|
Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
06/30/2025
|
07/31/2025
|
|||||||||
|
Principal Balance
|
$
|
257,208,313.46
|
$
|
76,264,105.67
|
$
|
75,319,303.20
|
|||||||
|
Interest to be Capitalized Balance
|
1,145,436.55
|
463,674.13
|
528,916.97
|
||||||||||
|
Pool Balance
|
$
|
258,353,750.01
|
$
|
76,727,779.80
|
$
|
75,848,220.17
|
|||||||
|
Specified Reserve Account Balance
|
5,924,254.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
264,278,004.01
|
$
|
76,727,779.80
|
$
|
75,848,220.17
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.68% |
|
5.74% |
|
5.73%
|
|
|||||||
|
Number of Loans
|
10,746 |
3,125 |
3,087
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
5,550,811.29
|
$
|
5,562,625.77
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
71,176,968.51
|
$
|
70,285,594.40
|
|||||||||
|
Pool Factor
|
0.291407993
|
0.288067472
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
6.45%
|
|
6.44%
|
|
|||||||||
| (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
|
|||||||
| A |
|
63938GAA7
|
$
|
66,297,383.46
|
$
|
65,435,050.26
|
|||||
| B |
|
63938GAB5
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|||||
|
C
|
Account Balances
|
07/25/2025
|
08/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
263,300.00
|
$
|
263,300.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
14,718.86
|
$
|
21,624.24
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
07/25/2025
|
08/25/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
76,727,779.80
|
$
|
75,848,220.17
|
|||||
|
Total Notes
|
$
|
73,297,383.46
|
$
|
72,435,050.26
|
|||||
|
Difference
|
$
|
3,430,396.34
|
$
|
3,413,169.91
|
|||||
|
Parity Ratio
|
1.04680
|
1.04712
|
|||||||
|
Page 2 of 9
|
Trust 2014-2 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
|
221,228.89
|
||||
|
Guarantor Principal
|
84,917.75
|
||||
|
Consolidation Activity Principal
|
834,514.32
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,140,660.96
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
122,770.96
|
||||
|
Guarantor Interest
|
12,399.10
|
||||
|
Consolidation Activity Interest
|
4,794.47
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
1,156.42
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
10,841.75
|
||||
|
Total Interest Receipts
|
$
|
151,962.70
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
4,521.11
|
||
|
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
|
$
|
(68,162.94)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(6,905.38)
|
|
||
| M |
AVAILABLE FUNDS
|
$
|
1,222,076.45
|
||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(195,858.49)
|
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
$
|
1,111.91
|
||
| 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 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| III. |
2014-2 Portfolio Characteristics
|
|
07/31/2025
|
06/30/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.57%
|
|
82
|
$
|
2,883,309.63
|
3.828%
|
|
5.93%
|
|
77
|
$
|
3,042,755.55
|
3.990%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.62%
|
|
2,427
|
$
|
48,973,869.34
|
65.022%
|
|
5.56%
|
|
2,469
|
$
|
49,040,186.51
|
64.303%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
5.97%
|
|
78
|
$
|
1,932,406.33
|
2.566%
|
|
5.73%
|
|
101
|
$
|
3,698,343.52
|
4.849%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
5.42%
|
|
68
|
$
|
2,362,237.53
|
3.136%
|
|
6.55%
|
|
61
|
$
|
2,443,162.45
|
3.204%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.38%
|
|
41
|
$
|
1,661,107.60
|
2.205%
|
|
6.23%
|
|
37
|
$
|
1,720,232.05
|
2.256%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.03%
|
|
112
|
$
|
4,289,348.75
|
5.695%
|
|
6.00%
|
|
122
|
$
|
4,654,734.80
|
6.103%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.04%
|
|
259
|
$
|
12,509,527.63
|
16.609%
|
|
6.12%
|
|
243
|
$
|
11,057,386.21
|
14.499%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
5.45%
|
|
20
|
$
|
707,496.39
|
0.939%
|
|
6.02%
|
|
15
|
$
|
607,304.58
|
0.796%
|
|
||||||||||||||||||
|
TOTAL
|
3,087
|
$
|
75,319,303.20
|
100.00%
|
|
3,125
|
$
|
76,264,105.67
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| IV. |
2014-2 Portfolio Characteristics (cont'd)
|
|
07/31/2025
|
06/30/2025
|
|||||||
|
Pool Balance
|
$
|
75,848,220.17
|
$
|
76,727,779.80
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
2,964,930.76
|
$
|
2,953,636.25
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
528,916.97
|
$
|
463,674.13
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
436,151.77
|
$
|
538,661.15
|
||||
|
Total # Loans
|
3,087
|
3,125
|
||||||
|
Total # Borrowers
|
1,746
|
1,765
|
||||||
|
Weighted Average Coupon
