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: February 25, 1998
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 February 25, 1998 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 January 1, 1998
to January 31, 1998.
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: February 25, 1998
<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 January 1, 1998 to
January 31, 1998.
<TABLE>
Signet Student Loan Trust 1996-A
Statement to Noteholders and Certificateholders
Interest Payment Date: 2/25/98
Reporting Period: 1/1/98 - 1/31/98
<S> <C>
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I. Deal Parameters
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A Student Loan Portfolio Characteristics 11/1/96 1/31/98
----------------------------------------------------------------------------------------------------------------------
I Principal Balance 399,468,977.20 338,673,096.38
ii Interest to be Capitalized 5,121,821.58 2,496,783.58
-------------------------------------------------
iii Pool Balance 404,590,798.78 341,169,879.96
B I Weighted Average Coupon (WAC) 8.3280% 8.4056%
ii Weighted Average Remaining Term 130.43 119.41
iii Number of Loans 103,208 162,996
iv Number of Borrowers 50,613 44,585
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance % of Pool Balance % of Pool
12/27/96 2/25/98
----------------------------------------------------------------------------------------------------------------------
I Class A-1 Notes 82668P AA3 0.09% $ 252,000,000.00 58.819% $ 174,541,323.19 49.730%
ii Class A-2 Notes 82668P AB1 0.15% $ 161,439,000.00 37.681% $ 161,439,000.00 45.997%
iii Certificates 82668P AC9 0.45% $ 14,996,000.00 3.500% $ 14,996,000.00 4.273%
======================================================================================================================
iv Total Notes and Certificates $ 428,435,000.00 100.000% $ 350,976,323.19 100.000%
======================================================================================================================
D Reserve Account 12/27/96 2/25/98
I Reserve Account Initial Deposit ($) $ 6,317,145.00
ii Specified Reserve Account Balance ($) $ 6,317,145.00 $ 5,191,593.66
iii Current Reserve Account Balance($) $ 6,317,145.00 $ 5,317,872.75
E Pre-Funding Account 12/27/96 2/25/98
I Pre-Funding Account Initial Deposit ($) $ 16,552,201.22
ii Current Pre-Funding Account Balance ($) $ 16,552,201.22 $ 4,880,131.85
----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
II. Transactions from: 1/1/98 through 1/31/98
A Student Loan Principal Activity
I Regular Principal Collections $2,567,936.37
ii Principal Collections from Guarantor $555,905.58
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 $3,123,841.95
B Student Loan Non-Cash Principal Activity
I Capitalized Interest ($32,391.14)
ii Realized Losses $0.00
iii Other Adjustments $4,211.09
--------------------------
iv Total Non-Cash Principal Activity ($28,180.05)
-------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $3,095,661.90
-------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
I Regular Interest Collections $1,370,151.01
ii Interest Claims Received from Guarantors $30,558.34
iii Interest Reimbursements from Seller and/or Servicer $0.00
iv Liquidation Proceeds (interest) $0.00
v Other Systems Adjustments -$72,687.30
vi Special Allowance Payments $0.00
vii Subsidy Payments $0.00
--------------------------
viii Total Interest Collections $1,328,022.05
E Student Loan Non-Cash Interest Activity
I Interest Accrual Adjustment $4,694.50
ii Capitalized Interest $32,391.14
--------------------------
iii Total Non-Cash Interest Adjustments $37,085.64
-------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $1,365,107.69
-------------------------------------------------------------------------------------------------
(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 $3,123,841.95
ii Cash Forwarded by Administrator on behalf of Seller and/or Servicer $0.00
-----------------
iii Total Principal Collections $3,123,841.95
B Interest Collections
I Interest Payments Received--Cash $1,328,022.05
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 $1,328,022.05
C Capitalized Interest Amount $32,391.14
D Investment Earnings $127,361.89
E TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $4,611,617.03
F Servicing Fees Due for Current Monthly Collection Period $359,265.94
G Unpaid Servicing Fees due from Prior Monthly Collection Periods $0.00
H Administration Fees Due for Current Monthly Collection Period $11,496.51
I Unpaid Administration Fees Due from Prior Monthly Collection Periods $0.00
---------------------------------------------------------------------------------------------------
J Total Fees Due for Period $370,762.45
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- -----------------------------------------------------------------------------------------------------------------------------------
IV. Portfolio Characteristics
-------------------------------------------------------------------------------------------------------
Weighted Average Coupon # of Loans* %
-------------------------------------------------------------------------------------------------------------------------------
1/31/98 12/31/97 1/31/98 12/31/97 1/31/98 12/31/97
- --------------------------------------------------------------------------------------------------------------------------------
