Navient Student Loan Trust 2014 7
11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:35
Asset Backed Issuer Distribution Report Form 10 D
Navient Student Loan Trust 2014-7
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 2014-7 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
|
$
|
154,923,176.48
|
$
|
54,699,200.16
|
$
|
54,497,182.62
|
||||||
|
|
Interest to be Capitalized Balance
|
872,283.20
|
409,826.23
|
335,044.83
|
|||||||||
|
|
Pool Balance
|
$
|
155,795,459.68
|
$
|
55,109,026.39
|
$
|
54,832,227.45
|
||||||
|
|
Specified Reserve Account Balance
|
3,559,654.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
159,355,113.68
|
$
|
55,109,026.39
|
$
|
54,832,227.45
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.58%
|
|
5.71%
|
|
5.71%
|
|
||||||
|
|
Number of Loans
|
6,861
|
2,188
|
2,173
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
2,627,821.66
|
$
|
2,571,465.04
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
52,481,204.73
|
$
|
52,260,762.41
|
||||||||
|
|
Pool Factor
|
0.348335238
|
0.346585637
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
5.53%
|
|
5.48%
|
|
| (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 |
63939AAA9
|
$
|
48,159,026.39
|
$
|
48,011,843.22
|
|||||
| B |
63939AAB7
|
$
|
4,200,000.00
|
$
|
4,200,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Reserve Account Balance
|
$
|
158,207.00
|
$
|
158,207.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
305.70
|
$
|
675.78
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
55,109,026.39
|
$
|
54,832,227.45
|
||||
|
|
Total Notes
|
$
|
52,359,026.39
|
$
|
52,211,843.22
|
||||
|
|
Difference |
$
|
2,750,000.00
|
$
|
2,620,384.23
|
||||
|
|
Parity Ratio
|
1.05252
|
1.05019
|
|
Page 2 of 9
|
Trust 2014-7 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
|
248,001.24
|
||||
|
Guarantor Principal
|
111,039.74
|
||||
|
Consolidation Activity Principal
|
22.64
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
|
|||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
359,063.62
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
104,632.91
|
||||
|
Guarantor Interest
|
4,858.32
|
||||
|
Consolidation Activity Interest
|
0.31
|
||||
|
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
|
928.36
|
||||
|
Total Interest Receipts
|
$
|
110,419.90
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
| D |
Investment Income
|
$
|
5,477.21
|
||
|
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
|
$
|
(49,122.94)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(370.08)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
425,467.71
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(157,046.08)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
3,035.08
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2014-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| III. |
2014-7 Portfolio Characteristics
|
|
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
5.39%
|
|
63
|
$
|
1,730,179.96
|
3.175%
|
|
5.47%
|
|
62
|
$
|
1,750,704.11
|
3.201%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.57%
|
|
1,703
|
$
|
36,443,736.43
|
66.873%
|
|
5.59%
|
|
1,744
|
$
|
38,440,744.32
|
70.277%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
5.73%
|
|
48
|
$
|
1,789,834.63
|
3.284%
|
|
5.78%
|
|
57
|
$
|
1,996,435.73
|
3.650%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
5.97%
|
|
43
|
$
|
1,184,007.43
|
2.173%
|
|
6.11%
|
|
31
|
$
|
1,249,009.95
|
2.283%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.13%
|
|
15
|
$
|
646,147.40
|
1.186%
|
|
6.23%
|
|
10
|
$
|
285,677.27
|
0.522%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.52%
|
|
46
|
$
|
1,700,082.94
|
3.120%
|
|
6.63%
|
|
51
|
$
|
1,932,409.29
|
3.533%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.05%
|
|
239
|
$
|
10,653,660.49
|
19.549%
|
|
5.93%
|
|
222
|
$
|
8,738,944.11
|
15.976%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
5.87%
|
|
16
|
$
|
349,533.34
|
0.641%
|
|
6.32%
|
|
11
|
$
|
305,275.38
|
0.558%
|
|
||||||||||||||||||
|
TOTAL
|
|
2,173
|
$
|
54,497,182.62
|
100.00%
|
|
2,188
|
$
|
54,699,200.16
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| IV. |
2014-7 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
54,832,227.45
|
$
|
55,109,026.39
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
1,638,516.24
|
$
|
1,663,686.75
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
335,044.83
|
$
|
409,826.23
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
215,562.25
|
$
|
213,201.89
|
||||
|
Total # Loans
|
2,173
|
2,188
|
||||||
|
Total # Borrowers
|
1,221
|
1,230
|
||||||
|
Weighted Average Coupon
|
5.71%
|
|
5.71%
|
|
||||
|
Weighted Average Remaining Term
|
202.41
|
202.26
|
||||||
|
Non-Reimbursable Losses
|
$
|
3,035.08
|
$
|
1,757.59
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
643,710.50
|
$
|
640,675.42
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
5.48%
|
|
5.53%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
63,994.14
|
$
|
63,994.14
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$
|
129,615.77
|
|
-
|
||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
160,055.21
|
$
|
113,707.10
|
||||
|
Borrower Interest Accrued
|
$
|
244,243.84
|
$
|
252,918.30
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
6,400.25
|
$
|
6,840.76
|
||||
|
Special Allowance Payments Accrued
|
$
|
111,847.57
|
$
|
118,784.45
|
|
Page 5 of 9
|
Trust 2014-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
|
V.
