|
Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
03/27/2014
|
03/31/2025
|
04/30/2025
|
|||||||||
|
Principal Balance
|
$
|
947,628,246.57
|
$
|
196,489,725.56
|
$
|
196,412,571.76
|
|||||||
|
Interest to be Capitalized Balance
|
17,244,992.28
|
2,310,425.38
|
2,332,860.28
|
||||||||||
|
Pool Balance
|
$
|
964,873,238.85
|
$
|
198,800,150.94
|
$
|
198,745,432.04
|
|||||||
|
Specified Reserve Account Balance
|
4,976,726.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
969,849,964.85
|
$
|
198,800,150.94
|
$
|
198,745,432.04
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.24%
|
|
7.16%
|
|
7.16%
|
|
|||||||
|
Number of Loans
|
199,512
|
29,625
|
29,442
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,506,895.63
|
$
|
1,511,605.82
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
197,293,255.31
|
$
|
197,233,826.22
|
|||||||||
|
Pool Factor
|
0.199729853
|
0.199674878
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(24.06)%
|
|
(25.32)%
|
|
|||||||||
| (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
|
04/25/2025
|
05/27/2025
|
||||||
|
A3
|
78448GAC4
|
$
|
169,612,149.43
|
$
|
169,557,977.72
|
|||||
| B |
78448GAD2
|
$
|
27,200,000.00
|
$
|
27,200,000.00
|
|||||
|
C
|
Account Balances
|
04/25/2025
|
05/27/2025
|
||||||
|
Reserve Account Balance
|
$
|
995,345.00
|
$
|
995,345.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
137,806.80
|
$
|
204,893.65
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
04/25/2025
|
05/27/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
198,800,150.94
|
$
|
198,745,432.04
|
|||||
|
Total Notes
|
$
|
196,812,149.43
|
$
|
196,757,977.72
|
|||||
|
Difference
|
$
|
1,988,001.51
|
$
|
1,987,454.32
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
| II. |
Trust Activity 04/01/2025 through 04/30/2025
|
| A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
455,317.27
|
||||
|
Guarantor Principal
|
431,131.63
|
||||
|
Consolidation Activity Principal
|
28.67
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
631.20
|
||||
|
Total Principal Receipts
|
$
|
887,108.77
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
274,982.23
|
||||
|
Guarantor Interest
|
14,530.19
|
||||
|
Consolidation Activity Interest
|
0.20
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
144.34
|
|
|||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
10,780.56
|
||||
|
Total Interest Receipts
|
$
|
300,437.52
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
| D |
Investment Income
|
$
|
11,014.40
|
||
|
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
|
$
|
(67,086.85)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,131,473.84
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(809,954.97)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
11,390.17
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
816.69
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
| III. |
2014-2 Portfolio Characteristics
|
|
04/30/2025
|
03/31/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.90%
|
|
36
|
$
|
187,857.80
|
0.096%
|
|
6.90%
|
|
34
|
$
|
184,129.66
|
0.094%
|
|
||||||||||||||||||
|
GRACE
|
6.55%
|
|
4
|
$
|
9,000.00
|
0.005%
|
|
6.82%
|
|
15
|
$
|
44,327.14
|
0.023%
|
|
|||||||||||||||||||
|
DEFERMENT
|
6.89%
|
|
1,715
|
$
|
9,978,111.85
|
5.080%
|
|
6.90%
|
|
1,703
|
$
|
9,894,714.32
|
5.036%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
7.17%
|
|
19,005
|
$
|
117,646,880.26
|
59.898%
|
|
7.16%
|
|
18,693
|
$
|
113,837,802.83
|
57.936%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
7.19%
|
|
991
|
$
|
8,135,880.93
|
4.142%
|
|
7.18%
|
|
1,237
|
$
|
9,360,015.08
|
4.764%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
7.15%
|
|
812
|
$
|
6,209,122.80
|
3.161%
|
|
7.15%
|
|
1,196
|
$
|
9,648,458.13
|
4.910%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
7.14%
|
|
777
|
$
|
6,156,856.17
|
3.135%
|
|
7.32%
|
|
573
|
$
|
5,469,048.03
|
2.783%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
7.17%
|
|
1,737
|
$
|
13,274,148.72
|
6.758%
|
|
7.18%
|
|
1,786
|
$
|
13,203,951.30
|
6.720%
|
|
|||||||||||||||||||
|
|
FORBEARANCE |
7.22%
|
|
4,189
|
$
|
33,074,546.33
|
16.839%
|
|
7.24%
|
|
4,215
|
$
|
33,643,654.44
|
17.122%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
7.64%
|
|
176
|
$
|
1,740,166.90
|
0.886%
|
|
7.11%
|
|
173
|
$
|
1,203,624.63
|
0.613%
|
|
||||||||||||||||||
|
TOTAL
|
29,442
|
$
|
196,412,571.76
|
100.00%
|
|
29,625
|
$
|
196,489,725.56
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
| IV. |
2014-2 Portfolio Characteristics (cont’d)
|
|
04/30/2025
|
03/31/2025
|
|||||||
|
Pool Balance
|
$
|
198,745,432.04
|
$
|
198,800,150.94
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
10,333,083.85
|
$
|
10,329,980.78
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,332,860.28
|
$
|
2,310,425.38
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,319,067.60
|
$
|
1,353,815.94
|
||||
|
Total # Loans
|
29,442
|
29,625
|
||||||
|
Total # Borrowers
|
8,361
|
8,424
|
||||||
|
Weighted Average Coupon
|
7.16%
|
|
7.16%
|
|
||||
|
