October 10, 1996
VIA EDGAR ELECTRONIC FILING SYSTEM
Securities and Exchange Commission
450 - 5th Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: The National Collegiate Trust 1996-S1
Collateralized Student Loan Bonds, Series 1996-S1
Registration Number 33-63616
Ladies and Gentlemen:
Accompanying this electronic filing is the Current Report on
Form 8-K dated September 30, 1996 for the referenced series of collateralized
student loan bonds.
If you have any questions, please telephone the undersigned at (212) 551-1470.
Very truly yours,
THE NATIONAL COLLEGIATE TRUST 1996-S1
BY: The First Marblehead Corporation,
its Agent
Name: Victor M. Samra, Jr.
Title: Chief Operating Officer
Enclosures:
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 20, 1996
THE NATIONAL COLLEGIATE TRUST 1996-S1 (as issuer under the Indenture, dated as
of April 1, 1996, providing for the issuance of 7.45% Collateralized
Student Loan Bonds, Series 1996-S1)
The National Collegiate Trust 1996-S1
(Exact name of Issuer as specified in its charter)
Delaware 33-63616 51-6503559
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
c/o Delaware Trust Capital Management
900 Market Street
Wilmington, Delaware 19801
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (302) 421-7748
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Pro Forma Financial Information. See (c) below.
(c) Exhibits
20.1 Payment Date Statement, dated September 20, 1996,
prepared by State Street Bank and Trust Company, as
indenture trustee.
99.1 Monthly Servicer Report, dated September 30, 1996,
prepared by the Pennsylvania Higher Education
Assistance Agency, as Servicer.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the issuer has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
THE NATIONAL COLLEGIATE TRUST 1996-S1
By: DELAWARE TRUST CAPITAL MANAGEMENT,
not in its individual capacity but as
Owner Trustee
By: /S/ Richard N. Smith
Name: Richard N. Smith
Title: Vice President
Dated: October 10, 1996
EXHIBITS TABLE
20.1 Payment Date Statement, dated September 20, 1996, prepared by
State Street Bank and Trust Company, as indenture trustee.
99.1 Monthly Servicer Report, dated September 30, 1996, prepared by
the Pennsylvania Higher Education Assistance Agency, as
Servicer.
EXHIBIT 20.1
STATE STREET
State Street Bank and Trust Company
Corporate Trust Department
P.O. Box 778
Boston, Massachusetts 02102-0778
September 11, 1996
Date of Distribution: September 20, 1996
TO BONDHOLDERS
Re: The National Collegiate Trust 1996-S1
Payment Date Statement as required by Section 3.05 of the Trust Indenture
3.05 (a)
(1) Available Payment Amount on deposit $ 102,313.33
(2) Servicer Remittances during Interest Accrual Period $ 33,685.27
(3) Net liquidation proceeds related to Defaulted Student Loans $ 0.00
(4) Aggregate amount of reinvestment income in
Collateral Proceeds Account $ 135.91
(5) Amounts on deposit in the Reserve Fund in excess of
the Interest Reserve Amount $ 0.00
(6) Aggregate amount of reinvestment income In the Reserve Fund $ 24.69
(7) Interest Support Payments withdrawn from the
Interest Support Account $ 68,492.15
3.05 (b) Aggregate amount of interest accrued during
Interest Accrual Period $ 102,313.33
3.05 (c) Amount of payment being made with respect to the Bonds $ 102,313.33
3.05 (d) Amount of payments being made with respect to the Bonds
which represent interest $ 102,313.33
3.05 (e) Aggregate amount of all payments representing principal $ 0.00
3.05 (f) Amount of any payment to an Individual Bond $ 102,313.33
3.05 (g) Amount of payment representing interest on
an Individual Bond $ 102,313.33
3.05 (h) Amount of payment representing principal to
an Individual Bond $ 0.00
3.05 (i) Current Principal Amount of an Individual Bond $3,090,000.00
3.05 (j) Aggregate stated principal balance and accrued interest
of all Student Loans $3,192,340.92
3.05 (k) Unpaid principal amount of Bonds after giving effect
to the payment of principal payments to be made on
such Payment Date $3,090,000.00
3.05 (1) Aggregate amount of Defaulted Student Loans $ 0.00
Should you have any questions regarding the Information provided please do not
hesitate to contact Patricia A. DiCarlo at (617)664-5472.
