|
Page 1 of 9
|
Trust 2014-4 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
|
$
|
257,634,642.08
|
$
|
79,027,576.84
|
$
|
78,442,050.16
|
|||||||
|
Interest to be Capitalized Balance
|
1,346,161.30
|
396,849.77
|
417,529.00
|
||||||||||
|
Pool Balance
|
$
|
258,980,803.38
|
$
|
79,424,426.61
|
$
|
78,859,579.16
|
|||||||
|
Specified Reserve Account Balance
|
5,932,561.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
264,913,364.38
|
$
|
79,424,426.61
|
$
|
78,859,579.16
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.58%
|
|
5.66%
|
|
5.66%
|
|
|||||||
|
Number of Loans
|
11,290
|
3,315
|
3,284
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
4,744,499.26
|
$
|
4,654,204.02
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
74,679,927.35
|
$
|
74,205,375.14
|
|||||||||
|
Pool Factor
|
0.301227349
|
0.299085093
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
5.79%
|
|
5.74%
|
|
|||||||||
| (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 |
63938QAA5
|
$
|
68,897,425.33
|
$
|
68,430,617.22
|
|||||
| B |
63938QAB3
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|||||
|
C
|
Account Balances
|
07/25/2025
|
08/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
263,669.00
|
$
|
263,669.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
13,291.78
|
$
|
19,706.48
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
07/25/2025
|
08/25/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
79,424,426.61
|
$
|
78,859,579.16
|
|||||
|
Total Notes
|
$
|
75,897,425.33
|
$
|
75,430,617.22
|
|||||
|
Difference
|
$
|
3,527,001.28
|
$
|
3,428,961.94
|
|||||
|
Parity Ratio
|
1.04647
|
1.04546
|
|||||||
|
Page 2 of 9
|
Trust 2014-4 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
|
270,749.89
|
||||
|
Guarantor Principal
|
158,313.94
|
||||
|
Consolidation Activity Principal
|
316,595.23
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
745,659.06
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
117,345.64
|
||||
|
Guarantor Interest
|
20,716.87
|
||||
|
Consolidation Activity Interest
|
2,463.74
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
2,423.88
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
4,193.55
|
||||
|
Total Interest Receipts
|
$
|
147,143.68
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
5,451.42
|
||
| 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
|
$
|
(70,902.12)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(6,414.70)
|
|
||
| M |
AVAILABLE FUNDS
|
$
|
820,937.34
|
||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(160,132.38)
|
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
$
|
5,450.74
|
||
| P |
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
| Q |
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| III. |
2014-4 Portfolio Characteristics
|
|
07/31/2025
|
06/30/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.64%
|
|
84
|
$
|
1,792,126.81
|
2.285%
|
|
5.71%
|
|
78
|
$
|
1,712,856.80
|
2.167%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.54%
|
|
2,580
|
$
|
53,944,064.92
|
68.769%
|
|
5.57%
|
|
2,582
|
$
|
54,137,074.51
|
68.504%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.19%
|
|
88
|
$
|
3,440,057.87
|
4.385%
|
|
5.24%
|
|
115
|
$
|
3,529,383.43
|
4.466%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
4.94%
|
|
70
|
$
|
2,134,200.80
|
2.721%
|
|
5.40%
|
|
73
|
$
|
1,970,607.57
|
2.494%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
5.50%
|
|
43
|
$
|
1,088,775.40
|
1.388%
|
|
5.12%
|
|
20
|
$
|
514,938.31
|
0.652%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
5.90%
|
|
134
|
$
|
5,148,574.78
|
6.564%
|
|
5.80%
|
|
154
|
$
|
5,966,991.50
|
7.551%
|
|
|||||||||||||||||||
|
|
FORBEARANCE |
6.13%
|
|
274
|
$
|
10,721,759.99
|
13.668%
|
|
6.23%
|
|
282
|
$
|
10,936,391.14
|
13.839%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
5.19%
|
|
11
|
$
|
172,489.59
|
0.220%
|
|
5.18%
|
|
11
|
$
|
259,333.58
|
0.328%
|
|
|||||||||||||||||||
|
TOTAL
|
3,284
|
$
|
78,442,050.16
|
100.00%
|
|
3,315
|
$
|
79,027,576.84
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| IV. |
2014-4 Portfolio Characteristics (cont'd)
|
|
07/31/2025
|
06/30/2025
|
|||||||
|
Pool Balance
|
$
|
78,859,579.16
|
$
|
79,424,426.61
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
3,093,384.68
|
$
|
3,036,856.27
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
417,529.00
|
$
|
