Navient Student Loan Trust 2014 5
05/08/2026 | Press release | Distributed by Public on 05/08/2026 07:04
Asset-Backed Issuer Distribution Report (Form 10-D)
Navient Student Loan Trust 2014-5
Monthly Servicing Report
Distribution Date 04/27/2026
Collection Period 03/01/2026 - 03/31/2026
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 2014-5 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
02/28/2026
|
03/31/2026
|
|||||||||
|
|
Principal Balance
|
$
|
155,346,000.80
|
$
|
43,641,825.66
|
$
|
43,396,087.97
|
||||||
|
|
Interest to be Capitalized Balance
|
812,255.89
|
151,614.99
|
123,098.66
|
|||||||||
|
|
Pool Balance
|
$
|
156,158,256.69
|
$
|
43,793,440.65
|
$
|
43,519,186.63
|
||||||
|
|
Specified Reserve Account Balance
|
3,566,417.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
159,724,673.69
|
$
|
43,793,440.65
|
$
|
43,519,186.63
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.48%
|
|
5.55%
|
|
5.55%
|
|
||||||
|
|
Number of Loans
|
6,801
|
1,877
|
1,852
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,819,025.59
|
$
|
1,819,293.21
|
||||||||
|
|
Aggregate Outstanding Principal Balance -SOFR
|
$
|
41,974,415.06
|
$
|
41,699,893.42
|
||||||||
|
|
Pool Factor
|
0.276286336
|
0.274556108
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
5.72%
|
|
5.67%
|
|
||||||||
| (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
|
03/25/2026
|
04/27/2026
|
||||||
| A |
63938WAA2
|
$
|
36,843,440.65
|
$
|
36,632,225.80
|
|||||
| B |
63938WAB0
|
$
|
4,200,000.00
|
$
|
4,200,000.00
|
|||||
|
C
|
Account Balances
|
03/25/2026
|
04/27/2026
|
||||||
|
|
Reserve Account Balance
|
$
|
158,507.00
|
$
|
158,507.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
8,202.25
|
$
|
17,341.08
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
||||||
|
D
|
Asset / Liability
|
03/25/2026
|
04/27/2026
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
43,793,440.65
|
$
|
43,519,186.63
|
||||
|
|
Total Notes
|
$
|
41,043,440.65
|
$
|
40,832,225.80
|
||||
|
|
Difference
|
$
|
2,750,000.00
|
$
|
2,686,960.83
|
||||
|
|
Parity Ratio
|
1.06700
|
1.06580
|
||||||
|
Page 2 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| II. |
Trust Activity 03/01/2026 through 03/31/2026
|
| A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
159,872.54
|
||||
|
Guarantor Principal
|
165,362.74
|
||||
|
Consolidation Activity Principal
|
23,844.82
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
349,080.10
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
73,021.55
|
||||
|
Guarantor Interest
|
14,522.98
|
||||
|
Consolidation Activity Interest
|
0.00
|
||||
|
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
|
1,505.37
|
||||
|
Total Interest Receipts
|
$
|
89,049.90
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
2,361.69
|
||
|
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
|
-
|
|||
|
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
|
$
|
(38,992.98)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(9,138.83)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
392,359.88
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(103,342.41)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
4,339.36
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| III. |
2014-5 Portfolio Characteristics
|
|
03/31/2026
|
02/28/2026
|
||||||||||||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans |
Principal |
% of Principal |
Wtd Avg Coupon
|
# Loans |
Principal |
% of Principal |
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.21%
|
|
29
|
$
|
1,035,897.59
|
2.387%
|
|
6.74%
|
|
34
|
$
|
781,266.04
|
1.790%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.46%
|
|
1,531
|
$
|
31,077,421.16
|
71.613%
|
|
5.42%
|
|
1,551
|
$
|
30,249,954.30
|
69.314%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.49%
|
|
53
|
$
|
1,193,048.43
|
2.749%
|
|
6.93%
|
|
27
|
$
|
1,208,630.23
|
2.769%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
7.64%
|
|
17
|
$
|
894,073.47
|
2.060%
|
|
5.17%
|
|
41
|
$
|
2,151,196.72
|
4.929%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
4.77%
|
|
20
|
$
|
1,445,402.48
|
3.331%
|
|
5.55%
|
|
16
|
$
|
677,242.14
|
1.552%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
4.92%
|
|
55
|
$
|
2,669,631.69
|
6.152%
|
|
5.00%
|
|
57
|
$
|
2,587,543.35
|
5.929%
|
|
|||||||||||||||||||
|
|
FORBEARANCE |
5.93%
|
|
124
|
$
|
4,112,504.13
|
9.477%
|
|
6.24%
|
|
126
|
$
|
5,137,611.07
|
11.772%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
5.88%
|
|
23
|
$
|
968,109.02
|
2.231%
|
|
5.62%
|
|
25
|
$
|
848,381.81
|
1.944%
|
|
||||||||||||||||||
|
TOTAL
|
1,852
|
$
|
43,396,087.97
|
100.00%
|
|
1,877
|
$
|
43,641,825.66
|
100.00%
|
|
|||||||||||||||||||||||
|
*
|
Percentages may not total 100% due to rounding
|
|
Page 4 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| IV. |
2014-5 Portfolio Characteristics (cont'd)
|
|
03/31/2026
|
02/28/2026
|
|||||||
|
Pool Balance
|
$
|
43,519,186.63
|
$
|
43,793,440.65
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
1,381,389.33
|
$
|
1,380,132.69
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
123,098.66
|
$
|
151,614.99
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
271,032.45
|
$
|
241,744.27
|
||||
|
Total # Loans
|
1,852
|
1,877
|
||||||
|
Total # Borrowers
|
1,028
|
1,043
|
||||||
|
Weighted Average Coupon
|
5.55%
|
|
5.55%
|
|
||||
|
Weighted Average Remaining Term
|
204.75
|
203.82
|
||||||
|
Non-Reimbursable Losses
|
$
|
4,339.36
|
$
|
4,934.60
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
762,937.67
|
$
|
758,598.31
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
5.67%
|
|
5.72%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$
|
63,039.17
|
-
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
107,658.68
|
$
|
85,531.81
|
||||
|
Borrower Interest Accrued
|
$
|
196,246.03
|
$
|
178,905.16
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
3,878.57
|
$
|
3,077.95
|
||||
|
Special Allowance Payments Accrued
|
$
|
51,263.65
|
$
|
46,541.15
|
||||
|
Page 5 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
|
V.
