|
Page 1 of 9
|
Trust 2014-3 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
|
$
|
257,379,779.65
|
$
|
83,437,019.98
|
$
|
82,569,127.74
|
|||||||
|
Interest to be Capitalized Balance
|
1,434,913.67
|
305,178.03
|
325,093.19
|
||||||||||
|
Pool Balance
|
$
|
258,814,693.32
|
$
|
83,742,198.01
|
$
|
82,894,220.93
|
|||||||
|
Specified Reserve Account Balance
|
5,924,377.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
264,739,070.32
|
$
|
83,742,198.01
|
$
|
82,894,220.93
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.51%
|
|
5.76%
|
|
5.77%
|
|
|||||||
|
Number of Loans
|
11,328
|
3,410
|
3,383
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
5,459,327.10
|
$
|
5,304,195.61
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
78,282,870.91
|
$
|
77,590,025.32
|
|||||||||
|
Pool Factor
|
0.318041795
|
0.314821290
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
5.33%
|
|
5.31%
|
|
|||||||||
| (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 |
|
63938JAA1
|
$
|
72,973,799.10
|
$
|
72,163,980.99
|
|||||
| B |
|
63938JAB9
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|||||
| C |
Account Balances
|
07/25/2025
|
08/25/2025 | ||||||
|
Reserve Account Balance
|
$
|
263,306.00
|
$
|
263,306.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
17,333.69
|
$
|
25,849.07
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
| D |
Asset / Liability
|
07/25/2025
|
08/25/2025 | ||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
83,742,198.01
|
$
|
82,894,220.93
|
|||||
|
Total Notes
|
$
|
79,973,799.10
|
$
|
79,163,980.99
|
|||||
|
Difference
|
$
|
3,768,398.91
|
$
|
3,730,239.94
|
|||||
|
Parity Ratio
|
1.04712
|
1.04712
|
|||||||
|
Page 2 of 9
|
Trust 2014-3 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
|
249,848.39
|
||||
|
Guarantor Principal
|
378,891.72
|
||||
|
Consolidation Activity Principal
|
465,482.92
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
36.44
|
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,094,259.47
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
130,158.86
|
||||
|
Guarantor Interest
|
37,926.67
|
||||
|
Consolidation Activity Interest
|
12,198.27
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
2,785.70
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
9,487.58
|
||||
|
Total Interest Receipts
|
$
|
192,557.08
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
- |
||
|
D
|
Investment Income
|
$
|
5,694.29
|
||
|
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
|
$
|
(74,713.24)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(8,515.38)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,209,282.22
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(226,367.23)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
8,632.70
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| III. |
2014-3 Portfolio Characteristics
|
|
07/31/2025
|
06/30/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.09%
|
|
74
|
$
|
2,718,362.89
|
3.292%
|
|
6.05%
|
|
68
|
$
|
2,463,592.08
|
2.953%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.47%
|
|
2,681
|
$
|
54,565,541.85
|
66.085%
|
|
5.51%
|
|
2,697
|
$
|
54,931,853.27
|
65.836%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.22%
|
|
100
|
$
|
3,276,059.15
|
3.968%
|
|
6.47%
|
|
138
|
$
|
5,176,426.39
|
6.204%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.63%
|
|
86
|
$
|
3,678,141.44
|
4.455%
|
|
6.23%
|
|
81
|
$
|
3,816,042.47
|
4.574%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.18%
|
|
55
|
$
|
2,623,049.68
|
3.177%
|
|
6.27%
|
|
23
|
$
|
1,150,506.71
|
1.379%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
5.97%
|
|
126
|
$
|
4,355,077.45
|
5.274%
|
|
6.42%
|
|
135
|
$
|
5,652,038.82
|
6.774%
|
|
|||||||||||||||||||
|
FORBEARANCE
|
6.62%
|
|
232
|
$
|
10,383,082.87
|
12.575%
|
|
6.02%
|
|
245
|
$
|
9,277,932.23
|
11.120%
|
|
|||||||||||||||||||
|
CLAIMS IN PROCESS
|
5.71%
|
|
29
|
$
|
969,812.41
|
1.175%
|
|
6.67%
|
|
23
|
$
|
968,628.01
|
1.161%
|
|
|||||||||||||||||||
|
TOTAL
|
3,383
|
$
|
82,569,127.74
|
100.00%
|
|
3,410
|
$
|
83,437,019.98
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| IV. |
2014-3 Portfolio Characteristics (cont'd)
|
|
07/31/2025
|
06/30/2025
|
|||||||
|
Pool Balance
|
$
|
82,894,220.93
|
$
|
83,742,198.01
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
3,059,392.65
|
$
|
3,083,296.69
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
325,093.19
|
$
|
305,178.03
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
700,707.99
|
$
|
770,190.63
|
||||
|
Total # Loans
