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                       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, 2000
                          -----------------

                                       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 7
                                                  ---
                               Page  1  of  19  Pages
                                    ---    ----

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     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 the
Registrant. 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, 2000.

               See Exhibit 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 Peat Marwick with
               respect to the activities of such Subservicer during the calendar
               year ended December 31, 2000.

               See Exhibit 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



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               activities of such Subservicer during the calendar year ended
               December 31, 2000.

               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, 2000.

               See Exhibit 99(e) a Certificate of Bank One, National
               Association, as Issuer of the Registrant with respect to the
               activities of the Issuer during the fiscal year ended December
               31, 2000.

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, 2000, 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, 2000, there were two (2) 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.


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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.

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

              As of December 31, 2000, 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 29, 2000, 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>

<S>                           <C>                                  <C>                                <C>
                               Name and Address of                  Amount and Nature of               Percent of
Title of Class                 Beneficial Owner                     Beneficial Ownership               Class
------------------------------ ------------------------------------ ---------------------------------- -----------------
Floating Rate Asset            Bankers Trust Company                $  48,350,000. Principal           74.4
Backed Certificates            Attn: John Lasher                    amount of Certificates
                               648 Grassmere Park Road
                               Nashville, TN 37211
------------------------------ ------------------------------------ ---------------------------------- -----------------
                               State Street Bank and Trust          $  16,000,000. Principal           24.6
                               Company                              amount of Certificates
                               Attn: Joseph J Callahan
                               1776 Heritage Dr.
                               No. Quency MA 02171
</TABLE>


Item 13.        Certain Relationships and Related Transactions.
                ----------------------------------------------

                Omitted.

                                     PART IV

Item 14.   Exhibits, Financial Statement Schedules and Reports on Form 8-K.
           ---------------------------------------------------------------

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           (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 2000:
               ---------------------------------------------------------
                8-K dated November 27, 2000, reporting under Item 5 thereof, the
                regularly 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.

EXHIBIT NUMBER                        DESCRIPTION
     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 Peat Marwick
                     regarding PHEAA

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

     99(h)           Independent Auditor's Report of Ernst & Young.


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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 30, 2001
                                KEYCORP STUDENT LOAN TRUST 1999-B

                                BY: BANK ONE, NATIONAL ASSOCIATION, NOT IN
                                ITS INDIVIDUAL CAPACITY BUT SOLELY AS ELIGIBLE
                                LENDER TRUSTEE ON BEHALF OF THE TRUST

                                By:      /s/ Jeffrey L. Kinney
                                    ------------------------------------------
                                Name:         Jeffrey L. Kinney
                                    ------------------------------------------
                                Title:        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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                                INDEX OF EXHIBITS



EXHIBIT NUMBER                      DESCRIPTION                            PAGE

     99(a)                Master Servicer's Compliance                       8
                                    Certificate                              -

     99(b)             Subservicer's Compliance Certificate                  9
                                       PHEAA                                 -

     99(c)             Subservicer's Compliance Certificate                 10
                                    Great Lakes                             --

     99(d)             Administrator's Compliance Certificate               11
                                                                            --

     99(e)                Issuer's Compliance Certificate                   12
                                                                            --

     99(f)              Independent Accountant's Report of                  13
                            KPMG Peat Marwick regarding                     --
                                       PHEAA

     99(g)              Independent Accountant's Report of                  18
                        Ernst & Young regarding Great Lakes                 --

     99(h)              Independent Auditor's Report of Ernst               19
                                       & Young                              --