Sincerely,
State Street Bank and Trust Company
as Trustee
EXHIBIT 99.1
99.1 Monthly Servicer Report, dated September 30, 1996, prepared by
the Pennsylvania Higher Education Assistance Agency, as
servicer.
PHEAA
Creating Access to Education
1200 North Seventh Street, Harrisburg, PA 17102-1444
(717) 720-2540
Check Remittance: Wire/ACH Remittance:
P.O. Box 360058 Mellon Bank - West
Pittsburgh, PA 15251-6058 ABA # 043000261
Account # 920-8481
ATTN: VICTOR M. SAMRA,JR. INVOICE NUMBER 64547
NATIONAL COLLEGIATE TRUST-1996 S1
C/O FIRST MARBLEHEAD LP DATE 10/12/96
237 PARK AVENUE, 21ST FLOOR
NEW YORK, NY 10017-3142
CUSTOMER NUMBER 122962D
F 079-039-098- -004-400-40102-710-90500 079710-039098-102
Description Amount
1995 FULL SERVICING CONTRACTS
SEPTEMBER 1, 1996 THRU SEPTEMBER 30, 1996
LOAN SERVICING
ENDING PRINCIPAL BALANCE 3058651.12 @ (.0046/12.00) 1,172.48
SUB TOTAL: 1,172.48
PENNSYLVANIA STATE TAX (6%):
TOTAL INVOICE AMOUNT DUE: 1,172.48
FAX: 212/551-1781 OR 212/697-8486
RATE EXPIRATION:
O1/l5/96 TO 9/30/99
10/01/99 TO 9/30/04
10/01/04 TO 9/30/08
10/01/08 TO 9/30/12
PLEASE DO NOT HESITATE TO CONTACT PHEAA'S
FINANCIAL MANAGEMENT ACCOUNTS RECEIVABLE STAFF
AT 717/720-2168 OR 717/720-2086 IF YOU HAVE ANY
QUESTIONS OR CONCERNS REGARDING YOUR INVOICE.
PAYABLE UPON RECEIPT
TO INSURE PROPER CREDIT RETURN INVOICE WITH PAYMENT
2. Remittance Copy FRM:0004
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 09/30/96
PORTFOLIO # 99999 / STATUS = IN-SCHOOL
NO. BORROWER GOVT. LT.CHARGES NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST
______ ______________ _____________ _____________ __________ ______ ______________ _____________ _____________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1.BEGINNING BALANCE 1066 2,252,772.56 112,908.91 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 0 .00 .00 .00
4.CASH COLLECTIONS
A.DEBITS
1.REVERSALS 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS 9 3,158.24 534.70 .00 .00
2.PAYOFFS-CLAIM 0 .00 .00 .00 .00
C.TOTAL CASH 9 3,158.24 534.70 .00 .00
5.NON-CASH COLLECTION
A.DEBITS
1.REVERSALS-ADV 0 .00 .00 .00 .00
2.ADJUST-ADVICE 1 3.01 .00 .00 .00
3.WRITE-UPS-GEN 0 .00 .00 .00 .00
4.CAPITAL INT. 0 .00 .00 .00 .00
5.WRITE-UPS 1 .00 .00 .00 .00
6.RESALES 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS-ADV. 0 .00 .00 .00 .00
2.ADJUST-ADVICE 5 .00 24.61 .00 .00
3.WRITE-OFFS-GE 0 .00 .00 .00 .00
4.PAYOFFS-CLAIM 0 .00 .00 .00 .00
5.CAPITAL INT. 0 .00 .00 .00 .00
6.WRITE-OFFS 0 .00 .00 .00 .00
7.CANCELLATIONS 0 .00 .00 .00 .00
C.TOTAL NON-CASH 7 3.01 24.61 .00 .00
6.TRANSFERS OUT 2 2,500.00 129.51 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 1064 2,247,117.33 112,220.09 .00
9.CURRENT MONTH ACCRUALS 15,968.79 .00
10.ADJS PREV PDS EARNINGS 24.61 .00
11.ADJS PREV PDS EARNINGS-CLAIMS
A.DEBITS .00 .00
B.CREDITS .00 .00
C.TOT ADJS PREV PDS EARN-CLAIMS .00 .00
12.SYSTEM REMOVALS 1 .00 .00 .00
13.ENDING BALANCE 1063 2,247,117.33 128,188.88 .00
</TABLE>
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 09/30/96
PORTFOLIO # 99999 / STATUS = IN-GRACE
NO. BORROWER GOVT. LT.CHARGES NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST
______ ______________ _____________ _____________ __________ ______ ______________ _____________ _____________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1.BEGINNING BALANCE 276 748,964.43 38,305.99 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 0 .00 .00 .00
4.CASH COLLECTIONS
A.DEBITS
1.REVERSALS 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS 0 .00 .00 .00 .00
2.PAYOFFS-CLAIM 0 .00 .00 .00 .00
C.TOTAL CASH 0 .00 .00 .00 .00
5.NON-CASH COLLECTION
A.DEBITS
1.REVERSALS-ADV 0 .00 .00 .00 .00
2.ADJUST-ADVICE 0 .00 .00 .00 .00
3.WRITE-UPS-GEN 0 .00 .00 .00 .00
4.CAPITAL INT. 0 .00 .00 .00 .00
5.WRITE-UPS 0 .00 .00 .00 .00
6.RESALES 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS-ADV. 0 .00 .00 .00 .00
2.ADJUST-ADVICE 0 .00 .00 .00 .00
3.WRITE-OFFS-GE 0 .00 .00 .00 .00
4.PAYOFFS-CLAIM 0 .00 .00 .00 .00
5.CAPITAL INT. 0 .00 .00 .00 .00
6.WRITE-OFFS 0 .00 .00 .00 .00
7.CANCELLATIONS 0 .00 .00 .00 .00
C.TOTAL NON-CASH 0 .00 .00 .00 .00
6.TRANSFERS OUT 230 559,695.43 28,070.38 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 46 189,269.00 10,235.61 .00
9.CURRENT MONTH ACCRUALS 1,383.51 .00
10.ADJS PREV PDS EARNINGS .00 .00
11.ADJS PREV PDS EARNINGS-CLAIMS
A.DEBITS .00 .00
B.CREDITS .00 .00
C.TOT ADJS PREV PDS EARN-CLAIMS .00 .00
12.SYSTEM REMOVALS 0 .00 .00 .00
13.ENDING BALANCE 46 189,269.00 11,619.12 .00
</TABLE>
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 09/30/96
PORTFOLIO # 99999 / STATUS = PAYOUT
NO. BORROWER GOVT. LT.CHARGES NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST
______ ______________ _____________ _____________ __________ ______ ______________ _____________ _____________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1.BEGINNING BALANCE 16 38,783.31 605.72 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 232 562,195.43 28,199.89 .00
4.CASH COLLECTIONS
A.DEBITS
1.REVERSALS 1 1,056.76 105.38 .00 .00
B.CREDITS
1.PAYMENTS 67 2,309.34 910.23 .00 .00
2.PAYOFFS-CLAIM 0 .00 .00 .00 .00
C.TOTAL CASH 68 1,252.58 804.85 .00 .00
5.NON-CASH COLLECTION
A.DEBITS
1.REVERSALS-ADV 0 .00 .00 .00 .00
2.ADJUST-ADVICE 1 .00 .46 .00 .00
3.WRITE-UPS-GEN 0 .00 .00 .00 .00
4.CAPITAL INT. 236 28,270.40 106.77 .00 .00
5.WRITE-UPS 0 .00 .00 .00 .00
6.RESALES 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS-ADV. 7 5,625.00 .00 .00 .00
2.ADJUST-ADVICE 2 .00 .02 .00 .00
3.WRITE-OFFS-GE 0 .00 .00 .00 .00
4.PAYOFFS-CLAIM 0 .00 .00 .00 .00
5.CAPITAL INT. 236 106.77 28,270.40 .00 .00
6.WRITE-OFFS 0 .00 .00 .00 .00
7.CANCELLATIONS 0 .00 .00 .00 .00
C.TOTAL NON-CASH 482 22,538.63 28,163.19 .00 .00
6.TRANSFERS OUT 0 .00 .00 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 248 622,264.79 162.43 .00
9.CURRENT MONTH ACCRUALS 4,415.89 .00
10.ADJS PREV PDS EARNINGS .44 .00
11.ADJS PREV PDS EARNINGS-CLAIMS
A.DEBITS .00 .00
B.CREDITS .00 .00
C.TOT ADJS PREV PDS EARN-CLAIMS .00 .00
12.SYSTEM REMOVALS 0 .00 .00 .00
13.ENDING BALANCE 248 622,264.79 4,253.46 .00
</TABLE>
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 09/30/96
PORTFOLIO # 99999 / STATUS = TOTAL
