SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Schedule 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No. )


                            Student Loan Corporation
          ------------------------------------------------------------
                                (Name of Issuer)


                                  Common Stock
          ------------------------------------------------------------
                         (Title of Class of Securities)


                                   863902 10 2
                      ------------------------------------
                                 (CUSIP Number)


          ----

          Check  the  following  box if a fee is being  paid with this
          statement  [X].  (A fee is not  required  only if the filing
          person:  (1) has a  previous  statement  on  file  reporting
          beneficial  ownership of more than five percent of the class
          of  securities  described  in Item 1;  and (2) has  filed no
          amendment  subsequent thereto reporting beneficial ownership
          of five percent or less of such class.) (See Rule 13d-7.)

          *The  remainder of this cover page shall be filled out for a
          reporting  person's initial filing on this form with respect
          to the subject class of  securities,  and for any subsequent
          amendment  containing  information  which  would  alter  the
          disclosures provided in a prior cover page.

          The information required in the remainder of this cover page
          shall not be deemed to be "filed" for the purpose of Section
          18 of  the  Securities  Exchange  Act  of  1934  ("Act")  or
          otherwise  subject to the liabilities of that section of the
          Act but shall be subject to all other  provisions of the Act
          (however, see the Notes).

                        (Continued on following page(s))

                                Page 1 of 6 Pages

<PAGE>

    CUSIP No. 863902 10 2                  13G                 Page 2 of 6 Pages

--------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                 Citicorp                  13-2614988

--------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *

       (a)_______


       (b)_______

--------------------------------------------------------------------------------
  3    SEC USE ONLY


--------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

              Delaware

--------------------------------------------------------------------------------
                       5   SOLE VOTING POWER
     NUMBER OF
                                None
       SHARES
                     -----------------------------------------------------------
                       6   SHARED VOTING POWER
    BENEFICALLY
                                None
      OWNED BY
                     -----------------------------------------------------------
                       7   SOLE DISPOSITIVE POWER
        EACH
                                None
     REPORTING
                     -----------------------------------------------------------
                       8   SHARED DISPOSITIVE POWER
       PERSON
                                None
        WITH
--------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       None,  except through its  wholly-owned  subsidiary,  Citibank,  New York
       State

--------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *


--------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                See Line 9, above

--------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                 HC

--------------------------------------------------------------------------------
                      * SEE INSTRUCTION BEFORE FILLING OUT!

<PAGE>

    CUSIP No. 863902 10 2                  13G                 Page 3 of 6 Pages

--------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                 Citibank, New York State                  16-0636055

--------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *

       (a)_______


       (b)_______

--------------------------------------------------------------------------------
  3    SEC USE ONLY


--------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

              New York

--------------------------------------------------------------------------------
                       5   SOLE VOTING POWER
     NUMBER OF
                                     16,000,000
       SHARES
                     -----------------------------------------------------------
                       6   SHARED VOTING POWER
    BENEFICALLY
                                     None
      OWNED BY
                     -----------------------------------------------------------
                       7   SOLE DISPOSITIVE POWER
        EACH
                                     16,000,000
     REPORTING
                     -----------------------------------------------------------
                       8   SHARED DISPOSITIVE POWER
       PERSON
                                     None
        WITH
--------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                        16,000,000

--------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *


--------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                       80.00%

--------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                  CO

--------------------------------------------------------------------------------
                      * SEE INSTRUCTION BEFORE FILLING OUT!

<PAGE>

                                                Page 4 of 6 Pages

  SCHEDULE 13G

  ITEM 1(A) NAME OF ISSUER:                Student Loan Corporation

  ITEM 1(B) ADDRESS OF ISSUER'S PRINCIPAL  99 GARSNEY ROAD
                                           PITTSFORD, NY 14534

  ITEM 2(A) NAMES OF PERSONS:              Citicorp and its wholly-owned
                                           subsidiary, Citibank New York State

  ITEM 2(B) ADDRESS OF PRINCIPAL
            BUSINESS OFFICE:               Citicorp
                                           Citibank New York State
                                           399 Park Avenue
                                           New York, N.Y. 10043

  ITEM 2(C) CITIZENSHIP:                   Citicorp: Delaware;
                                           Citibank New York State: A national
                                           banking association.


  ITEM 2(D) TITLE OF CLASS OF SECURITIES:  Common Stock

  ITEM 2(E) CUSIP NUMBER:                  86390210

  ITEM 3 THE PERSONS  FILING THIS  SCHEDULE  PURSUANT TO EITHER RULE 13D-1(B) OR
  RULE 13D-2(B) ARE:

  Citicorp:                                (g) Parent Holding Company, in
                                           accordance with ss.240.13d-1 (b) (ii)
                                           (G).
  Citibank New York State                  (b) Bank as defined in ss.3 (a)(6) oF
                                           the Act;

<PAGE>

                                                Page 5 of 6 Pages

  ITEM 4   OWNERSHIP

           (a)   Total Amount Beneficially Owned:  16,000,000

           (b)   Percent of Class:                 80.00%

           (c)   Total Number of Shares as to which such persons have:

                 (i)   sole power to vote or to direct the vote
                       16,000,000
                       ----------

                 (ii)  shared power to vote or to direct
                       None
                       ----------

                 (iii) sole power to dispose or to direct
                       the disposition of
                       16,000,000
                       ----------

                 (iv)  shared power to dispose or to
                       direct the disposition of
                       None
                       ----------

  ITEM 5   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

           [x] Not applicable.

           [_] This statement is being filed to report the fact that as of
               December 31, 1996, the reporting persons had ceased to be the
               beneficial owners of more than five percent of the securities
               described.

  ITEM 6   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
           None

  ITEM 7   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
           ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
           COMPANY:
           See Items 2(a) and 3.

  ITEM 8   IDENTIFICATION  AND  CLASSIFICATION  OF MEMBERS OF THE GROUP:
           Not applicable.

  ITEM 9   NOTICE OF DISSOLUTION OF GROUP:
           Not applicable.

<PAGE>

                                                 Page 6 of 6 Pages


  ITEM 10  CERTIFICATION:  By signing  below I certify  that,  to the best of my
           knowledge and belief, the securities  referred to above were acquired
           in the  ordinary  course of business  and were not  acquired  for the
           purpose of and do not have the effect of changing or influencing  the
           control of the issuer of such  securities  and were not  acquired  in
           connection  with or as a participant in any  transaction  having such
           purposes or effect.  SIGNATURE:  After reasonable  inquiry and to the
           best of my knowledge and belief,  I certify that the  information set
           forth  in  this  statement  is  true,  complete  and  correct.  NOTE:
           Signatures  below are for  Citicorp  and  Citibank,  N.A.,  and those
           subsidiaries  holding the issue,  indicated by check below.  All data
           shown is as of December 31, 1996.

           FEBRUARY 14, 1997        CITICORP
           DATE
                                    By /s/Patricia K. Perlman
                                       --------------------------------
                                          Patricia K. Perlman
                                          Assistant Secretary, Citicorp

                                    CITIBANK, N.A.

                                    By /s/Patricia K. Perlman
                                       --------------------------------
                                          Patricia K. Perlman
                                          Vice President, Citibank N.A.

                                    CITIBANK NEW YORK STATE

                                    By /s/Michelle Chen
                                       --------------------------------
                                         Michelle Chen, Assitant Vice President,
                                         Citibank, N.A. for Bernie Zimmer,
                                         Vice President, Citibank N.A.

  Copies to:
  Corporate Secretary