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: NOVEMBER 28, 2003
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(i) Amount of PRINCIPAL being paid or distributed in respect of the CLASS I-A-1 Notes: $ 8,645,007.01
($0.00010568468 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
($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
($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: $16,276,466.26
($0.00012146617 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
($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: $ 112,370.65
($0.00000137372 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: $ 628,757.50
($0.00000343583 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: $ 38,977.33
($0.00000475333 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: $ 291,510.79
($0.00000217545 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: $ 2,203,996.67
($0.00000397833 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: $218,795,884.89 and
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(Y) GROUP II POOL BALANCE at the end of the related Collection Period: $622,900,218.70
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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: $ 27,603,589.66
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(2) Pool Factor for the Class I-A-1 Notes: 0.337452200
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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: $ 72,576,201.50
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(2) Pool Factor for the Class II-A-1 Notes: 0.541613400
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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 1.14000%
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(2) the Student Loan Rate was for Group I: 5.54346% and Group II: 3.33158%
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(b) Note Interest Rate for the CLASS I-A-1 Notes: 1.20000% based on Index-based Rate
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(c) Note Interest Rate for the CLASS I-A-2 Notes: 1.33000% based on Index-based Rate
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(d) Note Interest Rate for the CLASS I-B Notes: 1.84000% based on Index-based Rate
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(e) Note Interest Rate for the CLASS II-A-1 Notes: 1.27000% based on Index-based Rate
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(f) Note Interest Rate for the CLASS II-A-2 Notes: 1.54000% based on Index-based Rate
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(xvi) Amount of MASTER SERVICING FEE for related Collection Period:
$ 276,747.36 with respect to the GROUP I Student Loans and
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$ 782,709.43 with respect to the GROUP II Student Loans
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($0.00000338322 per $1,000 original principal amount of Class I-A-1 Notes,
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$0.00000151228 per $1,000 original principal balance of Class I-A-2 Notes
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$0.00003374968 per $1,000 original principal balance of Class I-B Notes,
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$0.00000584112 per $1,000 original principal balance of Class II-A-1 Notes and
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$0.00000141283 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:
$ 779.84 with respect to the GROUP I Notes and
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$ 2,220.16 with respect to the GROUP II Notes
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($0.00000000953 per $1,000 original principal amount of Class I-A-1 Notes,
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$0.00000000426 per $1,000 original principal balance of Class I-A-2 Notes
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$0.00000009510 per $1,000 original principal balance of Class I-B Notes,
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$0.00000001657 per $1,000 original principal balance of Class II-A-1 Notes and
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$0.00000000401 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
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30-60 Days Delinquent 134 $ 3,465,490
61-90 Days Delinquent 65 $ 1,224,695
91-120 Days Delinquent 56 $ 1,117,969
More than 120 Days Delinquent 116 $ 1,993,713
Claims Filed Awaiting Payment 20 $ 230,874
and with respect to the GROUP II Student Loans.
# of
Loans $ Amount
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30-60 Days Delinquent 1,314 $12,331,556
61-90 Days Delinquent 593 $ 5,483,495
91-120 Days Delinquent 494 $ 4,838,563
More than 120 Days Delinquent 437 $ 4,355,086
Claims Filed Awaiting Payment 121 $ 1,534,952
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(xix) Amount in the GROUP I PRE-FUNDING Account: $ 7,704.77
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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 remaining 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: $3,675,982.80
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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 remaining 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 $ 199,284.33
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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: $ 25,768.62;
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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: $ 54,345.13;
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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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