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Previous: SFSB HOLDING CO, 10KSB40, 1998-04-15 |
Next: PRICE COMMUNICATIONS CELLULAR INC, 10-K405, 1998-04-15 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(MARK ONE)
|X| Annual Report under Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the fiscal year ended December 31, 1997
OR
|_| Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _______________ to _______________
Commission File No. 33-63616
THE NATIONAL COLLEGIATE TRUST 1997-S2
- --------------------------------------------------------------------------------
(Exact name of Issuer as specified in its charter)
DELAWARE 06-6454498
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o DELAWARE TRUST CAPITAL MANAGEMENT, INC.
900 MARKET STREET
WILMINGTON, DELAWARE 19801
--------------------------
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (302) 421-7748
--------------
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
------------------- -------------------
NONE NOT APPLICABLE
Securities registered pursuant to Section 12(g) of the Act:
NONE
----
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past
90 days.
Yes /X/ No /_/
<PAGE>
DOCUMENTS INCORPORATED BY REFERENCE:
The following documents filed pursuant to Rule 424(b) under the Securities Act
of 1933, as amended, are incorporated by reference into Part I of this Form
10-K: the Prospectus Supplement dated November 25, 1997 (the "Prospectus
Supplement") together with the Prospectus dated November 25, 1997. Capitalized
terms not defined herein shall have the meanings set forth in the Prospectus
Supplement.
<PAGE>
THE NATIONAL COLLEGIATE TRUST 1997-S2
FORM 10-K
TABLE OF CONTENTS
PAGE
Part I
Item 1. Business................................................1
Item 2. Properties..............................................1
Item 3. Legal Proceedings.......................................1
Item 4. Submission of Matters to a Vote of Security Holders.....1
Part II
Item 5. Market for Issuer's Common Equity
and Related Shareholder Matters.....................1
Item 6. Selected Financial Data.................................1
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.................2
Item 8. Financial Statements and Supplementary Data.............2
Item 9. Disagreements on Accounting and Financial Disclosure....2
Part III
Item 10. Directors and Officers of the Issuer....................2
Item 11. Executive Compensation..................................2
Item 12. Security Ownership of Certain Beneficial
Owners and Management...............................2
Item 13. Certain Relationships and Related Transactions..........2
Part IV
Item 14. Exhibits, Financial Statement Schedules
and Reports on Form 8-K.............................3
<PAGE>
PART I
ITEM 1 BUSINESS.
The National Collegiate Trust 1997-S2 (the "Issuer") is a
Delaware business trust established for the sole purpose of acquiring, owning,
holding and pledging a portfolio of student loans (the "Student Loans") and
issuing and selling bonds collateralized by the Student Loans, designated as
7.24% Collateralized Student Loan Bonds, Series 1997-S2, with an aggregate
initial principal amount of $8,250,000 (as of the date of issuance, December 3,
1997).
ITEM 2 PROPERTIES.
See Item 14 below.
ITEM 3 LEGAL PROCEEDINGS.
There were no legal proceedings involving the Student Loans,
the Issuer, the Custodian, the Servicer, the Indenture Trustee or the Depositor
with respect to the Student Loans.
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No matter was submitted to a vote of security holders during
the fiscal year ended December 31, 1997.
PART II
ITEM 5 MARKET FOR ISSUER'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
(a) There is no established trading market for the Bonds.
(b) As of January 12, 1998, there were two holders of record
of the Issuer's Bonds.
ITEM 6 SELECTED FINANCIAL DATA.
Not applicable.
<PAGE>
-2-
ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS.
Not applicable.
ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Not applicable.
ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
There has been a change in accountants but not due to any disagreement.
The new accountant is Coopers & Lybrand.
PART III
ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS OF THE ISSUER.
Not applicable.
ITEM 11 EXECUTIVE COMPENSATION.
Not applicable.
ITEM 12 SECURITY OWNERSHIP OF CERTAIN OWNERS AND MANAGEMENT.
The following table provides information, as of January 12, 1998 with
respect to the ownership by each person or group of persons, known by the Issuer
to be a record owner of 5% or more of the Bonds. This does not reflect the
persons who hold their certificates in nominee or "street" name.
