-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GHC4HtWQuouSgbpFhlzHfeUT66ehaeNIqj0dKG+EECVHWGBfilQpREhYxa9Hj11d TLo2Qqs8Qyo91wbLBezjVA== 0000882377-98-000234.txt : 19980416 0000882377-98-000234.hdr.sgml : 19980416 ACCESSION NUMBER: 0000882377-98-000234 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980415 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL COLLEGIATE TRUST 1997-S2 CENTRAL INDEX KEY: 0001049975 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 513788319 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 033-63616-07 FILM NUMBER: 98594464 BUSINESS ADDRESS: STREET 1: C/O DELAWARE TRUST CAPITAL MANAGEMENT IN STREET 2: 900 MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19801 BUSINESS PHONE: 3024217339 MAIL ADDRESS: STREET 1: C/O DELAWARE TRUST CAPITAL MANAGEMENT IN STREET 2: 900 MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19801 10-K 1 THE NATIONAL COLLEGIATE TRUST 1997-S2 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (MARK ONE) |X| Annual Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 1997 OR |_| Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _______________ to _______________ Commission File No. 33-63616 THE NATIONAL COLLEGIATE TRUST 1997-S2 - -------------------------------------------------------------------------------- (Exact name of Issuer as specified in its charter) DELAWARE 06-6454498 -------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) c/o DELAWARE TRUST CAPITAL MANAGEMENT, INC. 900 MARKET STREET WILMINGTON, DELAWARE 19801 -------------------------- (Address of principal executive offices) (Zip Code) Issuer's telephone number, including area code: (302) 421-7748 -------------- Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered ------------------- ------------------- NONE NOT APPLICABLE Securities registered pursuant to Section 12(g) of the Act: NONE ---- (Title of Class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes /X/ No /_/ DOCUMENTS INCORPORATED BY REFERENCE: The following documents filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, are incorporated by reference into Part I of this Form 10-K: the Prospectus Supplement dated November 25, 1997 (the "Prospectus Supplement") together with the Prospectus dated November 25, 1997. Capitalized terms not defined herein shall have the meanings set forth in the Prospectus Supplement. THE NATIONAL COLLEGIATE TRUST 1997-S2 FORM 10-K TABLE OF CONTENTS PAGE Part I Item 1. Business................................................1 Item 2. Properties..............................................1 Item 3. Legal Proceedings.......................................1 Item 4. Submission of Matters to a Vote of Security Holders.....1 Part II Item 5. Market for Issuer's Common Equity and Related Shareholder Matters.....................1 Item 6. Selected Financial Data.................................1 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.................2 Item 8. Financial Statements and Supplementary Data.............2 Item 9. Disagreements on Accounting and Financial Disclosure....2 Part III Item 10. Directors and Officers of the Issuer....................2 Item 11. Executive