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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)
------------------------------------------------------------------------------------------------------------------------------------
Distribution Date: May 25, 2000
<S> <C> <C> <C>
(i) Amount of principal being paid or distributed in respect of the Class A-1 Notes:
$14,198,123.91
-----------------------
( $ 0.0000507 , 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:
$4,107,923.68
-----------------------
( $ 0.0000147 , 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:
$10,218,750.00
-----------------------
( $ 0.0000164 , 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:
$496,500.00
-----------------------
( $ 0.0000166 , per $1,000 original principal amount of the Notes)
------------------------
(b) Amount of interest being paid or distributed in respect of the Class M Strip:
$14,250.00
-----------------------
( $ 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>
(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: May 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: $912,002,986.35
---------------------------------
(x) After giving effect to distributions on this Distribution Date:
(a) (1) Outstanding principal amount of Class A-1 Notes: $242,948,898.17
---------------------------------
(2) Class A-1 Note Pool Factor: 0.86767464
---------------------------------
(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
---------------
6.1100000% 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: 6.3900000% (Based on 3-Month LIBOR)
---------------
(c) Note Interest Rate for the Class A-2 Notes: 6.5400000% (Based on 3-Month LIBOR)
---------------
(d) Note Interest Rate for the Class M Notes: 6.8100000% (Based on 3-Month LIBOR)
---------------
(xii) (a) Amount of Master Servicing Fee for related Collection Period: $1,141,614.99
------------------------------------
$ 0.000004077 , per $1,000 original principal amount of the Class A-1 Notes.
--------------------
$ 0.000001827 , per $1,000 original principal amount of the Class A-2 Notes.
--------------------
$ 0.000038054 , 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: $242,734.38
----------------
(b) Delinquent Contracts # Disb. % $ Amount %
------- --- -------- ---
30-60 Days Delinquent 2,613 2.71% $ 25,402,340 4.93%
61-90 Days Delinquent 976 1.01% $ 9,445,886 1.83%
91-120 Days Delinquent 503 52.00% $ 4,176,210 0.81%
More than 120 Days Delinquent 1,167 1.21% $ 10,714,691 2.08%
Claims Filed Awaiting Payment 106 11.00% $ 1,063,082 0.21%
------------ --------- ----------------- -------
TOTAL 5,365 67.93% $ 50,802,209 9.86%
(xv) Amount in the Prefunding Account: $35,816,893.80
--------------------------------
(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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