-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UEglQLLGruEC2jaLPDy2WoCXucA4cIKfD+hDAYyzHoKKm9DOvFIbZQgk0MCNEuRD gtUadm5HYqYUVEGR92JtIA== 0000899681-06-000346.txt : 20060531 0000899681-06-000346.hdr.sgml : 20060531 20060531153807 ACCESSION NUMBER: 0000899681-06-000346 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20060526 FILED AS OF DATE: 20060531 DATE AS OF CHANGE: 20060531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLLEGE LOAN CORP TRUST I CENTRAL INDEX KEY: 0001172104 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 016110137 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-102791-01 FILM NUMBER: 06876914 BUSINESS ADDRESS: STREET 1: 1100 N MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19890 BUSINESS PHONE: 302-636-6071 10-D 1 college-10d_053106.htm 10-D

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 10-D

ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the distribution period from May 26, 2006 to May 31, 2006

Commission File Number of issuing entity: 333-112075-02

College Loan Corporation Trust I
(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-112075

College Loan LLC
(Exact name of depositor as specified in its charter)

College Loan Corporation
(Exact name of sponsor as specified in its charter)

Delaware

45-6110137

(State or other jurisdiction of incorporation
or organization of the issuing entity)

(I.R.S. employer identification number)

16855 W. Bernardo Drive, Suite 100, San Diego, California 92127

(Address of principal executive offices of the issuing entity) (Zip Code)

(888) 972-6311

(Telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Registered/reporting pursuant to (check one)

Title of class

Section 12(b)

Section 12(g)

Section 15(d)

Name of Exchange
(If Section 12(b))

Series 2006-1

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

PART I – DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

See the monthly statement attached as Exhibit 99.1 hereto distributed to the Indenture Trustee on behalf of holders of College Loan Corporation Trust I, Student Loan Asset-Backed Notes.

PART II – OTHER INFORMATION

Item 9. Exhibits.

(a) 99.1 Monthly statement distributed to the Indenture Trustee on behalf of holders of College Loan Corporation Trust I, Student Loan Asset-Backed Notes.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: May 31, 2006

College Loan LLC, as Depositor, by College Loan
Corporation, as Sole Economic Member

     By: /s/ Elizabeth Wood
           Name: Elizabeth Wood
           Title: Chief Financial Officer

EXHIBIT INDEX

Exhibit Number

99.1

Description

Monthly statement distributed to the Indenture Trustee on behalf of holders of College Loan Corporation Trust I, Student Loan Asset-Backed Notes.

GRAPHIC 2 ballot.jpg GRAPHIC begin 644 ballot.jpg M_]C_X``02D9)1@`!`0$!+`$L``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#U."#5-9UW M7U'B/4K&"SO4MX8+6*V*A3;0R$DR0LQ):1N_I6KX5OKC4_!^B7]W()+FZL() MI7``W.T:EC@<#DGI3+GPKI=S>W5V6U"&:Z=9)C;:G GRAPHIC 3 ballotx.jpg GRAPHIC begin 644 ballotx.jpg M_]C_X``02D9)1@`!`0$!+`$L``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#<\6>.]4TK MQOJ>F+JEW'"MQ%%"MO/;1QVJE+7,EP9+>1HXBT[8DR:9]H&YVC4L<#@9)/2H[GPEI5UJ%S?,VI0SW3AYC:ZI EX-99 4 college-ex991_053106.htm EX-99.1 Ex-99.1

College Loan Corporation Trust I Series 2003-2, Series 2004-1, 2005-1 and 2006-1
Statement to Note Holders
As of and for the collection period ended: 4/30/2006
and the distribution period May 26, 2006 through May 31, 2006

Pursuant to section 11.04 of the Trust Indenture, the following is provided to the indenture trustee by the issuer. The information shown below has not been independently verified, however it is believed to be accurate to the best of the issuer’s knowledge.