Except as set forth in the following table, the Issuer is not aware of
any record owner of more than 5% of the Bonds as of the close of business on
January 12, 1998.
<PAGE>
-3-
================================================================================
Series 1997-S2
Principal Amount of Bonds
Name and Address Owned of Record
----------------------- -------------------------
Bankers Trust Company $4,250,000
c/o BT Services Tennessee, Inc.
648 Grassmere Park Drive
Nashville, TN
First National Bank of Omaha $4,000,000
One First National Center
Omaha, NE 68102
================================================================================
ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
Not applicable since there were no transactions nor are there any
proposed transactions between the Issuer and any Bondholder or between the
Issuer and any immediate family member of any Bondholder.
ITEM 14 EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM 8-K.
(a) (1) and (2) Not applicable.
(3) (i) Annual Statement of Compliance of the Servicer for the year
ended December 31, 1997.
(ii) Annual Audit Report of the Servicer for the year ended
December 31, 1997, as prepared by Ernst & Young LLP.
(iii) Servicer Report of the Servicer for the year ended
December 31, 1997.
(b) Reports on Form 8-K.
A Current Report on Form 8-K, was filed on December 3, 1997. That
Form 8-K reported under Item 2 thereof the formation of the Issuer, the
acquisition of the Student Loans and the issuance of the Bonds.
<PAGE>
-4-
Pursuant to Item 7, also filed were a Terms Agreement
dated November 25, 1997, a Trust Agreement dated as of
November 1, 1997, an Indenture dated as of November 1, 1997,
and an Administration Agreement dated as of November 1, 1997.
(c) The response to this portion of Item 14 is submitted
as a separate section of this report.
(d) Not applicable.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED
PURSUANT TO SECTION 15(D) BY REGISTRANTS WHICH HAVE NOT
REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
No annual report, proxy statement, form of proxy or other
soliciting material has been sent to Bondholders, and the Issuer does not
contemplate sending any such materials subsequent to the filing of this report.
<PAGE>
SIGNATURES
Subject to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Issuer has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
THE NATIONAL COLLEGIATE TRUST 1997-S2
(Issuer)
By: DELAWARE TRUST CAPITAL
MANAGEMENT, INC.,
not in its individual capacity but
as Owner Trustee
By: /s/ Richard N. Smith
-------------------------------
Name: Richard N. Smith
Title: Vice President
Dated: April 15, 1998
ANNUAL STATEMENT OF COMPLIANCE OF THE
SERVICER FOR THE YEAR ENDED DECEMBER 31, 1997
<PAGE>
ANNUAL STATEMENT OF COMPLIANCE OF THE
SERVICER FOR THE YEAR ENDED DECEMBER 31, 1997
CERTIFICATE OF THE PENNSYLVANIA HIGHER EDUCATION
ASSISTANCE AGENCY
This certificate is delivered pursuant to Section 9.07 of that
certain Indenture, dated as of November 1, 1997, between The National Collegiate
Trust 1997-S2 and State Street Bank and Trust Company (the "Indenture").
Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Indenture.
The undersigned, as the duly elected President and Chief
Executive Officer of the Pennsylvania Higher Education Assistance Agency
("PHEAA"), the Servicer for The National Collegiate Trust 1997-S2 (the
"Servicer"), a public corporation and a governmental instrumentality of the
Commonwealth of Pennsylvania, does hereby certify as follows:
1. a review of the activities of the Servicer, and the
Servicer's performance under the Servicing Agreement for
the previous twelve months ending December 31, 1997 has
been made under my supervision; and
2. to the best of my knowledge, based on such review, the
Servicer has or has caused to be performed all of its
obligations under the Servicing Agreement throughout the
previous twelve months ending December 31, 1997 and no
Default has occurred under the Servicing Agreement.
