Navient Student Loan Trust 2014 2
01/08/2025 | Press release | Distributed by Public on 01/08/2025 11:26
Asset Backed Issuer Distribution Report (Form 10 D)
Navient Student Loan Trust 2014-2
Monthly Servicing Report
Distribution Date 12/26/2024
Collection Period 11/01/2024 - 11/30/2024
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 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
10/31/2024
|
11/30/2024
|
|||||||||
|
|
Principal Balance
|
$
|
257,208,313.46
|
$
|
80,253,063.06
|
$
|
79,684,970.43
|
||||||
|
|
Interest to be Capitalized Balance
|
1,145,436.55
|
552,561.10
|
510,883.40
|
|||||||||
|
|
Pool Balance
|
$
|
258,353,750.01
|
$
|
80,805,624.16
|
$
|
80,195,853.83
|
||||||
|
|
Specified Reserve Account Balance
|
5,924,254.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
264,278,004.01
|
$
|
80,805,624.16
|
$
|
80,195,853.83
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.68% |
|
5.72% |
|
5.72%
|
|
||||||
|
|
Number of Loans
|
10,746 |
3,350 |
3,318
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
5,958,311.39
|
$
|
5,719,604.69
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
74,847,312.77
|
$
|
74,476,249.14
|
||||||||
|
|
Pool Factor
|
0.306895427
|
0.304579552
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
6.84%
|
|
6.80%
|
|
| (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
|
11/25/2024
|
12/26/2024
|
|||||||
| A |
|
63938GAA7
|
$
|
70,217,852.76
|
$
|
69,587,040.41
|
|||||
|
B |
|
63938GAB5
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
|
C
|
Account Balances
|
11/25/2024
|
12/26/2024
|
||||||
|
|
Reserve Account Balance
|
$
|
263,300.00
|
$
|
263,300.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
3,342.19
|
$
|
2,899.92
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
11/25/2024
|
12/26/2024
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
80,805,624.16
|
$
|
80,195,853.83
|
||||
|
|
Total Notes
|
$
|
77,217,852.76
|
$
|
76,587,040.41
|
||||
|
|
Difference
|
$
|
3,587,771.40
|
$
|
3,608,813.42
|
||||
|
|
Parity Ratio
|
1.04646
|
1.04712
|
|
Page 2 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
| II. |
Trust Activity 11/01/2024 through 11/30/2024
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
288,450.62
|
||||
|
Guarantor Principal
|
88,781.32
|
||||
|
Consolidation Activity Principal
|
354,943.28
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
732,175.22
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
127,330.71
|
||||
|
Guarantor Interest
|
4,220.35
|
||||
|
Consolidation Activity Interest
|
31,346.59
|
||||
|
Special Allowance Payments
|
522,796.40
|
||||
|
Interest Subsidy Payments
|
26,506.69
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
2,602.32
|
||||
|
Total Interest Receipts
|
$
|
714,803.06
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
6,036.88
|
||
|
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
|
$ |
3,342.19
|
||
|
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
|
$
|
(71,904.09)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
$ |
(1,949.56)
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(2,899.92)
|
|
||
|
M |
AVAILABLE FUNDS
|
$
|
1,379,603.78
|
||
|
N |
Non-Cash Principal Activity During Collection Period
|
$
|
(164,082.59)
|
|
|
|
O |
Non-Reimbursable Losses During Collection Period
|
$
|
84.94
|
||
|
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 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
| III. |
2014-2 Portfolio Characteristics
|
|
11/30/2024
|
10/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
Wtd Avg
Coupon
|
#
Loans
|
Principal
|
%
of Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
4.98%
|
|
79
|
$
|
2,658,430.33
|
3.336%
|
|
4.93%
|
|
76
|
$
|
2,503,590.43
|
3.120%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.62%
|
|
2,662
|
$
|
55,191,323.22
|
69.262%
|
|
5.61%
|
|
2,666
|
$
|
55,995,569.35
|
69.774%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.13%
|
|
99
|
$
|
3,572,922.85
|
4.484%
|
|
5.70%
|
|
80
|
$
|
2,055,025.93
|
2.561%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
5.99%
|
|
55
|
$
|
1,417,368.38
|
1.779%
|
|
6.25%
|
|
57
|
$
|
1,935,472.53
|
2.412%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.12%
|
|
45
|
$
|
1,589,812.85
|
1.995%
|
|
6.78%
|
|
24
|
$
|
674,632.32
|
0.841%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.13%
|
|
70
|
$
|
2,652,561.33
|
3.329%
|
|
6.13%
|
|
65
|
$
|
2,549,582.05
|
3.177%
|
|
||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
|
FORBEARANCE
|
5.99%
|
|
293
|
$
|
12,231,820.50
|
15.350%
|
|
6.07%
|
|
368
|
$
|
14,317,487.53
|
17.840%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.52%
|
|
15
|
$
|
370,730.97
|
0.465%
|
|
7.27%
|
|
14
|
$
|
221,702.92
|
0.276%
|
|
||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
TOTAL
|
|
3,318
|
$
|
79,684,970.43
|
100.00%
|
|
3,350
|
$
|
80,253,063.06
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
| IV. |
2014-2 Portfolio Characteristics (cont'd)
|
|
11/30/2024
|
10/31/2024
|
|||||||
|
Pool Balance
|
$
|
80,195,853.83
|
$
|
80,805,624.16
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
2,842,931.09
|
$
|
2,809,436.28
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
510,883.40
|
$
|
552,561.10
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
325,934.87
|
$
|
245,673.83
|
||||
|
Total # Loans
|
3,318
|
3,350
|
||||||
|
Total # Borrowers
|
1,879
|
1,896
|
||||||
|
Weighted Average Coupon
|
5.72%
|
|
5.72%
|
|
||||
|
Weighted Average Remaining Term
|
201.79
|
202.36
|
||||||
|
Non-Reimbursable Losses
|
$
|
84.94
|
$
|
9,353.09
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
1,146,862.70
|
$
|
1,146,777.76
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
6.80%
|
|
6.84%
|
|
||||
|
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
|
-
|
$ |
48,481.69
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
164,190.34
|
$
|
198,824.45
|
||||
|
Borrower Interest Accrued
|
$
|
360,466.88
|
$
|
375,234.84
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
7,322.78
|
$
|
7,728.70
|
||||
|
Special Allowance Payments Accrued
|
$
|
133,836.41
|
$
|
150,153.63
|
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
| 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
|
5.72%
|
|
3,318
|
79,684,970.43
|
100.000%
|
|
||||||||||
|
|
Total
|
5.72%
|
|
3,318
|
$
|
79,684,970.43
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- Four Year
|
9.00%
|
|
1
|
47,761.09
|
0.060%
|
|
||||||||||
|
|
- Two Year
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- Technical
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
- Other
|
5.72%
|
|
3,317
|
79,637,209.34
|
99.940%
|
|
||||||||||
|
|
Total
|
5.72%
|
|
3,318
|
$
|
79,684,970.43
|
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 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
| VI. |
2014-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,379,603.78
|
|||||||
|
A
|
Trustee Fees
|
|
-
|
$
|
1,379,603.78
|
||||
|
B
|
Primary Servicing Fee
|
$
|
10,029.84
|
$
|
1,369,573.94
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,362,906.94
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
331,864.81
|
$
|
1,031,042.13
|
||||
| E |
Class B Noteholders' Interest Distribution Amount
|
$
|
38,267.41
|
$
|
992,774.72
|
||||
| F |
Reserve Account Reinstatement
|
-
|
$
|
992,774.72
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
630,812.35
|
$
|
361,962.37
|
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
361,962.37
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
361,962.37
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$
|
361,962.37
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
361,962.37
|
|||||
| L |
Excess Distribution Certificateholder
|
$
|
361,962.37
|
-
|
|
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
79,684,970.43
|
||
|
B
|
Interest to be Capitalized
|
$
|
510,883.40
|
||
|
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
|
$
|
80,195,853.83
|
||
| G |
Class A Notes Outstanding (after application of available funds)
|
$
|
69,587,040.41
|
||
| 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 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
| VII. |
2014-2 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938GAA7
|
63938GAB5
|
||||||
|
Beginning Balance
|
$
|
70,217,852.76
|
$
|
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
|
11/25/2024
|
11/25/2024
|
||||||
|
Accrual Period End
|
12/26/2024
|
12/26/2024
|
||||||
|
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
|
Interest Rate*
|
5.48851%
|
|
6.34851%
|
|
||||
|
Accrued Interest Factor
|
0.004726217
|
0.005466773
|
||||||
|
Current Interest Due
|
$
|
331,864.81
|
$
|
38,267.41
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
331,864.81
|
$
|
38,267.41
|
||||
|
Interest Paid
|
$
|
331,864.81
|
$
|
38,267.41
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
630,812.35
|
-
|
|||||
|
Ending Principal Balance
|
$
|
69,587,040.41
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.002464111
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.271824377
|
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 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|
| VIII. |
2014-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
77,217,852.76
|
||
|
|
Adjusted Pool Balance
|
$
|
80,195,853.83
|
||
|
|
Overcollateralization Amount
|
$
|
3,608,813.42
|
||
|
|
Principal Distribution Amount
|
$
|
630,812.35
|
||
|
|
Principal Distribution Amount Paid
|
$
|
630,812.35
|
||
|
|
|||||
|
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
|
$
|
3,342.19
|
||
|
|
Deposits for the Period
|
$
|
2,899.92
|
||
|
|
Release to Collection Account
|
$ |
(3,342.19)
|
||
|
|
Ending Balance
|
$
|
2,899.92
|
||
|
|
|||||
|
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 11/01/2024 - 11/30/2024, Distribution Date 12/26/2024
|