STATUS:
In School 8.0342% 8.0306% 5174 2,785 3.2020% 3.0498%
Grace 8.0185% 8.0367% 864 397 0.5347% 0.4348%
Repayment
Current 8.4058% 8.4293% 103408 58,523 63.9960% 64.0884%
31-60 Days 8.4032% 8.4290% 10258 5,081 6.3484% 5.5642%
61-90 Days 8.3946% 8.4363% 4510 1,983 2.7911% 2.1716%
91-120 Days 8.4502% 8.4678% 2690 1,473 1.6648% 1.6131%
> 120 Days 8.4120% 8.4182% 5430 2,434 3.3605% 2.6655%
----------------------------------------------------------------------------------------------------
Total Repayment 8.4064% 8.4275% 126296 70,194 78.1607% 76.8693%
Deferment 8.3312% 8.3493% 27908 11,166 17.2714% 12.2279%
Forbearance 8.4609% 8.4077% 467 6,774 0.2890% 7.4182%
Claims (1) 8.3749% 8.4247% 876 700 0.5421% 0.7666%
- -------------------------------------------------------------------------------------------------------------------------------
Totals 8.4056% 8.4061% 161,585 91,316 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------------------------------
LOAN TYPE:
Consolidation * 8.6764% 8.6734% 5,424 5,466 3.3567% 5.9858%
Subsidized Stafford 8.1651% 8.1641% 115,788 62,397 71.6576% 68.3309%
Unsub Stafford 8.1963% 8.2069% 22,402 12,324 13.8639% 13.4960%
SLS 9.0054% 9.0057% 9,590 5,151 5.9350% 5.6409%
PLS 9.0076% 9.0079% 8,381 5,978 5.1867% 6.5465%
- -------------------------------------------------------------------------------------------------------------------------------
Totals 8.4056% 8.4061% 161,585 91,316 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------------------------------
SCHOOL TYPE:
2-year 8.3523% 8.3382% 12,071 6,294 7.4704% 6.8925%
4-year 8.3984% 8.2958% 120,522 68,329 74.5874% 74.8270%
Consolidation * 8.4708% 8.6734% 21,511 5,466 13.3125% 5.9858%
Graduate 8.3346% 8.2775% 1,171 1,273 0.7247% 1.3941%
Proprietary/Vocational 8.5145% 8.4204% 6,182 8,763 3.8259% 9.5963%
Not Identified 8.5348% 8.3448% 128 1,191 0.0792% 1.3043%
- -------------------------------------------------------------------------------------------------------------------------------
Totals 8.4056% 8.4061% 161,585 91,316 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------
Principal Amount %
----------------------------------------------------------------------------
1/31/98 12/31/97 1/31/98 12/31/97
- --------------------------------------------------------------------------------------------------------
STATUS:
In School 9,313,599.45 9,302,955.73 2.7565% 2.7220%
Grace 1,499,477.05 1,206,601.11 0.4438% 0.3530%
Repayment
Current 214,402,418.31 218,394,487.22 63.4565% 63.9012%
31-60 Days 21,818,758.61 18,490,547.63 6.4577% 5.4103%
61-90 Days 9,787,314.57 7,414,262.48 2.8967% 2.1694%
91-120 Days 5,891,360.61 5,840,461.52 1.7437% 1.7089%
> 120 Days 11,503,146.71 8,859,661.97 3.4046% 2.5923%
----------------------------------------------------------------------------
Total Repayment 263,402,998.81 261,436,012.94 77.9592% 76.4950%
Deferment 60,617,102.75 41,131,034.35 17.9408% 12.0348%
Forbearance 1,308,289.07 28,692,154.15 0.3872% 8.3952%
Claims (1) 1,731,629.25 2,436,592.12 0.5125% 0.7129%
- --------------------------------------------------------------------------------------------------------
Totals 337,873,096.38 341,768,758.28 100.0000% 100.0000%
- --------------------------------------------------------------------------------------------------------
LOAN TYPE:
Consolidation * 91,650,166.49 92,998,799.83 27.1256% 27.2110%
Subsidized Stafford 167,673,418.89 167,774,630.61 49.6262% 49.0901%
Unsub Stafford 39,135,775.75 41,121,275.60 11.5830% 12.0319%
SLS 18,419,232.36 18,634,449.80 5.4515% 5.4524%
PLS 20,994,502.89 21,239,602.44 6.2137% 6.2146%
- --------------------------------------------------------------------------------------------------------
Totals 337,873,096.38 341,768,758.28 100.0000% 100.0000%
- --------------------------------------------------------------------------------------------------------
SCHOOL TYPE:
2-year 17,038,410.54 15,366,541.45 5.0428% 4.4962%
4-year 274,047,939.04 208,814,482.12 81.1097% 61.0982%
Consolidation * 36,487,033.43 92,998,799.83 10.7990% 27.2110%
Graduate 3,514,769.74 5,961,835.35 1.0403% 1.7444%
Proprietary/Vocational 6,365,527.11 15,103,760.98 1.8840% 4.4193%
Not Identified 419,416.52 3,523,338.55 0.1241% 1.0309%
- --------------------------------------------------------------------------------------------------------
Totals 337,873,096.38 341,768,758.28 100.0000% 100.0000%
- --------------------------------------------------------------------------------------------------------
(1) Claims Information
- -------------------------------------------------------------------------------------------------------------------------------
Claim Status 1/31/98 WAC # of Loans % of Loans Principal Amount % of Principal
- -------------------------------------------------------------------------------------------------------------------------------
Claims Pending (2) 8.3749% 876 0.5421% 1,731,629.25 0.5125%
Aged Claims Rejected (3) 0.0000% 0 0.0000% 0.00 0.0000%
- -------------------------------------------------------------------------------------------------------------------------------
Totals 8.3749% 876 0.5421% 1,731,629.25 0.5125%
- -------------------------------------------------------------------------------------------------------------------------------
(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.
