Navient Student Loan Trust 2014 8
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 2014-8
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 2014-8 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
11/25/2014
|
08/31/2024
|
09/30/2024
|
|||||||||
|
|
Principal Balance
|
$
|
986,262,493.46
|
$
|
252,097,698.18
|
$
|
250,520,991.58
|
||||||
|
|
Interest to be Capitalized Balance
|
9,997,361.62
|
2,730,278.40
|
2,696,083.68
|
|||||||||
|
|
Pool Balance
|
$
|
996,259,855.08
|
$
|
254,827,976.58
|
$
|
253,217,075.26
|
||||||
|
|
Specified Reserve Account Balance
|
5,098,821.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
1,001,358,676.08
|
$
|
254,827,976.58
|
$
|
253,217,075.26
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.29%
|
|
7.23%
|
|
7.23%
|
|
||||||
|
|
Number of Loans
|
247,055
|
45,015
|
44,388
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
24,855,196.87
|
$
|
24,695,486.46
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
229,972,779.71
|
$
|
228,521,588.80
|
||||||||
|
|
Pool Factor
|
0.249889099
|
0.248309419
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
(25.66)%
|
|
(27.94)%
|
|
| (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
|
|||||||
|
A3
|
63939DAC9
|
$
|
224,379,696.81
|
$
|
222,784,904.51
|
||||||
| B |
63939DAD7
|
$
|
27,900,000.00
|
$
|
27,900,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Reserve Account Balance
|
$
|
1,019,764.00
|
$
|
1,019,764.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
7,936.68
|
$
|
16,532.07
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
254,827,976.58
|
$
|
253,217,075.26
|
||||
|
|
Total Notes
|
$
|
252,279,696.81
|
$
|
250,684,904.51
|
||||
|
|
Difference
|
$
|
2,548,279.77
|
$
|
2,532,170.75
|
||||
|
|
Parity Ratio
|
1.01010
|
1.01010
|
|
Page 2 of 9
|
Trust 2014-8 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
|
622,917.81
|
||||
|
Guarantor Principal
|
1,771,428.52
|
||||
|
Consolidation Activity Principal
|
287,383.85
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
1,362.52
|
||||
|
Total Principal Receipts
|
$
|
2,683,092.70
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
280,773.25
|
||||
|
Guarantor Interest
|
102,653.95
|
||||
|
Consolidation Activity Interest
|
32,355.99
|
||||
|
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
|
11,284.99
|
||||
|
Total Interest Receipts
|
$
|
427,068.18
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
- | ||
|
D
|
Investment Income
|
$
|
27,074.81
|
||
|
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
|
$
|
(8,595.39)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
3,128,640.30
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,106,386.10)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
26,493.00
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
1,365.82
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| III. |
2014-8 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
7.00%
|
|
26
|
$
|
116,244.00
|
0.046%
|
|
6.99%
|
|
28
|
$
|
121,056.00
|
0.048%
|
|
||||||||||||||||||
|
|
GRACE |
6.75%
|
|
8
|
$
|
26,181.00
|
0.010%
|
|
6.96%
|
|
12
|
$
|
34,671.76
|
0.014%
|
|
||||||||||||||||||
|
|
DEFERMENT |
6.95%
|
|
2,978
|
$
|
15,733,301.48
|
6.280%
|
|
6.94%
|
|
2,869
|
$
|
14,837,635.49
|
5.886%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
7.22%
|
|
28,048
|
$
|
147,025,924.43
|
58.688%
|
|
7.23%
|
|
28,642
|
$
|
149,896,757.58
|
59.460%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
7.33%
|
|
1,527
|
$
|
9,825,242.15
|
3.922%
|
|
7.29%
|
|
1,332
|
$
|
8,471,981.78
|
3.361%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
7.34%
|
|
911
|
$
|
6,241,239.48
|
2.491%
|
|
7.30%
|
|
1,092
|
$
|
6,735,777.84
|
2.672%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
7.27%
|
|
673
|
$
|
4,364,550.19
|
1.742%
|
|
7.25%
|
|
731
|
$
|
3,920,205.84
|
1.555%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
7.22%
|
|
2,257
|
$
|
14,031,621.13
|
5.601%
|
|
7.21%
|
|
2,377
|
$
|
15,159,536.64
|
6.013%
|
|
||||||||||||||||||
|
|
FORBEARANCE |
7.30%
|
|
7,158
|
$
|
48,338,458.30
|
19.295%
|
|
7.30%
|
|
7,034
|
$
|
47,762,793.51
|
18.946%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
7.33%
|
|
802
|
$
|
4,818,229.42
|
1.923%
|
|
7.35%
|
|
898
|
$
|
5,157,281.74
|
2.046%
|
|
||||||||||||||||||
|
TOTAL
|
44,388
|
$
|
250,520,991.58
|
100.00%
|
|
45,015
|
$
|
252,097,698.18
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| IV. |
2014-8 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
253,217,075.26
|
$
|
254,827,976.58
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
10,652,682.13
|
$
|
10,768,914.38
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
2,696,083.68
|
$
|
2,730,278.40
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,517,455.59
|
$
|
1,550,418.64
|
||||
|
Total # Loans
|
44,388
|
45,015
|
||||||
|
Total # Borrowers
|
16,634
|
16,887
|
||||||
|
Weighted Average Coupon
|
7.23% |
|
7.23% |
|
||||
|
Weighted Average Remaining Term
|
185.34
|
184.61
|
||||||
|
Non-Reimbursable Losses
|
$
|
26,493.00
|
$
|
20,519.85
