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United States Securities and Exchange Commission
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the fiscal year ended December 31, 2006
 OR
 o
    
    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 of Issuing Entity 333-135860-01
 KEYCORP STUDENT LOAN TRUST 2006-A
 (Exact name of Issuing Entity as specified in its charter)
 Commission file number of Depositor 333-135860
 KEY CONSUMER RECEIVABLES LLC
 (Exact name of Depositor as specified in its charter)
 Commission file number of Sponsor 028-06343
 KEYBANK NATIONAL ASSOCIATION
 (Exact name of Sponsor as specified in its charter)
 Delaware
    
    20-5508027(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization of the Issuing Entity)
    
    Identification No.)c/o KeyBank National Association, as Administrator,Attn: Elizabeth Michalski4910 Tiedeman Road, 6th Floor, Brooklyn, Ohio
    
    44144(Address of principal executive offices of the Issuing Entity)
    
    (Zip Code)
 (216) 813-7738  (Issuing Entitys telephone number, including area code)
 Securities registered pursuant
    
    Securities registered pursuantto Section 12(b) of the Act:
    
    to Section 12(g) of the Act:None
    
    None(Title of each class)
    
    (Title of class)
  o þ
  o þ
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KEYCORP STUDENT LOAN TRUST 2006-A
 2006 FORM 10-K ANNUAL REPORT
 TABLE OF CONTENTS
 Item
    
    
    
    PageNumber
    
    
    
    NumberPART I1
    
    Business
    
    
    11A
    
    Risk Factors
    
    
    11B
    
    Unresolved Staff Comments
    
    
    12
    
    Properties
    
    
    13
    
    Legal Proceedings
    
    
    14
    
    Submission of Matters to a Vote of Security Holders
    
    
    1PART II5
    
    Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
    
    
    16
    
    Selected Financial Data
    
    
    17
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    17A
    
    Quantitative and Qualitative Disclosures about Market Risk
    
    
    18
    
    Financial Statements and Supplementary Data
    
    
    19
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    29A
    
    Controls and Procedures
    
    
    29B
    
    Other Information
    
    
    2PART III10
    
    Directors, Executive Officers and Corporate Governance
    
    
    211
    
    Executive Compensation
    
    
    212
    
    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    213
    
    Certain Relationships and Related Transactions, and Director Independence
    
    
    214
    
    Principal Accountant Fees and Services
    
    
    2PART IV15
    
    Exhibits and Financial Statement Schedules
    
    
    2Additional Disclosure Items Required by Regulation AB
    
    
    3Signatures
    
    
    9Exhibits
    
    
    10EX-31.1EX-33.1EX-33.2EX-33.3EX-33.4EX-33.5EX-34.1EX-34.2EX-34.3EX-34.4EX-34.5EX-35.1EX-35.2EX-35.3




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PART I
 
 ITEM 1. BUSINESS
  
 ITEM 1A. RISK FACTORS
  
 ITEM 1B. UNRESOLVED STAFF COMMENTS
  
 ITEM 2. PROPERTIES
  
 ITEM 3. LEGAL PROCEEDINGS
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  
 PART II
 
 ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES
OF EQUITY SECURITIES
  
 ITEM 6. SELECTED FINANCIAL DATA
  
 ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  
 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  
 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
  
 ITEM 9A. CONTROLS AND PROCEDURES
  
 ITEM 9B. OTHER INFORMATION
  
 PART III
 
 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
  
 ITEM 11. EXECUTIVE COMPENSATION
  
 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
MATTERS
  
 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
  
 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
  
 PART IV
 
 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
 (a)(1) Financial Statements
  (a)(2) Financial Statement Schedules
  (a)(3) Exhibits
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(b) Exhibits Required By Item 601 of Regulation S-K.
  (c) Financial Statements required by Regulation S-X but excluded from the Annual Report to
Shareholders.
  
