SERVICER REPORT OF THE
                  SERVICER FOR THE YEAR ENDED DECEMBER 31, 1997




<PAGE>

<TABLE>
<CAPTION>
                     THE NATIONAL COLLEGIATE TRUST 1997 S-1
                    CASH/NON-CASH RECONCILIATION REPORT -045-
                                  DATE 12/31/97
                     PORTFOLIO # 99999 / STATUS = IN-SCHOOL



                                  NO.              BORROWER   GOVT.  LT. CHARGES
                                  NOTES  PRINCIPAL INTEREST  NTEREST  COLLECTED
                                  -----  --------- --------  -------  --------
<S>                                  <C>    <C>         <C>      <C>    <C>
  1.BEGINNING BALANCE
  2.NEW ACQUISITIONS
  3.TRANSFERS IN
  4.CASH COLLECTIONS
    A. DEBITS

       1.  REVERSALS                   0      .00         .00      .00    .00
    B.  CREDITS
       1.  PAYMENTS                   10   719.00      507.62      .00    .00
       2.  PAYOFFS-CLAIM               0      .00         .00      .00    .00
    C.  TOTAL CASH                    10   719.00      507.62      .00    .00
  5. NON-CASH COLLECTION
    A.  DEBITS
       1.  REVERSALS-ADV.              0      .00         .00      .00    .00
       2.  ADJUST-ADVICE               1      .00       43.20      .00    .00
       3.  WRITE-UPS-GEN               0      .00         .00      .00    .00
       4.  CAPITAL INT.                0      .00         .00      .00    .00
       5.  WRITE-UPS                   6     9.10         .00      .00    .00
       6.  RESALES                     0      .00         .00      .00    .00
    B.  CREDITS
       1.  PAYMENTS-ADV.               0      .00         .00      .00    .00
       2.  ADJUST-ADVICE               2      .00         .02      .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                 9     9.10       43.18      .00    .00
  6. TRANSFERS OUT
  7. OTHER REMOVALS
  8. BALANCE BEFORE ACCRUALS
  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
 13. ENDING BALANCE

</TABLE>


<TABLE>
<CAPTION>

                                       NO.                   BORROWER     GOVT.
                                     NOTES     PRINCIPAL     INTEREST   INTEREST
                                     -----     ---------     --------   --------

<S>                                   <C>       <C>          <C>           <C>  
 1.BEGINNING BALANCE                  2075     4,631,254.61  357,059.63    .00  
 2.NEW ACQUISITIONS                      0              .00         .00
 3.TRANSFERS IN                          0              .00         .00    .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                     380     1,237,071.10    103,266.35     .00
 7. OTHER REMOVALS                      0              .00           .00     .00
 8. BALANCE BEFORE ACCRUALS          1695     3,393,473.61    253,328.84     .00
 9. CURRENT MONTH ACCRUALS                                     26,386.48     .00
10.ADJS PREV PDS EARNINGS                                          43.18     .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                     6              .00           .00     .00
13. ENDING BALANCE                   1689     3,393,473.61    279,715.32     .00


</TABLE>



<PAGE>


<TABLE>
<CAPTION>

                     THE NATIONAL COLLEGIATE TRUST 1997 S-1
                    CASH/NON-CASH RECONCILIATION REPORT -045-
                                  DATE 12/31/97
                      PORTFOLIO # 99999 / STATUS = IN-GRACE



