8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 26, 2012

The First Marblehead Corporation

(Exact name of registrant as specified in charter)

Delaware	001-31825	04-3295311
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

The Prudential Tower 800 Boylston Street, 34th Floor Boston, Massachusetts	02199-8157
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:  (800) 895-4283

Not applicable

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨           Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨           Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨           Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨           Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition

On January 31, 2012, The First Marblehead Corporation (the “Corporation”) announced its financial and operating results for the second quarter of fiscal 2012 and the six month period ended December 31, 2011.  The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this current report on Form 8-K.

Item 5.02.  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b)Director Resignations

On January 27, 2012, Henry Cornell resigned his position as a director of the Corporation, effective immediately.

Mr. Cornell had been nominated to serve as a director by GS Capital Partners VI Parallel, L.P. (“GS Parallel”) pursuant to an investment agreement, dated as of December 21, 2007 (the “Investment Agreement”), among the Corporation and affiliates of GS Capital Partners (collectively, the “Investors”).

(d)Director Election

Pursuant to the Investment Agreement, and a related assignment agreement, GS Parallel has the right to nominate a representative to the board of directors of the Corporation (the “Board”) for so long as the Investors collectively own at least 100 shares of the common stock of the Corporation and other securities, certificates or instruments issued by the Corporation, any of its subsidiaries or any securitization trust sponsored, structured or administered by the Corporation or any of its subsidiaries that have an aggregate face value or purchase price of at least $25 million. GS Parallel’s nominee must be reasonably acceptable to the nominating and corporate governance committee of the Board.

GS Parallel nominated Ann Berry to serve as a director of the Corporation following the resignation of Mr. Cornell, and the Board elected Ms. Berry as a director of the Corporation on January 28, 2012.  She has not been named to any committees of the Board.

Since January 2012, Ms. Berry has served as a Vice President of Goldman, Sachs & Co. in its Merchant Banking Division.  From July 2008 to December 2011, Ms. Berry served as an Associate at Goldman, Sachs & Co.  From 2003 to 2006, Ms. Berry worked for Goldman Sachs in London, in the Investment Banking and Merchant Banking Divisions. Ms. Berry is a member of the board of directors of U.S. Security Associates Holding Corp., a provider of security officers and services. Ms. Berry received a B.A. from the University of Cambridge and an M.B.A., with High Distinction, from the Harvard Graduate School of Business Administration.

There are no related party transactions between the Corporation, on the one hand, and Ms. Berry, on the other hand, reportable under Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  In addition, Ms. Berry qualifies as an “independent director” under the rules of the New York Stock Exchange.

Ms. Berry has waived her rights to receive (i) a grant of 10,000 stock units upon her initial election as a director of the Corporation and (ii) any annual fee of her service as a director during the fiscal year ending June 30, 2012.

(e)           Form Restricted Stock Unit Agreement

On January 26, 2012, the Board adopted a form of restricted stock unit agreement to evidence grants of restricted stock units under the Corporation’s 2011 stock incentive plan.  The form of restricted stock unit agreement is filed as Exhibit 99.2 to this current report on Form 8-K.

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Item 7.01.  Regulation FD Disclosure

Static Pool Data; Supplemental Presentation

The Corporation has posted to its website static pool data as of December 31, 2011 with respect to certain securitization trusts facilitated by the Corporation, together with a supplemental presentation.  The static pool information includes original pool characteristics as of the closing date of the respective securitization and borrower payment status, delinquency, cumulative loss and prepayment data as of December 31, 2011.  The supplemental presentation includes parity ratios by trust, charge-off rates by risk segment, net recovery rates by year of default, six-month rolling prepayment rates, payment status by trust and payment status by risk segment.

The static pool data and supplemental information can be found on the Corporation’s website, www.firstmarblehead.com, by clicking “For Investors.”  In addition, the static pool information is furnished as Exhibit 99.3, and the supplemental presentation is furnished as Exhibit 99.4, to this current report on Form 8-K and each is incorporated under this Item 7.01 by reference.

