ANNUAL REPORT OF THE
                 SERVICER FOR THE YEAR ENDED DECEMBER 31, 1996


                                      PHEAA
                          Creating Access to Education
              1200 North Seventh Street, Harrisburg, PA 17102-1444
                                 (717) 720-2540

             Check Remittance:                   Wire/ACH Remittance:
              P.O. Box 360058                     Mellon Bank - West
              Pittsburgh, PA 15251-6058           ABA # 043000261
                                                  Account # 920-8481

ATTN: VICTOR M. SAMRA, JR.                  INVOICE NUMBER    66181
NATIONAL COLLEGIATE TRUST-1996 S2
C/O FIRST MARBLEHEAD LP                     DATE              01/09/97
237 PARK AVENUE, 21ST FLOOR
NEW YORK, NY 10017-3142
                                            CUSTOMER NUMBER   122962D

F 079-039-098-  -004-400-40102-710-90500    079710-039098-102

          Description                                                   Amount
1996 FULL SERVICING CONTRACTS
DECEMBER 1, 1996   THRU   DECEMBER 31, 1996

LOAN SERVICING
ENDING PRINCIPAL BALANCE            5443514.35 @ (.0046/12.00)         2,086.68

SUB TOTAL:                                                             2,086.68
PENNSYLVANIA STATE TAX (6%):


TOTAL INVOICE AMOUNT DUE:                                              2,086.68

FAX: 212/551-1781 OR 212/697-8486
RATE EXPIRATION:
01/15/96 TO 9/30/99
10/01/99 TO 9/30/04
10/01/04 TO 9/30/08
10/01/08 TO 9/30/12

PLEASE DO NOT HESITATE TO CONTACT PHEAA'S
FINANCIAL MANAGEMENT ACCOUNTS RECEIVABLE STAFF
AT 717/720-2168 OR 717/720-2086 IF YOU HAVE ANY
QUESTIONS OR CONCERNS REGARDING YOUR INVOICE.


                              PAYABLE UPON RECEIPT
               TO INSURE PROPER CREDIT RETURN INVOICE WITH PAYMENT

                           2. Remittance Copy                         FRM:0004



<PAGE>



<TABLE>
<CAPTION>

- ----------------------------------------------------------------------------------------------------------------------------------
                     THE NATIONAL COLLEGIATE TRUST 1996 S-2
                    CASH/NON-CASH RECONCILIATION REPORT -045-
                                  DATE 12/31/96
                     PORTFOLIO # 99999 / STATUS = IN-SCHOOL
- ----------------------------------------------------------------------------------------------------------------------------------
                                                NO.                       BORROWER         GOVT.        LT. CHARGES         NO.
                                              NOTES     PRINCIPAL        INTEREST        INTEREST       COLLECTED         NOTES
- ----------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>         <C>               <C>                 <C>             <C>         <C>
  1.BEGINNING BALANCE                                                                                                           2394
- ----------------------------------------------------------------------------------------------------------------------------------
  2.NEW ACQUISITIONS                                                                                                              43
- ----------------------------------------------------------------------------------------------------------------------------------
  3.TRANSFERS IN                                                                                                                   1
- ----------------------------------------------------------------------------------------------------------------------------------
  4.CASH COLLECTIONS
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1.REVERSALS                               0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. PAYMENTS                               1           1,000.00           20.96             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. PAYOFFS-CLAIM                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOTAL CASH                                1           1,000.00           20.96             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
  5.NON-CASH COLLECTION
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. REVERSALS-ADV                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE                          1                .00            9.30             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        3. WRITE-UPS-GEN                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        4. CAPITAL INT.                           0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        5. WRITE-UPS                              0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        6. RESALES                                0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. PAYMENTS-ADV.                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        3. WRITE-OFFS-GE                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        4. PAYOFFS-CLAIM                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        5. CAPITAL INT.                           0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        6. WRITE-OFFS                             0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        7. CANCELLATIONS                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOTAL NON-CASH                            1                .00            9.30             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
  6.TRANSFERS OUT                                                                                                                295
- ----------------------------------------------------------------------------------------------------------------------------------
  7.OTHER REMOVALS                                                                                                                 0
- ----------------------------------------------------------------------------------------------------------------------------------
  8.BALANCE BEFORE ACCRUALS                                                                                                     2143
- ----------------------------------------------------------------------------------------------------------------------------------
  9.CURRENT MONTH ACCRUALS
- ----------------------------------------------------------------------------------------------------------------------------------
 10.ADJS PREV PDS EARNINGS
- ----------------------------------------------------------------------------------------------------------------------------------
 11.ADJS PREV PDS EARNINGS-CLAIMS
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOT ADJS PREV PDS EARN-CLAIMS
- ----------------------------------------------------------------------------------------------------------------------------------
 12.SYSTEM REMOVALS                                                                                                                1
- ----------------------------------------------------------------------------------------------------------------------------------
 13.ENDING BALANCE                                                                                                              2142
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>



