Navient Student Loan Trust

Transcription

1 avient Student Loan Trust Monthly Servicing Report Distribution Date 12/26/2018 Collection Period 11/01/ /30/2018 avient Funding, LLC - Depositor avient Solutions - Master Servicer and dministrator Wells Fargo - Indenture Trustee Wells Fargo Bank, ational ssociation - Eligible Lender Trustee avient Funding - Excess Distribution Certificateholder Page 1 of 9

2 I. Deal Parameters Student Loan Portfolio Characteristics 03/23/ /31/ /30/2018 Principal Balance Interest to be Capitalized Balance $ 900,033, ,477, $ 701,616, ,512, $ 692,565, ,808, Pool Balance $ 902,510, $ 704,128, $ 695,373, Specified Reserve ccount Balance 41,130, ,561, ,430, djusted Pool (1) $ 943,640, $ 714,690, $ 705,804, Weighted verage Coupon (WC) 5.56% umber of Loans 115,980 86,097 84,780 ggregate Outstanding Principal Balance - Tbill $ 58,320, $ 57,779, ggregate Outstanding Principal Balance - LIBOR $ 645,808, $ 637,594, Pool Factor Since Issued Constant Prepayment Rate % % (1) The Specified Reserve ccount balance is included in the djusted Pool until the Pool Balance is less than or equal to 40% of the original pool. B Debt Securities Cusip/Isin 11/26/ /26/ R2 $ 686,103, $ 677,572, C ccount Balances 11/26/ /26/2018 Reserve ccount Balance $ 10,561, $ 10,430, Capitalized Interest ccount Balance Floor Income Rebate ccount $ 1,882, $ 549, Supplemental Loan Purchase ccount D sset / Liability 11/26/ /26/2018 djusted Pool Balance + Supplemental Loan Purchase Total otes Difference Parity Ratio $ 714,690, $ 686,103, $ 28,587, $ 705,804, $ 677,572, $ 28,232, Page 2 of 9 Trust Monthly Servicing Report: Collection Period 11/01/ /30/2018, Distribution Date 12/26/2018

3 II. Trust ctivity 11/01/2018 through 11/30/2018 B Student Loan Principal Receipts Borrower Principal 699, Guarantor Principal 7,069, Consolidation ctivity Principal 3,462, Seller Principal Reimbursement - Servicer Principal Reimbursement (283.70) Rejected Claim Repurchased Principal 2, Other Principal Deposits - Total Principal Receipts $ 11,234, Student Loan Interest Receipts Borrower Interest 542, Guarantor Interest 348, Consolidation ctivity Interest 46, Special llowance Payments 416, Interest Subsidy Payments 876, Seller Interest Reimbursement 0.00 Servicer Interest Reimbursement Rejected Claim Repurchased Interest Other Interest Deposits 28, Total Interest Receipts $ 2,259, C Reserves in Excess of Requirement $ 131, D Investment Income $ 47, E Funds Borrowed from ext Collection Period F Funds Repaid from Prior Collection Period G Loan Sale or Purchase Proceeds H Initial Deposits to Collection ccount I Excess Transferred from Other ccounts $ 1,882, J Other Deposits K L M O P Q Funds Released from Capitalized Interest ccount 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 llocated to the Floor Income Rebate ccount VILBLE FUDS on-cash Principal ctivity During Collection Period on-reimbursable Losses During Collection Period ggregate Purchased mounts by the Depositor, Servicer or Seller ggregate Loan Substitutions $(326,318.44) $(1,979,922.91) $(549,799.47) $ 12,699, $(2,183,788.63) $ 179, $ 2, Page 3 of 9 Trust Monthly Servicing Report: Collection Period 11/01/ /30/2018, Distribution Date 12/26/2018

4 III Portfolio Characteristics 11/30/ /31/2018 Wtd vg Coupon # Loans Principal % of Principal Wtd vg Coupon # Loans Principal % of Principal ITERIM: GRCE 0.00% % 8.00% 2 $1, % DEFERMET 5.71% 6,204 $38,827, % 5.69% 6,270 $38,528, % REPYMET: CURRET 5.83% 48,048 $373,385, % 5.84% 48,153 $374,073, % DYS DELIQUET 5.96% 3,818 $34,393, % 5.81% 3,689 $33,627, % DYS DELIQUET 5.92% 2,085 $17,858, % 5.92% 2,191 $17,995, % DYS DELIQUET 5.88% 1,498 $12,080, % 5.96% 1,398 $12,161, % > 120 DYS DELIQUET 5.95% 8,102 $64,067, % 5.97% 9,945 $78,895, % FORBERCE 5.95% 13,096 $137,213, % 5.94% 12,813 $133,266, % CLIMS I PROCESS 6.00% 1,918 $14,530, % 5.90% 1,625 $12,881, % GED CLIMS REJECTED 6.68% 11 $209, % 6.60% 11 $184, % TOTL 84,780 $692,565, % 86,097 $701,616, % * Percentages may not total 100% due to rounding Page 4 of 9 Trust Monthly Servicing Report: Collection Period 11/01/ /30/2018, Distribution Date 12/26/2018