The information contained in Items 2.02 and 7.01 in this current report on Form 8-K, including Exhibits 99.1, 99.3 and 99.4, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01.  Financial Statements and Exhibits

 (d)Exhibits

 See Exhibit Index attached hereto. The following exhibits relating to Items 2.02 and 7.01 shall be deemed to be furnished, and not filed:

99.1	Press release issued by the Corporation on January 31, 2012 entitled, “First Marblehead Announces Second Quarter Financial Results”
99.3	Static pool data as of December 31, 2011
99.4	Supplemental presentation dated December 31, 2011

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SIGNATURE

 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 hereunto duly authorized.

	THE FIRST MARBLEHEAD CORPORATION
Date:  January 31, 2012	By:	/s/ Kenneth Klipper
		Kenneth Klipper Managing Director and Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description of Exhibits
99.1	Press release issued by the Corporation on January 31, 2012 entitled, “First Marblehead Announces Second Quarter Financial Results”
99.2	Form of restricted stock unit agreement evidencing grants under the 2011 stock incentive plan
99.3	Static pool data as of December 31, 2011
99.4	Supplemental presentation dated December 31, 2011

EX-99.1

Exhibit 99.1

News for Immediate Release

Contact:  Gary Santo

Investor Relations

First Marblehead

800 Boylston Street, 34th FL

Boston, MA 02199

617.638.2022

FIRST MARBLEHEAD ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

NCSLT Trust Deconsolidation Results in Non-Cash Gain; Will Lead to Improved Financial Statement Transparency

BOSTON, MA -- 1/31/12 -- The First Marblehead Corporation (NYSE: FMD) today announced its financial and operating results for the second quarter of fiscal 2012 and the six month period ended December 31, 2011.Results for the quarter and six month period include the effects of the sale of the Company’s variable interests in the NCSLT Trusts, which was announced on November 14, 2011.

For the second quarter of fiscal 2012, the Company recorded net income of $1.19 billion, or $10.82 per  share on a fully diluted basis, compared to a net loss for the second quarter of fiscal 2011 of $33.4 million, or ($0.33) per fully diluted share. The increase in net income was driven by the sale of the Company’s variable interests in the NCSLT Trusts.  As a result of the sale, the Company deconsolidated assets totaling $6.6 billion and liabilities totaling $7.8 billion, resulting in a non-cash gain of $1.24 billion.

For the six months ended December 31, 2011, the Company reported net income of $1.11 billion, or $10.02 per share on a fully diluted basis, compared to a net loss of $98.4 million, or ($0.98) per share on a fully diluted basis, for the six months ended December 31, 2010.

”The Company had another strong quarter highlighted by the expansion of our partnership with SunTrust Bank,” said Daniel Meyers, Chairman and Chief Executive Officer.  “Building on the success of our first peak lending season since 2008, the sale of our variable interests enabled us to raise $13.0 million in additional cash, redeploy internal resources and simplify our financial reporting, further improving First Marblehead’s ability to deliver on the opportunities present in the marketplace.”

The Company presents two distinct reporting segments: Education Financing and Securitization Trusts.  The Education Financing segment includes the services the Company performs in designing, implementing, and originating various private education loan programs as well as other services, including tuition payment processing, portfolio management, trust administration, and retail banking.

Prior to the second quarter of fiscal 2012, the Securitization Trusts segment reflected the results of 14 consolidated trusts, including the 11 NCSLT Trusts.  In connection with the sale of the Company’s rights to certain fees from the NCSLT Trusts, the Company concluded that it was no longer the primary beneficiary of any of the NCSLT Trusts.  As a result, the Company deconsolidated the assets, liabilities, and accumulated deficit of the NCSLT Trusts on November 14, 2011.  The impact of this deconsolidation was recorded in the Securitization Trusts segment.  At December 31, 2011, the Company only continued to consolidate three GATE Trusts.  The administration of the consolidated securitization trusts, including investor reporting and default prevention and collections management services, is provided by the Education Financing segment and is eliminated in consolidation.