<TABLE>
<CAPTION>

- --------------------------------------------------------------------------------------------------
                                                                    BORROWER           GOVT.
                                                   PRINCIPAL        INTEREST         INTEREST
- --------------------------------------------------------------------------------------------------
<S>                                                 <C>                <C>                     <C>
  1.BEGINNING BALANCE                               5,023,350.44       107,505.77              .00
- --------------------------------------------------------------------------------------------------
  2.NEW ACQUISITIONS                                  209,627.00         3,052.87
- --------------------------------------------------------------------------------------------------
  3.TRANSFERS IN                                        3,758.00            82.59              .00
- --------------------------------------------------------------------------------------------------
  4.CASH COLLECTIONS
- --------------------------------------------------------------------------------------------------
    A.  DEBITS
- --------------------------------------------------------------------------------------------------
        1.REVERSALS
- --------------------------------------------------------------------------------------------------
    B.  CREDITS
- --------------------------------------------------------------------------------------------------
        1. PAYMENTS
- --------------------------------------------------------------------------------------------------
        2. PAYOFFS-CLAIM
- --------------------------------------------------------------------------------------------------
    C.  TOTAL CASH
- --------------------------------------------------------------------------------------------------
  5.NON-CASH COLLECTION
- --------------------------------------------------------------------------------------------------
    A.  DEBITS
- --------------------------------------------------------------------------------------------------
        1. REVERSALS-ADV
- --------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE
- --------------------------------------------------------------------------------------------------
        3. WRITE-UPS-GEN
- --------------------------------------------------------------------------------------------------
        4. CAPITAL INT.
- --------------------------------------------------------------------------------------------------
        5. WRITE-UPS
- --------------------------------------------------------------------------------------------------
        6. RESALES
- --------------------------------------------------------------------------------------------------
    B.  CREDITS
- --------------------------------------------------------------------------------------------------
        1. PAYMENTS-ADV.
- --------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE
- --------------------------------------------------------------------------------------------------
        3. WRITE-OFFS-GE
- --------------------------------------------------------------------------------------------------
        4. PAYOFFS-CLAIM
- --------------------------------------------------------------------------------------------------
        5. CAPITAL INT.
- --------------------------------------------------------------------------------------------------
        6. WRITE-OFFS
- --------------------------------------------------------------------------------------------------
        7. CANCELLATIONS
- --------------------------------------------------------------------------------------------------
    C.  TOTAL NON-CASH
- --------------------------------------------------------------------------------------------------
  6.TRANSFERS OUT                                     617,508.00        13,637.81              .00
- --------------------------------------------------------------------------------------------------
  7.OTHER REMOVALS                                           .00              .00              .00
- --------------------------------------------------------------------------------------------------
  8.BALANCE BEFORE ACCRUALS                         4,618,227.44        96,991.76              .00
- --------------------------------------------------------------------------------------------------
  9.CURRENT MONTH ACCRUALS                                              34,724.00              .00
- --------------------------------------------------------------------------------------------------
 10.ADJS PREV PDS EARNINGS                                                   9.30              .00
- --------------------------------------------------------------------------------------------------
 11.ADJS PREV PDS EARNINGS-CLAIMS
- --------------------------------------------------------------------------------------------------
    A.  DEBITS                                                                .00              .00
- --------------------------------------------------------------------------------------------------
    B.  CREDITS                                                               .00              .00
- --------------------------------------------------------------------------------------------------
    C.  TOT ADJS PREV PDS EARN-CLAIMS                                         .00              .00
- --------------------------------------------------------------------------------------------------
 12.SYSTEM REMOVALS                                     1,000.00            21.97              .00
- --------------------------------------------------------------------------------------------------
 13.ENDING BALANCE                                  4,618,227.44       131,715.76              .00
- --------------------------------------------------------------------------------------------------
</TABLE>



