|
Page 1 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| I. |
Deal Parameters
|
| A |
Student Loan Portfolio Characteristics
|
01/28/2014
|
06/30/2025
|
07/31/2025
|
|||||||||
|
Principal Balance
|
$
|
948,607,096.92
|
$
|
188,330,113.21
|
$
|
187,310,968.99
|
|||||||
|
Interest to be Capitalized Balance
|
17,230,470.46
|
2,206,713.03
|
2,327,154.46
|
||||||||||
|
Pool Balance
|
$
|
965,837,567.38
|
$
|
190,536,826.24
|
$
|
189,638,123.45
|
|||||||
|
Specified Reserve Account Balance
|
4,984,710.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
970,822,277.38
|
$
|
190,536,826.24
|
$
|
189,638,123.45
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.28%
|
|
7.15%
|
|
6.98%
|
|
|||||||
|
Number of Loans
|
201,764
|
28,560
|
28,270
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
445,031.71
|
$
|
442,700.01
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
190,091,794.53
|
$
|
189,195,423.44
|
|||||||||
|
Pool Factor
|
0.191121278
|
0.190219818
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(29.69)%
|
|
(31.08)%
|
|
|||||||||
| (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
|
07/25/2025
|
08/25/2025
|
||||||
|
A3
|
78448EAC9
|
$
|
161,331,457.98
|
$
|
160,441,742.22
|
|||||
| B |
78448EAD7
|
$
|
27,300,000.00
|
$
|
27,300,000.00
|
|||||
| C |
Account Balances
|
07/25/2025
|
08/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
996,942.00
|
$
|
996,942.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
136,615.98
|
$
|
200,702.55
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
| D |
Asset / Liability
|
07/25/2025
|
08/25/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
190,536,826.24
|
$
|
189,638,123.45
|
|||||
|
Total Notes
|
$
|
188,631,457.98
|
$
|
187,741,742.22
|
|||||
|
Difference
|
$
|
1,905,368.26
|
$
|
1,896,381.23
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| II. |
Trust Activity 07/01/2025 through 07/31/2025
|
| A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
605,845.17
|
||||
|
Guarantor Principal
|
578,138.56
|
||||
|
Consolidation Activity Principal
|
497,694.80
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
(31.92)
|
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,681,646.61
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
283,246.00
|
||||
|
Guarantor Interest
|
36,428.26
|
||||
|
Consolidation Activity Interest
|
31,688.27
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
508.99
|
|
|||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
12,364.04
|
||||
|
Total Interest Receipts
|
$
|
364,235.56
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
13,939.85
|
||
|
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
|
$
|
(64,086.57)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,995,735.45
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(662,502.39)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
16,045.95
|
||
|
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 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| III. |
2014-1 Portfolio Characteristics
|
|
07/31/2025
|
06/30/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.75%
|
|
30
|
$
|
119,318.68
|
0.064%
|
|
6.81%
|
|
30
|
$
|
133,650.68
|
0.071%
|
|
||||||||||||||||||
|
GRACE
|
6.42%
|
|
14
|
$
|
142,383.00
|
0.076%
|
|
6.99%
|
|
14
|
$
|
128,051.00
|
0.068%
|
|
|||||||||||||||||||
|
DEFERMENT
|
6.78%
|
|
1,629
|
$
|
10,112,418.35
|
5.399%
|
|
6.93%
|
|
1,618
|
$
|
9,900,765.69
|
5.257%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT | 6.98% |
|
18,860 | $ |
115,300,469.54
|
|
61.556% |
|
7.16% |
|
19,341 | $ |
120,295,651.39
|
63.875% | ||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.97%
|
|
1,058
|
$
|
8,644,761.58
|
4.615%
|
|
7.15%
|
|
1,153
|
$
|
7,923,809.49
|
4.207%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.99%
|
|
672
|
$
|
4,876,866.17
|
2.604%
|
|
7.06%
|
|
731
|
$
|
5,518,714.34
|
2.930%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.82%
|
|
528
|
$
|
4,039,236.53
|
2.156%
|
|
7.25%
|
|
382
|
$
|
2,948,050.29
|
1.565%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
7.07%
|
|
1,624
|
$
|
14,163,575.63
|
7.562%
|
|
7.16%
|
|
1,647
|
$
|
13,879,596.72
|
7.370%
|
|
|||||||||||||||||||
|
FORBEARANCE
|
7.01%
|
|
3,694
|
$
|
28,676,702.63
|
15.310%
|
|
7.16%
|
|
3,468
|
$
|
26,386,701.18
|
14.011%
|
|
|||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.90%
|
|
161
|
$
|
1,235,236.88
|
0.659%
|
|
7.24%
|
|
176
|
$
|
1,215,122.43
|
0.645%
|
|
|||||||||||||||||||
| TOTAL |
28,270
|
$
|
187,310,968.99
|
100.00%
|
|
28,560
|
$
|
188,330,113.21
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| IV. |
2014-1 Portfolio Characteristics (cont'd)
|
|
07/31/2025
|
06/30/2025
|
|||||||
|
Pool Balance
|
$
|
189,638,123.45
|
$
|
190,536,826.24
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
10,823,338.97
|
$
|
10,783,388.89
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,327,154.46
|
$
|
2,206,713.03
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,197,553.57
|
$
|
1,131,440.54
|
||||
|
Total # Loans
|
28,270
|
28,560
|
||||||
|
Total # Borrowers
|
7,985
|
8,079
|
||||||
|
Weighted Average Coupon
|
6.98%
|
|
7.15%
|
|
||||
|
