|
Page 1 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
02/26/2015
|
07/31/2025
|
08/31/2025
|
|||||||||
|
|
Principal Balance
|
$
|
968,675,662.97
|
$
|
275,204,417.08
|
$
|
273,462,582.55
|
||||||
| Interest to be Capitalized Balance |
8,452,423.99
|
2,767,483.65
|
2,835,971.54
|
||||||||||
|
|
Pool Balance
|
$
|
977,128,086.96
|
$
|
277,971,900.73
|
$
|
276,298,554.09
|
||||||
| Specified Reserve Account Balance |
16,379,916.00
|
- N/A -
|
- N/A -
|
||||||||||
| |
Adjusted Pool (1)
|
$
|
993,508,002.96
|
$
|
277,971,900.73
|
$
|
276,298,554.09
|
||||||
|
|
Weighted Average Coupon (WAC) |
6.11%
|
|
6.62%
|
|
6.62%
|
|
||||||
| Number of Loans |
155,605
|
29,050
|
28,709
|
||||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill |
$
|
36,310,143.53
|
$
|
36,113,528.59
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
241,661,757.20
|
$
|
240,185,025.50
|
||||||||
| Pool Factor |
0.280009761
|
0.278324147
|
|||||||||||
| Since Issued Constant Prepayment Rate |
(3.54)%
|
|
(3.56)%
|
|
|||||||||
| (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
|
|||||||
|
A2
|
63939FAB6
|
$
|
247,102,322.22
|
$ |
245,454,075.78
|
||||||
|
B
|
63939FAC4
|
$
|
26,700,000.00
|
$
|
26,700,000.00
|
||||||
|
C
|
Account Balances
|
08/25/2025
|
09/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
992,722.00
|
$
|
992,722.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
170,750.44
|
$
|
54,376.60
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
08/25/2025
|
09/25/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
277,971,900.73
|
$
|
276,298,554.09
|
|||||
|
Total Notes
|
$
|
273,802,322.22
|
$
|
272,154,075.78
|
|||||
|
Difference
|
$
|
4,169,578.51
|
$
|
4,144,478.31
|
|||||
|
Parity Ratio
|
1.01523
|
1.01523
|
|||||||
|
Page 2 of 9
|
Trust 2015-1 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
|
647,464.49
|
||||
|
Guarantor Principal
|
1,016,406.00
|
||||
|
Consolidation Activity Principal
|
899,977.79
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,563,848.28
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
315,542.13
|
||||
|
Guarantor Interest
|
42,917.22
|
||||
|
Consolidation Activity Interest
|
76,402.03
|
||||
|
Special Allowance Payments
|
458,839.60
|
||||
|
Interest Subsidy Payments
|
150,572.94
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
19,965.79
|
||||
|
Total Interest Receipts
|
$
|
1,064,239.71
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
14,953.00
|
||
|
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
|
$ |
170,750.44
|
||
|
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
|
$
|
(100,798.87)
|
|||
|
Floor Income Rebate Fees to Dept. of Education
|
$ |
(172,045.95)
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(54,376.60)
|
|||
|
M
|
AVAILABLE FUNDS
|
$
|
3,486,570.01
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(822,013.75)
|
||
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
26,295.87
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
III.
|
2015-1 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
|
6.79%
|
|
22
|
$
|
115,232.69
|
0.042%
|
|
6.79%
|
|
22
|
$
|
115,232.69
|
0.042%
|
|
|||||||||||||||||
|
GRACE
|
6.80%
|
|
2
|
$
|
1,823.00
|
0.001%
|
|
6.80%
|
|
2
|
$
|
1,823.00
|
0.001%
|
|
||||||||||||||||||
| DEFERMENT |
6.53%
|
|
1,599
|
$
|
13,616,162.55
|
4.979%
|
|
6.56%
|
|
1,687
|
$
|
14,149,999.86
|
5.142%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.55%
|
|
17,459
|
$
|
159,699,888.90
|
58.399%
|
|
6.56%
|
|
17,620
|
$
|
158,966,342.49
|
57.763%
|
|
|||||||||||||||||
| 31-60 DAYS DELINQUENT |
6.69%
|
|
1,329
|
$
|
13,558,490.37
|
4.958%
|
|
6.64%
|
|
1,359
|
$
|
15,473,896.01
|
5.623%
|
|
||||||||||||||||||
| 61-90 DAYS DELINQUENT |
6.61%
|
|
878
|
$
|
9,690,576.44
|
3.544%
|
|
6.75%
|
|
806
|
$
|
7,906,511.02
|
2.873%
|
|
||||||||||||||||||
| 91-120 DAYS DELINQUENT |
6.68%
|
|
576
|
$
|
5,767,227.38
|
2.109%
|
|
6.73%
|
|
649
|
$
|
6,343,838.27
|
2.305%
|
|
||||||||||||||||||
| > 120 DAYS DELINQUENT |
6.60%
|
|
2,278
|
$
|
23,081,671.52
|
8.441%
|
|
6.56%
|
|
2,223
|
$
|
23,112,646.19
|
8.398%
|
|
||||||||||||||||||
| FORBEARANCE |
6.85%
|
|
4,304
|
$
|
45,326,439.33
|
16.575%
|
|
6.80%
|
|
4,398
|
$
|
46,968,836.09
|
17.067%
|
|
||||||||||||||||||
| CLAIMS IN PROCESS |
6.40%
|
|
262
|
$
|
2,605,070.37
|
0.953%
|
|
6.53%
|
|
284
|
$
|
2,165,291.46
|
0.787%
|
|
||||||||||||||||||
|
TOTAL
|
28,709 |
$
|
273,462,582.55 |
100.00% |
|
29,050 |
$
|
275,204,417.08 |
100.00% |
|
||||||||||||||||||||||
|
*
|
Percentages may not total 100% due to rounding
|
|
Page 4 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
IV.
