|
Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2026 - 08/31/2026, Distribution Date 09/25/2026
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
03/27/2014
|
07/31/2026
|
08/31/2026
|
|||||||||
|
Principal Balance
|
$
|
947,628,246.57 |
$
|
175,930,046.80 |
$
|
175,658,981.00 | |||||||
|
Interest to be Capitalized Balance
|
17,244,992.28 | 2,719,673.12 | 2,870,357.54 | ||||||||||
|
Pool Balance
|
$
|
964,873,238.85
|
$
|
178,649,719.92 |
$
|
178,529,338.54 | |||||||
|
Specified Reserve Account Balance
|
4,976,726.00 | -N/A- | -N/A- | ||||||||||
|
Adjusted Pool (1)
|
$
|
969,849,964.85
|
$
|
178,649,719.92 |
$
|
178,529,338.54 | |||||||
|
Weighted Average Coupon (WAC)
|
6.24% |
|
6.88% |
|
6.88% |
|
|||||||
|
Number of Loans
|
199,512 | 24,753 | 24,578 | ||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,436,917.82 |
$
|
1,439,410.93 | |||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
177,212,802.10 |
$
|
177,089,927.61 | |||||||||
|
Pool Factor
|
0.179485187 | 0.179364243 | |||||||||||
|
Since Issued Constant Prepayment Rate
|
(40.02)% | |
(40.51)% | |
|||||||||
| (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
|
08/25/2026
|
09/25/2026
|
||||||
|
A3
|
78448GAC4
|
$
|
149,663,222.72
|
$
|
149,544,045.15
|
|||||
| B |
78448GAD2
|
$
|
27,200,000.00
|
$
|
27,200,000.00
|
|||||
|
C
|
Account Balances
|
08/25/2026
|
09/25/2026
|
||||||
|
Reserve Account Balance
|
$
|
995,345.00
|
$
|
995,345.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
444,131.03
|
$
|
142,531.29
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
08/25/2026
|
09/25/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
178,649,719.92
|
$
|
178,529,338.54
|
|||||
|
Total Notes
|
$
|
176,863,222.72
|
$
|
176,744,045.15
|
|||||
|
Difference
|
$
|
1,786,497.20
|
$
|
1,785,293.39
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|||||||
|
Page 2 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2026 - 08/31/2026, Distribution Date 09/25/2026
|
| II. |
Trust Activity 08/01/2026 through 08/31/2026
|
| A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
424,928.04
|
||||
|
Guarantor Principal
|
347,799.58
|
||||
|
Consolidation Activity Principal
|
85,902.25
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
226.27
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
858,856.14
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
243,729.46
|
||||
|
Guarantor Interest
|
19,072.55
|
||||
|
Consolidation Activity Interest
|
959.78
|
||||
|
Special Allowance Payments
|
96,927.87
|
||||
|
Interest Subsidy Payments
|
79,361.04
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
195.65
|
|
|||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
9,008.14
|
||||
|
Total Interest Receipts
|
$
|
449,254.49
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
| D |
Investment Income
|
$
|
11,418.69
|
||
|
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
|
$ |
444,131.03
|
||
|
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
|
$ |
(444,383.99)
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(142,531.29)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,176,745.07
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(587,790.34)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
8,482.30
|
||
|
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 08/01/2026 - 08/31/2026, Distribution Date 09/25/2026
|
| III. |
2014-2 Portfolio Characteristics
|
|
08/31/2026
|
07/31/2026
|
||||||||||||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.18%
|
|
24
|
$
|
115,097.73
|
0.066%
|
|
6.18%
|
|
24
|
$
|
115,097.73
|
0.065%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
6
|
$
|
31,226.07
|
0.018%
|
|
6.80%
|
|
6
|
$
|
31,226.07
|
0.018%
|
|
|||||||||||||||||||
|
DEFERMENT
|
6.59%
|
|
1,420
|
$
|
9,752,744.83
|
5.552%
|
|
6.55%
|
|
1,462
|
$
|
9,890,609.12
|
5.622%
|
|
|||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.86%
|
|
17,136
|
$
|
113,055,737.39
|
64.361%
|
|
6.89%
|
|
17,127
|
$
|
112,294,502.35
|
63.829%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
7.10%
|
|
819
|
$
|
7,431,612.70
|
4.231%
|
|
6.91%
|
|
649
|
$
|
5,239,547.86
|
2.978%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.92%
|
|
437
|
$
|
3,737,888.98
|
2.128%
|
|
6.85%
|
|
609
|
$
|
5,767,931.82
|
3.279%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.89%
|
|
371
|
$
|
3,484,251.05
|
1.984%
|
|
7.14%
|
|
322
|
$
|
3,398,773.80
|
1.932%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.87%
|
|
1,094
|
$
|
9,281,030.11
|
5.284%
|
|
6.88%
|
|
1,113
|
$
|
9,343,509.15
|
5.311%
|
|
|||||||||||||||||||
|
|
FORBEARANCE |
6.96%
|
|
3,141
|
$
|
27,701,846.53
|
15.770%
|
|
6.92%
|
|
3,298
|
$
|
28,980,018.93
|
16.472%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
7.20%
|
|
130
|
$
|
1,067,545.61
|
0.608%
|
|
6.75%
|
|
143
|
$
|
868,829.97
|
0.494%
|
|
||||||||||||||||||
|
TOTAL
|
24,578
|
$
|
175,658,981.00
|
100.00%
|
|
24,753
|
$
|
175,930,046.80
|
100.00%
|
|
|||||||||||||||||||||||
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2026 - 08/31/2026, Distribution Date 09/25/2026
|
| IV. |
2014-2 Portfolio Characteristics (cont’d)
|
|
08/31/2026
|
07/31/2026
|
|||||||
|
Pool Balance
|
$
