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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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MAY 27, 1999
(Date of earliest event reported)
STUDENT LOAN FUNDING 1998 - A/B TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-73455 31-1599686
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
ONE WEST FOURTH STREET, SUITE 210
CINCINNATI, OHIO 45202
(513) 763-4415
(Address, including zip code, and telephone number, including area code, of
registrant's principal executive offices)
NOT APPLICABLE.
(Registrant's former name or former address, if changed since last report)
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Item 5. Other Events.
Pursuant to the First Amended and Restated Indenture of Trust
(the "Indenture"), dated as of March 15, 1999, among Student
Loan Funding 1998 - A/B Trust, as Issuer (the "Issuer"),
Student Loan Funding LLC, as Depositor (the "Depositor"), and
Firstar Bank, N.A. as Trustee (the "Trustee"), the Trustee
delivered to the noteholders the statement required by the
Indenture, which statement is being filed as Exhibit 99.1 to
this Form 8-K, and based thereon the Trustee is required to
make distributions to the holders of the Issuer's Senior
Asset-Backed Notes Series 1998A1-3, Senior Asset-Backed
Callable Notes Series 1998A1-5, and Subordinate Asset-Backed
Notes Series 1998B1-3.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
The following exhibit is filed herewith. The exhibit number
corresonds with Item 601(b) of Regulation S-K.
Exhibit No. Description
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99.1 Noteholders' Statement, dated April 30, 1999
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Signature
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, hereto duly authorized.
FIRSTAR BANK, N.A., not in its individual capacity but
solely in its capacity as Co-owner Trustee for
STUDENT LOAN FUNDING 1998 - A/B TRUST
Date: June 11, 1999 By: /s/ Brian J. Gardner
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Brian J. Gardner
Vice President & Trust Officer
EXHIBIT INDEX
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Exhibit Description of Exhibit
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99.1 Noteholders' Statement, dated April 30, 1999
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Exhibit 99.1
Noteholders' Statement for Student Loan Funding 1998- A/B Trust
(successor to Student Loan Funding LLC)
Student Loan Senior & Subordinate Asset Backed Notes
for Collection Period Ending: April 30, 1999
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CUSIP
$400,000,000 Senior Series 1998A-3 86387QAA2
$93,300,000 Senior Series 1998A-4 86387QAB0
$90,000,000 Senior Series 1998A-5 86387QAC8
$90,000,000 Senior Series 1998A-6 86387QAD6
$54,500,000 Subordinate Series 1998B-3 86387QAE4
DISTRIBUTION DATE
$400,000,000 Senior Series 1998A-3 May 28, 1999
$90,000,000 Senior Series 1998A-5 May 27, 1999
$54,500,000 Subordinate Series 1998B-3 May 28, 1999
(a) Principal Factor
(i) 1998 A-3 Notes: 0.8777683
(ii) 1998 B-3 Notes: 1.0000000
(b) Amount of principal being paid or distributed:
(i) 1998 A-3 Notes: $13,929,161.87
(ii) 1998 A-4 Notes: $ 0.00
(iii) 1998 A-5 Notes: $ 0.00
(iv) 1998 A-6 Notes: $ 0.00
(v) 1998 B-3 Notes: $ 0.00
(c) Amount of interest being paid or distributed based upon the Formula Rate:
(i) 1998 A-3 Notes: $ 1,500,147.83
(ii) 1998 A-4 Notes on 6/17/99: $ 359,205.00
(iii) 1998 A-5 Notes: $ 343,000.00
(iv) 1998 A-6 Notes on 6/3/99: $ 346,500.00
(v) 1998 B-3 Notes: $ 283,854.17
Formula Interest Rates
(i) 1998 A-3 Notes: 5.28375%
(ii) 1998 A-4 Notes: 4.95000%
(iii) 1998 A-5 Notes: 4.90000%
(iv) 1998 A-6 Notes: 4.95000%
(v) 1998 B-3 Notes: 6.25000%
Interest Rates if they were based upon the Net Loan Rate
(i) 1998 A-3 Notes: 7.79%
(ii) 1998 A-4 Notes: 7.76%
(iii) 1998 A-5 Notes: 7.76%
(iv) 1998 A-6 Notes: 7.76%
(v) 1998 B-3 Notes: 6.25%
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(d) Amount of distribution allocable to any Noteholders' Interest Carryover:
(i) 1998 A-3 Notes: $ 0.00
(ii) 1998 A-4 Notes: $ 0.00
(iii) 1998 A-5 Notes: $ 0.00
(iv) 1998 A-6 Notes: $ 0.00
(v) 1998 B-3 Notes: $ 0.00
(e) Pool Balance at end of preceding Collection Period: $649,425,024.00
(i) Parity Percentage 97.18%
(ii) Senior Parity Percentage 105.60%
(f) After giving effect to distributions on this Distribution Date:
(i) 1998 A-3 Notes: $351,107,316.36
(ii) 1998 A-4 Notes: $ 93,300,000.00
(iii) 1998 A-5 Notes: $ 90,000,000.00
(iv) 1998 A-6 Notes: $ 90,000,000.00
(v) 1998 B-3 Notes: $ 54,500,000.00
Total Series A Notes outstanding: $624,407,316.36
Total Notes outstanding: $678,907,316.36
(g) Amount of Program Operating Expenses
to be allocated for the upcoming Distribution Date: $ 492,576.00
(h) (i) Aggregate amount of Realized Losses (if any) for the Collection Period
immediately preceding the Distribution Date: $ 8,492.00
(ii) Amount received for recoveries of Realized Losses
from a previous Collection Period
(a) interest $ 0.00
(b) principal $ 0.00
(i) (i) Amount of distribution attributable to the Reserve Fund: $ 0.00
(ii) Amount of distribution attributable to the Acquisition Fund: $ 0.00
(iii) Amount of distribution attributable to other Indenture accounts: $ 15,713,163.86
(iv) Reserve Fund Balance: $ 10,183,609.74
(v) Acquisition Fund Balance: $0.00
(vi) Other Indenture Account Balances: $ 6,423,219.20
(vii) Amount of Parity Percentage Payments: $ 2,004,517.87
(j) The aggregate amount paid for Financed Student Loans
purchased by the trust during the immediately preceding
Collection Period: $ 0.00
(k) Amount of Financed Student Loans:
(i) that are 31 through 60 days delinquent: $ 28,189,975.00
(ii) that are 61 through 90 days delinquent: $ 16,801,790.00
(iii) that are 91 through 120 days delinquent: $ 12,041,491.00
(iv) that are more than 120 days delinquent: $ 23,119,729.00
(v) for which claims have been filed with the appropriate Guaranty
Agency, guarantor, or escrow fund and which are awaiting payment: $ 2,211,193.00
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