SIGNET STUDENT LOAN TRUSTS
8-K, 1997-06-26
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: June 25, 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 June 25, 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 May 1, 1997 to
                    May 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:  June 25, 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 May 1, 1997 to May 31, 1997.





Signet Student Loan Trust 1996-A
Statement to Noteholders and Certificateholders
Interest Payment Date:                 6/25/97
Reporting Period:                      5/1/97-5/31/97
<TABLE>
<S> <C>
  ----------------------------------------------------------------------------------------------------------------------------------
     I.       Deal Parameters

           --------------------------------------------------------------------------------------------
       A   Student Loan Portfolio Characteristics                        11/1/96           5/31/97
           --------------------------------------------------------------------------------------------
           I    Principal Balance                                     399,468,977.20     376,282,659.69
           ii   Interest to be Capitalized                              5,121,821.58       3,340,358.83
                                                                   ------------------------------------
           iii  Pool Balance                                          404,590,798.78     379,623,018.52

       B   I    Weighted Average Coupon (WAC)                                 8.3280%            8.3601%
           ii   Weighted Average Remaining Term                               130.43             129.31
           iii  Number of Loans                                              103,208             99,478
           iv   Number of Borrowers                                           50,613             48,957
           --------------------------------------------------------------------------------------------



           -------------------------------------------------------------------------------------------------------------------------
       C   Notes and Certificates                   Spread           Balance          % of Pool           Balance          % of Pool
                                                                     12/27/96                             6/25/97
           -------------------------------------------------------------------------------------------------------------------------
           I    Class A-1 Notes         82668P AA3       0.09%    $252,000,000.00         58.819%   $  226,725,195.46       56.237%
           ii   Class A-2 Notes         82668P AB1       0.15%    $161,439,000.00         37.681%   $  161,439,000.00       40.043%
           iii  Certificates            82668P AC9       0.45%    $ 14,996,000.00          3.500%   $   14,996,000.00        3.720%
           =========================================================================================================================
           iv   Total Notes and Certificates                      $428,435,000.00        100.000%   $  403,160,195.46      100.000%
           =========================================================================================================================

       D   Reserve Account                                               12/27/96                               6/25/97
           I    Reserve Account Initial Deposit ($)                 $   6,317,145.00
           ii   Specified Reserve Account Balance ($)               $   6,317,145.00                    $     5,843,926.99
           iii  Current Reserve Account Balance($)                  $   6,317,145.00                    $     5,977,392.81

       E   Pre-Funding Account                                           12/27/96                               6/25/97
           I    Pre-Funding Account Initial Deposit ($)             $  16,552,201.22
           ii   Current Pre-Funding Account Balance ($)             $  16,552,201.22                    $     8,854,462.51

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


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

  ---------------------------------------------------------------------------------------------------
  II.           Transactions from:          5/1/97 through       5/31/97

       A   Student Loan Principal Activity
           I    Regular Principal Collections                          $4,254,953.28
           ii   Principal Collections from Guarantor                     $846,608.41
           iii  Principal Reimbursements from Seller and/or Servicer     $170,440.15
           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                            $5,272,001.84


       B   Student Loan Non-Cash Principal Activity
           I    Capitalized Interest                                  ($1,071,878.73)
           ii   Realized Losses                                                $0.00
           iii  Other Adjustments                                        $121,471.89
                                                                   -----------------
           iv   Total Non-Cash Principal Activity                       ($950,406.84)


           -------------------------------------------------------------------------
       C   Total Student Loan Principal Activity                       $4,321,595.00
           -------------------------------------------------------------------------


       D   Student Loan Interest Activity
           I    Regular Interest Collections                           $1,649,741.93
           ii   Interest Claims Received from Guarantors                  $53,525.35
           iii  Interest Reimbursements from Seller and/or Servicer        $4,406.46
           iv   Liquidation Proceeds (interest)                                $0.00
           v    Other Systems Adjustments                                      $0.00
           vi   Special Allowance Payments                               $136,834.66
           vii  Subsidy Payments                                         $871,255.35
                                                                   -----------------
           viii Total Interest Collections                             $2,715,763.75


       E   Student Loan Non-Cash Interest Activity
           I    Interest Accrual Adjustment                                  $964.66
           ii   Capitalized Interest                                   $1,071,878.73
                                                                   -----------------
           iii  Total Non-Cash Interest Adjustments                    $1,072,843.39


           -------------------------------------------------------------------------
       F   Total Student Loan Interest Activity                        $3,788,607.14
           -------------------------------------------------------------------------

