<PAGE>

                                                                    Page 1 of 24

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20659

                                    FORM 10-K

                  FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO
           SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(MARK ONE)
[X]     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934
For the fiscal year ended     December 31, 2003
                          ------------------------------------------------------
                                       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 Number:   333-80109-01
                                             ---------------

                        KEYCORP STUDENT LOAN TRUST 1999-B
           ----------------------------------------------------------
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

      DELAWARE                                            36-4318790
--------------------------------                      --------------------------
STATE OR OTHER JURISDICTION                                (I.R.S. EMPLOYER
OF INCORPORATION OR ORGANIZATION                           IDENTIFICATION NO.)

  C/O KEY BANK USA, NATIONAL ASSOCIATION, AS ADMINISTRATOR, 800 SUPERIOR AVE.,
--------------------------------------------------------------------------------
  ATTN:  DEBRA FRONIUS, CLEVELAND, OHIO                          44114
----------------------------------------------------          --------------
      (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                  (ZIP CODE)

Registrant's telephone number, including area code:   (216) 828-9353
                                                    ----------------------------

Securities Registered pursuant to Section 12(b) of the Act:         None
                                                            --------------------

Securities Registered pursuant to Section 12(g) of the Act:         None
                                                            --------------------

      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 12 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
    -----     -----

      The registrant has no officer, director or beneficial owner of more than
10% of equity securities to whom Section 16(a) of the Act applies and
consequently Item 405 of Regulation S-K does not apply.

      The registrant does not have any voting stock, has not been involved in
bankruptcy proceedings during the past five years and is not a corporate
registrant.

      No documents are incorporated by reference into this Form 10-K.
                           Exhibit Index on Page   8
                                                 ------
<PAGE>
                                                                    Page 2 of 24

      This Annual Report on Form 10-K is filed in reliance upon certain no
action letters, including a letter dated May 9, 1997, issued by the Chief
Counsel, Division of Corporate Finance of the Securities and Exchange Commission
relating to the KeyCorp Student Loan Trust 1996-A, Registration No. 333-4274,
stating that the Division will not object if the Registrant files reports
pursuant to Sections 13 and 15(d) of the Securities Exchange Act in the manner
described in a letter dated April 28, 1997, to the Office of Chief Counsel on
behalf of Key Bank USA and said Trust. Accordingly, certain items have been
omitted from or modified in this Annual Report on Form 10-K.

                                     PART I

Item 1.  Business.

         Omitted.

Item 2.  Properties.

         The property of the Registrant consists solely of student loans that
         are either (i) guaranteed as to the payment of principal and interest
         by the Pennsylvania Higher Education Assistance Agency ("PHEAA"),
         Nebraska Student Loan Program ("NSLP"), California Student Aid
         Commission ("CSAC"), United Student Aid Fund ("USAF"), New York State
         Higher Education Services Corporation ("HESC"), Educational Credit
         Management Corporation ("ECMC"), Great Lakes Higher Education Guaranty
         Corporation ("GLHEC") or the Massachusetts Higher Education Assistance
         Corporation now doing business as American Student Assistance ("ASA"),
         and are reinsured by the United States Department of Education (the
         "Department") or (ii) guaranteed as to the payment of principal and
         interest by The Education Resources Institute, Inc., ("TERI") or HEMAR
         Insurance Corporation of America ("HICA"), each a private guarantor and
         are not reinsured by the Department or (iii) are non-guaranteed and not
         reinsured by the Department.

         See Exhibit 99(a), a Certificate of Key Bank USA, National Association,
         as Master Servicer of the Registrant with respect to the activities of
         the Master Servicer during the fiscal year ended December 31, 2003.

         See Exhibits 99(b) and 99(f), a Certificate of Pennsylvania Higher
         Education Assistance Agency, as Subservicer of the Registrant, and the
         Independent Accountant's Report of KPMG LLP with respect to the
         activities of such Subservicer during the calendar year ended December
         31, 2003.

         See Exhibits 99(c) and 99(g), a Certificate of Great Lakes Educational
         Loan Services, Inc. ("Great Lakes"), as Subservicer of the Registrant,
         and the Independent Accountant's Report of Ernst & Young with respect
         to the activities of such Subservicer during the calendar year ended
         December 31, 2003.

         See Exhibits 99(d) and 99(h), a Certificate of KeyBank USA, National
         Association, as Administrator of the Registrant, and the Independent
         Auditor's Report of Ernst & Young with respect to the activities of the
         Administrator during the fiscal year ended December 31, 2003.

         See Exhibit 99(e), a Certificate of the Registrant, through JPMorgan
         Chase Bank, as successor in interest to Bank One, National Association,
         as Eligible Lender Trustee
<PAGE>
                                                                    Page 3 of 24

         of the Registrant with respect to the activities of the Registrant as
         Issuer during the fiscal year ended December 31, 2003.

Item 3.  Legal Proceedings.

         The Registrant knows of no material pending legal proceedings involving
         the Registrant or its property.

Item 4.  Submission of Matters to a Vote of Security Holders.

         No matters were submitted to Certificateholders or Noteholders for a
         vote during the fiscal year covered by this Annual Report.

                                     PART II

Item 5.  Market for Registrant's Common Equity and related Stockholder
         Matters. At December 31, 2003, there were two (2) registered holders of
         the Registrant's Floating Rate Asset Backed Certificates
         ("Certificates") (i) Key Bank USA, National Association and (ii) CEDE &
         Co., as nominee of The Depository Trust Company ("DTC"). At December
         31, 2003, there were three (3) persons registered on the books of DTC
         as record owner of Certificates. There is no established public market
         in which the Certificates are traded.

Item 6.  Selected Financial Data.

         Omitted.

Item 7.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations.

         Omitted.

Item 8.  Financial Statements and Supplementary Data.

         Omitted.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure.

         None.

                                    PART III

Item 10. Directors and Executive Officers of the Registrant.

         Omitted.

Item 11. Executive Compensation.

         Omitted.
<PAGE>
                                                                    Page 4 of 24

Item 12. Security Ownership of Certain Beneficial Owners and Management.

         As of December 31, 2003, the Certificates were registered in the name
         of (i) Key Bank USA, National Association and (ii) CEDE & Co., as
         nominee of DTC. As of December 31, 2003, the books of DTC indicate that
         the two (2) DTC participant institution listed below was the record
         owner of in excess of five percent (5%) of the Certificates issued by
         the Registrant. Only such participant, however, knows the identity of
         the beneficial owners of interests in such Certificates.

<TABLE>
<CAPTION>
                     Name and Address of       Amount and Nature of   Percent of
Title of Class       Beneficial Owner          Beneficial Ownership   Class
--------------       ----------------          --------------------   -----
<S>                  <C>                       <C>                    <C>
Floating Rate Asset  Deutsche Bank Trust       $  48,350,000.          74.4
Backed Certificates  Company Americas          Principal amount of
                     Attn: John Lasher         Certificates
                     648 Grassmere Park Road
                     Nashville, TN 37211

                     JP Morgan Chase Bank      $  16,000,000.          24.6
                     Attn:  Paula J. Dabner    Principal amount of
                     c/o Proxy/Class           Certificates
                     Actions/Bankruptcy
                     Dallas, Texas 75254
</TABLE>

Item 13. Certain Relationships and Related Transactions.

         Omitted.

                                     PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K.
         (a)(1) Financial Statements

             Not Applicable.

         (a)(2) Financial Statement Schedules

             Not Applicable.

         (b) Reports on Form 8-K filed during the last quarter of 2003: 8-K
             dated November 25, 2003, reporting under Item 5 thereof, the
             regular quarterly distribution to the holders of the Trust's
             Floating Rate Asset Backed Certificates and Floating Rate Asset
             Backed Notes and the distribution of the Certificateholder's
             Statement and Noteholder's Statement.

         (c) Exhibits. The following documents are filed as part of this Annual
             Report on Form 10-K.
<PAGE>
                                                                    Page 5 of 24

<TABLE>
<CAPTION>
  EXHIBIT NUMBER                            DESCRIPTION
  --------------                            -----------
<S>                 <C>
       99(a)        Master Servicer's Compliance Certificate, Key Bank USA,
                    National Association.

       99(b)        Subservicer's Compliance Certificate from Pennsylvania
                    Higher Education Assistance Agency ("PHEAA").

       99(c)        Subservicer's Compliance Certificate from Great Lakes
                    Educational Loan Services, Inc. ("Great Lakes").

       99(d)        Administrator's Compliance Certificate.

       99(e)        Issuer's Compliance Certificate.

       99(f)        Independent Accountant's Report of KPMG LLP regarding
                    PHEAA.

       99(g)        Independent Accountant's Report of Ernst & Young regarding
                    Great Lakes.

