SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                            -----------------------



                                    FORM 10-K

       FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 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, 1997

[  ] 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: 333-35825-01

                       CRESTAR STUDENT LOAN TRUST 1997-1

(Issuer in respect of the Crestar Student Loan Trust 1997-1 Student Loan
                              Asset-Backed Notes)
             (Exact name of registrant as specified in its charter)

           Delaware                                          54-1872152
------------------------------                      ----------------------
(State or other jurisdiction of                         (IRS Employer
        incorporation)                                 Identification No.)

919 East Main Street, Richmond, Virginia                       23219
----------------------------------------                     ---------
(Address of principal executive offices)                     (Zip Code)

Registrant's telephone number, including area code: (804)  343-9400

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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 X__ No ___

           Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part III
of this Form 10-K or any amendment to this Form 10-K.

           Not Applicable.

           State the aggregate market value of the voting stock held by
non-affiliates of the registrant. The aggregate market value shall be computed
by reference to the price at which the stock was sold, or the average bid and
asked price of such stock, as of a specified date within 60 days prior to the
date of the filing. (See definition of affiliate in Rule 405, 17 CFR 230.405.)

           Not Applicable.

           The index exhibit is on page 11.

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                                Introductory Note

           The Registrant, Crestar Student Loan Trust 1997-1, was formed
pursuant to that certain Trust Agreement dated as of December 1, 1997 by and
between Crestar Bank, as Depositor, Star Bank,N.A. as Eligible Lender Trustee,
and Delaware Trust Capital Management as Delaware Trustee. The Registrant is the
issuer of the Crestar Student Loan Trust 1997-1 Asset-Backed Notes (the
"Notes"), issued under an Indenture dated as of December 1, 1997 by and between
the Registrant and Bankers Trust Company as Indenture Trustee.

           This Form 10-K has been prepared with modified disclosure in
accordance with past exemptions from the reporting requirements granted by the
Securities and Exchange Commission under the Securities Exchange Act of 1934 for
issuers substantially similar to the Registrant. Items designated herein as "Not
Applicable" have been specifically omitted in reliance on such prior exemptions.


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                                     Part I

Item 1.             Business.

                    Not Applicable.

Item 2.             Properties.

                    Not Applicable.

Item 3.             Legal Proceedings.

                    The Registrant knows of no material pending legal
                    proceedings involving the Registrant, the Indenture Trustee,
                    the Eligible Lender Trustee, Delaware Trustee, or the Master
                    Servicer with respect to the Notes or the Registrant's
                    property.

Item 4.             Submission of Matters to a Vote of Security Holders.

                    None

                                     Part II

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

                    (a) Subsection references herein refer to Section 201 of
                        Regulation S-K.

                            (a) No established public trading market for the
                                Notes exists.

                            (b) As of December 31, 1997 the number of holders of
                                the publicly offered Notes was 9.

                            (c)  Not Applicable.

                    (b)

                    1) December 9, 1997 is the effective date of the Securities
                    Act registration statement for which the use of proceeds
                    information is being disclosed. The Commission file number
                    is 333-35825.

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                    2) The offering date was December 17, 1997.

                    3) The offering did not terminate before the securities were
                       sold.
                    4)
                       i)  The offering has terminated with all securities sold.

                      ii)  The managing underwriters were Salomon Brothers Inc.,
                           Crestar Securities Corporation, and Morgan Stanley &
                           Co., Incorporated

                     iii)  $222,900,000 of Asset-Backed Notes comprised of the
                           following classes: $130,000,000 Senior LIBOR Rate
                           Class A-1 Notes; $84,000,000 Senior LIBOR Rate Class
                           A-2 Notes, and $8,900,000 Subordinate LIBOR Rate
                           Class B Notes

                      iv)  Amounts registered and amounts sold are the full
                           amount indicated in iii) above. The offering price of
                           the amount registered and the amount sold was 100%.

                       v)  The aggregate amount of expenses was $1,337,400
                           (including $668,340 of underwriter's discount). These
                           payments were direct or indirect payments to parties
                           other than directors, officers, general partners of
                           the issuer or their associates; to persons owning ten
                           (10) percent or more of any class of equity
                           securities of the issuer; and to affiliates of the
                           issuer.

                      vi)  The net offering proceeds were $221,562,600.

                     vii)  The net proceeds were used to make the initial
                           Reserve Account deposit, deposits into certain other
                           Trust Accounts, and for general corporate purposes.
                           These payments were not made to directors, officers,
                           general partners of the issuer or their associates;
                           to persons owning ten (10) percent or more of any
                           class of equity securities of the issuer; and to
                           affiliates of the issuer.

                    viii)  The use of proceeds does not differ from that
                           specified in prospectus.

