Navient Student Loan Trust 2015 1
04/07/2026 | Press release | Distributed by Public on 04/07/2026 07:47
Asset-Backed Issuer Distribution Report (Form 10-D)
Navient Student Loan Trust 2015-1
Monthly Servicing Report
Distribution Date 03/25/2026
Collection Period 02/01/2026 - 02/28/2026
Navient Funding, LLC - Depositor
Navient Solutions - Master Servicer and Administrator
Wells Fargo - Indenture Trustee
Wells Fargo Bank, National Association - Eligible Lender Trustee
Navient Funding - Excess Distribution Certificateholder
|
Page 1 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 02/01/2026 - 02/28/2026, Distribution Date 03/25/2026 |
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
02/26/2015
|
01/31/2026
|
02/28/2026
|
|||||||||
|
|
Principal Balance
|
$
|
968,675,662.97
|
$
|
263,133,568.74
|
$
|
261,032,786.40
|
||||||
|
|
Interest to be Capitalized Balance |
8,452,423.99
|
2,918,504.84
|
2,926,131.27
|
|||||||||
|
|
Pool Balance
|
$
|
977,128,086.96
|
$
|
266,052,073.58
|
$
|
263,958,917.67
|
||||||
|
|
Specified Reserve Account Balance |
16,379,916.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
993,508,002.96
|
$
|
266,052,073.58
|
$
|
263,958,917.67
|
||||||
|
|
Weighted Average Coupon (WAC) |
6.11%
|
|
6.63%
|
|
6.63%
|
|
||||||
|
|
Number of Loans |
155,605
|
27,022
|
26,717
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill |
$
|
35,406,689.27
|
$
|
35,342,222.56
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
230,645,384.31
|
$
|
228,616,695.11
|
||||||||
|
|
Pool Factor |
0.268002548
|
0.265894047
|
||||||||||
|
|
Since Issued Constant Prepayment Rate |
(3.62)%
|
|
(3.63)%
|
|
||||||||
| (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
|
02/25/2026
|
03/25/2026
|
|||||||
|
A2
|
63939FAB6
|
$
|
235,361,292.48
|
$ |
233,299,533.90
|
||||||
|
B
|
63939FAC4
|
$
|
26,700,000.00
|
$
|
26,700,000.00
|
||||||
|
C
|
Account Balances
|
02/25/2026
|
03/25/2026
|
||||||
|
Reserve Account Balance
|
$
|
992,722.00
|
$
|
992,722.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
309,566.58
|
$
|
122,186.41
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
02/25/2026
|
03/25/2026
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
266,052,073.58
|
$
|
263,958,917.67
|
|||||
|
Total Notes
|
$
|
262,061,292.48
|
$
|
259,999,533.90
|
|||||
|
Difference
|
$
|
3,990,781.10
|
$
|
3,959,383.77
|
|||||
|
Parity Ratio
|
1.01523
|
1.01523
|
|||||||
|
Page 2 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 02/01/2026 - 02/28/2026, Distribution Date 03/25/2026 |
|
II.
|
Trust Activity 02/01/2026 through 02/28/2026
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
498,433.04
|
||||
|
Guarantor Principal
|
1,875,200.96
|
||||
|
Consolidation Activity Principal
|
525,122.21
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,898,756.21
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
293,219.93
|
||||
|
Guarantor Interest
|
119,757.45
|
||||
|
Consolidation Activity Interest
|
8,860.60
|
||||
|
Special Allowance Payments
|
392,229.98
|
||||
|
Interest Subsidy Payments
|
140,627.88
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
16,619.54
|
||||
|
Total Interest Receipts
|
$
|
971,315.38
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
12,443.08
|
||
|
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
|
$ |
309,566.58
|
||
|
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
|
$
|
(96,715.43)
|
|||
|
Floor Income Rebate Fees to Dept. of Education
|
$ |
(246,360.73)
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(122,186.41)
|
|||
|
M
|
AVAILABLE FUNDS
|
$
|
3,726,818.68
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(797,973.87)
|
||
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
41,569.77
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 02/01/2026 - 02/28/2026, Distribution Date 03/25/2026 |
|
III.
