Navient Student Loan Trust 2014 5
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 2014-5
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 2014-5 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
|
$
|
155,346,000.80
|
$
|
49,956,998.83
|
$
|
49,458,234.06
|
||||||
|
|
Interest to be Capitalized Balance
|
812,255.89
|
320,707.99
|
255,211.19
|
|||||||||
|
|
Pool Balance
|
$
|
156,158,256.69
|
$
|
50,277,706.82
|
$
|
49,713,445.25
|
||||||
|
|
Specified Reserve Account Balance
|
3,566,417.00
|
- N/A -
|
- N/A -
|
|||||||||
|
|
Adjusted Pool (1)
|
$
|
159,724,673.69
|
$
|
50,277,706.82
|
$
|
49,713,445.25
|
||||||
|
|
Weighted Average Coupon (WAC)
|
5.48%
|
|
5.47%
|
|
5.49%
|
|
||||||
|
|
Number of Loans
|
6,801
|
2,221
|
2,199
|
|||||||||
|
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
1,836,705.62
|
$
|
1,837,826.31
|
||||||||
|
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
48,441,001.20
|
$
|
47,875,618.94
|
||||||||
|
|
Pool Factor
|
0.317194612
|
0.313634769
|
||||||||||
|
|
Since Issued Constant Prepayment Rate
|
6.43%
|
|
6.43%
|
|
| (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 |
63938WAA2
|
$
|
43,327,706.82
|
$
|
42,781,811.71
|
|||||
| B |
63938WAB0
|
$
|
4,200,000.00
|
$
|
4,200,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Reserve Account Balance
|
$
|
158,507.00
|
$
|
158,507.00
|
||||
|
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
|
Floor Income Rebate Account
|
$
|
250.60
|
$
|
571.76
|
||||
|
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
50,277,706.82
|
$
|
49,713,445.25
|
||||
|
|
Total Notes
|
$
|
47,527,706.82
|
$
|
46,981,811.71
|
||||
|
|
Difference
|
$
|
2,750,000.00
|
$
|
2,731,633.54
|
||||
|
|
Parity Ratio
|
1.05786
|
1.05814
|
|
Page 2 of 9
|
Trust 2014-5 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
|
224,982.96
|
||||
|
Guarantor Principal
|
486,052.74
|
||||
|
Consolidation Activity Principal
|
35.10
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
711,070.80
|
|||
| B |
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
100,477.61
|
||||
|
Guarantor Interest
|
25,800.16
|
||||
|
Consolidation Activity Interest
|
0.30
|
||||
|
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
|
972.46
|
||||
|
Total Interest Receipts
|
$
|
127,250.53
|
|||
| C |
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
6,700.17
|
||
|
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
|
$
|
(44,313.58)
|
|
||
|
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(321.16)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
800,386.76
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(212,306.03)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
6,917.97
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
-
|
|||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| III. |
2014-5 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans |
Principal |
% of Principal |
Wtd Avg Coupon
|
# Loans |
Principal |
% of Principal |
||||||||||||||||||||||||||
|
INTERIM:
|
DEFERMENT
|
6.70%
|
|
63
|
$
|
1,698,633.12
|
3.434%
|
|
6.64%
|
|
68
|
$
|
2,157,352.98
|
4.318%
|
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
5.25%
|
|
1,732
|
$
|
33,060,205.22
|
66.845%
|
|
5.31%
|
|
1,783
|
$
|
34,744,504.30
|
69.549%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.48%
|
|
51
|
$
|
2,599,414.43
|
5.256%
|
|
6.18%
|
|
39
|
$
|
1,573,340.50
|
3.149%
|
|
|||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.54%
|
|
34
|
$
|
1,462,260.33
|
2.957%
|
|
5.89%
|
|
38
|
$
|
1,473,300.14
|
2.949%
|
|
|||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
5.80%
|
|
28
|
$
|
1,165,229.20
|
2.356%
|
|
5.08%
|
|
25
|
$
|
660,545.59
|
1.322%
|
|
|||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
5.69%
|
|
57
|
$
|
1,486,976.23
|
3.007%
|
|
5.84%
|
|
50
|
$
|
1,356,669.10
|
2.716%
|
|
|||||||||||||||||||
|
|
FORBEARANCE |
5.56%
|
|
219
|
$
|
7,580,285.43
|
15.327%
|
|
5.69%
|
|
204
|
$
|
7,499,348.92
|
15.012%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.44%
|
|
15
|
$
|
405,230.10
|
0.819%
|
|
4.21%
|
|
14
|
$
|
491,937.30
|
0.985%
|
|
||||||||||||||||||
|
TOTAL
|
2,199
|
$
|
49,458,234.06
|
100.00%
|
|
2,221
|
$
|
49,956,998.83
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| IV. |
2014-5 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
49,713,445.25
|
$
|
50,277,706.82
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
1,378,801.20
|
$
|
1,512,286.91
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
255,211.19
|
$
|
320,707.99
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
232,571.45
|
$
|
201,037.57
|
||||
|
Total # Loans
|
2,199
|
2,221
|
||||||
|
Total # Borrowers
|
1,220
|
1,234
|
||||||
|
Weighted Average Coupon
|
5.49%
|
|
5.47%
|
|
||||
|
Weighted Average Remaining Term
|
203.01
|
203.16
|
||||||
|
Non-Reimbursable Losses
|
$
|
6,917.97
|
$
|
4,780.67
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
713,412.77
|
$
|
706,494.80
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
6.43%
|
|
6.43%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
$ |
18,366.46
|
-
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
219,155.32
|
$
|
94,832.36
|
||||
|
Borrower Interest Accrued
|
$
|
211,512.79
|
$
|
220,486.13
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
6,015.82
|
$
|
7,075.20
|
||||
|
Special Allowance Payments Accrued
|
$
|
110,794.87
|
$
|
118,440.96
|
|
Page 5 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
V.