NO. BORROWER GOVT. LT.CHARGES NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST
______ ______________ _____________ _____________ __________ ______ ______________ _____________ _____________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1.BEGINNING BALANCE 1358 3,040,520.30 151,820.62 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 232 562,195.43 28,199.89 .00
4.CASH COLLECTIONS
A.DEBITS
1.REVERSALS 1 1,056.76 105.38 .00 .00
B.CREDITS
1.PAYMENTS 76 5,467.58 1,444.93 .00 .00
2.PAYOFFS-CLAIM 0 .00 .00 .00 .00
C.TOTAL CASH 77 4,410.82 1,339.55 .00 .00
5.NON-CASH COLLECTION
A.DEBITS
1.REVERSALS-ADV 0 .00 .00 .00 .00
2.ADJUST-ADVICE 2 3.01 .46 .00 .00
3.WRITE-UPS-GEN 0 .00 .00 .00 .00
4.CAPITAL INT. 236 28,270.40 106.77 .00 .00
5.WRITE-UPS 1 .00 .00 .00 .00
6.RESALES 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS-ADV. 7 5,625.00 .00 .00 .00
2.ADJUST-ADVICE 7 .00 24.63 .00 .00
3.WRITE-OFFS-GE 0 .00 .00 .00 .00
4.PAYOFFS-CLAIM 0 .00 .00 .00 .00
5.CAPITAL INT. 236 106.77 28,270.40 .00 .00
6.WRITE-OFFS 0 .00 .00 .00 .00
7.CANCELLATIONS 0 .00 .00 .00 .00
C.TOTAL NON-CASH 489 22,541.64 28,187.80 .00 .00
6.TRANSFERS OUT 232 562,195.43 28,199.89 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 1358 3,058,651.12 122,293.27 .00
9.CURRENT MONTH ACCRUALS 21,768.19 .00
10.ADJS PREV PDS EARNINGS 24.17 .00
11.ADJS PREV PDS EARNINGS-CLAIMS
A.DEBITS .00 .00
B.CREDITS .00 .00
C.TOT ADJS PREV PDS EARN-CLAIMS .00 .00
12.SYSTEM REMOVALS 1 .00 .00 .00
13.ENDING BALANCE 1357 3,058,651.12 144,061.46 .00
</TABLE>
<TABLE> THE NATIONAL COLLEGIATE TRUST 1996 S-1
DELINQUENCY/CLAIM/STATUS REPORT
(NOTE 047 - PART2)
DATE 09/30/96
PORTFOLIO 99999
NUMB NUMB OUTSTANDING PRINCIPAL BALANCE OUTSTANDING ACCRUED INTEREST RECEIVABLE
_____________________________________________________ ________________________________________________
NOTES BORR SUBSIDIZED NON-SUB TOTAL % TOT INSURED NON-INSURED TOTAL % TOT
_____ _____ __________ _______ _____ _____ _______ ___________ _____ _____
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
_______
IN-SCHOOL 1,063 1,063 .00 2,247,117.33 2,247,117.33 73.47 128,188.88 .00 128,188.88 88.98
GRACE 46 46 .00 189,269.00 189,269.00 6.19 11,619.12 .00 11,619.12 8.07
TOT INTERIM 1,109 1,109 .00 2,436,386.33 2,436,386.33 79.66 139,808.00 .00 139,808.00 97.05
DELINQUENT:
30-60 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
61-90 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
91-120 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
121-150 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
151-180 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
OVER 180 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
TOT INTERIM 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
CLAIMS IN PROCESS:
DEATH 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
DISABILITY 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
BANKRUPTCY 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
DEFAULT 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
TOT INTERIM 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