Item 6.             Selected Financial Data.

                    Not Applicable.

Item 7.             Management's Discussion and Analysis of Financial Condition
                    and Results of Operations

                    Not Applicable.

Item 7A.            Quantitative and Qualitative Discussions about Market Risks.

                    Not Applicable.

Item 8.             Financial Statements and Supplementary Data.

                    Not Applicable.

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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.

                    Not Applicable.

Item 11.            Executive Compensation.

                    Not Applicable.

Item 12.            Security Ownership of Certain Beneficial Owners and
                    Management

                    (a) As of December 31, 1997 the Notes were registered in the
                    name of CEDE & Co., as nominee of the Depository Trust
                    Company (DTC). The books of DTC indicate that the six (6)
                    DTC participant institutions listed below are record owner
                    of at least five percent (5%) of the Notes issued by the
                    Registrant. Only such participants, however, know the
                    identity of the beneficial owner of the Notes. Pursuant to
                    subparagraph (a) of Item 403 of regulation S-K, required
                    information as holders of record of five percent or more of
                    Notes as of December 31, 1997 is as follows:

                    Bankers Trust  Company  - $56,500,000 principal value (25.3%
                    of Notes)
                    c/o BT Services Tennessee Inc.
                    648 Grassmere Park Drive
                    Nashville, TN 37211

                    BNY/ITC - $18,000,000 - (8.1% of Notes)
                    c/o N.A. Schapiro & Co. Inc
                    One Chase Manhattan Plaza, 58th Floor
                    New York, NY 10005

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                    Chase/Chemical - $63,000,000 (28.2% of Notes)
                    4 New York Plaza
                    Proxy Department, 13th Floor
                    New York, New York 10004

                    Boston Safe Deposit and Trust Company -  $12,000,000 (5.4%
                    of Notes)
                    c/o Mellon Bank, N.A
                    Three Mellon Center, Room 153-3015
                    Pittsburgh, PA 15259

                    Citibank - $16,500,000 (7.4% of Notes)
                    P.O. Box 30576
                    Tampa, FL 33630-3576

                    Deutsche Morgan Grenfell Inc. - $42,000,000 (18.8% of Notes)
                    c/o ADP Proxy Services
                    51 Mercedes Way
                    Edgewood, NJ  11717

                    (b)   Not Applicable.

                    (c)   Not Applicable.

Item 13.            Certain Relationships and Related Transactions.

                    None or Not Applicable.

                                     Part IV

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

                    (a)   The following documents are filed as part of the
                          report

                         (1)  Financial Statements.

                                Not Applicable.

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                         (2)   Financial Statement Schedules

                                Not Applicable.

                    (b) The registrant filed the following current reports on
                        Form 8-K for the fourth quarter of 1997:

                    Registrant filed one 8-K dated January 27, 1998, reporting
                    under Item 5 thereof, the regular monthly distribution to
                    the holders of the Notes and the Noteholders' Statement.

                    (c)   Exhibits.

                    99.1    - Crestar Student Loan Trust 1997-1 Fiscal Year-End
                    Series Report

                    Independent Public Accountant's report for the period ended
                    December 31, 1997 - Not Applicable.

                    Annual Compliance Statement for the period ended December
                    31, 1997 - Not Applicable.

                    (d)   Additional financial statements

                         (4) Separate Financial Statements of subsidiaries not
                             consolidated and fifty-percent-or-less persons.

                                None.

                         (2) Affiliates whose securities are pledged collateral.

                                None.

                         (3) Schedules.

                                 None.

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                                   SIGNATURES

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 behalf
of Crestar Student Loan Trust 1997-1 by the undersigned, thereunto duly
authorized.

                                        CRESTAR STUDENT LOAN TRUST 1997-1

                                        By:    CRESTAR BANK, as Administrator
                                        and Master Servicer and on behalf of
                                        Crestar Student Loan Trust 1997-1

                                        By:     /s/ Mark Smith
                                               -------------------------------
                                               Mark Smith
                                               Senior Vice President

Date:  December 31, 1997


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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

                    (a) (1) No annual report is provided to the Noteholders
                        other than with respect to aggregate principal and
                        interest payments.

                    (a) (2) No proxy statement, form of proxy or other proxy
                        soliciting material has been sent to any Noteholder with
                        respect to any annual or other meeting of Noteholders.

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                                INDEX TO EXHIBITS

Exhibit
Number       Exhibits
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99.1         Crestar Student Loan Trust 1997-1 Fiscal Year End Annual Report