Navient Student Loan Trust 2014 5
03/10/2026 | Press release | Distributed by Public on 03/10/2026 07:49
Asset-Backed Issuer Distribution Report (Form 10-D)
Navient Student Loan Trust 2014-5
Monthly Servicing Report
Distribution Date 02/25/2026
Collection Period 01/01/2026 - 01/31/2026
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 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
12/31/2025
|
01/31/2026
|
|||||||||
|
|
Principal Balance
|
$
|
155,346,000.80
|
$
|
44,202,769.77
|
$
|
43,902,888.58
|
||||||
|
|
Interest to be Capitalized Balance
|
812,255.89
|
165,277.33
|
135,523.13
|
|||||||||
|
|
Pool Balance
|
$
|
156,158,256.69
|
$
|
44,368,047.10
|
$
|
44,038,411.71
|
||||||
|
|
Specified Reserve Account Balance
|
3,566,417.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
159,724,673.69
|
$
|
44,368,047.10
|
$
|
44,038,411.71
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.48%
|
|
5.54%
|
|
5.55%
|
|
||||||
|
|
Number of Loans
|
6,801
|
1,909
|
1,895
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,818,926.36
|
$
|
1,821,083.64
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
42,549,120.74
|
$
|
42,217,328.07
|
||||||||
|
|
Pool Factor
|
0.279911443
|
0.277831822
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
5.82%
|
|
5.78%
|
|
||||||||
| (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
|
01/26/2026
|
02/25/2026
|
||||||
| A |
63938WAA2
|
$
|
37,440,898.64
|
$
|
37,161,080.52
|
|||||
| B |
63938WAB0
|
$
|
4,200,000.00
|
$
|
4,200,000.00
|
|||||
|
C
|
Account Balances
|
01/26/2026
|
02/25/2026
|
||||||
|
|
Reserve Account Balance
|
$
|
158,507.00
|
$
|
158,507.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
11,545.04
|
$
|
20,308.34
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
||||||
|
D
|
Asset / Liability
|
01/26/2026
|
02/25/2026
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
44,368,047.10
|
$
|
44,038,411.71
|
||||
|
|
Total Notes
|
$
|
41,640,898.64
|
$
|
41,361,080.52
|
||||
|
|
Difference
|
$
|
2,727,148.46
|
$
|
2,677,331.19
|
||||
|
|
Parity Ratio
|
1.06549
|
1.06473
|
||||||
|
Page 2 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| II. |
Trust Activity 01/01/2026 through 01/31/2026
|
| A |
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
139,832.26
|
||||
|
Guarantor Principal
|
- | ||||
|
Consolidation Activity Principal
|
271,073.34
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
410,905.60
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
68,896.49
|
||||
|
Guarantor Interest
|
0.00 | ||||
|
Consolidation Activity Interest
|
11,182.47
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
656.11
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
3,197.28
|
||||
|
Total Interest Receipts
|
$
|
83,932.35
|
|||
| C |
Reserves in Excess of Requirement
|
|
- | ||
|
D
|
Investment Income
|
$
|
2,464.46
|
||
|
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
|
$
|
(39,417.05)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(8,763.30)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
449,122.06
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(111,024.41)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
|
- | ||
|
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 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| III. |
2014-5 Portfolio Characteristics
|
|
01/31/2026
|
12/31/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans |
Principal |
% of Principal |
Wtd Avg Coupon
|
# Loans |
Principal |
% of Principal |
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.28%
|
|
36
|
$
|
678,718.02
|
1.546%
|
|
5.88%
|
|
40
|
$
|
639,418.04
|
1.447%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.46%
|
|
1,520
|
$
|
29,821,639.86
|
67.926%
|
|
5.35%
|
|
1,519
|
$
|
29,690,402.74
|
67.169%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
5.46%
|
|
64
|
$
|
2,827,048.78
|
6.439%
|
|
5.60%
|
|
54
|
$
|
1,538,848.06
|
3.481%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
5.53%
|
|
33
|
$
|
979,161.87
|
2.230%
|
|
5.61%
|
|
50
|
$
|
1,698,745.73
|
3.843%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
4.61%
|
|
25
|
$
|
632,992.63
|
1.442%
|
|
4.93%
|
|
11
|
$
|
640,023.58
|
1.448%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
5.49%
|
|
52
|
$
|
2,770,818.68
|
6.311%
|
|
5.76%
|
|
75
|
$
|
3,370,107.82
|
7.624%
|
|
|||||||||||||||||||
|
|
FORBEARANCE |
6.07%
|
|
140
|
$
|
5,493,905.12
|
12.514%
|
|
6.26%
|
|
147
|
$
|
6,230,309.67
|
14.095%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
5.90%
|
|
25
|
$
|
698,603.62
|
1.591%
|
|
6.03%
|
|
13
|
$
|
394,914.13
|
0.893%
|
|
||||||||||||||||||
|
TOTAL
|