|
2014-5 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
|
5.55%
|
|
1,852
|
43,396,087.97
|
100.000%
|
|
||||||||||
|
|
Total
|
5.55%
|
|
1,852
|
$
|
43,396,087.97
|
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
|
5.55%
|
|
1,852
|
43,396,087.97
|
100.000%
|
|
||||||||||
|
|
Total
|
5.55%
|
|
1,852
|
$
|
43,396,087.97
|
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 2014-5 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| VI. |
2014-5 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
392,359.88
|
|||||||
|
A
|
Trustee Fees
|
|
-
|
$
|
392,359.88
|
||||
|
B
|
Primary Servicing Fee
|
$
|
5,684.35
|
$
|
386,675.53
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
380,008.53
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
148,479.62
|
$
|
231,528.91
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
20,314.06
|
$
|
211,214.85
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
211,214.85
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
211,214.85
|
|
-
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
|
-
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
|
-
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
|
-
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
|
-
|
|||||
|
L
|
Excess Distribution Certificateholder
|
|
-
|
|
-
|
||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
43,396,087.97
|
||
|
B
|
Interest to be Capitalized
|
$
|
123,098.66
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
158,507.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(158,507.00)
|
|
|
|
F
|
Total
|
$
|
43,519,186.63
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
36,632,225.80
|
||
|
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 2014-5 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| VII. |
2014-5 Distributions
|
Distribution Amounts
| A |
|
B
|
|
|||||
|
Cusip/Isin
|
63938WAA2
|
63938WAB0
|
||||||
|
Beginning Balance
|
$
|
36,843,440.65
|
$
|
4,200,000.00
|
||||
|
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
|
3/25/2026
|
3/25/2026
|
||||||
|
Accrual Period End
|
4/27/2026
|
4/27/2026
|
||||||
|
Daycount Fraction
|
0.09166667
|
0.09166667
|
||||||
|
Interest Rate*
|
4.39638%
|
|
5.27638%
|
|
||||
|
Accrued Interest Factor
|
0.004030015
|
0.004836681
|
||||||
|
Current Interest Due
|
$
|
148,479.62
|
$
|
20,314.06
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
148,479.62
|
$
|
20,314.06
|
||||
|
Interest Paid
|
$
|
148,479.62
|
$
|
20,314.06
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
211,214.85
|
-
|
|||||
|
Ending Principal Balance
|
$
|
36,632,225.80
|
$
|
4,200,000.00
|
||||
|
Paydown Factor
|
0.001370635
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.237717234
|
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 2014-5 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
| VIII. |
2014-5 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
41,043,440.65
|
||
|
|
Adjusted Pool Balance
|
$
|
43,519,186.63
|
||
|
|
Overcollateralization Amount
|
$
|
2,750,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
274,254.02
|
||
|
|
Principal Distribution Amount Paid
|
$
|
211,214.85
|
||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
158,507.00
|
||
|
|
Reserve Funds Utilized
|
0.00
|
|||
|
|
Reserve Funds Reinstated
|
0.00
|
|||
|
|
Balance Available
|
$
|
158,507.00
|
||
|
|
Required Reserve Acct Balance
|
$
|
158,507.00
|
||
|
|
Release to Collection Account
|
|
-
|
||
|
|
Ending Reserve Account Balance
|
$
|
158,507.00
|
||
|
C
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
8,202.25
|
||
|
|
Deposits for the Period
|
$
|
9,138.83
|
||
|
|
Release to Collection Account
|
-
|
|||
|
|
Ending Balance
|
$
|
17,341.08
|
||
|
D
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|||
|
Page 9 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 03/01/2026 - 03/31/2026, Distribution Date 04/27/2026
|
Navient Student Loan Trust 2014 5 published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 08, 2026 at 13:04 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]