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<PAGE> 1
UNITED STATES
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
OCTOBER 27, 1997
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
PNC STUDENT LOAN TRUST I
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 333-25433-01
DELAWARE 36-4142114
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o THE FIRST NATIONAL BANK OF CHICAGO, AS ELIGIBLE LENDER TRUSTEE
ONE FIRST NATIONAL PLAZA, SUITE 0216
CHICAGO, ILLINOIS 60670
(Address, including zip code, of Registrant's principal executive offices)
(312) 407-1892
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On October 27, 1997, PNC Student Loan Trust I ("Trust") made its
regular quarterly distribution of funds to holders of the Trust's 10
classes of Student Loan Asset Backed Notes, Series 1997-2 (Classes A-1
through A-9 and Class B). The Noteholders' Statement, which was
delivered to Bankers Trust Company, as Indenture Trustee for
distribution to Noteholders of record, is filed herewith.
Item 7. Financial Statements and Exhibits
(c) Exhibits
The exhibit listed on the Exhibit Index on page 3 of this Form 8-K is
filed herewith.
SIGNATURES
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.
PNC STUDENT LOAN TRUST I
(Registrant)
Date: October 27, 1997 By: PNC Bank, National Association
(not in its individual
capacity but solely as
Administrator)
By: /s/ BRYAN W. RIDLEY
---------------------------
Bryan W. Ridley
Senior Vice President
2
<PAGE> 3
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
No. Description Method of Filing
<S> <C> <C>
99 PNC Student Loan Trust I, Student Loan Asset Backed Notes,
Series 1997-2, Noteholders' Statement for October 27, 1997
Distribution Date. Filed herewith.
</TABLE>
3
<PAGE> 1
Exhibit 99
PNC Student Loan Trust I
Student Loan Asset Backed Notes, Series 1997-2
Noteholders' Statement
pursuant to Section 5.7(a) of
Transfer and Servicing
Agreement (capitalized terms used
herein are defined in Appendix A thereto)
- -----------------------------------------
Distribution Date: 10/27/97
(i) Principal Factor:
(a) Class A-1: .6409843
---------
(b) Class A-2: 1.0000000
---------
(c) Class A-3: 1.0000000
---------
(d) Class A-4: 1.0000000
---------
(e) Class A-5: 1.0000000
---------
(f) Class A-6: 1.0000000
---------
(g) Class A-7: 1.0000000
---------
(h) Class A-8: 1.0000000
---------
(i) Class A-9: 1.0000000
---------
(j) Class B: 1.0000000
---------
(ii) Amount of principal being paid or distributed:
(a) Class A-1 Notes: $ 0
---------
(b) Class A-2 Notes: $ 0
---------
(c) Class A-3 Notes: $ 0
---------
(d) Class A-4 Notes: $ 0
---------
(e) Class A-5 Notes: $ 0
---------
(f) Class A-6 Notes: $ 0
---------
(g) Class A-7 Notes: $ 0
---------
(h) Class A-8 Notes: $ 0
---------
(i) Class A-9 Notes: $ 0
---------
(j) Class B Notes: $ 0
---------
(k) Certificates: $ 0
---------
1
<PAGE> 2
<TABLE>
<S> <C> <C> <C>
(iii) (a) Amount of interest being paid or distributed:
(1) Class A-1 Notes: $ 286,968.65 (based on [One-Month LIBOR]
----------------
(2) Class A-2 Notes: $ 1,641,915.00
----------------
(3) Class A-3 Notes: $ 1,688,995.00
----------------
(4) Class A-4 Notes: $ 1,643,730.00
----------------
(5) Class A-5 Notes: $ 1,534,550.00
----------------
(6) Class A-6 Notes: $ 1,191,175.00
----------------
(7) Class A-7 Notes: $ 2,035,220.00
----------------
(8) Class A-8 Notes: $ 2,628,969.78 (based on [One-Month LIBOR]
----------------
(9) Class A-9 Notes: $ 1,907,525.24 (based on [One-Month LIBOR]
----------------
(10) Class B Notes: $ 559,452.58 (based on [One-Month LIBOR]
----------------
(11) Certificates: $ 18.65 (based on One-Month LIBOR)
----------------
(b) Applicable Interest Rate - September - October: Net Loan Rate:
--------------
(1) Class A-1: 5.59625% 7.22500%
-------- -------
(2) Class A-2: 6.13800%
-------
(3) Class A-3: 6.31400%
-------
(4) Class A-4: 6.44600%
-------
(5) Class A-5: 6.53000%
-------
(6) Class A-6: 6.57200%
-------
(7) Class A-7: 6.72800%
-------
(8) Class A-8: 5.76625% 7.22500%
------- -------
(9) Class A-9: 5.83625% 7.22500%
------- -------
(10) Class B: 5.95625% 7.22500%
------- -------
(11) Certificates: 7.15625%
-------
(b) Applicable Interest Rate - August - September Net Loan Rate:
--------------
(1) Class A-1: 5.56500% 7.16957%
------- -------
(2) Class A-2: 6.13800%
-------
(3) Class A-3: 6.31400%
-------
(4) Class A-4: 6.44600%
-------
(5) Class A-5: 6.53000%
-------
(6) Class A-6: 6.57200%
-------
(7) Class A-7: 6.72800%
-------
(8) Class A-8: 5.73500% 7.16957%
------- -------
(9) Class A-9: 5.80500% 7.16957%
------- -------
(10) Class B: 5.92500% 7.16957%
------- -------
(11) Certificate: 7.12500%
-------
</TABLE>
2.
