SLM Student Loan Trust 2014 2
01/08/2025 | Press release | Distributed by Public on 01/08/2025 11:27
Asset Backed Issuer Distribution Report (Form 10 D)
SLM 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
|
03/27/2014
|
10/31/2024
|
11/30/2024
|
|||||||||
|
|
Principal Balance
|
$
|
947,628,246.57
|
$
|
203,162,313.08
|
$
|
201,340,915.55
|
||||||
|
|
Interest to be Capitalized Balance
|
17,244,992.28
|
2,353,992.69
|
2,310,224.59
|
|||||||||
|
|
Pool Balance
|
$
|
964,873,238.85
|
$
|
205,516,305.77
|
$
|
203,651,140.14
|
||||||
|
|
Specified Reserve Account Balance
|
4,976,726.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
969,849,964.85
|
$
|
205,516,305.77
|
$
|
203,651,140.14
|
||||||
|
|
Weighted Average Coupon (WAC)
|
6.24%
|
|
7.17%
|
|
7.17%
|
|
||||||
|
|
Number of Loans
|
199,512
|
31,194
|
30,843
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,499,031.91
|
$
|
1,479,579.99
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
204,017,273.86
|
$
|
202,171,560.15
|
||||||||
|
|
Pool Factor
|
0.206477416
|
0.204603528
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
(17.46)%
|
|
(18.89)%
|
|
| (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
|
11/25/2024
|
12/26/2024
|
||||||
|
A3
|
78448GAC4
|
$
|
176,261,142.71
|
$
|
174,414,628.74
|
|||||
| B |
78448GAD2
|
$
|
27,200,000.00
|
$
|
27,200,000.00
|
|
C
|
Account Balances
|
11/25/2024
|
12/26/2024
|
||||||
|
|
Reserve Account Balance
|
$
|
995,345.00
|
$
|
995,345.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
67,299.51
|
$
|
33,661.77
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
11/25/2024
|
12/26/2024
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
205,516,305.77
|
$
|
203,651,140.14
|
||||
|
|
Total Notes
|
$
|
203,461,142.71
|
$
|
201,614,628.74
|
||||
|
|
Difference
|
$
|
2,055,163.06
|
$
|
2,036,511.40
|
||||
|
|
Parity Ratio
|
1.01010
|
1.01010
|
|
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
|
389,826.44
|
||||
|
Guarantor Principal
|
1,334,120.30
|
||||
|
Consolidation Activity Principal
|
690,995.28
|
||||
|
Seller Principal Reimbursement
|
134.84
|
||||
|
Servicer Principal Reimbursement
|
9.49
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,415,086.35
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
264,552.25
|
||||
|
Guarantor Interest
|
80,106.14
|
||||
|
Consolidation Activity Interest
|
28,831.53
|
||||
|
Special Allowance Payments
|
433,039.52
|
||||
|
Interest Subsidy Payments
|
101,545.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
429.03
|
|
|||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
4,978.67
|
||||
|
Total Interest Receipts
|
$
|
913,482.14
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
15,928.37
|
||
|
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
|
$ |
67,299.51
|
||
|
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
|
$ |
(59,714.16)
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(33,661.77)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
3,318,420.44
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(593,688.82)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
11,307.95
|
||
|
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:
|
IN SCHOOL
|
6.89%
|
|
40
|
$
|
196,857.80
|
0.098%
|
|
6.89%
|
|
40
|
$
|
196,857.80
|
0.097%
|
|
||||||||||||||||||
|
|
GRACE
|
6.89%
|
|
9
|
$
|
31,599.00
|
0.016%
|
|
6.86%
|
|
19
|
$
|
72,804.00
|
0.036%
|
|
||||||||||||||||||
|
|
DEFERMENT
|
6.93%
|
|
1,866
|
$
|
10,574,349.00
|
5.252%
|
|
6.93%
|
|
1,890
|
$
|
10,571,086.48
|
5.203%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
7.17%
|
|
20,451
|
$
|
126,010,514.92
|
62.586%
|
|
7.16%
|
|
20,932
|
$
|
127,359,170.32
|
62.688%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
7.16%
|
|
1,561
|
$
|
11,705,163.16
|
5.814%
|
|
7.18%
|
|
1,307
|
$
|
9,328,269.44
|
4.592%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
7.18%
|
|
891
|
$
|
6,612,426.67
|
3.284%
|
|
7.20%
|
|
630
|
$
|
4,844,997.24
|
2.385%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
7.23%
|
|
471
|
$
|
3,635,088.91
|
1.805%
|
|
7.11%
|
|
336
|
$
|
2,308,968.04
|
1.137%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
7.26%
|
|
1,232
|
$
|
10,241,030.99
|
5.086%
|
|
7.26%
|
|
1,239
|
$
|
10,689,757.65
|
5.262%
|
|
||||||||||||||||||
|
|
FORBEARANCE |
7.19%
|
|
4,176
|
$
|
31,416,482.02
|
15.604%
|
|
7.24%
|
|
4,495
|
$
|
35,963,718.79
|
17.702%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
7.05%
|
|
146
|
$
|
917,403.08
|
0.456%
|
|
7.24%
|
|
306
|
$
|
1,826,683.32
|
0.899%
|
|
||||||||||||||||||
|
TOTAL
|
30,843
|
$
|
201,340,915.55
|
100.00%
|
|
31,194
|
$
|
203,162,313.08
|
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