1 - 75 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
OVER 75 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
TOTAL ENROLLED 1,063 1,063 .00 2,247,117.33 2,247,117.33 73.47 128,188.88 .00 128,188.88 88.98
TOTAL GRACE 46 46 .00 189,269.00 189,269.00 6.19 11,619.12 .00 11,619.12 8.07
TOTAL INTERIM 1,109 1,109 .00 2,436,386.33 2,436,386.33 79.66 139,808.00 .00 139,808.00 97.05
</TABLE>
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
DELINQUENCY/CLAIM/STATUS REPORT
(NOTE 047 - PART2)
DATE 09/30/96
PORTFOLIO 99999
NUMB NUMB OUTSTANDING PRINCIPAL BALANCE OUTSTANDING ACCRUED INTEREST RECEIVABLE
_____________________________________________________ ________________________________________________
NOTES BORR SUBSIDIZED NON-SUB TOTAL % TOT INSURED NON-INSURED TOTAL % TOT
_____ _____ __________ _______ _____ _____ _______ ___________ _____ _____
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REPAYMENT:
_________
ACTIVE CURRENT 228 228 .00 567,055.10 567,055.10 18.54 3,343.67 .00 3,343.67 2.32
FOREBEARANCE 1 1 .00 4,219.88 4,219.88 0.14 30.26 .00 30.26 0.02
DEFERRED 17 17 .00 43,725.81 43,725.81 1.43 729.91 .00 729.91 0.51
TOT REPAYMENT 246 246 .00 615,000.79 615,000.79 20.11 4,103.84 .00 4,103.84 2.85
DELINQUENT:
30-60 DAYS 1 1 .00 5,160.22 5,160.22 0.17 146.20 .00 146.20 0.10
61-90 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
91-120 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
OVER 120 DAYS 1 1 .00 2,103.78 2,103.78 0.07 3.42 .00 3.42 0.00
TOT REPAYMENT 2 2 .00 7,264.00 7,264.00 0.24 149.62 .00 149.62 0.10
CLAIMS IN PROCESS:
DEATH 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
DISABILITY 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
BANKRUPTCY 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
DEFAULT 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
TOT REPAYMENT 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
1-75 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
OVER 75 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
TOT ACTIVE 230 230 .00 574,319.10 574,319.10 18.78 3,493.29 .00 3,493.29 2.42
TOT FOREBEAR 1 1 .00 4,219.88 4,219.88 0.14 30.26 .00 30.26 0.02
TOT DEFER 17 17 .00 43,725.81 43,725.81 1.43 729.91 .00 729.91 0.51
TOT REPAYMENT 248 248 .00 622,264.79 622,264.79 20.34 4,253.46 .00 4,253.46 2.95
PORT TOTAL 1,357 1,357 .00 3,058,651.12 3,058,651.12 144,061.46 .00 144,061.46
</TABLE>
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
049 PORTFOLIO CHARACTERISTICS REPORT - NOTE LEVEL DATE 09/30/96 5
-----------TERMS (ANTICIPATED)----------
GRADUATION GRACE FINAL PAYOUT
$ WTD TOTAL ------------ ------------ ------------
NO. NO. INTEREST UNPAID STND $ WTD STND $ WTD STND $ WTD
LOANS BORROWERS RATE PRINCIPAL AVE AVE AVE AVE AVE AVE
------- --------- -------- -------------- ---- ----- ---- ----- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL NATIONAL COLLEGIATE
IN-SCHOOL 1,082 1,082 8.67201 2,316,307.33 22 21 3 3 55 68
IN-GRACE 27 27 8.98632 120,079.00 0 0 81 97
IN-PAYOUT 248 248 8.65181 622,264.79 8 8
NATIONAL COLLEGIATE 1,357 1,357 8.68024 3,058,651.12 18 16 2 2 47 57
</TABLE>
