<PAGE>   1
                                                                     Page 1 of 1
                       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, 1999

                                       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
                                                ----------

                        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 14 Pages

<PAGE>   2

                                                                             99B



                                                                    Page 2 of 14



         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, 1999,

              See Exhibit 99(b) a Certificate of Pennsylvania Higher Education
              Assistance Agency, as Subservicer of the Registrant with respect
              to the activities of the Subservicer during the fiscal year ended
              December 31, 1999,

              See Exhibit 99(c) 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
              fiscal year ended December 31, 1999 and
<PAGE>   3

                                                                             99B



                                                                    Page 3 of 14



              See Exhibits 99(d) and 99(f) 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, 1999.

              See Exhibit 99(e) a Certificate of Bank One, National Association,
              as Issuer of the Registrant respect to the activities of the
              Issuer during the fiscal year ended December 31, 1999

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 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, 1999, 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, 1999, there was one (1) person 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.


<PAGE>   4
                                                                    Page 4 of 14


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, 1999, 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, 1999, the books of DTC
              indicate that the one (1) 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 Backed     Credit Suisse First Boston           $  65,000,000.  Principal amount     100.00
Certificates                   Corporation                          of Certificates

                               C/O ADF Proxy Services
</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.
<PAGE>   5
                                                                    Page 5 of 14



                (b) REPORTS ON FORM 8-K FILED DURING 1999:
                8-K filed on October 12, 1999.

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

       EXHIBIT NUMBER                                              DESCRIPTION
            1(a)              Note Underwriting Agreement between Key Bank USA,
                              National Association and Credit Suisse First
                              Boston Corporation, dated September 30, 1999
                              [incorporated herein by reference to Exhibit 1.1
                              to the Current Report on Form 8-K dated October
                              12, 1999 (File No. 333-80109)].

            1(b)              Certificate Underwriting Agreement between Key
                              Bank USA, National Association and Credit Suisse
                              First Boston Corporation, dated September 30, 1999
                              [incorporated herein by reference to Exhibit 1.2
                              to the Current Report on Form 8-K dated October
                              12, 1999 (File No. 333-80109)].

            4(a)              Indenture between KeyCorp Student Loan Trust
                              1999-B (the "Trust") and Bankers Trust Company
                              (the "Indenture Trustee"), dated as of September
                              1, 1999 (including as exhibits thereto a form of
                              Floating Rate Asset Backed Note) [incorporated
                              herein by reference to Exhibit 4.1 to the Current
                              Report on Form 8-K dated October 12, 1999 (No.
                              333-80109)].

            4(b)              Amended and Restated Trust Agreement between Key
                              Bank USA, National Association and Bank One,
                              National Association (the "Eligible Lender
                              Trustee"), dated as of September 1, 1999,
                              (including as an exhibit thereto a form of
                              Floating Rate Asset Backed Certificate)
                              [incorporated herein by reference to Exhibit 4.2
                              to the Current Report on Form 8-K dated October
                              12, 1999 (File No. 333-80109)].

            4(c)              Sale and Servicing Agreement among Key Bank USA,
                              National Association (as Seller, Administrator and
                              Master Servicer), the Trust and the Eligible
                              Lender Trustee, dated as of September 1, 1999
                              [incorporated herein by reference to Exhibit 4.3
                              to the Current Report on Form 8-K dated October
                              12, 1999 (File No. 333-80109)].


<PAGE>   6
                                                                    Page 6 of 14


            4(d)              Administration Agreement among the Administrator,
                              the Trust, and the Indenture Trustee, dated as of
                              September 1, 1999 [incorporated herein by
                              reference to Exhibit 99.1 to the Current Report on
                              Form 8-K dated October 12, 1999 (File No.
                              333-80109)].

           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 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 29, 2000
                                  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

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                                                                    Page 7 of 14

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 8 of 14


                                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 Auditor's Report of                       14
                                                                                                     --
                                                        Ernst & Young
</TABLE>
<PAGE>   9
                                                                    Page 9 of 14


                                                                   EXHIBIT 99(a)
                        KEYCORP STUDENT LOAN TRUST 1999-B
                              OFFICER'S CERTIFICATE


<TABLE>
<S>                                     <C>
Bank One, National Association             Banker's Trust Company
One First National Plaza, Suite 0126       Four Albany Street
Chicago, Illionois 60670                   New York, New York 10006
ATTN: Corporate Trust Administration       ATTN:    Corporate Trust & Agency Group
                                                    Structured Finance
(312) 407-0192                             (212) 250-6501
fax (312) 407-1708                         fax (212) 250-6439
</TABLE>


Pursuant to Section 4.09 of the Sale and Servicing Agreement among Key Bank USA,
National Association, as Seller, Master Servicer and Administrator, the Trust,
and Bank One, National Association, as Eligible Lender Trustee, dated as of
September 1, 1999 (the "Agreement"), the undersigned hereby certifies that (i) a
review of the activities of the Master Servicer from inception of the Trust,
through December 31, 1999, and of its performance under the Agreement has been
made, and (ii) to the best of our knowledge, based on our review, the Master
Servicer has fulfilled all its obligations under the Agreement throughout such
period.


