Document:

[Exhibit 4.5]

                          Interest Rate Swap Agreement

           [1992 ISDA MASTER AGREEMENT (MULTICURRENCY - CROSS BORDER)]

Date: September 15, 2000

PARTY A

KEY BANK USA, NATIONAL ASSOCATION

By:      /s/Craig Platt
         ------------------------------
         Name:  Craig Platt
         Title: Senior Vice President

PARTY B

KEYCORP STUDENT LOAN TRUST 2000-B

By:      Bank One, National Association, not in its individual
         capacity, but solely as Eligible Lender Trustee

By:      /S/ KEITH R. RICHARDSON
         -----------------------
         Name:   Keith R. Richardson
         Title:  Authorized Officer

<PAGE>

                                    SCHEDULE
                                     TO THE
                              ISDA MASTER AGREEMENT
                                   DATED AS OF
                               SEPTEMBER 15, 2000

                                     BETWEEN

                       KEY BANK USA, NATIONAL ASSOCIATION,
  A NATIONAL BANKING ASSOCIATION ORGANIZED UNDER THE LAWS OF THE UNITED STATES
                                  ("PARTY A"),

                                       AND

                       KEYCORP STUDENT LOAN TRUST 2000-B,
            A TRUST ORGANIZED UNDER THE LAWS OF THE STATE OF NEW YORK
                                  ("PARTY B").

PART 1. TERMINATION PROVISIONS

In this Agreement:-

(a)      "SPECIFIED ENTITY" means in relation to Party A for the purpose of:-

         SECTION 5(A)(V)                             Not Applicable.
         ---------------
         SECTION 5(A)(VI)                            Not Applicable.
         ----------------
         SECTION 5(A)(VII)                           Not Applicable.
         -----------------
         SECTION 5(B)(IV)                            Not Applicable.
         ----------------

          and in relation to Party B for the purpose of:-

          SECTION 5(A)(V)                             Not Applicable.
          ---------------
          SECTION 5(A)(VI)                            Not Applicable.
          ----------------
          SECTION 5(A)(VII)                           Not Applicable.
          -----------------
          SECTION 5(B)(IV)                            Not Applicable.
          ----------------

(b)       "SPECIFIED TRANSACTION" will have the meaning specified in Section 14
          of this Agreement.

(c)       "ADDITIONAL TERMINATION EVENT" will not apply to Party A and will
          apply, with respect to Redemption Event only, to Party B. The
          occurrence of a Redemption Event will constitute an Additional
          Termination Event in respect of which Party B will be the sole
          Affected Party.

(d)       The provisions of Section 5(a) and Section 5(b) will apply to Party A
          and to Party B as follows:

          The designation below of an Event of Default as being "Applicable" to
          a specific party means that upon the occurrence and continuation of
          such an Event of Default with respect to such party, the other party
          shall have the right of a Non-defaulting Party to designate an Early
          Termination Date for the Sole Transaction (as defined below) under
          Section 6 of this Agreement, and conversely, the designation of an
          Event of Default as being "Not Applicable" to a party means that upon
          the occurrence and continuation of such an Event of Default with
          respect to such party, the other party shall not have the right to
          designate an Early Termination Date for the Sole Transaction with
          respect to such event under Section 6 of this Agreement.
<TABLE>
<CAPTION>

          SECTION 5(A)                                 PARTY A           PARTY B
          <S>                                          <C>               <C>

         (i) "Failure to Pay or Deliver"               Applicable.

             "Failure to Pay or Deliver" is Applicable to Party B; provided
             that Party B has funds available to make payments in
             accordance with the terms of the Indenture and the Trustee has
             failed to make any such payments in violation of the terms of
             the Indenture.

         (ii)  "Breach of Agreement"                   Applicable.        Not Applicable.
         (iii) "Credit Support Default"                Applicable.        Not Applicable.
         (iv)  "Misrepresentation"                     Applicable.        Not Applicable.
         (v)   "Default under Specified Transaction"   Not Applicable.    Not Applicable.
         (vi)  "Cross Default"                         Not Applicable.    Not Applicable.
         (vii) "Bankruptcy"                            Applicable.        Applicable.
         (viii)"Merger Without Assumption"             Applicable.        Not Applicable.
         (ix)  "Additional Event of Default"           Not Applicable.    Applicable
               specified in Part 1(h) (Acceleration
               of Notes)
</TABLE>

          SECTION 5(B)

          Neither party shall be entitled to designate an Early Termination Date
          as a result of the occurrence and continuation of an event described
          in Section 5(b)(iii) (Tax Event Upon Merger).

(e)       PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e):

         (i)      Except as provided in Appendix I (Redemption of Notes), Market
         Quotation will apply.

         (ii)     The Second Method will apply.

(f)      "TERMINATION CURRENCY" means United States Dollars ("USD").

(g)       The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a) will not
          apply to Party A or Party B.

(h)       ADDITIONAL EVENT OF DEFAULT. Section 5(a) of this Agreement is hereby
          amended by: (i) deleting the word "or" at the end of Section
          5(a)(vii), (ii) deleting the period at the end of Section 5(a)(viii)
          and adding "; or" at the end thereof and (iii) adding the following
          language at the end of Section 5(a):

          "(ix) ADDITIONAL EVENT OF DEFAULT. The principal of any class of Notes
          shall have been declared or become immediately due and payable in
          accordance with the terms of the Indenture (an "Acceleration of
          Notes") following an "event of default" thereunder (it being
          understood that such event will constitute an Event of Default solely
          with respect to Party B)."

PART 2.  TAX REPRESENTATIONS.

          (a)  PAYER TAX REPRESENTATIONS. For the purposes of Section 3(e),
               neither Party A, nor Party B makes any representations.

          (b)  PAYEE TAX REPRESENTATIONS.

               (i) For the purposes of Section 3(f), Party A makes the following
               representations:

               It is a national banking association duly organized and existing
               under the laws of the United States.

               (ii) For the purposes of Section 3(f), Party B makes the
               following representations:

               It is a business trust duly organized and existing under the laws
               of the State of Delaware.

PART 3.  AGREEMENT TO DELIVER DOCUMENTS

               (a) For the purpose of Section 4(a):

                   Tax forms, documents, or certificates to be delivered are:

                    Party B and Party A each agree to complete (accurately and
                    in a manner reasonably satisfactory to the other Party),
                    execute, and deliver to such other Party a United States
                    Internal Revenue Service Form W-9, or any successor form,
                    which will certify that such Party is not subject to backup
                    withholding (i) on a date which is before the first
                    Scheduled Payment Date under this Agreement (the "Form W-9
                    Submission Date"), and thereafter prior to the end of the
                    calendar year in which the second anniversary of the Form
                    W-9 Submission Date occurs, and thereafter prior to the end
                    of each successive three calendar year period, (ii) promptly
                    upon reasonable demand by a Party, and (iii) promptly upon
                    learning that any such form previously provided by a Party
                    has become obsolete or incorrect.

         (b)   Other documents to be delivered are:
<TABLE>
<CAPTION>
<S>                 <C>                                                <C>                    <C>
---------------------------------------------------------------------------------------------------------------
PARTY REQUIRED TO  FORM/DOCUMENT/CERTIFICATE                            DATE BY WHICH TO     COVERED BY SECTION
DELIVER                                                                 BE DELIVERED         3(D) REPRESENTATION

-----------------------------------------------------------------------------------------------------------------
Party A and Party  Evidence of authority of the party to enter          Upon execution              Yes
B                  into this Agreement and the Sole Transaction         of this Agreement
                   (as defined in Part 5(a)) contemplated hereby
                   and of the signatory for such party to this
                   Agreement and the Confirmation of such Sole
                   Transaction.
-------------------------------------------------------------------------------------------------------------

Party A            Copy of the most recent Call Report filed by          Promptly                   Yes
                   Party A with the Office of the Comptroller of         following
                   the Currency.                                         reasonable
                                                                         demand by Party B
-------------------------------------------------------------------------------------------------------------
</TABLE>

PART 4.  MISCELLANEOUS

          (a)  ADDRESSES FOR NOTICES. For the purpose of Section 12(a):

               Address for notices or communications to Party A:

               Address:     Key Bank USA, National Association
                            M.C. OH-01-27-0405
                            127 Public Square - 4th Floor
                            Cleveland, Ohio 44144
               Attention:   Trading Desk - Manager, Interest Rate Derivatives
               Telephone:   (216) 689-3832
               Facsimile:   (216) 689-5859

               Address for notices or communications to Party B:

               Address:     KeyCorp Student Loan Trust 2000-B
                            c/o Bank One National Association
                            1 Bank One Plaza
                            Suite IL1-0126
                            Chicago, Illinois 60670
               Attention:   Corporate Trust Services
               Telephone:   (312) 407-0192
               Facsimile:   (312) 407-1708

               with a copy to the Administrator (as such term is defined in
               Appendix A to the Sale and Servicing Agreement dated as of
               September 1, 2000, among Key Bank USA, National Association, as
               seller, administrator and master servicer, KeyCorp Student Loan
               Trust 2000-B, as issuer, and Bank One, National Association, as
               eligible lender trustee (the "Sale and Servicing Agreement")) in
               the event that Key Bank USA, National Association ceases to be
               the Administrator.

               Address for notices or communications to the Securities Insurer:

               Address:     MBIA Insurance Corporation
                            113 King Street
                            Armonk, New York  10504

               Attention:   Insured Portfolio Management-SF
               Telephone:   (914) 273-4545
               Facsimile:   (914) 765-3810

          (b)  PROCESS AGENT. For the purpose of Section 13(c):

               Party A appoints as its Process Agent:  Not applicable.

               Party B appoints as its Process Agent:  Not applicable.

          (c)  OFFICES. The provisions of Section 10(a) will apply to this
               Agreement.

          (d)  MULTIBRANCH PARTY. For the purpose of Section 10(c):

               Party A is not a Multibranch Party.

               Party B is not a Multibranch Party.

          (e)  CALCULATION AGENT. The Calculation Agent is the Administrator.

          (f)  CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document,
               each of which are incorporated by reference in, and made part of,
               this Agreement and each Confirmation (unless provided otherwise
               in a Confirmation) as if set forth in full in this Agreement or
               such Confirmation: Not applicable.

          (g)  CREDIT SUPPORT PROVIDER. Credit Support Provider means, in
               relation to Party A, not applicable. Credit Support Provider
               means in relation to Party B, not applicable.

          (h)  GOVERNING LAW. This Agreement will be governed by and construed
               in accordance with the law of the State of New York (without
               reference to its choice of law doctrine).

          (j)  NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) will not
               apply.

PART 5. OTHER PROVISIONS.

          (a)  SOLE TRANSACTION. Notwithstanding any other provision of this
               Agreement, this Agreement shall govern only one Transaction (the
               "Sole Transaction"). A copy of the form of Confirmation for the
               Sole Transaction is attached hereto as Exhibit A.

          (b)  ISOLATION OF SOLE TRANSACTION. Notwithstanding Section 6, any
               designation of an Early Termination Date in respect of the Sole
               Transaction shall apply only to the Sole Transaction.

          (c)  ACCURACY OF SPECIFIED INFORMATION. Section 3(d) is hereby amended
               by adding in the third line thereof after the word "respect" and
               before the period, the phrase "or, in the case of audited or
               unaudited financial statements, a fair presentation of the
               financial condition of the relevant person."

          (d)  ADDITIONAL REPRESENTATIONS. The parties agree to amend Section 3
               by adding new Sections 3(g), (h), (i) and (j) as follows:

               (g)  ELIGIBLE SWAP PARTICIPANT. It is an "eligible swap
                    participant" as defined in the Part 35 Regulations of the
                    Commodity Futures Trading Commission.

               (h)  LINE OF BUSINESS. It has entered into this Agreement and the
                    Sole Transaction in conjunction with its line of business
                    (including financial intermediation services) or the
                    financing of its business.

               (i)  NON-RELIANCE. In connection with the negotiation of, the
                    entering into, and the confirming of the execution of, this
                    Agreement and the Sole Transaction: (i) the other party is
                    not acting as a fiduciary or financial or investment advisor
                    for it; (ii) it is acting as a principal and not as an agent
                    or in any other capacity, fiduciary or otherwise; (iii) it
                    is not relying upon any representations (whether written or
                    oral) of the other party other than the representations
                    expressly set forth in this Agreement and (iv) it has
                    consulted with its own legal, regulatory, tax, business,
                    investment, financial, and accounting advisors to the extent
                    it has deemed necessary, and it has made its own investment,
                    hedging and trading decisions based on its own judgment and
                    upon any advice from such advisors as it has deemed
                    necessary and not upon any view expressed by the other
                    party.

               (j)  ASSESSMENT AND UNDERSTANDING. It is capable of assessing the
                    merits of and understanding (on its own behalf or through
                    independent professional advice), and understands and
                    accepts, the terms, conditions and risks of this Agreement
                    and the Sole Transaction. It is also capable of assuming,
                    and assumes, the risks of the Sole Transaction.

          (e)  FDI ACT REPRESENTATION. Party A represents to Party B as follows:

               (i)  The necessary action to authorize referred to in the
                    representation in Section 3(a)(ii) includes all
                    authorizations required under the U. S. Federal Deposit
                    Insurance Act, as amended and under any agreement, writ,
                    decree, or order entered into with its supervisory
                    authorities.

               (ii) At all times during the term of this Agreement, it will
                    continuously include and maintain as part of its official
                    written books and records this Agreement, this Schedule and
                    all other exhibits, supplements, and attachments hereto and
                    documents incorporated by reference herein, all
                    Confirmations, and evidence of all necessary authorizations.

               (iii) This Agreement, the Confirmation of the Sole Transaction,
                    and any other documentation relating to this Agreement to
                    which it is a party or that it is required to deliver will
                    be executed and delivered by a duly appointed or elected and
                    authorized officer of it of the level of vice president or
                    higher.

          (f)  NO BANKRUPTCY PETITION. Prior to the date that is one year and
               one day after the date upon which Party B is terminated in
               accordance with the terms of the Amended and Restated Trust
               Agreement dated as of September 1, 2000, between Key Bank USA,
               National Association, as seller, and Bank One, National
               Association, as eligible lender trustee (the "Eligible Lender
               Trustee"), Party A shall not institute against, or join any other
               person in instituting against, Party B any bankruptcy,
               reorganization, arrangement, insolvency or liquidation
               proceeding, or other proceedings under any federal or state
               bankruptcy or similar law.

          (g)  OBLIGATIONS OF PARTY B. Party A agrees that all obligations,
               liabilities and expenses of Party B, including, without
               limitation, any arising out of representations or agreements
               contained herein, shall be paid from, and limited to, the assets
               of Party B and that the Eligible Lender Trustee shall not be
               required to spend or risk its own funds hereunder, nor shall the
               Trustee incur any liability in its individual capacity.

          (h)  NO SETOFF. Notwithstanding any other provision of this Agreement,
               in no event shall either Party A or Party B have the right to
               setoff or net an amount due from it under the Sole Transaction
               against an amount due from the other party under any other
               Transaction, nor shall either Party A or Party B have the right
               to setoff or net an amount due from it under any Transaction that
               is not the Sole Transaction against an amount due from the other
               party under the Sole Transaction. Notwithstanding any other
               provision of this Agreement, the amount payable under Section
               6(e) upon termination of the Sole Transaction shall be determined
               without regard to any Transaction other than the Sole
               Transaction.

          (i)  EARLY TERMINATION.

