SLM Student Loan Trust 2014 2
11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:34
Asset Backed Issuer Distribution Report Form 10 D
SLM Student Loan Trust 2014-2
Monthly Servicing Report
Distribution Date 10/25/2024
Collection Period 09/01/2024 - 09/30/2024
Navient Funding, LLC - Depositor
Navient Solutions - Master Servicer and Administrator
Deutsche Bank National Trust Company - Indenture Trustee
Deutsche Bank Trust Company Americas - Eligible Lender Trustee
Navient Funding - Excess Distribution Certificateholder
|
Page 1 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
03/27/2014
|
08/31/2024
|
09/30/2024
|
|||||||||
|
|
Principal Balance
|
$
|
947,628,246.57
|
$
|
204,961,962.84
|
$
|
204,158,050.93
|
||||||
|
|
Interest to be Capitalized Balance
|
17,244,992.28
|
2,384,923.45
|
2,290,065.77
|
|||||||||
|
|
Pool Balance
|
$
|
964,873,238.85
|
$
|
207,346,886.29
|
$
|
206,448,116.70
|
||||||
|
|
Specified Reserve Account Balance
|
4,976,726.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
969,849,964.85
|
$
|
207,346,886.29
|
$
|
206,448,116.70
|
||||||
|
|
Weighted Average Coupon (WAC)
|
6.24%
|
|
7.17%
|
|
7.17%
|
|
||||||
|
|
Number of Loans
|
199,512
|
31,846
|
31,520
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,523,757.36
|
$
|
1,529,219.29
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
205,823,128.93
|
$
|
204,918,897.41
|
||||||||
|
|
Pool Factor
|
0.208316558
|
0.207413585
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
(15.13)%
|
|
(16.21)%
|
|
| (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
|
09/25/2024
|
10/25/2024
|
||||||
|
A3
|
78448GAC4
|
$
|
178,073,417.43
|
$
|
177,183,635.53
|
|||||
| B |
78448GAD2
|
$
|
27,200,000.00
|
$
|
27,200,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Reserve Account Balance
|
$
|
995,345.00
|
$
|
995,345.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
18,239.46
|
$
|
37,568.97
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
207,346,886.29
|
$
|
206,448,116.70
|
||||
|
|
Total Notes
|
$
|
205,273,417.43
|
$
|
204,383,635.53
|
||||
|
|
Difference
|
$
|
2,073,468.86
|
$
|
2,064,481.17
|
||||
|
|
Parity Ratio
|
1.01010
|
1.01010
|
|
Page 2 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| II. |
Trust Activity 09/01/2024 through 09/30/2024
|
| A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
531,199.25
|
||||
|
Guarantor Principal
|
1,177,855.75
|
||||
|
Consolidation Activity Principal
|
34,018.36
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
(38.10)
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,743,035.26
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
282,055.43
|
||||
|
Guarantor Interest
|
80,370.24
|
||||
|
Consolidation Activity Interest
|
1,368.58
|
||||
|
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
|
6,517.82
|
||||
|
Total Interest Receipts
|
$
|
370,312.07
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
21,829.85
|
||
|
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
|
-
|
||||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(19,329.51)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,115,847.67
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(939,123.35)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
11,166.78
|
||
|
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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| III. |
2014-2 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.89%
|
|
47
|
$
|
224,728.66
|
0.110%
|
|
6.90%
|
|
54
|
$
|
225,300.87
|
0.110%
|
|
||||||||||||||||||
|
|
GRACE
|
6.84%
|
|
12
|
$
|
44,933.14
|
0.022%
|
|
6.80%
|
|
5
|
$
|
44,360.93
|
0.022%
|
|
||||||||||||||||||
|
|
DEFERMENT
|
6.88%
|
|
1,893
|
$
|
10,271,168.25
|
5.031%
|
|
6.89%
|
|
1,931
|
$
|
10,962,427.29
|
5.349%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
7.16%
|
|
21,239
|
$
|
128,258,345.09
|
62.823%
|
|
7.15%
|
|
21,404
|
$
|
127,175,034.45
|
62.048%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
7.19%
|
|
865
|
$
|
6,436,561.07
|
3.153%
|
|
7.11%
|
|
848
|
$
|
6,315,711.83
|
3.081%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
7.11%
|
|
499
|
$
|
4,092,324.42
|
2.004%
|
|
7.23%
|
|
731
|
$
|
6,094,391.30
|
2.973%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
7.23%
|
|
514
|
$
|
4,330,841.09
|
2.121%
|
|
7.35%
|
|
478
|
$
|
4,236,164.86
|
2.067%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
7.27%
|
|
1,238
|
$
|
10,774,349.95
|
5.277%
|
|
7.18%
|
|
1,260
|
$
|
10,428,444.49
|
5.088%
|
|
||||||||||||||||||
|
|
FORBEARANCE |
7.25%
|
|
4,855
|
$
|
37,506,006.46
|
18.371%
|
|
7.28%
|
|
4,769
|
$
|
36,826,763.34
|
17.968%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
7.36%
|
|
358
|
$
|
2,218,792.80
|
1.087%
|
|
7.48%
|
|
366
|
$
|
2,653,363.48
|
1.295%
|
|
||||||||||||||||||
|
TOTAL
|
31,520
|
$
|
204,158,050.93
|
100.00%
|
|
31,846
|
$
|
204,961,962.84
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| IV. |
2014-2 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
206,448,116.70
|
$
|
207,346,886.29
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
10,192,093.95
|
$
|