|
2014-7 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
|
5.71%
|
|
2,173
|
54,497,182.62
|
100.000%
|
|
||||||||||
|
|
Total
|
5.71%
|
|
2,173
|
$
|
54,497,182.62
|
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
|
8.00%
|
|
1
|
18,515.24
|
0.034%
|
|
||||||||||
|
|
- Other
|
5.71%
|
|
2,172
|
54,478,667.38
|
99.966%
|
|
||||||||||
|
|
Total
|
5.71%
|
|
2,173
|
$
|
54,497,182.62
|
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 2014-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
|
VI.
|
2014-7 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
425,467.71
|
|||||||
| A |
Trustee Fees
|
|
-
|
$
|
425,467.71
|
||||
| B |
Primary Servicing Fee
|
$
|
6,506.70
|
$
|
418,961.01
|
||||
| C |
Administration Fee
|
$
|
6,667.00
|
$
|
412,294.01
|
||||
| D |
Class A Noteholders' Interest Distribution Amount
|
$
|
240,979.74
|
$
|
171,314.27
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
24,131.10
|
$
|
147,183.17
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
147,183.17
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
147,183.17
|
|
-
|
||||
|
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
|
$
|
54,497,182.62
|
||
| B |
Interest to be Capitalized
|
$
|
335,044.83
|
||
| C |
Capitalized Interest Account Balance
|
-
|
|||
| D |
Reserve Account Balance (after any reinstatement)
|
$
|
158,207.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(158,207.00)
|
|
|
|
F
|
Total
|
$
|
54,832,227.45
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
48,011,843.22
|
||
|
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 2014-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| VII. |
2014-7 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
63939AAA9
|
63939AAB7
|
||||||
|
Beginning Balance
|
$
|
48,159,026.39
|
$
|
4,200,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.61%
|
|
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*
|
6.00460%
|
|
6.89460%
|
|
||||
|
Accrued Interest Factor
|
0.005003833
|
0.005745500
|
||||||
|
Current Interest Due
|
$
|
240,979.74
|
$
|
24,131.10
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
240,979.74
|
$
|
24,131.10
|
||||
|
Interest Paid
|
$
|
240,979.74
|
$
|
24,131.10
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
147,183.17
|
-
|
|||||
|
Ending Principal Balance
|
$
|
48,011,843.22
|
$
|
4,200,000.00
|
||||
|
Paydown Factor
|
0.000956978
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.312170632
|
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 2014-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| VIII. |
2014-7 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
52,359,026.39
|
||
|
|
Adjusted Pool Balance
|
$
|
54,832,227.45
|
||
|
|
Overcollateralization Amount
|
$
|
2,750,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
276,798.94
|
||
|
|
Principal Distribution Amount Paid
|
$
|
147,183.17
|
||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
158,207.00
|
||
|
|
Reserve Funds Utilized
|
0.00
|
|||
|
|
Reserve Funds Reinstated
|
0.00
|
|||
|
|
Balance Available
|
$
|
158,207.00
|
||
|
|
Required Reserve Acct Balance
|
$
|
158,207.00
|
||
|
|
Release to Collection Account
|
|
-
|
||
|
|
Ending Reserve Account Balance
|
$
|
158,207.00
|
||
|
C
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
305.70
|
||
|
|
Deposits for the Period
|
$
|
370.08
|
||
|
|
Release to Collection Account
|
|
-
|
||
|
|
Ending Balance
|
$
|
675.78
|
||
|
D
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2014-7 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |