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, 2004
---------------------------------------
(i) Amount of PRINCIPAL being paid or distributed in respect of the CLASS I-A-1 Notes: $4,904,135.02
( $0.00005995275 per $1,000 original principal amount of Class I-A-1 Notes) --------------------------
-------------------------
(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) --------------------------
-------------------------
(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) --------------------------
-------------------------
(iv) Amount of PRINCIPAL being paid or distributed in respect of the CLASS II-A-1 Notes: $15,875,868.61
( $0.00011847663 per $1,000 original principal amount of Class II-A-1 Notes) --------------------------
-------------------------
(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) --------------------------
-------------------------
(vi) Amount of INTEREST being paid or distributed in respect of the CLASS I-A-1 Notes: $62,934.23
( $0.00000076937 per $1,000 original principal amount of Class I-A-1 Notes) --------------------------
-------------------------
(vii) Amount of INTEREST being paid or distributed in respect of the CLASS I-A-2 Notes: $599,325.00
( $0.00000327500 per $1,000 original principal amount of Class I-A-2 Notes) --------------------------
-------------------------
(viii) Amount of INTEREST being paid or distributed in respect of the CLASS I-B Notes: $37,310.00
( $0.00000455000 per $1,000 original principal amount of Class I-B Notes) --------------------------
-------------------------
(ix) Amount of INTEREST being paid or distributed in respect of the CLASS II-A-1 Notes: $172,479.16
( $0.00000128716 per $1,000 original principal amount of Class II-A-1 Notes) --------------------------
-------------------------
(x) Amount of INTEREST being paid or distributed in respect of the CLASS II-A-2 Notes: $2,105,200.00
( $0.00000380000 per $1,000 original principal amount of Class II-A-2 Notes) --------------------------
-------------------------
(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
( $0.00000000000 per $1,000 original principal amount ----------------
------------------------- of Class I-A-1 Notes)
(2)Distributed to Class I-A-2 Noteholders: $0.00
( $0.00000000000 per $1,000 original principal amount ----------------
------------------------- of Class I-A-2 Notes)
(3)Distributed to Class I-B Noteholders: $0.00
( $0.00000000000 per $1,000 original principal amount ----------------
------------------------- of Class I-B Notes)
(4)Distributed to Class II-A-1 Noteholders: $0.00
( $0.00000000000 per $1,000 original principal amount ----------------
------------------------- of Class II-A-1 Notes)
(5)Distributed to Class II-A-2 Noteholders: $0.00
( $0.00000000000 per $1,000 original principal amount ----------------
------------------------ of Class II-A-2 Notes)
(6)Balance on Class I-A-1 Notes: $0.00
( $0.00000000000 per $1,000 original principal amount ----------------
------------------------ of Class I-A-1 Notes)
Page 5 of 8 pages
(7)Balance on Class I-A-2 Notes: $0.00
-------------------------------------------
( $0.00000000000 per $1,000 original principal amount of Class I-A-2 Notes)
--------------------------
(8)Balance on Class I-B Notes: $0.00
-------------------------------------------
( $0.00000000000 per $1,000 original principal amount of Class I-B Notes)
--------------------------
(9)Balance on Class II-A-1 Notes: $0.00
-------------------------------------------
( $0.00000000000 per $1,000 original principal amount of Class II-A-1 Notes)
--------------------------
(10)Balance on Class II-A-2 Notes: $0.00
-------------------------------------------
( $0.00000000000 per $1,000 original principal amount of Class II-A-2 Notes)
--------------------------
(xii) (X) Payments made under the Group I Cap Agreement on such date:
( $0.00 with respect to the Class I-A-1 Notes,
--------------------------
$0.00 with respect to Class I-A-2 Notes, and
--------------------------
$0.00 with respect to Class I-B Notes), and
--------------------------
(Y) payments made under the Group II Cap Agreement on such date:
( $0.00 with respect to Class II-A-1 Notes and
--------------------------
$0.00 with respect to the Class II-A-2 Notes); and
--------------------------
the total outstanding amount owed to the Cap Provider:
$0.00 with respect to the Group I Cap Agreement and
--------------------------
$0.00 with respect to the Group II Cap Agreement.