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
6,070,433.85
|
$
|
6,043,940.85
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-27.94%
|
|
-25.66%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
618,889.27
|
$
|
618,889.27
|
||||
|
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
|
$
|
1,134,609.41
|
$
|
1,006,729.28
|
||||
|
Borrower Interest Accrued
|
$
|
1,423,886.35
|
$
|
1,482,290.77
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
59,375.42
|
$
|
62,170.94
|
||||
|
Special Allowance Payments Accrued
|
$
|
142,181.04
|
$
|
165,960.49
|
|
Page 5 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| V. |
2014-8 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
|
|||||||||||
|
|
- GSL (1) - Subsidized
|
7.17%
|
|
24,631
|
103,457,535.16
|
41.297%
|
|
||||||||||
|
|
- GSL - Unsubsidized
|
7.09%
|
|
18,766
|
128,207,289.07
|
51.176%
|
|
||||||||||
|
|
- PLUS (2) Loans
|
8.49%
|
|
841
|
17,789,773.78
|
7.101%
|
|
||||||||||
|
|
- SLS (3) Loans
|
8.29%
|
|
150
|
1,066,393.57
|
0.426%
|
|
||||||||||
|
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
|
Total
|
7.23%
|
|
44,388
|
$
|
250,520,991.58
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon |
# LOANS
|
$ AMOUNT
|
% *
|
|
|||||||||||
|
|
- Four Year
|
7.22%
|
|
35,055
|
212,671,554.09
|
84.892%
|
|
||||||||||
|
|
- Two Year
|
7.20%
|
|
7,299
|
29,935,516.20
|
11.949%
|
|
||||||||||
|
|
- Technical
|
7.40%
|
|
2,003
|
7,787,272.86
|
3.108%
|
|
||||||||||
|
|
- Other
|
7.36%
|
|
31
|
126,648.43
|
0.051%
|
|
||||||||||
|
|
Total
|
7.23%
|
|
44,388
|
$
|
250,520,991.58
|
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 2014-8 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| VI. |
2014-8 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
3,128,640.30
|
|||||||
|
A
|
Trustee Fees
|
-
|
$
|
3,128,640.30
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
77,974.92
|
$
|
3,050,665.38
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
3,043,998.38
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,120,888.78
|
$
|
1,923,109.60
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
160,299.45
|
$
|
1,762,810.15
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,762,810.15
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
1,594,792.30
|
$
|
168,017.85
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
168,017.85
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
168,017.85
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
168,017.85
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
168,017.85
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$
|
168,017.85
|
-
|
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
250,520,991.58
|
||
|
B
|
Interest to be Capitalized
|
$
|
2,696,083.68
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,019,764.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,019,764.00)
|
|
|
|
F
|
Total
|
$
|
253,217,075.26
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
222,784,904.51
|
||
|
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 2014-8 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
|
VII.
|
2014-8 Distributions
|
Distribution Amounts
|
A3
|
B |
|
||||||
|
Cusip/Isin
|
63939DAC9
|
63939DAD7
|
||||||
|
Beginning Balance
|
$
|
224,379,696.81
|
$
|
27,900,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.60%
|
|
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*
|
5.99460%
|
|
6.89460%
|
|
||||
|
Accrued Interest Factor
|
0.004995500
|
0.005745500
|
||||||
|
Current Interest Due
|
$
|
1,120,888.78
|
$
|
160,299.45
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
1,120,888.78
|
$
|
160,299.45
|
||||
|
Interest Paid
|
$
|
1,120,888.78
|
$
|
160,299.45
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
1,594,792.30
|
-
|
|||||
|
Ending Principal Balance
|
$
|
222,784,904.51
|
$
|
27,900,000.00
|
||||
|
Paydown Factor
|
0.003401861
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.475223772
|
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 2014-8 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| VIII. |
2014-8 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
252,279,696.81
|
||
|
|
Adjusted Pool Balance
|
$
|
253,217,075.26
|
||
|
|
Overcollateralization Amount
|
$
|
2,532,170.75
|
||
|
|
Principal Distribution Amount
|
$
|
1,594,792.30
|
||
|
|
Principal Distribution Amount Paid
|
$
|
1,594,792.30
|
||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
1,019,764.00
|
||
|
|
Reserve Funds Utilized
|
0.00
|
|||
|
|
Reserve Funds Reinstated
|
0.00
|
|||
|
|
Balance Available
|
$
|
1,019,764.00
|
||
|
|
Required Reserve Acct Balance
|
$
|
1,019,764.00
|
||
|
|
Release to Collection Account
|
|
- | ||
|
|
Ending Reserve Account Balance
|
$
|
1,019,764.00
|
||
|
C
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
7,936.68
|
||
|
|
Deposits for the Period
|
$
|
8,595.39
|
||
|
|
Release to Collection Account
|
-
|
|||
|
|
Ending Balance
|
$
|
16,532.07
|
||
|
|
|||||
|
D
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2014-8 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |