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: December 26, 1997
------------------
SIGNET BANK
(Exact name of registrant as specified in its charter)
(Administrator of Signet Student Loan Trust 1996-A)
Delaware 33-94846-01 56-0900030
- ------------------------------- ----------- -------------
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
301 South College Street, Charlotte, North Carolina 28288-1075
- --------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code):
(704) 374-2265
The exhibit index is located on page 4.
<PAGE>
Item 5 Other Events.
-------------
On December 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 November 1, 1997
to November 30, 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/ Mary Whittaker
------------------------------
Mary Whittaker
Vice President
Date: December 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 November 1, 1997 to November
30, 1997.
<TABLE>
Signet Student Loan Trust 1996-A
Statement to Noteholders and Certificateholders
Interest Payment Date: 12/26/97
Reporting Period: 11/1/97-11/30/97
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
-----------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 11/1/96 11/30/97
-----------------------------------------------------------------------------------------
I Principal Balance 399,468,977.20 345,426,802.42
ii Interest to be Capitalized 5,121,821.58 3,311,310.17
-------------------------------------
iii Pool Balance 404,590,798.78 348,738,112.59
B I Weighted Average Coupon (WAC) 8.3280% 8.4024%
ii Weighted Average Remaining Term 130.43 127.85
iii Number of Loans 103,208 92,202
iv Number of Borrowers 50,613 45,426
-----------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance % of Pool Balance % of Pool
12/27/96 12/26/97
-------------------------------------------------------------------------------------------------------------------------
I Class A-1 Notes 82668P AA3 0.09% $ 252,000,000.00 58.819% $ 193,140,009.20 52.260%
ii Class A-2 Notes 82668P AB1 0.15% $ 161,439,000.00 37.681% $ 161,439,000.00 43.682%
iii Certificates 82668P AC9 0.45% $ 14,996,000.00 3.500% $ 14,996,000.00 4.058%
=========================================================================================================================
iv Total Notes and Certificates $ 428,435,000.00 100.000% $ 369,575,009.20 100.000%
=========================================================================================================================
D Reserve Account 12/27/96 12/26/97
I Reserve Account Initial Deposit ($) $ 6,317,145.00
ii Specified Reserve Account Balance ($) $ 6,317,145.00 $ 5,322,057.65
iii Current Reserve Account Balance($) $ 6,317,145.00 $ 5,509,387.92
E Pre-Funding Account 12/27/96 12/26/97
I Pre-Funding Account Initial Deposit ($) $ 16,552,201.22
ii Current Pre-Funding Account Balance ($) $ 16,552,201.22 $ 5,241,195.32
-------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
II. Transactions from: 11/1/97 through 11/30/97
A Student Loan Principal Activity
I Regular Principal Collections $3,424,233.93
ii Principal Collections from Guarantor $1,665,633.73
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
--------------------
viiiTotal Principal Collections $5,089,867.66
B Student Loan Non-Cash Principal Activity
I Capitalized Interest ($795,474.01)
ii Realized Losses $0.00
iii Other Adjustments $15,217.97
--------------------
iv Total Non-Cash Principal Activity ($780,256.04)
--------------------------------------------------------------------------
C Total Student Loan Principal Activity $4,309,611.62
--------------------------------------------------------------------------
D Student Loan Interest Activity
I Regular Interest Collections $1,312,276.39
ii Interest Claims Received from Guarantors $147,392.27
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 $129,040.48
vii Subsidy Payments $903,002.66
--------------------
viiiTotal Interest Collections $2,491,711.80
E Student Loan Non-Cash Interest Activity
I Interest Accrual Adjustment ($19,014.02)
ii Capitalized Interest $795,474.01
--------------------
iii Total Non-Cash Interest Adjustments $776,459.99
--------------------------------------------------------------------------
F Total Student Loan Interest Activity $3,268,171.79
--------------------------------------------------------------------------
(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 $5,089,867.66
ii Cash Forwarded by Administrator on behalf of Seller and/or Servicer $0.00
-----------------
iii Total Principal Collections $5,089,867.66
B Interest Collections
I Interest Payments Received--Cash $1,459,668.66
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 $1,032,043.14
-----------------
v Total Interest Collections $2,491,711.80
C Capitalized Interest Amount $795,474.01