<PAGE>



<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
                     THE NATIONAL COLLEGIATE TRUST 1996 S-2
                    CASH/NON-CASH RECONCILIATION REPORT -045-
                                  DATE 12/31/96
                      PORTFOLIO # 99999 / STATUS = IN-GRACE
- ----------------------------------------------------------------------------------------------------------------------------------
                                                NO.                       BORROWER         GOVT.        LT. CHARGES         NO.
                                               NOTES     PRINCIPAL        INTEREST        INTEREST       COLLECTED         NOTES
- ----------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>         <C>               <C>                 <C>             <C>         <C>
  1.BEGINNING BALANCE                                                                                                             18
- ----------------------------------------------------------------------------------------------------------------------------------
  2.NEW ACQUISITIONS                                                                                                               9
- ----------------------------------------------------------------------------------------------------------------------------------
  3.TRANSFERS IN                                                                                                                 294
- ----------------------------------------------------------------------------------------------------------------------------------
  4.CASH COLLECTIONS
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1.REVERSALS                               0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. PAYMENTS                               0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. PAYOFFS-CLAIM                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOTAL CASH                                0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
  5.NON-CASH COLLECTION
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. REVERSALS-ADV                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        3. WRITE-UPS-GEN                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        4. CAPITAL INT.                           0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        5. WRITE-UPS                              0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        6. RESALES                                0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. PAYMENTS-ADV.                          1           1,465.00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        3. WRITE-OFFS-GE                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        4. PAYOFFS-CLAIM                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        5. CAPITAL INT.                           0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        6. WRITE-OFFS                             0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        7. CANCELLATIONS                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOTAL NON-CASH                            1           1,465.00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
  6.TRANSFERS OUT                                                                                                                  0
- ----------------------------------------------------------------------------------------------------------------------------------
  7.OTHER REMOVALS                                                                                                                 0
- ----------------------------------------------------------------------------------------------------------------------------------
  8.BALANCE BEFORE ACCRUALS                                                                                                      321
- ----------------------------------------------------------------------------------------------------------------------------------
  9.CURRENT MONTH ACCRUALS
- ----------------------------------------------------------------------------------------------------------------------------------
 10.ADJS PREV PDS EARNINGS
- ----------------------------------------------------------------------------------------------------------------------------------
 11.ADJS PREV PDS EARNINGS-CLAIMS
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOT ADJS PREV PDS EARN-CLAIMS
- ----------------------------------------------------------------------------------------------------------------------------------
 12.SYSTEM REMOVALS                                                                                                                0
- ----------------------------------------------------------------------------------------------------------------------------------
 13.ENDING BALANCE                                                                                                               321
- ----------------------------------------------------------------------------------------------------------------------------------

</TABLE>





<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
                                                                   BORROWER           GOVT.
                                                  PRINCIPAL        INTEREST         INTEREST
- -------------------------------------------------------------------------------------------------
<S>                                                  <C>               <C>                    <C>
  1.BEGINNING BALANCE                                 42,940.00         1,145.87              .00
- -------------------------------------------------------------------------------------------------
  2.NEW ACQUISITIONS                                 102,765.00         1,246.57
- -------------------------------------------------------------------------------------------------
  3.TRANSFERS IN                                     615,842.00        13,554.62              .00
- -------------------------------------------------------------------------------------------------
  4.CASH COLLECTIONS
- -------------------------------------------------------------------------------------------------
    A.  DEBITS
- -------------------------------------------------------------------------------------------------
        1.REVERSALS
- -------------------------------------------------------------------------------------------------
    B.  CREDITS
- -------------------------------------------------------------------------------------------------
        1. PAYMENTS
- -------------------------------------------------------------------------------------------------
        2. PAYOFFS-CLAIM
- -------------------------------------------------------------------------------------------------
    C.  TOTAL CASH
- -------------------------------------------------------------------------------------------------
  5.NON-CASH COLLECTION
- -------------------------------------------------------------------------------------------------
    A.  DEBITS
- -------------------------------------------------------------------------------------------------
        1. REVERSALS-ADV
- -------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE
- -------------------------------------------------------------------------------------------------
        3. WRITE-UPS-GEN
- -------------------------------------------------------------------------------------------------
        4. CAPITAL INT.
- -------------------------------------------------------------------------------------------------
        5. WRITE-UPS
- -------------------------------------------------------------------------------------------------
        6. RESALES
- -------------------------------------------------------------------------------------------------
    B.  CREDITS
- -------------------------------------------------------------------------------------------------
        1. PAYMENTS-ADV.
- -------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE
- -------------------------------------------------------------------------------------------------
        3. WRITE-OFFS-GE
- -------------------------------------------------------------------------------------------------
        4. PAYOFFS-CLAIM
- -------------------------------------------------------------------------------------------------
        5. CAPITAL INT.
- -------------------------------------------------------------------------------------------------
        6. WRITE-OFFS
- -------------------------------------------------------------------------------------------------
        7. CANCELLATIONS
- -------------------------------------------------------------------------------------------------
    C.  TOTAL NON-CASH
- -------------------------------------------------------------------------------------------------
  6.TRANSFERS OUT                                           .00              .00              .00
- -------------------------------------------------------------------------------------------------
  7.OTHER REMOVALS                                          .00              .00              .00
- -------------------------------------------------------------------------------------------------
  8.BALANCE BEFORE ACCRUALS                          760,082.00        15,947.06              .00
- -------------------------------------------------------------------------------------------------
  9.CURRENT MONTH ACCRUALS                                              5,347.43              .00
- -------------------------------------------------------------------------------------------------
 10.ADJS PREV PDS EARNINGS                                                   .00              .00
- -------------------------------------------------------------------------------------------------
 11.ADJS PREV PDS EARNINGS-CLAIMS
- -------------------------------------------------------------------------------------------------
    A.  DEBITS                                                               .00              .00
- -------------------------------------------------------------------------------------------------
    B.  CREDITS                                                              .00              .00
- -------------------------------------------------------------------------------------------------
    C.  TOT ADJS PREV PDS EARN-CLAIMS                                        .00              .00
- -------------------------------------------------------------------------------------------------
 12.SYSTEM REMOVALS                                         .00              .00              .00
- -------------------------------------------------------------------------------------------------
 13.ENDING BALANCE                                   760,082.00        21,294.49              .00
- -------------------------------------------------------------------------------------------------
</TABLE>



