|
Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
05/31/2026
|
06/30/2026
|
|||||||||
|
Principal Balance
|
$
|
257,208,313.46
|
$
|
66,838,780.25
|
$
|
66,433,603.45
|
|||||||
|
Interest to be Capitalized Balance
|
1,145,436.55
|
566,266.63
|
545,442.71
|
||||||||||
|
Pool Balance
|
$
|
258,353,750.01
|
$
|
67,405,046.88
|
$
|
66,979,046.16
|
|||||||
|
Specified Reserve Account Balance
|
5,924,254.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
264,278,004.01
|
$
|
67,405,046.88
|
$
|
66,979,046.16
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.68% |
|
5.73% |
|
5.73%
|
|
|||||||
|
Number of Loans
|
10,746 |
2,770 |
2,742
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
4,722,302.51
|
$
|
4,720,624.40
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
62,682,744.37
|
$
|
62,258,421.76
|
|||||||||
|
Pool Factor
|
0.256000753
|
0.254382825
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
6.38%
|
|
6.33%
|
|
|||||||||
| (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
|
06/25/2026
|
07/27/2026
|
|||||||
| A |
|
63938GAA7
|
$
|
57,371,819.77
|
$
|
57,049,375.16
|
|||||
| B |
|
63938GAB5
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|||||
|
C
|
Account Balances
|
06/25/2026
|
07/27/2026
|
||||||
|
Reserve Account Balance
|
$
|
263,300.00
|
$
|
263,300.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
16,082.83
|
$
|
31,805.09
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
06/25/2026
|
07/27/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
67,405,046.88
|
$
|
66,979,046.16
|
|||||
|
Total Notes
|
$
|
64,371,819.77
|
$
|
64,049,375.16
|
|||||
|
Difference
|
$
|
3,033,227.11
|
$
|
2,929,671.00
|
|||||
|
Parity Ratio
|
1.04712
|
1.04574
|
|||||||
|
Page 2 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| II. |
Trust Activity 06/01/2026 through 06/30/2026
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
326,667.33
|
||||
|
Guarantor Principal
|
25,582.43
|
||||
|
Consolidation Activity Principal
|
189,245.54
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
541,495.30
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
118,369.74
|
||||
|
Guarantor Interest
|
526.43
|
||||
|
Consolidation Activity Interest
|
1,032.20
|
||||
|
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
|
5,322.39
|
||||
|
Total Interest Receipts
|
$
|
125,250.76
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
3,387.89
|
||
|
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
|
$
|
(60,643.35)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(15,722.26)
|
|
||
| M |
AVAILABLE FUNDS
|
$
|
593,768.34
|
||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(136,318.50)
|
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
|
-
|
||
| 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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| III. |
2014-2 Portfolio Characteristics
|
|
06/30/2026
|
05/31/2026
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.36%
|
|
69
|
$
|
2,738,391.96
|
4.122%
|
|
5.41%
|
|
62
|
$
|
2,562,169.73
|
3.833%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.63%
|
|
2,260
|
$
|
46,448,175.94
|
69.917%
|
|
5.61%
|
|
2,313
|
$
|
47,567,180.58
|
71.167%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
5.32%
|
|
67
|
$
|
1,841,194.22
|
2.771%
|
|
5.40%
|
|
54
|
$
|
1,876,042.04
|
2.807%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
5.78%
|
|
31
|
$
|
1,358,872.81
|
2.045%
|
|
6.64%
|
|
21
|
$
|
1,293,151.81
|
1.935%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
7.40%
|
|
15
|
$
|
1,184,245.08
|
1.783%
|
|
6.97%
|
|
27
|
$
|
858,747.77
|
1.285%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
5.67%
|
|
76
|
$
|
2,628,096.98
|
3.956%
|
|
5.53%
|
|
74
|
$
|
2,746,332.20
|
4.109%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.19%
|
|
201
|
$
|
9,657,806.50
|
14.538%
|
|
6.27%
|
|
203
|
$
|
9,644,218.43
|
14.429%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
5.18%
|
|
23
|
$
|
576,819.96
|
0.868%
|
|
5.57%
|
|
16
|
$
|
290,937.69
|
0.435%
|
|
||||||||||||||||||
|
TOTAL
|
2,742
|
$
|
66,433,603.45
|
100.00%
|
|
2,770
|
$
|
66,838,780.25
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| IV. |
2014-2 Portfolio Characteristics (cont'd)
|
|
06/30/2026
|
05/31/2026
|
|||||||
|
Pool Balance
|
$
|
66,979,046.16
