Exhibit 99(a)
KEYCORP STUDENT LOAN TRUST 2002-A
Noteholders' Statement pursuant to Section 5.07 of Sale and Servicing
Agreement (capitalized terms used herein are defined in
Appendix A thereto)
DISTRIBUTION DATE: MAY 27, 2003
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(i) Amount of PRINCIPAL being paid or distributed in respect of the CLASS I-A-1 Notes: $12,931,507.30
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( $0.00015808689 per $1,000 original principal amount of Class I-A-1 Notes)
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(ii) Amount of PRINCIPAL being paid or distributed in respect of the CLASS I-A-2 Notes: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class II-A-2 Notes)
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(iii) Amount of PRINCIPAL being paid or distributed in respect of the CLASS I-B Notes: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class I-B Notes)
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(iv) Amount of PRINCIPAL being paid or distributed in respect of the CLASS II-A-1 Notes: $10,506,915.32
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( $0.00007840982 per $1,000 original principal amount of Class II-A-1 Notes)
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(v) Amount of PRINCIPAL being paid or distributed in respect of the CLASS II-A-2 Notes: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class II-A-2 Notes)
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(vi) Amount of INTEREST being paid or distributed in respect of the CLASS I-A-1 Notes: $200,663.12
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( $0.00000245309 per $1,000 original principal amount of Class I-A-1 Notes)
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(vii) Amount of INTEREST being paid or distributed in respect of the CLASS I-A-2 Notes: $692,197.50
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( $0.00000378250 per $1,000 original principal amount of Class I-A-2 Notes)
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(viii) Amount of INTEREST being paid or distributed in respect of the CLASS I-B Notes: $41,355.33
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( $0.00000504333 per $1,000 original principal amount of Class I-B Notes)
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(ix) Amount of INTEREST being paid or distributed in respect of the CLASS II-A-1 Notes: $416,847.04
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( $0.00000311080 per $1,000 original principal amount of Class II-A-1 Notes)
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(x) Amount of INTEREST being paid or distributed in respect of the CLASS II-A-2 Notes: $2,383,123.33
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( $0.00000430167 per $1,000 original principal amount of Class II-A-2 Notes)
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(xi) Amount of Noteholders' Interest Index Carryover being paid or
distributed (if any) and amount remaining (if any):
(1)Distributed to Class I-A-1 Noteholders: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class I-A-1 Notes)
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(2)Distributed to Class I-A-2 Noteholders: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class I-A-2 Notes)
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(3)Distributed to Class I-B Noteholders: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class I-B Notes)
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(4)Distributed to Class II-A-1 Noteholders: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class II-A-1 Notes)
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(5)Distributed to Class II-A-2 Noteholders: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class II-A-2 Notes)
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(6)Balance on Class I-A-1 Notes: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class I-A-1 Notes)
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(7)Balance on Class I-A-2 Notes: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class I-A-2 Notes)
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(8)Balance on Class I-B Notes: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class I-B Notes)
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(9)Balance on Class II-A-1 Notes: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class II-A-1 Notes)
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(10)Balance on Class II-A-2 Notes: $0.00
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( $0.00000000000 per $1,000 original principal amount of Class II-A-2 Notes)
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(xii) (X) Payments made under the Group I Cap Agreement on such date:
( $0.00 with respect to the Class I-A-1 Notes,
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$0.00 with respect to Class I-A-2 Notes, and
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$0.00 with respect to Class I-B Notes), and
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(Y) payments made under the Group II Cap Agreement on such date:
( $0.00 with respect to Class II-A-1 Notes and
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$0.00 with respect to the Class II-A-2 Notes); and
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the total outstanding amount owed to the Cap Provider:
$0.00 with respect to the Group I Cap Agreement and
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$0.00 with respect to the Group II Cap Agreement.
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(xiii) (X) GROUP I POOL BALANCE at the end of the related Collection Period: $232,989,163.93 and
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(Y) GROUP II POOL BALANCE at the end of the related Collection Period: $647,867,541.48
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(xiv) After giving effect to distributions on this Distribution Date:
(a) (1)OUTSTANDING PRINCIPAL amount of CLASS I-A-1 Notes: $45,044,995.91
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(2)Pool Factor for the Class I-A-1 Notes: 0.550672300
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(b) (1)outstanding principal amount of CLASS I-A-2 Notes: $183,000,000.00
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(2)Pool Factor for the Class I-A-2 Notes: 1.000000000
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(c) (1)outstanding principal amount of CLASS I-B Notes: $8,200,000.00
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(2)Pool Factor for the Class I-B Notes: 1.000000000
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(d) (1)outstanding principal amount of CLASS II-A-1 Notes: $104,195,319.16
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(2)Pool Factor for the Class II-A-1 Notes: 0.777577000
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(e) (1)outstanding principal amount of CLASS II-A-2 Notes: $554,000,000.00
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(2)Pool Factor for the Class II-A-2 Notes: 1.000000000
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(xv) NOTE INTEREST RATE for the Notes:
(a) In general:
(1)Three-Month LIBOR
for the period from the previous Distribution Date to this Distribution Date was 1.34000%
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(2)the Student Loan Rate was for Group I: 5.55743% and Group II: 3.63427%
