
|
100.000%
|
|
|||||||||||
Total
|
5.74%
|
|
4,354
|
$
|
107,869,420.77
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
- Four Year
|
8.34%
|
|
2
|
163,131.08
|
0.151%
|
|
|||||||||||
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
- Other
|
5.74%
|
|
4,352
|
107,706,289.69
|
99.849%
|
|
|||||||||||
Total
|
5.74%
|
|
4,354
|
$
|
107,869,420.77
|
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
|
$
|
2,902,016.37
|
|||||||
A
|
Trustee Fees
|
-
|
$
|
2,902,016.37
|
|||||
B
|
Primary Servicing Fee
|
$
|
12,724.50
|
$
|
2,889,291.87
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,882,624.87
|
||||
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
401,536.88
|
$
|
2,481,087.99
|
||||
E |
Class B Noteholders’ Interest Distribution Amount
|
$
|
33,205.78
|
$
|
2,447,882.21
|
||||
F |
Reserve Account Reinstatement
|
-
|
$
|
2,447,882.21
|
|||||
G |
Class A Noteholders’ Principal Distribution Amount
|
$
|
2,308,024.90
|
$
|
139,857.31
|
||||
H |
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
139,857.31
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
139,857.31
|
|||||
J |
Carryover Servicing Fee
|
-
|
$
|
139,857.31
|
|||||
K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
139,857.31
|
|||||
L |
Excess Distribution Certificateholder
|
$
|
139,857.31
|
|
-
|
|
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
107,869,420.77
|
||
B
|
Interest to be Capitalized
|
$
|
566,011.74
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
271,088.58
|
||
E |
Less: Specified Reserve Account Balance
|
$
|
(271,088.58)
|
|
|
F |
Total
|
$
|
108,435,432.51
|
||
G |
Class A Notes Outstanding (after application of available funds)
|
$
|
96,814,727.64
|
||
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
|
A |
|
B |
|
|||||
Cusip/Isin
|
63938GAA7
|
63938GAB5
|
||||||
Beginning Balance
|
$
|
99,122,752.54
|
$
|
7,000,000.00
|
||||
Index
|
LIBOR
|
LIBOR
|
||||||
Spread/Fixed Rate
|
0.64%
|
|
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*
|
5.02871%
|
|
5.88871%
|
|
||||
Accrued Interest Factor
|
0.004050905
|
0.004743683
|
||||||
Current Interest Due
|
$
|
401,536.88
|
$
|
33,205.78
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
401,536.88
|
$
|
33,205.78
|
||||
Interest Paid
|
$
|
401,536.88
|
$
|
33,205.78
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
2,308,024.90
|
-
|
|||||
Ending Principal Balance
|
$
|
96,814,727.64
|
$
|
7,000,000.00
|
||||
Paydown Factor
|
0.009015722
|
0.000000000
|
||||||
Ending Balance Factor
|
0.378182530
|
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
|
$
|
106,122,752.54
|
|||
Adjusted Pool Balance
|
$
|
108,706,521.09
|
|||
Overcollateralization Amount
|
$
|
4,891,793.45
|
|||
Principal Distribution Amount
|
$
|
2,308,024.90
|
|||
Principal Distribution Amount Paid
|
$
|
2,308,024.90
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
277,115.46
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
277,115.46
|
|||
Required Reserve Acct Balance
|
$
|
271,088.58
|
|||
Release to Collection Account
|
$
|
6,026.88
|
|||
Ending Reserve Account Balance
|
$
|
271,088.58
|
|||
C
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
20,465.49
|
|||
Deposits for the Period
|
$
|
11,257.60
|
|||
Release to Collection Account
|
|
-
|
|||
Ending Balance
|
$
|
31,723.09
|
|||
D
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
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Page 9 of 9
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Trust 2014-2 Monthly Servicing Report: Collection Period 12/01/2022 - 12/31/2022, Distribution Date 01/25/2023
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