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Previous: WHITTMAN HART INC, S-1, 1996-12-17 |
Next: YAHOO INC, 10-Q/A, 1996-12-17 |
December 17, 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
December 17, 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): November 30, 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 November 06, 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: December 17, 1996
EXHIBITS TABLE
99.1 Monthly Servicer Report, dated November 06, 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 66181
NATIONAL COLLEGIATE TRUST-1996 S1
C/O FIRST MARBLEHEAD LP DATE 12/09/96
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
NOVEMBER 1, 1996 THRU NOVEMBER 30, 1996
LOAN SERVICING
ENDING PRINCIPAL BALANCE 3069773.90 @ (.0046/12.00) 1,176.75
SUB TOTAL: 1,176.75
PENNSYLVANIA STATE TAX (6%):
TOTAL INVOICE AMOUNT DUE: 1,176.75
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 11/30/96
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 1062 2,249,098.80 143,384.08 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 1 2,400.00 171.69 .00
4.CASH COLLECTIONS
A.DEBITS
1.REVERSALS 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS 18 53.03 847.34 .00 .00
2.PAYOFFS-CLAIM 0 .00 .00 .00 .00
C.TOTAL CASH 18 53.03 847.34 .00 .00
5.NON-CASH COLLECTION
A.DEBITS
1.REVERSALS-ADV 0 .00 .00 .00 .00
2.ADJUST-ADVICE 2 .00 126.38 .00 .00
3.WRITE-UPS-GEN 0 .00 .00 .00 .00
4.CAPITAL INT. 0 .00 .00 .00 .00
5.WRITE-UPS 3 18,772.51 .00 .00 .00
6.RESALES 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS-ADV. 0 .00 .00 .00 .00
2.ADJUST-ADVICE 4 .00 .04 .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 9 18,772.51 126.34 .00 .00
6.TRANSFERS OUT 2 9,800.00 677.66 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 1061 2,260,418.28 142,157.11 .00
9.CURRENT MONTH ACCRUALS 16,057.09 .00
10.ADJS PREV PDS EARNINGS 126.34 .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 1060 2,260,418.28 158,214.20 .00
</TABLE>
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 11/30/96
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 27 101,125.00 6,751.76 .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. 1 .00 45.24 .00 .00
2.ADJUST-ADVICE 1 .00 .35 .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 45.59 .00 .00
6.TRANSFERS OUT 4 21,800.00 1,551.75 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 23 79,325.00 5,154.42 .00
9.CURRENT MONTH ACCRUALS 572.70 .00
10.ADJS PREV PDS EARNINGS .35 .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 23 79,325.00 5,727.12 .00
</TABLE>
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 11/30/96
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 268 708,683.07 7,225.99 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 7 29,200.00 2,057.72 .00
4.CASH COLLECTIONS
A.DEBITS
1.REVERSALS 1 11.56 .00 .00 .00
B.CREDITS
1.PAYMENTS 123 4,195.86 2,891.48 .00 .00
2.PAYOFFS-CLAIM 0 .00 .00 .00 .00
C.TOTAL CASH 124 4,184.30 2,891.48 .00 .00
5.NON-CASH COLLECTION
A.DEBITS
1.REVERSALS-ADV 0 .00 .00 .00 .00
2.ADJUST-ADVICE 90 .00 98.89 .00 .00
3.WRITE-UPS-GEN 0 .00 .00 .00 .00
4.CAPITAL INT. 269 10,041.64 12,960.35 .00 .00
5.WRITE-UPS 0 .00 .00 .00 .00
6.RESALES 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS-ADV. 147 230.88 4,127.95 .00 .00
2.ADJUST-ADVICE 146 518.56 63.74 .00 .00
3.WRITE-OFFS-GE 0 .00 .00 .00 .00
4.PAYOFFS-CLAIM 0 .00 .00 .00 .00
5.CAPITAL INT. 269 12,960.35 9,986.36 .00 .00
6.WRITE-OFFS 0 .00 .00 .00 .00
7.CANCELLATIONS 0 .00 .00 .00 .00
C.TOTAL NON-CASH 921 3,668.15 1,118.81 .00 .00
6.TRANSFERS OUT 0 .00 .00 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 275 730,030.62 5,273.42 .00
9.CURRENT MONTH ACCRUALS 5,155.17 .00
10.ADJS PREV PDS EARNINGS 21.81 .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 274 730,030.62 10,428.59 .00