THE PENNSYLVANIA HIGHER EDUCATION
ASSISTANCE AGENCY
By: /s/ Michael H. Hershock
-------------------------------------
Name: Michael H. Hershock
Title: President and Chief Executive Officer
ANNUAL AUDIT REPORT OF THE
ACCOUNTANTS FOR THE YEAR ENDED DECEMBER 31, 1997
[TO BE FILED BY SUPPLEMENT]
SERVICER REPORT OF THE
SERVICER FOR THE YEAR ENDED DECEMBER 31, 1997
<PAGE>
<TABLE>
<CAPTION>
THE NATIONAL COLLEGIATE TRUST 1997 S-2
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 12/31/97
PORTFOLIO # 99999 / STATUS = IN-GRACE
NO. BORROWER GOVT. LT. CHARGES NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST
----- --------- ------- -------- --------- ----- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1. BEGINNING BALANCE 0 .00 .00 .00
2. NEW ACQUISITIONS 480 1,282,516.26 34,565.42
3. TRANSFERS IN 0 .00 .00 .00
4. CASH COLLECTIONS
A. DEBITS
1. REVERSALS 3 .00 .34 .00 .00
B. CREDITS
1. PAYMENTS 2 164.52 85.48 .00 .00
2. PAYOFFS-CLAIM 0 .00 .00 .00 .00
C. TOTAL CASH 5 164.52 85.14 .00 .00
5. NON-CASH COLLECTION
A. DEBITS
1. REVERSALS-ADV 0 .00 .00 .00 .00
2. ADJUST-ADVICE 0 .00 .00 .00 .00
3. WRITE-UPS-GEN 0 .00 .00 .00 .00
4. CAPITAL INT. 0 .00 .00 .00 .00
5. WRITE-UPS 0 .00 .00 .00 .00
6. RESALES 0 .00 .00 .00 .00
B.CREDITS
1. PAYMENTS-ADV. 0 .00 .00 .00 .00
2. ADJUST-ADVICE 1 .00 .01 .00 .00
3. WRITE-OFFS-GE 0 .00 .00 .00 .00
4. PAYOFFS-CLAIM 0 .00 .00 .00 .00
5. CAPITAL INT. 0 .00 .00 .00 .00
6. WRITE-OFFS 0 .00 .00 .00 .00
7. CANCELLATIONS 0 .00 .00 .00 .00
C. TOTAL NON-CASH 1 .00 .01 .00 .00
6. TRANSFERS OUT 0 .00 .00 .00
7. OTHER REMOVALS 1 2,000.00 48.39 .00
8. BALANCE BEFORE ACCRUALS 479 1,280,351.74 34,431.88 .00
9. CURRENT MONTH ACCRUALS 9,047.52 .00
10. ADJS PREV PDS EARNINGS .01 .00
11. ADJS PREV PDS EARNINGS-CLAIMS
A. DEBITS .00 .00
B. CREDITS .00 .00
C. TOT ADJS PREV PDS EARN-CLAIMS .00 .00
12. SYSTEM REMOVALS O .00 .00 .00
13. ENDING BALANCE 479 1,280,351.74 43,479.40 .00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE NATIONAL COLLEGIATE TRUST 1997 S-2
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 12/31/97
PORTFOLIO # 99999 / STATUS = PAYOUT
NO. BORROWER GOVT. LT. CHARGES NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST
----- --------- ------- -------- --------- ----- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1. BEGINNING BALANCE 0 .00 .00 .00
2. NEW ACQUISITIONS 92 316,282.52 2,892.98
3. TRANSFERS IN " 0 .00 .00 .00
4. CASH COLLECTIONS
A. DEBITS
1. REVERSALS 0 .00 .00 .00 .00
B. CREDITS
1. PAYMENTS 38 344.36 1,210.62 .00 .00
2. PAYOFFS-CLAIM 0 .00 .00 .00 .00
C. TOTAL CASH 38 344.36 1,210.62 .00 .00
5. NON-CASH COLLECTION
A. DEBITS
1. REVERSALS-ADV 0 .00 .00 .00 .00