Weighted Average Remaining Term
|
195.97
|
195.15
|
||||||
|
Non-Reimbursable Losses
|
$
|
11,390.17
|
$
|
11,175.77
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
3,807,726.60
|
$
|
3,796,336.43
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-25.32%
|
|
-24.06%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
338,527.31
|
$
|
338,527.31
|
||||
|
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
|
$
|
821,532.13
|
$
|
831,975.74
|
||||
|
Borrower Interest Accrued
|
$
|
1,114,569.28
|
$
|
1,153,250.26
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
29,194.69
|
$
|
29,913.49
|
||||
|
Special Allowance Payments Accrued
|
$
|
40,630.53
|
$
|
41,807.91
|
||||
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
| V. |
2014-2 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.93%
|
|
15,334
|
67,309,804.89
|
34.270%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.94%
|
|
13,215
|
100,565,851.55
|
51.201%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.50%
|
|
873
|
28,428,354.22
|
14.474%
|
|
|||||||||||
|
- SLS (3) Loans
|
8.29%
|
|
20
|
108,561.10
|
0.055%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
7.16%
|
|
29,442
|
$
|
196,412,571.76
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
7.18%
|
|
25,118
|
178,342,959.67
|
90.800%
|
|
|||||||||||
|
- Two Year
|
7.04%
|
|
3,623
|
15,250,468.30
|
7.765%
|
|
|||||||||||
|
- Technical
|
7.16%
|
|
673
|
2,737,987.20
|
1.394%
|
|
|||||||||||
|
- Other
|
7.55%
|
|
28
|
81,156.59
|
0.041%
|
|
|||||||||||
|
Total
|
7.16%
|
|
29,442
|
$
|
196,412,571.76
|
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 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
| VI. |
2014-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance |
||||||||
|
Total Available Funds
|
$
|
1,131,473.84
|
|||||||
| A |
Trustee Fees |
- |
$ | 1,131,473.84 |
|||||
|
B
|
Primary Servicing Fee
|
$
|
40,979.72
|
$
|
1,090,494.12
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,083,827.12
|
||||
|
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
762,601.85
|
$
|
321,225.27
|
||||
|
E
|
Class B Noteholders’ Interest Distribution Amount
|
$
|
144,297.09
|
$
|
176,928.18
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
176,928.18
|
|||||
|
G
|
Class A Noteholders’ Principal Distribution Amount
|
$
|
54,171.71
|
$
|
122,756.47
|
||||
|
H
|
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
122,756.47
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
122,756.47
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
122,756.47
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
122,756.47
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
122,756.47
|
$ |
0.00 |
||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
196,412,571.76
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,332,860.28
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
995,345.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(995,345.00)
|
|
|
|
F
|
Total
|
$
|
198,745,432.04
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
169,557,977.72
|
||
|
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 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
| VII. |
2014-2 Distributions
|
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78448GAC4
|
78448GAD2
|
||||||
|
Beginning Balance
|
$
|
169,612,149.43
|
$
|
27,200,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.59%
|
|
1.50%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
4/25/2025
|
4/25/2025
|
||||||
|
Accrual Period End
|
5/27/2025
|
5/27/2025
|
||||||
|
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
|
Interest Rate*
|
5.05817%
|
|
5.96817%
|
|
||||
|
Accrued Interest Factor
|
0.004496151
|
0.005305040
|
||||||
|
Current Interest Due
|
$
|
762,601.85
|
$
|
144,297.09
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
762,601.85
|
$
|
144,297.09
|
||||
|
Interest Paid
|
$
|
762,601.85
|
$
|
144,297.09
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
54,171.71
|
-
|
|||||
|
Ending Principal Balance
|
$
|
169,557,977.72
|
$
|
27,200,000.00
|
||||
|
Paydown Factor
|
0.000107038
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.335028606
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|
| VIII. |
2014-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
196,812,149.43
|
|||
|
Adjusted Pool Balance
|
$
|
198,745,432.04
|
|||
|
Overcollateralization Amount
|
$
|
1,987,454.32
|
|||
|
Principal Distribution Amount
|
$
|
54,171.71
|
|||
|
Principal Distribution Amount Paid
|
$
|
54,171.71
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
995,345.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
995,345.00
|
|||
|
Required Reserve Acct Balance
|
$
|
995,345.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
995,345.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
137,806.80
|
|||
|
Deposits for the Period
|
$
|
67,086.85
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Balance
|
$
|
204,893.65
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 04/01/2025 - 04/30/2025, Distribution Date 05/27/2025
|