Navient Student Loan Trust 2014 5
12/08/2025 | Press release | Distributed by Public on 12/08/2025 08:52
Asset-Backed Issuer Distribution Report (Form 10-D)
Navient Student Loan Trust 2014-5
Monthly Servicing Report
Distribution Date 11/25/2025
Collection Period 10/01/2025 - 10/31/2025
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 10/01/2025 - 10/31/2025, Distribution Date 11/25/2025
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
09/30/2025
|
10/31/2025
|
|||||||||
|
|
Principal Balance
|
$
|
155,346,000.80
|
$
|
45,432,186.57
|
$
|
44,907,479.94
|
||||||
|
|
Interest to be Capitalized Balance
|
812,255.89
|
167,727.99
|
207,233.11
|
|||||||||
|
|
Pool Balance
|
$
|
156,158,256.69
|
$
|
45,599,914.56
|
$
|
45,114,713.05
|
||||||
|
|
Specified Reserve Account Balance
|
3,566,417.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
159,724,673.69
|
$
|
45,599,914.56
|
$
|
45,114,713.05
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.48%
|
|
5.55%
|
|
5.55%
|
|
||||||
|
|
Number of Loans
|
6,801
|
1,970
|
1,939
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,874,327.61
|
$
|
1,882,427.42
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
43,725,586.95
|
$
|
43,232,285.63
|
||||||||
|
|
Pool Factor
|
0.287683113
|
0.284622048
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
5.90%
|
|
5.89%
|
|
||||||||
| (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
|
10/27/2025
|
11/25/2025
|
||||||
| A |
63938WAA2
|
$
|
38,787,918.14
|
$
|
38,294,728.42
|
|||||
| B |
63938WAB0
|
$
|
4,200,000.00
|
$
|
4,200,000.00
|
|||||
|
C
|
Account Balances
|
10/27/2025
|
11/25/2025
|
||||||
|
|
Reserve Account Balance
|
$
|
158,507.00
|
$
|
158,507.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
6,373.17
|
$
|
10,648.72
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
||||||
|
D
|
Asset / Liability
|
10/27/2025
|
11/25/2025
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
45,599,914.56
|
$
|
45,114,713.05
|
||||
|
|
Total Notes
|
$
|
42,987,918.14
|
$
|
42,494,728.42
|
||||
|
|
Difference
|
$
|
2,611,996.42
|
$
|
2,619,984.63
|
||||
|
|
Parity Ratio
|
1.06076
|
1.06165
|
||||||
|
Page 2 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 10/01/2025 - 10/31/2025, Distribution Date 11/25/2025
|
| II. |
Trust Activity 10/01/2025 through 10/31/2025
|
| A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
204,233.95
|
||||
|
Guarantor Principal
|
296,368.10
|
||||
|
Consolidation Activity Principal
|
120,892.17
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
621,494.22
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
73,779.08
|
||||
|
Guarantor Interest
|
22,404.02
|
||||
|
Consolidation Activity Interest
|
975.84
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
889.57
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
1,716.22
|
||||
|
Total Interest Receipts
|
$
|
99,764.73
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
2,405.97
|
||
|
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
|
$
|
(40,306.65)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(4,275.55)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
679,082.72
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(96,787.59)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
8,534.94
|
||
|
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 10/01/2025 - 10/31/2025, Distribution Date 11/25/2025
|
| III. |
2014-5 Portfolio Characteristics
|
|
10/31/2025
|
09/30/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.88%
|
|
45
|
$
|
1,144,532.76
|
2.549%
|
|
5.92%
|
|
48
|
$
|
1,186,218.64
|
2.611%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.33%
|
|
1,568
|
$
|
29,401,771.25
|
65.472%
|
|
5.34%
|
|
1,584
|
$
|
29,985,428.58
|
66.000%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
5.87%
|
|
51
|
$
|
2,104,911.85
|
4.687%
|
|
6.14%
|
|
32
|
$
|
1,115,213.54
|
2.455%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.13%
|
|
18
|
$
|
972,602.32
|
2.166%
|
|
5.00%
|
|
51
|
$
|
2,624,002.54
|
5.776%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
4.96%
|
|
33
|
$
|
1,828,809.43
|
4.072%
|
|
6.22%
|
|
16
|
$
|
532,769.62
|
1.173%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.50%
|
|
78
|
$
|
3,254,673.35
|
7.248%
|
|
6.53%
|
|
79
|
$
|
3,643,984.44
|
8.021%
|
|
|||||||||||||||||||
|
|
FORBEARANCE |
5.89%
|
|
139
|
$
|
5,795,592.15
|
12.906%
|
|
5.92%
|
|
147
|
$
|
5,889,394.85
|
12.963%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
7.14%
|
|
7
|
$
|
404,586.83
|
0.901%
|
|
6.62%
|
|
13
|
$
|
455,174.36
|
1.002%
|
|
||||||||||||||||||
|
TOTAL
|
1,939
|
$
|
44,907,479.94
|
100.00%
|
|
1,970
|
$
|
45,432,186.57
|
100.00%
|
|
|||||||||||||||||||||||