2. ADJUST-ADVICE 1 .00 .01 .00 .00
3. WRITE-UPS-GEN 0 .00 .00 .00 .00
4. CAPITAL INT. 0 .00 .00 .00 .00
5. WRITE-UPS 0 .00 .00 .00 .00
6. RESALES 0 .00 .00 .00 .00
B. CREDITS
1. PAYMENTS-ADV. 0 .00 .00 .00 .00
2. ADJUST-ADVICE 10 .00 1.55 .00 .00
3. WRITE-OFFS-GE 0 .00 .00 .00 .00
4. PAYOFFS-CLAIM 0 .00 .00 .00 .00
5. CAPITAL INT. 0 .00 .00 .00 .00
6. WRITE-OFFS 0 .00 .00 .00 .00
7. CANCELLATIONS 0 .00 .00 .00 .00
C. TOTAL NON-CASH 11 .00 1.54 .00 .00
6. TRANSFERS OUT 0 .00 .00 .00
7. OTHER REMOVALS 0 .00 .00 .00
8. BALANCE BEFORE ACCRUALS 92 315,938.16 1,680.82 .00
9. CURRENT MONTH ACCRUALS 2,309.04 .00
10. ADJS PREV PDS EARNINGS 1.54 .00
11. ADJS PREV PDS EARNINGS-CLAIMS
A. DEBITS .00 .00
B. CREDITS .00 .00
C. TOT ADJS PREV PDS EARN-CLAIMS .00 .00
12. SYSTEM REMOVALS 0 .00 .00 .00
13. ENDING BALANCE 92 315,938.16 3,989.86 .00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE NATIONAL COLLEGIATE TRUST 1997 S-2
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 12/31/97
PORTFOLIO # 99999 / STATUS = TOTAL
NO. BORROWER GOVT. LT. CHARGES NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST
----- --------- ------- -------- --------- ----- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1. BEGINNING BALANCE 0 .00 .00 .00
2. NEW ACQUISITIONS 3470 7,432,943.37 186,929.02
3. TRANSFERS IN 0 .00 .00 .00
4. CASH COLLECTIONS
A. DEBITS
1. REVERSALS 13 .00 2.98 .00 .00
B. CREDITS
1. PAYMENTS 46 2,748.33 1,447.42 .00 .00
2. PAYOFFS-CLAIM 0 .00 .00 .00 .00
C. TOTAL CASH 59 2,748.33 1,444.44 .00 .00
5. NON-CASH COLLECTION
A. DEBITS
1. REVERSALS-ADV 0 .00 .00 .00 .00
2. ADJUST-ADVICE 1 .00 .01 .00 .00
3. WRITE-UPS-GEN 0 .00 .00 .00 .00
4. CAPITAL INT. 0 .00 .00 .00 .00
5. WRITE-UPS 0 .00 .00 .00 .00
6. RESALES 0 .00 .00 .00 .00
B. CREDITS
1. PAYMENTS-ADV. 0 .00 .00 .00 .00
2. ADJUST-ADVICE 13 .00 1.58 .00 .00
3. WRITE-OFFS-GE 0 .00 .00 .00 .00
4. PAYOFFS-CLAIM 0 .00 .00 .00 .00
5. CAPITAL INT. 0 .00 .00 .00 .00
6. WRITE-OFFS 0 .00 .00 .00 .00 .00
7. CANCELLATIONS 0 .00 .00 .00 .00
C. TOTAL NON-CASH 14 .00 1.57 .00 .00
6. TRANSFERS OUT .00 0 .00 .00
7. OTHER REMOVALS 7 16,400.00 363.85 .00
8. BALANCE BEFORE ACCRUALS 3463 7,413,795.04 185,119.16 .00
9. CURRENT MONTH ACCRUALS 53,443.63 .00
10. ADJS PREV PDS EARNINGS 1.57 .00
11. ADJS PREV PDS EARNINGS-CLAIMS
A. DEBITS .00 .00
B. CREDITS .00 .00
C. TOT ADJS PREV PDS EARN-CLAIMS .00 .00
12. SYSTEM REMOVALS 0 .00 .00 .00
13. ENDING BALANCE 3463 7,413,795.04 238,562.79 .00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE NATIONAL COLLEGIATE TRUST 1997 S-2
DELINQUENCY/CLAIM/STATUS REPORT
(NOTE 047 - PART 2)
DATE 12/31/97
PORTFOLIO 99999
OUTSTANDING PRINCIPAL BALANCE
-----------------------------
NO. No.
