EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1
 
SLM Student Loan Trust 2014-2
 
Monthly Servicing Report

Distribution Date 10/25/2017

Collection Period 09/01/2017 - 09/30/2017

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 Investment Corp. - Excess Distribution Certificateholder
 
Page 1 of 9
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2017 - 09/30/2017, Distribution Date 10/25/2017
I.
Deal Parameters
 
A
Student Loan Portfolio Characteristics
  
03/27/2014
    
08/31/2017
    
09/30/2017
  
 
Principal Balance
  
$
947,628,246.57
    
$
569,699,169.93
    
$
563,336,793.45
  
 
Interest to be Capitalized Balance
    
17,244,992.28
      
5,371,788.42
      
5,108,311.02
  
 
Pool Balance
  
$
964,873,238.85
    
$
575,070,958.35
    
$
568,445,104.47
  
 
Specified Reserve Account Balance
    
4,976,726.00
      
1,437,677.40
      
1,421,112.76
  
 
Adjusted Pool (1)
  
$
969,849,964.85
    
$
576,508,635.75
    
$
569,866,217.23
  
 
Weighted Average Coupon (WAC)
    
6.24
%
    
6.41
%
    
6.41
%
 
Number of Loans
    
199,512
      
120,208
      
118,743
  
  
Aggregate Outstanding Principal Balance - Tbill
              
$
3,649,479.08
    
$
3,606,727.46
  
  
Aggregate Outstanding Principal Balance - LIBOR
              
$
571,421,479.27
    
$
564,838,377.01
  
 
Pool Factor
            
0.577760316
      
0.571103476
  
 
Since Issued Constant Prepayment Rate
            
7.16
%
    
7.04
%

(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
  
09/25/2017
    
10/25/2017
  
 
A2
  
78448GAB6
  
$
37,443,549.39
    
$
30,867,555.06
  
 
A3
  
78448GAC4
  
$
506,100,000.00
    
$
506,100,000.00
  
 
B
 
78448GAD2
  
$
27,200,000.00
    
$
27,200,000.00
  

C
Account Balances
  
09/25/2017
    
10/25/2017
  
 
Reserve Account Balance
  
$
1,437,677.40
    
$
1,421,112.76
  
 
Capitalized Interest Account Balance
    
-
      
-
  
 
Floor Income Rebate Account
  
$
1,493,415.04
    
$
2,920,521.65
  
 
Supplemental Loan Purchase Account
    
-
      
-
  

D
Asset / Liability
  
09/25/2017
    
10/25/2017
  
 
Adjusted Pool Balance + Supplemental Loan Purchase
  
$
576,508,635.75
    
$
569,866,217.23
  
 
Total Notes
  
$
570,743,549.39
    
$
564,167,555.06
  
 
Difference
  
$
5,765,086.36
    
$
5,698,662.17
  
 
Parity Ratio
    
1.01010
      
1.01010
  
 
Page 2 of 9
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2017 - 09/30/2017, Distribution Date 10/25/2017
II.
Trust Activity 09/01/2017 through 09/30/2017
 
A
Student Loan Principal Receipts
      
 
Borrower Principal
    
4,080,143.56
  
 
Guarantor Principal
    
957,241.28
  
 
Consolidation Activity Principal
    
3,168,764.69
  
 
Seller Principal Reimbursement
    
-
  
 
Servicer Principal Reimbursement
    
(197.57
)
 