|
2015-1 Portfolio Characteristics (cont'd)
|
|
08/31/2025
|
07/31/2025
|
|||||||
|
Pool Balance
|
$
|
276,298,554.09
|
$
|
277,971,900.73
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
13,150,113.61
|
$
|
12,950,891.83
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,835,971.54
|
$
|
2,767,483.65
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
2,101,800.66
|
$
|
2,026,303.06
|
||||
|
Total # Loans
|
28,709
|
29,050
|
||||||
|
Total # Borrowers
|
12,518
|
12,658
|
||||||
|
Weighted Average Coupon
|
6.62%
|
|
6.62%
|
|
||||
|
Weighted Average Remaining Term
|
202.08
|
201.10
|
||||||
|
Non-Reimbursable Losses
|
$
|
26,295.87
|
$
|
31,246.43
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
5,699,263.77
|
$
|
5,672,967.90
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-3.56%
|
|
-3.54%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
405,329.34
|
$
|
405,329.34
|
||||
|
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
|
$
|
848,599.74
|
$
|
1,074,318.12
|
||||
|
Borrower Interest Accrued
|
$
|
1,482,590.00
|
$
|
1,491,660.81
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
48,409.08
|
$
|
49,385.15
|
||||
|
Special Allowance Payments Accrued
|
$
|
157,640.19
|
$
|
159,411.06
|
||||
|
Page 5 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
V.
|
2015-1 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
- GSL (1) - Subsidized
|
6.68%
|
|
12,838
|
63,754,288.70
|
23.314%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.79%
|
|
10,938
|
88,612,563.22
|
32.404%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.33%
|
|
401
|
8,546,656.52
|
3.125%
|
|
|||||||||||
|
- SLS (3) Loans
|
7.26%
|
|
39
|
328,541.84
|
0.120%
|
|
|||||||||||
|
- Consolidation Loans
|
6.31%
|
|
4,493
|
112,220,532.27
|
41.037%
|
|
|||||||||||
|
Total
|
6.62%
|
|
28,709
|
$
|
273,462,582.55
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
- Four Year
|
6.84%
|
|
19,506
|
137,226,907.92
|
50.181%
|
|
|||||||||||
|
- Two Year
|
6.77%
|
|
3,725
|
18,739,442.99
|
6.853%
|
|
|||||||||||
|
- Technical
|
6.79%
|
|
985
|
5,273,302.26
|
1.928%
|
|
|||||||||||
|
- Other
|
6.31%
|
|
4,493
|
112,222,929.38
|
41.038%
|
|
|||||||||||
|
Total
|
6.62%
|
|
28,709
|
$
|
273,462,582.55
|
100.000%
|
|
||||||||||
|
*
|
Percentages may not total 100% due to rounding.
|
| (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 2015-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
VI.
|
2015-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
3,486,570.01
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
3,486,570.01
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
59,832.02
|
$
|
3,426,737.99
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
3,420,070.99
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,077,290.42
|
$
|
2,342,780.57
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
137,096.32
|
$
|
2,205,684.25
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
2,205,684.25
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,648,246.44
|
$
|
557,437.81
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
557,437.81
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
557,437.81
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
557,437.81
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
557,437.81
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
557,437.81
|
-
|
|||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
273,462,582.55
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,835,971.54
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
992,722.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(992,722.00)
|
|
|
|
F
|
Total
|
$
|
276,298,554.09
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
245,454,075.78
|
||
|
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 2015-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
VII.
|
2015-1 Distributions
|
|
A2
|
B |
|
||||||
|
Cusip/Isin
|
63939FAB6
|
63939FAC4
|
||||||
|
Beginning Balance
|
$
|
247,102,322.22
|
$
|
26,700,000.00
|
||||
|
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
|
8/25/2025
|
8/25/2025
|
||||||
|
Accrual Period End
|
9/25/2025
|
9/25/2025
|
||||||
|
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
|
Interest Rate*
|
5.06287% |
|
5.96287%
|
|
||||
|
Accrued Interest Factor
|
0.004359694
|
0.005134694
|
||||||
|
Current Interest Due
|
$
|
1,077,290.42
|
$
|
137,096.32
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
1,077,290.42
|
$
|
137,096.32
|
||||
|
Interest Paid
|
$
|
1,077,290.42
|
$
|
137,096.32
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,648,246.44
|
-
|
|||||
|
Ending Principal Balance
|
$
|
245,454,075.78
|
$
|
26,700,000.00
|
||||
|
Paydown Factor
|
0.002617511
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.389795261
|
1.000000000
|
||||||
|
*
|
Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://images.navient.com/investors/data/abrate.txt.
|
|
Page 8 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |
|
VIII.
|
2015-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
273,802,322.22
|
|||
|
Adjusted Pool Balance
|
$
|
276,298,554.09
|
|||
|
Overcollateralization Amount
|
$
|
4,144,478.31
|
|||
|
Principal Distribution Amount
|
$
|
1,648,246.44
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,648,246.44
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
992,722.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
992,722.00
|
|||
|
Required Reserve Acct Balance
|
$
|
992,722.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
992,722.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
170,750.44
|
|||
|
Deposits for the Period
|
$
|
54,376.60
|
|||
|
Release to Collection Account
|
$ |
(170,750.44)
|
|||
|
Ending Balance
|
$
|
54,376.60
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 08/01/2025 - 08/31/2025, Distribution Date 09/25/2025 |