 ADDITIONAL DISCLOSURE ITEMS REQUIRED BY REGULATION AB.
 ITEM 1112 (B) OF REGULATION AB. SIGNIFICANT OBLIGORS OF POOL ASSETS (FINANCIAL INFORMATION).
  ITEM 1114 (B) (2) OF REGULATION AB. CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN
DERIVATIVES INSTRUMENTS (INFORMATION REGARDING SIGNIFICANT ENHANCEMENT PROVIDERS).
   Distribution by GLHEGC and PHEAA as of December 31, 2006
 Group IOutstanding
    
    
    Percent ofNumber of
    
    
    Principal
    
    
    Related PoolGuarantor
    
    Loans
    
    
    Balance
    
    
    BalanceGLHEGC
    
    
    18,304
    
    
    $
    144,489,985
    
    
    
    65.45
    %PHEAA
    
    
    2,263
    
    
    $
    49,079,751
    
    
    
    22.23
    %All Other Guarantors (as a group)
    
    
    8,566
    
    
    $
    27,186,924
    
    
    
    12.32
    %Asset Pool Total
    
    
    29,133
    
    
    $
    220,756,660
    
    
    
    100.00
    %
  Great Lakes Educational Loan Services, Inc.
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Great Lakes Higher Education Guaranty Corporation
   http://www.ed.gov/finaid/prof/resources/data/opeloanvol.html
 Guarantee Volume
 4




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Federal Fiscal Year
    
    Guaranty Volume (Millions)2002
    
    $
    4,473.12003
    
    
    8,721.32004
    
    
    7,707.62005
    
    
    9,686.32006
    
    
    12,797.2
 Reserve Ratio
 Federal Guaranty ReserveFederal Fiscal Year
    
    Fund Level(1)2002
    
    
    1.86
    %2003
    
    
    1.29
    %2004
    
    
    0.99
    %2005
    
    
    0.83
    %2006
    
    
    0.72
    %
 http://www.fp.ed.gov/PORTALSWebApp/fp/whatsnew.jsp.
 (1)
 Claims Rate
 Federal Fiscal Year
    
    Claims Rate2002
    
    
    1.06
    %2003
    
    
    1.27
    %2004
    
    
    .68
    %2005
    
    
    .51
    %2006
    
    
    .62
    %
  Pennsylvania Higher Education Assistance Agency
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Federal
    
    Annual DefaultFiscal Year
    
    Claims Percentages2002
    
    
    1.70
    %2003
    
    
    1.45
    %2004
    
    
    1.09
    %2005
    
    
    1.30
    %2006
    
    
    1.42
    %
   Guaranty Volume
  Federal
    
    Guaranty VolumeFiscal Year
    
    (in millions)2002
    
    $
    2,5302003
    
    
    2,8132004
    
    
    3,1312005
    
    
    3,4032006
    
    
    3,792
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Reserve Ratio
  FederalFiscal Year
    
    Reserve Ratio2002
    

0.48%2003
    

0.48%2004
    

0.34%2005
    

0.16%2006
    

0.20% (pending Department of Education approval)
   Recovery Rates
  Federal Fiscal Year
    
    Recovery Rates2002
    
    
    26.07
    %2003
    
    
    23.12
    %2004
    
    
    25.48
    %2005
    
    
    26.30
    %2006
    
    
    33.93
    %
  ITEM 1115 (B) OF REGULATION AB. CERTAIN DERIVATIVES INSTRUMENTS (FINANCIAL INFORMATION).
  ITEM 1117 OF REGULATION AB. LEGAL PROCEEDINGS.
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ITEM 1119 OF REGULATION AB. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
    ITEM 1122 OF REGULATION AB. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA.
   ITEM 1123 OF REGULATION AB. SERVICER COMPLIANCE STATEMENT.
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SIGNATURES
  KEYCORP STUDENT LOAN TRUST 2006-ABy:
    
    KeyBank National Association,as Master Servicer and Administratoron behalf of the TrustBy:
Name:
    
    /s/Daniel G. Smith

Daniel G. SmithTitle:
    
    Senior Vice PresidentMarch 30, 2007
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INDEX OF EXHIBITS
 ExhibitNumber
    
