-----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, MoEvYoUKTuWQJqC2/jaXq2E+4nydRsHvifc+AxjfFKDL4OUDCHn2OdsA1yr1EBHC FnDqgXy2zfBHisxbgmqHEQ== 0000882377-05-000185.txt : 20050127 0000882377-05-000185.hdr.sgml : 20050127 20050127171116 ACCESSION NUMBER: 0000882377-05-000185 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050125 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050127 DATE AS OF CHANGE: 20050127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: National Collegiate Student Loan Trust 2004-2 CENTRAL INDEX KEY: 0001305287 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-118894-01 FILM NUMBER: 05554663 BUSINESS ADDRESS: STREET 1: 800 BOYLSTON STREET 34TH FLOOR CITY: BOSTON STATE: MA ZIP: 02199-8157 BUSINESS PHONE: (800) 895-4283 8-K 1 nationalcoll_8k.txt NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2 - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): January 25, 2005 The National Collegiate Student Loan Trust 2004-2 ------------------------------------------------- (Exact Name of Registrant as Specified in Charter)
Delaware 333-118894-01 81-0656951 -------- ------------- ---------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 800 Boylston Street, 34th Floor, Boston, MA 02199-8157 ------------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (800) 895-4283 -------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) - -------------------------------------------------------------------------------- Section 8 - Other Events Item 8.01 Other Events. ------------ Attached hereto is a copy of the monthly distribution report to the noteholders and certificateholders which was derived from the monthly information submitted by the servicer of the student loans owned by the trust to the indenture trustee and grantor trustee. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits. --------------------------------- (a) Not applicable (b) Not applicable (c) Exhibits: Exhibit Number Description -------------- ----------- 99.1 Monthly Distribution Report to the Noteholders and Certificateholders distributed on January 25, 2005. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2 By: FIRST MARBLEHEAD DATA SERVICES, INC., Administrator By: /s/ Rosalyn Bonaventure ----------------------------- Name: Rosalyn Bonaventure Title: VP and Treasurer, FMDS Dated: January 25, 2005 EXHIBIT INDEX Exhibit Number Description -------------- ----------- 99.1 Monthly Distribution Report to the Noteholders and Certificateholders distributed on January 25, 2005. EX-99.1 2 nationalcoll_ex99-1.txt MONTHLY DISTRIBUTION REPORT NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2 CLOSING DATE: OCTOBER 28, 2004 MONTHLY DISTRIBUTION REPORT COLLECTION PERIOD 12/01/04 TO 12/31/04 Monthly Distribution Date 01/25/05 VOLUME 2
1. ASSET AND LIABILITY SUMMARY A. STUDENT LOAN PORTFOLIO 11/30/04 Change 12/31/04 -------- ------ -------- 1 Student Loan Principal $ 797,779,349.53 $ (1,715,803.12) $ 796,063,546.41 2 Student Loan Accrued Interest + Accrued Late Fees 10,179,387.52 3,444,778.69 13,624,166.21 ----------------- ----------- ----------------- 3 Pool Balance $ 807,958,737.05 $ 1,728,975.57 $ 809,687,712.62 ----------------- ----------- ----------------- 4 Weighted Average Coupon (WAC) 6.22% 0.00% 6.22% 5 Weighted Average Maturity (WAM) 269.3 Months -1.5 Months 267.8 Months 6 Number of Loans 68,300 -96 68,204 7 Number of Borrowers 65,180 -95 65,085 B. TRUST ACCOUNTS AND TERI PLEDGE FUND 11/30/04 Change 12/31/04 1 Collection Account + Collections Receivable Account $ 15,399,516.01 $ (12,793,027.25) $ 2,606,488.76 2 Reserve Account (at market value) $ 244,892,740.88 $ 25,567.12 $ 244,918,308.00 ----------------- ----------- ----------------- 3 Total Trust Accounts $ 260,292,256.89 $ (12,767,460.13) $ 247,524,796.76 4 TERI Pledge Fund (at market value) $ 46,861,970.01 $ 84,742.83 $ 46,946,712.84 5 Total Trust Accounts and TERI Pledge Fund $ 307,154,226.90 $ (12,682,717.30) $ 294,471,509.60 6 Pool Balance + Trust Accounts $1,068,250,993.94 $ (11,038,484.56) $1,057,212,509.38 7 Pool Balance + Trust Accounts + TERI Pledge Fund $1,115,112,963.95 $ (10,953,741.73) $1,104,159,222.22