NOTES BORR. SUBSIDIZED NON-SUB TOTAL % TOT
----- ----- ---------- ------- ----- -----
INTERIM:
- -----------------
<S> <C> <C> <C> <C> <C> <C>
IN-SCHOOL 3,367 3,292 .00 7,089,256.88 7,089,256.88 95.62
GRACE 4 4 .00 8,600.00 8,600.00 0.12
TOT INTERIM 3,371 3,296 .00 7,097,856.88 7,097,856.88 95.74
DELINQUENT:
30-60 DAYS 0 0 .00 .00 .00 0.00
61-90 DAYS 0 0 .00 .00 .00 0.00
91-120 DAYS 0 0 .00 .00 .00 0.00
121-150 DAYS 0 0 .00 .00 .00 0.00
151-180 DAYS 0 0 .00 .00 .00 0.00
OVER 180 DAYS 0 0 .00 .00 .00 0.00
TOT INTERIM 0 0 .00 .00 .00 0.00
CLAIMS IN PROCESS:
DEATH 0 0 .00 .00 .00 0.00
DISABILITY 0 0 .00 .00 .00 0.00
BANKRUPTCY 0 0 .00 .00 .00 0.00
DEFAULT 0 0 .00 .00 .00 0.00
TOT INTERIM 0 0 .00 .00 .00 0.00
1 - 75 DAYS 0 0 .00 .00 .00 0.00
OVER 75 DAYS 0 0 .00 .00 .00 0.00
TOTAL ENROLLED 3,367 3,292 .00 7,089,256.88 7,089,256.88 95.62
TOTAL GRACE 4 4 .00 8,600.00 8,600.00 0.12
TOTAL INTERIM 3,371 3,296 .00 7,097,856.88 7,097,856.88 95.74
</TABLE>
OUTSTANDING ACCRUED INTEREST RECEIVABLE
---------------------------------------
NON-
INSURED INSURED TOTAL % TOT
------- ------- ----- -----
INTERIM:
- -----------------
IN-SCHOOL 234,158.40 .00 234,158.40 98.15
GRACE 414.53 .00 414.53 0.17
TOT INTERIM 234,572.93 .00 234,572.93 98.33
DELINQUENT:
30-60 DAYS .00 .00 .00 0.00
61-90 DAYS .00 .00 .00 0.00
91-120 DAYS .00 .00 .00 0.00
121-150 DAYS .00 .00 .00 0.00
151-180 DAYS .00 .00 .00 0.00
OVER 180 DAYS .00 .00 .00 0.00
TOT INTERIM .00 .00 .00 0.00
CLAIMS IN PROCESS:
DEATH .00 .00 .00 0.00
DISABILITY .00 .00 .00 0.00
BANKRUPTCY .00 .00 .00 0.00
DEFAULT .00 .00 .00 0.00
TOT INTERIM .00 .00 .00 0.00
1 - 75 DAYS .00 .00 .00 0.00
OVER 75 DAYS .00 .00 .00 0.00
TOTAL ENROLLED 234,158.40 .00 234,158.40 98.15
TOTAL GRACE 414.53 .00 414.53 0.17
TOTAL INTERIM 234,572.93 .00 234,572.93 98.33
<PAGE>
<TABLE>
<CAPTION>
THE NATIONAL COLLEGIATE TRUST 1997 S-2
DELINQUENCY/CLAIM/STATUS REPORT
(NOTE 047 - PART 2)
DATE 12/31/97
PORTFOLIO 99999
OUTSTANDING PRINCIPAL BALANCE
-----------------------------
NO. No.
