|
Page 1 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 06/01/2025 - 06/30/2025, Distribution Date 07/25/2025 |
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
02/26/2015
|
05/31/2025
|
06/30/2025
|
|||||||||
|
|
Principal Balance
|
$
|
968,675,662.97
|
$
|
278,771,539.27
|
$
|
276,562,510.04
|
||||||
| Interest to be Capitalized Balance |
8,452,423.99
|
2,709,397.34
|
2,618,542.96
|
||||||||||
|
|
Pool Balance
|
$
|
977,128,086.96
|
$
|
281,480,936.61
|
$
|
279,181,053.00
|
||||||
| Specified Reserve Account Balance |
16,379,916.00
|
- N/A -
|
- N/A -
|
||||||||||
| |
Adjusted Pool (1)
|
$
|
993,508,002.96
|
$
|
281,480,936.61
|
$
|
279,181,053.00
|
||||||
|
|
Weighted Average Coupon (WAC) |
6.11%
|
|
6.72%
|
|
6.72%
|
|
||||||
| Number of Loans |
155,605
|
29,728
|
29,385
|
||||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill |
$
|
36,239,297.83
|
$
|
36,262,337.03
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
245,241,638.78
|
$
|
242,918,715.97
|
||||||||
| Pool Factor |
0.283544523
|
0.281227778
|
|||||||||||
| Since Issued Constant Prepayment Rate |
(3.45)%
|
|
(3.47)%
|
|
|||||||||
| (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
|
06/25/2025
|
07/25/2025
|
||||||
|
A2
|
63939FAB6
|
$
|
250,558,722.56
|
$
|
248,293,337.20
|
|||||
| B |
63939FAC4
|
$
|
26,700,000.00
|
$
|
26,700,000.00
|
|||||
|
C
|
Account Balances
|
06/25/2025
|
07/25/2025
|
||||||
|
|
Reserve Account Balance |
$
|
992,722.00
|
$
|
992,722.00
|
||||
| |
Capitalized Interest Account Balance |
-
|
-
|
||||||
| |
Floor Income Rebate Account
|
$
|
58,115.19
|
$
|
115,810.87
|
||||
| |
Supplemental Loan Purchase Account |
-
|
-
|
||||||
|
D
|
Asset / Liability
|
06/25/2025
|
07/25/2025
|
||||||
| |
Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
281,480,936.61
|
$
|
279,181,053.00
|
||||
| |
Total Notes
|
$
|
277,258,722.56
|
$
|
274,993,337.20
|
||||
| |
Difference |
$
|
4,222,214.05
|
$
|
4,187,715.80
|
||||
| |
Parity Ratio |
1.01523
|
1.01523
|
||||||
|
Page 2 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 06/01/2025 - 06/30/2025, Distribution Date 07/25/2025 |
|
II.
|
Trust Activity 06/01/2025 through 06/30/2025
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
666,049.01
|
||||
|
Guarantor Principal
|
1,470,334.21
|
||||
|
Consolidation Activity Principal
|
1,144,449.80
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
(72.69
|
)
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
3,280,760.33
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
333,120.71
|
||||
|
Guarantor Interest
|
75,876.84
|
||||
|
Consolidation Activity Interest
|
22,235.10
|
||||
|
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
|
22,920.10
|
||||
|
Total Interest Receipts
|
$
|
454,152.75
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
18,520.59
|
||
| 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
|
$
|
(101,357.39
|
)
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(57,695.68
|
)
|
||
| M |
AVAILABLE FUNDS
|
$
|
3,594,380.60
|
||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(1,071,731.10
|
)
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
$
|
43,258.61
|
||
| P |
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
| Q |
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 06/01/2025 - 06/30/2025, Distribution Date 07/25/2025 |
|
III.