1,895
|
$
|
43,902,888.58
|
100.00%
|
|
1,909
|
$
|
44,202,769.77
|
100.00%
|
|
|||||||||||||||||||||||
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| IV. |
2014-5 Portfolio Characteristics (cont'd)
|
|
01/31/2026
|
12/31/2025
|
|||||||
|
Pool Balance
|
$
|
44,038,411.71
|
$
|
44,368,047.10
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
1,364,822.16
|
$
|
1,357,583.59
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
135,523.13
|
$
|
165,277.33
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
255,001.35
|
$
|
255,282.13
|
||||
|
Total # Loans
|
1,895
|
1,909
|
||||||
|
Total # Borrowers
|
1,052
|
1,059
|
||||||
|
Weighted Average Coupon
|
5.55%
|
|
5.54%
|
|
||||
|
Weighted Average Remaining Term
|
203.68
|
203.61
|
||||||
|
Non-Reimbursable Losses
|
|
- |
$
|
3,307.84
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
753,663.71
|
$
|
753,663.71
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
5.78%
|
|
5.82%
|
|
||||
|
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
|
$ |
72,668.81
|
$ |
22,851.54
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
111,024.73
|
$
|
170,567.32
|
||||
|
Borrower Interest Accrued
|
$
|
199,005.91
|
$
|
200,173.84
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
3,118.64
|
$
|
2,705.81
|
||||
|
Special Allowance Payments Accrued
|
$
|
52,593.46
|
$
|
56,378.54
|
||||
|
Page 5 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
|
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%
|
|
1,895
|
43,902,888.58
|
100.000%
|
|
||||||||||
|
|
Total
|
5.55%
|
|
1,895
|
$
|
43,902,888.58
|
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%
|
|
1,895
|
43,902,888.58
|
100.000%
|
|
||||||||||
|
|
Total
|
5.55%
|
|
1,895
|
$
|
43,902,888.58
|
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 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| VI. |
2014-5 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
449,122.06
|
|||||||
|
A
|
Trustee Fees
|
|
-
|
$
|
449,122.06
|
||||
|
B
|
Primary Servicing Fee
|
$
|
5,771.55
|
$
|
443,350.51
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
436,683.51
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
138,274.23
|
$
|
298,409.28
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
18,591.16
|
$
|
279,818.12
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
279,818.12
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
279,818.12
|
|
- | ||||
|
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
|
$
|
43,902,888.58
|
||
|
B
|
Interest to be Capitalized
|
$
|
135,523.13
|
||
|
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
|
$
|
44,038,411.71
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
37,161,080.52
|
||
|
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 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| VII. |
2014-5 Distributions
|
Distribution Amounts
| A |
|
B
|
|
|||||
|
Cusip/Isin
|
63938WAA2
|
63938WAB0
|
||||||
|
Beginning Balance
|
$
|
37,440,898.64
|
$
|
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
|
1/26/2026
|
1/26/2026
|
||||||
|
Accrual Period End
|
2/25/2026
|
2/25/2026
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
4.43176%
|
|
5.31176%
|
|
||||
|
Accrued Interest Factor
|
0.003693133
|
0.004426467
|
||||||
|
Current Interest Due
|
$
|
138,274.23
|
$
|
18,591.16
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
138,274.23
|
$
|
18,591.16
|
||||
|
Interest Paid
|
$
|
138,274.23
|
$
|
18,591.16
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
279,818.12
|
-
|
|||||
|
Ending Principal Balance
|
$
|
37,161,080.52
|
$
|
4,200,000.00
|
||||
|
Paydown Factor
|
0.001815822
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.241149127
|
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 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| VIII. |
2014-5 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
41,640,898.64
|
||
|
|
Adjusted Pool Balance
|
$
|
44,038,411.71
|
||
|
|
Overcollateralization Amount
|
$
|
2,750,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
352,486.93
|
||
|
|
Principal Distribution Amount Paid
|
$
|
279,818.12
|
||
|
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
|
$
|
11,545.04
|
||
|
|
Deposits for the Period
|
$
|
8,763.30
|
||
|
|
Release to Collection Account
|
-
|
|||
|
|
Ending Balance
|
$
|
20,308.34
|
||
|
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 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
Navient Student Loan Trust 2014 5 published this content on March 10, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 10, 2026 at 13:49 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]