<PAGE>


<TABLE>
<CAPTION>

- ----------------------------------------------------------------------------------------------------------------------------------
                     THE NATIONAL COLLEGIATE TRUST 1996 S-2
                    CASH/NON-CASH RECONCILIATION REPORT -045-
                                  DATE 12/31/96
                       PORTFOLIO # 99999 / STATUS = PAYOUT
- ----------------------------------------------------------------------------------------------------------------------------------
                                                NO.                       BORROWER         GOVT.        LT. CHARGES         NO.
                                               NOTES     PRINCIPAL        INTEREST        INTEREST       COLLECTED         NOTES
- ----------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>         <C>               <C>                 <C>             <C>         <C>
  1.BEGINNING BALANCE                                                                                                             17
- ----------------------------------------------------------------------------------------------------------------------------------
  2.NEW ACQUISITIONS                                                                                                               1
- ----------------------------------------------------------------------------------------------------------------------------------
  3.TRANSFERS IN                                                                                                                   1
- ----------------------------------------------------------------------------------------------------------------------------------
  4.CASH COLLECTIONS
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1.REVERSALS                               0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. PAYMENTS                               6              52.21          279.90             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. PAYOFFS-CLAIM                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOTAL CASH                                6              52.21          279.90             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
  5.NON-CASH COLLECTION
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. REVERSALS-ADV                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        3. WRITE-UPS-GEN                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        4. CAPITAL INT.                           1              83.19             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        5. WRITE-UPS                              0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        6. RESALES                                0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. PAYMENTS-ADV.                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        3. WRITE-OFFS-GE                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        4. PAYOFFS-CLAIM                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        5. CAPITAL INT.                           1                .00           83.19             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        6. WRITE-OFFS                             0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        7. CANCELLATIONS                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOTAL NON-CASH                            2              83.19           83.19             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
  6.TRANSFERS OUT                                                                                                                  1
- ----------------------------------------------------------------------------------------------------------------------------------
  7.OTHER REMOVALS                                                                                                                 0
- ----------------------------------------------------------------------------------------------------------------------------------
  8.BALANCE BEFORE ACCRUALS                                                                                                       18
- ----------------------------------------------------------------------------------------------------------------------------------
  9.CURRENT MONTH ACCRUALS
- ----------------------------------------------------------------------------------------------------------------------------------
 10.ADJS PREV PDS EARNINGS
- ----------------------------------------------------------------------------------------------------------------------------------
 11.ADJS PREV PDS EARNINGS-CLAIMS
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOT ADJS PREV PDS EARN-CLAIMS
- ----------------------------------------------------------------------------------------------------------------------------------
 12.SYSTEM REMOVALS                                                                                                                0
- ----------------------------------------------------------------------------------------------------------------------------------
 13.ENDING BALANCE                                                                                                                18
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>



<TABLE>
<CAPTION>

- --------------------------------------------------------------------------------------------------
                                                                    BORROWER           GOVT.
                                                   PRINCIPAL        INTEREST         INTEREST
- --------------------------------------------------------------------------------------------------
<S>                                                 <C>                <C>                     <C>
  1.BEGINNING BALANCE                                  66,210.98         2,709.32              .00
- --------------------------------------------------------------------------------------------------
  2.NEW ACQUISITIONS                                    1,054.95            27.72
- --------------------------------------------------------------------------------------------------
  3.TRANSFERS IN                                        1,666.00            83.19              .00
- --------------------------------------------------------------------------------------------------
  4.CASH COLLECTIONS
- --------------------------------------------------------------------------------------------------
    A.  DEBITS
- --------------------------------------------------------------------------------------------------
        1.REVERSALS
- --------------------------------------------------------------------------------------------------
    B.  CREDITS
- --------------------------------------------------------------------------------------------------
        1. PAYMENTS
- --------------------------------------------------------------------------------------------------
        2. PAYOFFS-CLAIM
- --------------------------------------------------------------------------------------------------
    C.  TOTAL CASH
- --------------------------------------------------------------------------------------------------
  5.NON-CASH COLLECTION
- --------------------------------------------------------------------------------------------------
    A.  DEBITS
- --------------------------------------------------------------------------------------------------
        1. REVERSALS-ADV
- --------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE
- --------------------------------------------------------------------------------------------------
        3. WRITE-UPS-GEN
- --------------------------------------------------------------------------------------------------
        4. CAPITAL INT.
- --------------------------------------------------------------------------------------------------
        5. WRITE-UPS
- --------------------------------------------------------------------------------------------------
        6. RESALES
- --------------------------------------------------------------------------------------------------
    B.  CREDITS
- --------------------------------------------------------------------------------------------------
        1. PAYMENTS-ADV.
- --------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE
- --------------------------------------------------------------------------------------------------
        3. WRITE-OFFS-GE
- --------------------------------------------------------------------------------------------------
        4. PAYOFFS-CLAIM
- --------------------------------------------------------------------------------------------------
        5. CAPITAL INT.
- --------------------------------------------------------------------------------------------------
        6. WRITE-OFFS
- --------------------------------------------------------------------------------------------------
        7. CANCELLATIONS
- --------------------------------------------------------------------------------------------------
    C.  TOTAL NON-CASH
- --------------------------------------------------------------------------------------------------
  6.TRANSFERS OUT                                       3,758.00            82.59              .00
- --------------------------------------------------------------------------------------------------
  7.OTHER REMOVALS                                           .00              .00              .00
- --------------------------------------------------------------------------------------------------
  8.BALANCE BEFORE ACCRUALS                            65,204.91         2,374.55              .00
- --------------------------------------------------------------------------------------------------
  9.CURRENT MONTH ACCRUALS                                                 478.51              .00
- --------------------------------------------------------------------------------------------------
 10.ADJS PREV PDS EARNINGS                                                    .00              .00
- --------------------------------------------------------------------------------------------------
 11.ADJS PREV PDS EARNINGS-CLAIMS
- --------------------------------------------------------------------------------------------------
    A.  DEBITS                                                                .00              .00
- --------------------------------------------------------------------------------------------------
    B.  CREDITS                                                               .00              .00
- --------------------------------------------------------------------------------------------------
    C.  TOT ADJS PREV PDS EARN-CLAIMS                                         .00              .00
- --------------------------------------------------------------------------------------------------
 12.SYSTEM REMOVALS                                          .00              .00              .00
- --------------------------------------------------------------------------------------------------
 13.ENDING BALANCE                                     65,204.91         2,853.06              .00
- --------------------------------------------------------------------------------------------------
</TABLE>




