<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15d of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 27, 1996
KEYCORP STUDENT LOAN TRUST 1996-A
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(Exact name of registrant as specified in its charter)
New York 33-34274 36-4106514
- --------------- --------------- ----------------
(State or other Commission File (I.R.S. Employer
jurisdiction of Number Identification No.)
incorporation or
organization)
c/o KeyBank, USA, as Administrator,
5000 Tiedeman Road, Attn: Susan H. Wagner,
Brooklyn, Ohio 44144
- ------------------------------------------ ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (216) 813-1862
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ITEM 5. OTHER EVENTS
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On November 27, 1996, the KeyCorp Student Loan Trust 1996-A (the
"Trust") made its regular, quarterly distribution of funds to holders of the
Trust's Floating Rate Asset Backed Certificates and Floating Rate Asset Backed
Notes and distributed the Certificateholder's Statement and Noteholder's
Statement, filed herewith as Exhibits to this Form 8-K, to Certificateholders
and Noteholders of record, respectively.
In reliance upon certain no-action letters, including a letter dated
November 2, 1993, issued by the Chief Counsel, Division of Corporate Finance of
the Securities and Exchange Commission relating to the Society Student Loan
Trust 1993-A, the Trust is hereby filing the Certificateholder's Statement and
Noteholder's Statement reflecting the Trust's activities for the period ending
October 31, 1996, including a statistical summary of the delinquency and default
characteristics of the Trust's student loan portfolio as of such date.
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL STATEMENTS AND EXHIBITS
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(C) Exhibits
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99(a). Certificateholder's Statement
99(b). Noteholder's Statement
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
KEYCORP STUDENT LOAN TRUST 1996-A
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(Registrant)
By: The First National Bank of Chicago,
not in its individual capacity but
solely as Eligible Lender Trustee on
behalf of the Trust
Date: November 27, 1996 /s/ Jeffrey L. Kinney
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By: Jeffrey L. Kinney
Trust Officer
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EXHIBIT 99(A)
<TABLE>
<CAPTION>
KEYCORP STUDENT LOAN TRUST 1996-A
CERTIFICATEHOLDERS' STATEMENT
pursuant to Section 5.07(a) of Sale and Servicing
Agreement (capitalized terms used herein are defined in Appendix A thereto)
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<S> <C> <C>
Distribution Date: November 27, 1996
(i) Amount of principal being paid or distributed ($0.00000000, per $1,000 original principal
in respect of the Certificates $0.00 amount of the Certificates)
(ii) Amount of interest being paid or distributed ($10.2661200802, per $1,000 original principal
in respect of the Certificates $409,515.53 amount of the Certificates)
(iii) Amount of Certificateholders' Interest T-Bill Carryover being paid or
distributed (if any) and amount remaining if any:
(1) Distributed: $0.00 ($0.00, per $1,000 original principal
amount of the Certificates)
(2) Balance: $0.00 ($0.00, per $1,000 original principal
amount of the Certificates)
(iv) Pool Balance at end of related Collection Period: $682,835,839.98
(v) After giving effect to distributions on this Distribution Date:
(a) (1) outstanding principal amount of Class A1 Notes: $251,065,876.68
(2) Class A1 Note Pool Factor: 0.97691003
(b) (1) outstanding principal amount of Class A2 Notes: $500,910,000.00
(2) Class A2 Note Pool Factor: 1.00000000
(c) (1) Certificate Balance: $39,890,000.00
(2) Certificate Pool Factor: 1.00000000
(vi) Applicable Interest Rate:
(a) In general:
(1) T-Bill for the reporting period from the previous Distribution
Date to this Distribution Date was: 5.159672%
(2) the Student Loan Rate was not calculated 1/
(b) Certificate Rate: 6.1596721% (based on T-Bill/Student Loan Rate)
<FN>
1/ This calculation not required unless the excess of LIBOR over the
91-day Treasury Bill Rate, expressed as a percentage, is greater than 100
basis points as of the preceding Determination Date.
