Navient Student Loan Trust 2014 3
11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:33
Asset Backed Issuer Distribution Report Form 10 D
Navient Student Loan Trust 2014-3
Monthly Servicing Report
Distribution Date 10/25/2024
Collection Period 09/01/2024 - 09/30/2024
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 2014-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/14/2014
|
08/31/2024
|
09/30/2024
|
|||||||||
|
Principal Balance
|
$
|
257,379,779.65
|
$
|
90,020,873.68
|
$
|
89,665,549.88
|
|||||||
|
Interest to be Capitalized Balance
|
1,434,913.67
|
476,378.23
|
390,173.90
|
||||||||||
|
Pool Balance
|
$
|
258,814,693.32
|
$
|
90,497,251.91
|
$
|
90,055,723.78
|
|||||||
|
Specified Reserve Account Balance
|
5,924,377.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool (1)
|
$
|
264,739,070.32
|
$
|
90,497,251.91
|
$
|
90,055,723.78
|
|||||||
|
Weighted Average Coupon (WAC)
|
5.51%
|
|
5.72%
|
|
5.73%
|
|
|||||||
|
Number of Loans
|
11,328
|
3,733
|
3,693
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
5,644,063.76
|
$
|
5,438,261.71
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
84,853,188.15
|
$
|
84,617,462.07
|
|||||||||
|
Pool Factor
|
0.343696596
|
0.342019731
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
5.67%
|
|
5.61%
|
|
| (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
|
09/25/2024
|
10/25/2024 | |||||||
| A |
|
63938JAA1
|
$
|
79,424,875.57
|
$
|
79,041,482.91
|
|||||
| B |
|
63938JAB9
|
$
|
7,000,000.00
|
$
|
7,000,000.00
|
| C |
Account Balances
|
09/25/2024
|
10/25/2024 | ||||||
|
Reserve Account Balance
|
$
|
263,306.00
|
$
|
263,306.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
899.49
|
$
|
2,027.51
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
| D |
Asset / Liability
|
09/25/2024
|
10/25/2024 | ||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
90,497,251.91
|
$
|
90,055,723.78
|
|||||
|
Total Notes
|
$
|
86,424,875.57
|
$
|
86,041,482.91
|
|||||
|
Difference
|
$
|
4,072,376.34
|
$
|
4,014,240.87
|
|||||
|
Parity Ratio
|
1.04712
|
1.04665
|
|
Page 2 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| II. |
Trust Activity 09/01/2024 through 09/30/2024
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
342,184.49
|
||||
|
Guarantor Principal
|
289,604.15
|
||||
|
Consolidation Activity Principal
|
102,267.64
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
734,056.28
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
150,632.51
|
||||
|
Guarantor Interest
|
25,716.10
|
||||
|
Consolidation Activity Interest
|
910.22
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
896.10
|
||||
|
Total Interest Receipts
|
$
|
178,154.93
|
|||
|
C
|
Reserves in Excess of Requirement
|
-
|
|||
|
D
|
Investment Income
|
$
|
9,281.87
|
||
|
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
|
$
|
(80,924.22)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(1,128.02)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
839,440.84
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(378,732.48)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
4,851.80
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| III. |
2014-3 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.53%
|
|
120
|
$
|
3,251,414.43
|
3.626%
|
|
5.60%
|
|
106
|
$
|
3,001,260.37
|
3.334%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.52%
|
|
2,910
|
$
|
61,425,193.14
|
68.505%
|
|
5.47%
|
|
2,933
|
$
|
60,115,296.47
|
66.779%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.22%
|
|
65
|
$
|
2,034,269.20
|
2.269%
|
|
6.37%
|
|
77
|
$
|
2,442,093.47
|
2.713%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.54%
|
|
51
|
$
|
1,951,336.40
|
2.176%
|
|
7.45%
|
|
40
|
$
|
2,422,616.68
|
2.691%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
7.52%
|
|
34
|
$
|
2,424,893.80
|
2.704%
|
|
6.91%
|
|
41
|
$
|
2,026,975.16
|
2.252%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.05%
|
|
128
|
$
|
5,315,126.19
|
5.928%
|
|
5.96%
|
|
122
|
$
|
4,974,353.08
|
5.526%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.14%
|
|
353
|
$
|
12,122,775.36
|
13.520%
|
|
6.17%
|
|
385
|
$
|
14,046,628.86
|
15.604%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
5.51%
|
|
32
|
$
|
1,140,541.36
|
1.272%
|
|
5.67%
|
|
29
|
$
|
991,649.59
|
1.102%
|
|
||||||||||||||||||
|
TOTAL
|
3,693
|
$
|
89,665,549.88
|
100.00%
|
|
3,733
|
$
|
90,020,873.68
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| IV. |
2014-3 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
90,055,723.78
|
$
|
90,497,251.91
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