<PAGE>


<TABLE>
<CAPTION>

- ----------------------------------------------------------------------------------------------------------------------------------
                     THE NATIONAL COLLEGIATE TRUST 1996 S-2
                    CASH/NON-CASH RECONCILIATION REPORT -045-
                                  DATE 12/31/96
                       PORTFOLIO # 99999 / STATUS = TOTAL
- ----------------------------------------------------------------------------------------------------------------------------------
                                                NO.                       BORROWER         GOVT.        LT. CHARGES         NO.
                                               NOTES     PRINCIPAL        INTEREST        INTEREST       COLLECTED         NOTES
- ----------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>         <C>               <C>                 <C>             <C>         <C>
  1.BEGINNING BALANCE                                                                                                           2429
- ----------------------------------------------------------------------------------------------------------------------------------
  2.NEW ACQUISITIONS                                                                                                              53
- ----------------------------------------------------------------------------------------------------------------------------------
  3.TRANSFERS IN                                                                                                                 296
- ----------------------------------------------------------------------------------------------------------------------------------
  4.CASH COLLECTIONS
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1.REVERSALS                               0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. PAYMENTS                               7           1,052.21          300.86             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. PAYOFFS-CLAIM                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOTAL CASH                                7           1,052.21          300.86             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
  5.NON-CASH COLLECTION
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. REVERSALS-ADV                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE                          1                .00            9.30             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        3. WRITE-UPS-GEN                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        4. CAPITAL INT.                           1              83.19             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        5. WRITE-UPS                              0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        6. RESALES                                0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
        1. PAYMENTS-ADV.                          1           1,465.00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        3. WRITE-OFFS-GE                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        4. PAYOFFS-CLAIM                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        5. CAPITAL INT.                           1                .00           83.19             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        6. WRITE-OFFS                             0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
        7. CANCELLATIONS                          0                .00             .00             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOTAL NON-CASH                            4           1,381.81           73.89             .00             .00
- ----------------------------------------------------------------------------------------------------------------------------------
  6.TRANSFERS OUT                                                                                                                296
- ----------------------------------------------------------------------------------------------------------------------------------
  7.OTHER REMOVALS                                                                                                                 0
- ----------------------------------------------------------------------------------------------------------------------------------
  8.BALANCE BEFORE ACCRUALS                                                                                                     2482
- ----------------------------------------------------------------------------------------------------------------------------------
  9.CURRENT MONTH ACCRUALS
- ----------------------------------------------------------------------------------------------------------------------------------
 10.ADJS PREV PDS EARNINGS
- ----------------------------------------------------------------------------------------------------------------------------------
 11.ADJS PREV PDS EARNINGS-CLAIMS
- ----------------------------------------------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------------------------------------------
    C.  TOT ADJS PREV PDS EARN-CLAIMS
- ----------------------------------------------------------------------------------------------------------------------------------
 12.SYSTEM REMOVALS                                                                                                                1
- ----------------------------------------------------------------------------------------------------------------------------------
 13.ENDING BALANCE                                                                                                              2481
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>