          (1)  Section 6(b)(ii) is hereby amended by adding at the end of the
               first paragraph the following:

               ", provided that the party seeking to make the transfer to avoid
               a Termination Event shall deliver to Party B (in the case of
               transfers by Party A) or to Party A (in the case of transfers by
               Party B) written confirmation from each Rating Agency then rating
               any class of Notes that such transfer will not result in its
               then-current rating of each class of Notes being withdrawn,
               suspended or lowered without regard to the Securities Guaranty
               Insurance Policy."

          (2)  Notwithstanding anything to the contrary in this Agreement, if
               the Early Termination Date of the Sole Transaction occurs or is
               effectively designated, Party A and Party B agree as follows:

               (i) The Calculation Agent shall calculate an amount that would be
               payable to or by Party B under this Agreement in respect of such
               Early Termination Date (such amount, including any Net Payment or
               Net Receipt constituting any portion thereof, the "Termination
               Payment").

               (ii) To the extent that Party A is required to pay the
               Termination Payment to Party B, Party A shall pay such amount in
               accordance with the terms of this Agreement.

               (iii) To the extent that Party B is required to pay the
               Termination Payment to Party A where:

                    (A) Party B is the Defaulting Party (provided, however, that
               to the extent that Party B is the Defaulting Party with respect
               to an Event of Default specified in Section 5(a)(i) of this
               Agreement (Failure to Pay or Deliver) this clause (A) shall apply
               only with respect to the Net Payment (and not the remainder of
               the Termination Payment)), Party B shall pay such amount in
               accordance with Section 5.04(b) or 5.04(c), as applicable, of the
               Indenture, and Section 5.05(c) of the Sale and Servicing
               Agreement, as applicable.

                    (B) Party A is the Defaulting Party, the Early Termination
               Date arises from a Termination Event (other than an Additional
               Termination Event) or a Redemption Event, or Party B is the
               Defaulting Party with respect to an Event of Default specified in
               Section 5(a)(i) (exclusive of any Net Payment paid pursuant to
               Clause (A)), Party B shall pay such Termination Payment in
               accordance with this Agreement.

                    (C) Party B replaces Party A with a successor to Party A,
               Party B and Party A agree to cause the successor to Party A to
               pay the Termination Payment (or such lesser amount actually paid
               by such successor) to Party A. Any amounts actually received by
               Party A under this clause (C) shall reduce the amounts payable
               pursuant to clauses (A) and (B); Party A shall pay to Party B any
               excess of amounts actually received by Party A under this clause
               (C) over the Termination Payment.

          (j)  TRANSFER. Section 7 is hereby amended by:

          (1)  (i) adding the words "(and notice of the transferee to)" after
               the word "of" on the third line thereof, and (ii) adding the
               words "(subject to providing three Business Days prior written
               notice of the transferee to the other party, to the Securities
               Insurer and to each Rating Agency)" after the word "transfer" on
               the fourth and seventh line thereof.

          (2)  adding at the end thereof:

               "Any party making any such transfer shall deliver to the other
               party and the Securities Insurer written confirmation from
               each Rating Agency then rating any class of Notes that such
               transfer will not result in its then-current rating of each
               class of Notes being withdrawn, suspended or lowered without
               regard to the Securities Guaranty Insurance Policy."

          (k)  SWAP EXEMPTION.

          (1)  The parties agree that this Agreement and the Sole Transaction
               are intended to constitute a "swap agreement" within the meaning
               of Commodity Futures Trading Commission ("CFTC") Regulations
               Section 35.1(b)(1) and Section 101(53)(B) of the U.S. Bankruptcy
               Code;

          (2)  Each party represents to the other that it is an "eligible swap
               participant" within the meaning of CFTC Regulations Section
               35.1(b)(2);

          (3)  The parties agree that neither this Agreement nor the Sole
               Transaction is one of a fungible class of agreements that are
               standardized as to their material economic terms, within the
               meaning of CFTC Regulations Section 35.2(b); and

          (4)  Each party represents to the other that the creditworthiness of
               the other party was or will be a material consideration in
               entering into or determining the terms of this Agreement and the
               Sole Transaction, including pricing, cost or credit enhancement
               terms of this Agreement or the Sole Transaction, within the
               meaning of CFTC Regulations Section 35.2(c).

          (l)   WAIVER OF RIGHT TO TRIAL BY JURY. EACH OF THE PARTIES HEREBY
          IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A TRIAL BY JURY WITH RESPECT
          TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
          OR ANY TRANSACTION.

          (m)   AMENDMENTS. Section 9(b) of this Agreement is hereby amended by
          adding the following after the word "system" in the last line thereof:

          ", provided however, that all such amendments, modifications or
          waivers shall require (1) (as long as no Securities Insurer Default
          shall have occurred and be continuing) the consent (which consent
          shall not be unreasonably withheld) of the Securities Insurer and (2)
          the written affirmation of each Rating Agency then rating any class of
          Notes that such amendment, modification or waiver shall not adversely
          affect its then-current rating of each class of Notes without regard
          to the Securities Guaranty Insurance Policy."

          (n)    LIMITED RECOURSE TO PARTY B. Notwithstanding anything to the
          contrary contained herein, all obligations of Party B shall be payable
          by Party B only on each Distribution Date to the extent that funds are
          available under the Sale and Servicing Agreement and, to the extent
          such funds are not available or are insufficient for the payment
          thereof, shall not constitute a claim against the Trust to the extent
          of such unavailability or insufficiency until such time as the Trust
          has assets sufficient to pay such prior deficiency. This paragraph
          shall survive the termination of this Agreement but in all cases shall
          expire concurrently with the restriction specified in Part 5(f).

          (o)    NO SUSPENSION OF PAYMENTS. Notwithstanding Section 2(a)(iii) of
          this Agreement, Party A shall not suspend any payments due under
          Section 2(a)(iii) unless:

          (1) the principal of any class of Notes shall have been accelerated in
          accordance with the terms of the Indenture following an Event of
          Default thereunder;

          (2) the Securities Insurer has elected not to cure a payment default
          by Party B under the circumstances described in Part 1(d) of this
          Schedule after the Securities Insurer has been given three Business
          Days notice by Party A of such payment default and such default is
          continuing; or

          (3) an Early Termination Date for the Sole Transaction has occurred or
          effectively been designated pursuant to the terms hereof.

          (p)    REDEMPTION EVENT.

          (i)  A "Redemption Event" will occur upon the delivery by Party B (or
          its designee) to Party A of a "Party B Response" (as defined in
          Appendix I) accepting Party A's offer to terminate the Sole
          Transaction as provided in Appendix I hereto; provided, however, that
          Party B shall not deliver its Party B Response without the prior
          written consent (which consent shall not be unreasonably withheld) of
          the Securities Insurer (for so long as no Securities Insurer Default
          has occurred and is continuing). Such Party B Response shall be
          delivered on or before the related Redemption Date (as defined in the
          Indenture) and shall certify that the Minimum Purchase Price (as
          defined in the Indenture) has been deposited into the appropriate
          Trust Account (as defined in the Indenture). The parties hereto
          acknowledge and agree that the Indenture Trustee (as defined in the
          Indenture) may deliver such Party B Response on behalf of Party B.
          Party A hereby agrees that upon receipt of such Party B Response from
          the Indenture Trustee certifying that the Minimum Purchase Price has
          been deposited in the Collection Account, Party A shall immediately
          designate the Redemption Date as an Early Termination Date.
          Notwithstanding Section 6(d)(ii), the Payment Date in respect of a
          Redemption Event shall be the Early Termination Date so designated.
          For avoidance of doubt, no Redemption Event shall occur and no Early
          Termination Date shall be effectively designated in respect thereof
          unless the Minimum Purchase Price shall have been deposited into the
          applicable Trust Account(s) pursuant to the Indenture and, for so long
          as no Securities Insurer Default has occurred and is continuing, the
          prior written consent (which consent shall not be unreasonably
          withheld) of the Securities Insurer has been obtained with respect to
          the delivery of Party B's Response to Party A.

