SIGNET STUDENT LOAN TRUSTS
8-K, 1997-09-03
ASSET-BACKED SECURITIES
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                       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: August 26, 1997




                                   SIGNET BANK
             (Exact name of registrant as specified in its charter)
               (Administrator of Signet Student Loan Trust 1996-A)



           Virginia                   33-94846-01            54-1088621
(State or other jurisdiction of       (Commission          (IRS Employer
        incorporation)                File Number)       Identification No.)



7 North Eighth Street, Richmond, Virginia                23219
   (Address of principal executive offices)            (Zip Code)



              (Registrant's telephone number, including area code):
                                 (804) 771-7060



                     The exhibit index is located on page 4.
<PAGE>

Item 5              Other Events.

                    On August 26, 1997 the Signet Student Loan Trust 1996-A made
                    its monthly  distribution of funds to holders of the Trust's
                    Floating  Rate Asset Backed  Notes and  Floating  Rate Asset
                    Backed   Certificates   and  distributed  the  Statement  to
                    Noteholders  and  Certificateholders,  filed  herewith as an
                    Exhibit  to this Form  8-K,  to the  Certificateholders  and
                    Noteholders of record.

Item 7 (c)          Exhibits.

                    The  following  are filed as exhibits  to this Report  under
Exhibit 1:

                    Signet  Student Loan Trust 1996-A  Statement to  Noteholders
                    and  Certificateholders  for the period from July 1, 1997 to
                    July 31, 1997.


                                    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 hereunto duly authorized.


                                 SIGNET STUDENT LOAN TRUST 1996-A

                                 By:    SIGNET BANK




                                 By:  /s/ Suzanne Bachman
                                    -------------------------------
                                      Suzanne Bachman
                                      Senior Vice President


Date:  August 26, 1997


<PAGE>



                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549













                                    EXHIBITS

                                       TO

                                    FORM 8-K









                                   SIGNET BANK
             (Exact name of registrant as specified in its charter)
               (Administrator of Signet Student Loan Trust 1996-A)






<PAGE>





                                INDEX TO EXHIBITS






Exhibit
Number            Exhibits
- ------            --------


     1    Signet  Student  Loan  Trust  1996-A   Statement  to  Noteholders  and
          Certificateholders for the period July 1, 1997 to July 31, 1997.





<TABLE>
<S> <C>
Signet Student Loan Trust 1996-A
Statement to Noteholders and Certificateholders
Interest Payment Date:                         8/26/97
Reporting Period:                              7/1/97-7/31/97

- -----------------------------------------------------------------------------------------------------------------------------
I.          Deal Parameters

            -----------------------------------------------------------------------------------------------------------------
       A    Student Loan Portfolio Characteristics                                  11/1/96                7/31/97
            -----------------------------------------------------------------------------------------------------------------
            -----------------------------------------------------------------------------------------------------------------
            I     Principal Balance                                                    399,468,977.20          366,313,806.05
            ii    Interest to be Capitalized                                             5,121,821.58            3,231,237.00
                                                                              -----------------------------------------------
            iii   Pool Balance                                                         404,590,798.78          369,545,043.05

       B    I     Weighted Average Coupon (WAC)                                                8.3280%                 8.3945%
            ii    Weighted Average Remaining Term                                              130.43                  128.63
            iii   Number of Loans                                                             103,208                  97,671
            iv    Number of Borrowers                                                          50,613                  48,155
            -----------------------------------------------------------------------------------------------------------------



            --------------------------------------------------------------------------------------------------------------------
       C    Notes and Certificates                  Spread         Balance           % of Pool        Balance          % of Pool
                                                                  12/27/96                            8/26/97
            --------------------------------------------------------------------------------------------------------------------
            I     Class A-1 Notes    82668P AA3      0.09%     $252,000,000.00         58.819%   $  209,437,307.37       54.276%
            ii    Class A-2 Notes    82668P AB1      0.15%     $161,439,000.00         37.681%   $  161,439,000.00       41.837%
            iii   Certificates       82668P AC9      0.45%     $ 14,996,000.00          3.500%   $   14,996,000.00        3.886%
            ====================================================================================================================
            iv    Total Notes and Certificates                 $428,435,000.00        100.000%   $  385,872,307.37      100.000%
            ====================================================================================================================

       D    Reserve Account                                                              12/27/96                      8/26/97
            I     Reserve Account Initial Deposit ($)                                $   6,317,145.00
            ii    Specified Reserve Account Balance ($)                              $   6,317,145.00              $  5,666,715.19
            iii   Current Reserve Account Balance($)                                 $   6,317,145.00              $  5,751,733.01

