|
Page 1 of 9
|
Trust 2014-4 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
|
$
|
257,634,642.08
|
$
|
71,953,221.85
|
$
|
70,943,485.74
|
|||||||
|
Interest to be Capitalized Balance
|
1,346,161.30
|
482,919.48
|
411,516.30
|
||||||||||
|
Pool Balance
|
$
|
258,980,803.38
|
$
|
72,436,141.33
|
$
|
71,355,002.04
|
|||||||
|
Specified Reserve Account Balance
|
5,932,561.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
264,913,364.38
|
$
|
72,436,141.33
|
$
|
71,355,002.04
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.58%
|
|
5.67%
|
|
5.67%
|
|
|||||||
|
Number of Loans
|
11,290
|
2,963
|
2,918
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
4,265,303.23
|
$
|
4,268,268.52
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
68,170,838.10
|
$
|
67,086,733.52
|
|||||||||
|
Pool Factor
|
0.274723379
|
0.270623019
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
5.42%
|
|
5.44%
|
|
|||||||||
| (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 |
63938QAA5
|
$
|
62,176,514.97
|
$
|
61,220,156.75
|
|||||
| B |
63938QAB3
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|||||
|
C
|
Account Balances
|
06/25/2026
|
07/27/2026
|
||||||
|
Reserve Account Balance
|
$
|
263,669.00
|
$
|
263,669.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
15,984.14
|
$
|
31,501.22
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
06/25/2026
|
07/27/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
72,436,141.33
|
$
|
71,355,002.04
|
|||||
|
Total Notes
|
$
|
69,176,514.97
|
$
|
68,220,156.75
|
|||||
|
Difference
|
$
|
3,259,626.36
|
$
|
3,134,845.29
|
|||||
|
Parity Ratio
|
1.04712
|
1.04595
|
|||||||
|
Page 2 of 9
|
Trust 2014-4 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
|
417,968.74
|
||||
|
Guarantor Principal
|
179,060.44
|
||||
|
Consolidation Activity Principal
|
562,565.44
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,159,594.62
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
118,314.58
|
||||
|
Guarantor Interest
|
17,480.19
|
||||
|
Consolidation Activity Interest
|
19,848.43
|
||||
|
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
|
6,413.92
|
||||
|
Total Interest Receipts
|
$
|
162,057.12
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
- | ||
|
D
|
Investment Income
|
$
|
4,388.89
|
||
| 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
|
$
|
(64,680.66)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(15,517.08)
|
|
||
| M |
AVAILABLE FUNDS
|
$
|
1,245,842.89
|
||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(149,858.51)
|
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
$
|
4,588.05
|
||
| P |
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
| Q |
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| III. |
2014-4 Portfolio Characteristics
|
|
06/30/2026
|
05/31/2026
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.99%
|
|
91
|
$
|
2,746,795.07
|
3.872%
|
|
6.11%
|
|
94
|
$
|
2,774,976.33
|
3.857%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.58%
|
|
2,349
|
$
|
50,893,715.71
|
71.738%
|
|
5.55%
|
|
2,415
|
$
|
51,988,988.38
|
72.254%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
5.93%
|
|
70
|
$
|
2,495,312.57
|
3.517%
|
|
5.12%
|
|
60
|
$
|
2,076,079.80
|
2.885%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
5.16%
|
|
35
|
$
|
1,157,805.01
|
1.632%
|
|
5.61%
|
|
40
|
$
|
1,487,866.10
|
2.068%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
5.46%
|
|
26
|
$
|
965,074.00
|
1.360%
|
|
5.68%
|
|
25
|
$
|
828,407.95
|
1.151%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
5.83%
|
|
87
|
$
|
2,809,391.23
|
3.960%
|
|
5.82%
|
|
93
|
$
|
3,152,338.87
|
4.381%
|
|
|||||||||||||||||||
|
|
FORBEARANCE |
5.92%
|
|
236
|
$
|
9,088,366.46
|
12.811%
|
|
6.23%
|
|
213
|
$
|
8,979,820.77
|
12.480%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.85%
|
|
24
|
$
|
787,025.69
|
1.109%
|
|
6.64%
|
|
23
|
$
|
664,743.65
|
0.924%
|
|
|||||||||||||||||||
|
TOTAL
|
2,918
|
$
|
70,943,485.74
|
100.00%
|
|
2,963
|
$
|
71,953,221.85
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| IV. |
2014-4 Portfolio Characteristics (cont’d)
|
|
06/30/2026
|
05/31/2026
|
|||||||
|
Pool Balance
|
$
|
71,355,002.04
|
$
|
72,436,141.33
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
3,188,393.65
|
$
|
3,182,363.40
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
411,516.30
|
$
|
482,919.48
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
285,275.31
|
$
|
279,814.75
|
||||
|
Total # Loans
|
2,918
|
2,963
|
||||||
|
Total # Borrowers
|
1,646
|
1,671
|
||||||
|
Weighted Average Coupon
|
5.67%
|
|
5.67%
|
|
||||
|