          (ii)    The parties hereto acknowledge and agree that Key Bank USA,
          National Association, as Administrator under the Administration
          Agreement, may deliver on behalf of Party B any "Party B Notices"
          required or permitted by Appendix I hereto; provided, that in no event
          shall a Redemption Event occur upon delivery of any such Party B
          Notice from the Administrator.

          (q)   ADDITIONAL DEFINITIONS. Capitalized terms used in this Schedule
          shall have the meaning set forth in the Confirmation, the Indenture
          or, if not therein, the Sale and Servicing Agreement.

          (r)   NOTE RELATED PROVISIONS. The parties acknowledge that this
          Agreement is intended to relate to the Notes, which are insured
          pursuant to Note Guaranty Insurance Policy No. 33098 (the "Securities
          Guaranty Insurance Policy") issued by MBIA Insurance Corporation
          ("MBIA") and as a result, hereby further agree as follows (for so long
          as no Securities Insurer Default has occurred and is continuing):

               (i) APPLICATION OF TERMINATION EVENTS AND EVENTS OF DEFAULT.
               Notwithstanding anything in this Agreement to the contrary, Party
               B shall not be entitled to designate an Early Termination Date
               following any Event of Default, Redemption Event or Termination
               Event without the prior written consent (which consent shall not
               be unreasonably withheld) of the Securities Insurer and must
               designate an Early Termination Date at the Securities Insurer's
               direction if the circumstances would permit Party B to then make
               such a designation.

               (ii) CURE PERIOD. Notwithstanding Section 5(a)(i) of this
               Agreement, an Event of Default in respect of Party B under
               Section 5(a)(i) shall not occur unless there is a failure to pay
               or deliver with respect to Party B under the circumstances
               described in Part 1(d) of this Schedule by Party B and the
               Securities Insurer has not (after having received notification of
               such a default from Party A) chosen to make such performance on
               Party B's behalf within three Business Days of such notice.

               (iii) SECURITIES INSURER-DIRECTED TERMINATION FOLLOWING CURE. If
               an Event of Default under Section 5(a)(i) of this Agreement
               occurs with respect to Party B as the Defaulting Party under the
               circumstances described in Part 1(d) hereof and the Securities
               Insurer has elected to make a payment on Party B's behalf, then
               the parties agree that (A) Party B's payment obligation SHALL NOT
               have been satisfied, (B) such payment default shall be continuing
               with respect to Party B and shall accrue interest due from Party
               B at the Late Interest Rate, (C) Party A, upon receipt of such
               payment on Party B's behalf from the Securities Insurer shall be
               deemed to have assigned its right to such payment from Party B
               (including interest on such payment) to the Securities Insurer,
               and (D) the Securities Insurer shall have the right (but no
               obligation) to direct Party A to designate an Early Termination
               Date against Party B with respect to Party B's payment default.

               (iv) DEDUCTION OR WITHHOLDING FOR TAX. Notwithstanding Section 14
               of this Agreement, in relation to any payment required to be made
               by Party B, no Tax shall be an Indemnifiable Tax, and in relation
               to any payment required to be made by Party A, each and every Tax
               shall be an Indemnifiable Tax.

               (v) REPRESENTATIONS AND AGREEMENTS. Each party agrees that each
               of its representations and agreements in this Agreement is
               expressly made to and for the benefit of the Securities Insurer.

               (vi) THE SECURITIES INSURER. Party A and Party B hereby each
               acknowledge and agree that the Securities Insurer shall be an
               express third-party beneficiary (and not merely an incidental
               third-party beneficiary) of this Agreement and the obligations of
               each such party under this Agreement, as such, entitled to
               enforce this Agreement and the terms of any Transaction hereunder
               against either Party A or Party B on its own behalf and/or on
               behalf of the holders of the related Notes and otherwise shall be
               afforded all remedies available hereunder or otherwise afforded
               by law against the parties hereto to redress any damage or loss
               incurred by the Securities Insurer or the Notes including, but
               not limited to, fees (including professional fees), costs and
               expenses incurred by the Securities Insurer which are related to,
               or resulting from any breach by such party of its obligations
               hereunder.

               (vii) SECURITIES INSURER ROLE. Party A and Party B hereby each
               acknowledge and agree that the Securities Insurer is not
               obligated to cure any default by Party B under this Agreement,
               but that in connection with the Securities Insurer's best
               judgment, the Securities Insurer is expressly granted, in partial
               consideration for the issuance of the Securities Guaranty
               Insurance Policy, the rights specified in this Agreement,
               including, but not limited to, the right to effect cures of
               payment defaults by Party B and the right to receive certain
               notices.

               (viii) NOTICES. A copy of each notice or other communication
               between the parties with respect to this Agreement (including,
               without limitation, Appendix I hereto) must be forwarded to the
               Securities Insurer.

               (ix) "REFERENCE MARKET MAKERS." The definition of "Reference
               Market-makers" set forth in Section 12 of this Agreement shall be
               amended in its entirety to read as follows:

                    "Reference Market-makers" means four (4) leading dealers in
                    the relevant swap market selected by the party determining a
                    Market Quotation in good faith (a) from among dealers of the
                    highest credit standing which satisfy all the criteria that
                    such party applies generally at the time in deciding whether
                    to offer or to make an extension of credit and (b) to the
                    extent practicable, from among dealers having an office in
                    the same city. The rating classification assigned to any
                    outstanding long-term senior debt securities issued by such
                    dealers shall be at least (1) Aa or higher as determined by
                    Moody's Investors Service Inc., (2) AA or higher as
                    determined by Standard & Poor's Ratings Services, a division
                    of The McGraw-Hill Companies, Inc. or (3) AA or higher as
                    determined by Fitch (if rated by Fitch), provided, however,
                    that, in any case, if Market Quotations cannot be determined
                    by four (4) such dealers, the party making the determination
                    of the Market Quotation may designate, with the consent
                    (which consent shall not be unreasonably withheld) of the
                    other party and the Insurer, one (1) or more leading dealers
                    whose long-term senior debt bears a lower investment grade
                    rating.

<PAGE>

          IN WITNESS WHEREOF, the parties have executed this document on the
respective dates specified below with effect from the date specified on the
first page of this document.

KEY BANK USA,                             KEYCORP STUDENT LOAN
NATIONAL ASSOCIATION                      TRUST 2000-B
                                          By Bank One, National Association, not
                                          in its individual capacity, but solely
                                          as Eligible Lender Trustee

By: /S/ CRAIG PLATT                       By: /S/ KEITH R. RICHARDSON
   ----------------------------               -------------------------
Name:  Craig Platt                        Name:  Keith R. Richardson
Title: Senior Vice President              Title: Authorized Officer
Date:  9/15/2000                          Date:  9/15/2000

<PAGE>

                                   APPENDIX I

                              REDEMPTION OF NOTES.

          1. As promptly as practicable, but in any event not later than two
Business Days after delivery by Party B (or Party B's designee, in either case
at the direction of, or with the consent (which consent shall not be
unreasonably withheld) of, the Securities Insurer, but only for so long as no
Securities Insurer Default has occurred and is continuing) to Party A of a
notice of proposed redemption (the "Redemption") and request for a quotation of
Termination Payment (the "Party B Notice"), Party A will give notice by
telephone to Party B (which notice will be promptly confirmed in writing to
Party B)(the "Party A Response"):--

          (i) offering to terminate the Sole Transaction upon such Redemption;
and

          (ii) stating in good faith and in reasonable detail the Termination
Payment (the "Redemption Payment") that will be payable by Party B to Party A or
by Party A to Party B on the proposed Redemption Date (as defined in the
Indenture) if the offer is accepted at the time of such offer (or through such
later time, if any, as may be expressed in the offer in the discretion of Party
A) and the Redemption is effected on the Redemption Date; provided, however,
that, if such offer is not accepted at such time, Party A will, promptly after
requests therefor by Party B (at the direction of, or with the consent (which
consent shall not be unreasonably withheld) of, the Securities Insurer), make
new offers to effect the termination of the Sole Transaction and will make such
new offers in accordance with reasonable market practice until 11:00 a.m. New
York City time on the Business Day two Business Days prior to the Redemption
Date (the "Deadline"). Any such new offer will contain the statements required
by the preceding clauses (i) and (ii) and will also be a Party A Response,
except that:--

          (x) only the Party A Response will determine the period during which
new offers are required to be accepted; and

          (y) in the case of the Final Offer (as defined below), "Market
Quotation" will be substituted for "Loss" for purposes of determining the
Redemption Payment.