Rejected Claim Repurchased Principal
    
4,125.30
  
 
Other Principal Deposits
    
-
  
 
Total Principal Receipts
  
$
8,210,077.26
  
B
Student Loan Interest Receipts
        
 
Borrower Interest
    
1,088,491.38
  
 
Guarantor Interest
    
32,134.37
  
 
Consolidation Activity Interest
    
161,781.40
  
 
Special Allowance Payments
    
0.00
  
 
Interest Subsidy Payments
    
0.00
  
 
Seller Interest Reimbursement
    
0.00
  
 
Servicer Interest Reimbursement
    
1,160.62
  
 
Rejected Claim Repurchased Interest
    
206.75
  
 
Other Interest Deposits
    
29,034.92
  
 
Total Interest Receipts
  
$
1,312,809.44
  
C
Reserves in Excess of Requirement
  
$
16,564.64
  
D
Investment Income
  
$
10,842.81
  
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
  
$
(1,427,106.61
)
M
AVAILABLE FUNDS
  
$
8,123,187.54
  
N
Non-Cash Principal Activity During Collection Period
  
$
(1,847,700.78
)
O
Non-Reimbursable Losses During Collection Period
  
$
19,836.84
  
P
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
  
$
4,332.05
  
Q
Aggregate Loan Substitutions
    
-
  
 
Page 3 of 9
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2017 - 09/30/2017, Distribution Date 10/25/2017
III.
2014-2 Portfolio Characteristics
 
     
09/30/2017
    
08/31/2017
  
               
Wtd Avg
Coupon
    
# Loans
    
Principal
    
% of
Principal
    
Wtd Avg
Coupon
    

# Loans
    

Principal
    
% of
Principal
  
INTERIM:
IN SCHOOL
    
6.16
%
    
587
    
$
3,018,308.98
      
0.536
%
    
6.22
%
    
601
    
$
3,098,417.55
      
0.544
%
 
GRACE
    
6.40
%
    
272
    
$
1,195,781.20
      
0.212
%
    
6.31
%
    
276
    
$
1,289,863.19
      
0.226
%
 
DEFERMENT
    
6.19
%
    
9,993
    
$
44,382,813.43
      
7.879
%
    
6.18
%
    
10,359
    
$
45,983,219.77
      
8.071
%
                                                                   
REPAYMENT:
CURRENT
    
6.42
%
    
81,445
    
$
359,651,356.73
      
63.843
%
    
6.43
%
    
83,109
    
$
368,914,128.62
      
64.756
%
 
31-60 DAYS DELINQUENT
    
6.39
%
    
3,453
    
$
19,257,360.54
      
3.418
%
    
6.38
%
    
4,072
    
$
22,046,416.69
      
3.870
%
 
61-90 DAYS DELINQUENT
    
6.37
%
    
2,223
    
$
12,363,174.46
      
2.195
%
    
6.33
%
    
2,576
    
$
13,573,209.03
      
2.383
%
 
91-120 DAYS DELINQUENT
    
6.35
%
    
873
    
$
4,497,943.19
      
0.798
%
    
6.36
%
    
1,119
    
$
5,408,582.48
      
0.949
%
 
> 120 DAYS DELINQUENT
    
6.20
%
    
3,162
    
$
15,938,292.01
      
2.829
%
    
6.20
%
    
3,420
    
$
17,549,959.93
      
3.081
%
                                                                   
 
FORBEARANCE
    
6.52
%
    
16,323
    
$
100,931,061.30
      
17.917
%
    
6.50
%
    
14,261
    
$
89,923,768.81
      
15.784
%
 
CLAIMS IN PROCESS
    
6.19
%
    
408
    
$
2,091,741.24
      
0.371
%
    
6.04
%
    
411
    
$
1,902,643.49
      
0.334
%
 
AGED CLAIMS REJECTED
    
3.28
%
    
4
    
$
8,960.37
      
0.002
%
    
3.28
%
    
4
    
$
8,960.37
      
0.002
%
                                                                   
TOTAL
            
118,743
    
$
563,336,793.45
      
100.00
%
            
120,208
    
$
569,699,169.93
      
100.00
%

*
Percentages may not total 100% due to rounding
 
Page 4 of 9
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2017 - 09/30/2017, Distribution Date 10/25/2017
IV.
2014-2 Portfolio Characteristics (cont'd)
 