|
5.73%
|
|
5.74%
|
|
||||
|
Weighted Average Remaining Term
|
202.78
|
203.93
|
||||||
|
Non-Reimbursable Losses
|
$
|
1,111.91
|
|
-
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
1,158,567.52
|
$
|
1,157,455.61
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
6.44%
|
|
6.45%
|
|
||||
|
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
|
-
|
$ |
22,353.75
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
196,946.02
|
$
|
206,454.41
|
||||
|
Borrower Interest Accrued
|
$
|
350,042.85
|
$
|
344,994.91
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
11,417.08
|
$
|
9,824.05
|
||||
|
Special Allowance Payments Accrued
|
$
|
107,250.26
|
$
|
105,015.10
|
||||
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| 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
|
5.73%
|
|
3,087
|
75,319,303.20
|
100.000%
|
|
|||||||||||
|
Total
|
5.73%
|
|
3,087
|
$
|
75,319,303.20
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
|
- Four Year
|
9.00%
|
|
1
|
44,060.62
|
0.058%
|
|
|||||||||||
|
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Other
|
5.73%
|
|
3,086
|
75,275,242.58
|
99.942%
|
|
|||||||||||
|
Total
|
5.73%
|
|
3,087
|
$
|
75,319,303.20
|
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 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| VI. |
2014-2 Waterfall for Distributions
|
|
|
Paid
|
Remaining
Funds Balance
|
|||||||
|
Total Available Funds
|
$
|
1,222,076.45
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
1,222,076.45
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
9,336.85
|
$
|
1,212,739.60
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,206,072.60
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
291,412.34
|
$
|
914,660.26
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
35,952.62
|
$
|
878,707.64
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
878,707.64
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
862,333.20
|
$
|
16,374.44
|
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
16,374.44
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
16,374.44
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$
|
16,374.44
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
16,374.44
|
|||||
| L |
Excess Distribution Certificateholder
|
$
|
16,374.44
|
|
-
|
|
|||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
75,319,303.20
|
||
|
B
|
Interest to be Capitalized
|
$
|
528,916.97
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
263,300.00
|
||
| E |
Less: Specified Reserve Account Balance
|
$
|
(263,300.00)
|
|
|
| F |
Total
|
$
|
75,848,220.17
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
65,435,050.26
|
||
| 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 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| VII. |
2014-2 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938GAA7
|
63938GAB5
|
||||||
|
Beginning Balance
|
$
|
66,297,383.46
|
$
|
7,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
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
|
7/25/2025
|
7/25/2025
|
||||||
|
Accrual Period End
|
8/25/2025
|
8/25/2025
|
||||||
|
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
|
Interest Rate*
|
5.10449%
|
|
5.96449%
|
|
||||
|
Accrued Interest Factor
|
0.004395533
|
0.005136089
|
||||||
|
Current Interest Due
|
$
|
291,412.34
|
$
|
35,952.62
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
291,412.34
|
$
|
35,952.62
|
||||
|
Interest Paid
|
$
|
291,412.34
|
$
|
35,952.62
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
862,333.20
|
-
|
|||||
|
Ending Principal Balance
|
$
|
65,435,050.26
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.003368489
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.255605665
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| VIII. |
2014-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
73,297,383.46
|
|||
|
Adjusted Pool Balance
|
$
|
75,848,220.17
|
|||
|
Overcollateralization Amount
|
$
|
3,413,169.91
|
|||
|
Principal Distribution Amount
|
$
|
862,333.20
|
|||
|
Principal Distribution Amount Paid
|
$
|
862,333.20
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
263,300.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
263,300.00
|
|||
|
Required Reserve Acct Balance
|
$
|
263,300.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
263,300.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
14,718.86
|
|||
|
Deposits for the Period
|
$
|
6,905.38
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Balance
|
$
|
21,624.24
|
|||
|
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 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|