8 Has the Stepdown Date occurred? NO (a) If "Yes" : (a) Is the parity ratio at least 101%? (a) (b) Is the Cumulative Gross Default Rate greater than 10%? (a) (c) Is TERI solvent and paying claims? (a)
% OF C. SECURITIES CUSIP INDEX SPREAD 11/30/04 CHANGE 12/31/04 CHANGE 01/25/05 SECURITIES 1 Class A-1 63543PAU0 1M LIBOR 0.11% $ 290,569,000.00 $(9,596,791.75) $ 280,972,208.25 $ - $ 280,972,208.25 25.24% 2 Class A-2 63543PAV8 1M LIBOR 0.15% $ 149,830,000.00 $ - $ 149,830,000.00 $ - $ 149,830,000.00 13.46% 3 Class A-3 63543AW6 1M LIBOR 0.21% $ 187,338,000.00 $ - $ 187,338,000.00 $ - $ 187,338,000.00 16.83% 4 Class A-4 63543PAX4 1M LIBOR 0.31% $ 194,695,000.00 $ - $ 194,695,000.00 $ - $ 194,695,000.00 17.49% 5 Class A-5 (b) 63543PAY2 & BC9 1M LIBOR 0.48% $ 187,870,000.00 $ - $ 187,870,000.00 $ - $ 187,870,000.00 16.87% 6 Class A-IO 63543PAZ9 Fixed 9.75% (c) $ - (c) $ - (c) 0.00% 7 Class B 63543PBA3 1M LIBOR 0.54% $ 55,800,000.00 $ - $ 55,800,000.00 $ - $ 55,800,000.00 5.01% 8 Class C 63543PBB1 1M LIBOR 0.80% $ 56,800,000.00 $ - $ 56,800,000.00 $ - $ 56,800,000.00 5.10% 9 Total Securities $1,122,902,000.00 $(9,596,791.75) $1,113,305,208.25 $ - $1,113,305,208.25 100.00%
(a) The Stepdown Date is December 2010. At the Stepdown Date principal payments made on the Class B and Class C Securities may begin to be paid pro-rata with the Class A Securities. See the prospectus for complete information concerning the Stepdown Date. (b) Class A-5 Securities include Class A-5-1 and A-5-2. (c) The initial notional amount, in effect thru Oct. 2008, for Class A-IO (interest-only) equals $100,000,000, Page 1 of 5 NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2
II TRANSACTIONS AND ACCRUALS A. STUDENT LOAN CASH PRINCIPAL ACTIVITY 1 Principal Payments Received $ (1,552,648.81) 2 Principal Claims from Guarantor $ (28,699.83) 3 Repurchased Principal $ - 4 New Loan Additions $ - 5 Other Adjustments (cancellations, consolidations and other) $ (178,677.51) --------------------------------------------------------------------------------- 6 Total Principal Collections $ (1,760,026.15) --------------------------------------------------------------------------------- B. STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY 1 Capitalized Interest $ 58,468.51 2 Realized Losses $ - 3 Other Adjustments $ (14,245.48) --------------------------------------------------------------------------------- 4 Total Non-Cash Principal Activity $ 44,223.03 --------------------------------------------------------------------------------- --------------------------------------------------------------------------------- C. TOTAL STUDENT LOAN PRINCIPAL ACTIVITY (IIA6 + IIB4) $ (1,715,803.12) --------------------------------------------------------------------------------- D. STUDENT LOAN CASH INTEREST ACTIVITY 1 Interest Payments Received $ (686,030.79) 2 Interest Claims from Guarantor $ (295.41) 3 Repurchased Interest $ - 4 New Loan Additions $ - 5 Late Fees $ (271.11) 6 Other Adjustments (cancellations, consolidations and other) $ (310.81) --------------------------------------------------------------------------------- 7 Total Interest Collections $ (686,908.12) --------------------------------------------------------------------------------- E. STUDENT LOAN NON-CASH INTEREST ACTIVITY 1 Interest Accruals $ 4,195,666.29 2 Capitalized Interest $ (58,468.51) 3 Realized Losses $ - 4 Other Adjustments $ (6,009.01) 5 Non-Cash Late Fees $ 498.04 --------------------------------------------------------------------------------- 6 Total Non-Cash Interest Activity $ 4,131,686.81 --------------------------------------------------------------------------------- --------------------------------------------------------------------------------- F. TOTAL STUDENT LOAN INTEREST ACTIVITY (IID7 + IIE6) $ 3,444,778.69 - ---------------------------------------------------------------------------------------------
