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                                                                    Page 1 of 25


                       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, 2002

                                       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 1 of 25 Pages


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                                                                    Page 2 of 25


     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, 2002.

          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 Peat Marwick with respect to
          the activities of such Subservicer during the calendar year ended
          December 31, 2002.

          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, 2002.

          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, 2002.


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                                                                    Page 3 of 25

          See Exhibit 99(e), a Certificate of the Registrant, through Bank One,
          National Association, as Eligible Lender Trustee of the Registrant
          with respect to the activities of the Registrant as Issuer during the
          fiscal year ended December 31, 2002.

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, 2002, 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, 2002, 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.

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                                                                    Page 4 of 25
Item 11.  EXECUTIVE COMPENSATION.

          Omitted.

Item 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

          As of December 31, 2002, 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, 2002, 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
Title of Class        Beneficial Owner            Beneficial Ownership     of Class
-----------------------------------------------------------------------------------
<S>                   <C>                         <C>                      <C>
Floating Rate Asset   Deutsche Bank Trust         $48,350,000. Principal     74.4
Backed Certificates   Company Americas            amount of Certificates
                      Attn: John Lasher
                      648 Grassmere Park Road
                      Nashville, TN 37211
-----------------------------------------------------------------------------------
                      JP Morgan Chase Bank        $16,000,000. Principal     24.6
                      Attn: Paula J. Dabner       amount of Certificates
                      c/o Proxy/Class
                      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 2002:

              8-K dated November 27, 2002, 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.


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                                                                    Page 5 of 25


          (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.


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 28, 2003


                                   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


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                                                                    Page 6 of 25


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 25


                        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., Bank
One National Association, as Eligible Lender Trustee, and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), as Indenture
Trustee.



Date:  March 20, 2003                       /s/ DARLENE H. DIMITRIJEVS
                                            -----------------------------------
                                            Darlene H. Dimitrijevs
                                            Senior Vice President
                                            Key Bank USA, National Association



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                                                                    Page 8 of 25


                                INDEX OF EXHIBITS




EXHIBIT NUMBER                     DESCRIPTION                              PAGE

    99(a)        Master Servicer's Compliance Certificate                     9

    99(b)        Subservicer's Compliance Certificate PHEAA                  10

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

    99(d)        Administrator's Compliance Certificate                      12

    99(e)        Issuer's Compliance Certificate                             13

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

    99(g)        Independent Accountant's Report of Ernst & Young            19
                 regarding Great Lakes

    99(h)        Independent Auditor's Report of Ernst & Young               25