|
$
|
67,405,046.88
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
3,190,303.60
|
$
|
3,146,091.99
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
545,442.71
|
$
|
566,266.63
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
307,079.00
|
$
|
289,108.74
|
||||
|
Total # Loans
|
2,742
|
2,770
|
||||||
|
Total # Borrowers
|
1,556
|
1,570
|
||||||
|
Weighted Average Coupon
|
5.73%
|
|
5.73%
|
|
||||
|
Weighted Average Remaining Term
|
203.14
|
202.63
|
||||||
|
Non-Reimbursable Losses
|
|
-
|
$
|
8,173.22
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
1,236,742.86
|
$
|
1,236,742.86
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
6.33%
|
|
6.38%
|
|
||||
|
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
|
$ |
84,386.08
|
-
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
136,333.76
|
$
|
112,192.23
|
||||
|
Borrower Interest Accrued
|
$
|
298,642.03
|
$
|
310,885.67
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
8,587.46
|
$
|
9,522.93
|
||||
|
Special Allowance Payments Accrued
|
$
|
68,321.89
|
$
|
71,108.67
|
||||
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| 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%
|
|
2,742
|
66,433,603.45
|
100.000%
|
|
|||||||||||
|
Total
|
5.73%
|
|
2,742
|
$
|
66,433,603.45
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
|
- Four Year
|
9.00%
|
|
1
|
39,206.31
|
0.059%
|
|
|||||||||||
|
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Other
|
5.73%
|
|
2,741
|
66,394,397.14
|
99.941%
|
|
|||||||||||
|
Total
|
5.73%
|
|
2,742
|
$
|
66,433,603.45
|
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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| VI. |
2014-2 Waterfall for Distributions
|
|
|
Paid
|
Remaining
Funds Balance
|
|||||||
|
Total Available Funds
|
$
|
593,768.34
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
593,768.34
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
8,556.50
|
$
|
585,211.84
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
578,544.84
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
223,481.85
|
$
|
355,062.99
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
32,618.38
|
$
|
322,444.61
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
322,444.61
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
322,444.61
|
|
-
|
||||
| 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
|
$
|
66,433,603.45
|
||
|
B
|
Interest to be Capitalized
|
$
|
545,442.71
|
||
|
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
|
$
|
66,979,046.16
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
57,049,375.16
|
||
| 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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| VII. |
2014-2 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938GAA7
|
63938GAB5
|
||||||
|
Beginning Balance
|
$
|
57,371,819.77
|
$
|
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
|
6/25/2026
|
6/25/2026
|
||||||
|
Accrual Period End
|
7/27/2026
|
7/27/2026
|
||||||
|
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
|
Interest Rate*
|
4.38224%
|
|
5.24224%
|
|
||||
|
Accrued Interest Factor
|
0.003895324
|
0.004659769
|
||||||
|
Current Interest Due
|
$
|
223,481.85
|
$
|
32,618.38
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
223,481.85
|
$
|
32,618.38
|
||||
|
Interest Paid
|
$
|
223,481.85
|
$
|
32,618.38
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
322,444.61
|
-
|
|||||
|
Ending Principal Balance
|
$
|
57,049,375.16
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.001259549
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.222849122
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| VIII. |
2014-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
64,371,819.77
|
|||
|
Adjusted Pool Balance
|
$
|
66,979,046.16
|
|||
|
Overcollateralization Amount
|
$
|
3,014,057.08
|
|||
|
Principal Distribution Amount
|
$
|
406,830.69
|
|||
|
Principal Distribution Amount Paid
|
$
|
322,444.61
|
|||
|
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
|
$
|
16,082.83
|
|||
|
Deposits for the Period
|
$
|
15,722.26
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Balance
|
$
|
31,805.09
|
|||
|
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 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|