|
2014-5 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
|
5.49%
|
|
2,199
|
49,458,234.06
|
100.000%
|
|
||||||||||
|
|
Total
|
5.49%
|
|
2,199
|
$
|
49,458,234.06
|
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
|
5.49%
|
|
2,199
|
49,458,234.06
|
100.000%
|
|
||||||||||
|
|
Total
|
5.49%
|
|
2,199
|
$
|
49,458,234.06
|
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 2014-5 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VI. |
2014-5 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
800,386.76
|
|||||||
|
A
|
Trustee Fees
|
|
-
|
$
|
800,386.76
|
||||
|
B
|
Primary Servicing Fee
|
$
|
6,527.86
|
$
|
793,858.90
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
787,191.90
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
217,165.69
|
$
|
570,026.21
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
24,131.10
|
$
|
545,895.11
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
545,895.11
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
545,895.11
|
|
-
|
||||
|
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
|
$
|
49,458,234.06
|
||
|
B
|
Interest to be Capitalized
|
$
|
255,211.19
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
158,507.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(158,507.00)
|
|
|
|
F
|
Total
|
$
|
49,713,445.25
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
42,781,811.71
|
||
|
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 2014-5 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VII. |
2014-5 Distributions
|
Distribution Amounts
| A |
|
B
|
|
|||||
|
Cusip/Isin
|
63938WAA2
|
63938WAB0
|
||||||
|
Beginning Balance
|
$
|
43,327,706.82
|
$
|
4,200,000.00
|
||||
|
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
|
$
|
217,165.69
|
$
|
24,131.10
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
217,165.69
|
$
|
24,131.10
|
||||
|
Interest Paid
|
$
|
217,165.69
|
$
|
24,131.10
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
545,895.11
|
-
|
|||||
|
Ending Principal Balance
|
$
|
42,781,811.71
|
$
|
4,200,000.00
|
||||
|
Paydown Factor
|
0.003542473
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.277623697
|
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 2014-5 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
| VIII. |
2014-5 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
|
Notes Outstanding Principal Balance
|
$
|
47,527,706.82
|
||
|
|
Adjusted Pool Balance
|
$
|
49,713,445.25
|
||
|
|
Overcollateralization Amount
|
$
|
2,750,000.00
|
||
|
|
Principal Distribution Amount
|
$
|
564,261.57
|
||
|
|
Principal Distribution Amount Paid
|
$
|
545,895.11
|
||
|
B
|
Reserve Account Reconciliation
|
||||
|
|
Beginning Period Balance
|
$
|
158,507.00
|
||
|
|
Reserve Funds Utilized
|
0.00
|
|||
|
|
Reserve Funds Reinstated
|
0.00
|
|||
|
|
Balance Available
|
$
|
158,507.00
|
||
|
|
Required Reserve Acct Balance
|
$
|
158,507.00
|
||
|
|
Release to Collection Account
|
|
-
|
||
|
|
Ending Reserve Account Balance
|
$
|
158,507.00
|
||
|
C
|
Floor Income Rebate Account
|
||||
|
|
Beginning Period Balance
|
$
|
250.60
|
||
|
|
Deposits for the Period
|
$
|
321.16
|
||
|
|
Release to Collection Account
|
-
|
|||
|
|
Ending Balance
|
$
|
571.76
|
||
|
D
|
Supplemental Purchase Account
|
||||
|
|
Beginning Period Balance
|
-
|
|||
|
|
Supplemental Loan Purchases
|
-
|
|||
|
|
Transfers to Collection Account
|
-
|
|||
|
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2014-5 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|