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Exhibit 99(b)
KEYCORP STUDENT LOAN TRUST 1999-B
NOTEHOLDERS' STATEMENT
pursuant to Section 5.07(b) of Sale and Servicing Agreement
(capitalized terms used herein are defined in Appendix A thereto)
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<CAPTION>
<S> <C> <C> <C> <C>
Distribution Date: Aug 25, 2000
(i) Amount of principal being paid or distributed in respect of the Class A-1 Notes:
$13,565,943.16
---------------------------
( $ 0.0000484 , per $1,000 original principal amount of the Notes)
---------------------------
(ii) Amount of principal being paid or distributed in respect of the Class A-2 Notes:
$0.00
---------------------------
( $ - , per $1,000 original principal amount of the Notes)
---------------------------
(iii) Amount of principal being paid or distributed in respect of the Class M Notes:
$0.00
---------------------------
( $ - , per $1,000 original principal amount of the Notes)
---------------------------
(iv) Amount of interest being paid or distributed in respect of the Class A-1 Notes:
$4,408,172.79
---------------------------
( $ 0.0000157 , per $1,000 original principal amount of the Notes)
---------------------------
(v) Amount of interest being paid or distributed in respect of the Class A-2 Notes:
$11,579,861.11
---------------------------
( $ 0.0000185 , per $1,000 original principal amount of the Notes)
---------------------------
(vi) (a) Amount of interest being paid or distributed in respect of the Class M Notes:
$561,966.67
---------------------------
( $ 0.0000187 , per $1,000 original principal amount of the Notes)
---------------------------
(b) Amount of interest being paid or distributed in respect of the Class M Strip:
$14,566.67
---------------------------
( $ 0.0000005 , per $1,000 original principal amount of the Notes)
---------------------------
(vii) Amount of Noteholders' Interest Index Carryover being or distributed (if any) and amount
remaining (if any):
(1) Distributed to Class A-1 Noteholders:
$0.00
---------------------------
( $ - , per $1,000 original principal amount of the Notes)
---------------------------
(2) Distributed to Class A-2 Noteholders:
$0.00
---------------------------
( $ - , per $1,000 original principal amount of the Notes)
---------------------------
(3) (a) Distributed to Class M Noteholders:
$0.00
---------------------------
( $ - , per $1,000 original principal amount of the Notes)
---------------------------
(b) Distributed to Class M Strip:
$0.00
---------------------------
$ - , per $1,000 original principal amount of the Notes)
---------------------------
(4) Balance on Class A-1 Notes:
$0.00
---------------------------
( $ - , per $1,000 original principal amount of the Notes)
---------------------------
(5) Balance on Class A-2 Notes:
$0.00
---------------------------
( $ - , per $1,000 original principal amount of the Notes)
---------------------------
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<S> <C> <C> <C> <C> <C> <C>
Page 2
(6) (a) Balance on Class M Notes:
$0.00
-----------------------
( $ - , per $1,000 original principal amount of the Notes)
-----------------------
(b) Balance on Class M Strip:
$0.00
-----------------------
( $ - , per $1,000 original principal amount of the Notes)
-----------------------
(viii) Payments made under the Cap Agreement on such date: Aug 24, 2000
-------------------------------
( $0.00 with respect to the Class A-1 Notes,
-----------------------
( $0.00 with respect to the Class A-2 Notes,
-----------------------
( $0.00 with respect to the Class M Notes,
-----------------------
(ix) Pool Balance at end of related Collection Period: $904,206,056.24
---------------------------------
(x) After giving effect to distributions on this Distribution Date:
(a) (1) Outstanding principal amount of Class A-1 Notes: $229,382,955.01
--------------------------------
(2) Class A-1 Note Pool Factor: 0.81922484
---------------------------------
(b) (1) Outstanding principal amount of Class A-2 Notes: $625,000,000.00
--------------------------------
(2) Class A-2 Note Pool Factor: 1.00000000
---------------------------------
(c) (1) Outstanding principal amount of Class M Notes: $30,000,000.00
---------------------------------
(2) Class M Note Pool Factor: 1.00000000
---------------------------------
(d) (1) Outstanding principal amount of Certificates: $65,000,000.00
---------------------------------
(2) Certificate Pool Factor: 1.00000000
---------------------------------
(xi) Note Interest Rate for the Notes:
(a) In general
(1) Three-Month Libor was
0.0000000% for the period from the Closing Date to but excluding 11/26/99 and
------------------------
6.8200000% for the period from and including 11/26/99 to but excluding 02/25/2000 and
------------------------
(2) The Student Loan Rate was: Not Applicable (1)
---------------------------------
(b) Note Interest Rate for the Class A-1 Notes: 7.1000000% (Based on 3-Month LIBOR)
---------------------
(c) Note Interest Rate for the Class A-2 Notes: 7.2500000% (Based on 3-Month LIBOR)
---------------------
(d) Note Interest Rate for the Class M Notes: 7.5200000% (Based on 3-Month LIBOR)
---------------------
(xii) (a) Amount of Master Servicing Fee for related Collection Period: $1,133,683.06
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$ 0.000004049 , per $1,000 original principal amount of the Class A-1 Notes.
-----------------
$ 0.000001814 , per $1,000 original principal amount of the Class A-2 Notes.
-----------------
$ 0.000037789 , per $1,000 original principal amount of the Class M Notes.
-----------------
(xiii) Amount of Administration Fee for related Collection Period: $3,000.00
---------------------------------
$ 0.000000011 , per $1,000 original principal amount of the Class A-1 Notes.
-----------------
$ 0.000000005 , per $1,000 original principal amount of the Class A-2 Notes.
-----------------
$ 0.000000100 , per $1,000 original principal amount of the Class M Notes.
-----------------
(xiv) (a) Aggregate amount of Realized Losses (if any) for the related Collection Period: $447,076.59
--------------------------------
(b) Delinquent Contracts # DISB. % $ AMOUNT %
------- ------- -------- ------
30-60 Days Delinquent 1,758 2.71% $ 15,851,392 2.92%
61-90 Days Delinquent 521 1.01% $ 4,666,117 0.86%
91-120 Days Delinquent 364 52.00% $ 3,250,259 0.60%
More than 120 Days Delinquent 1,228 1.21% $ 11,274,499 2.08%
Claims Filed Awaiting Payment 149 11.00% $ 1,497,872 0.28%
------- ------- ------------ ------
TOTAL 4,020 67.93% $ 36,540,139 6.74%
(xv) Amount in the Prefunding Account: $27,142,068.54
---------------------------------
(xvi) Amount remaining in the Subsequent Pool Pre-Funding Subaccount not used to acquire
Subsequent Pool Student Loans: 0.00
(1)This Calculation not required unless Three-Month LIBOR for such
Interest Period is 100 basis points greater than Three-Month LIBOR of
the preceding Determination Date.
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