|
Page 1 of 9
|
Trust 2014-3 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
|
$
|
257,379,779.65
|
$
|
77,218,631.67
|
$
|
76,484,684.32
|
|||||||
|
Interest to be Capitalized Balance
|
1,434,913.67
|
328,621.52
|
314,624.43
|
||||||||||
|
Pool Balance
|
$
|
258,814,693.32
|
$
|
77,547,253.19
|
$
|
76,799,308.75
|
|||||||
|
Specified Reserve Account Balance
|
5,924,377.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
264,739,070.32
|
$
|
77,547,253.19
|
$
|
76,799,308.75
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.51%
|
|
5.79%
|
|
5.79%
|
|
|||||||
|
Number of Loans
|
11,328
|
3,166
|
3,113
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
5,271,607.98
|
$
|
5,195,046.19
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
72,275,645.21
|
$
|
71,604,262.56
|
|||||||||
|
Pool Factor
|
0.294514214
|
0.291673619
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
5.17%
|
|
5.14%
|
|
|||||||||
| (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 |
|
63938JAA1
|
$
|
67,057,626.80
|
$
|
66,422,535.53
|
|||||
| B |
|
63938JAB9
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|||||
| C |
Account Balances
|
03/25/2026
|
04/27/2026 | ||||||
|
Reserve Account Balance
|
$
|
263,306.00
|
$
|
263,306.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
17,259.11
|
$
|
36,426.86
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
| D |
Asset / Liability
|
03/25/2026
|
04/27/2026 | ||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
77,547,253.19
|
$
|
76,799,308.75
|
|||||
|
Total Notes
|
$
|
74,057,626.80
|
$
|
73,422,535.53
|
|||||
|
Difference
|
$
|
3,489,626.39
|
$
|
3,376,773.22
|
|||||
|
Parity Ratio
|
1.04712
|
1.04599
|
|||||||
|
Page 2 of 9
|
Trust 2014-3 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
|
322,937.02
|
||||
|
Guarantor Principal
|
497,910.25
|
||||
|
Consolidation Activity Principal
|
49,253.67
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
870,100.94
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
127,029.96
|
||||
|
Guarantor Interest
|
37,662.65
|
||||
|
Consolidation Activity Interest
|
891.61
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
3,408.73
|
||||
|
Total Interest Receipts
|
$
|
168,992.95
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
5,093.75
|
||
|
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
|
$
|
(69,520.56)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(19,167.75)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
955,499.33
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(136,153.59)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
8,892.38
|
||
|
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 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| III. |
2014-3 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%
|
|
80
|
$
|
2,316,973.13
|
3.029%
|
|
5.78%
|
|
78
|
$
|
2,281,579.87
|
2.955%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.65%
|
|
2,570
|
$
|
55,792,883.06
|
72.946%
|
|
5.58%
|
|
2,562
|
$
|
53,333,683.03
|
69.068%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.07%
|
|
76
|
$
|
2,869,629.62
|
3.752%
|
|
6.35%
|
|
99
|
$
|
4,159,976.70
|
5.387%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.18%
|
|
46
|
$
|
1,959,784.97
|
2.562%
|
|
5.72%
|
|
52
|
$
|
1,431,827.34
|
1.854%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
5.86%
|
|
34
|
$
|
1,037,785.67
|
1.357%
|
|
4.99%
|
|
24
|
$
|
774,305.99
|
1.003%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.33%
|
|
115
|
$
|
4,888,516.76
|
6.391%
|
|
6.48%
|
|
108
|
$
|
4,716,204.04
|
6.108%
|
|
|||||||||||||||||||
|
FORBEARANCE
|
6.37%
|
|
177
|
$
|
6,992,481.57
|
9.142%
|
|
6.44%
|
|
210
|
$
|
9,595,440.72
|
12.426%
|
|
|||||||||||||||||||
|
CLAIMS IN PROCESS
|
5.63%
|
|
15
|
$
|
626,629.54
|
0.819%
|
|
5.73%
|
|
33
|
$
|
925,613.98
|
1.199%
|
|
|||||||||||||||||||
|
TOTAL
|
3,113
|
$
|
76,484,684.32
|
100.00%
|
|
3,166
|
$
|
77,218,631.67
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| IV. |
2014-3 Portfolio Characteristics (cont'd)
|
|
03/31/2026
|
02/28/2026
|
|||||||
|
Pool Balance
|
$
|
76,799,308.75
|
$
|
77,547,253.19
