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 S1
C/O FIRST MARBLEHEAD LP                          DATE                 01/08/97
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            3043931.02 @ (.0046/12.00)          1,166.84

SUB TOTAL:                                                              1,166.84
PENNSYLVANIA STATE TAX (6%):


TOTAL INVOICE AMOUNT DUE:                                               1,166.84

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>
                                                 THE NATIONAL COLLEGIATE TRUST 1996 S-1
                                                CASH/NON-CASH RECONCILIATION REPORT -045-
                                                              DATE 12/31/96
                                                  PORTFOLIO #99999 / STATUS = IN-SCHOOL
<CAPTION>
                            NO.                 BORROWER      GOVT.    LT. CHARGES      NO.                   BORROWER        GOVT.
                           NOTES    PRINCIPAL   INTEREST    INTEREST    COLLECTED     NOTES     PRINCIPAL     INTEREST      INTEREST
                           -----    ---------   --------    --------    ---------     -----     ---------     --------      --------

<S>                          <C>   <C>           <C>          <C>        <C>           <C>     <C>            <C>                <C>
1. BEGINNING BALANCE                                                                   1060    2,260,418.28   158,214.20         .00
2. NEW ACQUISITIONS                                                                       0             .00          .00
3. TRANSFERS IN                                                                           1        1,563.74        38.84         .00
4. CASH COLLECTIONS
   A. DEBITS
      1. REVERSALS           0           .00        .00       .00        .00
   B. CREDITS
      1. PAYMENTS            4           .00     144.21       .00        .00
      2. PAYOFFS-CLAIMS      0           .00        .00       .00        .00
   C. TOTAL CASH             4           .00     144.21       .00        .00
5. NON-CASH COLLECTION
   A. DEBITS
      1. REVERSALS-ADV       0           .00        .00       .00        .00
      2. ADJUST-ADVICE       4          5.53      61.25       .00        .00
      3. WRITE-UPS-GEN       0           .00        .00       .00        .00
      4. CAPITAL INT.        1           .00      69.27       .00        .00
      5. WRITE-UPS           1        777.00        .00       .00        .00
      6. RESALES             0           .00        .00       .00        .00
   B. CREDITS
      1. PAYMENTS-ADV.       0           .00        .00       .00        .00
      2. ADJUST-ADVICE       4     13,377.00       5.55       .00        .00
      3. WRITE-OFFS-GE       0           .00        .00       .00        .00
      4. PAYOFFS-CLAIM       0           .00        .00       .00        .00
      5. CAPITAL INT.        1         69.27        .00       .00        .00
      6. WRITE-OFFS          3     12,300.01     660.52       .00        .00
      7. CANCELLATIONS       0           .00        .00       .00        .00
   C. TOTAL NON-CASH        14     24,963.75     535.55       .00        .00
6. TRANSFERS OUT                                                                        292      640,317.77    45,811.46         .00
7. OTHER REMOVALS                                                                         0             .00          .00         .00
8. BALANCE BEFORE ACCRUALS                                                              769    1,596,700.50   111,761.82         .00
9. CURRENT MONTH ACCRUALS                                                                                      11,591.84         .00
10. ADJS PREV PDS EARNINGS                                                                                         61.23         .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                                                                       3       24,900.01       731.97         .00
13. ENDING BALANCE                                                                      766    1,596,700.50   123,353.66         .00
</TABLE>





<PAGE>


<TABLE>
                                                 THE NATIONAL COLLEGIATE TRUST 1996 S-1
                                                CASH/NON-CASH RECONCILIATION REPORT -045-
                                                              DATE 12/31/96
                                                  PORTFOLIO #99999 / STATUS = IN-GRACE
<CAPTION>
                            NO.                 BORROWER      GOVT.    LT. CHARGES      NO.                   BORROWER        GOVT.
                           NOTES    PRINCIPAL   INTEREST    INTEREST    COLLECTED     NOTES     PRINCIPAL     INTEREST      INTEREST
                           -----    ---------   --------    --------    ---------     -----     ---------     --------      --------