Page 2 of 5 NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2 III. COLLECTION ACCOUNT ACTIVITY A. COLLECTION ACCOUNT 1 Collections by Servicers $ 2,417,667.92 2 Claim Payments from Guarantor $ 28,995.24 3 Liquidation Proceeds and Recoveries $ - 4 Sale Proceeds $ - 5 Investment Earnings on Trust Accounts $ 442,726.51 6 Excess of Specified Reserve Account Balance $ - 7 Other Receipts (Late Fees and Other) $ 363.78 8 Prior Month Allocation $ 141,633.26 9 Opening Balance + Receivable $ (6,589.95) --------------------------------------------------------------------- 10 Total Available Funds $ 3,024,796.76 ---------------------------------------------------------------------
B. ALLOCATIONS THRU 12/31/04 WITH PAYMENTS AND DISTRIBUTIONS FOR 1/25/05 TOTAL AVAILABLE REMAINING RESERVE FUNDS FUNDS TRANSFER 1 Payment of Trust Expenses, Servicer, Administrator, $ 3,024,796.76 $ 3,024,796.76 Paying Agent and Back-up Administrator (a) Payment of Trust Expenses $ - $ 3,024,796.76 $ - (b) Payment of Servicing Fees $ 103,847.00 $ 2,920,949.76 $ - (c) Payment of Administration Fees $ 33,169.31 $ 2,887,780.45 $ - (d) Payment to Irish Paying Agent $ - $ 2,887,780.45 $ - (e) Payment of Back-up Administration Fees $ 1,000.00 $ 2,886,780.45 $ - 2 Allocation of Trust Expenses, Servicer, Administrator, Paying Agent and Back-up Administrator (a) Allocation of Trust Expenses $ - $ 2,886,780.45 $ - (b) Allocation of Servicing Fees $ 117,161.00 $ 2,769,619.45 $ - (c) Allocation of Administration Fees $ - $ 2,769,619.45 $ - (d) Allocation to Irish Paying Agent $ - $ 2,769,619.45 $ - (e) Allocation of Back-up Administration Fees $ - $ 2,769,619.45 $ - 3 Payment to TERI Pledge Fund, additional Guaranty Fees $ - $ 2,769,619.45 $ - 4 Allocation to TERI Pledge Fund, additional Guaranty Fees $ 49,156.39 $ 2,720,463.06 $ - 5 Payment of Interest Distribution Amount to Class A Securities: (a) Class A-1 $ 572,071.12 $ 2,148,391.94 $ - (b) Class A-2 $ 309,887.98 $ 1,838,503.96 $ - (c) Class A-3 $ 396,519.09 $ 1,441,984.87 $ - (d) Class A-4 $ 427,774.66 $ 1,014,210.21 $ - (e) Class A-5 $ 453,627.78 $ 560,582.43 $ - (f) Class A-IO $ 812,500.00 $ - $ 251,917.57 6 Payment of Interest Distribution Amount to Class B Securities: (a) Class B $ 132,939.63 $ - $ 384,857.20 7 Payment of Interest Distribution Amount to Class C Securities: (b) Class C $ 147,218.50 $ - $ 532,075.70 8 Payment to Reserve Account up to Specified Reserve Account Balance $ - $ - $ - 9 Payment to TERI, to Purchase Rehabilitated Loans $ - $ - $ - 10 Payment of Principal Distribution Amount to Class A Securities: (a) Class A-1 $ - $ - $ - (b) Class A-2 $ - $ - $ - (c) Class A-3 $ - $ - $ - (d) Class A-4 $ - $ - $ - (e) Class A-5-1 $ - $ - $ - (f) Class A-IO $ - $ - $ - 11 Payment of Principal Distribution Amount to Class B Securities: (a) Class B $ - $ - $ - 12 Payment of Principal Distribution Amount to Class C Securities: (b) Class C $ - $ - $ - 13 Payment of any Unreimbursed Advances: $ - $ - $ - (a) Payment of Trust Expenses $ - $ - $ - (b) Payment of Servicing Fees $ - $ - $ - (c) Payment of Administration Fees $ - $ - $ - (d) Payment of Irish Paying Agent $ - $ - $ - (e) Payment of Back-up Administration Fees $ - $ - $ - (f) Payment to First Marblehead Corporation $ - $ - $ - 14 On and after 10% Pool Balance Distribution Date, $ - $ - $ - (a) Is a Turbo Parity Trigger in effect? No (b) Has a TERI Turbo Trigger occurred? No 15 Remaining Funds to owner trust certificateholders $ - $ - $ - - --------------------------------------------------------------------------------------------------------------------------------
Page 3 of 5 NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2
IV PARITY CALCULATIONS (EXCLUDES TERI PLEDGE FUND) 11/30/04 12/31/04 1 Senior Parity (Pool Balance + Trust Accounts / Class A Securities (a) 105.74% 105.65% 2 Total Parity (Pool Balance + Trust Accounts / Securities) (a) 95.13% 94.96%