NOTES BORR. SUBSIDIZED NON-SUB TOTAL % TOT
----- ----- ---------- ------- ----- -----
REPAYMENT:
- -------------------
<S> <C> <C> <C> <C> <C> <C>
ACTIVE CURRENT 68 66 .00 224,166.74 224,166.74 3.02
FOREBEARANCE 0 0 .00 .00 .00 0.00
DEFERRED 13 13 .00 49,976.61 49,976.61 0.67
TOT REPAYMENT 81 79 .00 274,143.35 274,143.35 3.70
DELINQUENT:
30-60 DAYS 11 11 .00 41,794.81 41,794.81 0.56
61-90 DAYS 0 0 .00 .00 .00 0.00
91-120 DAYS 0 0 .00 .00 .00 0.00
OVER 120 DAYS 0 0 .00 .00 .00 0.00
TOT REPAYMENT 11 11 .00 41,794.81 41,794.81 0.56
CLAIMS IN PROCESS:
DEATH 0 0 .00 .00 .00 0. 00
DISABILITY 0 0 .00 .00 .00 0.00
BANKRUPTCY 0 0 .00 .00 .00 0.00
DEFAULT 0 0 .00 .00 .00 0.00
TOT REPAYMENT 0 0 .00 .00 .00 0.00
1-75 DAYS 0 0 .00 .00 .00 0.00
OVER 75 DAYS 0 0 .00 .00 .00 0.00
TOT ACTIVE 79 77 .00 265,961.55 265,961.55 3.59
TOT FOREBEAR 0 0 .00 .00 .00 0. 00
TOT DEFER 13 13 .00 49,976.61 49,976.61 0.67
TOT REPAYMENT 92 90 .00 315,938.16 315,938.16 4.26
PORT TOTAL 3,463 3,386 .00 7,413,795.04 7,413,795.04
</TABLE>
OUTSTANDING ACCRUED INTEREST RECEIVABLE
---------------------------------------
NON-
INSURED INSURED TOTAL % TOT
------- ------- ----- -----
REPAYMENT:
- -------------------
IN-SCHOOL 1,447.31 .00 1,447.31 0.61
GRACE .00 .00 .00 0.00
TOT INTERIM 1,327.38 .00 1,327.38 0.56
DELINQUENT: 2,774.69 .00 2,774.69 1.16
30-60 DAYS
61-90 DAYS 1,215.17 .00 1,215.17 0.51
91-120 DAYS .00 .00 .00 0.00
121-150 DAYS .00 .00 .00 0.00
151-180 DAYS .00 .00 .00 0.00
OVER 180 DAYS 1,215.17 .00 1,215.17 0.51
TOT INTERIM
CLAIMS IN PROCESS: .00 .00 .00 0.00
DEATH .00 .00 .00 0.00
DISABILITY .00 .00 .00 0.00
BANKRUPTCY .00 .00 .00 0.00
DEFAULT .00 .00 .00 0.00
TOT INTERIM .00 .00 .00 0.00
1 - 75 DAYS .00 .00 .00 0.00
OVER 75 DAYS 2,662.48 .00 2,662.48 1.12
TOTAL ENROLLED .00 .00 .00 0.00
TOTAL GRACE 1,327.38 .00 1,327.38 0.56
TOTAL INTERIM 3,989.86 .00 3,989.86 1.67
238,562.79 .00 238,562.79
<PAGE>
<TABLE>
<CAPTION>
THE NATIONAL COLLEGIATE TRUST 1997 S-2
049 PORTFOLIO CHARACTERISTICS REPORT - NOTE LEVEL
DATE 12/31/97
TERMS (ANTICIPATED)
GRADUATION GRACE FINAL PAYOUT
$ WTD TOTAL ---------- ----- ------------
NO. NO. INTEREST UNPAID STND $ WTD STND $ WTD STND $ WTD
LOANS BORROWERS RATE PRINCIPAL AVE AVE AVE AVE AVE AVE
----- --------- ---- --------- --- --- --- --- --- ---
TOTAL GATE LOANS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
IN-SCHOOL 3,367 3,292 9.06981 7,089,256.88 16 15 3 3 55 68
IN-GRACE 4 4 9.15988 8,600.00 1 1 46 53
IN-PAYOUT 92 90 9.19226 315,938.16 0 0
GATE LOANS 3,463 3,386 9.07513 7,413,795.04 16 15 3 3 53 65
</TABLE>
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