|
178,529,338.54
|
$
|
178,649,719.92
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
11,359,767.71
|
$
|
11,237,802.70
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,870,357.54
|
$
|
2,719,673.12
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
864,560.65
|
$
|
866,070.31
|
||||
|
Total # Loans
|
24,578
|
24,753
|
||||||
|
Total # Borrowers
|
6,892
|
6,938
|
||||||
|
Weighted Average Coupon
|
6.88%
|
|
6.88%
|
|
||||
|
Weighted Average Remaining Term
|
206.50
|
205.82
|
||||||
|
Non-Reimbursable Losses
|
$
|
8,482.30
|
$
|
23,560.19
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,168,321.44
|
$
|
4,159,839.14
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-40.51%
|
|
-40.02%
|
|
||||
|
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
|
$
|
597,028.93
|
$
|
517,830.86
|
||||
|
Borrower Interest Accrued
|
$
|
986,700.37
|
$
|
991,436.83
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
27,539.22
|
$
|
27,671.48
|
||||
|
Special Allowance Payments Accrued
|
$
|
41,859.68
|
$
|
40,833.03
|
||||
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2026 - 08/31/2026, Distribution Date 09/25/2026
|
| V. |
2014-2 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.54%
|
|
12,796
|
59,155,684.25
|
33.676%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.63%
|
|
11,049
|
90,313,141.40
|
51.414%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.46%
|
|
721
|
26,102,752.48
|
14.860%
|
|
|||||||||||
|
- SLS (3) Loans
|
7.18%
|
|
12
|
87,402.87
|
0.050%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.88%
|
|
24,578
|
$
|
175,658,981.00
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
6.90%
|
|
21,239
|
160,585,939.04
|
91.419%
|
|
|||||||||||
|
- Two Year
|
6.61%
|
|
2,690
|
12,178,305.06
|
6.933%
|
|
|||||||||||
|
- Technical
|
6.54%
|
|
624
|
2,818,108.09
|
1.604%
|
|
|||||||||||
|
- Other
|
6.12%
|
|
25
|
76,628.81
|
0.044%
|
|
|||||||||||
|
Total
|
6.88%
|
|
24,578
|
$
|
175,658,981.00
|
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 08/01/2026 - 08/31/2026, Distribution Date 09/25/2026
|
| VI. |
2014-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance |
||||||||
|
Total Available Funds
|
$
|
1,176,745.07
|
|||||||
| A |
Trustee Fees |
- |
$ |
1,176,745.07 |
|||||
|
B
|
Primary Servicing Fee
|
$
|
34,812.99
|
$
|
1,141,932.08
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,135,265.08
|
||||
|
D
|
Class A Noteholders’ Interest Distribution Amount
|
$
|
560,313.21
|
$
|
574,951.87
|
||||
|
E
|
Class B Noteholders’ Interest Distribution Amount
|
$
|
123,146.32
|
$
|
451,805.55
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
451,805.55
|
|||||
|
G
|
Class A Noteholders’ Principal Distribution Amount
|
$
|
119,177.57
|
$
|
332,627.98
|
||||
|
H
|
Class B Noteholders’ Principal Distribution Amount
|
-
|
$
|
332,627.98
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
332,627.98
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
332,627.98
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
332,627.98
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
332,627.98
|
- |
|||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
175,658,981.00
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,870,357.54
|
||
|
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
|
$
|
178,529,338.54
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
149,544,045.15
|
||
|
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 08/01/2026 - 08/31/2026, Distribution Date 09/25/2026
|
| VII. |
2014-2 Distributions
|
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78448GAC4
|
78448GAD2
|
||||||
|
Beginning Balance
|
$
|
149,663,222.72
|
$
|
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
|
8/25/2026
|
8/25/2026
|
||||||
|
Accrual Period End
|
9/25/2026
|
9/25/2026
|
||||||
|
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
|
Interest Rate*
|
4.34767%
|
|
5.25767%
|
|
||||
|
Accrued Interest Factor
|
0.003743827
|
0.004527438
|
||||||
|
Current Interest Due
|
$
|
560,313.21
|
$
|
123,146.32
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
560,313.21
|
$
|
123,146.32
|
||||
|
Interest Paid
|
$
|
560,313.21
|
$
|
123,146.32
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
119,177.57
|
-
|
|||||
|
Ending Principal Balance
|
$
|
149,544,045.15
|
$
|
27,200,000.00
|
||||
|
Paydown Factor
|
0.000235482
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.295483195
|
1.000000000
|
||||||
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 08/01/2026 - 08/31/2026, Distribution Date 09/25/2026
|
| VIII. |
2014-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
176,863,222.72
|
|||
|
Adjusted Pool Balance
|
$
|
178,529,338.54
|
|||
|
Overcollateralization Amount
|
$
|
1,785,293.39
|
|||
|
Principal Distribution Amount
|
$
|
119,177.57
|
|||
|
Principal Distribution Amount Paid
|
$
|
119,177.57
|
|||
|
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
|
$
|
444,131.03
|
|||
|
Deposits for the Period
|
$
|
142,531.29
|
|||
|
Release to Collection Account
|
$ |
(444,131.03)
|
|||
|
Ending Balance
|
$
|
142,531.29
|
|||
|
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 08/01/2026 - 08/31/2026, Distribution Date 09/25/2026
|