<S>                          <C>      <C>        <C>          <C>        <C>            <C>      <C>           <C>               <C>
1. BEGINNING BALANCE                                                                     23       79,325.00     5,727.12         .00
2. NEW ACQUISITIONS                                                                       0             .00          .00
3. TRANSFERS IN                                                                         200      454,669.59    32,794.46         .00
4. CASH COLLECTIONS
   A. DEBITS
      1. REVERSALS           0           .00        .00       .00        .00
   B. CREDITS
      1. PAYMENTS            1           .00      32.03       .00        .00
      2. PAYOFFS-CLAIM       0           .00        .00       .00        .00
   C. TOTAL CASH             1           .00      32.03       .00        .00
5. NON-CASH COLLECTION
   A. DEBITS
      1. REVERSALS-ADV       0           .00        .00       .00        .00
      2. ADJUST-ADVICE       2         28.62        .44       .00        .00
      3. WRITE-UPS-GEN       0           .00        .00       .00        .00
      4. CAPITAL INT.        3           .00     188.88       .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       3           .00      28.66       .00        .00
      3. WRITE-OFFS-GE       0           .00        .00       .00        .00
      4. PAYOFFS-CLAIM       0           .00        .00       .00        .00
      5. CAPITAL INT.        3        188.88        .00       .00        .00
      6. WRITE-OFFS          0           .00        .00       .00        .00
      7. CANCELLATIONS       0           .00        .00       .00        .00
   C. TOTAL NON-CASH        11        160.26     160.66       .00        .00
6. TRANSFERS OUT                                                                          6       16,135.00     1,195.75         .00
7. OTHER REMOVALS                                                                         0             .00          .00         .00
8. BALANCE BEFORE ACCRUALS                                                              217      517,699.33    37,454.46         .00
9. CURRENT MONTH ACCRUALS                                                                                       3,809.49         .00
10. ADJS PREV PDS EARNINGS                                                                                           .40         .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                                                                       0             .00          .00         .00
13. ENDING BALANCE                                                                      217      517,699.33    41,263.95         .00
</TABLE>





<PAGE>


<TABLE>
                                                 THE NATIONAL COLLEGIATE TRUST 1996 S-1
                                                CASH/NON-CASH RECONCILIATION REPORT -045-
                                                              DATE 12/31/96
                                                  PORTFOLIO #99999 / STATUS = PAYOUT
<CAPTION>
                            NO.                 BORROWER      GOVT.    LT. CHARGES      NO.                   BORROWER        GOVT.
                           NOTES    PRINCIPAL   INTEREST    INTEREST    COLLECTED     NOTES     PRINCIPAL     INTEREST      INTEREST
                           -----    ---------   --------    --------    ---------     -----     ---------     --------      --------

<S>                         <C>     <C>        <C>            <C>        <C>           <C>       <C>           <C>               <C>
1. BEGINNING BALANCE                                                                    274      730,030.62    10,428.59         .00
2. NEW ACQUISITIONS                                                                       0             .00          .00
3. TRANSFERS IN                                                                         101      206,941.58    14,310.13         .00
4. CASH COLLECTIONS
   A. DEBITS
      1. REVERSALS           5         96.91        .00       .00        .00
   B. CREDITS
      1. PAYMENTS          181      2,662.33   3,764.15       .00        .00
      2. PAYOFFS-CLAIM       0           .00        .00       .00        .00
   C. TOTAL CASH           186      2,565.42   3,764.15       .00        .00
5. NON-CASH COLLECTION
   A. DEBITS
      1. REVERSALS-ADV       0           .00        .00       .00        .00
      2. ADJUST-ADVICE       2          1.93      27.49       .00        .00
      3. WRITE-UPS-GEN       0           .00        .00       .00        .00
      4. CAPITAL INT.        8      1,844.62        .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      34           .00        .34       .00        .00
      3. WRITE-OFFS-GE       0           .00        .00       .00        .00
      4. PAYOFFS-CLAIM       0           .00        .00       .00        .00
      5. CAPITAL INT.        8           .00   1,844.62       .00        .00
      6. WRITE-OFFS          0           .00        .00       .00        .00
      7. CANCELLATIONS       0           .00        .00       .00        .00
   C. TOTAL NON-CASH        52      1,846.55   1,817.47       .00        .00
6. TRANSFERS OUT                                                                          4        6,722.14       136.22         .00
7. OTHER REMOVALS                                                                         0             .00          .00         .00
8. BALANCE BEFORE ACCRUALS                                                              317      929,531.19    19,020.88         .00
9. CURRENT MONTH ACCRUALS                                                                                       6,845.27         .00
10. ADJS PREV PDS EARNINGS                                                                                         27.15         .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                                                                       5             .00          .00         .00
13. ENDING BALANCE                                                                      366      929,531.19    25,866.15         .00
</TABLE>





<PAGE>


<TABLE>
                                                 THE NATIONAL COLLEGIATE TRUST 1996 S-1
                                                CASH/NON-CASH RECONCILIATION REPORT -045-
                                                              DATE 12/31/96
                                                  PORTFOLIO #99999 / STATUS = TOTAL



<CAPTION>
                            NO.                 BORROWER      GOVT.    LT. CHARGES      NO.                   BORROWER        GOVT.
                           NOTES    PRINCIPAL   INTEREST    INTEREST    COLLECTED     NOTES     PRINCIPAL     INTEREST      INTEREST
                           -----    ---------   --------    --------    ---------     -----     ---------     --------      --------

