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Page 1 of 24    UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
 FORM 10-K (Mark One) þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2004 OR o
    
    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
    
    36-4318790State or other jurisdiction
of incorporation or organization
    
    (I.R.S. employer
identification no.)
 c/o KeyBank National Association, as Administrator, Attn: Cathleen Leanza, 
 800 Superior Ave.,Cleveland, Ohio
    
    44114(Address of principal executive offices)
    
    (Zip Code)
 Registrants telephone number, including area code: (216) 828-8852 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 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 þ No o 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. Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12(b)-2 of the Act).
Yes o No þ 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 7




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|                                                                 |                                                                                               |  |  |  |  |  |  | 
|---------------------------------------------------------------- | --------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I                                                          
|                                                                 | Item 1. Business.                                                                            
|                                                                 | Item 2. Properties.                                                                          
|                                                                 | Item 3. Legal Proceedings                                                                    
|                                                                 | Item 4. Submission of Matters to a Vote of Security Holders                                  
|PART II                                                         
|                                                                 | Item 5. Market for Registrants Common Equity and related Stockholder Matters                
|                                                                 | Item 6. Selected Financial Data                                                              
|                                                                 | Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
|                                                                 | Item 7A. Quantitative and Qualitative Disclosures About Market Risk                          
|                                                                 | Item 8. Financial Statements and Supplementary Data                                          
|                                                                 | Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 
|                                                                 | Item 9A. Controls and Procedures                                                             
|                                                                 | Item 9B. Other Information                                                                   
|PART III                                                        
|                                                                 | Item 10. Directors and Executive Officers of the Registrant                                  
|                                                                 | Item 11. Executive Compensation                                                              
|                                                                 | Item 12. Security Ownership of Certain Beneficial Owners and Management                      
|                                                                 | Item 13. Certain Relationships and Related Transactions                                      
|                                                                 | Item 14. Principal Accounting Fees and Services                                              
|PART IV                                                         
|                                                                 | Item 15. Exhibits, Financial Statement Schedules                                             
|INDEX OF EXHIBITS                                               
|EX-31 Certification of the Registrant                           
|EX-99(A) Master Servicers Compliance Certificate                
|EX-99(B) Subservicers Compliance Certificate PHEAA              
|EX-99(C) Subservers Compliance Certificate Great Lakes          
|EX-99(D) Administrators Compliance Certificate                  
|EX-99(E) Issuers Compliance Certificate                         
|EX-99(F) Independent Accountants Report of KPMG re: PHEAA       
|EX-99(G) Independent Auditors Report of E&Y re: Great Lakes     
|EX-99(H) Independent Auditors Report of E&Y re: Keybank National



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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, National Association and
said Trust. Accordingly, certain items have been omitted from or modified in this Annual Report on
Form 10-K. (Please note that KeyBank National Association is the successor by merger to Key Bank
USA, National Association.) 
 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 31, a Certification of the Registrant, KeyBank National Association,
successor in interest to Key Bank USA, National Association, as Depositor with respect
to the activities during the fiscal year ended December 31, 2004.See Exhibit 99(a), a Certificate of KeyBank National Association, as Master Servicer of
the Registrant with respect to the activities of the Master Servicer during the fiscal
year ended December 31, 2004.See Exhibits 99(b) and 99(f), a Certificate of Pennsylvania Higher Education Assistance
Agency, as Subservicer of the Registrant, with respect to the activities of such
Subservicer during the calendar year ended December 31, 2004 and the Independent
Accountants Report of KPMG LLP with respect to the activities of such Subservicer
during the calendar year ended December 31, 2004.See Exhibits 99(c) and 99(g), a Certificate of Great Lakes Educational Loan Services,
Inc. (Great Lakes), as Subservicer of the Registrant, with respect to the activities
of such Subservicer during the calendar year ended December 31, 2004 and the Independent
Accountants Report of Ernst & Young with respect to the activities of such Subservicer
during the calendar year ended December 31, 2004.