       99(h)        Independent Auditor's Report of Ernst & Young.
</TABLE>
<PAGE>
                                                                    Page 6 of 24


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf of the undersigned, thereunto duly authorized.

Date:  March 19, 2004
                                   KEYCORP STUDENT LOAN TRUST 1999-B

                                   BY:  KEY BANK USA, NATIONAL ASSOCIATION,
                                        AS ADMINISTRATOR, ON BEHALF OF THE TRUST

                                   By:        /S/ DARLENE H. DIMITRIJEVS
                                     ---------------------------------------

                                   Name:      Darlene H. Dimitrijevs
                                           ---------------------------------

                                   Title:     Senior Vice President
                                           ---------------------------------



SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.

No annual report, proxy statement, form of proxy or other proxy soliciting
material has been sent to Certificateholders during the period covered by this
Annual Report on Form 10-K and the Registrant does not intend to furnish such
materials to Certificateholders subsequent to the filing of this report.
<PAGE>
                                                                    Page 7 of 24

                        KEYCORP STUDENT LOAN TRUST 1999-B
                                  CERTIFICATION

I, Darlene H. Dimitrijevs, hereby certify that I am a Senior Vice President of
Key Bank USA, National Association, the Master Servicer and Administrator of
KeyCorp Student Loan Trust 1999-B and as such, I certify that:

1.    I have reviewed this annual report on Form 10-K, and all reports on Form
      8-K containing distribution or servicing reports filed in respect of
      periods included in the year covered by this annual report, of KeyCorp
      Student Loan Trust 1999-B (the "Trust");

2.    Based on my knowledge, the information in these reports, taken as a whole,
      does not contain any untrue statement of a material fact or omit to state
      a material fact necessary to make the statements made, in light of the
      circumstances under which such statements were made, not misleading as of
      the last day of the period covered by this annual report;

3.    Based on my knowledge, the distribution or servicing information required
      to be provided to the Eligible Lender Trustee and the Indenture Trustee by
      the Administrator under the related Sale and Servicing Agreement, or
      similar agreement, for inclusion in these reports is included in these
      reports;

4.    I am responsible for reviewing the activities performed by the Master
      Servicer under the related Sale and Servicing Agreement, or similar
      agreement, and based upon my knowledge and the annual compliance review
      required under that agreement, and except as disclosed in the reports, the
      Master Servicer has fulfilled its obligations under that agreement; and

5.    The reports disclose all significant deficiencies relating to the Master
      Servicer's compliance with the minimum servicing standards based upon the
      report provided by an independent public accountant, after conducting a
      review in compliance with the Uniform Single Attestation Program for
      Mortgage Bankers or similar procedure, as set forth in the related Sale
      and Servicing Agreement, or similar agreement, that is included in these
      reports.

In giving the certification above, I have reasonably relied on information
provided to me by the following unaffiliated parties: Pennsylvania Higher
Education Assistance Agency, Great Lakes Educational Loan Services, Inc.,
JPMorgan Chase Bank as successor in interest to Bank One National Association,
as Eligible Lender Trustee, and Deutsche Bank Trust Company Americas (formerly
known as Bankers Trust Company), as Indenture Trustee.

Date:  February 19, 2004                  /S/ DARLENE H. DIMITRIJEVS
                                          ----------------------------------
                                          Darlene H. Dimitrijevs
                                          Senior Vice President
                                          Key Bank USA, National Association
<PAGE>
                                                                    Page 8 of 24


                        KEYCORP STUDENT LOAN TRUST 1999-B
                                  CERTIFICATION

                                INDEX OF EXHIBITS

<TABLE>
<CAPTION>
EXHIBIT NUMBER                  DESCRIPTION                      PAGE
--------------                  -----------                      ----
<S>               <C>                                            <C>
    99(a)         Master Servicer's Compliance Certificate         9

    99(b)           Subservicer's Compliance Certificate          10
                                   PHEAA

    99(c)           Subservicer's Compliance Certificate          11
                                Great Lakes

    99(d)          Administrator's Compliance Certificate         12

    99(e)             Issuer's Compliance Certificate             13

    99(f)           Independent Accountant's Report of            14
                        KPMG LLP regarding PHEAA

    99(g)           Independent Accountant's Report of            20
                   Ernst & Young regarding Great Lakes

    99(h)          Independent Auditor's Report of Ernst &        24
                                   Young
</TABLE>