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 10/01/2025 - 10/31/2025, Distribution Date 11/25/2025
|
| IV. |
2014-5 Portfolio Characteristics (cont'd)
|
|
10/31/2025
|
09/30/2025
|
|||||||
|
Pool Balance
|
$
|
45,114,713.05
|
$
|
45,599,914.56
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
1,376,203.91
|
$
|
1,374,081.30
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
207,233.11
|
$
|
167,727.99
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
315,969.96
|
$
|
313,852.60
|
||||
|
Total # Loans
|
1,939
|
1,970
|
||||||
|
Total # Borrowers
|
1,076
|
1,095
|
||||||
|
Weighted Average Coupon
|
5.55%
|
|
5.55%
|
|
||||
|
Weighted Average Remaining Term
|
203.10
|
202.77
|
||||||
|
Non-Reimbursable Losses
|
$
|
8,534.94
|
|
-
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
750,355.87
|
$
|
741,820.93
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
5.89%
|
|
5.90%
|
|
||||
|
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
|
$ |
130,015.37
|
$ |
138,003.58
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
105,275.63
|
$
|
95,828.55
|
||||
|
Borrower Interest Accrued
|
$
|
204,171.44
|
$
|
198,644.23
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
3,440.22
|
$
|
3,983.42
|
||||
|
Special Allowance Payments Accrued
|
$
|
66,083.15
|
$
|
68,569.60
|
||||
|
Page 5 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 10/01/2025 - 10/31/2025, Distribution Date 11/25/2025
|
|
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%
|
|
1,939
|
44,907,479.94
|
100.000%
|
|
||||||||||
|
|
Total
|
5.55%
|
|
1,939
|
$
|
44,907,479.94
|
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%
|
|
1,939
|
44,907,479.94
|
100.000%
|
|
||||||||||
|
|
Total
|
5.55%
|
|
1,939
|
$
|
44,907,479.94
|
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 10/01/2025 - 10/31/2025, Distribution Date 11/25/2025
|
| VI. |
2014-5 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
679,082.72
|
|||||||
|
A
|
Trustee Fees
|
|
-
|
$
|
679,082.72
|
||||
|
B
|
Primary Servicing Fee
|
$
|
5,967.75
|
$
|
673,114.97
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
666,447.97
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
153,644.15
|
$
|
512,803.82
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
19,614.10
|
$
|
493,189.72
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
493,189.72
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
493,189.72
|
|
-
|
||||
|
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
|
$
|
44,907,479.94
|
||
|
B
|
Interest to be Capitalized
|
$
|
207,233.11
|
||
|
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
|
$
|
45,114,713.05
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
38,294,728.42
|
||
|
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 10/01/2025 - 10/31/2025, Distribution Date 11/25/2025
|
| VII. |
2014-5 Distributions
|
Distribution Amounts
|
A |
|
B |
|
|||||
|
Cusip/Isin
|
63938WAA2
|
63938WAB0
|
||||||
|
Beginning Balance
|
$
|
38,787,918.14
|
$
|
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
|
10/27/2025
|
10/27/2025
|
||||||
|
Accrual Period End
|
11/25/2025
|
11/25/2025
|
||||||
|
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
|
Interest Rate*
|
4.91727%
|
|
5.79727%
|
|
||||
|
Accrued Interest Factor
|
0.003961134
|
0.004670024
|
||||||
|
Current Interest Due
|
$
|
153,644.15
|
$
|
19,614.10
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
153,644.15
|
$
|
19,614.10
|
||||
|
Interest Paid
|
$
|
153,644.15
|
$
|
19,614.10
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
493,189.72
|
-
|
|||||
|
Ending Principal Balance
|
$
|
38,294,728.42
|
$
|
4,200,000.00
|
||||
|
Paydown Factor
|
0.003200452
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.248505700
|
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 10/01/2025 - 10/31/2025, Distribution Date 11/25/2025
|
| VIII. |
2014-5 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
42,987,918.14
|
||
|
|
Adjusted Pool Balance
|
$
|
45,114,713.05
|
||
|
|
Overcollateralization Amount
|
$
|
2,750,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
623,205.09
|
||
|
|
Principal Distribution Amount Paid
|
$
|
493,189.72
|
||
|
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
|
$
|
6,373.17
|
||
|
|
Deposits for the Period
|
$
|
4,275.55
|
||
|
|
Release to Collection Account
|
-
|
|||
|
|
Ending Balance
|
$
|
10,648.72
|
||
|
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 10/01/2025 - 10/31/2025, Distribution Date 11/25/2025
|
Navient Student Loan Trust 2014 5 published this content on December 08, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 08, 2025 at 14:52 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]