       E    Pre-Funding Account                                                          12/27/96                      8/26/97
            I     Pre-Funding Account Initial Deposit ($)                            $  16,552,201.22
            ii    Current Pre-Funding Account Balance ($)                            $  16,552,201.22              $  7,674,217.12

            --------------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------------------
II.               Transactions from:                 7/1/97   through         7/31/97

       A    Student Loan Principal Activity
            I     Regular Principal Collections                                         $4,631,433.46
            ii    Principal Collections from Guarantor                                    $931,282.78
            iii   Principal Reimbursements from Seller and/or Servicer                          $0.00
            iv    New Serial Loan Purchases (1)                                                 $0.00
            v     Liquidation Proceeds (principal)                                              $0.00
            vi    Recoveries                                                                    $0.00
            vii   Other System Adjustments                                                      $0.00
                                                                                ---------------------
            viii  Total Principal Collections                                           $5,562,716.24


       B    Student Loan Non-Cash Principal Activity
            I     Capitalized Interest                                                   ($520,673.00)
            ii    Realized Losses                                                               $0.00
            iii   Other Adjustments                                                        ($8,573.16)
                                                                                ---------------------
            iv    Total Non-Cash Principal Activity                                      ($529,246.16)


            -----------------------------------------------------------------------------------------
       C    Total Student Loan Principal Activity                                       $5,033,470.08
            -----------------------------------------------------------------------------------------


       D    Student Loan Interest Activity
            I     Regular Interest Collections                                          $1,664,886.80
            ii    Interest Claims Received from Guarantors                                 $55,194.88
            iii   Interest Reimbursements from Seller and/or Servicer                           $0.00
            iv    Liquidation Proceeds (interest)                                               $0.00
            v     Other Systems Adjustments                                                     $0.00
            vi    Special Allowance Payments                                                    $0.00
            vii   Subsidy Payments                                                              $0.00
                                                                                ---------------------
            viii  Total Interest Collections                                            $1,720,081.68


       E    Student Loan Non-Cash Interest Activity
            I     Interest Accrual Adjustment                                                 $830.86
            ii    Capitalized Interest                                                    $520,673.00
                                                                                ---------------------
            iii   Total Non-Cash Interest Adjustments                                     $521,503.86


            -----------------------------------------------------------------------------------------
       F    Total Student Loan Interest Activity                                        $2,241,585.54
            -----------------------------------------------------------------------------------------

       (1) No new Serial Loans were purchased during the current Monthly Collection Period.


- ---------------------------------------------------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------------------------------------------------
III.        Collection Account Activity

       A    Principal Collections
            I     Principal Payments Received--Cash                                                             $5,562,716.24
            ii    Cash Forwarded by Administrator on behalf of Seller and/or Servicer                                   $0.00
                                                                                                     ------------------------
            iii   Total Principal Collections                                                                   $5,562,716.24

       B    Interest Collections
            I     Interest Payments Received--Cash                                                              $1,720,081.68
            ii    Cash Forwarded by Administrator on behalf of Seller and/or Servicer                                   $0.00
            iv    Cash Forwarded by Eligible Lender for Special Allowance and
                     Subsidy Payments                                                                                   $0.00
                                                                                                     ------------------------
            v     Total Interest Collections                                                                    $1,720,081.68

       C    Capitalized Interest Amount                                                                           $520,673.00

       D    Investment Earnings                                                                                   $149,642.78

       E    TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                                                       $7,953,113.70

       F    Servicing Fees Due for Current Monthly Collection Period                                              $390,155.34

       G    Unpaid Servicing Fees due from Prior Monthly Collection Periods                                             $0.00

       H    Administration Fees Due for Current Monthly Collection Period                                          $12,484.97

       I    Unpaid Administration Fees Due from Prior Monthly Collection Periods                                        $0.00

            -----------------------------------------------------------------------------------------------------------------
       J    Total Fees Due for Period                                                                             $402,640.31
            -----------------------------------------------------------------------------------------------------------------


- -----------------------------------------------------------------------------------------------------------------------------



- -----------------------------------------------------------------------------------------------------------------------------------
IV.        Portfolio Characteristics