                                       NO.                BORROWER     GOVT.
                                     NOTES   PRINCIPAL    INTEREST    INTEREST 
                                     -----   ---------    --------    -------- 
  <S>                                 <C>       <C>        <C>           <C>
  1. BEGINNING BALANCE                                                          
  2. NEW ACQUISITIONS                                                           
  3. TRANSFERS IN                                                               
  4. CASH COLLECTIONS
     A.    DEBITS
        1. REVERSALS                     0         .00        .00           .00 
     B. CREDITS
        1. PAYMENTS                      4       91.38     318.68           .00 
        2. PAYOFFS-CLAIM                 0         .00        .00           .00 
     C. TOTAL CASH                       4       91.38     318.68           .00 
  5. NON-CASH COLLECTION
     A.    DEBITS
        1. REVERSALS-ADV                 0         .00        .00           .00 
        2. ADJUST-ADVICE                 0         .00        .00           .00 
        3. WRITE-UPS-GEN                 0         .00        .00           .00 
        4. CAPITAL INT.                  0         .00        .00           .00 
        5. WRITE-UPS                     0         .00        .00           .00 
        6. RESALES                       0         .00        .00           .00 
     B. CREDITS
        1. PAYMENTS-ADV.                 0         .00        .00           .00 
        2. ADJUST-ADVICE                 1         .00        .01           .00 
        3. WRITE-OFFS-GE                 0         .00        .00           .00 
        4. PAYOFFS-CLAIM                 0         .00        .00           .00 
        5. CAPITAL INT.                  0         .00        .00           .00 
        6. WRITE-OFFS                    0         .00        .00           .00 
        7. CANCELLATIONS                 0         .00        .00           .00 
     C. TOTAL NON-CASH                   1         .00        .01           .00 
  6. TRANSFERS OUT                                                              
  7. OTHER REMOVALS                                                             
  8. BALANCE BEFORE ACCRUALS                                                    
  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                                                            
 13. ENDING BALANCE                                                             

</TABLE>

<TABLE>
<CAPTION>

                                LT. CHARGES        NO.                    BORROWER     GOVT.  
                                 COLLECTED        NOTES    PRINCIPAL      INTEREST    INTEREST 
                                 ---------        -----    ---------     ---------    -------- 
<S>                                <C>            <C>     <C>            <C>           <C>
 1. BEGINNING BALANCE                               72       215,761.88    16,890.94      .00
 2. NEW ACQUISITIONS                                 0                           .00      .00
 3. TRANSFERS IN                                   380     1,237,071.10   103,266.35      .00
 4. CASH COLLECTIONS
    A.    DEBITS
       1. REVERSALS                  .00     
    B. CREDITS                              
       1. PAYMENTS                   .00     
       2. PAYOFFS-CLAIM              .00     
    C. TOTAL CASH                    .00     
 5. NON-CASH COLLECTION                     
    A.    DEBITS                            
       1. REVERSALS-ADV              .00    
       2. ADJUST-ADVICE              .00    
       3. WRITE-UPS-GEN              .00    
       4. CAPITAL INT.               .00    
       5. WRITE-UPS                  .00    
       6. RESALES                    .00    
    B. CREDITS                              
       1. PAYMENTS-ADV.              .00    
       2. ADJUST-ADVICE              .00    
       3. WRITE-OFFS-GE              .00    
       4. PAYOFFS-CLAIM              .00    
       5. CAPITAL INT.               .00    
       6. WRITE-OFFS                 .00    
       7. CANCELLATIONS              .00    
    C. TOTAL NON-CASH                .00    
 6. TRANSFERS OUT                                25       70,205.02     5,543.38        .00   
 7. OTHER REMOVALS                                0             .00          .00        .00   
 8. BALANCE BEFORE ACCRUALS                     427    1,382,536.58   114,295.22        .00   
 9. CURRENT MONTH ACCRUALS                                             10,814.52        .00   
10. ADJS PREV PDS EARNINGS                                                   .01        .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        .00   
13. ENDING BALANCE                              427    1,382,536.58   125,109.74        .00   

</TABLE>
 
<PAGE>


<TABLE>
<CAPTION>

                                               THE NATIONAL COLLEGIATE TRUST 1997 S-1
                                             CASH/NON-CASH RECONCILIATION REPORT -045-
                                                           DATE 12/31/97
                                                PORTFOLIO # 99999 / STATUS = PAYOUT


