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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
JULY 25, 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)
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ITEM 5. OTHER EVENTS
On July 25 1997, PNC Student Loan Trust I ("Trust") made its
first 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: July 25, 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
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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 July 25, 1997 Distribution Date. Filed herewith.
</TABLE>
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PNC Student Loan Trust I
Student Loan Asset Backed Notes, Series 1997-2
EXHIBIT 99
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: 7/25/97
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(i) Principal Factor:
(a) Class A-1: .9841491
(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: $1,426,581.95
(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
(iii) (a) Amount of interest being paid or distributed:
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(1) Class A-1 Notes: $ 422,062.50 (Initial Rate)
(2) Class A-2 Notes: $ 547,305.00 (Fixed Rate)
(3) Class A-3 Notes: $ 562,998.33 (Fixed Rate)
(4) Class A-4 Notes: $ 547,910.00 (Fixed Rate)
(5) Class A-5 Notes: $ 511,516.67 (Fixed Rate)
(6) Class A-6 Notes: $ 397,058.33 (Fixed Rate)
(7) Class A-7 Notes: $ 678,406.67 (Fixed Rate)
(8) Class A-8 Notes: $ 845,468.75 (Initial Rate)
(9) Class A-9 Notes: $ 613,398.23 (Initial Rate)
(10) Class B Notes: $ 179,874.48 (Initial Rate)
(11) Certificates: $ 5.99 (Initial Rate)
(b) Applicable Interest Rate:
(1) Class A-1: 5.6275%
(2) Class A-2: 6.1380%
(3) Class A-3: 6.3140%
(4) Class A-4: 6.4460%
(5) Class A-5: 6.5300%
(6) Class A-6: 6.5720%
(7) Class A-7: 6.7280%
(8) Class A-8: 5.7975%
(9) Class A-9: 5.8675%
(10) Class B: 5.9875%
(11) Certificates: 7.1875%
(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:
$996,864,177.42
(vi) After giving effect to distributions on this Distribution
Date:
(a) outstanding principal amount of Class A-1 Notes:
$88,573,418.05
(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
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(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 and Consolidation
Fees to be allocated for the upcoming Distribution
Date: $2,648,548.28
(viii) (a) Aggregate amount of Realized Losses (if any) for each
Collection Period since the last Distribution Date (or since
the Closing Date in the case of the first Distribution
Date): $0
(b) Amount of recoveries
(i) principal $0
(ii) interest $0
(ix) (a) Amount of distribution attributable to amounts in the
Reserve Account: $15,643.30
(b) Amount of other withdrawals from the Reserve Account:
$0
(c) Reserve Account balance: $10,285,890.61
(d) Parity percentage: .9793039%
(e) Amount of Parity Percentage Payments: $0
(x) The aggregate Purchase Amount paid for Financed Student Loans
purchased from the Trust during each preceding Collection
Period since the last Distribution Date (or since the Closing
Date in the case of the first Distribution Date): $0
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(xi) During the Exchange Period only, the aggregate Issuer
Consolidation Payments and Adjustment Payments, stated
separately, for each preceding Collection Period since the
last Distribution Date (or since the Closing Date in the case
of the first Distribution Date): $0
$0
(xii) (a) Amount of Financed Student Loans:
(1) that are 30 to 60 days delinquent: $35,546,365.62
(2) that are 61 to 90 days delinquent: $14,033,970.84
(3) that are 91 to 120 days delinquent: $ 202,557.16
(4) that more than 120 days delinquent: $ 54,818.91
(5) for which claims have been filed
with the appropriate Guarantor
and which are awaiting payment: $ 0
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