<S>                         <C>    <C>         <C>            <C>        <C>           <C>     <C>            <C>                <C>
1. BEGINNING BALANCE                                                                   1357    3,069,773.90   174,369.91         .00
2. NEW ACQUISITIONS                                                                       0             .00          .00
3. TRANSFERS IN                                                                         302      663,174.91    47,143.43         .00
4. CASH COLLECTIONS
   A. DEBITS
      1. REVERSALS           5         96.91        .00       .00        .00
   B. CREDITS
      1. PAYMENTS          186      2,662.33   3,940.39       .00        .00
      2. PAYOFFS-CLAIM       0           .00        .00       .00        .00
   C. TOTAL CASH           191      2,565.42   3,940.39       .00        .00
5. NON-CASH COLLECTION
   A. DEBITS
      1. REVERSALS-ADV       0           .00        .00       .00        .00
      2. ADJUST-ADVICE       8         36.08      89.18       .00        .00
      3. WRITE-UPS-GEN       0           .00        .00       .00        .00
      4. CAPITAL INT.       12      1,844.62     258.15       .00        .00
      5. WRITE-UPS           1        777.00        .00       .00        .00
      6. RESALES             0           .00        .00       .00        .00
   B. CREDITS
      1. PAYMENTS-ADV.       0           .00        .00       .00        .00
      2. ADJUST-ADVICE      41     13,377.00      34.55       .00        .00
      3. WRITE-OFFS-GE       0           .00        .00       .00        .00
      4. PAYOFFS-CLAIM       0           .00        .00       .00        .00
      5. CAPITAL INT.       12        258.15   1,844.62       .00        .00
      6. WRITE-OFFS          3     12,300.01     660.52       .00        .00
      7. CANCELLATIONS       0           .00        .00       .00        .00
   C. TOTAL NON-CASH        77     23,277.46   2,192.36       .00        .00
6. TRANSFERS OUT                                                                        302      663,174.91    47,143.43         .00
7. OTHER REMOVALS                                                                         0             .00          .00         .00
8. BALANCE BEFORE ACCRUALS                                                             1357    3,043,931.02   168,237.16         .00
9. CURRENT MONTH ACCRUALS                                                                                      22,246.60         .00
10. ADJS PREV PDS EARNINGS                                                                                         88.78         .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                                                                       8       24,900.01       731.97         .00
13. ENDING BALANCE                                                                     1349    3,043,931.02   190,483.76         .00
</TABLE>





<PAGE>


<TABLE>
                                      THE NATIONAL COLLEGIATE TRUST 1996 S-1
                                          DELINQUENCY/CLAIM/STATUS REPORT
                                                (NOTE 047 - PART2)
                                                   DATE 12/31/96
                                                  PORTFOLIO 99999
<CAPTION>

                     NUMB    NUMB             OUTSTANDING PRINCIPAL BALANCE               OUTSTANDING ACCRUED INTEREST RECEIVABLE
                                   --------------------------------------------------    -----------------------------------------
                     NOTES   BORR  SUBSIDIZED     NON-SUB         TOTAL         % TOT    INSURED   NON-INSURED    TOTAL      % TOT
                     -----   ----  ----------     -------         -----         -----    -------   -----------    -----      -----

INTERIM:

- --------
<S>                   <C>     <C>    <C>       <C>             <C>              <C>     <C>            <C>     <C>           <C>
IN-SCHOOL             766     766    .00       1,596,700.50    1,596,700.50     52.46   123,353.66     .00     123,353.66    64.76
GRACE                 217     217    .00         517,699.33      517,699.33     17.01    41,263.95     .00      41,263.95    21.66
TOT INTERIM           983     983    .00       2,114,399.83    2,114,399.83     69.46   164,617.61     .00     164,617.61    86.42
DELINQUENT:
    30-60 DAYS        0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    61-90 DAYS        0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    91-120 DAYS       0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    121-150 DAYS      0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    151-180 DAYS      0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    OVER 180 DAYS     0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    TOT INTERIM       0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
CLAIMS IN PROCESS:
    DEATH             0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    DISABILITY        0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    BANKRUPTCY        0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    DEFAULT           0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    TOT INTERIM       0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    1 - 75 DAYS       0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
    OVER 75 DAYS      0       0      .00                .00             .00      0.00          .00     .00            .00     0.00
TOTAL ENROLLED        766     766    .00       1,596,700.50    1,596,700.50     52.46   123,353.66     .00     123,353.66    64.76
TOTAL GRACE           217     217    .00         517,699.33      517,699.33     17.01    41,263.95     .00      41,263.95    21.66
TOTAL INTERIM         983     983    .00       2,114,399.83    2,114,399.83     69.46   164,617.61     .00     164,617.61    86.42
</TABLE>