                                   Key Bank USA, National Association,
                                   as Master Servicer

                                   by:
                                       / S/ RANDALL M. BEHM
                                   ------------------------------------
Date:  March 29, 2000              Randall M. Behm
                                   Senior Vice President

                                   by
                                      /S/ DARLENE H DIMITRIJEVS
                                   ------------------------------------
                                   Darlene H. Dimitrijevs, CPA
                                   Senior Vice President
<PAGE>   10
                                                                   Page 10 of 14


                                                                   EXHIBIT 99(b)
                        KEYCORP STUDENT LOAN TRUST 1999-B
                              OFFICER'S CERTIFICATE

<TABLE>
<S>                                                         <C>
Bank One National Association                                   Banker's Trust Company
One First National Plaza, Suite 0126                            Four Albany Street
Chicago, Illinois 60670                                         New York, New York  10006
ATTN: Corporate Trust Administration                            ATTN Corporate Trust & Agency Group
                                                                         Structured Finance
(312) 407-0192                                                  (212) 250-6501
fax (312) 407-1708                                              fax (212) 250-6439

Key Bank USA, National Association
800 Superior Ave, 4th Floor
Cleveland, OH   44114
ATTN:   Senior Vice President
           Key Education Resources
(216) 828-9342
fax (216) 828-9416
</TABLE>

Pursuant to Section 3.08 of the Subservicing Agreement between Key Bank USA,
National Association as Master Servicer and Pennsylvania Higher Education
Assistance Agency, as Subservicer, dated as of September 1, 1999 (the
"Agreement"), the undersigned hereby certifies that (i) a review of the
activities of the Subservicer from the inception of the Trust through December
31, 1999, and of its performance under the Agreement has been made, and (ii) to
the best of the undersigned's knowledge, based on the review, the Subservicer
has fulfilled all its obligations under the Agreement throughout such period


                                     PENNSYLVANIA HIGHER EDUCATION
                                     ASSISTANCE AGENCY,  Subservicer

Date: February 15, 2000              by:   /S/ ERNEST P. BEARDSLEY
                                        --------------------------------
                                     Name: Ernest P. Beardsley
                                     Title:    Senior Vice President

<PAGE>   11
                                                                   Page 11 of 14


                                                                   EXHIBIT 99(c)
                        KEYCORP STUDENT LOAN TRUST 1999-B
                              OFFICER'S CERTIFICATE


<TABLE>
<S>                                                         <C>
Bank One N.A.                                                   Banker's Trust Company
One First National Plaza, Suite 0126                            Four Albany Street
Chicago, Illinois 60670                                         New York, New York  10006
ATTN: Corporate Trust Administration                            ATTN Corporate Trust & Agency
Group
                                                                         Structured Finance
(312) 407-0192                                                  (212) 250-6501
fax (312) 407-1708                                              fax (212) 250-6439

Key Bank, USA, National Association
800 Superior Ave, 4th Floor
Cleveland, OH   44114
ATTN:   Senior Vice President
           Key Education Resources
(216) 828-9342
fax (216) 828-9416
</TABLE>

Pursuant to Section 3.08 of the Subservicing Agreement between Key Bank USA,
National Association as Master Servicer and Great Lakes Educational Loan
Services, Inc. As Subservicer, dated September 1, 1999 (the "Agreement"), the
undersigned hereby certifies that (i) a review of the activities of the
Subservicer from the inception of the Trust through December 31, 1999, and of
its performance under the Agreement has been made, and (ii) to the best of the
undersigned's knowledge, based on the review, the Servicer has fulfilled all its
obligations under the Agreement throughout such period


                                 Great Lakes Educational Loan Services, Inc.

