|
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
|
08/14/2014
|
07/31/2026
|
08/31/2026
|
|||||||||
|
Principal Balance
|
$
|
257,208,313.46
|
$
|
65,868,027.79
|
$
|
65,616,334.96
|
|||||||
|
Interest to be Capitalized Balance
|
1,145,436.55
|
507,334.68
|
490,827.63
|
||||||||||
|
Pool Balance
|
$
|
258,353,750.01
|
$
|
66,375,362.47
|
$
|
66,107,162.59
|
|||||||
|
Specified Reserve Account Balance
|
5,924,254.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
264,278,004.01
|
$
|
66,375,362.47
|
$
|
66,107,162.59
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.68% |
|
5.74% |
|
5.74%
|
|
|||||||
|
Number of Loans
|
10,746 |
2,706 |
2,685
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
4,548,334.51
|
$
|
4,557,147.38
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
61,827,027.96
|
$
|
61,550,015.21
|
|||||||||
|
Pool Factor
|
0.252090067
|
0.251071458
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
6.30%
|
|
6.23%
|
|
|||||||||
| (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
|
|||||||
| A |
|
63938GAA7
|
$
|
56,543,010.65
|
$
|
56,132,340.27
|
|||||
| B |
|
63938GAB5
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|||||
|
C
|
Account Balances
|
08/25/2026
|
09/25/2026
|
||||||
|
Reserve Account Balance
|
$
|
263,300.00
|
$
|
263,300.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
47,426.07
|
$
|
15,361.11
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
08/25/2026
|
09/25/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
66,375,362.47
|
$
|
66,107,162.59
|
|||||
|
Total Notes
|
$
|
63,543,010.65
|
$
|
63,132,340.27
|
|||||
|
Difference
|
$
|
2,832,351.82
|
$
|
2,974,822.32
|
|||||
|
Parity Ratio
|
1.04457
|
1.04712
|
|||||||
|
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
|
218,886.57
|
||||
|
Guarantor Principal
|
190,568.94
|
||||
|
Consolidation Activity Principal
|
-
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
409,455.51
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
115,562.33
|
||||
|
Guarantor Interest
|
14,521.08
|
||||
|
Consolidation Activity Interest
|
0.00
|
||||
|
Special Allowance Payments
|
215,203.09
|
||||
|
Interest Subsidy Payments
|
28,556.25
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
3,146.06
|
||||
|
Total Interest Receipts
|
$
|
376,988.81
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
2,788.36
|
||
|
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
|
$ |
47,426.07
|
||
|
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
|
$
|
(59,972.23)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
$
|
(48,285.53)
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(15,361.11)
|
|
||
| M |
AVAILABLE FUNDS
|
$
|
713,039.88
|
||
| N |
Non-Cash Principal Activity During Collection Period
|
$
|
(157,762.68)
|
|
|
| O |
Non-Reimbursable Losses During Collection Period
|
$
|
6,394.62
|
||
| 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:
|
DEFERMENT
|
5.31%
|
|
61
|
$
|
2,047,677.98
|
3.121%
|
|
5.40%
|
|
64
|
$
|
2,228,586.20
|
3.383%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.63%
|
|
2,216
|
$
|
46,586,720.67
|
70.999%
|
|
5.65%
|
|
2,240
|
$
|
47,708,105.09
|
72.430%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
5.52%
|
|
72
|
$
|
2,735,277.46
|
4.169%
|
|
6.12%
|
|
79
|
$
|
3,003,867.61
|
4.560%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.27%
|
|
45
|
$
|
2,061,386.96
|
3.142%
|
|
5.30%
|
|
35
|
$
|
1,008,701.03
|
1.531%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
7.21%
|
|
15
|
$
|
398,159.24
|
0.607%
|
|
6.39%
|
|
12
|
$
|
340,457.55
|
0.517%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.62%
|
|
56
|
$
|
2,212,539.92
|
3.372%
|
|
6.28%
|
|
65
|
$
|
2,729,445.16
|
4.144%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.08%
|
|
199
|
$
|
8,849,615.80
|
13.487%
|
|
5.99%
|
|
194
|
$
|
8,359,060.12
|
12.691%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.06%
|
|
21
|
$
|
724,956.93
|
1.105%
|
|
6.68%
|
|
17
|
$
|
489,805.03
|
0.744%
|
|
||||||||||||||||||
|
TOTAL
|
2,685
|
$
|
65,616,334.96
|
100.00%
|
|
2,706
|
$
|
65,868,027.79
|
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
|
$
|
66,107,162.59
|
$
|
66,375,362.47
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
3,252,741.90