Compensation..................................2 Item 12. Security Ownership of Certain Beneficial Owners and Management...............................2 Item 13. Certain Relationships and Related Transactions..........2 Part IV Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K.............................3 PART I ITEM 1 BUSINESS. The National Collegiate Trust 1997-S2 (the "Issuer") is a Delaware business trust established for the sole purpose of acquiring, owning, holding and pledging a portfolio of student loans (the "Student Loans") and issuing and selling bonds collateralized by the Student Loans, designated as 7.24% Collateralized Student Loan Bonds, Series 1997-S2, with an aggregate initial principal amount of $8,250,000 (as of the date of issuance, December 3, 1997). ITEM 2 PROPERTIES. See Item 14 below. ITEM 3 LEGAL PROCEEDINGS. There were no legal proceedings involving the Student Loans, the Issuer, the Custodian, the Servicer, the Indenture Trustee or the Depositor with respect to the Student Loans. ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. No matter was submitted to a vote of security holders during the fiscal year ended December 31, 1997. PART II ITEM 5 MARKET FOR ISSUER'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS. (a) There is no established trading market for the Bonds. (b) As of January 12, 1998, there were two holders of record of the Issuer's Bonds. ITEM 6 SELECTED FINANCIAL DATA. Not applicable. -2- ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS. Not applicable. ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. Not applicable. ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. There has been a change in accountants but not due to any disagreement. The new accountant is Coopers & Lybrand. PART III ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS OF THE ISSUER. Not applicable. ITEM 11 EXECUTIVE COMPENSATION. Not applicable. ITEM 12 SECURITY OWNERSHIP OF CERTAIN OWNERS AND MANAGEMENT. The following table provides information, as of January 12, 1998 with respect to the ownership by each person or group of persons, known by the Issuer to be a record owner of 5% or more of the Bonds. This does not reflect the persons who hold their certificates in nominee or "street" name. Except as set forth in the following table, the Issuer is not aware of any record owner of more than 5% of the Bonds as of the close of business on January 12, 1998. -3- ================================================================================ Series 1997-S2 Principal Amount of Bonds Name and Address Owned of Record ----------------------- ------------------------- Bankers Trust Company $4,250,000 c/o BT Services Tennessee, Inc. 648 Grassmere Park Drive Nashville, TN First National Bank of Omaha $4,000,000 One First National Center Omaha, NE 68102 ================================================================================ ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. Not applicable since there were no transactions nor are there any proposed transactions between the Issuer and any Bondholder or between the Issuer and any immediate family member of any Bondholder. ITEM 14 EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM 8-K. (a) (1) and (2) Not applicable. (3) (i) Annual Statement of Compliance of the Servicer for the year ended December 31, 1997. (ii) Annual Audit Report of the Servicer for the year ended December 31, 1997, as prepared by Ernst & Young LLP. (iii) Servicer Report of the Servicer for the year ended December 31, 1997. (b) Reports on Form 8-K. A Current Report on Form 8-K, was filed on December 3, 1997. That Form 8-K reported under Item 2 thereof the formation of the Issuer, the acquisition of the Student Loans and the issuance of the Bonds. -4- Pursuant to Item 7, also filed were a Terms Agreement dated November 25, 1997, a Trust Agreement dated as of November 1, 1997, an Indenture dated as of November 1, 1997, and an Administration Agreement dated as of November 1, 1997. (c) The response to this portion of Item 14 is submitted as a separate section of this report. (d) Not applicable. SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(D) BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT. No annual report, proxy statement, form of proxy or other soliciting material has been sent to Bondholders, and the Issuer does not contemplate sending any such materials subsequent to the filing of this report. SIGNATURES Subject to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. THE NATIONAL COLLEGIATE TRUST 1997-S2 (Issuer) By: DELAWARE TRUST CAPITAL MANAGEMENT, INC., not in its individual capacity but as Owner Trustee By: /s/ Richard N. Smith ------------------------------- Name: Richard N. Smith Title: Vice President Dated: April 15, 1998 EX-99.1 2 ANNUAL STATEMENT OF COMPLIANCE OF THE SERVICER ANNUAL STATEMENT OF COMPLIANCE OF THE SERVICER FOR THE YEAR ENDED DECEMBER 31, 1997 ANNUAL STATEMENT OF COMPLIANCE OF THE SERVICER FOR THE YEAR ENDED DECEMBER 31, 1997 CERTIFICATE OF THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY This certificate is delivered pursuant to Section 9.07 of that certain Indenture, dated as of November 1, 1997, between The National Collegiate Trust 1997-S2 and State Street Bank and Trust Company (the "Indenture"). Capitalized terms not otherwise defined herein shall have the meanings set forth in the Indenture. The undersigned, as the duly elected President and Chief Executive Officer of the Pennsylvania Higher Education Assistance Agency ("PHEAA"), the Servicer for The National Collegiate Trust 1997-S2 (the "Servicer"), a public corporation and a governmental instrumentality of the Commonwealth of Pennsylvania, does hereby certify as follows: 1. a review of the activities of the Servicer, and the Servicer's performance under the Servicing Agreement for the previous twelve months ending December 31, 1997 has been made under my supervision; and 2. to the best of my knowledge, based on such review, the Servicer has or has caused to be performed all of its obligations under the Servicing Agreement throughout the previous twelve months ending December 31, 1997 and no Default has occurred under the Servicing Agreement. THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY By: /s/ Michael H. Hershock ------------------------------------- Name: Michael H. Hershock Title: President and Chief Executive Officer EX-99.2 3 ANNUAL AUDIT REPORT OF THE ACCOUNTANTS ANNUAL AUDIT REPORT OF THE ACCOUNTANTS FOR THE YEAR ENDED DECEMBER 31, 1997 [TO BE FILED BY SUPPLEMENT] EX-99.3 4 ANNUAL REPORT OF THE SERVICER SERVICER REPORT OF THE SERVICER FOR THE YEAR ENDED DECEMBER 31, 1997