3,045,284.26
|
$
|
3,202,720.22
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
390,173.90
|
$
|
476,378.23
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
605,083.69
|
$
|
653,404.56
|
||||
|
Total # Loans
|
3,693
|
3,733
|
||||||
|
Total # Borrowers
|
2,072
|
2,094
|
||||||
|
Weighted Average Coupon
|
5.73%
|
|
5.72%
|
|
||||
|
Weighted Average Remaining Term
|
206.00
|
206.00
|
||||||
|
Non-Reimbursable Losses
|
$
|
4,851.80
|
$
|
3,828.35
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
954,613.58
|
$
|
949,761.78
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
5.61%
|
|
5.67%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
440,252.75
|
$
|
440,252.75
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$ |
38,266.70
|
-
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
383,474.19
|
$
|
116,294.63
|
||||
|
Borrower Interest Accrued
|
$
|
400,756.91
|
$
|
417,213.91
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
12,024.67
|
$
|
12,177.03
|
||||
|
Special Allowance Payments Accrued
|
$
|
185,541.69
|
$
|
198,503.06
|
|
Page 5 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| V. |
2014-3 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
|
5.73%
|
|
3,693
|
89,665,549.88
|
100.000%
|
|
|||||||||||
|
Total
|
5.73%
|
|
3,693
|
$
|
89,665,549.88
|
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
|
5.73%
|
|
3,693
|
89,665,549.88
|
100.000%
|
|
|||||||||||
|
Total
|
5.73%
|
|
3,693
|
$
|
89,665,549.88
|
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 2014-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VI. |
2014-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
839,440.84
|
|||||||
|
A
|
Trustee Fees
|
|
-
|
$
|
839,440.84
|
||||
|
B
|
Primary Servicing Fee
|
$
|
11,071.97
|
$
|
828,368.87
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
821,701.87
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
398,090.71
|
$
|
423,611.16
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
40,218.50
|
$
|
383,392.66
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$ |
383,392.66
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
383,392.66
|
-
|
|||||
|
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
|
$
|
89,665,549.88
|
||||||
|
B
|
Interest to be Capitalized
|
$
|
390,173.90
|
||||||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
263,306.00
|
||||||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(263,306.00)
|
|
|||||
|
F
|
Total
|
$
|
90,055,723.78
|
||||||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
79,041,482.91
|
||||||
|
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 2014-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VII. |
2014-3 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63938JAA1
|
63938JAB9
|
||||||
|
Beginning Balance
|
$
|
79,424,875.57
|
$
|
7,000,000.00
|
||||
|
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
|
9/25/2024
|
9/25/2024
|
||||||
|
Accrual Period End
|
10/25/2024
|
10/25/2024
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
6.01460%
|
|
6.89460%
|
|
||||
|
Accrued Interest Factor
|
0.005012167
|
0.005745500
|
||||||
|
Current Interest Due
|
$
|
398,090.71
|
$
|
40,218.50
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
398,090.71
|
$
|
40,218.50
|
||||
|
Interest Paid
|
$
|
398,090.71
|
$
|
40,218.50
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
383,392.66
|
-
|
|||||
|
Ending Principal Balance
|
$
|
79,041,482.91
|
$
|
7,000,000.00
|
||||
|
Paydown Factor
|
0.001497628
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.308755793
|
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 2014-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VIII. |
2014-3 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
86,424,875.57
|
|||
|
Adjusted Pool Balance
|
$
|
90,055,723.78
|
|||
|
Overcollateralization Amount
|
$
|
4,052,507.57
|
|||
|
Principal Distribution Amount
|
$
|
421,659.36
|
|||
|
Principal Distribution Amount Paid
|
$
|
383,392.66
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
263,306.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
263,306.00
|
|||
|
Required Reserve Acct Balance
|
$
|
263,306.00
|
|||
|
Release to Collection Account
|
-
|
||||
|
Ending Reserve Account Balance
|
$
|
263,306.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
899.49
|
|||
|
Deposits for the Period
|
$
|
1,128.02
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Balance
|
$
|
2,027.51
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2014-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|