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
3,177,962.25
|
$
|
3,133,118.66
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
314,624.43
|
$
|
328,621.52
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
584,460.61
|
$
|
604,076.46
|
||||
|
Total # Loans
|
3,113
|
3,166
|
||||||
|
Total # Borrowers
|
1,741
|
1,771
|
||||||
|
Weighted Average Coupon
|
5.79%
|
|
5.79%
|
|
||||
|
Weighted Average Remaining Term
|
204.02
|
203.82
|
||||||
|
Non-Reimbursable Losses
|
$
|
8,892.38
|
$
|
7,139.37
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
1,076,726.33
|
$
|
1,067,833.95
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
5.14%
|
|
5.17%
|
|
||||
|
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
|
$ |
79,195.67
|
-
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
144,950.03
|
$
|
153,800.52
|
||||
|
Borrower Interest Accrued
|
$
|
356,156.78
|
$
|
325,748.54
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
13,177.18
|
$
|
10,711.79
|
||||
|
Special Allowance Payments Accrued
|
$
|
85,559.97
|
$
|
78,032.36
|
||||
|
Page 5 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| 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
|
5.79%
|
|
3,113
|
76,484,684.32
|
100.000%
|
|
|||||||||||
|
Total
|
5.79%
|
|
3,113
|
$
|
76,484,684.32
|
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
|
5.79%
|
|
3,113
|
76,484,684.32
|
100.000%
|
|
|||||||||||
|
Total
|
5.79%
|
|
3,113
|
$
|
76,484,684.32
|
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 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| VI. |
2014-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
955,499.33
|
|||||||
|
A
|
Trustee Fees
|
|
-
|
$
|
955,499.33
|
||||
|
B
|
Primary Servicing Fee
|
$
|
9,641.05
|
$
|
945,858.28
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
939,191.28
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
270,243.24
|
$
|
668,948.04
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
33,856.77
|
$
|
635,091.27
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
635,091.27
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
635,091.27
|
|
-
|
||||
|
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
|
$
|
76,484,684.32
|
||||||
|
B
|
Interest to be Capitalized
|
$
|
314,624.43
|
||||||
|
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
|
$
|
76,799,308.75
|
||||||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
66,422,535.53
|
||||||
|
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 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| VII. |
2014-3 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938JAA1
|
63938JAB9
|
||||||
|
Beginning Balance
|
$
|
67,057,626.80
|
$
|
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
|
3/25/2026
|
3/25/2026
|
||||||
|
Accrual Period End
|
4/27/2026
|
4/27/2026
|
||||||
|
Daycount Fraction
|
0.09166667
|
0.09166667
|
||||||
|
Interest Rate*
|
4.39638%
|
|
5.27638%
|
|
||||
|
Accrued Interest Factor
|
0.004030015
|
0.004836681
|
||||||
|
Current Interest Due
|
$
|
270,243.24
|
$
|
33,856.77
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
270,243.24
|
$
|
33,856.77
|
||||
|
Interest Paid
|
$
|
270,243.24
|
$
|
33,856.77
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
635,091.27
|
-
|
|||||
|
Ending Principal Balance
|
$
|
66,422,535.53
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.002480825
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.259463029
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| VIII. |
2014-3 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
74,057,626.80
|
|||
|
Adjusted Pool Balance
|
$
|
76,799,308.75
|
|||
|
Overcollateralization Amount
|
$
|
3,455,968.89
|
|||
|
Principal Distribution Amount
|
$
|
714,286.94
|
|||
|
Principal Distribution Amount Paid
|
$
|
635,091.27
|
|||
|
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
|
$
|
17,259.11
|
|||
|
Deposits for the Period
|
$
|
19,167.75
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Balance
|
$
|
36,426.86
|
|||
|
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 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|