       (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                                         $5,101,561.69
           ii   Cash Forwarded by Administrator on behalf of Seller and/or Servicer         $170,440.15
                                                                                    -------------------
           iii  Total Principal Collections                                               $5,272,001.84

       B   Interest Collections
           I    Interest Payments Received--Cash                                          $1,703,267.28
           ii   Cash Forwarded by Administrator on behalf of Seller and/or Servicer           $4,406.46
           iv   Cash Forwarded by Eligible Lender for Special Allowance and
                   Subsidy Payments                                                       $1,008,090.01
                                                                                    -------------------
           v    Total Interest Collections                                                $2,715,763.75

       C   Capitalized Interest Amount                                                    $1,071,878.73

       D   Investment Earnings                                                              $114,135.99

       E   TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                                  $9,173,780.31

       F   Servicing Fees Due for Current Monthly Collection Period                         $400,496.72

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

       H   Administration Fees Due for Current Monthly Collection Period                     $12,815.90

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

           --------------------------------------------------------------------------------------------
       J   Total Fees Due for Period                                                        $413,312.62
           --------------------------------------------------------------------------------------------


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

- ------------------------------------------------------------------------------------------------------------------------------------
IV.      Portfolio Characteristics
                       -----------------------------------------------------------------------------------------------------------
                               Weighted Average Coupon                  # of Loans                               %                
- ----------------------------------------------------------------------------------------------------------------------------------
                                5/31/97       4/30/97            5/31/97          4/30/97            5/31/97            4/30/97   
- ----------------------------------------------------------------------------------------------------------------------------------
STATUS:
In School                       8.0264%       8.0255%              3,396            4,194             3.4138%            4.1843%  
Grace                           8.0145%       8.0036%              2,133            1,302             2.1442%            1.2990%  
Repayment
   Current                      8.3933%       8.3879%             63,358           61,536            63.6905%           61.3942%  
   31-60 Days                   8.3869%       8.4026%              4,236            3,696             4.2582%            3.6875%  
   61-90 Days                   8.4044%       8.3845%              1,845            2,277             1.8547%            2.2718%  
   91-120 Days                  8.4082%       8.3755%              1,628            1,795             1.6365%            1.7909%  
   > 120 Days                   8.3393%       8.3427%              2,712            2,420             2.7262%            2.4144%  
                       -----------------------------------------------------------------------------------------------------------
   Total Repayment              8.3919%       8.3865%             74,824           72,708            75.2166%           72.5404%  

Deferment                       8.3036%       8.3101%             11,120           13,314            11.1784%           13.2833%  
Forbearance                     8.3467%       8.3551%              8,005            8,709             8.0470%            8.6889%  
Claims (1)                      8.4055%       8.3602%              1,045              988             1.0505%            0.9857%  
- ----------------------------------------------------------------------------------------------------------------------------------
                 Totals         8.3601%       8.3562%             99,478          100,231           100.0000%          100.0000%  
- ----------------------------------------------------------------------------------------------------------------------------------

LOAN TYPE:
Consolidation                   8.6768%       8.6764%              5,688            5,715             5.7178%            5.7018%  
Subsidized Stafford             8.1416%       8.1369%             68,253           68,765            68.6112%           68.6065%  
Unsub Stafford                  8.1989%       8.1980%             13,362           13,469            13.4321%           13.4380%  
SLS                             8.7463%       8.7465%              5,761            5,817             5.7912%            5.8036%  
PLS                             8.7480%       8.7480%              6,414            6,465             6.4477%            6.4501%  

- ----------------------------------------------------------------------------------------------------------------------------------
                 Totals         8.3601%       8.3562%             99,478          100,231           100.0000%          100.0000%  
- ----------------------------------------------------------------------------------------------------------------------------------

SCHOOL TYPE:
2-year                          8.2719%       8.2670%              6,903            6,942             6.9392%            6.9260%  
4-year                          8.2402%       8.2361%             74,129           74,710            74.5180%           74.5378%  
Consolidation                   8.6768%       8.6764%              5,688            5,715             5.7178%            5.7018%  
Graduate                        8.2225%       8.2167%              1,379            1,384             1.3862%            1.3808%  
Proprietary/Vocational          8.3363%       8.3291%              9,915           10,005             9.9670%            9.9819%  
Not Identified                  8.2732%       8.2690%              1,464            1,475             1.4717%            1.4716%  