          The last such new offer is referred to herein as the "Final Offer."
The Final Offer will be identified as such in the relevant Party A Response. The
Final Offer will not be delivered earlier than the Business Day on which the
Deadline occurs. The Final Offer will be communicated by telephone to Party B
(which Final Offer will be promptly confirmed in writing to Party B).

          2. Each Party A Response will describe the Redemption Payment, even if
the Redemption Payment remains the same and, except as described above with
respect to the Final Offer, each Redemption Payment will be determined using
"Loss" and "Second Method" and based on Party B as the sole Affected Party.

          3. As promptly as practicable, but in any event not later than the end
of the period during which an offer may be accepted pursuant to the relevant
Party A Response, Party B (with the consent (which consent shall not be
unreasonably withheld) of, or at the direction of, the Securities Insurer, but
only for so long as no Securities Insurer Default has occurred and is
continuing), acting in good faith and in accordance with reasonable derivatives
market practice, will accept the offer expressed therein by notice (the "Party B
Response") to Party A. Such notice will be by telephone, will be promptly
confirmed in writing and will thereupon be effective, all in accordance with
usual derivatives markets transactions. If the offer is accepted as aforesaid,
the Redemption will be effective on the Redemption Date on the terms expressed
in the last relevant Party A Response as accepted by the Party B Response
(subject to the conditions set forth in Part 5(o) of this Agreement). The
Redemption Payment will be the amount described in the Party A Response accepted
by Party B.

          4. Party B (or its designee) will have the right to make reasonable
request of Party A for indications of Redemption Payments based on proposed
Redemptions as contemplated by Paragraphs 1 through 3 above, and Party A will
supply such indications promptly and in good faith following any such request.
Except as provided in Paragraphs 1 through 3 above and Part 5(o) of this
Agreement, neither Party B nor its designee will be obligated to effect any such
Redemption.

<PAGE>

                                                        September 15, 2000

Interest Rate (Basis Spread) Swap Documentation
KEYCORP STUDENT LOAN TRUST 2000-B
c/o Bank One, National Association
One Bank One Plaza
Suite IL-0126
Chicago, Ill, 60670
Fax:     (312) 407-1708
cc:      (212) 373-1382
Attention: Corporate Trust Services

From:    KEY BANK USA, NATIONAL ASSOCIATION

          The purpose of this communication is to set forth the terms and
conditions of the Interest Rate (Basis Spread) Swap Transaction (the
"Transaction") between KEY BANK USA, NATIONAL ASSOCIATION ("Party A") and
KEYCORP STUDENT LOAN TRUST 2000-B ("Party B") on the Trade Date specified below.
This communication will constitute a "Confirmation" as referred to in the ISDA
Master Agreement (Multicurrency - Cross Border) dated as of September 15, 2000,
entered into by the parties hereto (the "ISDA Master Agreement").

          The definitions and provisions contained in the 1991 ISDA Definitions
as supplemented by the 1998 Supplement to the 1991 ISDA Definitions
(collectively, the "Definitions"), both as published by the International Swaps
and Derivatives Association, Inc. ("ISDA"), are incorporated herein.

          This Confirmation supplements, forms part of and is subject to the
ISDA Master Agreement. All provisions contained in the ISDA Master Agreement
will govern this Confirmation, except as expressly modified below. In the event
of any inconsistency among or between the ISDA Master Agreement, the Definitions
and this Confirmation, this Confirmation will govern.

         Capitalized terms not otherwise defined herein shall have the meanings
ascribed to them (either directly or by incorporation) in the ISDA Master
Agreement and Appendix A of the Sale and Servicing Agreement (as of the Trade
Date). The term "Business Day" shall have the meaning ascribed thereto in
Appendix A of the Sale and Servicing Agreement.

          1. The terms of the particular Transaction to which this Confirmation
relates are as follows:

         Trade Date:                         September 15, 2000

         Effective Date:                     October 1, 2000

         Termination Date:                   The earlier of (i) the date on
                                             which the outstanding principal
                                             amount of the Notes is reduced to
                                             zero and all amounts then owing to
                                             the Securities Insurer have been
                                             paid and (ii) the occurrence and
                                             continuation of an Event of Default
                                             under the Indenture resulting in a
                                             liquidation of the Financed Student
                                             Loans.

         Calculation Agent:                  The Administrator (as defined in
                                             Appendix A of the Sale and
                                             Servicing Agreement)

         Netting:                            On any Payment Date, the
                                             obligations of the Parties shall be
                                             netted such that the Party with the
                                             greater Floating Rate Payment
                                             obligation shall pay to the other
                                             Party the difference between the
                                             Floating Rate Payment owed by it to
                                             the other Party and the Floating
                                             Rate Payment owed to it by the
                                             other Party.

         Collection Periods:                 With respect to the first
                                             Distribution Date, the 3 Monthly
                                             Calculation Periods immediately
                                             preceding the month in which such
                                             Distribution Date occurs. With
                                             respect to any subsequent
                                             Distribution Date, the 3 Monthly
                                             Calculation Periods immediately
                                             preceding the month in which the
                                             Distribution Date occurs.

         Monthly Calculation Periods:        For each calendar month, the period
                                             beginning on and including the
                                             first day of such month and ending
                                             on and including the last day of
                                             such month. For the avoidance of
                                             doubt, no Business Day Convention
                                             shall apply to the calculation of
                                             the number of days in a Monthly
                                             Calculation Period.

Floating Rate Amounts Payable By Party A:

         Party A
         Floating Rate Payments:             For each Collection Period, the sum
                                             of the Party A Floating Rate
                                             Payments for each Monthly
                                             Calculation Period. The Party A
                                             Floating Rate Payment for any
                                             Monthly Calculation Period shall be
                                             the product of:

                                                  (1) Three-Month LIBOR plus
                                                  2.60% calculated in the same
                                                  manner and on such dates as
                                                  such index is calculated for
                                                  the LIBOR Indexed Securities
                                                  for the Interest Period that
                                                  ends on the Distribution Date
                                                  to which such Collection
                                                  Period relates;

                                                  (2) the principal balance of
                                                  the Prime Rate Loans as
                                                  determined as of the first day
                                                  of the Monthly Calculation
                                                  Period; and

                                                  (3) a fraction, the numerator
                                                  of which is the actual number
                                                  of days in the Monthly
                                                  Calculation Period and the
                                                  denominator of which is 360.

                                             In addition, on any Payment Date
                                             Party A shall be obligated to pay
                                             any Net Trust Swap Receipt
                                             Carryover Shortfall Amount that
                                             exists on such Payment Date.

         Party A Floating Rate
         Payment Dates:                      With respect to each Collection
                                             Period, the Distribution Date to
                                             which such Collection Period
                                             relates.

Floating Rate Amounts Payable by Party B:

         Party B Floating Rate
         Payments:                           For each Collection Period, the sum
                                             of the Party B Floating Rate
                                             Payments for each Monthly
                                             Calculation Period. The Party B
                                             Floating Rate Payment for any
                                             Monthly Calculation Period shall be
                                             the product of:

                                                  (1) the Prime Rate as
                                                  determined as of the first day
                                                  of the Monthly Calculation
                                                  Period;

                                                  (2) the aggregate principal
                                                  balance of Prime Rate Loans as
                                                  determined as of the first day
                                                  of the Monthly Calculation
                                                  Period; and

                                                  (3) a fraction, the numerator
                                                  of which is the actual number
                                                  of days in the related monthly
                                                  period and the denominator of
                                                  which is 360.