- ------------------------------------------------------------------------------------------------------------------------
                         Weighted Average
                             Coupon          # of Loans                %                      Principal Amount          
- ------------------------------------------------------------------------------------------------------------------------
                        7/31/97   6/30/97  7/31/97  6/30/97    7/31/97     6/30/97         7/31/97          6/30/97     
- ------------------------------------------------------------------------------------------------------------------------
STATUS:
In School               8.0298%   8.0243%   3,039     3,085    3.1115%      3.1280%    10,168,624.69     10,404,253.62  
Grace                   8.0267%   8.0072%   1,412     1,653    1.4457%      1.6761%     4,796,282.28      5,541,051.86  
Repayment
   Current              8.4168%   8.3878%  62,227    64,470   63.7108%     65.3695%   232,695,706.98    242,003,963.39  
   31-60 Days           8.4207%   8.4052%   5,359     3,662    5.4868%      3.7131%    19,500,267.96     13,722,792.56  
   61-90 Days           8.4623%   8.3963%   1,763     1,989    1.8050%      2.0168%     6,674,029.67      7,273,265.22
   91-120 Days          8.4498%   8.4544%   1,329     1,154    1.3607%      1.1701%     5,070,946.72      4,587,960.43  
   > 120 Days           8.4461%   8.3594%   1,948     2,711    1.9945%      2.7488%     7,340,359.69     10,033,924.42
                      --------------------------------------------------------------------------------------------------
   Total Repayment      8.3919%   8.3886%  74,355    75,120   76.1280%     76.1681%   277,271,989.68    281,389,831.50  

Deferment               8.3698%   8.3178%  10,963    11,061   11.2244%     11.2153%    40,695,991.58     41,529,871.33  
Forbearance             8.3949%   8.3589%   7,902     7,705    8.0904%      7.8125%    33,380,917.82     32,489,767.82  
Claims (1)              8.3363%   8.3584%   1,729     1,134    1.7702%      1.1498%     5,990,678.76      3,767,925.48  
- ------------------------------------------------------------------------------------------------------------------------
              Totals     8.3945%  8.3622%  97,671    98,624  100.0000%    100.0000%   366,313,806.15    371,354,776.13  
- ------------------------------------------------------------------------------------------------------------------------

LOAN TYPE:
Consolidation           8.6754%   8.6766%   5,631     5,651    5.7653%      5.7298%    96,552,461.05     97,173,518.78  
Subsidized Stafford     8.1460%   8.1442%  66,955    67,616   68.5516%     68.5594%   182,566,338.13    185,565,140.02  
Unsub Stafford          8.2050%   8.2017%  13,133    13,260   13.4462%     13.4450%    43,853,845.99     44,404,187.17  
SLS                     9.0061%   8.7463%   5,631     5,712    5.7653%      5.7917%    20,353,620.10     20,752,069.92  
PLS                     9.0079%   8.7479%   6,321     6,385    6.4717%      6.4741%    22,987,540.78     23,459,860.24  

- ------------------------------------------------------------------------------------------------------------------------
              Totals    8.3945%   8.3622%  97,671    98,624  100.0000%    100.0000%   366,313,806.05    371,354,776.13  
- ------------------------------------------------------------------------------------------------------------------------

SCHOOL TYPE:
2-year                  8.3238%   8.2726%   6,743     6,820    6.9038%      6.9152%    16,573,877.63     16,916,248.71  
4-year                  8.2834%   8.2424%  72,973    73,988   74.7131%     75.0203%   225,703,690.41    230,488,985.25  
Consolidation           8.6754%   8.6766%   5,631     5,651    5.7653%      5.7298%    96,552,461.05     97,173,518.78  
Graduate                8.2755%   8.2241%   1,358     1,367    1.3904%      1.3861%     6,441,004.10      6,519,357.81  
Proprietary/Vocational  8.4004%   8.3409%   9,698     9,787    9.9293%      9.9235%    17,273,287.20     17,639,791.16  
Not Identified          8.3348%   8.2975%   1,268     1,011    1.2982%      1.0251%     3,769,485.66      2,616,874.42  

- ------------------------------------------------------------------------------------------------------------------------
               Totals   8.3945%   8.3622%  97,671    98,624  100.0000%    100.0000%   366,313,806.05    371,354,776.13  
- ----------------------------------------------------------------------------------------------------------------------------

                                   %
- ----------------------------------------------
                           7/31/97     6/30/97
- ----------------------------------------------
STATUS:
In School                  2.7759%     2.8017%
Grace                      1.3093%     1.4921%
Repayment
   Current                63.5236%    65.1679%
   31-60 Days              5.3234%     3.6953%
   61-90 Days              1.8219%     1.9586%
   91-120 Days             1.3843%     1.2355%
   > 120 Days              2.0038%     2.7020%
                      ------------------------
   Total Repayment        75.6925%    75.7739%

Deferment                 11.1096%    11.1833%
Forbearance                9.1127%     8.7490%
Claims (1)                 1.6354%     1.0146%
- ----------------------------------------------
              Totals     100.0000%   100.0000%
- ----------------------------------------------

