|
Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 05/01/2026 - 05/31/2026, Distribution Date 06/25/2026
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
03/27/2014
|
04/30/2026
|
05/31/2026
|
|||||||||
|
Principal Balance
|
$
|
947,628,246.57
|
$
|
179,886,332.83
|
$
|
178,458,174.76
|
|||||||
|
Interest to be Capitalized Balance
|
17,244,992.28
|
2,562,626.45
|
2,696,141.78
|
||||||||||
|
Pool Balance
|
$
|
964,873,238.85
|
$
|
182,448,959.28
|
$
|
181,154,316.54
|
|||||||
|
Specified Reserve Account Balance
|
4,976,726.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
969,849,964.85
|
$
|
182,448,959.28
|
$
|
181,154,316.54
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.24%
|
|
6.99%
|
|
6.99%
|
|
|||||||
|
Number of Loans
|
199,512
|
25,582
|
25,355
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,437,932.20
|
$
|
1,443,226.22
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
181,011,027.08
|
$
|
179,711,090.32
|
|||||||||
|
Pool Factor
|
0.183302194
|
0.182001497
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(38.68)%
|
|
(39.12)%
|
|
|||||||||
| (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
|
05/26/2026
|
06/25/2026
|
||||||
|
A3
|
78448GAC4
|
$
|
153,424,469.69
|
$
|
152,142,773.37
|
|||||
| B |
78448GAD2
|
$
|
27,200,000.00
|
$
|
27,200,000.00
|
|||||
|
C
|
Account Balances
|
05/26/2026
|
06/25/2026
|
||||||
|
Reserve Account Balance
|
$
|
995,345.00
|
$
|
995,345.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
427,064.41
|
$
|
150,664.67
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
05/26/2026
|
06/25/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
182,448,959.28
|
$
|
181,154,316.54
|
|||||
|
Total Notes
|
$
|
180,624,469.69
|
$
|
179,342,773.37
|
|||||
|
Difference
|
$
|
1,824,489.59
|
$
|
1,811,543.17
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 05/01/2026 - 05/31/2026, Distribution Date 06/25/2026
|
| II. |
Trust Activity 05/01/2026 through 05/31/2026
|
| A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
438,514.12
|
||||
|
Guarantor Principal
|
785,769.51
|
||||
|
Consolidation Activity Principal
|
685,859.57
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
(51.65)
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
15,050.08
|
||||
|
Total Principal Receipts
|
$
|
1,925,141.63
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
242,829.80
|
||||
|
Guarantor Interest
|
37,013.49
|
||||
|
Consolidation Activity Interest
|
25,963.48
|
||||
|
Special Allowance Payments
|
98,219.46
|
||||
|
Interest Subsidy Payments
|
85,448.69
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00 |
|
|||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
14,689.01
|
||||
|
Total Interest Receipts
|
$
|
504,163.93
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
| D |
Investment Income
|
$
|
10,878.47
|
||
|
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
|
$ |
427,064.41
|
||
|
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
|
$ |
(431,913.29)
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(150,664.67)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,284,670.48
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(496,983.56)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
18,764.62
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
15,400.84
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 05/01/2026 - 05/31/2026, Distribution Date 06/25/2026
|
| III. |
2014-2 Portfolio Characteristics
|
|
05/31/2026
|
04/30/2026
|
||||||||||||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.48%
|
|
24
|
$
|
115,097.73
|
0.064%
|
|
6.56%
|
|
30
|
$
|
146,323.80
|
0.081%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
6
|
$
|
31,226.07
|
0.017%
|
|
0.00%
|
|
0
|
|
-
|
0.000%
|
|
|||||||||||||||||||
|
DEFERMENT
|
6.71%
|
|
1,401
|
$
|
9,372,268.81
|
5.252%
|
|
6.74%
|
|
1,462
|
$
|
9,714,646.11
|
5.400%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.97%
|
|
17,540
|
$
|
112,403,471.66
|
62.986%
|
|
6.99%
|
|
17,704
|
$
|
114,741,698.38
|
63.786%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
7.23%
|
|
739
|
$
|
7,274,059.79
|
4.076%
|
|
6.97%
|
|
684
|
$
|
5,832,461.09
|
3.242%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.94%
|
|
441
|
$
|
3,610,668.84
|
2.023%
|
|
7.01%
|
|
581
|
$
|
5,569,807.95
|
3.096%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.98%
|
|
412
|
$
|
3,834,710.08
|
2.149%
|
|
7.05%
|
|
309
|
$
|
2,985,641.68
|
1.660%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.97%
|
|
1,107
|
$
|
9,198,908.42
|
5.155%
|
|
6.92%
|
|
1,085
|
$
|
8,215,977.14
|
4.567%
|
|
|||||||||||||||||||
|
|
FORBEARANCE |
7.11%
|
|
3,477
|
$
|
31,283,301.96
|
17.530%
|
|
7.11%
|
|
3,521
|
$
|
30,972,995.33
|
17.218%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.74%
|
|
208
|
$
|
1,334,461.40
|
0.748%
|
|
7.05%
|
|
206
|
$
|
1,706,781.35
|
0.949%
|
|
||||||||||||||||||
|
TOTAL
|
25,355
|
$
|
178,458,174.76
|
100.00%
|
|
25,582
|
$
|
179,886,332.83
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 05/01/2026 - 05/31/2026, Distribution Date 06/25/2026
|
| IV. |
2014-2 Portfolio Characteristics (cont’d)
|
|
05/31/2026
|
04/30/2026
|
|||||||
|
Pool Balance
|
$
|
181,154,316.54
|
$
|
182,448,959.28
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
10,950,635.56
|
$
|
10,747,108.03
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,696,141.78
|
$
|
2,562,626.45
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