10,342,609.34
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,290,065.77
|
$
|
2,384,923.45
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,139,681.04
|
$
|
1,241,133.75
|
||||
|
Total # Loans
|
31,520
|
31,846
|
||||||
|
Total # Borrowers
|
9,027
|
9,149
|
||||||
|
Weighted Average Coupon
|
7.17%
|
|
7.17%
|
|
||||
|
Weighted Average Remaining Term
|
189.84
|
189.38
|
||||||
|
Non-Reimbursable Losses
|
$
|
11,166.78
|
$
|
12,355.79
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
3,718,108.73
|
$
|
3,706,941.95
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-16.21%
|
|
-15.13%
|
|
||||
|
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
|
$
|
949,973.76
|
$
|
717,140.50
|
||||
|
Borrower Interest Accrued
|
$
|
1,157,169.04
|
$
|
1,201,262.74
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
33,259.71
|
$
|
36,047.91
|
||||
|
Special Allowance Payments Accrued
|
$
|
135,932.93
|
$
|
151,135.94
|
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| V. |
2014-2 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- GSL (1) - Subsidized
|
6.92%
|
|
16,458
|
69,923,226.85
|
34.250%
|
|
||||||||||
|
|
- GSL - Unsubsidized
|
6.95%
|
|
14,092
|
103,737,094.12
|
50.812%
|
|
||||||||||
|
|
- PLUS (2) Loans
|
8.50%
|
|
949
|
30,376,605.89
|
14.879%
|
|
||||||||||
|
|
- SLS (3) Loans
|
8.30%
|
|
21
|
121,124.07
|
0.059%
|
|
||||||||||
|
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
Total
|
7.17%
|
|
31,520
|
$
|
204,158,050.93
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- Four Year
|
7.18%
|
|
26,865
|
185,486,142.25
|
90.854%
|
|
||||||||||
|
|
- Two Year
|
7.04%
|
|
3,936
|
15,938,790.24
|
7.807%
|
|
||||||||||
|
|
- Technical
|
7.16%
|
|
689
|
2,637,859.96
|
1.292%
|
|
||||||||||
|
|
- Other
|
7.43%
|
|
30
|
95,258.48
|
0.047%
|
|
||||||||||
|
|
Total
|
7.17%
|
|
31,520
|
$
|
204,158,050.93
|
100.000%
|
|
*Percentages may not total 100% due to rounding.
| (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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VI. |
2014-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,115,847.67
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
2,115,847.67
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
43,239.99
|
$
|
2,072,607.68
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,065,940.68
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
888,081.81
|
$
|
1,177,858.87
|
||||
|
E |
Class B Noteholders' Interest Distribution Amount
|
$
|
156,277.60
|
$
|
1,021,581.27
|
||||
|
F |
Reserve Account Reinstatement
|
-
|
$
|
1,021,581.27
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
889,781.90
|
$
|
131,799.37
|
||||
|
H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
131,799.37
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
131,799.37
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
131,799.37
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
131,799.37
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
131,799.37
|
-
|
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
204,158,050.93
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,290,065.77
|
||
|
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
|
$
|
206,448,116.70
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
177,183,635.53
|
||
|
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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VII. |
2014-2 Distributions
|
Distribution Amounts
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78448GAC4
|
78448GAD2
|
||||||
|
Beginning Balance
|
$
|
178,073,417.43
|
$
|
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
|
9/25/2024
|
9/25/2024
|
||||||
|
Accrual Period End
|
10/25/2024
|
10/25/2024
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
5.98460%
|
|
6.89460%
|
|
||||
|
Accrued Interest Factor
|
0.004987167
|
0.005745500
|
||||||
|
Current Interest Due
|
$
|
888,081.81
|
$
|
156,277.60
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
888,081.81
|
$
|
156,277.60
|
||||
|
Interest Paid
|
$
|
888,081.81
|
$
|
156,277.60
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
889,781.90
|
-
|
|||||
|
Ending Principal Balance
|
$
|
177,183,635.53
|
$
|
27,200,000.00
|
||||
|
Paydown Factor
|
0.001758115
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.350096099
|
1.000000000
|
* Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://images.navient.com/investors/data/abrate.txt.
|
Page 8 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VIII. |
2014-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
205,273,417.43
|
||
|
|
Adjusted Pool Balance
|
$
|
206,448,116.70
|
||
|
|
Overcollateralization Amount
|
$
|
2,064,481.17
|
||
|
|
Principal Distribution Amount
|
$
|
889,781.90
|
||
|
|
Principal Distribution Amount Paid
|
$
|
889,781.90
|
||
|
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
|
$
|
18,239.46
|
||
|
|
Deposits for the Period
|
$
|
19,329.51
|
||
|
|
Release to Collection Account
|
|
-
|
||
|
|
Ending Balance
|
$
|
37,568.97
|
||
|
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 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|