LOAN TYPE:
Consolidation             26.3579%    26.1673%
Subsidized Stafford       49.8388%    49.9698%
Unsub Stafford            11.9717%    11.9573%
SLS                        5.5563%     5.5882%
PLS                        6.2754%     6.3174%

- ----------------------------------------------
              Totals     100.0000%   100.0000%
- ----------------------------------------------

SCHOOL TYPE:
2-year                     4.5245%     4.5553%
4-year                    61.6148%    62.0671%
Consolidation             26.3579%    26.1673%
Graduate                   1.7583%     1.7556%
Proprietary/Vocational     4.7154%     4.7501%
Not Identified             1.0290%     0.7047%

- ----------------------------------------------
               Totals    100.0000%   100.0000%
- ----------------------------------------------
                  (1) Claims Information

- -----------------------------------------------------------------------------------------------------------------------------------
Claim Status             7/31/97      WAC    # of Loans       % of Loans        Principal Amount          % of Principal
- -----------------------------------------------------------------------------------------------------------------------------------
Claims Pending (2)                 8.3363%       1729           1.7702%           5,990,678.76                    1.6354%
Aged Claims Rejected (3)           0.0000%          0           0.0000%                   0.00                    0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
                        Totals     8.3363%       1729           1.7702%           5,990,678.76                    1.6354%
- -----------------------------------------------------------------------------------------------------------------------------------

(2)  Claims filed and unpaid; includes claims rejected aged less than 6 months.
(3)  Claims rejected (subject to cure) aged 6 months or more;  also includes claims deemed incurable pending repurchase.

- -----------------------------------------------------------------------------------------------------------------------------
V.          Interest Calculation

       A    Borrower Interest Accrued During Collection Period                                                   2,365,487.47
       B    Interest Subsidy Payments Accrued During Collection Period                                            $260,628.91
       C    SAP Payments Accrued During Collection Period                                                          $47,105.29
       D    Monthly Rebate Fees Accrued During Collection Period                                                  ($78,396.94)
       E    Investment Earnings                                                                                   $149,642.78
                                                                                                     ------------------------
       F    Net Expected Interest Collections                                                                   $2,744,467.51


       G    Student Loan Rate
            I     Days in Collection Period            7/1/97-7/31/97                                                      31
            ii    Net Expected Interest Collections                                                             $2,744,467.51
            iii   Servicing Fee                                                                                   $390,155.34
            iv    Administration Fee                                                                               $12,484.97
            v     Total Pool Balance at Beginning of the Collection Period                                     374,549,126.00
            vi    Student Loan Rate                                                                                   7.26084%
                                                       Interest Dist.
                                                       Factor (per $1,000)    Accrual Period
       H    Class A-1 LIBOR Based Interest Rate                                                                       5.73844%
       I    Class A-1 Rate                                  4.239306587       7/25/97-8/25/97                         5.73844%
       J    Class A-2 LIBOR Based Interest Rate                                                                       5.79844%
       K    Class A-2 Rate                                  5.154168881       7/25/97-8/25/97                         5.79844%
       L    Certificate LIBOR Based Interest Rate                                                                     6.09844%
       M    Certificate Rate                                5.420835556       7/25/97-8/25/97                         6.09844%

- -----------------------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------------------
VI.         Inputs From Previous Servicing Reports                                  7/25/97


       A    Total Student Loan Pool Outstanding
            I     Current Principal Balance                                            371,347,276.13
            ii    Interest to be Capitalized                                             3,201,849.87
                                                                                ---------------------
            iii   Total Student Loan Pool Outstanding                                  374,549,126.00

       B    Total Note and Certificate Factor                                               0.9006554

       C    Total Note and Certificate Balance                                        $385,872,307.37



            -----------------------------------------------------------------------------------------------------------------
       D    Balance                     7/25/97                     Class A-1              Class A-2            Certificates
            -----------------------------------------------------------------------------------------------------------------
            I     Current Factor --- 7/25/97                       0.8311004261            1.0000000000          1.0000000000
            ii    Principal Shortfall                                      0.00                    0.00                  0.00
            iii   Expected Balance                               209,437,307.37          161,439,000.00         14,996,000.00
                                                            -----------------------------------------------------------------
            iv    Balance                                        209,437,307.37          161,439,000.00         14,996,000.00
       E    Interest Shortfall                                             0.00                    0.00                  0.00
       F    Interest Carryover                                             0.00                    0.00                  0.00
            -----------------------------------------------------------------------------------------------------------------


       G    Reserve Account Balance                            $   5,751,733.01
       H    Pre-Funding Account Balance                        $   8,194,890.12
       I    Unpaid Servicing Fees from Prior Month(s)                      0.00
       J    Unpaid Administration fees from Prior Month(s)                 0.00