THE NATIONAL COLLEGIATE TRUST 1997 S-2 CASH/NON-CASH RECONCILIATION REPORT -045- DATE 12/31/97 PORTFOLIO # 99999 / STATUS = IN-GRACE NO. BORROWER GOVT. LT. CHARGES NO. BORROWER GOVT. NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST ----- --------- ------- -------- --------- ----- --------- -------- -------- 1. BEGINNING BALANCE 0 .00 .00 .00 2. NEW ACQUISITIONS 480 1,282,516.26 34,565.42 3. TRANSFERS IN 0 .00 .00 .00 4. CASH COLLECTIONS A. DEBITS 1. REVERSALS 3 .00 .34 .00 .00 B. CREDITS 1. PAYMENTS 2 164.52 85.48 .00 .00 2. PAYOFFS-CLAIM 0 .00 .00 .00 .00 C. TOTAL CASH 5 164.52 85.14 .00 .00 5. NON-CASH COLLECTION A. DEBITS 1. REVERSALS-ADV 0 .00 .00 .00 .00 2. ADJUST-ADVICE 0 .00 .00 .00 .00 3. WRITE-UPS-GEN 0 .00 .00 .00 .00 4. CAPITAL INT. 0 .00 .00 .00 .00 5. WRITE-UPS 0 .00 .00 .00 .00 6. RESALES 0 .00 .00 .00 .00 B.CREDITS 1. PAYMENTS-ADV. 0 .00 .00 .00 .00 2. ADJUST-ADVICE 1 .00 .01 .00 .00 3. WRITE-OFFS-GE 0 .00 .00 .00 .00 4. PAYOFFS-CLAIM 0 .00 .00 .00 .00 5. CAPITAL INT. 0 .00 .00 .00 .00 6. WRITE-OFFS 0 .00 .00 .00 .00 7. CANCELLATIONS 0 .00 .00 .00 .00 C. TOTAL NON-CASH 1 .00 .01 .00 .00 6. TRANSFERS OUT 0 .00 .00 .00 7. OTHER REMOVALS 1 2,000.00 48.39 .00 8. BALANCE BEFORE ACCRUALS 479 1,280,351.74 34,431.88 .00 9. CURRENT MONTH ACCRUALS 9,047.52 .00 10. ADJS PREV PDS EARNINGS .01 .00 11. ADJS PREV PDS EARNINGS-CLAIMS A. DEBITS .00 .00 B. CREDITS .00 .00 C. TOT ADJS PREV PDS EARN-CLAIMS .00 .00 12. SYSTEM REMOVALS O .00 .00 .00 13. ENDING BALANCE 479 1,280,351.74 43,479.40 .00
THE NATIONAL COLLEGIATE TRUST 1997 S-2 CASH/NON-CASH RECONCILIATION REPORT -045- DATE 12/31/97 PORTFOLIO # 99999 / STATUS = PAYOUT NO. BORROWER GOVT. LT. CHARGES NO. BORROWER GOVT. NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST ----- --------- ------- -------- --------- ----- --------- -------- -------- 1. BEGINNING BALANCE 0 .00 .00 .00 2. NEW ACQUISITIONS 92 316,282.52 2,892.98 3. TRANSFERS IN " 0 .00 .00 .00 4. CASH COLLECTIONS A. DEBITS 1. REVERSALS 0 .00 .00 .00 .00 B. CREDITS 1. PAYMENTS 38 344.36 1,210.62 .00 .00 2. PAYOFFS-CLAIM 0 .00 .00 .00 .00 C. TOTAL CASH 38 344.36 1,210.62 .00 .00 5. NON-CASH COLLECTION A. DEBITS 1. REVERSALS-ADV 0 .00 .00 .00 .00 2. ADJUST-ADVICE 1 .00 .01 .00 .00 3. WRITE-UPS-GEN 0 .00 .00 .00 .00 4. CAPITAL INT. 0 .00 .00 .00 .00 5. WRITE-UPS 0 .00 .00 .00 .00 6. RESALES 0 .00 .00 .00 .00 B. CREDITS 1. PAYMENTS-ADV. 0 .00 .00 .00 .00 2. ADJUST-ADVICE 10 .00 1.55 .00 .00 3. WRITE-OFFS-GE 0 .00 .00 .00 .00 4. PAYOFFS-CLAIM 0 .00 .00 .00 .00 5. CAPITAL INT. 0 .00 .00 .00 .00 6. WRITE-OFFS 0 .00 .00 .00 .00 7. CANCELLATIONS 0 .00 .00 .00 .00 C. TOTAL NON-CASH 11 .00 1.54 .00 .00 6. TRANSFERS OUT 0 .00 .00 .00 7. OTHER REMOVALS 0 .00 .00 .00 8. BALANCE BEFORE ACCRUALS 92 315,938.16 1,680.82 .00 9. CURRENT MONTH ACCRUALS 2,309.04 .00 10. ADJS PREV PDS EARNINGS 1.54 .00 11. ADJS PREV PDS EARNINGS-CLAIMS A. DEBITS .00 .00 B. CREDITS .00 .00 C. TOT ADJS PREV PDS EARN-CLAIMS .00 .00 12. SYSTEM REMOVALS 0 .00 .00 .00 13. ENDING BALANCE 92 315,938.16 3,989.86 .00