|
2015-1 Portfolio Characteristics
|
|
06/30/2025
|
05/31/2025
|
||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.96%
|
|
16
|
$
|
88,565.69
|
0.032%
|
|
6.96%
|
|
16
|
$
|
88,565.69
|
0.032%
|
|
||||||||||||||||
|
GRACE
|
6.80%
|
|
6
|
$
|
33,549.91
|
0.012%
|
|
6.80%
|
|
6
|
$
|
33,549.91
|
0.012%
|
|
|||||||||||||||||
| DEFERMENT |
6.62%
|
|
1,715
|
$
|
14,042,396.58
|
5.077%
|
|
6.65%
|
|
1,686
|
$
|
13,638,318.21
|
4.892%
|
|
|||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.66%
|
|
18,072
|
$
|
164,571,758.81
|
59.506%
|
|
6.66%
|
|
18,401
|
$
|
167,609,702.46
|
60.124%
|
|
||||||||||||||||
| 31-60 DAYS DELINQUENT |
6.84%
|
|
1,335
|
$
|
13,587,606.48
|
4.913%
|
|
6.92%
|
|
1,326
|
$
|
12,033,247.08
|
4.317%
|
|
|||||||||||||||||
| 61-90 DAYS DELINQUENT |
6.91%
|
|
959
|
$
|
9,203,412.30
|
3.328%
|
|
6.51%
|
|
706
|
$
|
6,464,749.78
|
2.319%
|
|
|||||||||||||||||
| 91-120 DAYS DELINQUENT |
6.43%
|
|
537
|
$
|
4,609,211.26
|
1.667%
|
|
6.91%
|
|
849
|
$
|
8,251,896.22
|
2.960%
|
|
|||||||||||||||||
| > 120 DAYS DELINQUENT |
6.83%
|
|
2,291
|
$
|
24,865,344.51
|
8.991%
|
|
6.78%
|
|
2,176
|
$
|
23,434,579.75
|
8.406%
|
|
|||||||||||||||||
| FORBEARANCE |
6.83%
|
|
4,139
|
$
|
43,061,250.56
|
15.570%
|
|
6.85%
|
|
4,301
|
$
|
44,486,674.47
|
15.958%
|
|
|||||||||||||||||
| CLAIMS IN PROCESS |
7.00%
|
|
315
|
$
|
2,499,413.94
|
0.904%
|
|
6.77%
|
|
261
|
$
|
2,730,255.70
|
0.979%
|
|
|||||||||||||||||
|
TOTAL
|
29,385 |
$
|
276,562,510.04 |
100.00 |
%
|
29,728 |
$
|
278,771,539.27 |
100.00 |
%
|
|||||||||||||||||||||
|
*
|
Percentages may not total 100% due to rounding
|
|
Page 4 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 06/01/2025 - 06/30/2025, Distribution Date 07/25/2025 |
|
IV.
|
2015-1 Portfolio Characteristics (cont'd)
|
|
06/30/2025
|
05/31/2025
|
|||||||
|
Pool Balance
|
$
|
279,181,053.00
|
$
|
281,480,936.61
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
12,935,212.02
|
$
|
13,008,744.92
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,618,542.96
|
$
|
2,709,397.34
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
2,073,787.95
|
$
|
1,950,308.69
|
||||
|
Total # Loans
|
29,385
|
29,728
|
||||||
|
Total # Borrowers
|
12,804
|
12,958
|
||||||
|
Weighted Average Coupon
|
6.72
|
%
|
6.72
|
%
|
||||
|
Weighted Average Remaining Term
|
200.99
|
200.03
|
||||||
|
Non-Reimbursable Losses
|
$
|
43,258.61
|
$
|
24,697.44
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
5,641,721.47
|
$
|
5,598,462.86
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-3.47
|
%
|
-3.45
|
%
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
405,329.34
|
$
|
405,329.34
|
||||
|
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
|
$
|
1,114,992.63
|
$
|
1,180,999.98
|
||||
|
Borrower Interest Accrued
|
$
|
1,473,889.06
|
$
|
1,533,916.65
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
47,858.78
|
$
|
49,747.02
|
||||
|
Special Allowance Payments Accrued
|
$
|
150,419.74
|
$
|
158,033.98
|
||||
|
Page 5 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 06/01/2025 - 06/30/2025, Distribution Date 07/25/2025 |
|
V.