- ----------------------------------------------------------------------------------------------------------------------------------
                 Totals         8.3601%       8.3562%             99,478          100,231           100.0000%          100.0000%  
- ----------------------------------------------------------------------------------------------------------------------------------




                       ------------------------------------------------------------------   
                                        Principal Amount                       %            
- -----------------------------------------------------------------------------------------   
                                      5/31/97          4/30/97         5/31/97    4/30/97   
- -----------------------------------------------------------------------------------------   
STATUS:                                                                                     
In School                       11,422,520.93    14,196,460.73         3.0356%    3.7300%   
Grace                            6,973,395.14     4,067,249.23         1.8532%    1.0686%   
Repayment                                                                                   
   Current                     240,766,875.95   235,555,334.38        63.9856%   61.8898%   
   31-60 Days                   15,680,300.19    14,106,352.92         4.1672%    3.7063%   
   61-90 Days                    7,011,132.21     8,567,767.39         1.8633%    2.2511%   
   91-120 Days                   6,297,196.83     6,703,526.76         1.6735%    1.7613%   
   > 120 Days                    9,745,168.23     8,777,024.99         2.5899%    2.3061%   
                       ------------------------------------------------------------------   
   Total Repayment             283,202,458.78   276,996,787.09        75.2632%   72.7782%   
                                                                                            
Deferment                       41,296,154.76    48,689,389.98        10.9748%   12.7927%   
Forbearance                     33,388,130.08    36,654,589.93         8.8732%    9.6306%   
Claims (1)                       3,701,785.37     3,286,558.38         0.9838%    0.8635%   
- -----------------------------------------------------------------------------------------   
                 Totals        376,282,659.69   380,604,254.69       100.0000%  100.0000%   
- -----------------------------------------------------------------------------------------   
                                                                                            
LOAN TYPE:                                                                                  
Consolidation                   98,012,665.17    98,616,546.22        26.0476%   25.9105%   
Subsidized Stafford            188,455,058.95   191,365,200.32        50.0834%   50.2793%   
Unsub Stafford                  44,963,101.92    45,615,604.60        11.9493%   11.9850%   
SLS                             21,101,764.23    21,067,710.34         5.6080%    5.5353%   
PLS                             23,750,069.42    23,939,193.21         6.3118%    6.2898%   
                                                                                            
- -----------------------------------------------------------------------------------------   
                 Totals        376,282,659.69   380,604,254.69       100.0000%  100.0000%   
- -----------------------------------------------------------------------------------------   
                                                                                            
SCHOOL TYPE:                                                                                
2-year                          17,309,172.84    17,497,925.25         4.6000%    4.5974%   
4-year                         231,851,128.11   234,922,078.42        61.6162%   61.7235%   
Consolidation                   98,012,665.17    98,616,546.22        26.0476%   25.9105%   
Graduate                         6,628,713.94     6,645,937.27         1.7616%    1.7462%   
Proprietary/Vocational          18,048,942.59    18,396,750.96         4.7966%    4.8336%   
Not Identified                   4,432,037.04     4,525,016.57         1.1778%    1.1889%   
                                                                                            
- -----------------------------------------------------------------------------------------   
                 Totals        376,282,659.69   380,604,254.69       100.0000%  100.0000%   
- -----------------------------------------------------------------------------------------   
                               





                       (1) Claims Information

- -------------------------------------------------------------------------------------------------------------------------------
Claim Status           5/31/97         WAC           # of Loans         % of Loans       Principal Amount   % of Principal
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Claims Pending (2)                                 8.4055%         1045                1.0505%    3,701,785.37               0.9838%
Aged Claims Rejected (3)                           0.0000%            0                0.0000%            0.00               0.0000%
- ------------------------------------------------------------------------                 -------------------
- -------------------------------------------------------------------------------------------------------------------------------
                                Totals             8.4055%         1045                1.0505%    3,701,785.37               0.9838%
- -------------------------------------------------------------------------------------------------------------------------------

(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                              2,378,344.11
              B   Interest Subsidy Payments Accrued During Collection Period                       $305,290.42
              C   SAP Payments Accrued During Collection Period                                     $62,836.02
              D   Monthly Rebate Fees Accrued During Collection Period                             ($79,499.57)
              E   Investment Earnings                                                              $114,135.99
                                                                                           -------------------
              F   Net Expected Interest Collections                                              $2,781,106.97


