|
Page 1 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
11/25/2014
|
03/31/2026
|
04/30/2026
|
|||||||||
|
|
Principal Balance
|
$
|
986,262,493.46
|
$
|
221,436,952.58
|
$
|
219,876,703.84
|
||||||
|
|
Interest to be Capitalized Balance
|
9,997,361.62
|
2,790,020.31
|
2,877,742.02
|
|||||||||
|
|
Pool Balance
|
$
|
996,259,855.08
|
$
|
224,226,972.89
|
$
|
222,754,445.86
|
||||||
|
|
Specified Reserve Account Balance
|
5,098,821.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
1,001,358,676.08
|
$
|
224,226,972.89
|
$
|
222,754,445.86
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.29%
|
|
6.88%
|
|
6.88%
|
|
||||||
|
|
Number of Loans
|
247,055
|
36,081
|
35,642
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
22,466,419.60
|
$
|
22,300,563.12
|
||||||||
|
|
Aggregate Outstanding Principal Balance -SOFR
|
$
|
201,760,553.29
|
$
|
200,453,882.74
|
||||||||
|
|
Pool Factor
|
0.219881180
|
0.218437192
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
(44.40)%
|
|
(44.74)%
|
|
||||||||
| (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
|
|||||||
|
A3
|
63939DAC9
|
$
|
194,084,703.16
|
$
|
192,626,901.40
|
||||||
| B |
63939DAD7
|
$
|
27,900,000.00
|
$
|
27,900,000.00
|
||||||
|
C
|
Account Balances
|
04/27/2026
|
05/26/2026
|
||||||
|
|
Reserve Account Balance
|
$
|
1,019,764.00
|
$
|
1,019,764.00
|
||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
234,012.13
|
$
|
352,966.46
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
04/27/2026
|
05/26/2026
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
224,226,972.89
|
$
|
222,754,445.86
|
||||
|
Total Notes
|
$
|
221,984,703.16
|
$
|
220,526,901.40
|
|||||
|
Difference
|
$
|
2,242,269.73
|
$
|
2,227,544.46
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2014-8 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
|
502,244.56
|
||||
|
Guarantor Principal
|
1,275,345.25
|
||||
|
Consolidation Activity Principal
|
804,369.60
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,581,959.41
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
246,965.44
|
||||
|
Guarantor Interest
|
55,135.36
|
||||
|
Consolidation Activity Interest
|
9,475.55
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
(57.47)
|
|
|||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
16,268.03
|
||||
|
Total Interest Receipts
|
$
|
327,786.91
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
- |
||
|
D
|
Investment Income
|
$
|
17,730.28
|
||
|
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
|
-
|
||||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(118,954.33)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,808,522.27
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,021,710.67)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
28,848.65
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| III. |
2014-8 Portfolio Characteristics
|
|
04/30/2026
|
03/31/2026
|
||||||||||||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.28%
|
|
22
|
$
|
101,119.00
|
0.046%
|
|
6.29%
|
|
24
|
$
|
105,931.00
|
0.048%
|
|
||||||||||||||||||
|
|
GRACE |
6.68%
|
|
3
|
$
|
8,312.00
|
0.004%
|
|
6.80%
|
|
1
|
$
|
3,500.00
|
0.002%
|
|
||||||||||||||||||
|
|
DEFERMENT |
6.64%
|
|
2,197
|
$
|
12,674,571.17
|
5.764%
|
|
6.63%
|
|
2,301
|
$
|
13,266,820.62
|
5.991%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.88%
|
|
23,035
|
$
|
132,168,025.38
|
60.110%
|
|
6.88%
|
|
23,372
|
$
|
134,002,779.89
|
60.515%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.88%
|
|
1,181
|
$
|
8,160,365.35
|
3.711%
|
|
6.87%
|
|
1,373
|
$
|
9,694,823.30
|
4.378%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.87%
|
|
784
|
$
|
5,631,311.95
|
2.561%
|
|
6.90%
|
|
759
|
$
|
5,018,348.07
|
2.266%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.94%
|
|
415
|
$
|
2,759,634.52
|
1.255%
|
|
6.92%
|
|
545
|
$
|
4,243,003.98
|
1.916%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.96%
|
|
1,984
|
$
|
15,294,007.45
|
6.956%
|
|
6.95%
|
|
2,222
|
$
|
17,161,312.46
|
7.750%
|
|
||||||||||||||||||
|
|
FORBEARANCE |
6.96%
|
|
5,593
|
$
|
40,717,866.97
|
18.518%
|
|
6.96%
|
|
4,985
|
$
|
35,285,110.37
|
15.935%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.81%
|
|
428
|
$
|
2,361,490.05
|
1.074%
|
|
6.91%
|
|
499
|
$
|
2,655,322.89
|
1.199%
|
|
|||||||||||||||||||
|
TOTAL
|
35,642
|
$
|
219,876,703.84
|
100.00%
|
|
36,081
|
$
|
221,436,952.58
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| IV. |
2014-8 Portfolio Characteristics (cont'd)
|
|
04/30/2026
|
03/31/2026
|
|||||||
|
Pool Balance
|
$
|
222,754,445.86
|
$
|
224,226,972.89
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
11,104,911.06
|
$
|
11,273,001.57
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,877,742.02
|
$
|
2,790,020.31
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,193,226.34
|
$
|
1,371,663.77
|
||||
|
Total # Loans
|
35,642
|
36,081
|
||||||
|
Total # Borrowers
|
13,169
|
13,339
|
||||||
|
Weighted Average Coupon
|
6.88%
|
|
6.88%
|
|
||||
|
Weighted Average Remaining Term
|
196.71
|
195.41
|
||||||
|
Non-Reimbursable Losses
|
$
|
28,848.65
|
$
|
86,408.01