(a)

the amount of payments with respect to each series of Notes paid with respect to principal between May 26, 2006 and May 31, 2006 made to the holder of record on the day prior to the applicable payment date. The calculation date/determination date was May 25, 2006. Specific payment dates listed below;

Series
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2002-2
2003-1
2003-1
2003-1
2003-1
2003-1
2003-1
2003-1
2003-1
2003-1
2003-1
2003-1
2003-1
2003-2
2003-2
2003-2
2004-1
2004-1
2004-1
2004-1
2004-1
2005-1
2005-1
2005-1
2005-1
2005-1
2005-1
2006-1
2006-1
2006-1
2006-1
2006-1
2006-1
2006-1
2006-1
2006-1
2006-1

Class
A-1
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9
B-1
A-10
A-11
A-12
A-13
A-14
A-15
A-16
A-17
A-18
A-19
A-20
A-21
A-22
A-23
A-24
A-25
A-26
A-27
A-28
A-29
A-30
B-2
B-3
B-4
A-1
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9
A-10
B-1
B-2
A-1
A-2
A-3
A-1
A-2
A-3
A-4
B-1
A-1
A-2
A-3
A-4
A-5
B-1
A-1
A-2
A-3
A-4
A-5
A-6
A-IO
A-7A
A-7B
B-1

Principal Paid
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

Payment Date

(b)

the amount of payments with respect to each series of Notes paid with respect to interest between May 26, 2006 and May 31, 2006 made to the holder of record on the day prior to the applicable payment date. The calculation date/determination date was May 25, 2006. Specific payment dates listed below;

Interest Paid
$0
$0
$0
$0
$0
$0
$0
$ 278,320
$ 76,328
$ 165,925
$0
$0
$0
$0
$0
$ 395,680
$ 383,560
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$ 387,400
$0
$0
$0
$ 158,336
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$ 97,040
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

Payment Date

05/26/06
05/30/06
05/30/06

05/30/06
05/30/06

05/31/06

05/31/06

05/31/06

(c)	the amount of the payments allocable to any interest that was carried over together with the amount of any remaining outstanding interest that was carried over; Carry over amounts $0

(d)	the principal balance of Financed Student Loans as of the close of business on the last day of April 2006; Principal Balance of Financed Student Loans $7,407,818,332

(e)	the aggregate outstanding principal amount of the Notes of each series as of the close of business on May 31st, after giving effect to payments allocated to principal reported under paragraph (a) above;

Outstanding Balance
$                   -
$                   -
$                   -
$ 73,000,000
$ 73,000,000
$ 73,000,000
$ 73,000,000
$ 73,000,000
$ 19,900,000
$ 42,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$                   -
$                   -
$                   -
$                   -
$ 94,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 40,000,000
$ 40,000,000
$ 40,000,000
$                   -
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$ 100,000,000
$                   -
$                   -
$ 25,000,000
$ 25,000,000
$                   -
$ 430,900,000
$ 308,200,000
$ 162,800,000
$ 307,000,000
$ 400,000,000
$ 200,000,000
$ 100,000,000
$ 216,000,000
$ 393,000,000
$ 300,000,000
$ 214,000,000
$ 137,000,000
$ 40,000,000
$ 100,000,000
$ 200,000,000
$ 260,000,000
$ 195,000,000
$ 300,000,000
$ 280,000,000
$                   -
$ 40,000,000
$270,000,000
$ 55,000,000

(f)	the weighted average interest rate for any series of variable rate Notes between May 26^th and May 31^st , indicating how such interest rate is calculated;

Weighted
Average
Interest Rate
n/a
n/a
n/a
5.070%
5.100%
5.090%
5.089%
5.080%
5.027%
5.160%
5.050%
5.060%
5.030%
5.100%
5.050%
5.003%
5.027%
n/a
n/a
n/a
n/a
5.070%
5.070%
5.080%
5.110%
5.100%
5.080%
5.057%
5.060%
5.080%
5.080%
5.167%
5.170%
5.150%
n/a
5.060%
5.107%
5.080%
5.100%
5.080%
5.080%
5.080%
n/a
n/a
5.067%
5.170%