|
2015-1 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
| |
- GSL (1) - Subsidized
|
6.87
|
%
|
13,142
|
64,638,882.32
|
23.372
|
%
|
||||||||||
|
- GSL - Unsubsidized
|
6.94
|
%
|
11,192
|
89,644,206.39
|
32.414
|
%
|
|||||||||||
|
- PLUS (2) Loans
|
8.49
|
%
|
412
|
8,885,650.12
|
3.213
|
%
|
|||||||||||
|
- SLS (3) Loans
|
8.27
|
%
|
39
|
325,494.45
|
0.118
|
%
|
|||||||||||
|
- Consolidation Loans
|
6.31
|
%
|
4,600
|
113,068,276.76
|
40.883
|
%
|
|||||||||||
|
Total
|
6.72
|
%
|
29,385
|
$
|
276,562,510.04
|
100.000
|
%
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- Four Year |
7.01
|
%
|
19,988
|
139,365,283.83
|
50.392
|
%
|
||||||||||
| |
- Two Year |
6.91
|
%
|
3,810
|
18,952,994.35
|
6.853
|
%
|
||||||||||
| |
- Technical |
6.98
|
%
|
987
|
5,173,796.22
|
1.871
|
%
|
||||||||||
| |
- Other |
6.31
|
%
|
4,600
|
113,070,435.64
|
40.884
|
%
|
||||||||||
| |
Total |
6.72
|
%
|
29,385
|
$
|
276,562,510.04
|
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 2015-1 Monthly Servicing Report: Collection Period 06/01/2025 - 06/30/2025, Distribution Date 07/25/2025 |
|
VI.
|
2015-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
3,594,380.60
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
3,594,380.60
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
61,249.91
|
$
|
3,533,130.69
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
3,526,463.69
|
||||
| D |
Class A Noteholders' Interest Distribution Amount
|
$
|
1,048,097.58
|
$
|
2,478,366.11
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
131,712.21
|
$
|
2,346,653.90
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
2,346,653.90
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
2,265,385.36
|
$
|
81,268.54
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
81,268.54
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
81,268.54
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
81,268.54
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
81,268.54
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
81,268.54
|
-
|
|||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
276,562,510.04
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,618,542.96
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
992,722.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(992,722.00)
|
|
|
|
F
|
Total
|
$
|
279,181,053.00
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
248,293,337.20
|
||
|
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 2015-1 Monthly Servicing Report: Collection Period 06/01/2025 - 06/30/2025, Distribution Date 07/25/2025 |
|
VII.
|
2015-1 Distributions
|
|
A2
|
B |
|||||||
|
Cusip/Isin
|
63939FAB6
|
63939FAC4
|
||||||
|
Beginning Balance
|
$
|
250,558,722.56
|
$
|
26,700,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
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
|
6/25/2025
|
6/25/2025
|
||||||
|
Accrual Period End
|
7/25/2025
|
7/25/2025
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
5.01965
|
% |
5.91965
|
%
|
||||
|
Accrued Interest Factor
|
0.004183042
|
0.004933042
|
||||||
|
Current Interest Due
|
$
|
1,048,097.58
|
$
|
131,712.21
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
1,048,097.58
|
$
|
131,712.21
|
||||
|
Interest Paid
|
$
|
1,048,097.58
|
$
|
131,712.21
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
2,265,385.36
|
-
|
|||||
|
Ending Principal Balance
|
$
|
248,293,337.20
|
$
|
26,700,000.00
|
||||
|
Paydown Factor
|
0.003597563
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.394304172
|
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 2015-1 Monthly Servicing Report: Collection Period 06/01/2025 - 06/30/2025, Distribution Date 07/25/2025 |
|
VIII.
|
2015-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
277,258,722.56
|
|||
|
Adjusted Pool Balance
|
$
|
279,181,053.00
|
|||
|
Overcollateralization Amount
|
$
|
4,187,715.80
|
|||
|
Principal Distribution Amount
|
$
|
2,265,385.36
|
|||
|
Principal Distribution Amount Paid
|
$
|
2,265,385.36
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
992,722.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
992,722.00
|
|||
|
Required Reserve Acct Balance
|
$
|
992,722.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
992,722.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
58,115.19
|
|||
|
Deposits for the Period
|
$
|
57,695.68
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Balance
|
$
|
115,810.87
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 06/01/2025 - 06/30/2025, Distribution Date 07/25/2025 |