396,849.77
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
496,898.23
|
$
|
473,920.43
|
||||
|
Total # Loans
|
3,284
|
3,315
|
||||||
|
Total # Borrowers
|
1,849
|
1,864
|
||||||
|
Weighted Average Coupon
|
5.66%
|
|
5.66%
|
|
||||
|
Weighted Average Remaining Term
|
205.87
|
206.54
|
||||||
|
Non-Reimbursable Losses
|
$
|
5,450.74
|
$
|
15,387.92
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
1,087,318.87
|
$
|
1,081,868.13
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
5.74%
|
|
5.79%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
94,153.60
|
$
|
94,153.60
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$ |
119,719.12
|
$ |
47,097.92
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
165,592.86
|
$
|
195,794.74
|
||||
|
Borrower Interest Accrued
|
$
|
362,660.14
|
$
|
353,929.09
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
6,448.74
|
$
|
5,851.94
|
||||
|
Special Allowance Payments Accrued
|
$
|
120,385.95
|
$
|
116,721.20
|
||||
|
Page 5 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| V. |
2014-4 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
|
5.66%
|
|
3,284
|
78,442,050.16
|
100.000%
|
|
|||||||||||
|
Total
|
5.66%
|
|
3,284
|
$
|
78,442,050.16
|
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
|
5.66%
|
|
3,284
|
78,442,050.16
|
100.000%
|
|
|||||||||||
|
Total
|
5.66%
|
|
3,284
|
$
|
78,442,050.16
|
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 2014-4 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| VI. |
2014-4 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
820,937.34
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
820,937.34
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
9,855.27
|
$
|
811,082.07
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
804,415.07
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
301,654.34
|
$
|
502,760.73
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
35,952.62
|
$
|
466,808.11
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
466,808.11
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
466,808.11
|
|
-
|
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
-
|
|
-
|
|||||
| I |
Unpaid Expenses of The Trustees
|
-
|
|
-
|
|||||
| J |
Carryover Servicing Fee
|
-
|
|
-
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
|
-
|
|||||
| L |
Excess Distribution Certificateholder
|
|
-
|
-
|
|||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
78,442,050.16
|
||
|
B
|
Interest to be Capitalized
|
$
|
417,529.00
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
263,669.00
|
||
| E |
Less: Specified Reserve Account Balance
|
$
|
(263,669.00)
|
)
|
|
| F |
Total
|
$
|
78,859,579.16
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
68,430,617.22
|
||
| 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 2014-4 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| VII. |
2014-4 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938QAA5
|
63938QAB3
|
||||||
|
Beginning Balance
|
$
|
68,897,425.33
|
$
|
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
|
$
|
301,654.34
|
$
|
35,952.62
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
301,654.34
|
$
|
35,952.62
|
||||
|
Interest Paid
|
$
|
301,654.34
|
$
|
35,952.62
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
466,808.11
|
-
|
|||||
|
Ending Principal Balance
|
$
|
68,430,617.22
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.001820624
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.266890083
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|
| VIII. |
2014-4 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
75,897,425.33
|
|||
|
Adjusted Pool Balance
|
$
|
78,859,579.16
|
|||
|
Overcollateralization Amount
|
$
|
3,548,681.06
|
|||
|
Principal Distribution Amount
|
$
|
586,527.23
|
|||
|
Principal Distribution Amount Paid
|
$
|
466,808.11
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
263,669.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
263,669.00
|
|||
|
Required Reserve Acct Balance
|
$
|
263,669.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
263,669.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
13,291.78
|
|||
|
Deposits for the Period
|
$
|
6,414.70
|
|||
|
Release to Collection Account
|
|
-
|
|
||
|
Ending Balance
|
$
|
19,706.48
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 07/01/2025 - 07/31/2025, Distribution Date 08/25/2025
|