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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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Distribution Date: February 25, 2000
(i) Amount of principal being paid or distributed in respect of the Class A-1 Notes:
$22,852,977.92
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( $ 0.0000816 08,6per $1,000 original principal amount of the Notes)
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(ii) Amount of principal being paid or distributed in respect of the Class A-2 Notes:
$0.00
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( $ - , per $1,000 original principal amount of the Notes)
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(iii) Amount of principal being paid or distributed in respect of the Class M Notes:
$0.00
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( $ - , per $1,000 original principal amount of the Notes)
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(iv) Amount of interest being paid or distributed in respect of the Class A-1 Notes:
$7,082,852.78
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( $ 0.0000253 , per $1,000 original principal amount of the Notes)
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(v) Amount of interest being paid or distributed in respect of the Class A-2 Notes:
$16,195,355.90
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( $ 0.0000259 , per $1,000 original principal amount of the Notes)
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(vi) Amount of interest being paid or distributed in respect of the Class M Notes:
$810,677.08
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( $ 0.0000270 , per $1,000 original principal amount of the Notes)
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(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
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( $ - , per $1,000 original principal amount of the Notes)
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(2) Distributed to Class A-2 Noteholders:
$0.00
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( $ - , per $1,000 original principal amount of the Notes)
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(3) Distributed to Class M Noteholders:
$0.00
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( $ - , per $1,000 original principal amount of the Notes)
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(4) Balance on Class A-1 Notes:
$0.00
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( $ - , per $1,000 original principal amount of the Notes)
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(5) Balance on Class A-2 Notes:
$0.00
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( $ - , per $1,000 original principal amount of the Notes)
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(6) Balance on Class M Notes:
$0.00
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( $ - , per $1,000 original principal amount of the Notes)
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(viii) Payments made under the Cap Agreement on such date: Not Applicable
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( $0.00 with respect to the Class A-1 Notes,
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( $0.00 with respect to the Class A-2 Notes,
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( $0.00 with respect to the Class M Notes,
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(ix) Pool Balance at end of related Collection Period: $911,291,259.00
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(x) After giving effect to distributions on this Distribution Date:
(a) (1) Outstanding principal amount of Class A-1 Notes: $257,147,022.08
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(2) Class A-1 Note Pool Factor: 0.91838222
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(b) (1) Outstanding principal amount of Class A-2 Notes: $625,000,000.00
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(2) Class A-2 Note Pool Factor: 1.00000000
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(c) (1) Outstanding principal amount of Class M Notes: $30,000,000.00
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(2) Class M Note Pool Factor: 1.00000000
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(d) (1) Outstanding principal amount of Certificates: $65,000,000.00
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(2) Certificate Pool Factor: 1.00000000
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(xi) Note Interest Rate for the Notes:
(a) In general
(1) Three-Month Libor was
5.5087500% for the period from the Closing Date to but excluding 11/26/99 and
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6.1012500% for the period from and including 11/26/99 to but excluding 02/25/2000 and
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(2) The Student Loan Rate was: Not Applicable (1)
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(b) Note Interest Rate for the Class A-1 Notes: 6.1530574% (Based on 3-Month LIBOR)
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(c) Note Interest Rate for the Class A-2 Notes: 6.3030574% (Based on 3-Month LIBOR)
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(d) Note Interest Rate for the Class M Notes: 6.5730574% (Based on 3-Month LIBOR)
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(xii) (a) Amount of Master Servicing Fee for related Collection Period: $1,834,579.68
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$ 0.000006552 , per $1,000 original principal amount of the Class A-1 Notes.
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$ 0.000002935 , per $1,000 original principal amount of the Class A-2 Notes.
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$ 0.000061153 , per $1,000 original principal amount of the Class M Notes.
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(xiii) Amount of Administration Fee for related Collection Period: $3,000.00
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$ 0.000000011 , per $1,000 original principal amount of the Class A-1 Notes.
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$ 0.000000005 , per $1,000 original principal amount of the Class A-2 Notes.
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$ 0.000000100 , per $1,000 original principal amount of the Class M Notes.
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(xiv) (a) Aggregate amount of Realized Losses (if any) for the related Collection Period: $680,220.67
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(b) Delinquent Contracts # Disb. % $ Amount %
------- - -------- -
30-60 Days Delinquent 4,387 7.98% $ 39,702,447 9.31%
61-90 Days Delinquent 1,020 1.85% $ 9,319,248 2.18%
91-120 Days Delinquent 305 0.55% $ 2,528,373 0.59%
More than 120 Days Delinquent 437 0.79% $ 3,706,003 0.87%
Claims Filed Awaiting Payment 29 0.05% $ 383,149 0.09%
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TOTAL 6,178 11.23% $ 55,639,220 13.04%
(xv) Amount in the Prefunding Account: $48,186,492.59
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(xvi) Amount remaining in the Subsequent Pool Pre-Funding Subaccount not used to acquire
Subsequent Pool Student Loans: 0.00
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(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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