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Page 3 of 24  See Exhibits 99(d) and 99(h), a Certificate of KeyBank 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, 2004.See Exhibit 99(e), a Certificate of the Registrant, through JPMorgan Chase Bank, N.A.,
successor in interest to Bank One, National Association, as Eligible Lender Trustee of
the Registrant with respect to the activities of the Registrant during the fiscal year
ended December 31, 2004. 
 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, 2004, 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, 2004, 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 7A. Quantitative and Qualitative Disclosures About Market Risk.  Omitted. 
 Item 8. Financial Statements and Supplementary Data.  Omitted. 
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.




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Page 4 of 24  None. 
 Item 9A. Controls and Procedures.  Omitted. 
 Item 9B. Other Information.  None. 
 PART III 
 Item 10. Directors and Executive Officers of the Registrant.  Omitted. 
 Item 11. Executive Compensation.  Omitted. 
 Item 12. Security Ownership of Certain Beneficial Owners and Management.  As of December 31, 2004, 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, 2004, the books of
DTC indicate that the two (2) DTC participant institutions listed
below are record owners of in excess of five percent (5%) of the
Certificates issued by the Registrant. Only such participant,
however, know the identity of the beneficial owners of interests
in such Certificates. Name and Address of
    
    
    Amount and NatureTitle of Class
    
    
    Beneficial Owner
    
    
    of Beneficial Ownership
    
    
    Percent of ClassFloating Rate Asset
Backed Certificates
    
    
    Deutsche Bank Trust
Company Americas
Attn: John Lasher
648 Grassmere Park Road
Nashville, TN 37211
    
    
    $48,350,000.
Principal amount of
Certificates
    
    
    74.4JP Morgan Chase Bank
Attn: Paula J. Dabner
c/o Proxy/Class
Actions/Bankruptcy
Dallas, Texas 75254
    
    
    $16,000,000.
Principal amount of
Certificates
    
    
    24.6
 
 Item 13. Certain Relationships and Related Transactions.  Omitted. 
 Item 14. Principal Accounting Fees and Services.  Omitted.




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Page 5 of 24 
 PART IV 
 Item 15. Exhibits, Financial Statement Schedules. (a)(1) Financial Statements. Not Applicable. (a)(2)
Financial Statement Schedules required under Item 15(c) below. Not Applicable. (a)(3)
Exhibits. The following documents are required under Item 601
of Regulation S-K and are filed as part of this Annual Report on Form 10-K. No
documents are required as exhibits hereto under Item 15(c) below. Exhibit Number
    
    Description31
    
    Certification of the Registrant99(a)
    
    Master Servicers Compliance Certificate, KeyBank 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, KeyBank National Association.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 regarding KeyBank
National Association.
 (b) Exhibits Required Under Item 601 of Regulation S-K. Exhibits 31 through 99(h), listed above, are filed herewith. (c) Financial Statements required by Regulation S-X but excluded from the
Annual Report to Shareholders. Not Applicable.




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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 23, 2005 KeyCorp Student Loan Trust 1999-BBy: KeyBank National Association, successor in
interest to Key Bank USA, National Association as
Master Servicer and Administrator, on behalf of the
TrustBy:
    
    /S/ DANIEL G. SMITHName:
    
    Daniel G. SmithTitle:
    
    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.




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Page 7 of 24 
 INDEX OF EXHIBITS Exhibit Number
    
    Description
    
    Page31
    
    Certification of the Registrant
    
    
    899(a)
    
    Master Servicers Compliance Certificate
    
    
    999(b)
    
    Subservicers Compliance Certificate PHEAA
    
    
    1099(c)
    
    Subservicers Compliance Certificate Great Lakes
    
    
    1199(d)
    
    Administrators Compliance Certificate
    
    
    1299(e)
    
    Issuers Compliance Certificate
    
    
    1399(f)
    
    Independent Accountants Report of KPMG LLP
regarding PHEAA
    
    
    1499(g)
    
    Independent Accountants Report of Ernst &
Young regarding Great Lakes
    
    
    2099(h)
    
    Independent Auditors Report of Ernst &
Young regarding KeyBank National Association
    
    
    24