|
Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
02/28/2026
|
03/31/2026
|
|||||||||
|
Principal Balance
|
$
|
257,208,313.46
|
$
|
69,924,569.38
|
$
|
67,764,149.51
|
|||||||
|
Interest to be Capitalized Balance
|
1,145,436.55
|
514,944.24
|
495,791.71
|
||||||||||
|
Pool Balance
|
$
|
258,353,750.01
|
$
|
70,439,513.62
|
$
|
68,259,941.22
|
|||||||
|
Specified Reserve Account Balance
|
5,924,254.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
264,278,004.01
|
$
|
70,439,513.62
|
$
|
68,259,941.22
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.68% |
|
5.76% |
|
5.73%
|
|
|||||||
|
Number of Loans
|
10,746 |
2,856 |
2,818
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
5,378,667.46
|
$
|
4,719,708.20
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
65,060,846.16
|
$
|
63,540,233.02
|
|||||||||
|
Pool Factor
|
0.267525495
|
0.259247596
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
6.34%
|
|
6.49%
|
|
|||||||||
| (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
|
03/25/2026
|
04/27/2026
|
|||||||
| A |
|
63938GAA7
|
$
|
60,269,735.51
|
$
|
58,188,243.87
|
|||||
| B |
|
63938GAB5
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|||||
|
C
|
Account Balances
|
03/25/2026
|
04/27/2026
|
||||||
|
Reserve Account Balance
|
$
|
263,300.00
|
$
|
263,300.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
14,298.14
|
$
|
30,076.17
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
03/25/2026
|
04/27/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
70,439,513.62
|
$
|
68,259,941.22
|
|||||
|
Total Notes
|
$
|
67,269,735.51
|
$
|
65,188,243.87
|
|||||
|
Difference
|
$
|
3,169,778.11
|
$
|
3,071,697.35
|
|||||
|
Parity Ratio
|
1.04712
|
1.04712
|
|||||||
|
Page 2 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| II. |
Trust Activity 03/01/2026 through 03/31/2026
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
427,832.94
|
||||
|
Guarantor Principal
|
1,629,708.28
|
||||
|
Consolidation Activity Principal
|
301,429.10
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
(163.48)
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,358,806.84
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
128,800.02
|
||||
|
Guarantor Interest
|
87,229.41
|
||||
|
Consolidation Activity Interest
|
3,162.66
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
1,129.66
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
4,915.45
|
||||
|
Total Interest Receipts
|
$
|
225,237.20
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
6,639.07
|
||
|
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
|
$
|
(61,709.91)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(15,778.03)
|
|
||
| M |
AVAILABLE FUNDS
|
$
|
2,513,195.17
|
||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(198,386.97)
|
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
$
|
17,490.18
|
||
| 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 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| III. |
2014-2 Portfolio Characteristics
|
|
03/31/2026
|
02/28/2026
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.70%
|
|
69
|
$
|
2,594,371.90
|
3.829%
|
|
5.86%
|
|
69
|
$
|
3,016,625.18
|
4.314%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.57%
|
|
2,282
|
$
|
45,896,787.08
|
67.730%
|
|
5.59%
|
|
2,332
|
$
|
47,225,426.91
|
67.538%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.51%
|
|
73
|
$
|
2,230,691.89
|
3.292%
|
|
5.63%
|
|
75
|
$
|
1,997,246.91
|
2.856%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
5.98%
|
|
32
|
$
|
965,296.31
|
1.424%
|
|
5.55%
|
|
44
|
$
|
1,402,150.82
|
2.005%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
4.88%
|
|
24
|
$
|
854,589.15
|
1.261%
|
|
5.55%
|
|
29
|
$
|
1,160,359.17
|
1.659%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.20%
|
|
92
|
$
|
3,764,462.02
|
5.555%
|
|
6.41%
|
|
89
|
$
|
3,829,006.45
|
5.476%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.07%
|
|
230
|
$
|
11,035,562.99
|
16.285%
|
|
6.06%
|
|
195
|
$
|
9,516,143.63
|
13.609%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.08%
|
|
16
|
$
|
422,388.17
|
0.623%
|
|
7.39%
|
|
23
|
$
|
1,777,610.31
|
2.542%
|
|
||||||||||||||||||
|
TOTAL
|
2,818
|
$
|
67,764,149.51
|
100.00%
|
|
2,856
|
$
|
69,924,569.38
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| IV. |
2014-2 Portfolio Characteristics (cont'd)
|
|
03/31/2026
|
02/28/2026
|
|||||||
|
Pool Balance
|
$
|
68,259,941.22
|
$
|
70,439,513.62
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
3,073,493.72
|
$
|
3,193,782.06