   
09/30/2017
    
08/31/2017
  
Pool Balance
  
$
568,445,104.47
    
$
575,070,958.35
  
Outstanding Borrower Accrued Interest
  
$
13,476,031.21
    
$
13,886,006.42
  
Borrower Accrued Interest to be Capitalized
  
$
5,108,311.02
    
$
5,371,788.42
  
Borrower Accrued Interest >30 Days Delinquent
  
$
1,431,057.20
    
$
1,602,037.57
  
Total # Loans
    
118,743
      
120,208
  
Total # Borrowers
    
36,693
      
37,131
  
Weighted Average Coupon
    
6.41
%
    
6.41
%
Weighted Average Remaining Term
    
128.36
      
127.97
  
Non-Reimbursable Losses
  
$
19,836.84
    
$
15,541.43
  
Cumulative Non-Reimbursable Losses
  
$
1,900,565.39
    
$
1,880,728.55
  
Since Issued Constant Prepayment Rate (CPR)
    
7.04
%
    
7.16
%
Loan Substitutions
    
-
      
-
  
Cumulative Loan Substitutions
    
-
      
-
  
Rejected Claim Repurchases
  
$
4,332.05
      
-
  
Cumulative Rejected Claim Repurchases
  
$
168,598.74
    
$
164,266.69
  
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
  
$
1,880,510.94
    
$
1,632,816.18
  
Borrower Interest Accrued
  
$
2,730,713.93
    
$
2,854,881.52
  
Interest Subsidy Payments Accrued
  
$
179,252.81
    
$
188,054.39
  
Special Allowance Payments Accrued
  
$
38,986.20
    
$
39,968.02
  
 
Page 5 of 9
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2017 - 09/30/2017, Distribution Date 10/25/2017
V.
2014-2 Portfolio Statistics by School and Program
 
A
LOAN TYPE
  
Weighted Average
Coupon
    
# LOANS
    
$ AMOUNT
      
%*
 
 
- GSL (1) - Subsidized
    
5.93
%
    
62,858
      
198,845,742.46
      
35.298
%
 
- GSL - Unsubsidized
    
6.17
%
    
51,382
      
281,495,515.21
      
49.969
%
 
- PLUS (2) Loans
    
8.36
%
    
4,434
      
82,657,791.61
      
14.673
%
 
- SLS (3)  Loans
    
4.68
%
    
69
      
337,744.17
      
0.060
%
 
- Consolidation Loans
    
0.00
%
    
0
      
-
      
0.000
%
 
Total
    
6.41
%
    
118,743
    
$
563,336,793.45
      
100.000
%
 
B
SCHOOL TYPE
  
Weighted Average
Coupon
    
# LOANS
    
$ AMOUNT
      
%*
 
 
- Four Year
    
6.47
%
    
101,967
      
517,683,775.73
      
91.896
%
 
- Two Year
    
5.69
%
    
15,003
      
40,552,092.96
      
7.199
%
 
- Technical
    
5.66
%
    
1,672
      
4,841,095.16
      
0.859
%
 
- Other
    
4.79
%
    
101
      
259,829.60
      
0.046
%
 
Total
    
6.41
%
    
118,743
    
$
563,336,793.45
      
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 09/01/2017 - 09/30/2017, Distribution Date 10/25/2017
VI.
2014-2 Waterfall for Distributions
 
     

Paid
    
Remaining
 Funds Balance
  
Total Available Funds
        
$
8,123,187.54
  
A
Primary Servicing Fee
  
$
131,419.50
    
$
7,991,768.04
  
B
Administration Fee
  
$
6,667.00
    
$
7,985,101.04
  
C
Class A Noteholders' Interest Distribution Amount
  
$
820,156.00
    
$
7,164,945.04
  
D
Class B Noteholders' Interest Distribution Amount
  
$
62,043.65
    
$
7,102,901.39
  
E
Reserve Account Reinstatement
    
-
    
$
7,102,901.39
  
F
Class A Noteholders' Principal Distribution Amount
  
$
6,575,994.33
    
$
526,907.06
  
G
Class B Noteholders' Principal Distribution Amount
    
-
    
$
526,907.06
  
H
Unpaid Expenses of The Trustees
    
-
    
$
526,907.06
  
I
Carryover Servicing Fee
    
-
    
$
526,907.06
  
J
Remaining Amounts to the Noteholders after the first auction date
    
-
    
$
526,907.06
  
K
Excess Distribution Certificateholder
  
$
526,907.06
      
-
  
 
Waterfall Triggers
      
A
Student Loan Principal Outstanding
  
$
563,336,793.45
  
B
Interest to be Capitalized
  
$
5,108,311.02
  
C
Capitalized Interest Account Balance
    
-
  
D
Reserve Account Balance (after any reinstatement)
  