THE NATIONAL COLLEGIATE TRUST 1997 S-2 CASH/NON-CASH RECONCILIATION REPORT -045- DATE 12/31/97 PORTFOLIO # 99999 / STATUS = TOTAL NO. BORROWER GOVT. LT. CHARGES NO. BORROWER GOVT. NOTES PRINCIPAL INTEREST INTEREST COLLECTED NOTES PRINCIPAL INTEREST INTEREST ----- --------- ------- -------- --------- ----- --------- -------- -------- 1. BEGINNING BALANCE 0 .00 .00 .00 2. NEW ACQUISITIONS 3470 7,432,943.37 186,929.02 3. TRANSFERS IN 0 .00 .00 .00 4. CASH COLLECTIONS A. DEBITS 1. REVERSALS 13 .00 2.98 .00 .00 B. CREDITS 1. PAYMENTS 46 2,748.33 1,447.42 .00 .00 2. PAYOFFS-CLAIM 0 .00 .00 .00 .00 C. TOTAL CASH 59 2,748.33 1,444.44 .00 .00 5. NON-CASH COLLECTION A. DEBITS 1. REVERSALS-ADV 0 .00 .00 .00 .00 2. ADJUST-ADVICE 1 .00 .01 .00 .00 3. WRITE-UPS-GEN 0 .00 .00 .00 .00 4. CAPITAL INT. 0 .00 .00 .00 .00 5. WRITE-UPS 0 .00 .00 .00 .00 6. RESALES 0 .00 .00 .00 .00 B. CREDITS 1. PAYMENTS-ADV. 0 .00 .00 .00 .00 2. ADJUST-ADVICE 13 .00 1.58 .00 .00 3. WRITE-OFFS-GE 0 .00 .00 .00 .00 4. PAYOFFS-CLAIM 0 .00 .00 .00 .00 5. CAPITAL INT. 0 .00 .00 .00 .00 6. WRITE-OFFS 0 .00 .00 .00 .00 .00 7. CANCELLATIONS 0 .00 .00 .00 .00 C. TOTAL NON-CASH 14 .00 1.57 .00 .00 6. TRANSFERS OUT .00 0 .00 .00 7. OTHER REMOVALS 7 16,400.00 363.85 .00 8. BALANCE BEFORE ACCRUALS 3463 7,413,795.04 185,119.16 .00 9. CURRENT MONTH ACCRUALS 53,443.63 .00 10. ADJS PREV PDS EARNINGS 1.57 .00 11. ADJS PREV PDS EARNINGS-CLAIMS A. DEBITS .00 .00 B. CREDITS .00 .00 C. TOT ADJS PREV PDS EARN-CLAIMS .00 .00 12. SYSTEM REMOVALS 0 .00 .00 .00 13. ENDING BALANCE 3463 7,413,795.04 238,562.79 .00
THE NATIONAL COLLEGIATE TRUST 1997 S-2 DELINQUENCY/CLAIM/STATUS REPORT (NOTE 047 - PART 2) DATE 12/31/97 PORTFOLIO 99999 OUTSTANDING PRINCIPAL BALANCE ----------------------------- NO. No. NOTES BORR. SUBSIDIZED NON-SUB TOTAL % TOT ----- ----- ---------- ------- ----- ----- INTERIM: - ----------------- IN-SCHOOL 3,367 3,292 .00 7,089,256.88 7,089,256.88 95.62 GRACE 4 4 .00 8,600.00 8,600.00 0.12 TOT INTERIM 3,371 3,296 .00 7,097,856.88 7,097,856.88 95.74 DELINQUENT: 30-60 DAYS 0 0 .00 .00 .00 0.00 61-90 DAYS 0 0 .00 .00 .00 0.00 91-120 DAYS 0 0 .00 .00 .00 0.00 121-150 DAYS 0 0 .00 .00 .00 0.00 151-180 DAYS 0 0 .00 .00 .00 0.00 OVER 180 DAYS 0 0 .00 .00 .00 0.00 TOT INTERIM 0 0 .00 .00 .00 0.00 CLAIMS IN PROCESS: DEATH 0 0 .00 .00 .00 0.00 DISABILITY 0 0 .00 .00 .00 0.00 BANKRUPTCY 0 0 .00 .00 .00 0.00 DEFAULT 0 0 .00 .00 .00 0.00 TOT INTERIM 0 0 .00 .00 .00 0.00 1 - 75 DAYS 0 0 .00 .00 .00 0.00 OVER 75 DAYS 0 0 .00 .00 .00 0.00 TOTAL ENROLLED 3,367 3,292 .00 7,089,256.88 7,089,256.88 95.62 TOTAL GRACE 4 4 .00 8,600.00 8,600.00 0.12 TOTAL INTERIM 3,371 3,296 .00 7,097,856.88 7,097,856.88 95.74
