SLM Student Loan Trust 2014 2
03/10/2026 | Press release | Distributed by Public on 03/10/2026 07:52
Asset-Backed Issuer Distribution Report (Form 10-D)
SLM Student Loan Trust 2014-2
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 2014-2 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
03/27/2014
|
12/31/2025
|
01/31/2026
|
|||||||||
|
|
Principal Balance
|
$
|
947,628,246.57
|
$
|
185,853,011.31
|
$
|
184,425,926.85
|
||||||
|
|
Interest to be Capitalized Balance
|
17,244,992.28
|
2,441,642.79
|
2,590,923.79
|
|||||||||
|
|
Pool Balance
|
$
|
964,873,238.85
|
$
|
188,294,654.10
|
$
|
187,016,850.64
|
||||||
|
|
Specified Reserve Account Balance
|
4,976,726.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
969,849,964.85
|
$
|
188,294,654.10
|
$
|
187,016,850.64
|
||||||
|
|
Weighted Average Coupon (WAC)
|
6.24%
|
|
6.99%
|
|
6.99%
|
|
||||||
|
|
Number of Loans
|
199,512
|
26,932
|
26,621
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,477,085.87
|
$
|
1,476,660.63
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
186,817,568.23
|
$
|
185,540,190.01
|
||||||||
|
|
Pool Factor
|
0.189175227
|
0.187891447
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
(33.86)%
|
|
(35.27)%
|
|
||||||||
| (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
|
||||||
|
A3
|
78448GAC4
|
$
|
159,211,707.56
|
$
|
157,946,682.13
|
|||||
| B |
78448GAD2
|
$
|
27,200,000.00
|
$
|
27,200,000.00
|
|||||
|
C
|
Account Balances
|
01/26/2026
|
02/25/2026
|
||||||
|
|
Reserve Account Balance
|
$
|
995,345.00
|
$
|
995,345.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
199,655.54
|
$
|
343,377.90
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
||||||
|
D
|
Asset / Liability
|
01/26/2026
|
02/25/2026
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
188,294,654.10
|
$
|
187,016,850.64
|
||||
|
|
Total Notes
|
$
|
186,411,707.56
|
$
|
185,146,682.13
|
||||
|
|
Difference
|
$
|
1,882,946.54
|
$
|
1,870,168.51
|
||||
|
|
Parity Ratio
|
1.01010
|
1.01010
|
||||||
|
Page 2 of 9
|
Trust 2014-2 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
|
484,847.64
|
||||
|
Guarantor Principal
|
1,172,117.72
|
||||
|
Consolidation Activity Principal
|
405,605.17
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
23.79
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
2,062,594.32
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
258,950.82
|
||||
|
Guarantor Interest
|
69,039.25
|
||||
|
Consolidation Activity Interest
|
7,157.25
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
2.05
|
|
|||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
11,225.86
|
||||
|
Total Interest Receipts
|
$
|
346,375.23
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
12,227.86
|
||
|
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
|
-
|
||||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(143,722.36)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
2,277,475.05
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(635,509.86)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
32,552.12
|
||
|
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 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| III. |
2014-2 Portfolio Characteristics
|
|
01/31/2026
|
12/31/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.61%
|
|
26
|
$
|
129,888.16
|
0.070%
|
|
6.61%
|
|
26
|
$
|
129,888.16
|
0.070%
|
|
||||||||||||||||||
|
|
GRACE
|
6.22%
|
|
4
|
$
|
16,435.64
|
0.009%
|
|
6.22%
|
|
4
|
$
|
16,435.64
|
0.009%
|
|
||||||||||||||||||
|
|
DEFERMENT
|
6.83%
|
|
1,506
|
$
|
9,829,286.68
|
5.330%
|
|
6.81%
|
|
1,525
|
$
|
10,011,485.74
|
5.387%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.99%
|
|
18,022
|
$
|
115,217,678.86
|
62.474%
|
|
6.99%
|
|
18,121
|
$
|
116,802,127.28
|
62.847%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.93%
|
|
860
|
$
|
7,001,416.65
|
3.796%
|
|
6.87%
|
|
1,068
|
$
|
8,253,776.05
|
4.441%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.84%
|
|
671
|
$
|
5,397,794.68
|
2.927%
|
|
7.15%
|
|
600
|
$
|
5,228,999.91
|
2.814%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
7.18%
|
|
409
|
$
|
3,509,473.28
|
1.903%
|
|
6.83%
|
|
394
|
$
|
2,767,437.07
|
1.489%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
7.07%
|
|
1,154
|
$
|
8,793,980.50
|
4.768%
|
|
7.01%
|
|
1,441
|
$
|
10,955,579.00
|
5.895%
|
|
||||||||||||||||||
|
|
FORBEARANCE |
7.08%
|
|
3,520
|
$
|
31,220,575.45
|
16.929%
|
|
7.06%
|
|
3,498
|
$
|
29,393,501.56
|
15.815%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.83%
|
|
449
|
$
|
3,309,396.95
|
1.794%
|
|
7.05%
|
|
255
|
$
|
2,293,780.90
|
1.234%
|
|
||||||||||||||||||
|
TOTAL
|
26,621
|
$
|
184,425,926.85
|
100.00%
|
|
26,932
|
$
|
185,853,011.31
|
100.00%
|
|
|||||||||||||||||||||||
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| IV. |
2014-2 Portfolio Characteristics (cont'd)
|
|
01/31/2026
|
12/31/2025
|
|||||||
|
Pool Balance
|
$
|
187,016,850.64
|
$
|
188,294,654.10
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
10,671,964.14
|
$
|
10,618,245.87
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,590,923.79
|
$
|
2,441,642.79
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