$
1,421,112.76
  
E
Less:  Specified Reserve Account Balance
  
$
(1,421,112.76
)
F
Total
  
$
568,445,104.47
  
G
Class A Notes Outstanding (after application of available funds)
  
$
536,967,555.06
  
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 09/01/2017 - 09/30/2017, Distribution Date 10/25/2017
VII.
2014-2 Distributions
 
Distribution Amounts
 
   
A2
    
A3
    
B
 
Cusip/Isin
  
78448GAB6
    
78448GAC4
    
78448GAD2
  
Beginning Balance
  
$
37,443,549.39
    
$
506,100,000.00
    
$
27,200,000.00
  
Index
  
LIBOR
    
LIBOR
    
LIBOR
  
Spread/Fixed Rate
    
0.35
%
    
0.59
%
    
1.50
%
Record Date (Days Prior to Distribution)
  
1 NEW YORK BUSINESS DAY
    
1 NEW YORK BUSINESS DAY
    
1 NEW YORK BUSINESS DAY
  
Accrual Period Begin
  
9/25/2017
    
9/25/2017
    
9/25/2017
  
Accrual Period End
  
10/25/2017
    
10/25/2017
    
10/25/2017
  
Daycount Fraction
    
0.08333333
      
0.08333333
      
0.08333333
  
Interest Rate*
    
1.58722
%
    
1.82722
%
    
2.73722
%
Accrued Interest Factor
    
0.001322683
      
0.001522683
      
0.002281017
  
Current Interest Due
  
$
49,525.96
    
$
770,630.04
    
$
62,043.65
  
Interest Shortfall from Prior Period Plus Accrued Interest
    
-
      
-
      
-
  
Total Interest Due
  
$
49,525.96
    
$
770,630.04
    
$
62,043.65
  
Interest Paid
  
$
49,525.96
    
$
770,630.04
    
$
62,043.65
  
Interest Shortfall
    
-
      
-
      
-
  
Principal Paid
  
$
6,575,994.33
      
-
      
-
  
Ending Principal Balance
  
$
30,867,555.06
    
$
506,100,000.00
    
$
27,200,000.00
  
Paydown Factor
    
0.034429290
      
0.000000000
      
0.000000000
  
Ending Balance Factor
    
0.161610236
      
1.000000000
      
1.000000000
  

*
Pay rates for Current Distribution.  For the interest rates applicable to the next distribution date, please see https://www.navient.com/about/investors/data/abrate.txt.
 
Page 8 of 9
Trust 2014-2 Monthly Servicing Report: Collection Period 09/01/2017 - 09/30/2017, Distribution Date 10/25/2017
VIII.
2014-2 Reconciliations
 
A
Principal Distribution Reconciliation
      
 
Notes Outstanding Principal Balance
  
$
570,743,549.39
  
 
Adjusted Pool Balance
  
$
569,866,217.23
  
 
Overcollateralization Amount
  
$
5,698,662.17
  
 
Principal Distribution Amount
  
$
6,575,994.33
  
 
Principal Distribution Amount Paid
  
$
6,575,994.33
  
           
B
Reserve Account Reconciliation
        
 
Beginning Period Balance
  
$
1,437,677.40
  
 
Reserve Funds Utilized
    
0.00
  
 
Reserve Funds Reinstated
    
0.00
  
 
Balance Available
  
$
1,437,677.40
  
 
Required Reserve Acct Balance
  
$
1,421,112.76
  
 
Release to Collection Account
  
$
16,564.64
  
 
Ending Reserve Account Balance
  
$
1,421,112.76
  
           
C
Floor Income Rebate Account
        
 
Beginning Period Balance
  
$
1,493,415.04
  
 
Deposits for the Period
  
$
1,427,106.61
  
 
Release to Collection Account
    
-
  
 
Ending Balance
  
$
2,920,521.65
  
           
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 09/01/2017 - 09/30/2017, Distribution Date 10/25/2017