<TABLE>
<CAPTION>

- ----------------------------------------------------------------------------------------------
                                                                BORROWER           GOVT.
                                               PRINCIPAL        INTEREST         INTEREST
- ----------------------------------------------------------------------------------------------
<S>                                             <C>                <C>                     <C>
  1.BEGINNING BALANCE                           5,132,501.42       111,360.96              .00
- ----------------------------------------------------------------------------------------------
  2.NEW ACQUISITIONS                              313,446.95         4,327.16              .00
- ----------------------------------------------------------------------------------------------
  3.TRANSFERS IN                                  621,266.00        13,720.40              .00
- ----------------------------------------------------------------------------------------------
  4.CASH COLLECTIONS
- ----------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------
        1.REVERSALS
- ----------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------
        1. PAYMENTS
- ----------------------------------------------------------------------------------------------
        2. PAYOFFS-CLAIM
- ----------------------------------------------------------------------------------------------
    C.  TOTAL CASH
- ----------------------------------------------------------------------------------------------
  5.NON-CASH COLLECTION
- ----------------------------------------------------------------------------------------------
    A.  DEBITS
- ----------------------------------------------------------------------------------------------
        1. REVERSALS-ADV
- ----------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE
- ----------------------------------------------------------------------------------------------
        3. WRITE-UPS-GEN
- ----------------------------------------------------------------------------------------------
        4. CAPITAL INT.
- ----------------------------------------------------------------------------------------------
        5. WRITE-UPS
- ----------------------------------------------------------------------------------------------
        6. RESALES
- ----------------------------------------------------------------------------------------------
    B.  CREDITS
- ----------------------------------------------------------------------------------------------
        1. PAYMENTS-ADV.
- ----------------------------------------------------------------------------------------------
        2. ADJUST-ADVICE
- ----------------------------------------------------------------------------------------------
        3. WRITE-OFFS-GE
- ----------------------------------------------------------------------------------------------
        4. PAYOFFS-CLAIM
- ----------------------------------------------------------------------------------------------
        5. CAPITAL INT.
- ----------------------------------------------------------------------------------------------
        6. WRITE-OFFS
- ----------------------------------------------------------------------------------------------
        7. CANCELLATIONS
- ----------------------------------------------------------------------------------------------
    C.  TOTAL NON-CASH
- ----------------------------------------------------------------------------------------------
  6.TRANSFERS OUT                                 621,266.00        13,720.40              .00
- ----------------------------------------------------------------------------------------------
  7.OTHER REMOVALS                                       .00              .00              .00
- ----------------------------------------------------------------------------------------------
  8.BALANCE BEFORE ACCRUALS                     5,443,514.35       115,313.37              .00
- ----------------------------------------------------------------------------------------------
  9.CURRENT MONTH ACCRUALS                                          40,549.94              .00
- ----------------------------------------------------------------------------------------------
 10.ADJS PREV PDS EARNINGS                                               9.30              .00
- ----------------------------------------------------------------------------------------------
 11.ADJS PREV PDS EARNINGS-CLAIMS
- ----------------------------------------------------------------------------------------------
    A.  DEBITS                                                            .00              .00
- ----------------------------------------------------------------------------------------------
    B.  CREDITS                                                           .00              .00
- ----------------------------------------------------------------------------------------------
    C.  TOT ADJS PREV PDS EARN-CLAIMS                                     .00              .00
- ----------------------------------------------------------------------------------------------
 12.SYSTEM REMOVALS                                 1,000.00            21.97              .00
- ----------------------------------------------------------------------------------------------
 13.ENDING BALANCE                              5,443,514.35       155,863.31              .00
- ----------------------------------------------------------------------------------------------

</TABLE>


<PAGE>

<TABLE>
<CAPTION>


- ----------------------------------------------------------------------------------------------------------------------------------
                     THE NATIONAL COLLEGIATE TRUST 1996 S-2
                         DELINQUENCY/CLAIM/STATUS REPORT
                               (NOTE 047 - PART2)
                                  DATE 12/31/96
                                PORTFOLIO # 99999
- --------------------------------------------------------------------------------------------------------------------------
                                   NUMB         NUMB                    OUTSTANDING PRINCIPAL BALANCE
- --------------------------------------------------------------------------------------------------------------------------
                                   NOTES        BORR       SUBSIDIZED        NON-SUB             TOTAL         % TOT
- --------------------------------------------------------------------------------------------------------------------------
<S>                                <C>          <C>                 <C>      <C>               <C>              <C>
INTERIM:
- --------------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------------
 IN-SCHOOL                           2,142       2,111               .00      4,618,227.44       4,618,227.44    84.84
- --------------------------------------------------------------------------------------------------------------------------
 GRACE                                 321         314               .00        760,082.00         760,082.00    13.96
- --------------------------------------------------------------------------------------------------------------------------
 TOT INTERIM                         2,463       2,425               .00      5,378,309.44       5,378,309.44    98.80
- --------------------------------------------------------------------------------------------------------------------------
 DELINQUENT:
- --------------------------------------------------------------------------------------------------------------------------
   30-60 DAYS                            0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   61-90 DAYS                            0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   91-120 DAYS                           0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   121-150 DAYS                          0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   151-180 DAYS                          0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   OVER 180 DAYS                         0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   TOT INTERIM                           0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
 CLAIMS IN PROCESS:
- --------------------------------------------------------------------------------------------------------------------------
   DEATH                                 0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   DISABILITY                            0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   BANKRUPTCY                            0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   DEFAULT                               0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   TOT INTERIM                           0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
     1 - 75 DAYS                         0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
     OVER 75 DAYS                        0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
 TOTAL ENROLLED                      2,142       2,111               .00      4,618,227.44       4,618,227.44    84.84
- --------------------------------------------------------------------------------------------------------------------------
 TOTAL GRACE                           321         314               .00        760,082.00         760,082.00    13.96
- --------------------------------------------------------------------------------------------------------------------------
 TOTAL INTERIM                       2,463       2,425               .00      5,378,309.44       5,378,309.44    98.80
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>