Interest Calculation
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
7-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate
28-Day Auction Rate

Series
2003-2
2003-2
2003-2
2004-1
2004-1
2004-1
2004-1
2004-1
2005-1
2005-1
2005-1
2005-1
2005-1
2005-1
2006-1
2006-1
2006-1
2006-1
2006-1
2006-1
2006-1
2006-1
2006-1
2006-1

Class
A-1
A-2
A-3
A-1
A-2
A-3
A-4
B-1
A-1
A-2
A-3
A-4
A-5
B-1
A-1
A-2
A-3
A-4
A-5
A-6
A-IO
A-7A
A-7B
B-1

Weighted Average
Libor Rate

5.10000%
5.10000%
5.10000%
5.10000%
5.10000%
5.10000%

5.10000%
5.10000%
5.10000%
5.10000%
5.10000%

5.10000%
5.10000%
5.10000%
5.10000%
5.10000%
5.10000%

5.10000%

Spread
n/a
0.14000%
0.20000%
0.05000%
0.11000%
0.16000%
0.19000%

0.03000%
0.10000%
0.12000%
0.15000%
0.20000%

- -0.0100%
0.02000%
0.09000%
0.11000%
0.14000%
0.18000%

0.01000%

Weighted Average
Rate
n/a
5.24000%
5.30000%
5.15000%
5.21000%
5.26000%
5.29000%
5.160%
5.13000%
5.20000%
5.22000%
5.25000%
5.30000%
5.160%
5.09000%
5.12000%
5.19000%
5.21000%
5.24000%
5.28000%
10.00000%
5.34400%
5.11000%
5.150%

Interest Calculation
Floating Rate Note
Floating Rate Note
Floating Rate Note
Floating Rate Note
Floating Rate Note
Floating Rate Note
Floating Rate Note
28-Day Auction Rate
Floating Rate Note
Floating Rate Note
Floating Rate Note
Floating Rate Note
Floating Rate Note
28-Day Auction Rate
Floating Rate Note
Floating Rate Note
Floating Rate Note
Floating Rate Note
Floating Rate Note
Floating Rate Note
Interest Only
Fixed Rate Note
Floating Rate Note
28-Day Auction Rate

(g)	principal balances associated with an interest rate distribution applicable to pool assets as of April 30, 2006;

Rate
Distribution
0.00% - 2.99%
3.00% - 3.99%
4.00% - 4.99%
5.00% - 5.99%
6.00% - 6.99%
7.00% - 7.99%
8.00% - 8.99%
9.00% - 9.99%
9.99%+

Principal Balance
$614,905,638
$1,981,991,101
$2,979,072,959
$805,840,969
$655,546,962
$167,376,115
$203,084,588
$0
$0

%
8.30%
26.76%
40.22%
10.88%
8.85%
2.26%
2.74%
0%
0%

(h)	the amount of the servicing fees allocated for payment to the Servicers as part of monthly waterfall distribution for May 2006; Servicing fees $1,626,000 Allocation date 05/25/06

(i)

the amount of the Administration Fee, any auction agent fees, market agent fees, calculation agent fees, broker-dealer fees, if any, fees paid to the Delaware Trustee, the Trustee, the Eligible Lender Trustee and the Verification Agent, all paid or reserved for as part of the monthly waterfall distribution as of May 25, 2006;

Fee
Administration
Auction Agent
Market Agent
Calculation Agent
Broker-Dealer
Delaware Trustee
Trustee
Eligible Lender Trustee
Verification Agent

Amount
$1,249,185
$12,660
$0
$0
$393,011
$0
$44,885
$0
*

Payment Date
05/25/06
05/25/06

05/25/06

05/25/06

*Verification Agent fees are included in Trustee fees above

(j)	the amount of excess cash flow or excess spread and the disposition of excess cash flow based on the May 25, 2006 waterfall calculation;