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Education Financing Segment Results

The net loss for the Education Financing segment for the three months ended December 31, 2011 improved by $566 thousand to $3.5 million, or ($0.03) per fully diluted share, from $4.1 million, or ($0.04) per fully diluted share, for the three months ended December 31, 2010.  The improvement was principally due to $7.2 million of revenues  from tuition payment processing fees due to the inclusion of Tuition Management Systems, LLC (“TMS”) after December 31, 2010 and a $13.2 million higher income tax benefit relating to certain state tax matters, which were offset by $8.3 million in lower trust updates, principally as a result of the sale of certain of the Company’s service revenue receivables, a decrease of $7.8 million in the cash distributions received under TERI’s plan of reorganization and $3.6 million in higher non-interest expenses as a result of the inclusion of TMS and increased loan acquisition costs.

The net loss for the Education Financing segment for the six months ended December 31, 2011 increased by $1.5 million to $21.7 million from $20.2 million for the six months ended December 31, 2010.  For each six month period, the net loss per share was ($0.20).  The increase in net loss was principally due to $14.5 million of revenue from tuition payment processing fees due to the inclusion of TMS after December 31, 2010 and a $13.5 million higher income tax benefit in the fiscal 2012 period, offset by $7.7 million in lower trust updates, principally as a result of the sale of certain of the Company’s service revenue receivables, and a decrease of $6.7 million in cash received under TERI’s plan of reorganization, and $14.5 million in higher non-interest expenses as a result of the inclusion of TMS and higher loan acquisition costs.

During the first six months of the fiscal year, the Company disbursed approximately $29.7 million in Monogram-based loans on behalf of its clients, including $17.4 million for Union Federal Savings Bank.

Stockholders' equity for the Education Financing segment was $237.1 million as of December 31, 2011 compared to $257.3 million at June 30, 2011.

Securitization Trusts Segment Results

The results of the Securitization Trusts segment for the quarter ended December 31, 2011 included the results of the 11 NCSLT Trusts for approximately half the quarter and the results of the three GATE Trusts for the entire quarter.

The net income for the Securitization Trusts segment for the three and six months ended December 31, 2011 improved by $1.23 billion and $1.21 billion, respectively, to net income of $1.20 billion and $1.13 billion, respectively.  The increase in both periods was a result of the $1.24 billion non-cash gain recorded upon the deconsolidation of the NCSLT Trusts.

Excluding the non-cash gain of $1.24 billion and proceeds from TERI settlements, the loss from operations in the Securitization Trusts segment improved by $31.0 million, to $40.1 million, and by $3.9 million, to $116.3 million, for the three and six months  ended December 31, 2011 and December 31, 2010, respectively.  The $31.0 million improvement in the net loss from operations was primarily a result of the inclusion of the NCSLT Trusts for only one half of the quarter ended December 31, 2011.

Included in the Securitization Trusts segment are the three GATE Trusts for which the Company owns 100% of the residual interests.  Net income from the GATE Trusts for the three months  ended December 31, 2011 and 2010 were $1.3 million and $1.7 million, respectively.  Net income from the GATE Trusts for the six months ended December 31, 2011 and 2010 were $2.9 million and $3.2 million, respectively.

The accumulated deficit for the GATE Trusts was $2.3 million as of December 31, 2011 compared to $5.2 million at June 30, 2011.

Company Liquidity

As of December 31, 2011, the Company had $217.7 million in cash, cash equivalents and short-term investments compared to $267.4 million at June 30, 2011.  The decrease of $49.7 million resulted primarily from the purchase of $27.6 million in mortgage-backed securities, the funding of $17.4 million of new education loans, and $29.1 million to fund operations, which were partially offset by $13.0 million in sales proceeds for certain service revenue receivables and $7.7 million in deposit growth at Union Federal.

Net operating cash usage* was $13.4 million for the quarter ended December 31, 2011, down from the prior quarter’s $15.7 million.  The lower net operating cash usage was primarily the result of $2.7 million in lower loan acquisition costs quarter over quarter.