- -------------------------------------------------------------------------------- (a) Parity ratio calculations include all Securities including A-5-2 securities issued in a privately negotiated transaction (b) The Total Parity ratio, as calculated pursuant to definitions stipulated in the Trust Documents, increased from 94.69% at the time of October 28, 2004 securitization to 94.96% on December 31, 2004. On November 30, 2004, the Total Parity ratio was 95.13%. The Total Parity ratios for all three reporting dates are in line with management's expectations. The Total Parity ratio at November 30, 2004 was positively impacted by the fact that interest accrued for the month of November 2004 was properly excluded from the parity calculation denominator, as required by the Trust Documents. At the same time, the cash required to make the December 2004 interest payment was available at November 30, 2004, and properly included in the Total Parity ratio numerator, thereby increasing the Total Parity ratio at November 30, 2004. On December 27, 2004, the Trust made the first interest payment of 59 or 60 days interest. Future interest payments will be made each Distribution Date to satisfy interest obligations for the previous month's interest period only. V. PORTFOLIO CHARACTERISTICS BY PAYMENT STATUS
- ------------------------------------------------------------------------------------------------------------------- WAC # OF LOANS % ------------------------------------------------------------------------ ------------------------------------------------------------------------ PAYMENT STATUS 11/30/04 12/31/04 11/30/04 12/31/04 11/30/04 12/31/04 - ------------------------------------------------------------------------------------------------------------------- INTERIM (1) In School 6.26% 6.26% 58,756 58,494 86.03% 85.76% - ------------------------------------------------------------------------------------------------------------------- TOTAL INTERIM 58,756 58,494 86.03% 85.76% - ------------------------------------------------------------------------------------------------------------------- REPAYMENT ACTIVE Current 5.99% 5.97% 9,362 9,240 13.71% 13.55% 31-60 Days Delinquent 5.79% 6.15% 47 243 0.07% 0.36% 61-90 Days Delinquent 6.62% 6.15% 47 77 0.07% 0.11% 91-120 Days Delinquent 6.09% 6.72% 20 31 0.03% 0.05% 121-150 Days Delinquent 0.00% 6.17% -- 14 0.00% 0.02% 151-180 Days Delinquent 5.10% 0.00% 2 -- 0.00% 0.00% > 180 Days Delinquent 0.00% 5.10% -- 2 0.00% 0.00% FORBEARANCE 5.34% 5.39% 66 103 0.10% 0.15% - ------------------------------------------------------------------------------------------------------------------- TOTAL REPAYMENT 9,544 9,710 13.97% 14.24% - ------------------------------------------------------------------------------------------------------------------- GRAND TOTAL 68,300 68,204 100.00% 100.00% - ------------------------------------------------------------------------------------------------------------------- (1) Loans in Interim Status have not yet had a scheduled payment. - -------------------------------------------------------------------------------------------------------------------
PRINCIPAL AMOUNT % ---------------------------------------------------------- ---------------------------------------------------------- PAYMENT STATUS 11/30/04 12/31/04 11/30/04 12/31/04 - ----------------------------------------------------------------------------------------------------- INTERIM (1) In School $684,401,497.29 $681,318,801.29 85.79% 85.59% - ----------------------------------------------------------------------------------------------------- TOTAL INTERIM $684,401,497.29 $681,318,801.29 85.79% 85.59% - ----------------------------------------------------------------------------------------------------- REPAYMENT ACTIVE Current $111,433,488.95 $109,655,481.40 13.97% 13.77% 31-60 Days Delinquent $ 465,260.83 $ 2,673,102.54 0.06% 0.34% 61-90 Days Delinquent $ 496,471.19 $ 854,545.68 0.06% 0.11% 91-120 Days Delinquent $ 200,481.30 $ 304,879.25 0.03% 0.04% 