- --------------------------------------------------------------------------------------------
                                         OUTSTANDING ACCRUED INTEREST RECEIVABLE
- --------------------------------------------------------------------------------------------
                                INSURED          NON-INSURED           TOTAL         % TOT
- --------------------------------------------------------------------------------------------
<S>                               <C>                        <C>         <C>           <C>
INTERIM:
- --------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------
 IN-SCHOOL                         131,715.76                .00         131,715.76    84.51
- --------------------------------------------------------------------------------------------
 GRACE                              21,294.49                .00          21,294.49    13.66
- --------------------------------------------------------------------------------------------
 TOT INTERIM                       153,010.25                .00         153,010.25    98.17
- --------------------------------------------------------------------------------------------
 DELINQUENT:
- --------------------------------------------------------------------------------------------
   30-60 DAYS                             .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
   61-90 DAYS                             .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
   91-120 DAYS                            .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
   121-150 DAYS                           .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
   151-180 DAYS                           .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
   OVER 180 DAYS                          .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
   TOT INTERIM                            .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
 CLAIMS IN PROCESS:
- --------------------------------------------------------------------------------------------
   DEATH                                  .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
   DISABILITY                             .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
   BANKRUPTCY                             .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
   DEFAULT                                .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
   TOT INTERIM                            .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
     1 - 75 DAYS                          .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
     OVER 75 DAYS                         .00                .00                .00     0.00
- --------------------------------------------------------------------------------------------
 TOTAL ENROLLED                    131,715.76                .00         131,715.76    84.51
- --------------------------------------------------------------------------------------------
 TOTAL GRACE                        21,294.49                .00          21,294.49    13.66
- --------------------------------------------------------------------------------------------
 TOTAL INTERIM                     153,010.25                .00         153,010.25    98.17
- --------------------------------------------------------------------------------------------
</TABLE>





<PAGE>

<TABLE>
<CAPTION>


- ----------------------------------------------------------------------------------------------------------------------------------
                     THE NATIONAL COLLEGIATE TRUST 1996 S-2
                         DELINQUENCY/CLAIM/STATUS REPORT
                               (NOTE 047 - PART2)
                                  DATE 12/31/96
                                PORTFOLIO # 99999
- --------------------------------------------------------------------------------------------------------------------------
                                   NUMB         NUMB                    OUTSTANDING PRINCIPAL BALANCE
- --------------------------------------------------------------------------------------------------------------------------
                                   NOTES        BORR       SUBSIDIZED        NON-SUB             TOTAL         % TOT
- --------------------------------------------------------------------------------------------------------------------------
<S>                                <C>          <C>                 <C>      <C>               <C>              <C>
REPAYMENT:
- --------------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------------
 ACTIVE CURRENT                         10          10               .00         37,107.94          37,107.94     0.68
- --------------------------------------------------------------------------------------------------------------------------
 FOREBEARANCE                            0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
 DEFERRED                                4           4               .00         16,766.60          16,766.60     0.31
- --------------------------------------------------------------------------------------------------------------------------
 TOT REPAYMENT                          14          14               .00         53,874.54          53,874.54     0.99
- --------------------------------------------------------------------------------------------------------------------------
 DELINQUENT:
- --------------------------------------------------------------------------------------------------------------------------
   30-60 DAYS                            4           4               .00         11,330.37          11,330.37     0.21
- --------------------------------------------------------------------------------------------------------------------------
   61-90 DAYS                            0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   91-120 DAYS                           0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   OVER 120 DAYS                         0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   TOT REPAYMENT                         4           4               .00         11,330.37          11,330.37     0.21
- --------------------------------------------------------------------------------------------------------------------------
 CLAIMS IN PROCESS:
- --------------------------------------------------------------------------------------------------------------------------
   DEATH                                 0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   DISABILITY                            0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   BANKRUPTCY                            0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   DEFAULT                               0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
   TOT REPAYMENT                         0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
     1-75 DAYS                           0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
     OVER 75 DAYS                        0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
 TOT ACTIVE                             14          14               .00         48,438.31          48,438.31     0.89
- --------------------------------------------------------------------------------------------------------------------------
 TOT FOREBEAR                            0           0               .00               .00                .00     0.00
- --------------------------------------------------------------------------------------------------------------------------
 TOT DEFER                               4           4               .00         16,766.60          16,766.60     0.31
- --------------------------------------------------------------------------------------------------------------------------
 TOT REPAYMENT                          18          18               .00         65,204.91          65,204.91     1.20
- --------------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------------
PORT TOTAL                           2,481       2,443               .00      5,443,514.35       5,443,514.35
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>