D Investment Earnings $102,423.74
E TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $8,479,477.21
F Servicing Fees Due for Current Monthly Collection Period $368,061.96
G Unpaid Servicing Fees due from Prior Monthly Collection Periods $0.00
H Administration Fees Due for Current Monthly Collection Period $11,777.98
I Unpaid Administration Fees Due from Prior Monthly Collection Periods $0.00
-------------------------------------------------------------------------------------------
J Total Fees Due for Period $379,839.94
-------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
IV. Portfolio Characteristics
-----------------------------------------------------------------------------------------------------
Weighted Average Coupon # of Loans %
------------------------------------------------------------------------------------------------------------------------------
11/30/97 10/31/97 11/30/97 10/31/97 11/30/97 10/31/97
- -------------------------------------------------------------------------------------------------------------------------------
STATUS:
In School 8.0355% 8.0348% 3,153 3,144 3.4197% 3.3595%
Grace 8.0085% 8.0216% 551 1,304 0.5976% 1.3934%
Repayment
Current 8.4292% 8.4305% 58,664 57,887 63.6255% 61.8550%
31-60 Days 8.4565% 8.4357% 3,823 4,311 4.1463% 4.6065%
61-90 Days 8.4318% 8.4259% 2,271 2,135 2.4631% 2.2813%
91-120 Days 8.4504% 8.4396% 1,384 1,587 1.5011% 1.6958%
> 120 Days 8.4295% 8.4374% 2,384 2,147 2.5856% 2.2942%
-----------------------------------------------------------------------------------------------------
Total Repayment 8.4311% 8.4313% 69,285 69,062 75.1448% 73.7960%
Deferment 8.3512% 8.3639% 12,224 12,327 13.2578% 13.1720%
Forbearance 8.4079% 8.4001% 6,989 7,748 7.5801% 8.2791%
Claims (1) 8.4133% 8.4431% 759 995 0.8232% 1.0632%
- -------------------------------------------------------------------------------------------------------------------------------
Totals 8.4024% 8.4024% 92,202 93,585 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------------------------------
LOAN TYPE:
Consolidation 8.6745% 8.6743% 5,490 5,540 5.9543% 5.9198%
Subsidized Stafford 8.1618% 8.1585% 63,056 64,027 68.3890% 68.4159%
Unsub Stafford 8.2038% 8.2002% 12,400 12,564 13.4487% 13.4252%
SLS 9.0057% 9.0058% 5,216 5,339 5.6571% 5.7050%
PLS 9.0079% 9.0079% 6,040 6,115 6.5508% 6.5342%
- -------------------------------------------------------------------------------------------------------------------------------
Totals 8.4024% 8.4024% 92,202 93,585 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------------------------------
SCHOOL TYPE:
2-year 8.3364% 8.3334% 6,347 6,450 6.8838% 6.8921%
4-year 8.2935% 8.2913% 68,920 69,886 74.7489% 74.6765%
Consolidation 8.6745% 8.6743% 5,490 5,540 5.9543% 5.9198%
Graduate 8.2757% 8.2784% 1,283 1,303 1.3915% 1.3923%
Proprietary/Vocational 8.4179% 8.4121% 8,957 9,185 9.7145% 9.8146%
Not Identified 8.3430% 8.3388% 1,205 1,221 1.3069% 1.3047%
- -------------------------------------------------------------------------------------------------------------------------------
Totals 8.4024% 8.4024% 92,202 93,585 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------------------------------
Principal Amount %
-----------------------------------------------------------
11/30/97 10/31/97 11/30/97 10/31/97
-----------------------------------------------------------
STATUS:
In School 10,473,840.29 10,466,120.59 3.0322% 2.9926%
Grace 1,810,025.79 4,474,731.69 0.5240% 1.2795%
Repayment
Current 218,943,379.86 214,011,902.02 63.3844% 61.1923%
31-60 Days 14,461,118.01 16,275,997.21 4.1865% 4.6538%
61-90 Days 8,404,114.93 7,960,765.37 2.4330% 2.2762%
91-120 Days 5,406,336.16 6,165,344.01 1.5651% 1.7629%
> 120 Days 8,722,053.19 7,593,875.95 2.5250% 2.1713%
----------------------------------------------------------
Total Repayment 258,440,760.61 255,497,238.90 74.8190% 73.0542%
Deferment 45,151,541.24 45,862,539.00 13.0714% 13.1135%
Forbearance 29,545,221.32 33,435,783.86 8.5534% 9.5603%
Claims (1) 2,503,758.46 3,489,354.34 0.7248% 0.9977%
- -----------------------------------------------------------------------------------
Totals 345,421,389.25 349,736,414.04 100.0000% 100.0000%
- -----------------------------------------------------------------------------------
LOAN TYPE:
Consolidation 93,627,583.05 94,440,266.59 27.1053% 27.0033%
Subsidized Stafford 170,088,744.44 172,550,572.42 49.2409% 49.3373%
Unsub Stafford 41,360,220.91 41,672,821.49 11.9738% 11.9155%
SLS 18,813,701.74 19,205,459.12 5.4466% 5.4914%
PLS 21,531,139.11 21,867,294.42 6.2333% 6.2525%
- -----------------------------------------------------------------------------------
Totals 345,421,389.25 349,736,414.04 100.0000% 100.0000%
- -----------------------------------------------------------------------------------