              G   Student Loan Rate
                  I    Days in Collection Period     5/1/97-5/31/97                                         31
                  ii   Net Expected Interest Collections                                         $2,781,106.97
                  iii  Servicing Fee                                                               $400,496.72
                  iv   Administration Fee                                                           $12,815.90
                  v    Total Pool Balance at Beginning of the Collection Period                 384,476,854.47
                  vi   Student Loan Rate                                                               7.15179%
                                                     Interest Dist.
                                                     Factor (per $1,000) Accrual Period
                                                     ------------------- --------------
              H   Class A-1 LIBOR Based Interest Rate                                                  5.77750%
              I   Class A-1 Rate                        4.187305952     5/27/97-6/24/97                5.77750%
              J   Class A-2 LIBOR Based Interest Rate                                                  5.83750%
              K   Class A-2 Rate                        4.702430577     5/27/97-6/24/97                5.83750%
              L   Certificate LIBOR Based Interest Rate                                                6.13750%
              M   Certificate Rate                      4.944097093     5/27/97-6/24/97                6.13750%


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

         ---------------------------------------------------------------------------------------------------------------------------
         VI.      Inputs From Previous Servicing Reports                    5/27/97


              A   Total Student Loan Pool Outstanding
                  I    Current Principal Balance                             380,604,254.69
                  ii   Interest to be Capitalized                              3,872,599.78
                                                                          -----------------
                  iii  Total Student Loan Pool Outstanding                   384,476,854.47

              B   Total Note and Certificate Factor                               1.0000000

              C   Total Note and Certificate Balance                        $403,160,195.46



                  ---------------------------------------------------------------------------------------------------------------
              D   Balance                          5/27/97                     Class A-1         Class A-2         Certificates
                  ---------------------------------------------------------------------------------------------------------------
                  I    Current Factor -5/27/97                                 0.8997031566       1.0000000000       1.0000000000
                  ii   Principal Shortfall                                             0.00               0.00               0.00
                  iii  Expected Balance                                      226,725,195.46     161,439,000.00      14,996,000.00
                                                                          -------------------------------------------------------
                  iv   Balance                                               226,725,195.46     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                                  $   5,977,392.81
              H   Pre-Funding Account Balance                              $   9,926,341.24
              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        $4,376,921.75      $4,376,921.75

              B   Monthly Available Funds for Current Monthly Period                             $9,173,780.31     $13,550,702.06

              C   Draws from Reserve Fund                                                                $0.00     $13,550,702.06

              D   Servicing Fees due for Current Monthly Period and unpaid from Prior Months       $400,496.72     $13,150,205.34

              E   Administration Fees due for Current Monthly Period and unpaid from
                  Prior Months                                                                      $12,815.90     $13,137,389.44

              F   Noteholders' Interest Distribution Amount
                  I                    Class A-1                                                 $1,055,201.10     $12,082,188.34
                  ii                   Class A-2                                                   $759,155.69     $11,323,032.65
                                                                                              -------------------
                  iii                  Total Noteholders' Interest Distribution                  $1,814,356.79

              G   Certificateholders' Interest Distribution Amount                                  $74,141.68     $11,248,890.97

              H   Monthly Available Funds Remaining                                             $11,248,890.97


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

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

              --------------------------------------------------------------------------------------------------------------------
          A   Distribution Amounts                                              Class A-1           Class A-2         Certificates
                                                                                ---------           ---------         ------------
              I        Monthly Interest Due                                   $1,055,201.10        $759,155.69         $74,141.68
              ii       Monthly Interest Paid                                  $1,055,201.10        $759,155.69         $74,141.68
                                                                          -------------------------------------------------------
                       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                              $1,055,201.10        $759,155.69         $74,141.68
              -------------------------------------------------------------------------------------------------------------------

          B   Total Interest Distribution                                     $1,888,498.47
                                                                          -----------------
          C   Total Cash Distributions-Notes and Certificates                 $1,888,498.47

              -----------------------------------------------------------------------------
          D   Note & Certificate Balances                    6/25/97           5/27/97
              I        A-1 Note Balance                  $  226,725,195.46  $226,725,195.46
                       A-1 Note Pool Factor                   0.8997031566     0.8997031566

              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                                               $5,977,392.81
              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                                   $5,977,392.81
              iv       Specified Reserve Account Balance                                         $5,843,926.99
              v        Ending Reserve Account Balance                                            $5,977,392.81

          H   Pre-Funding Account Reconciliation
              I        Balance as of prior Payment Date                                    $      9,926,341.24
              ii       Draw for Accrued Interest                                                 $1,071,878.73
              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                                 $      8,854,462.51

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

</TABLE>



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