                                          NO.                       BORROWER      GOVT.     
                                         NOTES       PRINCIPAL      INTEREST     INTEREST   
                                         -----       ---------      --------     --------   
<S>                                        <C>          <C>          <C>             <C>    
    1. BEGINNING BALANCE                                                                    
    2. NEW ACQUISITIONS                                                                     
    3. TRANSFERS IN                                                                         
    4. CASH COLLECTIONS
       A.    DEBITS
          1. REVERSALS                        3            54.78        28.33        .00    
       B. CREDITS
          1. PAYMENTS                       297         7,544.30     8,415.80        .00    
          2. PAYOFFS-CLAIM                    0              .00          .00        .00    
       C. TOTAL CASH                        300         7,489.52     8,387.47        .00    
    5. NON-CASH COLLECTION
       A.    DEBITS
          1. REVERSALS-ADV                   23              .92       694.09        .00    
          2. ADJUST-ADVICE                   92           220.29       390.23        .00    
          3. WRITE-UPS-GEN                    0              .00          .00        .00    
          4. CAPITAL INT.                   304        14,996.57    12,007.62        .00    
          5. WRITE-UPS                        5            11.44          .00        .00    
          6. RESALES                          0              .00          .00        .00    
       B. CREDITS
          1. PAYMENTS-ADV.                  130           320.58     4,581.87        .00    
          2. ADJUST-ADVICE                  252           249.03       763.72        .00    
          3. WRITE-OFFS-GE                    0              .00          .00        .00    
          4. PAYOFFS-CLAIM                    1         5,684.38       309.67        .00    
          5. CAPITAL INT.                   305        12,177.91    14,961.31        .00    
          6. WRITE-OFFS                       2              .54          .00        .00    
          7. CANCELLATIONS                    0              .00          .00        .00    
       C. TOTAL NON-CASH                   1114         3,203.22     7,524.63        .00    
    6. TRANSFERS OUT                                                                        
    7. OTHER REMOVALS                        
    8. BALANCE BEFORE ACCRUALS               
    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                       
   13. ENDING BALANCE                        

</TABLE>



<TABLE>
<CAPTION>

                                LT. CHARGES   NO.                      BORROWER      GOVT.  
                                 COLLECTED   NOTES     PRINCIPAL       INTEREST     INTEREST 
                                 ---------   -----     ---------       --------     -------- 
<S>                                <C>       <C>        <C>            <C>            <C>
 1. BEGINNING BALANCE                          473      1,572,340.93     23,391.41      .00  
 2. NEW ACQUISITIONS                             0               .00           .00           
 3. TRANSFERS IN                                27         70,205.02      5,543.38      .00  
 4. CASH COLLECTIONS                                                                         
    A.    DEBITS                           
       1. REVERSALS                   .00  
    B. CREDITS                             
       1. PAYMENTS                    .00  
       2. PAYOFFS-CLAIM               .00  
    C. TOTAL CASH                     .00  
 5. NON-CASH COLLECTION                    
    A.    DEBITS                           
       1. REVERSALS-ADV               .00  
       2. ADJUST-ADVICE               .00  
       3. WRITE-UPS-GEN               .00  
       4. CAPITAL INT.                .00  
       5. WRITE-UPS                   .00  
       6. RESALES                     .00  
    B. CREDITS                             
       1. PAYMENTS-ADV.               .00  
       2. ADJUST-ADVICE               .00  
       3. WRITE-OFFS-GE               .00  
       4. PAYOFFS-CLAIM               .00  
       5. CAPITAL INT.                .00  
       6. WRITE-OFFS                  .00  
       7. CANCELLATIONS               .00  
    C. TOTAL NON-CASH                 .00  
 6. TRANSFERS OUT                                0               .00           .00      .00  
 7. OTHER REMOVALS                               0               .00           .00      .00  
 8. BALANCE BEFORE ACCRUALS                    500      1,631,853.21     13,022.69      .00  
 9. CURRENT MONTH ACCRUALS                                               13,298.51      .00  
10. ADJS PREV PDS EARNINGS                                                  411.20      .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                              4          5,684.38        263.58      .00  
13. ENDING BALANCE                             496      1,631,853.21     26,321.20      .00  
</TABLE>
 

<PAGE>

<TABLE>
<CAPTION>


                                               THE NATIONAL COLLEGIATE TRUST 1997 S-1
                                             CASH/NON-CASH RECONCILIATION REPORT -045-
                                                           DATE 12/31/97
                                                 PORTFOLIO # 99999 / STATUS = TOTAL