Weighted Average Remaining Term
|
196.85
|
197.43
|
||||||
|
Non-Reimbursable Losses
|
$
|
16,045.95
|
$
|
20,951.28
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
3,560,611.95
|
$
|
3,544,566.00
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-31.08%
|
|
-29.69%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
210,184.34
|
$
|
210,184.34
|
||||
|
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
|
$
|
679,400.99
|
$
|
701,167.12
|
||||
|
Borrower Interest Accrued
|
$
|
1,068,191.59
|
$
|
1,066,132.12
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
31,335.53
|
$
|
30,288.91
|
||||
|
Special Allowance Payments Accrued
|
$
|
49,791.56
|
$
|
41,573.12
|
||||
|
Page 5 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| V. |
2014-1 Portfolio Statistics by School and Program
|
| A |
LOAN TYPE
|
Weighted
Average Coupon |
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.69%
|
|
14,836
|
64,005,549.40
|
34.171%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.76%
|
|
12,681
|
97,286,177.12
|
51.938%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.49%
|
|
749
|
25,952,194.11
|
13.855%
|
|
|||||||||||
|
- SLS (3) Loans
|
7.19%
|
|
4
|
67,048.36
|
0.036%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.98%
|
|
28,270
|
$
|
187,310,968.99
|
100.000%
|
|
||||||||||
| B |
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
7.00%
|
|
24,385
|
171,128,083.35
|
91.360%
|
|
|||||||||||
|
- Two Year
|
6.75%
|
|
3,285
|
13,751,197.36
|
7.341%
|
|
|||||||||||
|
- Technical
|
6.74%
|
|
564
|
2,325,694.89
|
1.242%
|
|
|||||||||||
|
- Other
|
6.73%
|
|
36
|
105,993.39
|
0.057%
|
|
|||||||||||
|
Total
|
6.98%
|
|
28,270
|
$
|
187,310,968.99
|
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 2014-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| VI. |
2014-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,995,735.45
|
|||||||
| A |
Trustee Fees |
- | $ | 1,995,735.45 | |||||
| B |
Primary Servicing Fee
|
$
|
39,315.23
|
$
|
1,956,420.22
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
1,949,753.22
|
||||
| D |
Class A Noteholders' Interest Distribution Amount
|
$
|
703,580.78
|
$
|
1,246,172.44
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
140,215.22
|
$
|
1,105,957.22
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,105,957.22
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
889,715.76
|
$ |
216,241.46
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
216,241.46
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$ |
216,241.46
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$ |
216,241.46
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
216,241.46
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$ |
216,241.46
|
-
|
|||||
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
187,310,968.99
|
||
| B |
Interest to be Capitalized
|
$
|
2,327,154.46
|
||
| C |
Capitalized Interest Account Balance
|
-
|
|||
| D |
Reserve Account Balance (after any reinstatement)
|
$
|
996,942.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(996,942.00)
|
|
|
|
F
|
Total
|
$
|
189,638,123.45
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
160,441,742.22
|
||
|
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 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| VII. |
2014-1 Distributions
|
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78448EAC9
|
78448EAD7
|
||||||
|
Beginning Balance
|
$
|
161,331,457.98
|
$
|
27,300,000.00
|
||||
|
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
|
7/25/2025
|
7/25/2025
|
||||||
|
Accrual Period End
|
8/25/2025
|
8/25/2025
|
||||||
|
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
|
Interest Rate*
|
5.06449%
|
|
5.96449%
|
|
||||
|
Accrued Interest Factor
|
0.004361089
|
0.005136089
|
||||||
|
Current Interest Due
|
$
|
703,580.78
|
$
|
140,215.22
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
703,580.78
|
$
|
140,215.22
|
||||
|
Interest Paid
|
$
|
703,580.78
|
$
|
140,215.22
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
889,715.76
|
-
|
|||||
|
Ending Principal Balance
|
$
|
160,441,742.22
|
$
|
27,300,000.00
|
||||
|
Paydown Factor
|
0.001742491
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.314221978
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |
| VIII. |
2014-1 Reconciliations
|
| A |
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
188,631,457.98
|
|||
|
Adjusted Pool Balance
|
$
|
189,638,123.45
|
|||
|
Overcollateralization Amount
|
$
|
1,896,381.23
|
|||
|
Principal Distribution Amount
|
$
|
889,715.76
|
|||
|
Principal Distribution Amount Paid
|
$
|
889,715.76
|
|||
| B |
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
996,942.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
996,942.00
|
|||
|
Required Reserve Acct Balance
|
$
|
996,942.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
996,942.00
|
|||
| C |
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
136,615.98
|
|||
|
Deposits for the Period
|
$
|
64,086.57
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Balance
|
$
|
200,702.55
|
|||
| 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 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025 |