|
3,383
|
3,410
|
||||||
|
Total # Borrowers
|
1,896
|
1,912
|
||||||
|
Weighted Average Coupon
|
5.77%
|
|
5.76%
|
|
||||
|
Weighted Average Remaining Term
|
207.35
|
206.80
|
||||||
|
Non-Reimbursable Losses
|
$
|
8,632.70
|
$
|
17,072.90
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
1,019,774.61
|
$
|
1,011,141.91
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
5.31%
|
|
5.33%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
440,252.75
|
$
|
440,252.75
|
||||
|
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
|
$
|
235,020.64
|
$
|
377,390.29
|
||||
|
Borrower Interest Accrued
|
$
|
391,010.86
|
$
|
379,308.87
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
7,147.11
|
$
|
7,389.25
|
||||
|
Special Allowance Payments Accrued
|
$
|
119,311.71
|
$
|
116,651.79
|
||||
|
Page 5 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| V. |
2014-3 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
|
5.77%
|
|
3,383
|
82,569,127.74
|
100.000%
|
|
|||||||||||
|
Total
|
5.77%
|
|
3,383
|
$
|
82,569,127.74
|
100.000%
|
|
||||||||||
| B |
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
|
- Four Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Other
|
5.77%
|
|
3,383
|
82,569,127.74
|
100.000%
|
|
|||||||||||
|
Total
|
5.77%
|
|
3,383
|
$
|
82,569,127.74
|
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 2014-3 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| VI. |
2014-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,209,282.22
|
|||||||
|
A
|
Trustee Fees
|
|
- |
$
|
1,209,282.22
|
||||
|
B
|
Primary Servicing Fee
|
$
|
10,109.19
|
$
|
1,199,173.03
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,192,506.03
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
319,501.98
|
$
|
873,004.05
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
35,952.62
|
$
|
837,051.43
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
837,051.43
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
809,818.11
|
$
|
27,233.32
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
27,233.32
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
27,233.32
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
27,233.32
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
27,233.32
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
27,233.32
|
-
|
|||||
|
Waterfall Triggers
|
|||||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
82,569,127.74
|
||||||
|
B
|
Interest to be Capitalized
|
$
|
325,093.19
|
||||||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
263,306.00
|
||||||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(263,306.00)
|
|
|||||
|
F
|
Total
|
$
|
82,894,220.93
|
||||||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
72,163,980.99
|
||||||
|
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 2014-3 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| VII. |
2014-3 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938JAA1
|
63938JAB9
|
||||||
|
Beginning Balance
|
$
|
72,973,799.10
|
$
|
7,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.62%
|
|
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*
|
5.08449%
|
|
5.96449%
|
|
||||
|
Accrued Interest Factor
|
0.004378311
|
0.005136089
|
||||||
|
Current Interest Due
|
$
|
319,501.98
|
$
|
35,952.62
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
319,501.98
|
$
|
35,952.62
|
||||
|
Interest Paid
|
$
|
319,501.98
|
$
|
35,952.62
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
809,818.11
|
-
|
|||||
|
Ending Principal Balance
|
$
|
72,163,980.99
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.003163352
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.281890551
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| VIII. |
2014-3 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
79,973,799.10
|
|||
|
Adjusted Pool Balance
|
$
|
82,894,220.93
|
|||
|
Overcollateralization Amount
|
$
|
3,730,239.94
|
|||
|
Principal Distribution Amount
|
$
|
809,818.11
|
|||
|
Principal Distribution Amount Paid
|
$
|
809,818.11
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
263,306.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
263,306.00
|
|||
|
Required Reserve Acct Balance
|
$
|
263,306.00
|
|||
|
Release to Collection Account
|
|
- |
|||
|
Ending Reserve Account Balance
|
$
|
263,306.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
17,333.69
|
|||
|
Deposits for the Period
|
$
|
8,515.38
|
|||
|
Release to Collection Account
|
$ |
-
|
|||
|
Ending Balance
|
$
|
25,849.07
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|