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Warning TextXTableStyleMedium2PivotStyleLight1683ffff̙̙3f3fff3f3f33333f33333\` jFFELPPrivate 4Collection and Waterfall{( Balance Sheet=Income Statement  ;W   ;   ;5  ;|   ;  ;   ;8bZ 3 A@@   ;UIssuer Deal NameDistribution DateWebsiteClassCollection Period CUSIP Beg Princ BalInterest AccrualPrincipal Paid End Princ BalOriginal Balance% of Securities (a) Footnotes (b) FootnotesPrincipal Balance Beg Balance End BalanceActivityAccrued InterestTotal Pool BalanceTotal Accounts BalanceWeighted Average Coupon (WAC)Number of LoansNumber of BorrowersReserve AccountReserve Amt Required Total AssetsSenior Parity %Total Parity % In School CurrentTotal Repayment Deferment # of Loans BeginningEnding % of BalanceTotal PortfolioTotalAssets Loans Receivable Liabilities Bonds PayableTotal LiabilitiesMaturityAverage Borrower Indebtedness" Accrued Interest on Investment% Accrued Interest Subsidy Payments Total Accounts/Funds Balance# Accrued Interest on Senior Bonds% Principal of Sub Bonds Outstanding, Accrued Interest on Sub Bonds Outstanding Total Liabilities and Net Assets Balance Sheet Proprietary Total Balance$Monitoring Waterfall and CollectionsCollection PeriodCollection Activity$Principal and Interest DistributionsCollection AccountCollection Amount ReceivedInterest Shortfall RecoveriesInterest Carryover Due"Excess of Required Reserve AccountInterest Carryover PaidInterest CarryoverPayments from Guarantor Sale ProceedsTotal Distribution AmountInvestment IncomeAll FeesTotal Available FundsWaterfall ActivityWaterfall for Distribution Amount DueAmount Remaining Contact EmailConsolidation Loans800 +Bal after WaterfallSubsidized Stafford LoansUnsubsidized Stafford Loans(Student Loan Backed Reporting Mixed Deal 30-59 Days Delinquent 60-89 Days Delinquent 90-119 Days Delinqent 150-179 Days Delinquent 120-149 Days Delinquent 180-209 Days Delinquent 210-239 Days Delinquent4 Year2 YearForeign Vocationalй Extra Advantageй Extra Choiceй Extra Classicй Extra Institutionalй Extra Lawй Extra MedicalGrad / PLUS Loans&й Cash and Equivalents Revenue Loan Acquisition Total Cash and Equivalents Receivables Investment Interest Student Loans Allowance for Bad Debt Contra SLR - Alt Fees" Deferred Subsidized Fees Student Loan Interest Total Receivables Other Assets Def Bond Issuance, Net Prepaid Expenses Total Other AssetsLiabilities and Net Assets Liabilities Senior Bonds Payable Bond Interest Payable" VT Value Rebates Payable% Accrued Yield - US Treasury' Accrued Rebates - US Treasury+ Due To US Department of Education! Due To/From Other Funds Total Liabilities Net Assets' Restricted by Bond Resolution Total Net Assets@Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor Borrower RecoveriesCumulative Net LossTotal Fees and Program Expenses*Available Funds at Beginning of Period (a)Borrower Payments) Current Period Defaults and Write-offs% Cumulative Defaults and Write-offsServicing FeesIndenture Trustee Fees Other FeesArbitrage Analysis FeesD Loans for which claims have been filed as of Distribution Date www.vsac.org"Excess Earnings Rebate paid to IRSAccrued Interest Carryover,Consolidation Rebate Fee paid to Dept. of Ed'Excess Interest returned to Dept. of EdExempt IRS Status % of Pool In School GraceRate(a)Loan Acquisition Fund Revenue Fund Debt Service Reserve Allowance for Bad Debt Student Loan Fees Prepaid Expenses Deferred Bond Issuance Costs( Accrued Interest Receivable on Loans# Borrower Benefit Rebates Payable) Accrued Yield and