                                             In addition, on any Payment Date
                                             Party B shall be obligated to pay
                                             any Net Trust Swap Payment
                                             Carryover Shortfall Amount that
                                             exists on such Payment Date, but
                                             only to the extent that funds are
                                             available and only in accordance
                                             with the provisions of the Sale and
                                             Servicing Agreement.

         Party B Floating Rate
         Payment Dates:                      With respect to each Collection
                                             Period, the Distribution Date to
                                             which such Collection Period
                                             relates.

Fixed Rate Payment:

         Fixed Rate Payer:                   Party B

         Fixed Rate Payment:                 Zero

         Fixed Rate Payment Date:            September 15, 2000

2.       Account Details:

           Payments to Party A:

           KEYBANK NATIONAL ASSOCIATION
           ABA 0410001039
           AC 1553
           ATTENTION: DERIVATIVE OPERATIONS
           CREDIT TO KEYBANK USA

           Payments to Party B:

           KEYBANK NATIONAL ASSOCIATION
           ABA 0410001039
           AC 35-214-101-3511

3.       OTHER TERMS:

If the rating of Party A is withdrawn, suspended or reduced below A3 by Moody's,
A- by Standard & Poor's or A- by Fitch (if rated by Fitch), Party A shall be
required, no later than the 30th day following such rating withdrawal,
suspension or downgrade, at Party A's expense, to either (i) obtain a substitute
swap counterparty acceptable to the Securities Insurer that has a counterparty
rating of at least A3 by Moody's, A- by Standard & Poor's and A- by Fitch (if
rated by Fitch) or (ii) enter into arrangements reasonably satisfactory to the
Indenture Trustee and the Securities Insurer, including collateral arrangements,
guarantees or letters of credit, which arrangements in the view of such Rating
Agency will result in the elimination of the effect or impact of such rating
withdrawal, suspension or downgrade on the Noteholders and the Securities
Insurer without regard to the Securities Guaranty Insurance Policy. Failure to
comply with this obligation shall constitute an Additional Termination Event
with Party A as the Affected Party.

Each capitalized term used in this Confirmation and not defined in this
Confirmation or Appendix A of the Sale and Servicing Agreement or the
Definitions shall have the meaning assigned in the ISDA Master Agreement.

Please promptly confirm that the preceding correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

                                              Yours sincerely,

                                              KEY BANK USA, NATIONAL
                                              ASSOCIATION

                                              By: /S/ CRAIG PLATT
                                                  --------------------------
                                              Name:  Craig Platt
                                              Title: Senior Vice President

Confirmed as of the date first written:

KEYCORP STUDENT LOAN TRUST 2000-B

By: Bank One, National Association
not in its individual capacity but solely
as Eligible Lender Trustee

By: /S/ KEITH R. RICHARDSON
    -----------------------------------
Name:  Keith R. Richardson
Title: Authorized Officer[Exhibit 4.6]

                          Interest Rate Cap Agreement

          [1992 ISDA MASTER AGREEMENT (MULTICURRENCY - CROSS BORDER)]

Date:  September 15, 2000

PARTY A

KEY BANK USA, NATIONAL ASSOCATION

By: /s/ CRAIG PLATT
    ----------------------------
    Name:  Craig Platt
    Title: Senior Vice President

PARTY B

KEYCORP STUDENT LOAN TRUST 2000-B

By:  Bank One, National Association, not in its individual
     capacity, but solely as Eligible Lender Trustee

By: /s/ KEITH R. RICHARDSON
    ---------------------------
    Name:  Keith R. Richardson
    Title: Authorized Officer

<PAGE>

                                    SCHEDULE
                                     TO THE
                              ISDA MASTER AGREEMENT
                                   DATED AS OF
                               SEPTEMBER 15, 2000

                                     BETWEEN

                       KEY BANK USA, NATIONAL ASSOCIATION,
  A NATIONAL BANKING ASSOCIATION ORGANIZED UNDER THE LAWS OF THE UNITED STATES
                                  ("PARTY A"),

                                       AND

                       KEYCORP STUDENT LOAN TRUST 2000-B,
            A TRUST ORGANIZED UNDER THE LAWS OF THE STATE OF NEW YORK
                                  ("PARTY B").

PART 1.  TERMINATION PROVISIONS.

          (a)  "SPECIFIED ENTITY"

              (i)   means, in relation to Party A, not applicable; and

              (ii)  means, in relation to Party B, not applicable.

          (b)  The "CROSS DEFAULT" provisions of Section 5(a)(vi) will not apply
               to Party A and will not apply to Party B.

          (c)  The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv)
               shall not apply to Party A and shall not apply to Party B.

          (d)  The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will
               not apply to Party A and will not apply to Party B.

          (e)  PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e):
               Loss and Second Method shall apply; provided, however, that the
               definition of the term "Loss" in Section 14 shall be deleted in
               its entirety and shall be replaced by the following new
               definition:

               "Loss" means $350,000 which shall be payable by Party A to
               Party B.

               The parties agree that Loss (as herein defined) is a reasonable
               pre-estimate of the loss that would result from an early
               termination of the Sole Transaction (as such term is defined in
               Part 5(a)) and not a penalty. Such amount will be payable for the
               loss of bargain and the loss of protection against future risks,
               and except as otherwise provided in the Agreement, neither party
               will be entitled to recover any additional damages as a
               consequence of such losses. Prior to an early termination of the
               Sole Transaction, the provisions of this Part 1(e) shall not bar
               Party B from bringing an action or actions against Party A in a
               court of competent jurisdiction to enforce its rights to receive
               any amount or amounts due and unpaid from Party A to Party B
               under the terms of Section 2(a)(i) and the Sole Transaction.

               From and after an early termination of the Sole Transaction,
               either party shall have the right to net or setoff any amount
               then due and owing from it to the other party with respect to the
               Sole Transaction against any amount then due and owing from the
               other party to it with respect to the Sole Transaction.

          (f)  "TERMINATION CURRENCY" means United States Dollars.

          (g)  LIMITATION OF EVENTS OF DEFAULT AND TERMINATION EVENTS.
               Notwithstanding any other provision of the Agreement, the only
               Events of Default and Termination Events that shall be applicable
               to Party A are those set forth in Sections 5(a)(i), 5(a)(vii) and
               5(b)(i), and the only Events of Default and Termination Events
               that shall be applicable to Party B are those set forth in
               Sections 5(a)(i) and 5(b)(i).

PART 2.  TAX REPRESENTATIONS.

          (a)  PAYER TAX REPRESENTATIONS. For the purposes of Section 3(e),
               neither Party A, nor Party B makes any representations.

          (b)  PAYEE TAX REPRESENTATIONS.

               (i) For the purposes of Section 3(f), Party A makes the following
               representations:

               It is a national banking association duly organized and existing
               under the laws of the United States.

               (ii) For the purposes of Section 3(f), Party B makes the
               following representations:

               It is a business trust duly organized and existing under the laws
               of the State of Delaware.

PART 3.  AGREEMENT TO DELIVER DOCUMENTS

          (a)  For the purpose of Section 4(a):

               Tax forms, documents, or certificates to be delivered are:

                    Party B agrees to complete (accurately and in a manner
                    reasonably satisfactory to Party A), execute, and deliver to
                    Party A a United States Internal Revenue Service Form W-9,
                    or any successor form, which will certify that Party B is
                    not subject to backup withholding (i) on a date which is
                    before the first Scheduled Payment Date under this Agreement
                    (the "Form W-9 Submission Date"), and thereafter prior to
                    the end of the calendar year in which the second anniversary
                    of the Form W-9 Submission Date occurs, and thereafter prior
                    to the end of each successive three calendar year period,
                    (ii) promptly upon reasonable demand by Party A, and (iii)
                    promptly upon learning that any such form previously
                    provided by Party B has become obsolete or incorrect.