--------------------------
(xiii) (X) GROUP I POOL BALANCE at the end of the related Collection Period: $207,629,501.78 and
------------------------
(Y) GROUP II POOL BALANCE at the end of the related Collection Period: $593,317,462.77
------------------------
(xiv) After giving effect to distributions on this Distribution Date:
(a) (1)OUTSTANDING PRINCIPAL amount of CLASS I-A-1 Notes: $16,429,501.78
------------------------
(2)Pool Factor for the Class I-A-1 Notes: 0.200849700
--------------------------
(b) (1)outstanding principal amount of CLASS I-A-2 Notes: $183,000,000.00
------------------------
(2)Pool Factor for the Class I-A-2 Notes: 1.000000000
--------------------------
(c) (1)outstanding principal amount of CLASS I-B Notes: $8,200,000.00
------------------------
(2)Pool Factor for the Class I-B Notes: 1.000000000
--------------------------
(d) (1)outstanding principal amount of CLASS II-A-1 Notes: $39,317,462.77
------------------------
(2)Pool Factor for the Class II-A-1 Notes: 0.293413900
--------------------------
(e) (1)outstanding principal amount of CLASS II-A-2 Notes: $554,000,000.00
------------------------
(2)Pool Factor for the Class II-A-2 Notes: 1.000000000
--------------------------
(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 1.12000%
-----------
(2)the Student Loan Rate was for Group I: 5.77540% and Group II: 3.42152%
-------- -----------
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(b) Note Interest Rate for the CLASS I-A-1 Notes: 1.18000% based on Index-based Rate
--------------- -------------------------
(c) Note Interest Rate for the CLASS I-A-2 Notes: 1.31000% based on Index-based Rate
--------------- -------------------------
(d) Note Interest Rate for the CLASS I-B Notes: 1.82000% based on Index-based Rate
--------------- -------------------------
(e) Note Interest Rate for the CLASS II-A-1 Notes: 1.25000% based on Index-based Rate
--------------- -------------------------
(f) Note Interest Rate for the CLASS II-A-2 Notes: 1.52000% based on Index-based Rate
--------------- -------------------------
(xvi) Amount of MASTER SERVICING FEE for related Collection Period:
$261,267.82 with respect to the GROUP I Student Loans and
-------------------------
$747,295.31 with respect to the GROUP II Student Loans
-------------------------
( $0.00000319398 per $1,000 original principal amount of Class I-A-1 Notes,
-------------------------
$0.00000142769 per $1,000 original principal balance of Class I-A-2 Notes
-------------------------
$0.00003186193 per $1,000 original principal balance of Class I-B Notes,
-------------------------
$0.00000557683 per $1,000 original principal balance of Class II-A-1 Notes and
-------------------------
$0.00000134891 per $1,000 original principal balance of Class II-A-2 Notes);
-------------------------
(xvii) Amount of ADMINISTRATION FEE for related Collection Period:
$777.69 with respect to the GROUP I Notes and
-------------------------
$2,222.31 with respect to the GROUP II Notes
-------------------------
( $0.00000000951 per $1,000 original principal amount of Class I-A-1 Notes,
-------------------------
$0.00000000425 per $1,000 original principal balance of Class I-A-2 Notes
-------------------------
$0.00000009484 per $1,000 original principal balance of Class I-B Notes,
-------------------------
$0.00000001658 per $1,000 original principal balance of Class II-A-1 Notes and
-------------------------
$0.00000000401 per $1,000 original principal balance of Class II-A-2 Notes);
-------------------------
(xviii) (a) Aggregate amount of REALIZED LOSSES (if any) for the related Collection Period:
$0.00 with respect to the GROUP I Student Loans
-------------------------
$2,093,193.38 with respect to the GROUP II Student Loans
-------------------------
(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 80 $2,007,568
61-90 Days Delinquent 62 $1,159,758
91-120 Days Delinquent 53 $1,183,625
More than 120 Days Delinquent 135 $2,305,830
Claims Filed Awaiting Payment 13 $148,223
and with respect to the GROUP II Student Loans.
# of
Loans $ Amount
30-60 Days Delinquent 1,122 $11,635,989
61-90 Days Delinquent 758 $8,125,070
91-120 Days Delinquent 410 $4,670,137
More than 120 Days Delinquent 218 $2,416,145
Claims Filed Awaiting Payment 119 $1,715,538
Page 7 of 8 pages
(xix) Amount in the GROUP I PRE-FUNDING Account: $0.00
-------------------------
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
-------------------------
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
-------------------------
(xx) Amount in the GROUP II PRE-FUNDING Account: $0.00
-------------------------
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: $1,209.77
-------------------------
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
-------------------------
(xxi) Amount of the INSURER PREMIUM paid to the Securities Insurer on such Distribution Date $184,788.64
--------------------
(xxii) Amount received from the Securities Insurer with respect to the Group II Notes Guaranty Insurance
Policy: $0.00
--------------------
(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
--------------------
(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: $31,253.41 ;
---------------
the amount of any Net Trust Swap Payment Carryover Shortfall for such Distribution Date: $0.00 ;
---------------
the Trust Swap Receipt Amount paid to the Trust on such Distribution Date: $0.00 ;
---------------
the Net Trust Swap Receipt Carryover Shortfall for such Distribution Date: $0.00 ;
---------------
and the amount of any Termination Payment either paid by or made to
the Trust on such Distribution Date:
$0.00 ; and
--------------------
(B) with respect to the GROUP II INTEREST RATE SWAP:
the Trust Swap Payment Amount paid to the Swap Counterparty on such Distribution Date: $57,509.94 ;
---------------
the amount of any Net Trust Swap Payment Carryover Shortfall for such Distribution Date: $0.00 ;
---------------
the Trust Swap Receipt Amount paid to the Trust on such Distribution Date: $0.00 ;
---------------
the Net Trust Swap Receipt Carryover Shortfall for such Distribution Date: $0.00 ;
---------------
and the amount of any Termination Payment either paid by or made to
the Trust on such Distribution Date:
$0.00
--------------------
(xxv) the Class I-A-1 Cap Payment paid to the Cap Provider on such Distribution Date: $0.00 ;
---------------
the Class I-A-2 Cap Payment paid to the Cap Provider on such Distribution Date: $0.00 ;
---------------
Class I-B Cap Payment paid to the Cap Provider on such Distribution Date: $0.00 ;
---------------
Class II-A-1 Cap Payment paid to the Cap Provider on such Distribution Date $0.00 ; and
---------------
Class II-A-2 Cap Payment paid to the Cap Provider on such Distribution Date: $0.00 .
---------------
Page 8 of 8 pages