- ---------------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------------------
VII.   Waterfall for Distributions
                                                                                                                    Remaining
                                                                                                                  Funds Balance
                                                                                                                  --------------
       A    Monthly Available Funds remaining from Prior Monthly Collection Periods                  $0.00                 $0.00

       B    Monthly Available Funds for Current Monthly Period                               $7,953,113.70         $7,953,113.70

       C    Draws from Reserve Fund                                                                  $0.00         $7,953,113.70

       D    Servicing Fees due for Current Monthly Period and unpaid from Prior Months         $390,155.34         $7,562,958.36

       E    Administration Fees due for Current Monthly Period and unpaid from
            Prior Months                                                                        $12,484.97         $7,550,473.39

       F    Noteholders' Interest Distribution Amount
            I                        Class A-1                                               $1,068,305.26         $6,482,168.13
            ii                       Class A-2                                                 $832,083.87         $5,650,084.26
                                                                                          ----------------
            iii                      Total Noteholders' Interest Distribution                $1,900,389.13

       G    Certificateholders' Interest Distribution Amount                                    $81,290.85         $5,568,793.41

       H    Monthly Available Funds Remaining                                                $5,568,793.41

- --------------------------------------------------------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------------------------------------------------------
VIII.  Distributions

       ------------------------------------------------------------------------------------------------------------------
  A    Distribution Amounts                                    Class A-1                Class A-2            Certificates
       I          Monthly Interest Due                       $1,068,305.26             $832,083.87            $81,290.85
       ii         Monthly Interest Paid                      $1,068,305.26             $832,083.87            $81,290.85
                                                       ------------------------------------------------------------------
                  Interest Shortfall                                 $0.00                   $0.00                 $0.00

       iii        Interest LIBOR Carryover Due                       $0.00                   $0.00                 $0.00
       iv         Interest LIBOR Carryover Paid                      $0.00                   $0.00                 $0.00
                                                       -----------------------------------------------------------------
                  Interest LIBOR Carryover                           $0.00                   $0.00                 $0.00

       v          Interest Carryover Shortfall Due                   $0.00                   $0.00                 $0.00
       vi         Interest Carryover Shortfall Paid                  $0.00                   $0.00                 $0.00
                                                       -----------------------------------------------------------------
                  Carryover Shortfall                                $0.00                   $0.00                 $0.00
       -----------------------------------------------------------------------------------------------------------------
       vii        Total Distribution Amount                  $1,068,305.26             $832,083.87            $81,290.85
       -----------------------------------------------------------------------------------------------------------------

  B    Total Interest Distribution                                                      $1,981,679.99
                                                                                ---------------------
  C    Total Cash Distributions-Notes and Certificates                                  $1,981,679.99

       ----------------------------------------------------------------------------------------------
  D    Note & Certificate Balances                                  8/26/97               7/25/97
       I          A-1 Note Balance                             $  209,437,307.37      $209,437,307.37
                  A-1 Note Pool Factor                              0.8311004261         0.8311004261

       ii         A-2 Note Balance                                161,439,000.00       161,439,000.00
                  A-2 Note Pool Factor                              1.0000000000         1.0000000000

       iii        Certificate Balance                              14,996,000.00        14,996,000.00
                  Certificate Pool Factor                           1.0000000000         1.0000000000

       ----------------------------------------------------------------------------------------------

  G    Reserve Account Reconciliation
       I          Beginning of Period Balance                                              $5,751,733.01
       ii         Draws for payment of:
                     Servicing Fees                                                                $0.00
                     Administration Fees                                                           $0.00
                     Noteholders' Interest Distribution Amount                                     $0.00
                     Certificateholders' Interest Distribution Amount                              $0.00
                     Noteholders' Principal Distribution Amount                                    $0.00
                     Certificateholders' Principal Distribution Amount                             $0.00
                                                                                  ----------------------
       iii        Total Reserve Account Balance Available                                  $5,751,733.01
       iv         Specified Reserve Account Balance                                        $5,666,715.19
       v          Ending Reserve Account Balance                                           $5,751,733.01

  H    Pre-Funding Account Reconciliation
       I          Balance as of prior Payment Date                                   $      8,194,890.12
       ii         Draw for Accrued Interest                                                  $520,673.00
       iii        Draw for Serial Loan Purchases prior to previous Payment Date                    $0.00
       iv         Draw for Serial Loan Purchases after previous Payment Date                       $0.00
                                                                                  ----------------------
       v          Current Pre-Funding Account Balance                                $      7,674,217.12

- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


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