* System conversion in 01/98 created definitional differences between number of loans; also, consolidation school and loan types
are being refined. Adjustments should be completed by 4/1/98.
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
V. Interest Calculation
A Borrower Interest Accrued During Collection Period 1,802,179.76
B Interest Subsidy Payments Accrued During Collection Period $312,428.81
C SAP Payments Accrued During Collection Period $28,343.49
D Monthly Rebate Fees Accrued During Collection Period ($75,976.94)
E Investment Earnings $127,361.89
------------------
F Net Expected Interest Collections $2,194,337.01
G Student Loan Rate
I Days in Collection Period 1/1/98 - 1/31/98 31
ii Net Expected Interest Collections $2,194,337.01
iii Servicing Fee $359,265.94
iv Administration Fee $11,496.51
v Total Pool Balance at Beginning of the Collection Period 344,895,299.56
vi Student Loan Rate 6.14012%
Interest Dist.
Factor (per $1,000) Accrual Period ***
H Class A-1 LIBOR Based Interest Rate 5.69156%
I Class A-1 Rate 3.394597103 1/26/1998 - 2/25/98 5.69156%
J Class A-2 LIBOR Based Interest Rate 5.75156%
K Class A-2 Rate 4.952732239 1/26/1998 - 2/25/98 5.75156%
L Certificate LIBOR Based Interest Rate 6.05156%
M Certificate Rate 5.211065617 1/26/1998 - 2/25/98 6.05156%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
VI. Inputs From Previous Servicing Reports 1/26/98
A Total Student Loan Pool Outstanding
I Current Principal Balance 341,768,758.28
ii Interest to be Capitalized 3,126,541.28
--------------------------
iii Total Student Loan Pool Outstanding 344,895,299.56
B Total Note and Certificate Factor 0.8192055
C Total Note and Certificate Balance $ 350,976,323.19
-----------------------------------------------------------------------------------------------------------------
D Balance 1/26/98 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------
I Current Factor --- 1/26/98 0.6926242984 1.0000000000 1.0000000000
ii Principal Shortfall 0.00 0.00 0.00
iii Expected Balance 174,541,323.19 161,439,000.00 14,996,000.00
--------------------------------------------------------------
iv Balance 174,541,323.19 161,439,000.00 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 $ 5,317,872.75
H Pre-Funding Account Balance $ 4,912,522.99
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 $4,611,617.03 $4,611,617.03
C Draws from Reserve Fund $0.00 $4,611,617.03
D Servicing Fees due for Current Monthly Period and unpaid from Prior Months $359,265.94 $4,252,351.09
E Administration Fees due for Current Monthly Period and unpaid from
Prior Months $11,496.51 $4,240,854.58
F Noteholders' Interest Distribution Amount
I Class A-1 $855,438.47 $3,385,416.11
ii Class A-2 $799,564.14 $2,585,851.97
----------------
iii Total Noteholders' Interest Distribution $1,655,002.61
G Certificateholders' Interest Distribution Amount $78,145.14 $2,507,706.83
H Monthly Available Funds Remaining $2,507,706.83
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
VIII. Distributions
--------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
I Monthly Interest Due $855,438.47 $799,564.14 $78,145.14
ii Monthly Interest Paid $855,438.47 $799,564.14 $78,145.14
----------------------------------------------------------------
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 $855,438.47 $799,564.14 $78,145.14
--------------------------------------------------------------------------------------------------------------
B Total Interest Distribution $1,733,147.74
-------------------------
C Total Cash Distributions-Notes and Certificates $1,733,147.74
------------------------------------------------------------------------------------------------------
D Note & Certificate Balances 2/25/98 1/26/98
I A-1 Note Balance $ 174,541,323.19 $ 174,541,323.19
A-1 Note Pool Factor 0.6926242984 0.6926242984
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 $5,317,872.75
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 $5,317,872.75
iv Specified Reserve Account Balance $5,191,593.66
v Ending Reserve Account Balance $5,317,872.75
H Pre-Funding Account Reconciliation
I Balance as of prior Payment Date $ 4,912,522.99
ii Draw for Accrued Interest $32,391.14
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 $ 4,880,131.85
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