          (b)  Other documents to be delivered are:
<TABLE>
<CAPTION>

<S>                <C>                                          <C>                 <C>
-------------------------------------------------------------------------------------------------------------
PARTY REQUIRED     FORM/DOCUMENT/CERTIFICATE                    DATE BY WHICH TO    COVERED BY SECTION
TO DELIVER                                                      BE DELIVERED        3(D) REPRESENTATION
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Party A        Evidence of authority of the party to enter      Upon execution        Yes
and            into this Agreement and the Sole Transaction     of this Agreement
Party B        (as defined in Part 5(a)) contemplated hereby
               and of the signatory for such party to this
               Agreement and the Confirmation of such Sole
               Transaction.
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Party A        Copy of the most recent Call Report filed by     Promptly              Yes
               Party A with the Office of the Comptroller of    following
               the Currency.                                    reasonable
                                                                demand by Party B
-------------------------------------------------------------------------------------------------------------

</TABLE>

PART 4.  MISCELLANEOUS

          (a)  ADDRESSES FOR NOTICES. For the purpose of Section 12(a):

               Address for notices or communications to Party A:

               Address:      Key Bank USA, National Association
                             M.C. OH-01-27-0405
                             127 Public Square - 4th Floor
                             Cleveland, Ohio 44144
               Attention:    Trading Desk - Manager, Interest
                             Rate Derivatives
               Telephone:    (216) 689-3832
               Facsimile:    (216) 689-5859

               Address for notices or communications to Party B:

               Address:      KeyCorp Student Loan Trust 2000-B
                             c/o Bank One National Association
                             1 Bank One Plaza
                             Suite IL1-0126
                             Chicago, Illinois 60670
               Attention:    Corporate Trust Services
               Telephone:    (312) 407-0192
               Facsimile:    (312) 407-1708

               with a copy to the Administrator (as such term is
               defined in Appendix A to the Sale and Servicing
               Agreement dated as of September 1, 2000, among Key Bank
               USA, National Association, as seller, administrator and
               master servicer, KeyCorp Student Loan Trust 2000-B, as
               issuer, and Bank One, National Association, as eligible
               lender trustee (the "Sale and Servicing Agreement")) in
               the event that Key Bank USA, National Association
               ceases to be the Administrator.

               Address for notices or communications to the Securities
               Insurer:

               Address:      MBIA Insurance Corporation
                             113 King Street
                             Armonk, New York  10504
               Attention:    Insured Portfolio Management-SF
               Telephone:    (914) 273-4545
               Facsimile:    (914) 765-3810

          (b)  PROCESS AGENT. For the purpose of Section 13(c):

               Party A appoints as its Process Agent: Not applicable.

               Party B appoints as its Process Agent: Not applicable.

          (c)  OFFICES. The provisions of Section 10(a) will apply to this
               Agreement.

          (d)  MULTIBRANCH PARTY. For the purpose of Section 10(c):

               Party A is not a Multibranch Party.

               Party B is not a Multibranch Party.

          (e)  CALCULATION AGENT. The Calculation Agent is the Administrator.

          (f)  CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document,
               each of which are incorporated by reference in, and made part of,
               this Agreement and each Confirmation (unless provided otherwise
               in a Confirmation) as if set forth in full in this Agreement or
               such Confirmation: Not applicable.

          (g)  CREDIT SUPPORT PROVIDER. Credit Support Provider means, in
               relation to Party A, not applicable. Credit Support Provider
               means in relation to Party B, not applicable.

          (h)  GOVERNING LAW. This Agreement will be governed by and construed
               in accordance with the law of the State of New York (without
               reference to its choice of law doctrine).

          (j)  NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) will apply
               to Transactions.

PART 5.  OTHER PROVISIONS.

          (a)  SOLE TRANSACTION. Notwithstanding any other provision of this
               Agreement, this Agreement shall govern only one Transaction (the
               "Sole Transaction"). A copy of the form of Confirmation for the
               Sole Transaction is attached hereto as Exhibit A.

          (b)  ISOLATION OF SOLE TRANSACTION. Notwithstanding Section 6, any
               designation of an Early Termination Date in respect of the Sole
               Transaction shall apply only to the Sole Transaction.

          (c)  ACCURACY OF SPECIFIED INFORMATION. Section 3(d) is hereby amended
               by adding in the third line thereof after the word "respect" and
               before the period, the phrase "or, in the case of audited or
               unaudited financial statements, a fair presentation of the
               financial condition of the relevant person."

          (d)  ADDITIONAL REPRESENTATIONS. The parties agree to amend Section 3
               by adding new Sections 3(g), (h), (i) and (j) as follows:

          (g)  ELIGIBLE SWAP PARTICIPANT. It is an "eligible swap participant"
               as defined in the Part 35 Regulations of the Commodity Futures
               Trading Commission.

          (h)  LINE OF BUSINESS. It has entered into this Agreement and the Sole
               Transaction in conjunction with its line of business (including
               financial intermediation services) or the financing of its
               business.

          (i)  NON-RELIANCE. In connection with the negotiation of, the entering
               into, and the confirming of the execution of, this Agreement and
               the Sole Transaction: (i) the other party is not acting as a
               fiduciary or financial or investment advisor for it; (ii) it is
               acting as a principal and not as an agent or in any other
               capacity, fiduciary or otherwise; (iii) it is not relying upon
               any representations (whether written or oral) of the other party
               other than the representations expressly set forth in this
               Agreement and (iv) it has consulted with its own legal,
               regulatory, tax, business, investment, financial, and accounting
               advisors to the extent it has deemed necessary, and it has made
               its own investment, hedging and trading decisions based on its
               own judgment and upon any advice from such advisors as it has
               deemed necessary and not upon any view expressed by the other
               party.

          (j)  ASSESSMENT AND UNDERSTANDING. It is capable of assessing the
               merits of and understanding (on its own behalf or through
               independent professional advice), and understands and accepts,
               the terms, conditions and risks of this Agreement and the Sole
               Transaction. It is also capable of assuming, and assumes, the
               risks of the Sole Transaction.

     (e)  FDI ACT REPRESENTATION. Party A represents to Party B as follows:

          (i)  The necessary action to authorize referred to in the
               representation in Section 3(a)(ii) includes all authorizations
               required under the U. S. Federal Deposit Insurance Act, as
               amended and under any agreement, writ, decree, or order entered
               into with its supervisory authorities.

          (ii) At all times during the term of this Agreement, it will
               continuously include and maintain as part of its official written
               books and records this Agreement, this Schedule and all other
               exhibits, supplements, and attachments hereto and documents
               incorporated by reference herein, all Confirmations, and evidence
               of all necessary authorizations.

          (iii) This Agreement, the Confirmation of the Sole Transaction, and
               any other documentation relating to this Agreement to which it is
               a party or that it is required to deliver will be executed and
               delivered by a duly appointed or elected and authorized officer
               of it of the level of vice president or higher.

          (f)  NO BANKRUPTCY PETITION. Prior to the date that is one year and
               one day after the date upon which Party B is terminated in
               accordance with the terms of the Amended and Restated Trust
               Agreement dated as of September 1, 2000, between Key Bank USA,
               National Association, as seller, and Bank One, National
               Association, as eligible lender trustee (the "Eligible Lender
               Trustee"), Party A shall not institute against, or join any other
               person in instituting against, Party B any bankruptcy,
               reorganization, arrangement, insolvency or liquidation
               proceeding, or other proceedings under any federal or state
               bankruptcy or similar law.

