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Previous: DESIGNER HOLDINGS LTD, 10-Q, 1996-08-14 |
Next: TRAVELERS AETNA PROPERTY CASUALTY CORP, 10-Q, 1996-08-14 |
August 9, 1996
VIA EDGAR 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:
Enclosed for filing is the Current Report on Form 8-K dated
July 31, 1996 with exhibits 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
BY:
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): July 31, 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 Company
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
99.1 Monthly Servicer Report, dated May 31, 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.
NATIONAL COLLEGIATE TRUST 1996-S1
By: DELAWARE TRUST COMPANY, not in its
individual capacity but as Owner
Trustee
By: /S/ Richard N. Smith
Name: Richard N. Smith
Title: Vice President
Dated: June 17, 1996
EXHIBITS TABLE
99.1 Monthly Servicer Report, dated May 31, 1996, prepared by the
Pennsylvania Higher Education Assistance Agency, as servicer.
EXHIBIT 99.1
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 64884
NATIONAL COLLEGIATE TRUST-1996 S1
C/O FIRST MARBLEHEAD LP DATE 08/05/96
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
1996 FULL SERVICING CONTRACTS
JULY 1, 1996 THRU JULY 31, 1996
LOAN SERVICING
ENDING PRINCIPAL BALANCE 3026540.30 @ (.0046/12.00) 1,160.17
SUB TOTAL: 1,160.17
PENNSYLVANIA STATE TAX (6%):
TOTAL INVOICE AMOUNT DUE: 1,160.17
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 07/31/96
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 1108 2,338,578.09 92,250.36 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 2 5,400.00 222.99 .00
4.CASH COLLECTIONS
A.DEBITS
1.REVERSALS 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS 140 5,025.71 7,944.45 .00 .00
2.PAYOFFS-CLAIM 0 .00 .00 .00 .00
C.TOTAL CASH 140 5,025.71 7,944.45 .00 .00
5.NON-CASH COLLECTION
A.DEBITS
1.REVERSALS-ADV 0 .00 .00 .00 .00
2.ADJUST-ADVICE 1 1.05 .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 17 .00 .17 .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 19 1.05 .17 .00 .00
6.TRANSFERS OUT 34 92,350.00 3,632.46 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 1076 2,246,603.43 80,896.27 .00
9.CURRENT MONTH ACCRUALS 16,493.60 .00
10.ADJS PREV PDS EARNINGS .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 1075 2,246,603.43 97,389.87 .00
THE NATIONAL COLLEGIATE TRUST 1996 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 07/31/96
PORTFOLIO # 99999 / STATUS = IN-GRACE
NO. BORROWER GOVT. LT.CHARGES NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST
______ ______________ _____________ _____________ __________ ______ ______________ _____________ _____________
1.BEGINNING BALANCE 253 682,184.00 27,266.24 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 32 89,350.00 3,515.50 .00
4.CASH COLLECTIONS
A.DEBITS
1.REVERSALS 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS 19 2,866.22 1,288.04 .00 .00
2.PAYOFFS-CLAIM 0 .00 .00 .00 .00
C.TOTAL CASH 19 2,866.22 1,288.04 .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 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. 0 .00 .00 .00 .00
6.WRITE-OFFS 0 .00 .00 .00 .00
7.CANCELLATIONS 0 .00 .00 .00 .00
C.TOTAL NON-CASH 2 .00 .02 .00 .00
6.TRANSFERS OUT 5 15,305.00 616.17 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 280 753,362.78 28,877.51 .00
9.CURRENT MONTH ACCRUALS 5,548.58 .00
10.ADJS PREV PDS EARNINGS .02 .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 280 753,362.78 34,426.09 .00
THE NATIONAL COLLEGIATE TRUST 1996 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 07/31/96
PORTFOLIO # 99999 / STATUS = PAYOUT
NO. BORROWER GOVT. LT.CHARGES NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST
______ ______________ _____________ _____________ __________ ______ ______________ _____________ _____________
1.BEGINNING BALANCE 4 13,124.02 215.70 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 6 16,805.00 671.21 .00
4.CASH COLLECTIONS
A.DEBITS
1.REVERSALS 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS 2 9.18 19.98 .00 .00
2.PAYOFFS-CLAIM 0 .00 .00 .00 .00
C.TOTAL CASH 2 9.18 19.98 .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. 4 554.25 .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. 4 .00 554.25 .00 .00