Rebate - US Treasury Due to US Dept. of Ed Due To/From Operations PrincipalReduced Payment Claim Filed HEAL LoansOther / Unknown (a)CIncludes Consolidation loans for which no School Code is maintainedOther / Unknown 240-269 Days Delinquent 270+ Days Delinquent 1-29 Days DelinquentIn Grace In School Repayment Forbearance Reduced Payment Deferment *Weghted Average Maturity (WAM) (in months)Interest Accrued Interest Due Interest PaidAverage FICO Score (a) Average of FICO scores on record+Average FICO Score (cosigned borrowers) (a)/Average FICO Score (non-cosigned borrowers) (a)Portfolio Summary - FFELP Notes/Bonds&Weighted Average Payments Made - FFELPFunds and Accounts - Trust Balance Sheet and Parity - Trust Portfolio by Loan Status - FFELPDelinquency Status - FFELPPortfolio by Loan Type - FFELP Portfolio by School Type - FFELP"Portfolio by Loan Status - PrivateDelinquency Status - Private#Portfolio by Loan Program - Private"Portfolio by School Type - Private,Distribution by FICO Credit Scores - PrivateQuarterly Distribution Report.Total Repayment includes Reduced Payment loans No FICO Score Less than 650Private Loans - Other (a)investorrelations@vsac.org FIB SAP 650 - 699 700 - 749 750 - 799Quarterly Income StatementBond Direct Contribution Revenue# Federal Interest Benefits$ Special Allowance Payments! Interest on Investments) Interest and Fees/Student Loans Other Income Total Revenue Bond Expenses Bond/Note Interest, Lender Fees and Consolidation Fees! VT Value Rebate Expense& Fees Paid on Borrower Behalf! Yield Exp - US Treasury Yield Analysis" Rebate Exp - US Treasury Rebate Analysis Bad Debt Expense Credit Enhancement Auction Agent Remarketing Trustee Fees Total Interest ExpensesTotal Direct ContributionAdministrative Expense Salaries and Benefits! Other General and Admin$ Other Loan Finance Expense' Amortization of Bond Issuance! Subsidy Transfer to OpsTotal Administrative TransfersBEGINNING NET ASSETSNET SURPLUS/(DEFICIT)ENDING NET ASSETSCumulative Default Rate - FFELP!Cumulative Default Rate - Private,Fees and Program Expenses for Current Period Rating Agency Fees Repayment ForbearanceW.A. Time until (a)Current StatusConversion to RepaymentmonthsTotal Not ConvertedW.A. Time sinceTotal Converted=W.A. Time until Conversion to Repayment includes Grace period(Weighted Average Payments Made - PrivatePortfolio Summary - Private (b)*Periodic Principal Distribution Amount DuePeriodic Principal Paid (a)Principal Shortfall!Student Loans Receivable ActivityBeginning Balance Interest CapsConsolidation PaymentsClaim Payments DisbursementsBorrower Benefit RebatesSchool Refunds Write-offs Miscellaneous AdjustmentsEnding BalanceRefunds to Borrowers?Available Funds is sum of Revenue and Loan Acquisition Accounts(a) Footnotes:%Reserve Account - Beginning of PeriodReserve Account - End of PeriodLoan Transfers( Cumulative Purchases and originationsU Loans for which claims have been filed but not yet paid as of Distribution Dateg1) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) / Cumulative Purchases and OriginationsW2) (Payments from Guarantor + Borrower Recoveries) / Cumulative Defaults and Write-offss3) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) - (Payments from Guarantor + Borrower Recoveries) /* Cumulative Purchases and Originations Cumulative Default Rate (1)Recovery Rate (2)Cumulative Net Loss (3)( Cumulative Purchases and Originations2014-B 2014-B 92428C JN 5Most recent re<set2014 - B Cap Int! 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