|
Page 1 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
03/31/2026
|
04/30/2026
|
|||||||||
|
Principal Balance
|
$
|
155,346,000.80
|
$
|
43,396,087.97
|
$
|
42,668,200.25
|
|||||||
|
Interest to be Capitalized Balance
|
812,255.89
|
123,098.66
|
135,123.48
|
||||||||||
|
Pool Balance
|
$
|
156,158,256.69
|
$
|
43,519,186.63
|
$
|
42,803,323.73
|
|||||||
|
Specified Reserve Account Balance
|
3,566,417.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
159,724,673.69
|
$
|
43,519,186.63
|
$
|
42,803,323.73
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.48%
|
|
5.55%
|
|
5.56%
|
|
|||||||
|
Number of Loans
|
6,801
|
1,852
|
1,823
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,819,293.21
|
$
|
1,814,011.80
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
41,699,893.42
|
$
|
40,989,311.93
|
|||||||||
|
Pool Factor
|
0.274556108
|
0.270039835
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
5.67%
|
|
5.70%
|
|
|||||||||
| (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
|
04/27/2026
|
05/26/2026
|
||||||
| A |
63938WAA2
|
$
|
36,632,225.80
|
$
|
35,902,243.58
|
|||||
| B |
63938WAB0
|
$
|
4,200,000.00
|
$
|
4,200,000.00
|
|||||
|
C
|
Account Balances
|
04/27/2026
|
05/26/2026
|
||||||
|
Reserve Account Balance
|
$
|
158,507.00
|
$
|
158,507.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
17,341.08
|
$
|
26,316.67
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
04/27/2026
|
05/26/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
43,519,186.63
|
$
|
42,803,323.73
|
|||||
|
Total Notes
|
$
|
40,832,225.80
|
$
|
40,102,243.58
|
|||||
|
Difference
|
$
|
2,686,960.83
|
$
|
2,701,080.15
|
|||||
|
Parity Ratio
|
1.06580
|
1.06735
|
|||||||
|
Page 2 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
| II. |
Trust Activity 04/01/2026 through 04/30/2026
|
| A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
141,604.08
|
||||
|
Guarantor Principal
|
606,752.33
|
||||
|
Consolidation Activity Principal
|
78,208.09
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
826,564.50
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
68,505.95
|
||||
|
Guarantor Interest
|
32,462.60
|
||||
|
Consolidation Activity Interest
|
3,781.06
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
1,328.61
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
1,520.23
|
||||
|
Total Interest Receipts
|
$
|
107,598.45
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
2,426.00
|
||
|
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
|
-
|
|||
|
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
|
$
|
(38,326.34)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(8,975.59)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
889,287.02
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(98,676.78)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
8,672.32
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
| III. |
2014-5 Portfolio Characteristics
|
|
04/30/2026
|
03/31/2026
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.19%
|
|
30
|
$
|
1,052,788.99
|
2.467%
|
|
6.21%
|
|
29
|
$
|
1,035,897.59
|
2.387%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.42%
|
|
1,493
|
$
|
29,915,204.47
|
70.111%
|
|
5.46%
|
|
1,531
|
$
|
31,077,421.16
|
71.613%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.37%
|
|
46
|
$
|
1,740,002.09
|
4.078%
|
|
6.49%
|
|
53
|
$
|
1,193,048.43
|
2.749%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.59%
|
|
32
|
$
|
937,846.15
|
2.198%
|
|
7.64%
|
|
17
|
$
|
894,073.47
|
2.060%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
7.68%
|
|
11
|
$
|
724,953.89
|
1.699%
|
|
4.77%
|
|
20
|
$
|
1,445,402.48
|
3.331%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
5.02%
|
|
48
|
$
|
2,133,915.92
|
5.001%
|
|
4.92%
|
|
55
|
$
|
2,669,631.69
|
6.152%
|
|
|||||||||||||||||||
|
|
FORBEARANCE |
5.64%
|
|
148
|
$
|
5,642,917.89
|
13.225%
|
|
5.93%
|
|
124
|
$
|
4,112,504.13
|
9.477%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.29%
|
|
15
|
$
|
520,570.85
|
1.220%
|
|
5.88%
|
|
23
|
$
|
968,109.02
|
2.231%
|
|
||||||||||||||||||
|
TOTAL
|
1,823
|
$
|
42,668,200.25
|
100.00%
|
|
1,852
|
$
|
43,396,087.97
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
| IV. |
2014-5 Portfolio Characteristics (cont'd)
|
|
04/30/2026
|
03/31/2026
|
|||||||
|
Pool Balance
|
$
|
42,803,323.73
|
$
|
43,519,186.63