    Description4.1
    
    Amended and Restated Trust Agreement between Key Consumer
Receivables LLC, as Depositor, and The Bank of New York
(Delaware), as Owner Trustee, dated as of December 1, 2006,
filed as Exhibit 4.1 to Form 8-K filed December 14, 2006, and
incorporated herein by reference.4.2
    
    Indenture among KeyCorp Student Loan Trust 2006-A, as Issuer,
and Deutsche Bank Trust Company Americas, as Indenture
Trustee, Paying Agent and Note Registrar, dated as of
December 1, 2006, filed as Exhibit 4.2 to Form 8-K filed
December 14, 2006, and incorporated herein by reference.4.3
    
    Sale and Servicing Agreement among KeyCorp Student Loan Trust
2006-A, as Issuer, Key Consumer Receivables LLC, as
Depositor, KeyBank National Association, as Master Servicer
and Seller, JPMorgan Chase Bank, National Association, as
Eligible Lender Trustee and Depositor Eligible Lender
Trustee, and KeyBank National Association, as Administrator,
dated as of December 1, 2006, filed as Exhibit 4.3 to Form
8-K filed December 14, 2006, and incorporated herein by
reference.4.4
    
    Administration Agreement among KeyCorp Student Loan Trust
2006-A, as Issuer, KeyBank National Association, as
Administrator, and Deutsche Bank Trust Company Americas, as
Indenture Trustee, dated as of December 1, 2006, filed as
Exhibit 4.4 to Form 8-K filed December 14, 2006, and
incorporated herein by reference.4.5
    
    Student Loan Transfer Agreement among KeyBank National
Association, as Seller, Key Consumer Receivables LLC, as
Purchaser, and JPMorgan Chase Bank, National Association, as
Depositor Eligible Lender Trustee, dated as of December 1,
2006, filed as Exhibit 4.5 to Form 8-K filed December 14,
2006, and incorporated herein by reference.31.1
    
    Certification of senior officer in charge of servicing
function of the servicer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.33.1
    
    Report on Assessment of Compliance with Applicable Servicing
Criteria for Asset-Backed Securities of KeyBank National
Association, as Administrator.33.2
    
    Report on Assessment of Compliance with Applicable Servicing
Criteria for Asset-Backed Securities of KeyBank National
Association, as Master Servicer.33.3
    
    Managements Assessment of Compliance with Regulation AB
Servicing Criteria for Asset-Backed Securities of Great Lakes
Educational Loan Services, Inc. (Great Lakes), as
Subservicer.33.4
    
    Report on Managements Assessment of Compliance with
Applicable Servicing Criteria for Asset-Backed Securities of
Pennsylvania Higher Education Assistance Agency (PHEAA), as
Subservicer.
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ExhibitNumber
    
    Description33.5
    
    Managements Assertion of Compliance with Applicable
Servicing Criteria for Asset-Backed Securities of Deutsche
Bank Trust Company Americas, as Indenture Trustee.34.1
    
    Report of Independent Registered Public Accounting Firm of
Ernst & Young LLP, on behalf of KeyBank National Association,
as Administrator.34.2
    
    Report of Independent Registered Public Accounting Firm of
Ernst & Young LLP, on behalf of KeyBank National Association,
as Master Servicer.34.3
    
    Report of Independent Registered Public Accounting Firm of
Ernst & Young LLP, on behalf of Great Lakes, as Subservicer.34.4
    
    Report of Independent Registered Public Accounting Firm of
KPMG LLP, on behalf of PHEAA, as Subservicer.34.5
    
    Report of Independent Registered Public Accounting Firm of
KPMG LLP, on behalf of Deutsche Bank Trust Company Americas,
as Indenture Trustee.35.1
    
    Servicing Compliance Statement of KeyBank National
Association, as Master Servicer.35.2
    
    Servicing Compliance Statement of Great Lakes, as Subservicer.35.3
    
    Servicing Compliance Statement of PHEAA, as Subservicer.
 11