964,068.96
|
$
|
987,186.22
|
||||
|
Total # Loans
|
26,621
|
26,932
|
||||||
|
Total # Borrowers
|
7,502
|
7,591
|
||||||
|
Weighted Average Coupon
|
6.99%
|
|
6.99%
|
|
||||
|
Weighted Average Remaining Term
|
202.07
|
200.92
|
||||||
|
Non-Reimbursable Losses
|
$
|
32,552.12
|
$
|
38,468.71
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
4,023,773.58
|
$
|
3,991,221.46
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-35.27%
|
|
-33.86%
|
|
||||
|
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
|
$
|
668,601.60
|
$
|
740,424.72
|
||||
|
Borrower Interest Accrued
|
$
|
1,057,786.45
|
$
|
1,064,327.38
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
28,272.45
|
$
|
28,753.16
|
||||
|
Special Allowance Payments Accrued
|
$
|
34,755.52
|
$
|
32,771.22
|
||||
|
Page 5 of 9
|
Trust 2014-2 Monthly Servicing Report: Collection Period 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| V. |
2014-2 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- GSL (1) - Subsidized
|
6.70%
|
|
13,872
|
62,663,144.91
|
33.977%
|
|
||||||||||
|
|
- GSL - Unsubsidized
|
6.77%
|
|
11,963
|
94,801,236.24
|
51.403%
|
|
||||||||||
|
|
- PLUS (2) Loans
|
8.47%
|
|
773
|
26,868,546.85
|
14.569%
|
|
||||||||||
|
|
- SLS (3) Loans
|
7.29%
|
|
13
|
92,998.85
|
0.050%
|
|
||||||||||
|
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
Total
|
6.99%
|
|
26,621
|
$
|
184,425,926.85
|
100.000%
|
|
|||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
|
- Four Year
|
7.02%
|
|
22,780
|
167,538,219.50
|
90.843%
|
|
||||||||||
|
|
- Two Year
|
6.78%
|
|
3,149
|
13,964,930.14
|
7.572%
|
|
||||||||||
|
|
- Technical
|
6.76%
|
|
667
|
2,847,369.12
|
1.544%
|
|
||||||||||
|
|
- Other
|
6.67%
|
|
25
|
75,408.09
|
0.041%
|
|
||||||||||
|
|
Total
|
6.99%
|
|
26,621
|
$
|
184,425,926.85
|
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 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| VI. |
2014-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance |
||||||||
|
Total Available Funds
|
$
|
2,277,475.05
|
|||||||
|
A |
Trustee Fees |
- |
$ |
2,277,475.05 |
|||||
|
B
|
Primary Servicing Fee
|
$
|
36,946.18
|
$
|
2,240,528.87
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,233,861.87
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
584,009.77
|
$
|
1,649,852.10
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
120,399.89
|
$
|
1,529,452.21
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,529,452.21
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,265,025.43
|
$
|
264,426.78
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
264,426.78
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
264,426.78
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
264,426.78
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
264,426.78
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
264,426.78
|
$ |
(0.00) |
|
|||
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
184,425,926.85
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,590,923.79
|
||
|
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
|
$
|
187,016,850.64
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
157,946,682.13
|
||
|
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 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| VII. |
2014-2 Distributions
|
Distribution Amounts
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
78448GAC4
|
78448GAD2
|
||||||
|
Beginning Balance
|
$
|
159,211,707.56
|
$
|
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
|
1/26/2026
|
1/26/2026
|
||||||
|
Accrual Period End
|
2/25/2026
|
2/25/2026
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
4.40176%
|
|
5.31176%
|
|
||||
|
Accrued Interest Factor
|
0.003668133
|
0.004426467
|
||||||
|
Current Interest Due
|
$
|
584,009.77
|
$
|
120,399.89
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
584,009.77
|
$
|
120,399.89
|
||||
|
Interest Paid
|
$
|
584,009.77
|
$
|
120,399.89
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,265,025.43
|
-
|
|||||
|
Ending Principal Balance
|
$
|
157,946,682.13
|
$
|
27,200,000.00
|
||||
|
Paydown Factor
|
0.002499556
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.312085916
|
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 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
| VIII. |
2014-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
186,411,707.56
|
||
|
|
Adjusted Pool Balance
|
$
|
187,016,850.64
|
||
|
|
Overcollateralization Amount
|
$
|
1,870,168.51
|
||
|
|
Principal Distribution Amount
|
$
|
1,265,025.43
|
||
|
|
Principal Distribution Amount Paid
|
$
|
1,265,025.43
|
||
|
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
|
$
|
199,655.54
|
||
|
|
Deposits for the Period
|
$
|
143,722.36
|
||
|
|
Release to Collection Account
|
|
-
|
||
|
|
Ending Balance
|
$
|
343,377.90
|
||
|
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 01/01/2026 - 01/31/2026, Distribution Date 02/25/2026
|
SLM Student Loan Trust 2014 2 published this content on March 10, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 10, 2026 at 13:52 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]