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
1,352,549.66
|
$
|
1,381,389.33
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
135,123.48
|
$
|
123,098.66
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
237,942.06
|
$
|
271,032.45
|
||||
|
Total # Loans
|
1,823
|
1,852
|
||||||
|
Total # Borrowers
|
1,012
|
1,028
|
||||||
|
Weighted Average Coupon
|
5.56%
|
|
5.55%
|
|
||||
|
Weighted Average Remaining Term
|
205.29
|
204.75
|
||||||
|
Non-Reimbursable Losses
|
$
|
8,672.32
|
$
|
4,339.36
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
771,609.99
|
$
|
762,937.67
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
5.70%
|
|
5.67%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$ |
48,919.85
|
$ |
63,039.17
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
107,258.94
|
$
|
107,658.68
|
||||
|
Borrower Interest Accrued
|
$
|
188,265.54
|
$
|
196,246.03
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
3,706.94
|
$
|
3,878.57
|
||||
|
Special Allowance Payments Accrued
|
$
|
47,929.80
|
$
|
51,263.65
|
||||
|
Page 5 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
|
V.
|
2014-5 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
|
5.56%
|
|
1,823
|
42,668,200.25
|
100.000%
|
|
|||||||||||
|
Total
|
5.56%
|
|
1,823
|
$
|
42,668,200.25
|
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
|
5.56%
|
|
1,823
|
42,668,200.25
|
100.000%
|
|
|||||||||||
|
Total
|
5.56%
|
|
1,823
|
$
|
42,668,200.25
|
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 2014-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
| VI. |
2014-5 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
889,287.02
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
889,287.02
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
5,602.60
|
$
|
883,684.42
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
877,017.42
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
129,240.08
|
$
|
747,777.34
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
17,795.12
|
$
|
729,982.22
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
729,982.22
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
729,982.22
|
|
-
|
||||
|
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
|
$
|
42,668,200.25
|
||
|
B
|
Interest to be Capitalized
|
$
|
135,123.48
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
158,507.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(158,507.00)
|
|
|
|
F
|
Total
|
$
|
42,803,323.73
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
35,902,243.58
|
||
|
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 2014-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
| VII. |
2014-5 Distributions
|
| A |
|
B
|
||||||
|
Cusip/Isin
|
63938WAA2
|
63938WAB0
|
||||||
|
Beginning Balance
|
$
|
36,632,225.80
|
$
|
4,200,000.00
|
||||
|
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
|
4/27/2026
|
4/27/2026
|
||||||
|
Accrual Period End
|
5/26/2026
|
5/26/2026
|
||||||
|
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
|
Interest Rate*
|
4.37964%
|
|
5.25964%
|
|
||||
|
Accrued Interest Factor
|
0.003528043
|
0.004236933
|
||||||
|
Current Interest Due
|
$
|
129,240.08
|
$
|
17,795.12
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
129,240.08
|
$
|
17,795.12
|
||||
|
Interest Paid
|
$
|
129,240.08
|
$
|
17,795.12
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
729,982.22
|
-
|
|||||
|
Ending Principal Balance
|
$
|
35,902,243.58
|
$
|
4,200,000.00
|
||||
|
Paydown Factor
|
0.004737068
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.232980166
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|
| VIII. |
2014-5 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
40,832,225.80
|
|||
|
Adjusted Pool Balance
|
$
|
42,803,323.73
|
|||
|
Overcollateralization Amount
|
$
|
2,750,000.00
|
|||
|
Principal Distribution Amount
|
$
|
778,902.07
|
|||
|
Principal Distribution Amount Paid
|
$
|
729,982.22
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
158,507.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
158,507.00
|
|||
|
Required Reserve Acct Balance
|
$
|
158,507.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
158,507.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
17,341.08
|
|||
|
Deposits for the Period
|
$
|
8,975.59
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Balance
|
$
|
26,316.67
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026
|