121-150 Days Delinquent $ -- $ 137,268.63 0.00% 0.02% 151-180 Days Delinquent $ 47,996.34 $ -- 0.01% 0.00% > 180 Days Delinquent $ -- $ 47,996.34 0.00% 0.01% FORBEARANCE $ 734,153.63 $ 1,071,471.28 0.09% 0.13% - ----------------------------------------------------------------------------------------------------- TOTAL REPAYMENT $113,377,852.24 $114,744,745.12 14.21% 14.41% - ----------------------------------------------------------------------------------------------------- GRAND TOTAL $797,779,349.53 $796,063,546.41 100.00% 100.00% - ----------------------------------------------------------------------------------------------------- (1) Loans in Interim Status have not yet had a scheduled payment. - -----------------------------------------------------------------------------------------------------
Page 4 of 5 NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2 VI PORTFOLIO CHARACTERISTICS BY BORROWER TYPE AND SCHOOL TYPE
- ------------------------------------------------------------------------------------------------------------------------------------ 11/30/04 12/31/04 --------------------------------------------------------------------------------- BORROWER TYPE PRINCIPAL AMOUNT % PRINCIPAL AMOUNT % - ------------------------------------------------------------------------------------------------------------------------------------ Creditworthy Cosigned Loans $ 651,898,176.43 81.71% $ 650,575,993.29 81.72% Creditworthy Non-Cosigned Loans $ 144,287,613.15 18.09% $ 143,893,615.62 18.08% Creditready Loans $ 1,593,559.95 0.20% $ 1,593,937.50 0.20% - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL $ 797,779,349.53 100.00% $ 796,063,546.41 100.00% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ 11/30/04 12/31/04 --------------------------------------------------------------------------------- SCHOOL TYPE PRINCIPAL AMOUNT % PRINCIPAL AMOUNT % - ------------------------------------------------------------------------------------------------------------------------------------ 2 Year Private $ 8,179,526.60 1.03% $ 8,163,429.32 1.03% 2 Year Public $ 94,348,562.34 11.83% $ 94,168,440.97 11.83% 4 Year Private $ 176,706,700.05 22.15% $ 176,327,322.20 22.15% 4 Year Public $ 372,677,680.76 46.71% $ 371,992,078.31 46.73% Graduate $ 88,565,153.50 11.10% $ 88,483,432.11 11.12% K-12 $ 23,133,082.90 2.90% $ 22,787,042.29 2.86% Proprietary $ 34,168,643.38 4.28% $ 34,141,801.21 4.29% - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL $ 797,779,349.53 100.00% $ 796,063,546.41 100.00% - ------------------------------------------------------------------------------------------------------------------------------------
VII DEFAULT DETAIL
- ------------------------------------------------------------------------------------------------------------------------------------ 11/30/04 12/31/04 -------------------------------------------- PRINCIPAL AMOUNT PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------------------ A. Cumulative Claims Filed to TERI(1) $ 78,021.92 $ 144,052.42 B. Cumulative Gross Default Rate (2) 0.07% 0.12% C. Claims Cancelled (Non-Default) $ - $ - D. Cumulative Net Default Rate (3) 0.07% 0.12% E. Cumulative Claim Payments Made by TERI $ - $ 28,699.83 F. Claims in Process $ 78,021.92 $ 115,352.59 G. Cumulative net loss, claims rejected, aged 24 months or more $ - $ - H. Is TERI Principal Trigger in effect? No Is TERI Turbo Trigger in effect? No - ------------------------------------------------------------------------------------------------------------------------------------
(1) Cumulative principal balance of student loans subject to a TERI guaranty event as of the last day of the Collection Period. (2) Section VII.A divided by the principal balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the Trust. (3) Section VII.A adjusted by ( C ) Claims Cancelled and returned to a non-default status divided by the cumulative principal balance defined in footnote (2). Page 5 of 5 -----END PRIVACY-ENHANCED MESSAGE-----