- -----------------------------------------------------------------------------------------------
                                          OUTSTANDING ACCRUED INTEREST RECEIVABLE
- -----------------------------------------------------------------------------------------------
                                   INSURED          NON-INSURED           TOTAL         % TOT
- -----------------------------------------------------------------------------------------------
<S>                                 <C>                        <C>          <C>            <C>
REPAYMENT:
- -----------------------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------------------
 ACTIVE CURRENT                         1,931.66                .00           1,931.66     1.24
- -----------------------------------------------------------------------------------------------
 FOREBEARANCE                                .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
 DEFERRED                                 635.65                .00             635.65     0.41
- -----------------------------------------------------------------------------------------------
 TOT REPAYMENT                          2,567.31                .00           2,567.31     1.65
- -----------------------------------------------------------------------------------------------
 DELINQUENT:
- -----------------------------------------------------------------------------------------------
   30-60 DAYS                             285.75                .00             285.75     0.18
- -----------------------------------------------------------------------------------------------
   61-90 DAYS                                .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
   91-120 DAYS                               .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
   OVER 120 DAYS                             .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
   TOT REPAYMENT                          285.75                .00             285.75     0.18
- -----------------------------------------------------------------------------------------------
 CLAIMS IN PROCESS:
- -----------------------------------------------------------------------------------------------
   DEATH                                     .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
   DISABILITY                                .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
   BANKRUPTCY                                .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
   DEFAULT                                   .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
   TOT REPAYMENT                             .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
     1-75 DAYS                               .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
     OVER 75 DAYS                            .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
 TOT ACTIVE                             2,217.41                .00           2,217.41     1.42
- -----------------------------------------------------------------------------------------------
 TOT FOREBEAR                                .00                .00                .00     0.00
- -----------------------------------------------------------------------------------------------
 TOT DEFER                                635.65                .00             635.65     0.41
- -----------------------------------------------------------------------------------------------
 TOT REPAYMENT                          2,853.06                .00           2,853.06     1.83
- -----------------------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------------------
PORT TOTAL                            155,863.31                .00         155,863.31
- -----------------------------------------------------------------------------------------------
</TABLE>




<PAGE>

<TABLE>
<CAPTION>

- -------------------------------------------------------------------------------------------------------
                     THE NATIONAL COLLEGIATE TRUST 1996 S-2
                049 PORTFOLIO CHARACTERISTICS REPORT - NOTE LEVEL
- -------------------------------------------------------------------------------------------------------




- -------------------------------------------------------------------------------------------------------
                                                                             $ WTD          TOTAL
                                                 NO.           NO.         INTEREST         UNPAID
                                                LOANS       BORROWERS        RATE         PRINCIPAL
- -------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------
TOTAL NATIONAL COLLEGIATE
- -------------------------------------------------------------------------------------------------------
<S>                                               <C>            <C>            <C>        <C>
   IN-SCHOOL                                      2,463          2,425          9.17695    5,378,309.44
- -------------------------------------------------------------------------------------------------------
   IN-GRACE                                           0              0          0.00000             .00
- -------------------------------------------------------------------------------------------------------
   IN-PAYOUT                                         18             18          8.75000       65,204.91
- -------------------------------------------------------------------------------------------------------
 NATIONAL COLLEGIATE                              2,481          2,443          9.17183    5,443,514.35
- -------------------------------------------------------------------------------------------------------

</TABLE>

<TABLE>
<CAPTION>


                                             -----------------------------------------------------------------------------
                                                                             DATE 12/31/96                             5
                                             --------------------------------- -TERMS (ANTICIPATED)-----------------------
                                             -----------------------------------------------------------------------------
                                                     GRADUATION                   GRACE                FINAL PAYOUT
                                             -----------------------------------------------------------------------------
                                                  STND        $ WTD        STND         $ WTD       STND        $ WTD
                                                  AVE          AVE          AVE          AVE         AVE         AVE
- --------------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------------
TOTAL NATIONAL COLLEGIATE
- --------------------------------------------------------------------------------------------------------------------------
<S>                                                    <C>         <C>           <C>          <C>       <C>           <C>
   IN-SCHOOL                                           25          24            3            3         55            67
- --------------------------------------------------------------------------------------------------------------------------
   IN-GRACE                                                                      0            0          0             0
- --------------------------------------------------------------------------------------------------------------------------
   IN-PAYOUT                                                                                             0             0
- --------------------------------------------------------------------------------------------------------------------------
 NATIONAL COLLEGIATE                                   24          24            3            3         55            66
- --------------------------------------------------------------------------------------------------------------------------

</TABLE>