|
Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
03/27/2014
|
07/31/2025
|
08/31/2025
|
|||||||||
|
Principal Balance
|
$
|
947,628,246.57
|
$
|
192,240,670.16
|
$
|
191,265,484.82
|
|||||||
|
Interest to be Capitalized Balance
|
17,244,992.28
|
2,451,302.26
|
2,502,420.23
|
||||||||||
|
Pool Balance
|
$
|
964,873,238.85
|
$
|
194,691,972.42
|
$
|
193,767,905.05
|
|||||||
|
Specified Reserve Account Balance
|
4,976,726.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
969,849,964.85
|
$
|
194,691,972.42
|
$
|
193,767,905.05
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.24%
|
|
6.99%
|
|
6.99%
|
|
|||||||
|
Number of Loans
|
199,512
|
28,566
|
28,319
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,494,094.78
|
$
|
1,497,664.58
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
193,197,877.64
|
$
|
192,270,240.47
|
|||||||||
|
Pool Factor
|
0.195602462
|
0.194674074
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(29.21)%
|
|
(29.92)%
|
|
|||||||||
| (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
|
08/25/2025
|
09/25/2025
|
||||||
|
A3
|
78448GAC4
|
$
|
165,545,052.70
|
$
|
164,630,226.00
|
|
||||
| B |
78448GAD2
|
$
|
27,200,000.00
|
$
|
27,200,000.00
|
|||||
|
C
|
Account Balances
|
08/25/2025
|
09/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
995,345.00
|
$
|
995,345.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
204,675.57
|
$
|
65,336.20
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
08/25/2025
|
09/25/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
194,691,972.42
|
$
|
193,767,905.05
|
|||||
|
Total Notes
|
$
|
192,745,052.70
|
$
|
191,830,226.00
|
|||||
|
Difference
|
$
|
1,946,919.72
|
$
|
1,937,679.05
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
| II. |
Trust Activity 08/01/2025 through 08/31/2025
|
| A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
404,886.76
|
||||
|
Guarantor Principal
|
652,389.64
|
||||
|
Consolidation Activity Principal
|
631,809.38
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,689,085.78
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
267,587.42
|
||||
|
Guarantor Interest
|
38,575.72
|
||||
|
Consolidation Activity Interest
|
20,353.18
|
||||
|
Special Allowance Payments
|
114,541.69
|
||||
|
Interest Subsidy Payments
|
93,705.48
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
(482.59
|
)
|
|||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
14,196.85
|
||||
|
Total Interest Receipts
|
$
|
548,477.75
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
| D |
Investment Income
|
$
|
11,905.69
|
||
|
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
|
$ |
204,675.57
|
||
|
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
|
$ |
(207,989.21
|
) |
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(65,336.20
|
)
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,180,819.38
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(713,900.44
|
)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
18,539.10
|
||
|
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 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
| III. |
2014-2 Portfolio Characteristics
|
|
08/31/2025
|
07/31/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.55%
|
|
28
|
$
|
139,325.80
|
0.073%
|
|
6.55%
|
|
28
|
$
|
139,325.80
|
0.072%
|
|
||||||||||||||||||
|
GRACE
|
6.55%
|
|
12
|
$
|
57,532.00
|
0.030%
|
|
6.55%
|
|
12
|
$
|
57,532.00
|
0.030%
|
|
|||||||||||||||||||
|
DEFERMENT
|
6.71%
|
|
1,717
|
$
|
10,287,474.61
|
5.379%
|
|
6.71%
|
|
1,747
|
$
|
10,538,044.03
|
5.482%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.99%
|
|
18,116
|
$
|
113,238,101.80
|
59.205%
|
|
7.00%
|
|
18,263
|
$
|
113,254,821.67
|
58.913%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
7.01%
|
|
1,116
|
$
|
8,396,901.01
|
4.390%
|
|
6.99%
|
|
1,114
|
$
|
9,003,733.15
|
4.684%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.98%
|
|
686
|
$
|
5,547,184.67
|
2.900%
|
|
6.96%
|
|
810
|
$
|
6,105,753.19
|
3.176%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.90%
|
|
568
|
$
|
3,962,335.23
|
2.072%
|
|
7.01%
|
|
615
|
$
|
5,304,921.99
|
2.760%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
7.01%
|
|
1,850
|
$
|
14,651,398.84
|
7.660%
|
|
6.93%
|
|
1,843
|
$
|
13,954,990.95
|
7.259%
|
|
|||||||||||||||||||
|
|
FORBEARANCE |
7.07%
|
|
3,941
|
$
|
33,237,645.11
|
17.378%
|
|
7.06%
|
|
3,930
|
$
|
32,474,311.06
|
16.893%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.76%
|
|
285
|
$
|
1,747,585.75
|
0.914%
|
|
7.00%
|
|
204
|
$
|
1,407,236.32
|
0.732%
|
|
||||||||||||||||||
|
TOTAL
|
28,319
|
$
|
191,265,484.82
|
100.00%
|
|
28,566
|
$
|
192,240,670.16
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
| IV. |
2014-2 Portfolio Characteristics (cont’d)
|
|
08/31/2025
|
07/31/2025
|
|||||||
|
Pool Balance
|
$
|
193,767,905.05
|
$
|
194,691,972.42
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
10,482,042.32
|
$
|
10,447,240.88
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,502,420.23
|
$
|
2,451,302.26
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,197,841.63
|
$
|
1,270,309.32
|
||||
|
Total # Loans
|
28,319
|
28,566
|
||||||
|
Total # Borrowers