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
6,620,783.94
|
$
|
6,591,935.29
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-44.74%
|
|
-44.40%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
618,889.27
|
$
|
618,889.27
|
||||
|
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
|
$
|
1,050,189.22
|
$
|
854,880.95
|
||||
|
Borrower Interest Accrued
|
$
|
1,192,632.27
|
$
|
1,244,440.55
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
48,549.55
|
$
|
51,486.94
|
||||
|
Special Allowance Payments Accrued
|
$
|
33,600.03
|
$
|
35,540.92
|
||||
|
Page 5 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| V. |
2014-8 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
|
- GSL (1) - Subsidized
|
6.78%
|
|
19,735
|
89,771,312.99
|
40.828%
|
|
||||||||||
|
|
- GSL - Unsubsidized
|
6.77%
|
|
15,174
|
113,793,241.62
|
51.753%
|
|
||||||||||
|
|
- PLUS (2) Loans
|
8.37%
|
|
615
|
15,281,523.86
|
6.950%
|
|
||||||||||
|
|
- SLS (3) Loans
|
7.28%
|
|
118
|
1,030,625.37
|
0.469%
|
|
||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.88%
|
|
35,642
|
$
|
219,876,703.84
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
|
|||||||||||
|
|
- Four Year
|
6.89%
|
|
28,209
|
186,812,968.77
|
84.963%
|
|
||||||||||
|
|
- Two Year
|
6.83%
|
|
5,693
|
25,507,843.93
|
11.601%
|
|
||||||||||
|
- Technical
|
6.87%
|
|
1,714
|
7,430,978.13
|
3.380%
|
|
|||||||||||
|
- Other
|
6.59%
|
|
26
|
124,913.01
|
0.057%
|
|
|||||||||||
|
Total
|
6.88%
|
|
35,642
|
$
|
219,876,703.84
|
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 2014-8 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| VI. |
2014-8 Waterfall for Distributions
|
|
|
Paid
|
Remaining
Funds Balance
|
|||||||
|
Total Available Funds
|
$
|
2,808,522.27
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
2,808,522.27
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
65,332.07
|
$
|
2,743,190.20
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,736,523.20
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
681,612.32
|
$
|
2,054,910.88
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
118,210.41
|
$
|
1,936,700.47
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,936,700.47
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,457,801.76
|
$
|
478,898.71
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
478,898.71
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
478,898.71
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
478,898.71
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
478,898.71
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
478,898.71
|
-
|
|||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
219,876,703.84
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,877,742.02
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,019,764.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,019,764.00)
|
|
|
|
F
|
Total
|
$
|
222,754,445.86
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
192,626,901.40
|
||
|
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 2014-8 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
|
VII.
|
2014-8 Distributions
|
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
63939DAC9
|
63939DAD7
|
||||||
|
Beginning Balance
|
$
|
194,084,703.16
|
$
|
27,900,000.00
|
||||
|
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
|
4/27/2026
|
4/27/2026
|
||||||
|
Accrual Period End
|
5/26/2026
|
5/26/2026
|
||||||
|
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
|
Interest Rate*
|
4.35964%
|
|
5.25964%
|
|
||||
|
Accrued Interest Factor
|
0.003511932
|
0.004236932
|
||||||
|
Current Interest Due
|
$
|
681,612.32
|
$
|
118,210.41
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
681,612.32
|
$
|
118,210.41
|
||||
|
Interest Paid
|
$
|
681,612.32
|
$
|
118,210.41
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,457,801.76
|
-
|
|||||
|
Ending Principal Balance
|
$
|
192,626,901.40
|
$
|
27,900,000.00
|
||||
|
Paydown Factor
|
0.003109645
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.410893561
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |
| VIII. |
2014-8 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
221,984,703.16
|
||
|
|
Adjusted Pool Balance
|
$
|
222,754,445.86
|
||
|
Overcollateralization Amount
|
$
|
2,227,544.46
|
|||
|
Principal Distribution Amount
|
$
|
1,457,801.76
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,457,801.76
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,019,764.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
|
Reserve Funds Reinstated
|
0.00
|
|||
|
|
Balance Available
|
$
|
1,019,764.00
|
||
|
Required Reserve Acct Balance
|
$
|
1,019,764.00
|
|||
|
|
Release to Collection Account
|
- |
|||
|
|
Ending Reserve Account Balance
|
$
|
1,019,764.00
|
||
|
C
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
234,012.13
|
||
|
|
Deposits for the Period
|
$
|
118,954.33
|
||
|
|
Release to Collection Account
|
-
|
|||
|
|
Ending Balance
|
$
|
352,966.46
|
||
|
D
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
Page 9 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 04/01/2026 - 04/30/2026, Distribution Date 05/26/2026 |