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: January 26, 1998
CRESTAR STUDENT LOAN TRUST 1997-1
(Issuer in respect of the Crestar Student Loan Trust
1997-1 Student Loan Asset-Backed Notes) (Exact
name of registrant as specified in its charter)
Delaware 333-35825-01 54-1872152
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
919 East Main Street, Richmond, Virginia 23219
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code):
(804) 343-9400
The exhibit index is located on page 3.
Item 5 Other Events.
On January 26, 1998 the Crestar Student Loan Trust 1997-1
made its monthly distribution of funds to holders of the
Trust's Student Loan Asset Backed Notes and distributed the
Statement to Noteholders filed herewith as an Exhibit to
this Form 8-K, to the Noteholders of record.
Item 7 (c) Exhibits.
The following are filed as exhibits to this Report under
Exhibit 99.1:
Crestar Student Loan Trust 1997-1 Statement to Noteholders
for the Distribution Date of January 26, 1998.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on behalf of Crestar Student
Loan Trust 1997-1 by the undersigned thereunto duly authorized.
CRESTAR STUDENT LOAN TRUST 1997-1
By: CRESTAR BANK, as Administrator and Master
Servicer and on behalf of
Crestar Student Loan Trust 1997-1
By: /s/ Mark Smith
---------------------------
Mark Smith
Senior Vice President
Date: January 26, 1998
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INDEX TO EXHIBITS
Exhibit
Number Exhibits
99.1 Crestar Student Loan Trust 1997-1 Statement to Noteholders for the
Distribution Date of January 26, 1998.
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Noteholders' Statement for Crestar Student Loan Trust 1997-1 pursuant to Section
5.7(a) of Transfer and Servicing Agreement (capitalized terms used herein are
defined in Appendix A thereto)
CUSIP $130,000,000 Senior LIBOR Rate Class A-1 Notes 226092 AA2
$84,000,000 Senior LIBOR Rate Class A-2 Notes 226092 AB0
$8,900,000 Subordinate LIBOR Rate Class B Notes 226092 AC8
Distribution Date: January 26, 1998
(i) Principal Factor:
(a) Class A-1 Notes: 1.0000000
(b) Class A-2 Notes: 1.0000000
(c) Class B Notes: 1.0000000
(ii) Amount of principal being paid or distributed:
(a) Class A-1 Notes: $0.00
(b) Class A-2 Notes: $0.00
(c) Class B Notes: $0.00
(d) Certificates: $0.00
(iii) (a) Amount of interest being paid or distributed:
(1) Class A-1 Notes: $886,956.78
(2) Class A-2 Notes: $578,710.53
(3) Class B Notes: $0.00
(4) Certificates: $0.00
All based on Formula Interest Rate (the Class Initial Rate)
(b) Applicable Interest Rate:
(1) Class A-1 Notes: 6.14047%
(2) Class A-2 Notes: 6.20047%
(3) Class B Notes: 6.43047%
(4) Certificates: 7.48%
(iv) Amount of distribution allocable to any Noteholders' Interest Carryover:
(a) Class A-1 Notes: $0.00
(b) Class A-2 Notes: $0.00
(c) Class B Notes: $0.00
(v) Pool Balance at end of preceding Collection Period: $209,520,451.54
(vi) After giving effect to distributions on this Distribution Date:
(a) outstanding principal amount of Class A-1 Notes: $130,000,000.00
(b) outstanding principal amount of Class A-2 Notes: $84,000,000.00
(c) outstanding principal amount of Class B Notes: $8,900,000.00
(d) Certificate Balance: $1,000.00
(vii) Amount of Servicing Fee, Administration Fee, Indenture Trustee
Fee, Delaware Trustee Fee, and Eligible Lender Trustee Fee
to be allocated for the upcoming Distribution Date: $0.00
(viii) Aggregate amount of Realized Losses (if any) for the Collection
Period immediately preceding the Distribution Date: $0.00
(ix) (a) Amount of distribution attributable to amounts in the
Reserve Account: $0.00
(b) Amount of other withdrawals from the Reserve Account: $0.00
(c) Reserve Account Balance: $2,190,464.00
(d) Parity Percentage: 99.14%
(e) Amount of Parity Percentage Payments: $0.00
(x) The aggregate Purchase Amount paid for Financed Student Loans
purchased from the trust during the immediately preceding
Collection Period: $0.00
(xi) During the Subsequent Finance Period only, the aggregate Issuer
2.3(b) Payments and Adjustment Payments, stated separately,
for the immediately preceding Collection Period: $0.00
(xii) Amount of Financed Student Loans:
(a) that are 31 through 60 days delinquent: $6,813,113.73
(b) that are 61 through 90 days delinquent: $3,264,964.26
(c) that are 91 through 120 days delinquent: $68,407.77
(d) that are more than 120 days delinquent: $0.00
(e) for which claims have been filed with
the appropriate Guarantor or the Department
of HHS and which are awaiting payment: $4,751.27
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