|
2015-1 Portfolio Characteristics
|
|
02/28/2026
|
01/31/2026
|
||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.92%
|
|
17
|
$
|
79,394.67
|
0.030%
|
|
6.87%
|
|
16
|
$
|
73,724.67
|
0.028%
|
|
||||||||||||||||
|
|
GRACE
|
6.53%
|
|
7
|
$
|
37,611.02
|
0.014%
|
|
6.66%
|
|
8
|
$
|
43,281.02
|
0.016%
|
|
||||||||||||||||
|
|
DEFERMENT |
6.54%
|
|
1,640
|
$
|
13,597,158.61
|
5.209%
|
|
6.60%
|
|
1,600
|
$
|
13,530,445.07
|
5.142%
|
|
||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.60%
|
|
17,091
|
$
|
160,876,141.13
|
61.631%
|
|
6.59%
|
|
17,231
|
$
|
159,279,197.88
|
60.532%
|
|
||||||||||||||||
|
|
31-60 DAYS DELINQUENT |
6.70%
|
|
1,068
|
$
|
10,278,567.59
|
3.938%
|
|
6.80%
|
|
931
|
$
|
10,853,527.04
|
4.125%
|
|
||||||||||||||||
|
|
61-90 DAYS DELINQUENT |
6.83%
|
|
654
|
$
|
7,824,613.72
|
2.998%
|
|
6.63%
|
|
|
650
|
$
|
7,339,794.48
|
2.789%
|
|
|||||||||||||||
|
|
91-120 DAYS DELINQUENT |
6.82%
|
|
395
|
$
|
4,359,539.85
|
1.670%
|
|
6.64%
|
|
539
|
$
|
5,747,917.85
|
2.184%
|
|
||||||||||||||||
|
|
> 120 DAYS DELINQUENT |
6.61%
|
|
1,579
|
$
|
17,520,683.66
|
6.712%
|
|
6.60%
|
|
1,628
|
$
|
17,866,022.18
|
6.790%
|
|
||||||||||||||||
|
|
FORBEARANCE |
6.74%
|
|
3,668
|
$
|
39,901,700.53
|
15.286%
|
|
6.78%
|
|
3,818
|
$
|
41,528,011.88
|
15.782%
|
|
||||||||||||||||
|
|
CLAIMS IN PROCESS |
6.40%
|
|
598
|
$
|
6,557,375.62
|
2.512%
|
|
6.53%
|
|
601
|
$
|
6,871,646.67
|
2.611%
|
|
||||||||||||||||
|
TOTAL
|
26,717 |
$
|
261,032,786.40 |
100.00% |
|
27,022 |
$
|
263,133,568.74 |
100.00% |
|
|||||||||||||||||||||
|
*
|
Percentages may not total 100% due to rounding
|
|
Page 4 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 02/01/2026 - 02/28/2026, Distribution Date 03/25/2026 |
|
IV.
|
2015-1 Portfolio Characteristics (cont'd)
|
|
02/28/2026
|
01/31/2026
|
|||||||
|
Pool Balance
|
$
|
263,958,917.67
|
$
|
266,052,073.58
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
13,261,761.28
|
$
|
13,239,026.48
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,926,131.27
|
$
|
2,918,504.84
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,768,708.57
|
$
|
1,751,159.84
|
||||
|
Total # Loans
|
26,717
|
27,022
|
||||||
|
Total # Borrowers
|
11,604
|
11,754
|
||||||
|
Weighted Average Coupon
|
6.63%
|
|
6.63%
|
|
||||
|
Weighted Average Remaining Term
|
205.25
|
204.52
|
||||||
|
Non-Reimbursable Losses
|
$
|
41,569.77
|
$
|
32,294.62
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
5,919,677.55
|
$
|
5,878,107.78
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-3.63%
|
|
-3.62%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
405,329.34
|
$
|
405,329.34
|
||||
|
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
|
$
|
839,278.31
|
$
|
1,016,013.42
|
||||
|
Borrower Interest Accrued
|
$
|
1,281,943.54
|
$
|
1,429,438.20
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
42,868.74
|
$
|
47,391.94
|
||||
|
Special Allowance Payments Accrued
|
$
|
100,469.33
|
$
|
113,606.19
|
||||
|
Page 5 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 02/01/2026 - 02/28/2026, Distribution Date 03/25/2026 |
|
V.