|
$
|
3,241,545.16
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
490,827.63
|
$
|
507,334.68
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
349,830.10
|
$
|
334,038.33
|
||||
|
Total # Loans
|
2,685
|
2,706
|
||||||
|
Total # Borrowers
|
1,521
|
1,533
|
||||||
|
Weighted Average Coupon
|
5.74%
|
|
5.74%
|
|
||||
|
Weighted Average Remaining Term
|
202.73
|
202.20
|
||||||
|
Non-Reimbursable Losses
|
$
|
6,394.62
|
$
|
3,780.08
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
1,246,917.56
|
$
|
1,240,522.94
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
6.23%
|
|
6.30%
|
|
||||
|
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
|
-
|
$ |
154,539.49
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
164,154.23
|
$
|
132,905.80
|
||||
|
Borrower Interest Accrued
|
$
|
304,955.42
|
$
|
306,922.45
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
9,104.12
|
$
|
8,652.39
|
||||
|
Special Allowance Payments Accrued
|
$
|
70,211.45
|
$
|
70,207.73
|
||||
|
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
|
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
|
5.74%
|
|
2,685
|
65,616,334.96
|
100.000%
|
|
|||||||||||
|
Total
|
5.74%
|
|
2,685
|
$
|
65,616,334.96
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
||||||||||||
|
- Four Year
|
9.00%
|
|
1
|
38,268.77
|
0.058%
|
|
|||||||||||
|
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Other
|
5.74%
|
|
2,684
|
65,578,066.19
|
99.942%
|
|
|||||||||||
|
Total
|
5.74%
|
|
2,685
|
$
|
65,616,334.96
|
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
|
$
|
713,039.88
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
713,039.88
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
8,354.85
|
$
|
704,685.03
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
698,018.03
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
214,121.74
|
$
|
483,896.29
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
31,692.07
|
$
|
452,204.22
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
452,204.22
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
410,670.38
|
$
|
41,533.84
|
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
41,533.84
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
41,533.84
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$
|
41,533.84
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
41,533.84
|
|||||
| L |
Excess Distribution Certificateholder
|
$
|
41,533.84
|
|
-
|
|
|||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
65,616,334.96
|
||
|
B
|
Interest to be Capitalized
|
$
|
490,827.63
|
||
|
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
|
$
|
66,107,162.59
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
56,132,340.27
|
||
| 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
|
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938GAA7
|
63938GAB5
|
||||||
|
Beginning Balance
|
$
|
56,543,010.65
|
$
|
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
|
8/25/2026
|
8/25/2026
|
||||||
|
Accrual Period End
|
9/25/2026
|
9/25/2026
|
||||||
|
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
|
Interest Rate*
|
4.39767%
|
|
5.25767%
|
|
||||
|
Accrued Interest Factor
|
0.003786883
|
0.004527439
|
||||||
|
Current Interest Due
|
$
|
214,121.74
|
$
|
31,692.07
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
214,121.74
|
$
|
31,692.07
|
||||
|
Interest Paid
|
$
|
214,121.74
|
$
|
31,692.07
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
410,670.38
|
-
|
|||||
|
Ending Principal Balance
|
$
|
56,132,340.27
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.001604181
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.219266954
|
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
|
$
|
63,543,010.65
|
|||
|
Adjusted Pool Balance
|
$
|
66,107,162.59
|
|||
|
Overcollateralization Amount
|
$
|
2,974,822.32
|
|||
|
Principal Distribution Amount
|
$
|
410,670.38
|
|||
|
Principal Distribution Amount Paid
|
$
|
410,670.38
|
|||
|
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
|
$
|
47,426.07
|
|||
|
Deposits for the Period
|
$
|
15,361.11
|
|||
|
Release to Collection Account
|
$
|
(47,426.07)
|
|||
|
Ending Balance
|
$
|
15,361.11
|
|||
|
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
|