876,432.58
|
$
|
849,304.45
|
||||
|
Total # Loans
|
25,355
|
25,582
|
||||||
|
Total # Borrowers
|
7,135
|
7,206
|
||||||
|
Weighted Average Coupon
|
6.99%
|
|
6.99%
|
|
||||
|
Weighted Average Remaining Term
|
205.37
|
204.50
|
||||||
|
Non-Reimbursable Losses
|
$
|
18,764.62
|
$
|
18,825.60
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,128,071.49
|
$
|
4,109,306.87
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-39.12%
|
|
-38.68%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
338,527.31
|
$
|
338,527.31
|
||||
|
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
|
$
|
517,340.84
|
$
|
604,671.62
|
||||
|
Borrower Interest Accrued
|
$
|
1,022,664.52
|
$
|
997,731.91
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
27,578.22
|
$
|
26,718.85
|
||||
|
Special Allowance Payments Accrued
|
$
|
35,752.65
|
$
|
34,525.80
|
||||
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 05/01/2026 - 05/31/2026, Distribution Date 06/25/2026
|
| V. |
2014-2 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.70%
|
|
13,200
|
60,247,030.20
|
33.760%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.76%
|
|
11,397
|
91,782,706.11
|
51.431%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.47%
|
|
746
|
26,343,045.66
|
14.761%
|
|
|||||||||||
|
- SLS (3) Loans
|
7.28%
|
|
12
|
85,392.79
|
0.048%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.99%
|
|
25,355
|
$
|
178,458,174.76
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
7.01%
|
|
21,856
|
162,906,447.75
|
91.286%
|
|
|||||||||||
|
- Two Year
|
6.77%
|
|
2,828
|
12,680,049.35
|
7.105%
|
|
|||||||||||
|
- Technical
|
6.75%
|
|
646
|
2,795,443.24
|
1.566%
|
|
|||||||||||
|
- Other
|
6.69%
|
|
25
|
76,234.42
|
0.043%
|
|
|||||||||||
|
Total
|
6.99%
|
|
25,355
|
$
|
178,458,174.76
|
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 05/01/2026 - 05/31/2026, Distribution Date 06/25/2026
|
| VI. |
2014-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance |
||||||||
|
Total Available Funds
|
$
|
2,284,670.48
|
|||||||
| A |
Trustee Fees |
- | $ | 2,284,670.48 | |||||
| B |
Primary Servicing Fee
|
$
|
36,152.68 |
$
|
2,248,517.80
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
2,241,850.80
|
||||
| D |
Class A Noteholders’ Interest Distribution Amount
|
$
|
551,890.83
|
$
|
1,689,959.97
|
||||
|
E
|
Class B Noteholders’ Interest Distribution Amount
|
$
|
118,469.15
|
$
|
1,571,490.82
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,571,490.82
|
|||||
|
G
|
Class A Noteholders’ Principal Distribution Amount
|
$
|
1,281,696.32 |
$
|
289,794.50
|
||||
|
H
|
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
289,794.50
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
289,794.50
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
289,794.50
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
289,794.50
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
289,794.50 | - |
|||||
|
Waterfall Triggers
|
|||||
| A |
Student Loan Principal Outstanding
|
$
|
178,458,174.76 | ||
|
B
|
Interest to be Capitalized
|
$
|
2,696,141.78 | ||
| C |
Capitalized Interest Account Balance
|
-
|
|||
| D |
Reserve Account Balance (after any reinstatement)
|
$
|
995,345.00
|
||
| E |
Less: Specified Reserve Account Balance
|
$
|
(995,345.00) |
|
|
| F |
Total
|
$
|
181,154,316.54
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
152,142,773.37
|
||
| 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 05/01/2026 - 05/31/2026, Distribution Date 06/25/2026
|
| VII. |
2014-2 Distributions
|
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78448GAC4
|
78448GAD2
|
||||||
|
Beginning Balance
|
$
|
153,424,469.69
|
$
|
27,200,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.59%
|
|
1.50%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
5/26/2026
|
5/26/2026
|
||||||
|
Accrual Period End
|
6/25/2026
|
6/25/2026
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
4.31658%
|
|
5.22658%
|
|
||||
|
Accrued Interest Factor
|
0.003597150
|
0.004355483
|
||||||
|
Current Interest Due
|
$
|
551,890.83
|
$
|
118,469.15
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
551,890.83
|
$
|
118,469.15
|
||||
|
Interest Paid
|
$
|
551,890.83
|
$
|
118,469.15
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,281,696.32
|
-
|
|||||
|
Ending Principal Balance
|
$
|
152,142,773.37
|
$
|
27,200,000.00
|
||||
|
Paydown Factor
|
0.002532496
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.300618007
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 05/01/2026 - 05/31/2026, Distribution Date 06/25/2026
|
| VIII. |
2014-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
180,624,469.69
|
|||
|
Adjusted Pool Balance
|
$
|
181,154,316.54
|
|||
|
Overcollateralization Amount
|
$
|
1,811,543.17
|
|||
|
Principal Distribution Amount
|
$
|
1,281,696.32
|
|||
|
Principal Distribution Amount Paid
|
$
|
1,281,696.32
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
995,345.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
995,345.00
|
|||
|
Required Reserve Acct Balance
|
$
|
995,345.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
995,345.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
427,064.41
|
|||
|
Deposits for the Period
|
$
|
150,664.67
|
|||
|
Release to Collection Account
|
$ |
(427,064.41)
|
|||
|
Ending Balance
|
$
|
150,664.67
|
|||
|
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 05/01/2026 - 05/31/2026, Distribution Date 06/25/2026
|