|
2015-1 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
- GSL (1) - Subsidized
|
6.68%
|
|
11,959
|
60,527,163.53
|
23.188%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.79%
|
|
10,205
|
84,707,156.30
|
32.451%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.33%
|
|
363
|
8,044,546.80
|
3.082%
|
|
|||||||||||
|
- SLS (3) Loans
|
7.26%
|
|
38
|
320,926.94
|
0.123%
|
|
|||||||||||
|
- Consolidation Loans
|
6.34%
|
|
4,152
|
107,432,992.83
|
41.157%
|
|
|||||||||||
|
Total
|
6.63%
|
|
26,717
|
$
|
261,032,786.40
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
- Four Year
|
6.84%
|
|
18,203
|
130,989,454.11
|
50.181%
|
|
|||||||||||
|
- Two Year
|
6.76%
|
|
3,451
|
17,651,542.17
|
6.762%
|
|
|||||||||||
|
- Technical
|
6.79%
|
|
909
|
4,956,329.84
|
1.899%
|
|
|||||||||||
|
- Other
|
6.34%
|
|
4,154
|
107,435,460.28
|
41.158%
|
|
|||||||||||
|
Total
|
6.63%
|
|
26,717
|
$
|
261,032,786.40
|
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 2015-1 Monthly Servicing Report: Collection Period 02/01/2026 - 02/28/2026, Distribution Date 03/25/2026 |
|
VI.
|
2015-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
3,726,818.68
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
3,726,818.68
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
55,561.53
|
$
|
3,671,257.15
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
3,664,590.15
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
802,106.84
|
$
|
2,862,483.31
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
109,683.10
|
$
|
2,752,800.21
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
2,752,800.21
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
2,061,758.58
|
$
|
691,041.63
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
691,041.63
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
691,041.63
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
691,041.63
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
691,041.63
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
691,041.63
|
-
|
|||||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
261,032,786.40
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,926,131.27
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
992,722.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(992,722.00)
|
|
|
|
F
|
Total
|
$
|
263,958,917.67
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
233,299,533.90
|
||
|
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 2015-1 Monthly Servicing Report: Collection Period 02/01/2026 - 02/28/2026, Distribution Date 03/25/2026 |
|
VII.
|
2015-1 Distributions
|
Distribution Amounts
|
A2
|
B |
|
||||||
|
Cusip/Isin
|
63939FAB6
|
63939FAC4
|
||||||
|
Beginning Balance
|
$ |
235,361,292.48
|
$ |
26,700,000.00
|
||||
|
Index
|
SOFR |
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.60% |
|
1.50%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
|
1 NEW YORK BUSINESS DAY
|
|
||||
|
Accrual Period Begin
|
2/25/2026
|
2/25/2026
|
||||||
|
Accrual Period End
|
3/25/2026
|
3/25/2026
|
||||||
|
Daycount Fraction
|
0.07777778
|
0.07777778
|
||||||
|
Interest Rate*
|
4.38169%
|
|
5.28169%
|
|
||||
|
Accrued Interest Factor
|
0.003407981
|
|
0.004107981
|
|
||||
|
Current Interest Due
|
$ |
802,106.84
|
$ |
109,683.10
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
- |
- |
||||||
|
Total Interest Due
|
$ |
802,106.84
|
$ |
109,683.10
|
||||
|
Interest Paid
|
$ |
802,106.84
|
$ |
109,683.10
|
||||
|
Interest Shortfall
|
- |
- |
||||||
|
Principal Paid
|
$ |
2,061,758.58
|
- |
|||||
|
Ending Principal Balance
|
$ |
233,299,533.90
|
$ |
26,700,000.00
|
||||
|
Paydown Factor
|
0.003274192
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.370493146 |
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 2015-1 Monthly Servicing Report: Collection Period 02/01/2026 - 02/28/2026, Distribution Date 03/25/2026 |
|
VIII.
|
2015-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
262,061,292.48
|
|||
|
Adjusted Pool Balance
|
$
|
263,958,917.67
|
|||
|
Overcollateralization Amount
|
$
|
3,959,383.77
|
|||
|
Principal Distribution Amount
|
$
|
2,061,758.58
|
|||
|
Principal Distribution Amount Paid
|
$
|
2,061,758.58
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
992,722.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
992,722.00
|
|||
|
Required Reserve Acct Balance
|
$
|
992,722.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
992,722.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
309,566.58
|
|||
|
Deposits for the Period
|
$
|
122,186.41
|
|||
|
Release to Collection Account
|
$ |
(309,566.58)
|
|||
|
Ending Balance
|
$
|
122,186.41
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2015-1 Monthly Servicing Report: Collection Period 02/01/2026 - 02/28/2026, Distribution Date 03/25/2026 |
Navient Student Loan Trust 2015 1 published this content on April 07, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 07, 2026 at 13:47 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]