          (g)  OBLIGATIONS OF PARTY B. Party A agrees that all obligations,
               liabilities and expenses of Party B, including, without
               limitation, any arising out of representations or agreements
               contained herein, shall be paid from, and limited to, the assets
               of Party B and that the Eligible Lender Trustee shall not be
               required to spend or risk its own funds hereunder, nor shall the
               Trustee incur any liability in its individual capacity.

          (h)  NO SETOFF. Notwithstanding any other provision of the Agreement,
               in no event shall either Party A or Party B have the right to
               setoff or net an amount due from it under the Sole Transaction
               against an amount due from the other party under any other
               Transaction, nor shall either Party A or Party B have the right
               to setoff or net an amount due from it under any Transaction that
               is not the Sole Transaction against an amount due from the other
               party under the Sole Transaction. Notwithstanding any other
               provision of this Agreement, the amount payable under Section
               6(e) upon termination of the Sole Transaction shall be determined
               without regard to any Transaction other than the Sole
               Transaction.

          (i)  AMENDMENTS. Section 9(b) of this Agreement is hereby amended by
               adding the following after the word "system" in the last line
               thereof:

               ", provided, however, that all such amendments, modifications or
               waivers shall require (as long as no Securities Insurer Default
               shall have occurred and be continuing) the consent (which consent
               shall not be unreasonably withheld) of the Securities Insurer."

          (j)  LIMITED RECOURSE TO PARTY B. Notwithstanding anything to the
               contrary contained herein, all obligations of Party B shall be
               payable by Party B only on each Distribution Date to the extent
               that funds are available under Section 5.05(c) of the Sale and
               Servicing Agreement or Section 5.04(b) or 5.04(c) of the
               Indenture (as the case may be) and, to the extent such funds are
               not available or are insufficient for the payment thereof, shall
               not constitute a claim against the Trust to the extent of such
               unavailability or insufficiency until such time as the Trust has
               assets sufficient to pay such prior deficiency. This paragraph
               shall survive the termination of this Agreement but in all cases
               shall expire concurrently with the restriction specified in Part
               5(f).

          (k)  A copy of each notice or other communication between the parties
               with respect to this Agreement shall be forwarded to the
               Securities Insurer.

         IN WITNESS WHEREOF, the parties have executed this document on the
respective dates specified below with effect from the date specified on the
first page of this document.

KEY BANK USA,                            KEYCORP STUDENT LOAN
NATIONAL ASSOCIATION                     TRUST 2000-B
                                         By  Bank One, National Association,
                                         not  in  its individual  capacity,
                                         but  solely  as  Eligible  Lender
                                         Trustee

By:      /S/ CRAIG PLATT                 By:      /S/ KEITH R. RICHARDSON
         ---------------------------              -----------------------
Name:    Craig Platt                     Name:    Keith R. Richardson
Title:   Senior Vice President           Title:   Authorized Officer
Date:    9/15/2000                       Date:    9/15/2000

<PAGE>
                                                            September 15, 2000
Interest Rate (Basis Spread) Cap Documentation
KEYCORP STUDENT LOAN TRUST 2000-B
c/o Bank One, National Association
One Bank One Plaza
Suite IL-0126
Chicago, Ill, 60670
Fax:     (312) 407-1708
cc:      (212) 373-1382
Attention: Corporate Trust Services

From:    KEY BANK USA, NATIONAL ASSOCIATION

          The purpose of this communication is to set forth the terms and
conditions of the Interest Rate (Basis Spread) Cap Transaction (the
"Transaction") between KEY BANK USA, NATIONAL ASSOCIATION ("Party A") and
KEYCORP STUDENT LOAN TRUST 2000-B ("Party B") on the Trade Date specified below.
This communication will constitute a "Confirmation" as referred to in the ISDA
Master Agreement (Multicurrency - Cross Border) dated as of September 15, 2000,
entered into by the parties hereto (the "ISDA Master Agreement").

          The definitions and provisions contained in the 1991 ISDA Definitions
as supplemented by the 1998 Supplement to the 1991 ISDA Definitions
(collectively, the "Definitions"), both as published by the International Swaps
and Derivatives Association, Inc. ("ISDA"), are incorporated herein.

          This Confirmation supplements, forms part of and is subject to the
ISDA Master Agreement. All provisions contained in the ISDA Master Agreement
will govern this Confirmation, except as expressly modified below. In the event
of any inconsistency among or between the ISDA Master Agreement, the Definitions
and this Confirmation, this Confirmation will govern.

          Capitalized terms not otherwise defined herein shall have the meanings
ascribed to them (either directly or by incorporation) in the ISDA Master
Agreement and Appendix A of the Sale and Servicing Agreement (as of the Trade
Date). The term "Business Day" shall have the meaning ascribed thereto in
Appendix A of the Sale and Servicing Agreement.

          1. The terms of the particular Transaction to which this Confirmation
relates are as follows:

         Trade Date:                September 15, 2000

         Effective Date:            September 15, 2000

         Termination Date:          The  earlier  of (i) the date on which
                                    the outstanding  principal amount of the
                                    Notes is reduced to zero, (ii) October 25,
                                    2010 subject to adjustment in accordance
                                    with the Following Business Day
                                    Convention and (iii) the occurrence  and
                                    continuation of an Event of Default
                                    under the Indenture resulting in a
                                    liquidation of the Financed Student Loans.

         Calculation Agent:         The  Administrator (as defined in Appendix
                                    A of the Sale and Servicing Agreement)

Floating Rate Amounts Payable By Party A:

         Party A
         Floating Rate Payments:     With respect to each Distribution Date, the
                                     sum of the Class A-1 Cap Payment and the
                                     Class A-2 Cap Payment, all as defined and
                                     in the amounts provided for in Appendix A
                                     of the Sale and Servicing Agreement.

         Party A Floating Rate
         Payment Dates:              One  Business  Day  prior to each
                                     Distribution Date.

Fixed Rate Payment:

         Fixed Rate Payer:           Party B

         Fixed Rate Payment:         USD $350,000

         Fixed Rate Payment Date:    September 15, 2000

Floating Rate Amounts Payable by Party B:

         Party B Floating Rate
         Payments:                   With respect to each Distribution Date,
                                     the amounts, if any, available for
                                     distribution pursuant to Section 5.05(c)
                                     (xii) of the Sale and Servicing Agreement
                                     or Sections 5.04(b) NINTH or Section
                                     5.04(c)(xii) of the Indenture, as
                                     applicable.

         Party B Floating Rate
         Payment Dates:              One  Business  Day  prior to each
                                     Distribution Date.

2.       Account Details:

         Payments to Party A:

         KEYBANK NATIONAL ASSOCIATION
         ABA 0410001039
         AC 1553
         ATTENTION: DERIVATIVE OPERATIONS
         CREDIT TO KEYBANK USA

         Payments to Party B:

         KEYBANK NATIONAL ASSOCIATION
         ABA 0410001039
         AC 35-214-101-3560

3.       OTHER TERMS:
         -----------

Each capitalized term used in this Confirmation and not defined in this
Confirmation or Appendix A of the Sale and Servicing Agreement or the
Definitions shall have the meaning assigned in the ISDA Master Agreement.

Notwithstanding any contrary provision of the ISDA Master Agreement, the
obligation, if any, of Party B to make Party B Floating Amount Payments shall
survive any early termination of this Transaction pursuant to Section 6 of the
ISDA Master Agreement.

Please promptly confirm that the preceding correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

                                     Yours sincerely,

                                     KEY BANK USA, NATIONAL
                                     ASSOCIATION

                                     By:      /S/ CRAIG PLATT
                                              --------------------------
                                     Name:    Craig Platt
                                     Title:   Senior Vice President

Confirmed as of the date first written:

KEYCORP STUDENT LOAN TRUST 2000-B

By: Bank One, National Association
not in its individual capacity but solely
as Eligible Lender Trustee

By:      /S/ KEITH R. RICHARDSON
         -----------------------------------
Name:    Keith R. Richardson
Title:   Authorized Officer

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