</TABLE>
<TABLE> THE NATIONAL COLLEGIATE TRUST 1996 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 11/30/96
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 1357 3,058,906.87 157,361.83 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 8 31,600.00 2,229.41 .00
4.CASH COLLECTIONS
A.DEBITS
1.REVERSALS 1 11.56 .00 .00 .00
B.CREDITS
1.PAYMENTS 141 4,248.89 3,738.82 .00 .00
2.PAYOFFS-CLAIM 0 .00 .00 .00 .00
C.TOTAL CASH 142 4,237.33 3,738.82 .00 .00
5.NON-CASH COLLECTION
A.DEBITS
1.REVERSALS-ADV 0 .00 .00 .00 .00
2.ADJUST-ADVICE 92 .00 225.27 .00 .00
3.WRITE-UPS-GEN 0 .00 .00 .00 .00
4.CAPITAL INT. 269 10,041.64 12,960.35 .00 .00
5.WRITE-UPS 3 18,772.51 .00 .00 .00
6.RESALES 0 .00 .00 .00 .00
B.CREDITS
1.PAYMENTS-ADV. 148 230.88 4,173.19 .00 .00
2.ADJUST-ADVICE 151 518.56 64.13 .00 .00
3.WRITE-OFFS-GE 0 .00 .00 .00 .00
4.PAYOFFS-CLAIM 0 .00 .00 .00 .00
5.CAPITAL INT. 269 12,960.35 9,986.36 .00 .00
6.WRITE-OFFS 0 .00 .00 .00 .00
7.CANCELLATIONS 0 .00 .00 .00 .00
C.TOTAL NON-CASH 932 15,104.36 1,038.06 .00 .00
6.TRANSFERS OUT 6 31,600.00 2,229.41 .00
7.OTHER REMOVALS 0 .00 .00 .00
8.BALANCE BEFORE ACCRUALS 1359 3,069,773.90 152,584.95 .00
9.CURRENT MONTH ACCRUALS 21,784.96 .00
10.ADJS PREV PDS EARNINGS 147.80 .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 2 .00 .00 .00
13.ENDING BALANCE 1357 3,069,773.90 174,369.91 .00
</TABLE>
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
DELINQUENCY/CLAIM/STATUS REPORT
(NOTE 047 - PART2)
DATE 11/30/96
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 1,060 1,060 .00 2,260,418.28 2,260,418.28 73.63 158,214.20 .00 158,214.20 90.73
GRACE 23 23 .00 79,325.00 79,325.00 2.58 5,727.12 .00 5,727.12 3.28
TOT INTERIM 1,083 1,083 .00 2,339,743.28 2,339,743.28 76.22 163,941.32 .00 163,941.32 94.02
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 1,060 1,060 .00 2,260,418.28 2,260,418.28 73.63 158,214.20 .00 158,214.20 90.73
TOTAL GRACE 23 23 .00 79,325.00 79,325.00 2.58 5,727.12 .00 5,727.12 3.28
TOTAL INTERIM 1,083 1,083 .00 2,339,743.28 2,339,743.28 76.22 163,941.32 .00 163,941.32 94.02
</TABLE>
<TABLE>
THE NATIONAL COLLEGIATE TRUST 1996 S-1
DELINQUENCY/CLAIM/STATUS REPORT
(NOTE 047 - PART2)
DATE 11/30/96
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 174 174 .00 458,219.78 458,219.78 14.93 3,563.92 .00 3,563.92 2.04
FOREBEARANCE 7 7 .00 25,963.06 25,963.06 0.85 1,210.39 .00 1,210.39 0.69
DEFERRED 33 33 .00 78,572.05 78,572.05 2.56 2,116.82 .00 2,116.82 1.21
TOT REPAYMENT 214 214 .00 562,754.89 562,754.89 18.33 6,891.13 .00 6,891.13 3.95
DELINQUENT:
30-60 DAYS 40 40 .00 120,162.67 120,162.67 3.91 2,563.44 .00 2,563.44 1.47
61-90 DAYS 0 0 .00 .00 .00 0.00 .00 .00 .00 0.00
91-120 DAYS 1 1 .00 1,555.85 1,555.85 0.05 11.55 .00 11.55 0.01
OVER 120 DAYS 19 19 .00 45,557.21 45,557.21 1.48 962.47 .00 962.47 0.55
TOT REPAYMENT 60 60 .00 167,275.73 167,275.73 5.45 3,537.46 .00 3,537.46 2.03
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 234 234 .00 625,495.51 625,495.51 20.38 7,101.38 .00 7,101.38 4.07
TOT FOREBEAR 7 7 .00 25,963.06 25,963.06 0.85 1,210.39 .00 1,210.39 0.69
TOT DEFER 33 33 .00 78,572.05 78,572.05 2.56 2,116.82 .00 2,116.82 1.21
TOT REPAYMENT 274 274 .00 730,030.62 730,030.62 23.78 10,428.59 .00 10,428.59 5.98
PORT TOTAL 1,357 1,357 .00 3,069,773.90 3,069,773.90 174,369.91 .00 174,369.91
</TABLE>
<TABLE>
049 PORTFOLIO CHARACTERISTICS REPORT - NOTE LEVEL DATE 11/30/96 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 1,068 1,068 8.67151 2,286,908.28 20 19 3 3 55 68
IN-GRACE 15 15 8.76931 52,835.00 1 1 75 79
IN-PAYOUT 274 274 8.70820 730,030.62 7 7
NATIONAL COLLEGIATE 1,357 1,357 8.68192 3,069,773.90 16 14 2 2 45 53
</TABLE>
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