6.WRITE-OFFS 0 .00 .00 .00 .00
7.CANCELLATIONS 0 .00 .00 .00 .00
C.TOTAL NON-CASH 8 554.25 554.25 .00 .00
6.TRANSFERS OUT 1 3,900.00 161.07 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 9 26,574.09 151.61 .00
9.CURRENT MONTH ACCRUALS 196.05 .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 9 26,574.09 347.66 .00
THE NATIONAL COLLEGIATE TRUST 1996 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 07/31/96
PORTFOLIO # 99999 / STATUS = TOTAL
NO. BORROWER GOVT. LT.CHARGES NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST
______ ______________ _____________ _____________ __________ ______ ______________ _____________ _____________
1.BEGINNING BALANCE 1365 3,033,886.11 119,732.30 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 40 111,555.00 4,409.70 .00
4.CASH COLLECTIONS
A.DEBITS
1.REVERSALS 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS 161 7,901.11 9,252.47 .00 .00
2.PAYOFFS-CLAIM 0 .00 .00 .00 .00
C.TOTAL CASH 161 7,901.11 9,252.47 .00 .00
5.NON-CASH COLLECTION
A.DEBITS
1.REVERSALS-ADV 0 .00 .00 .00 .00
2.ADJUST-ADVICE 1 1.05 .00 .00 .00
3.WRITE-UPS-GEN 0 .00 .00 .00 .00
4.CAPITAL INT. 4 554.25 .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 19 .00 .19 .00 .00
3.WRITE-OFFS-GE 0 .00 .00 .00 .00
4.PAYOFFS-CLAIM 0 .00 .00 .00 .00
5.CAPITAL INT. 4 .00 554.25 .00 .00
6.WRITE-OFFS 0 .00 .00 .00 .00
7.CANCELLATIONS 0 .00 .00 .00 .00
C.TOTAL NON-CASH 29 555.30 554.44 .00 .00
6.TRANSFERS OUT 40 111,555.00 4,409.70 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 1365 3,026,540.30 109,925.39 .00
9.CURRENT MONTH ACCRUALS 22,238.23 .00
10.ADJS PREV PDS EARNINGS .19 .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 1364 3,026,540.30 132,163.62 .00
</TABLE>
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
DELINQUENCY/CLAIM/STATUS REPORT
(NOTE 047 - PART2)
DATE 07/31/96
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 1,075 1,075 .00 2,246,603.43 2,246,603.43 74.23 97,389.87 .00 97,389.87 73.69
GRACE 280 280 .00 753,362.78 753,362.78 24.89 34,426.09 .00 34,426.09 26.05
TOT INTERIM 1,355 1,355 .00 2,999,966.21 2,999,966.21 99.12 131,815.96 .00 131,815.96 99.74
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 1,075 1,075 .00 2,246,603.43 2,246,603.43 74.23 97,389.87 .00 97,389.87 73.69
TOTAL GRACE 280 280 .00 753,362.78 753,362.78 24.89 34,426.09 .00 34,426.09 26.05
TOTAL INTERIM 1,355 1,355 .00 2,999,966.21 2,999,966.21 99.12 131,815.96 .00 131,815.96 99.74
THE NATIONAL COLLEGIATE TRUST 1996 S-1
DELINQUENCY/CLAIM/STATUS REPORT
(NOTE 047 - PART2)
DATE 07/31/96
PORTFOLIO 99999
NUMB NUMB OUTSTANDING PRINCIPAL BALANCE OUTSTANDING ACCRUED INTEREST RECEIVABLE
_____________________________________________________ ________________________________________________
NOTES BORR SUBSIDIZED NON-SUB TOTAL % TOT INSURED NON-INSURED TOTAL % TOT
_____ _____ __________ _______ _____ _____ _______ ___________ _____ _____
REPAYMENT:
_________
ACTIVE CURRENT 8 8 .00 25,074.09 25,074.09 0.83 278.39 .00 278.39 0.21
FOREBEARANCE 1 1 .00 1,500.00 1,500.00 0.05 69.27 .00 69.27 0.05
DEFERRED 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
TOT REPAYMENT 9 9 .00 26,574.09 26,574.09 0.88 347.66 .00 347.66 0.26
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
OVER 120 DAYS 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
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 8 8 .00 25,074.09 25,074.09 0.83 278.39 .00 278.39 0.21
TOT FOREBEAR 1 1 .00 1,500.00 1,500.00 0.05 69.27 .00 69.27 0.05
TOT DEFER 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
TOT REPAYMENT 9 9 .00 26,574.09 26,574.09 0.88 347.66 .00 347.66 0.26
PORT TOTAL 1,364 1,364 .00 3,026,540.30 3,026,540.30 132,163.62 .00 132,163.62
</TABLE>
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
049 PORTFOLIO CHARACTERISTICS REPORT - NOTE LEVEL DATE 07/31/96 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 1,100 1,100 8.66840 2,340,438.43 24 22 3 3 54 67
IN-GRACE 255 255 8.70845 659,527.78 1 1 63 78
IN-PAYOUT 9 9 8.71146 26,574.09 53 56
NATIONAL COLLEGIATE 1,364 1,364 8.67750 3,026,540.30 19 17 3 3 56 70
</TABLE>
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