5 IV Portfolio Characteristics (cont'd) 11/30/ /31/2018 Pool Balance Outstanding Borrower ccrued Interest Borrower ccrued Interest to be Capitalized Borrower ccrued Interest >30 Days Delinquent Total # Loans Total # Borrowers Weighted verage Coupon Weighted verage Remaining Term on-reimbursable Losses Cumulative on-reimbursable Losses Since Issued Constant Prepayment Rate (CPR) Loan Substitutions Cumulative Loan Substitutions Rejected Claim Repurchases Cumulative Rejected Claim Repurchases Unpaid Primary Servicing Fees Unpaid dministration Fees Unpaid Carryover Servicing Fees ote Principal Shortfall ote Interest Shortfall Unpaid Interest Carryover on-cash Principal ctivity - Capitalized Interest Borrower Interest ccrued Interest Subsidy Payments ccrued Special llowance Payments ccrued Outstanding Balance of the RR Certificate $695,373, $13,543, $2,808, $4,684, ,780 31, $179, $3,813, % $2, $321, $2,362, $3,096, $254, $178, $26,130, $704,128, $13,733, $2,512, $5,101, ,097 32, $154, $3,634, % $156, $319, $2,482, $3,236, $277, $176, $26,310, Fair Value of RR Certificate: 3.0%* Page 5 of 9 Trust Monthly Servicing Report: Collection Period 11/01/ /30/2018, Distribution Date 12/26/2018

6 V Portfolio Statistics by School and Program Weighted LO TYPE verage Coupon # LOS $ MOUT % * - GSL (1) - Subsidized - GSL - Unsubsidized 5.77% 38, ,576, % 5.85% 28, ,094, % - PLUS (2) Loans 7.63% 1,522 23,462, % - SLS (3) Loans 5.69% 356 1,944, % - Consolidation Loans 5.81% 15, ,486, % Total 84,780 $ 692,565, % B SCHOOL TYPE Weighted verage Coupon # LOS $ MOUT % * - Four Year 5.93% 47, ,720, % - Two Year 5.98% 17,656 66,247, % - Technical 5.92% 4,453 17,110, % - Other 5.81% 15, ,486, % Total 84,780 $ 692,565, % *Percentages may not total 100% due to rounding. (1) (2) (3) Guaranteed Stafford Loan Parent Loans for Undergraduate Students Supplemental Loans to Students. The Unsubsidized Stafford Loan program replaced the SLS program on July 1, Page 6 of 9 Trust Monthly Servicing Report: Collection Period 11/01/ /30/2018, Distribution Date 12/26/2018

7 VI Waterfall for Distributions Paid Remaining Funds Balance Total vailable Funds $ 12,699, Trustee Fees $ 12,699, B Primary Servicing Fee $ 107, $ 12,591, C dministration Fee $ 6, $ 12,585, D Class oteholders' Interest Distribution mount $ 1,924, $ 10,661, E Reserve ccount Reinstatement $ 10,661, F Class oteholders' Principal Distribution mount $ 8,531, $ 2,130, G Class oteholders' ccelerated Principal Distribution mount $ 2,130, H Unpaid Expenses of The Trustees $ 2,130, I Carryover Servicing Fee $ 2,130, J Remaining mounts to the oteholders after the first auction date $ 2,130, K Repayment to the Lender under the Revolving Credit greement $ 2,130, L RR Certificateholder $ 769, $ 1,360, M Excess Distribution Certificateholder $ 1,360, Waterfall Triggers B C D E F G H Student Loan Principal Outstanding Interest to be Capitalized Capitalized Interest ccount Balance Reserve ccount Balance (after any reinstatement) Less: Specified Reserve ccount Balance Total Class otes Outstanding (after application of available funds) Insolvency Event or Event of Default Under Indenture $ 692,565, $ 2,808, $ 10,430, $(10,430,605.14) $ 695,373, $ 677,572, Page 7 of 9 Trust Monthly Servicing Report: Collection Period 11/01/ /30/2018, Distribution Date 12/26/2018

8 VII Distributions Distribution mounts Cusip/Isin 63939R2 Beginning Balance $ 686,103, Index LIBOR Spread/Fixed Rate 1.05% Record Date (Days Prior to Distribution) 1 EW YORK BUSIESS DY ccrual Period Begin 11/26/2018 ccrual Period End 12/26/2018 Daycount Fraction Interest Rate* % ccrued Interest Factor Current Interest Due $ 1,924, Interest Shortfall from Prior Period Plus ccrued Interest Total Interest Due $ 1,924, Interest Paid $ 1,924, Interest Shortfall Principal Paid $ 8,531, Ending Principal Balance $ 677,572, Paydown Factor Ending Balance Factor * Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see Page 8 of 9 Trust Monthly Servicing Report: Collection Period 11/01/ /30/2018, Distribution Date 12/26/2018

9 VIII Reconciliations Principal Distribution Reconciliation otes Outstanding Principal Balance djusted Pool Balance Overcollateralization mount Principal Distribution mount Principal Distribution mount Paid $ 686,103, $ 705,804, $ 28,232, $ 8,531, $ 8,531, B Reserve ccount Reconciliation Beginning Period Balance $ 10,561, Reserve Funds Utilized 0.00 Reserve Funds Reinstated 0.00 Balance vailable $ 10,561, C D E Required Reserve cct Balance Release to Collection ccount Ending Reserve ccount Balance Floor Income Rebate ccount Beginning Period Balance Deposits for the Period Release to Collection ccount Ending Balance Supplemental Purchase ccount Beginning Period Balance Supplemental Loan Purchases Transfers to Collection ccount Ending Balance EDC and RR Certification Distribution Reconciliation $ 10,430, $ 131, $ 10,430, $ 1,882, $ 549, $(1,882,516.60) $ 549, EDC Certificate Distribution mount / % $ 1,360, / 64.00% RR Certificate Distribution mount / % $ 769, / 36.00% F Risk Retention Compliance Triggers (i) two years from the Closing Date (ii) the date the Pool Balance first equals an amounts that is one-third or less of the initial Pool Balance (iii) the date the Outstanding mount of the otes first equals an amounts that is one-third or less of the Outstanding mount of the otes as of the Closing Date Page 9 of 9 Trust Monthly Servicing Report: Collection Period 11/01/ /30/2018, Distribution Date 12/26/2018