                                           NO.                  BORROWER         GOVT.  
                                          NOTES    PRINCIPAL    INTEREST        INTEREST
                                          -----    ---------    --------        --------
<S>                                       <C>       <C>          <C>            <C> 
  1. BEGINNING BALANCE                                                                  
  2. NEW ACQUISITIONS                                                                   
  3. TRANSFERS IN                                                                       
  4. CASH COLLECTIONS
     A.    DEBITS
        1. REVERSALS                           3        54.78         28.33         .00 
     B. CREDITS
        1. PAYMENTS                          311     8,354.68      9,242.10         .00 
        2. PAYOFFS-CLAIM                       0          .00           .00         .00 
     C. TOTAL CASH                           314     8,299.90      9,213.77         .00 
  5. NON-CASH COLLECTION
     A.    DEBITS
        1. REVERSALS-ADV                      23          .92        694.09         .00 
        2. ADJUST-ADVICE                      93       220.29        433.43         .00 
        3. WRITE-UPS-GEN                       0          .00           .00         .00 
        4. CAPITAL INT.                      304    14,996.57     12,007.62         .00 
        5. WRITE-UPS                          11        20.54           .00         .00 
        6. RESALES                             0          .00           .00         .00 
     B. CREDITS
        1. PAYMENTS-ADV.                     130       320.58      4,581.87         .00 
        2. ADJUST-ADVICE                     255       249.03        763.75         .00 
        3. WRITE-OFFS-GE                       0          .00           .00         .00 
        4. PAYOFFS-CLAIM                       1     5,684.38        309.67         .00 
        5. CAPITAL INT.                      305    12,177.91     14,961.31         .00 
        6. WRITE-OFFS                          2          .54           .00         .00 
        7. CANCELLATIONS                       0          .00           .00         .00 
     C. TOTAL NON-CASH                      1124     3,194.12      7,481.46         .00 
  6. TRANSFERS OUT 
  7. OTHER REMOVALS
  8. BALANCE BEFORE ACCRUALS
  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
 13. ENDING BALANCE
</TABLE>



<TABLE>
<CAPTION>

                                LT. CHARGES   NO.                      BORROWER       GOVT.  
                                 COLLECTED   NOTES     PRINCIPAL       INTEREST     INTEREST 
                                 ---------   -----     ---------       --------     -------- 
<S>                                <C>       <C>        <C>            <C>            <C>
 1. BEGINNING BALANCE                         2620      6,419,357.42    397,341.98       .00  
 2. NEW ACQUISITIONS                             0               .00           .00            
 3. TRANSFERS IN                               407      1,307,276.12    108,809.73       .00  
 4. CASH COLLECTIONS                      
    A.    DEBITS                          
       1. REVERSALS                  .00  
    B. CREDITS                            
       1. PAYMENTS                   .00  
       2. PAYOFFS-CLAIM              .000 
    C. TOTAL CASH                    .00  
 5. NON-CASH COLLECTION                   
    A.    DEBITS                          
       1. REVERSALS-ADV              .00  
       2. ADJUST-ADVICE              .00  
       3. WRITE-UPS-GEN              .00  
       4. CAPITAL INT.               .00  
       5. WRITE-UPS                  .00  
       6. RESALES                    .00  
    B. CREDITS                            
       1. PAYMENTS-ADV.              .00  
       2. ADJUST-ADVICE              .00  
       3. WRITE-OFFS-GE              .00  
       4. PAYOFFS-CLAIM              .00  
       5. CAPITAL INT.               .00  
       6. WRITE-OFFS                 .00  
       7. CANCELLATIONS              .00  
    C. TOTAL NON-CASH                .00  
 6. TRANSFERS OUT                              405       1,307,276.12   108,809.73       .00  
 7. OTHER REMOVALS                               0                .00          .00       .00  
 8. BALANCE BEFORE ACCRUALS                   2622       6,407,863.40   380,646.75       .00  
 9. CURRENT MONTH ACCRUALS                                               50,499.51       .00  
10. ADJS PREV PDS EARNINGS                                                  368.03       .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                             10           5,684.38       263.58       .00  
13. ENDING BALANCE                            2612       6,407,863.40   431,146.26       .00  
</TABLE>


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