|
$
|
203,651,140.14
|
$
|
205,516,305.77
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
10,279,087.27
|
$
|
10,117,513.65
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,310,224.59
|
$
|
2,353,992.69
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,226,088.57
|
$
|
1,170,541.34
|
||||
|
Total # Loans
|
30,843
|
31,194
|
||||||
|
Total # Borrowers
|
8,800
|
8,927
|
||||||
|
Weighted Average Coupon
|
7.17%
|
|
7.17%
|
|
||||
|
Weighted Average Remaining Term
|
191.20
|
190.41
|
||||||
|
Non-Reimbursable Losses
|
$
|
11,307.95
|
$
|
10,919.93
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
3,740,336.61
|
$
|
3,729,028.66
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-18.89%
|
|
-17.46%
|
|
||||
|
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
|
$
|
605,631.15
|
$
|
939,838.74
|
||||
|
Borrower Interest Accrued
|
$
|
1,143,207.25
|
$
|
1,190,262.64
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
31,807.77
|
$
|
33,421.13
|
||||
|
Special Allowance Payments Accrued
|
$
|
68,706.32
|
$
|
93,367.21
|
|
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
|
6.92%
|
|
16,099
|
69,098,524.07
|
34.319%
|
|
||||||||||
|
|
- GSL - Unsubsidized
|
6.95%
|
|
13,812
|
102,861,726.20
|
51.088%
|
|
||||||||||
|
|
- PLUS (2) Loans
|
8.50%
|
|
912
|
29,270,338.10
|
14.538%
|
|
||||||||||
|
|
- SLS (3) Loans
|
8.29%
|
|
20
|
110,327.18
|
0.055%
|
|
||||||||||
|
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
Total
|
7.17%
|
|
30,843
|
$
|
201,340,915.55
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- Four Year
|
7.18%
|
|
26,250
|
182,735,109.37
|
90.759%
|
|
||||||||||
|
|
- Two Year
|
7.04%
|
|
3,887
|
15,908,226.36
|
7.901%
|
|
||||||||||
|
|
- Technical
|
7.15%
|
|
676
|
2,602,375.84
|
1.293%
|
|
||||||||||
|
|
- Other
|
7.43%
|
|
30
|
95,203.98
|
0.047%
|
|
||||||||||
|
|
Total
|
7.17%
|
|
30,843
|
$
|
201,340,915.55
|
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
|
|
$
|
3,318,420.44
|
||||||
|
A |
Trustee Fees |
- |
$ |
3,318,420.44
|
|||||
|
B |
Primary Servicing Fee
|
$
|
42,175.74
|
$
|
3,276,244.70
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
3,269,577.70
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
825,459.38
|
$
|
2,444,118.32
|
||||
|
E |
Class B Noteholders' Interest Distribution Amount
|
$
|
148,696.21
|
$
|
2,295,422.11
|
||||
|
F |
Reserve Account Reinstatement
|
- |
$
|
2,295,422.11
|
|||||
| G |
Class A Noteholders' Principal Distribution Amount
|
$
|
1,846,513.97
|
$
|
448,908.14
|
||||
| H |
Class B Noteholders' Principal Distribution Amount
|
- |
$
|
448,908.14
|
|||||
| I |
Unpaid Expenses of The Trustees
|
-
|
$
|
448,908.14
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$
|
448,908.14
|
|||||
| K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
448,908.14
|
|||||
| L |
Excess Distribution Certificateholder
|
$
|
448,908.14 |
- |
|
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
201,340,915.55
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,310,224.59
|
||
|
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
|
$
|
203,651,140.14
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
174,414,628.74
|
||
|
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
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78448GAC4
|
78448GAD2
|
||||||
|
Beginning Balance
|
$
|
176,261,142.71
|
$
|
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
|
11/25/2024
|
11/25/2024
|
||||||
|
Accrual Period End
|
12/26/2024
|
12/26/2024
|
||||||
|
Daycount Fraction
|
0.08611111
|
0.08611111
|
||||||
|
Interest Rate*
|
5.43851%
|
|
6.34851%
|
|
||||
|
Accrued Interest Factor
|
0.004683161
|
0.005466772
|
||||||
|
Current Interest Due
|
$
|
825,459.38
|
$
|
148,696.21
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
825,459.38
|
$
|
148,696.21
|
||||
|
Interest Paid
|
$
|
825,459.38
|
$
|
148,696.21
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,846,513.97
|
-
|
|||||
|
Ending Principal Balance
|
$
|
174,414,628.74
|
$
|
27,200,000.00
|
||||
|
Paydown Factor
|
0.003648516
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.344624834
|
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
|
$
|
203,461,142.71
|
||
|
|
Adjusted Pool Balance
|
$
|
203,651,140.14
|
||
|
|
Overcollateralization Amount
|
$
|
2,036,511.40
|
||
|
|
Principal Distribution Amount
|
$
|
1,846,513.97
|
||
|
|
Principal Distribution Amount Paid
|
$
|
1,846,513.97
|
||
|
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
|
$
|
67,299.51
|
||
|
|
Deposits for the Period
|
$
|
33,661.77
|
||
|
|
Release to Collection Account
|
$ |
(67,299.51)
|
||
|
|
Ending Balance
|
$
|
33,661.77
|
||
|
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
|