Cash Availability
Expense Totals
Interest Distribution Allocation
Scheduled Principal Distribution Allocation
Amounts Deposited to the Acquisition Fund
Amount of excess cash flow or excess spread remaining in the Collection Fund

$103,102,027
($9,804,819)
($35,768,928)
($56,778,280)
($750,000)
$0

Item

Total Disposition

Amount

$0

(k)	the amount of principal and interest received during April 2006 relating to Financed Student Loans; Amount of principal and interest received $116,966,665

(l)	the amount of the payment attributable to amounts in the Reserve Fund, the amount of any other withdrawals from the Reserve Fund and the balance of the Reserve Fund as of the close of business on the last day of April 2006;

Amount of payment attributable to amounts in the Reserve Fund
Amount of any other withdrawals from the Reserve Fund
Ending Balance of Reserve Fund

$12,750,000
$1,475,303
$59,357,198

(m)	the portion, if any, of the payments made on the Notes as described in sections (a) or (b) above between May 26, 2006 and May 31, 2006 attributable to amounts on deposit in the Acquisition Fund; Payments from the Acquisition Fund $0

(n)	the aggregate amount, if any, paid by the Trustee to acquire Student Loans from amounts on deposit in the Acquisition Fund during April 2006; Amounts paid to acquire Student Loans $1,629,003,085

(o)	the amount remaining in the Acquisition Fund that has not been used to acquire Student Loans and is being transferred to the Debt Service Fund; Amounts in Acquisition fund transferred to the Debt Service Fund $0

(p)	the aggregate amount, if any, paid for Financed Student Loans purchased from the Trust during April 2006; Amounts paid for Financed Student Loans purchased from the Trust $0

(q)

the number of borrowers and principal amount of Financed Student Loans, as of the close of business on the last day of April 2006, that are (i) 0 to 30 days delinquent, (ii) 31 to 60 days delinquent, (iii) 61 to 90 days delinquent, (iv) 91 to 120 days delinquent, (v) greater than 120 days delinquent and (vi) for which claims have been filed with the appropriate Guarantee Agency and which are awaiting payment;

(i)
(ii)
(iii)
(iv)
(v)
(vi)

0 to 30 days delinquent
31 to 60 days delinquent
61 to 90 days delinquent
91 to 120 days delinquent
> 120 day delinquent
& claims filed
Total

Borrowers
362,796
8,840
3,931
2,773
7,643
1,895
387,878

Amount
6,986,365,426
176,166,850
75,028,626
52,629,054
96,020,393
21,607,983
7,407,818,332

(r)	the Value of the Trust Estate as of the close of business on the last day of April 2006 and the Outstanding principal amount of the Notes as of the close of business on May 31st; Value of the Trust Estate $7,811,600,439 Outstanding Principal amount of the Notes $7,899,800,000

(s)	the number of borrowers and percentage by dollar amount of (i) rejected federal reimbursement claims for Financed Student Loans, (ii) Financed Student Loans in forbearance, and (iii) Financed Student Loans in deferment as of the close of business on the last day of April 2006.

(i)
(ii)
(iii)

Outstanding rejected federal reimbursement claims
Financed Student Loans in forbearance
Financed Student Loans in deferment
* Less than 0.01%

Borrowers
20
18,306
34,520

Percentage
0.00*
7.60%
10.85%

(t)	amount of pool assets at the beginning and ending of April 2006 Beginning Pool Assets $5,971,812,125 Ending Pool Assets $7,407,818,332

(u)	the weighted average interest rate of the pool assets as of April 30, 2006 Weighted Average Interest Rate 4.507%

(v)	the weighed average maturity, expressed in months, of the pool assets for as of April 30, 2006 Weighted Average Maturity 230

(w)	prepayment amounts received during the month of April 2006 Prepayments $60,655,158 Note: Prepayments calculated on 93.85% of the pool balance.

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