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                                                                    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: 333-80109-03

                        KEYCORP STUDENT LOAN TRUST 2000-B
         ---------------------------------------------------------------
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

              DELAWARE                                       36-4381039
------------------------------------                 ---------------------------
    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

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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 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 ("NYHESC"),
              Educational Credit Management Corporation ("ECMC"),Michigan Higher
              Education Assistance Agency ("MHEAA"), Connecticut Student Loan
              Foundation ("CSLF"), 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 with
              respect to the activities of the Subservicer during the calendar
              year ended December 31, 2003 and the Independent Accountant's
              Report of KPMG LLP with respect to the activities of PHEAA 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 with respect to the activities of the Subservicer
              during the calendar year ended December 31, 2003, and the
              Independent Accountant's Report of Ernst and Young with respect to
              the activities of such Subservicer during the calendar year ended
              December 31, 2003.

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                                                                    Page 3 of 24

              See Exhibits 99(d) and 99(h), a Certificate of Key Bank 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 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 Noteholders for a vote during the
              fiscal year covered by this Annual Report. Aside from the single
              class of $0 principal and 0% interest Certificates issued to the
              Depositor, which represents its residual interest in the Trust's
              assets, the Registrant did not issue any Certificates; it only
              issued Floating Rate Asset Backed Notes.

                                     PART II

Item 5.       Market for Registrant's Common Equity and related Stockholder
              Matters.

              Not applicable; Aside from the single class of $0 principal and 0%
              interest Certificates issued to the Depositor, which represents
              its residual interest in the Trust's assets, the Registrant did
              not issue any Certificates; it only issued Floating Rate Asset
              Backed Notes.

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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                                                                    Page 4 of 24

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.

              Not applicable; Aside from the single class of $0 principal and 0%
              interest Certificates issued to the Depositor, which represents
              its residual interest in the Trust's assets, the Registrant did
              not issue any Certificates; it only issued Floating Rate Asset
              Backed Notes.

Item 13.      Certain Relationships and Related Transactions.

              Not applicable; Aside from the single class of $0 principal and 0%
              interest Certificates issued to the Depositor, which represents
              its residual interest in the Trust's assets, the Registrant did
              not issue any Certificates; it only issued Floating Rate Asset
              Backed Notes.

                                     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 October 27, 2003 reporting under Item 5 thereof, the
                regular quarterly distribution to the holders of the Trust's
                Floating Rate Asset Backed Notes and the distribution of the
                Noteholder's Statement.

           (C)  Exhibits.  The following documents are filed as part of this
                 Annual Report on Form 10-K.

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                                                                    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 Auditor's Report of Ernst & Young regarding Great Lakes.

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

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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 19, 2004

                                    KEYCORP STUDENT LOAN TRUST 2000-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. There
are no Certificateholders.

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                                                                    Page 7 of 24

                        KEYCORP STUDENT LOAN TRUST 2000-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 2000-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
                  2000-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

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                                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 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 LLP                 14
                                        regarding PHEAA

    99(g)                Independent Auditor's Report of Ernst & Young                20
                                     Regarding Great Lakes

    99(h)                Independent Auditor's Report of Ernst & Young                25
</TABLE>