|
7,994
|
8,069
|
||||||
|
Weighted Average Coupon
|
6.99%
|
|
6.99%
|
|
||||
|
Weighted Average Remaining Term
|
198.39
|
197.61
|
||||||
|
Non-Reimbursable Losses
|
$
|
18,539.10
|
$
|
27,317.46
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
3,896,280.94
|
$
|
3,877,741.84
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-29.92 %
|
|
-29.21 %
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
338,527.31
|
$
|
338,527.31
|
||||
|
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
|
$
|
733,030.87
|
$
|
672,744.92
|
||||
|
Borrower Interest Accrued
|
$
|
1,093,889.02
|
$
|
1,099,629.13
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
30,745.49
|
$
|
31,043.72
|
||||
|
Special Allowance Payments Accrued
|
$
|
46,323.74
|
$
|
46,225.41
|
||||
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
| V. |
2014-2 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.70%
|
|
14,738
|
65,406,941.53
|
34.197%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.77%
|
|
12,732
|
98,407,689.11
|
51.451%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.47%
|
|
832
|
27,360,178.38
|
14.305%
|
|
|||||||||||
|
- SLS (3) Loans
|
7.29%
|
|
17
|
90,675.80
|
0.047%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.99%
|
|
28,319
|
$
|
191,265,484.82
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
7.01%
|
|
24,133
|
173,376,450.46
|
90.647%
|
|
|||||||||||
|
- Two Year
|
6.78%
|
|
3,430
|
14,798,184.99
|
7.737%
|
|
|||||||||||
|
- Technical
|
6.76%
|
|
731
|
3,015,428.61
|
1.577%
|
|
|||||||||||
|
- Other
|
6.67%
|
|
25
|
75,420.76
|
0.039%
|
|
|||||||||||
|
Total
|
6.99%
|
|
28,319
|
$
|
191,265,484.82
|
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 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
| VI. |
2014-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance |
||||||||
|
Total Available Funds
|
$
|
2,180,819.38
|
|||||||
| A |
Trustee Fees |
- |
$ |
2,180,819.38
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
39,274.79
|
$
|
2,141,544.59
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,134,877.59
|
||||
|
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
720,300.18
|
$
|
1,414,577.41
|
||||
|
E
|
Class B Noteholders’ Interest Distribution Amount
|
$
|
139,663.67
|
$
|
1,274,913.74
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,274,913.74
|
|||||
|
G
|
Class A Noteholders’ Principal Distribution Amount
|
$
|
914,826.70
|
$
|
360,087.04
|
||||
|
H
|
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
360,087.04
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
360,087.04
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
360,087.04
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
360,087.04
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
360,087.04
|
- |
|||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
191,265,484.82
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,502,420.23
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
995,345.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(995,345.00
|
)
|
|
|
F
|
Total
|
$
|
193,767,905.05
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
164,630,226.00
|
||
|
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 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
| VII. |
2014-2 Distributions
|
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78448GAC4
|
78448GAD2
|
||||||
|
Beginning Balance
|
$
|
165,545,052.70
|
$
|
27,200,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.59%
|
|
1.50%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
8/25/2025
|
8/25/2025
|
||||||
|
Accrual Period End
|
9/25/2025
|
9/25/2025
|
||||||
|
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
|
Interest Rate*
|
5.05287%
|
|
5.96287%
|
|
||||
|
Accrued Interest Factor
|
0.004351082
|
0.005134694
|
||||||
|
Current Interest Due
|
$
|
720,300.18
|
$
|
139,663.67
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
720,300.18
|
$
|
139,663.67
|
||||
|
Interest Paid
|
$
|
720,300.18
|
$
|
139,663.67
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
914,826.70
|
-
|
|||||
|
Ending Principal Balance
|
$
|
164,630,226.00
|
$
|
27,200,000.00
|
||||
|
Paydown Factor
|
0.001807601
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.325291891
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|
| VIII. |
2014-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
192,745,052.70
|
|||
|
Adjusted Pool Balance
|
$
|
193,767,905.05
|
|||
|
Overcollateralization Amount
|
$
|
1,937,679.05
|
|||
|
Principal Distribution Amount
|
$
|
914,826.70
|
|||
|
Principal Distribution Amount Paid
|
$
|
914,826.70
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
995,345.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
995,345.00
|
|||
|
Required Reserve Acct Balance
|
$
|
995,345.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
995,345.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
204,675.57
|
|||
|
Deposits for the Period
|
$
|
65,336.20
|
|||
|
Release to Collection Account
|
$ |
(204,675.57
|
) |
||
|
Ending Balance
|
$
|
65,336.20
|
|||
|
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 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025
|