<PAGE>


<TABLE>
                                      THE NATIONAL COLLEGIATE TRUST 1996 S-1
                                          DELINQUENCY/CLAIM/STATUS REPORT
                                                (NOTE 047 - PART2)
                                                   DATE 12/31/96
                                                  PORTFOLIO 99999
<CAPTION>

                     NUMB    NUMB             OUTSTANDING PRINCIPAL BALANCE               OUTSTANDING ACCRUED INTEREST RECEIVABLE
                     ----    ----  --------------------------------------------------    -----------------------------------------
                     NOTES   BORR  SUBSIDIZED     NON-SUB         TOTAL         % TOT    INSURED   NON-INSURED    TOTAL      % TOT
                     -----   ----  ----------     -------         -----         -----    -------   -----------    -----      -----

REPAYMENT:

- ----------
<S>                 <C>     <C>        <C>       <C>           <C>              <C>     <C>            <C>     <C>           <C>
ACTIVE CURRENT        177     177      .00       449,747.82      449,747.82     14.78     3,092.99     .00       3,092.99     1.62
FOREBEARANCE          104     104      .00       218,421.76      218,421.76      7.18    15,260.97     .00      15,260.97     8.01
DEFERRED               38      38      .00        93,640.76       93,640.76      3.08     3,199.87     .00       3,199.87     1.68
TOT REPAYMENT         319     319      .00       761,810.34      761,810.34     25.03    21,553.83     .00      21,553.83    11.32
DELINQUENT:
   30-60 DAYS          33      33      .00       135,136.29      135,136.29      4.44     3,421.77     .00       3,421.77     1.80
   61-90 DAYS           0       0      .00              .00             .00      0.00          .00     .00            .00     0.00
   91-120 DAYS          0       0      .00              .00             .00      0.00          .00     .00            .00     0.00
   OVER 120 DAYS       14      14      .00        32,584.56       32,584.56      1.07       890.55     .00         890.55     0.47
   TOT REPAYMENT       47      47      .00       167,720.85      167,720.85      5.51     4,312.32     .00       4,312.32     2.26
CLAIMS IN PROCESS:
   DEATH                0       0      .00              .00             .00      0.00          .00     .00            .00     0.00
   DISABILITY           0       0      .00              .00             .00      0.00          .00     .00            .00     0.00
   BANKRUPTCY           0       0      .00              .00             .00      0.00          .00     .00            .00     0.00
   DEFAULT              0       0      .00              .00             .00      0.00          .00     .00            .00     0.00
   TOT REPAYMENT        0       0      .00              .00             .00      0.00          .00     .00            .00     0.00
   1-75 DAYS            0       0      .00              .00             .00      0.00          .00     .00            .00     0.00
   OVER 75 DAYS         0       0      .00              .00             .00      0.00          .00     .00            .00     0.00
TOT ACTIVE            224     224      .00       617,468.67      617,468.67     20.29     7,405.31     .00       7,405.31     3.89
TOT FOREBEAR          104     104      .00       218,421.76      218,421.76      7.18    15,260.97     .00      15,260.97     8.01
TOT DEFER              38      38      .00        93,640.76       93,640.76      3.08     3,199.87     .00       3,199.87     1.68
TOT REPAYMENT         366     366      .00       929,531.19      929,531.19     30.54    25,866.15     .00      25,866.15    13.58

PORT TOTAL          1,349   1,349      .00     3,043,931.02    3,043,931.02             190,483.76     .00     190,483.76
</TABLE>





<PAGE>



<TABLE>
                                      THE NATIONAL COLLEGIATE TRUST 1996 S-1
                                  049  PORTFOLIO CHARACTERISTICS REPORT - NOTE LEVEL    DATE 12/31/96                   5
<CAPTION>
                                                                            ------------ TERMS (ANTICIPATED) ------------
                                                                             GRADUATION         GRACE       FINAL PAYOUT
                                                 $ WTD          TOTAL       ------------    -------------  --------------
                            NO.       NO.       INTEREST       UNPAID       STND   $ WTD    STND    $ WTD  STND     $ WTD
                           LOANS   BORROWERS      RATE        PRINCIPAL      AVE    AVE      AVE     AVE    AVE      AVE
                           -----   ---------    --------    -------------   ----   -----    ----    -----  ----     -----
<S>                        <C>     <C>           <C>         <C>            <C>     <C>      <C>     <C>    <C>      <C>
TOTAL NATIONAL COLLEGIATE
  IN-SCHOOL                  966     966         8.67938     2,054,834.83   19      18       3       3      55       68
  IN-GRACE                    17      17         8.75000        59,565.00                    0       0      74       78
  IN-PAYOUT                  366     366         8.68198       929,531.19                                    5        5
NATIONAL COLLEGIATE        1,349   1,349         8.68155     3,043,931.02   14      12       2       2      41       49
</TABLE>