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
495,791.71
|
$
|
514,944.24
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
391,086.79
|
$
|
425,082.69
|
||||
|
Total # Loans
|
2,818
|
2,856
|
||||||
|
Total # Borrowers
|
1,594
|
1,619
|
||||||
|
Weighted Average Coupon
|
5.73%
|
|
5.76%
|
|
||||
|
Weighted Average Remaining Term
|
201.53
|
203.67
|
||||||
|
Non-Reimbursable Losses
|
$
|
17,490.18
|
$
|
13,520.11
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
1,226,817.84
|
$
|
1,209,327.66
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
6.49%
|
|
6.34%
|
|
||||
|
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
|
-
|
-
|
||||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
215,753.11
|
$
|
97,782.02
|
||||
|
Borrower Interest Accrued
|
$
|
315,877.17
|
$
|
294,380.83
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
10,376.94
|
$
|
9,405.50
|
||||
|
Special Allowance Payments Accrued
|
$
|
74,611.15
|
$
|
68,414.10
|
||||
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| 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%
|
|
2,818
|
67,764,149.51
|
100.000%
|
|
|||||||||||
|
Total
|
5.73%
|
|
2,818
|
$
|
67,764,149.51
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
|
- Four Year
|
9.00%
|
|
1
|
40,567.42
|
0.060%
|
|
|||||||||||
|
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Other
|
5.72%
|
|
2,817
|
67,723,582.09
|
99.940%
|
|
|||||||||||
|
Total
|
5.73%
|
|
2,818
|
$
|
67,764,149.51
|
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 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| VI. |
2014-2 Waterfall for Distributions
|
|
|
Paid
|
Remaining
Funds Balance
|
|||||||
|
Total Available Funds
|
$
|
2,513,195.17
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
2,513,195.17
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
8,823.55
|
$
|
2,504,371.62
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,497,704.62
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
243,992.88
|
$
|
2,253,711.74
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
33,856.77
|
$
|
2,219,854.97
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
2,219,854.97
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
2,081,491.64
|
$
|
138,363.33
|
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
138,363.33
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
138,363.33
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$
|
138,363.33
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
138,363.33
|
|||||
| L |
Excess Distribution Certificateholder
|
$
|
138,363.33
|
|
-
|
|
|||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
67,764,149.51
|
||
|
B
|
Interest to be Capitalized
|
$
|
495,791.71
|
||
|
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
|
$
|
68,259,941.22
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
58,188,243.87
|
||
| 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 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| VII. |
2014-2 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938GAA7
|
63938GAB5
|
||||||
|
Beginning Balance
|
$
|
60,269,735.51
|
$
|
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
|
3/25/2026
|
3/25/2026
|
||||||
|
Accrual Period End
|
4/27/2026
|
4/27/2026
|
||||||
|
Daycount Fraction
|
0.09166667
|
0.09166667
|
||||||
|
Interest Rate*
|
4.41638%
|
|
5.27638%
|
|
||||
|
Accrued Interest Factor
|
0.004048348
|
0.004836681
|
||||||
|
Current Interest Due
|
$
|
243,992.88
|
$
|
33,856.77
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
243,992.88
|
$
|
33,856.77
|
||||
|
Interest Paid
|
$
|
243,992.88
|
$
|
33,856.77
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
2,081,491.64
|
-
|
|||||
|
Ending Principal Balance
|
$
|
58,188,243.87
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.008130827
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.227297828
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| VIII. |
2014-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
67,269,735.51
|
|||
|
Adjusted Pool Balance
|
$
|
68,259,941.22
|
|||
|
Overcollateralization Amount
|
$
|
3,071,697.35
|
|||
|
Principal Distribution Amount
|
$
|
2,081,491.64
|
|||
|
Principal Distribution Amount Paid
|
$
|
2,081,491.64
|
|||
|
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
|
$
|
14,298.14
|
|||
|
Deposits for the Period
|
$
|
15,778.03
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Balance
|
$
|
30,076.17
|
|||
|
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 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|