<PAGE> 3
<TABLE>
<S> <C> <C> <C>
(b) Applicable Interest Rate - July - August: Net Loan Rate
-------------
(1) Class A-1: 5.58844% 7.13900%
------- -------
(2) Class A-2: 6.13800%
-------
(3) Class A-3: 6.31400%
-------
(4) Class A-4: 6.44600%
-------
(5) Class A-5: 6.53000%
-------
(6) Class A-6: 6.57200%
-------
(7) Class A-7: 6.72800%
-------
(8) Class A-8: 5.75844% 7.13900%
------- -------
(9) Class A-9: 5.82844% 7.13900%
------- -------
(10) Class B: 5.94844% 7.13900%
------- -------
(11) Certificate: 7.14844%
-------
(iv) Amount of distribution allocable to any Noteholders' Interest Carryover:
(a) Class A-1: $ 0
------------
(b) Class A-8: $ 0
------------
(c) Class A-9: $ 0
------------
(d) Class B: $ 0
------------
(v) Pool Balance at end of preceding Collection Period - September: 973,425,502.05
--------------
August: 981,834,286.12
--------------
July: 990,708,660.94
--------------
(vi) After giving effect to distributions on this Distribution Date:
(a) outstanding principal amount of Class A-1 Notes: $ 57,688,582.69
---------------
(b) outstanding principal amount of Class A-2 Notes: $107,000,000.00
---------------
(c) outstanding principal amount of Class A-3 Notes: $107,000,000.00
---------------
(d) outstanding principal amount of Class A-4 Notes: $102,000,000.00
---------------
</TABLE>
3.
<PAGE> 4
<TABLE>
<S> <C> <C> <C>
(e) outstanding principal amount of Class A-5 Notes: $ 94,000,000.00
---------------
(f) outstanding principal amount of Class A-6 Notes: $ 72,500,000.00
---------------
(g) outstanding principal amount of Class A-7 Notes: $121,000,000.00
---------------
(h) outstanding principal amount of Class A-8 Notes: $175,000,000.00
---------------
(i) outstanding principal amount of Class A-9 Notes: $125,450,000.00
---------------
(j) outstanding principal amount of Class B Notes: $ 36,050,000.00
---------------
(k) Certificate Balance: $ 1,000.00
-----------
(vii) Amount of Servicing Fee, Administration Fee, Indenture Trustee Fee and
Eligible Lender Trustee Fee to be allocated for the upcoming Distribution
Date: $2,440,267.06
-------------
(viii) (a) Aggregate amount of Realized Losses (if any) for preceeding Collection Period
since the last Distribution Date (or since the Closing Date in the case of the first
Distribution Date) September: $ 0
-----------
August: $ 0
-----------
July: $ 0
-----------
(b) Amount of recoveries
(i) principal $ 0
-----------
(ii) interest $ 0
-----------
(ix) (a) Amount of distribution attributable to
amounts in the Reserve Account: $ 0
-----------
(b) Amount of other withdrawals from the
Reserve Account: $ 3,089,836.19
--------------
(c) Reserve Account balance: $ 7,241,585.77
--------------
(d) Parity percentage: 98.56385%
(e) Amount of Parity Percentage Payments: $ 0
-----------
(x) The aggregate Purchase Amount paid for Financed Student Loans purchased
from the Trust during the preceding Collection Period since the last
Distribution Date (or since the Closing Date in the case of the first Distribution
Date) September: $ 0
-----------
August: $ 16,165.82
-----------
July: $ 0
-----------
</TABLE>
4.
<PAGE> 5
<TABLE>
<S> <C> <C> <C>
(xi) During the Exchange Period only, the aggregate Issuer Consolidation Payments
and Adjustment Payments, stated separately, for the preceding Collection
Period since the last Distribution Date (or since the Closing Date in the case of
the first Distribution Date)
Issuer Consolidation Payments: September: $ 418,383.32
------------
August: $ 532,192.60
------------
July: $ 0
------------
Adjustment Payments: September: $ 0
------------
August: $ 0
------------
July: $ 0
------------
(xii) (a) Amount of Financed Student Loans for September:
(1) that are 30 to 60 days delinquent: $ 35,254,318.49
----------------
(2) that are 61 to 90 days delinquent: $ 20,345,908.24
----------------
(3) that are 91 to 120 days delinquent: $ 14,475,604.02
----------------
(4) that are more than 120 days delinquent: $ 7,264,313.57
----------------
(5) for which claims have been filed
with the appropriate Guarantor
and which are awaiting payment: $ 328,358.98
----------------
(xii) (a) Amount of Financed Student Loans for August:
(1) that are 30 to 60 days delinquent: $ 43,013,016.48
----------------
(2) that are 61 to 90 days delinquent: $ 21,109,076.95
----------------
(3) that are 91 to 120 days delinquent: $ 11,321,404.88
----------------
(4) that are more than 120 days delinquent: $ 4,131,105.15
----------------
(5) for which claims have been filed
with the appropriate Guarantor
and which are awaiting payment: $ 178,883.77
----------------
(xii) (a) Amount of Financed Student Loans for July:
(1) that are 30 to 60 days delinquent: $ 40,446,037.97
----------------
(2) that are 61 to 90 days delinquent: $ 15,823,729.81
----------------
(3) that are 91 to 120 days delinquent: $ 8,650,873.15
----------------
(4) that are more than 120 days delinquent: $ 83,930.05
----------------
(5) for which claims have been filed
with the appropriate Guarantor
and which are awaiting payment: $ 158,362.20
----------------
</TABLE>
5.
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