Date: December 31, 1999          by:    /S/_MICHAEL J. NOACK
                                   -------------------------
                                 Name: Michael J. Noack
                                 Title:    Secretary


<PAGE>   12
                                                                   Page 12 of 14


                                                                   EXHIBIT 99(d)
                        KEYCORP STUDENT LOAN TRUST 1999-B
                              OFFICER'S CERTIFICATE


<TABLE>
<S>                                                    <C>
Bank One, National Association                              Banker's Trust Company
One First National Plaza, Suite 0126                        Four Albany Street
Chicago, Illinois 60670                                     New York, New York  10006
ATTN: Corporate Trust Administration                        ATTN: Corporate Trust & Agency Group
                                                                   Structured Finance
(312) 407-0192                                              (212) 250-6501
fax (312) 407-1708                                          fax (212) 250-6439
</TABLE>


Pursuant to Section 4.09 of the Sale and Servicing Agreement among Key Bank USA,
National Association, as Seller, Master Servicer and Administrator, the Trust,
and Bank One, National Association, as Eligible Lender Trustee, dated as of
September 1, 1999 (the "Agreement"), the undersigned hereby certifies that (i) a
review of the activities of the Administrator from inception of the Trust,
through December 31, 1999, and of its performance under the Agreement has been
made, and (ii) to the best of our knowledge, based on our review, the
Administrator has fulfilled all its obligations under the Agreement and the
related Administration Agreement respectively throughout such period.


                                Key Bank USA, National Association,
                                as Administrator


                                by:
                                      /S/ RANDALL M. BEHM
                                ----------------------------------
Date:  March 29, 2000           Randall M. Behm
                                Senior Vice President

                                by;
                                      /S/ DARLENE
                                ----------------------------------
                                Darlene H. Dimitrijevs, CPA
                                Senior Vice President


<PAGE>   13
                                                                   Page 13 of 14


                                                                   EXHIBIT 99(e)
                        KEYCORP STUDENT LOAN TRUST 1999-B
                              OFFICER'S CERTIFICATE


Banker's Trust Company
Four Albany Street
New York, New York  10006
ATTN: Corporate Trust & Agency Group
        Structured Finance
(212) 250-6501
fax (212) 250-6439


Pursuant to Section 3.09 of the Indenture the undersigned hereby certifies that
(i) a review of the actifities of the Issuer from Inception of the Trust,
through December 31, 1999, and of its performance under the Indenture has been
made, and (ii) to the best of our knowledge, based on our review, the Issuer has
fulfilled all its obligations under the Indenture throughout such period.


                               KEYCORP STUDENT LOAN TRUST 1999-B, as Issuer
                              by:  Bank One N.A.
                                   as Eligible Lender Trustee


                              by:         /S/ JEFFREY L. KINNEY
                                 ------------------------------
Date:  March 1, 2000               Jeffrey L. Kinney
                                   Vice President

Key Bank, USA, National Association
800 Superior Ave, 4th Floor
Cleveland, OH   44114
ATTN:      Senior Vice President
           Key Education Resources
(216) 828-9342
fax (216) 828-9416
<PAGE>   14
                                                                   Page 14 of 14



                                                                   EXHIBIT 99(f)
                         INDEPENDENT ACCOUNTANT'S REPORT
                      FOR KEYCORP STUDENT LOAN TRUST 1999-B

We have examined management's assertion, included in its representation letter
dated March 3, 2000 that Key Bank USA, National Association (KBUSA), a wholly
owned subsidiary of KeyCorp, complied with sections 4.04, 4.08(a), 4.08(b),
4.08(c), 5.06, 5.07 and 5.08 of the KeyCorp Student Loan Trust 1999-B Sale and
Servicing Agreement and sections 1.(a)(xx), 1.(b)(iii), 2 and 3 of the KeyCorp
Student Loan Trust 1999-B Administration Agreement (collectively, the
"Agreements") as of December 31, 1999 and for the period from September 30, 1999
through December 31, 1999. As discussed in the representation letter, management
is responsible for KBUSA's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about KBUSA's
compliance based on our examination.

Our examination was made in accordance with attestation standards established by
the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about KBUSA's compliance with
those requirements and performing such other procedures as we considered
necessary in the circumstances, our examination assumed the accuracy of reports
prepared by KBUSA's student loan processor. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on KBUSA's compliance with the aforementioned requirements.

In our opinion, assuming the accuracy of reports prepared by KBUSA's student
loan processor, management's assertion that KBUSA was in compliance with the
sections in the Agreements referred to above, as of December 31, 1999 and for
the period from September 30, 1999 through December 31, 1999, is fairly stated,
in all material respects.

This report is intended solely for your information and is not to be referred to
or distributed for any purpose to anyone who is not authorized to receive such
information as specified in the Agreements or in the exhibits attached thereto.

                                                           /s/ Ernst & Young LLP

Cleveland, Ohio
March 3, 2000