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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
MARCH 25, 1998
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 March 25, 1998, PNC Student Loan Trust I ("Trust") made its
regular monthly distribution of funds to holders of the Trust's Class
A-1 Student Loan Asset Backed Notes, Series 1997-2. 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: March 25, 1998 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 March 25, 1998 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: 3/25/98
(I) Principal Factor:
(a) Class A-1: .0476735
-----------
(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: $ 12,684,921.51
-----------------
(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:
1.
<PAGE> 2
<TABLE>
<S> <C> <C>
(1) Class A-1 Notes: $ 73,475.76 (based on One-Month LIBOR)
---------------------------------------
(2) Class A-2 Notes: $ 0
--------
(3) Class A-3 Notes: $ 0
--------
(4) Class A-4 Notes: $ 0
--------
(5) Class A-5 Notes: $ 0
--------
(6) Class A-6 Notes: $ 0
--------
(7) Class A-7 Notes: $ 0
--------
(8) Class A-8 Notes: $ 0 (based on [one-month LIBOR] [Net Loan Rate])
--------------------------------------------------------
(9) Class A-0 Notes: $ 0 (based on [one-month LIBOR] [Net Loan Rate])
--------------------------------------------------------
(10) Class B Notes: $ 0 (based on [one-month LIBOR] [Net Loan Rate])
--------------------------------------------------------
(11) Certificates: $ 0 (based on One-Month LIBOR)
--------------------------------------
(b) Applicable Interest Rate:
(1) Class A-1: 5.5650 % Net Loan Rate 7.1793%
----------- ----------
(2) Class A-2: - %
-----------
(3) Class A-3: - %
-----------
(4) Class A-4: - %
----------
(5) Class A-5: - %
----------
(6) Class A-6: - %
-----------
(7) Class A-7: - %
-----------
(8) Class A-8: - %
-----------
(9) Class A-9: - %
-----------
(10) ClassB: - %
-----------
(11) Certificates: - %
--------
(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: $925,465,720.86
--------------
(vi) After giving effect to distributions on this Distribution Date:
(a) outstanding principal amount of Class A-1 Notes:$4,290,611.10
------------
(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:$102,000,000.00
--------------
</TABLE>
2.
<PAGE> 3
<TABLE>
<S> <C> <C>
(e) outstanding principal amount of Class A-5 Notes:$ 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 and Consolidation Fees to
be allocated for the upcoming Distribution Date:($ 0 )
---
(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):
$ 33,432.77
----------
(b) Amount of recoveries
(I) principal $ 503.41
-------
(ii) interest $ 986.95
-------
(ix) (a) Amount of distribution attributable to
amounts in the Reserve Account: $ 126,866.54
-----------
(b) Amount of other withdrawals from the
Reserve Account: $ 0
---
(C) Reserve Account balance: $ 9,444,184.78
-------------
(d) Parity percentage: 99.02961%
---------
(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):
$ 2,141,004.00
-------------
</TABLE>
3.
<PAGE> 4
<TABLE>
<S> <C> <C>
(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: $35,650,065.89
-------------
(2) that are 61 to 90 days delinquent: $17,944,543.61
-------------
(3) that are 91 to 120 days delinquent: $11,088,892.95
-------------
(4) that more than 120 days delinquent: $ 8,484,035.81
-------------
(5) for which claims have been filed
with the appropriate Guarantor
and which are awaiting payment: $ 4,609,053.53
-------------
</TABLE>
4.
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