SCHOOL TYPE:
2-year 15,527,415.30 15,757,277.15 4.4952% 4.5055%
4-year 211,165,796.46 213,845,511.10 61.1328% 61.1448%
Consolidation 93,627,583.05 94,440,266.59 27.1053% 27.0033%
Graduate 6,014,254.98 6,114,042.19 1.7411% 1.7482%
Proprietary/Vocational 15,520,166.83 15,968,662.63 4.4931% 4.5659%
Not Identified 3,566,172.63 3,610,654.38 1.0324% 1.0324%
- -----------------------------------------------------------------------------------
Totals 345,421,389.25 349,736,414.04 100.0000% 100.0000%
- -----------------------------------------------------------------------------------
(1) Claims Information
- --------------------------------------------------------------------------------------------------------------------------
Claim Status 11/30/97 WAC # of Loans % of Loans Principal Amount % of Principal
- --------------------------------------------------------------------------------------------------------------------------
Claims Pending (2) 8.4133% 759 0.8232% 2,503,758.46 0.7248%
Aged Claims Rejected (3) 0.0000% 0 0.0000% 0.00 0.0000%
- --------------------------------------------------------------------------------------------------------------------------
Totals 8.4133% 759 0.8232% 2,503,758.46 0.7248%
- --------------------------------------------------------------------------------------------------------------------------
(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 2,133,690.63
B Interest Subsidy Payments Accrued During Collection Period $266,142.55
C SAP Payments Accrued During Collection Period $61,777.83
D Monthly Rebate Fees Accrued During Collection Period ($76,667.21)
E Investment Earnings $102,423.74
-----------------
F Net Expected Interest Collections $2,487,367.54
G Student Loan Rate
I Days in Collection Period 11/1/97-11/30/97 30
ii Net Expected Interest Collections $2,487,367.54
iii Servicing Fee $368,061.96
iv Administration Fee $11,777.98
v Total Pool Balance at Beginning of the Collection Period 353,339,482.73
vi Student Loan Rate 7.15752%
Interest Dist.
--------------
Factor (per $1,000) Accrual Period ***
------------------- ------------------
H Class A-1 LIBOR Based Interest Rate 5.77750%
I Class A-1 Rate 3.936036706 11/25/97 - 12/26/97 5.77750%
J Class A-2 LIBOR Based Interest Rate 5.83750%
K Class A-2 Rate 5.188888868 11/25/97 - 12/26/97 5.83750%
L Certificate LIBOR Based Interest Rate 6.13750%
M Certificate Rate 5.455555481 11/25/97 - 12/26/97 6.13750%
- -------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
VI. Inputs From Previous Servicing Reports 11/25/97
A Total Student Loan Pool Outstanding
I Current Principal Balance 349,736,414.04
ii Interest to be Capitalized 3,603,068.69
--------------------
iii Total Student Loan Pool Outstanding 353,339,482.73
B Total Note and Certificate Factor 0.8626163
C Total Note and Certificate Balance $ 369,575,009.20
------------------------------------------------------------------------------------------------------------
D Balance 11/25/97 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------
I Current Factor 11/25/97 0.7664286079 1.0000000000 1.0000000000
ii Principal Shortfall 0.00 0.00 0.00
iii Expected Balance 193,140,009.20 161,439,000.00 14,996,000.00
------------------------------------------------------
iv Balance 193,140,009.20 161,439,000.00 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 $ 5,509,387.92
H Pre-Funding Account Balance $ 6,036,669.33
I Unpaid Servicing Fees from Prior Month(s) 0.00
J Unpaid Administration fees from Prior Month(s) 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
VIII.Distributions
----------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
I Monthly Interest Due $991,881.25 $837,689.03 $81,811.51
ii Monthly Interest Paid $991,881.25 $837,689.03 $81,811.51
------------------------------------------------------
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 $991,881.25 $837,689.03 $81,811.51
----------------------------------------------------------------------------------------------------------------
B Total Interest Distribution $1,911,381.79
--------------------
C Total Cash Distributions-Notes and Certificates $1,911,381.79
------------------------------------------------------------------------------
D Note & Certificate Balances 12/26/97 11/25/97
I A-1 Note Balance $ 193,140,009.20 $ 193,140,009.20
A-1 Note Pool Factor 0.7664286079 0.7664286079
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 $5,509,387.92
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 $5,509,387.92
iv Specified Reserve Account Balance $5,322,057.65
v Ending Reserve Account Balance $5,509,387.92
H Pre-Funding Account Reconciliation
I Balance as of prior Payment Date $ 6,036,669.33
ii Draw for Accrued Interest $795,474.01
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 $ 5,241,195.32
</TABLE>