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(b) Note Interest Rate for the CLASS I-A-1 Notes: 1.40000% based on Index-based Rate
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(c) Note Interest Rate for the CLASS I-A-2 Notes: 1.53000% based on Index-based Rate
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(d) Note Interest Rate for the CLASS I-B Notes: 2.04000% based on Index-based Rate
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(e) Note Interest Rate for the CLASS II-A-1 Notes: 1.47000% based on Index-based Rate
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(f) Note Interest Rate for the CLASS II-A-2 Notes: 1.74000% based on Index-based Rate
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(xvi) Amount of MASTER SERVICING FEE for related Collection Period:
$296,538.26 with respect to the GROUP I Student Loans and
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$802,213.23 with respect to the GROUP II Student Loans
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( $0.00000362516 per $1,000 original principal amount of Class I-A-1 Notes,
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$0.00000162043 per $1,000 original principal balance of Class I-A-2 Notes
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$0.00003616320 per $1,000 original principal balance of Class I-B Notes,
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$0.00000598667 per $1,000 original principal balance of Class II-A-1 Notes and
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$0.00000144804 per $1,000 original principal balance of Class II-A-2 Notes);
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(xvii) Amount of ADMINISTRATION FEE for related Collection Period:
$793.51 with respect to the GROUP I Notes and
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$2,206.49 with respect to the GROUP II Notes
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( $0.00000000970 per $1,000 original principal amount of Class I-A-1 Notes,
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$0.00000000434 per $1,000 original principal balance of Class I-A-2 Notes
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$0.00000009677 per $1,000 original principal balance of Class I-B Notes,
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$0.00000001647 per $1,000 original principal balance of Class II-A-1 Notes and
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$0.00000000398 per $1,000 original principal balance of Class II-A-2 Notes);
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(xviii) (a) Aggregate amount of REALIZED LOSSES (if any) for the related Collection Period:
$0.00 with respect to the GROUP I Student Loans
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$0.00 with respect to the GROUP II Student Loans
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(b) Balance of Financed Student Loans that are DELINQUENT in each
delinquency period as of the end of the related Collection Period:
with respect to the GROUP I Student Loans
# of
Loans $ Amount
30-60 Days Delinquent 100 $2,537,987
61-90 Days Delinquent 67 $1,561,037
91-120 Days Delinquent 136 $2,259,561
More than 120 Days Delinquent 207 $2,719,864
Claims Filed Awaiting Payment 13 $115,019
and with respect to the GROUP II Student Loans.
# of
Loans $ Amount
30-60 Days Delinquent 1,404 $13,976,756
61-90 Days Delinquent 635 $6,017,412
91-120 Days Delinquent 366 $3,453,556
More than 120 Days Delinquent 559 $5,007,897
Claims Filed Awaiting Payment 154 $2,038,015
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(xix) Amount in the GROUP I PRE-FUNDING Account: $147,788.52
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Amount in the Group I Pre-Funding Account at the end of the Funding Period to be distributed as a
payment of principal in respect of the Notes: $0.00
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Amount remainging in the Group I Subsequent Student Loan Pre-Funding Sub-Account being transferred
to the Group I Other Student Loan Pre-Funding Sub-Account: $0.00
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(xx) Amount in the GROUP II PRE-FUNDING Account: $10,327,777.68
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Amount in the Group II Pre-Funding Account at the end of the Funding Period to be distributed as a
payment of principal in respect of the Notes: $0.00
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Amount remainging in the Group II Subsequent Student Loan Pre-Funding Sub-Account being transferred
to the Group II Other Student Loan Pre-Funding Sub-Account: $0.00
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(xxi) Amount of the INSURER PREMIUM paid to the Securities Insurer on such Distribution Date $198,381.66
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(xxii) Amount received from the Securities Insurer with respect to the Group II Notes Guaranty Insurance
Policy: $0.00
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(xxiii) Amount paid to the Securities Insurer in reimbursement of all Insured
Payments made pursuant to the Group II Notes Guaranty Insurance Policy
$0.00
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(xxiv) (A) with respect to the GROUP I INTEREST RATE SWAP:
the Trust Swap Payment Amount paid to the Swap Counterparty on such Distribution Date: $18,897.25 ;
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the amount of any Net Trust Swap Payment Carryover Shortfall for such Distribution Date: $0.00 ;
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the Trust Swap Receipt Amount paid to the Trust on such Distribution Date: $0.00 ;
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the Net Trust Swap Receipt Carryover Shortfall for such Distribution Date: $0.00 ;
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and the amount of any Termination Payment either paid by or made to
the Trust on such Distribution Date:
$0.00 ; and
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(B) with respect to the GROUP II INTEREST RATE SWAP:
the Trust Swap Payment Amount paid to the Swap Counterparty on such Distribution Date: $102,145.27 ;
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the amount of any Net Trust Swap Payment Carryover Shortfall for such Distribution Date: $0.00 ;
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the Trust Swap Receipt Amount paid to the Trust on such Distribution Date: $0.00 ;
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the Net Trust Swap Receipt Carryover Shortfall for such Distribution Date: $0.00 ;
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and the amount of any Termination Payment either paid by or made to
the Trust on such Distribution Date:
$0.00
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(xxv) the Class I-A-1 Cap Payment paid to the Cap Provider on such Distribution Date: $0.00 ;
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the Class I-A-2 Cap Payment paid to the Cap Provider on such Distribution Date: $0.00 ;
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Class I-B Cap Payment paid to the Cap Provider on such Distribution Date: $0.00 ;
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Class II-A-1 Cap Payment paid to the Cap Provider on such Distribution Date $0.00 ; and
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Class II-A-2 Cap Payment paid to the Cap Provider on such Distribution Date: $0.00 .
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