Weighted Average Remaining Term
|
208.45
|
207.68
|
||||||
|
Non-Reimbursable Losses
|
$
|
4,588.05
|
$
|
1,741.16
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
1,172,196.10
|
$
|
1,167,608.05
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
5.44%
|
|
5.42%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
94,153.60
|
$
|
94,153.60
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$ |
76,129.80
|
-
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
154,459.45
|
$
|
151,427.91
|
||||
|
Borrower Interest Accrued
|
$
|
316,501.39
|
$
|
330,740.86
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
7,829.18
|
$
|
8,739.96
|
||||
|
Special Allowance Payments Accrued
|
$
|
78,918.68
|
$
|
82,641.21
|
||||
|
Page 5 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| V. |
2014-4 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
|
5.67%
|
|
2,918
|
70,943,485.74
|
100.000%
|
|
|||||||||||
|
Total
|
5.67%
|
|
2,918
|
$
|
70,943,485.74
|
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
|
5.67%
|
|
2,918
|
70,943,485.74
|
100.000%
|
|
|||||||||||
|
Total
|
5.67%
|
|
2,918
|
$
|
70,943,485.74
|
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 2014-4 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| VI. |
2014-4 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,245,842.89
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
1,245,842.89
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
9,106.95
|
$
|
1,236,735.94
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,230,068.94
|
||||
|
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
241,092.34
|
$
|
988,976.60
|
||||
| E |
Class B Noteholders’ Interest Distribution Amount
|
$
|
32,618.38
|
$
|
956,358.22
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
956,358.22
|
|||||
| G |
Class A Noteholders’ Principal Distribution Amount
|
$
|
956,358.22
|
$
|
(0.00)
|
||||
| H |
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
(0.00)
|
|||||
| I |
Unpaid Expenses of The Trustees
|
-
|
$
|
(0.00)
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$
|
(0.00)
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
(0.00)
|
|||||
| L |
Excess Distribution Certificateholder
|
- | $ |
(0.00)
|
|||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
70,943,485.74
|
||
|
B
|
Interest to be Capitalized
|
$
|
411,516.30
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
263,669.00
|
||
| E |
Less: Specified Reserve Account Balance
|
$
|
(263,669.00)
|
|
|
| F |
Total
|
$
|
71,355,002.04
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
61,220,156.75
|
||
| 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 2014-4 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| VII. |
2014-4 Distributions
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938QAA5
|
63938QAB3
|
||||||
|
Beginning Balance
|
$
|
62,176,514.97
|
$
|
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
|
6/25/2026
|
6/25/2026
|
||||||
|
Accrual Period End
|
7/27/2026
|
7/27/2026
|
||||||
|
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
|
Interest Rate*
|
4.36224%
|
|
5.24224%
|
|
||||
|
Accrued Interest Factor
|
0.003877547
|
0.004659769
|
||||||
|
Current Interest Due
|
$
|
241,092.34
|
$
|
32,618.38
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
241,092.34
|
$
|
32,618.38
|
||||
|
Interest Paid
|
$
|
241,092.34
|
$
|
32,618.38
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
956,358.22
|
-
|
|||||
|
Ending Principal Balance
|
$
|
61,220,156.75
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.003729946
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.238768162
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|
| VIII. |
2014-4 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
69,176,514.97
|
|||
|
Adjusted Pool Balance
|
$
|
71,355,002.04
|
|||
|
Overcollateralization Amount
|
$
|
3,210,975.09
|
|||
|
Principal Distribution Amount
|
$
|
1,032,488.02
|
|||
|
Principal Distribution Amount Paid
|
$
|
956,358.22
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
263,669.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
263,669.00
|
|||
|
Required Reserve Acct Balance
|
$
|
263,669.00
|
|||
|
Release to Collection Account
|
|
- | |||
|
Ending Reserve Account Balance
|
$
|
263,669.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
15,984.14
|
|||
|
Deposits for the Period
|
$
|
15,517.08
|
|||
|
Release to Collection Account
|
|
-
|
|
||
|
Ending Balance
|
$
|
31,501.22
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2014-4 Monthly Servicing Report: Collection Period 06/01/2026 - 06/30/2026, Distribution Date 07/27/2026
|