</FN>
</TABLE>
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<TABLE>
<CAPTION>
<S> <C> <C>
(vii) (a) Amount of Servicing Fee for related ($8.8017470544, per $1,000 original principal
Period: $351,101.69 amount of the Certificates)
(b) Amount of Excess Servicing Fee being distributed and remaining balance
(if any):
(1) Distributed: $0.00 ($0.00, per $1,000 original principal
amount of the Certificates)
(2) Balance: $0.00 ($0.00, per $1,000 original principal
amount of the Certificates)
(viii) Amount of Administration Fee for related ($0.075206819, per $1,000 original principal
Collection Period: $3,000.00 amount of the Certificates)
(ix) Aggregate amount of Realized Losses (if any) for the related
Collection Period: $0.00
(x) Amount in the Reserve Account: $5,079,302.36
(xi) Amount in the Other Additional Prefunding Pre-Funding
Account: $60,286,119.41
(xii) Delinquent Contracts
# Disb. % $ Amount %
------- ----- --------- -----
30-60 Days Delinquent 390 0.45% 5,344,363 0.78%
61-90 Days Delinquent 248 0.28% 3,092,315 0.45%
91-120 Days Delinquent 213 0.24% 2,213,863 0.32%
More than 120 Days Delinquent 436 0.50% 3,928,381 0.58%
Claims Filed Awaiting Payment 3 0.00% 55,765 0.01%
------ ----- ---------- -----
TOTAL 1,290 1.48% 14,634,687 2.14%
</TABLE>
EXHIBIT 99(B)
<TABLE>
<CAPTION>
KEYCORP STUDENT LOAN TRUST 1996-A
NOTEHOLDERS' STATEMENT
pursuant to Section 5.07(a) of Sale and Servicing
Agreement (capitalized terms used herein are defined in Appendix A thereto)
- ---------------------------------------------------------------------------
<S> <C> <C>
Distribution Date: November 27, 1996
(i) Amount of principal being paid or distributed:
(a) Class A1 Notes: $5,934,123.32 ($7.8295884,per $1,000 original principal
amount of the Notes)
(a) Class A2 Notes: $0.00 ($0.00, per$1,000 original principal
amount of the Notes)
(ii) Amount of interest being paid or distributed in
(a) Class A1 Notes: $2,411,376.22 ($3.1816129,per $1,000 original principal
amount of the Notes)
(a) Class A2 Notes: $4,850,204.75 ($121.5894898,per $1,000 original principal
amount of the Notes)
(iii) Amount of Noteholders' Interest T-Bill Carryover being paid or distributed
(if any) and amount remaining (if any):
(1) Distributed: $0.00 ($0.00, per $1,000 original principal
amount of the Notes)
(2) Balance: $0.00 ($0.00, per $1,000 original principal
amount of the Notes)
(iv) Pool Balance at end of related Collection Period: $682,835,839.98
(v) After giving effect to distributions on this Distribution Date:
(a) (1) outstanding principal amount of Class A1 Notes: $251,065,876.68
(2) Class A1 Note Pool Factor: 0.97691003
(b) (1) outstanding principal amount of Class A2 Notes: $500,910,000.00
(2) Class A2 Note Pool Factor: 1.00000000
(b) (1) Certificate Balance: $39,890,000.00
(2) Certificate Pool Factor: 1.00000000
</TABLE>
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<TABLE>
<CAPTION>
<S> <C> <C>
(vi) Applicable Interest Rate:
(a) In general:
(1) T-Bill for the reporting period from the previous Distribution Date
to this Distribution Date was 5.1596721%
(2) the Student Loan Rate was not calculated 1/
(b) Note Interest:
(1) Class A1 Notes: 5.6296721% (based on T-Bill/Student Loan Rate)
(2) Class A2 Notes: 5.8096721% (based on T-Bill/Student Loan Rate)
<FN>
1/ This calculation not required unless the excess of LIBOR over the 91-day
Treasury Bill Rate, expressed as a percentage, is greater than 100 basis
points as of the preceding Determination Date.
</FN>
(vii) (a) Amount of Servicing Fee for related ($0.4632498, per $1,000 original principal
Collection Period: $351,101.69 amount of the Notes)
(b) Amount of Excess Servicing Fee being distributed and remaining balance
(if any):
(1) Distributed: $0.00 ($0.00, per $1,000 original principal
amount of the Notes)
(2) Balance: $0.00 ($0.00, per $1,000 original principal
amount of the Notes)
(viii) Amount of Administration Fee for related ($0.0039583, per $1,000 original principal
Collection Period: $3,000.00 amount of the Notes)
(ix) Aggregate amount of Realized Losses (if any) for the related
Collection Period: $0.00
(x) Amount in the Reserve Account: $5,079,302.36
(xi) Amount in the Other Additional Prefunding Pre-Funding
Account: $60,286,119.41
(xii) Amount in the Subsequent Pre-Funding SubAccount at the end of the
Subsequent Funding Period to be distributed as a payment of principal
in respect of Notes:
$2,689,967.10
(xiii) Delinquent Contracts
# Disb. % $ Amount %
------ ----- --------- -----
30-60 Days Delinquent 390 0.45% 5,344,363 0.78%
61-90 Days Delinquent 248 0.28% 3,092,315 0.45%
91-120 Days Delinquent 213 0.24% 2,213,863 0.32%
More than 120 Days Delinquent 436 0.50% 3,928,381 0.58%
Claims Filed Awaiting Payment 3 0.00% 55,765 0.01%
----- ----- ---------- -----
TOTAL 1,290 1.48% 14,634,687 2.14%
</TABLE>