OUTSTANDING ACCRUED INTEREST RECEIVABLE --------------------------------------- NON- INSURED INSURED TOTAL % TOT ------- ------- ----- ----- INTERIM: - ----------------- IN-SCHOOL 234,158.40 .00 234,158.40 98.15 GRACE 414.53 .00 414.53 0.17 TOT INTERIM 234,572.93 .00 234,572.93 98.33 DELINQUENT: 30-60 DAYS .00 .00 .00 0.00 61-90 DAYS .00 .00 .00 0.00 91-120 DAYS .00 .00 .00 0.00 121-150 DAYS .00 .00 .00 0.00 151-180 DAYS .00 .00 .00 0.00 OVER 180 DAYS .00 .00 .00 0.00 TOT INTERIM .00 .00 .00 0.00 CLAIMS IN PROCESS: DEATH .00 .00 .00 0.00 DISABILITY .00 .00 .00 0.00 BANKRUPTCY .00 .00 .00 0.00 DEFAULT .00 .00 .00 0.00 TOT INTERIM .00 .00 .00 0.00 1 - 75 DAYS .00 .00 .00 0.00 OVER 75 DAYS .00 .00 .00 0.00 TOTAL ENROLLED 234,158.40 .00 234,158.40 98.15 TOTAL GRACE 414.53 .00 414.53 0.17 TOTAL INTERIM 234,572.93 .00 234,572.93 98.33
THE NATIONAL COLLEGIATE TRUST 1997 S-2 DELINQUENCY/CLAIM/STATUS REPORT (NOTE 047 - PART 2) DATE 12/31/97 PORTFOLIO 99999 OUTSTANDING PRINCIPAL BALANCE ----------------------------- NO. No. NOTES BORR. SUBSIDIZED NON-SUB TOTAL % TOT ----- ----- ---------- ------- ----- ----- REPAYMENT: - ------------------- ACTIVE CURRENT 68 66 .00 224,166.74 224,166.74 3.02 FOREBEARANCE 0 0 .00 .00 .00 0.00 DEFERRED 13 13 .00 49,976.61 49,976.61 0.67 TOT REPAYMENT 81 79 .00 274,143.35 274,143.35 3.70 DELINQUENT: 30-60 DAYS 11 11 .00 41,794.81 41,794.81 0.56 61-90 DAYS 0 0 .00 .00 .00 0.00 91-120 DAYS 0 0 .00 .00 .00 0.00 OVER 120 DAYS 0 0 .00 .00 .00 0.00 TOT REPAYMENT 11 11 .00 41,794.81 41,794.81 0.56 CLAIMS IN PROCESS: DEATH 0 0 .00 .00 .00 0. 00 DISABILITY 0 0 .00 .00 .00 0.00 BANKRUPTCY 0 0 .00 .00 .00 0.00 DEFAULT 0 0 .00 .00 .00 0.00 TOT REPAYMENT 0 0 .00 .00 .00 0.00 1-75 DAYS 0 0 .00 .00 .00 0.00 OVER 75 DAYS 0 0 .00 .00 .00 0.00 TOT ACTIVE 79 77 .00 265,961.55 265,961.55 3.59 TOT FOREBEAR 0 0 .00 .00 .00 0. 00 TOT DEFER 13 13 .00 49,976.61 49,976.61 0.67 TOT REPAYMENT 92 90 .00 315,938.16 315,938.16 4.26 PORT TOTAL 3,463 3,386 .00 7,413,795.04 7,413,795.04
OUTSTANDING ACCRUED INTEREST RECEIVABLE --------------------------------------- NON- INSURED INSURED TOTAL % TOT ------- ------- ----- ----- REPAYMENT: - ------------------- IN-SCHOOL 1,447.31 .00 1,447.31 0.61 GRACE .00 .00 .00 0.00 TOT INTERIM 1,327.38 .00 1,327.38 0.56 DELINQUENT: 2,774.69 .00 2,774.69 1.16 30-60 DAYS 61-90 DAYS 1,215.17 .00 1,215.17 0.51 91-120 DAYS .00 .00 .00 0.00 121-150 DAYS .00 .00 .00 0.00 151-180 DAYS .00 .00 .00 0.00 OVER 180 DAYS 1,215.17 .00 1,215.17 0.51 TOT INTERIM CLAIMS IN PROCESS: .00 .00 .00 0.00 DEATH .00 .00 .00 0.00 DISABILITY .00 .00 .00 0.00 BANKRUPTCY .00 .00 .00 0.00 DEFAULT .00 .00 .00 0.00 TOT INTERIM .00 .00 .00 0.00 1 - 75 DAYS .00 .00 .00 0.00 OVER 75 DAYS 2,662.48 .00 2,662.48 1.12 TOTAL ENROLLED .00 .00 .00 0.00 TOTAL GRACE 1,327.38 .00 1,327.38 0.56 TOTAL INTERIM 3,989.86 .00 3,989.86 1.67 238,562.79 .00 238,562.79
THE NATIONAL COLLEGIATE TRUST 1997 S-2 049 PORTFOLIO CHARACTERISTICS REPORT - NOTE LEVEL DATE 12/31/97 TERMS (ANTICIPATED) GRADUATION GRACE FINAL PAYOUT $ WTD TOTAL ---------- ----- ------------ NO. NO. INTEREST UNPAID STND $ WTD STND $ WTD STND $ WTD LOANS BORROWERS RATE PRINCIPAL AVE AVE AVE AVE AVE AVE ----- --------- ---- --------- --- --- --- --- --- --- TOTAL GATE LOANS IN-SCHOOL 3,367 3,292 9.06981 7,089,256.88 16 15 3 3 55 68 IN-GRACE 4 4 9.15988 8,600.00 1 1 46 53 IN-PAYOUT 92 90 9.19226 315,938.16 0 0 GATE LOANS 3,463 3,386 9.07513 7,413,795.04 16 15 3 3 53 65
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