*See below under the heading "Use of Non-GAAP Financial Measures."

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Quarterly Conference Call

First Marblehead will host a conference call on January 31, 2012 at 5:00 p.m. Eastern time to discuss its operating results.  Investors and other interested parties are invited to listen to the conference call via a simultaneous internet broadcast on the Company's website at www.firstmarblehead.com, under Investors, or by dialing (800) 591-6942 in the United States or (617) 614-4909 from abroad and entering the pass code 88108199.

A replay will be available approximately two hours after completion of the call on First Marblehead's website or by dialing (888) 286-8010 from the U.S. or (617) 801-6888 from abroad, and entering the pass code 12448379.  The replay will be available for two weeks

About The First Marblehead Corporation First Marblehead helps meet the need for education financing by offering national and regional financial institutions and educational institutions the Monogram® platform, an integrated suite of design, implementation and credit risk management services for private label, customizable private education loan programs.  For more information, go to www.firstmarblehead.com.  First Marblehead supports responsible lending and is a strong proponent of the smart borrowing principle, which encourages students to access scholarships, grants and federally-guaranteed loans before considering private education loans; please see www.SmartBorrowing.org.   Through its subsidiary, Union Federal Savings Bank, First Marblehead offers private education loans, residential and commercial mortgage loans, and retail savings, money market and time deposit products.  For more information, go to www.unionfsb.com.First Marblehead also offers outsourced tuition planning, billing, payment technology services, and refund management services through its subsidiary Tuition Management Systems LLC.  For more information, go to www.afford.com.

Statements in this press release, including the financial tables, regarding First Marblehead’s future financial and operating results and liquidity, including the characteristics, pricing or performance of future Monogram-based private education loan portfolios, as well as any other statements that are not purely historical, constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995.  These forward-looking statements are based upon our historical performance, the historical performance of the securitization trusts that we have facilitated (the “Trusts”) and on our plans, estimates and expectations as of January 31, 2012.  The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future results, plans, estimates, intentions or expectations expressed or implied by us will be achieved.  You are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause our actual financial or operating results, including the performance of the Trusts and resulting cash flows, disbursed loan volumes and resulting cash flows or financing-related revenues, or the timing of events, to be materially different than those expressed or implied by forward-looking statements.  Important factors that could cause or contribute to such differences include: market acceptance of, and demand for, our Monogram platform and fee-based service offerings, including our success in negotiating loan program agreements with additional clients; the successful sales and marketing of Monogram-based loan offerings, including the volume of loan applications and the extent to which loan applications ultimately result in disbursed loans; the volume, timing and performance of disbursed loans; the size and structure of any credit enhancement provided by First Marblehead in connection with the Monogram platform; our success in designing, implementing and commercializing private education loan programs through Union Federal Savings Bank, including receipt of and compliance with regulatory approvals and conditions with respect to such programs; capital markets conditions and our ability to structure securitizations or alternative financings; the size, structure and timing of any such securitizations or alternative financings; any investigation, audit, claim, regulatory action or suit relating to the transfer of the trust certificate of NC Residuals Owners Trust or the asset services agreement between the purchaser and First Marblehead, including any challenge to tax refunds previously received as a result of the audit being conducted by the Internal Revenue Service; resolution of litigation and regulatory proceedings pertaining to our Massachusetts state income tax returns; the estimates and assumptions we make in preparing our financial statements, including quantitative and qualitative factors used to calculate our allowance for loan losses and related provision and the estimate of the fair value of service revenue receivables; our success in realizing the anticipated benefits of our acquisition of Tuition Management Systems, LLC, including additional fee-based revenues; and the other factors set forth under the caption “Part II– Item 1A. Risk Factors” in First Marblehead’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 8, 2011.  Important factors that could cause or contribute to future adjustments to the estimates and assumptions we make in preparing our financial statements include: actual transactions or market observations relating to asset-backed securities, loan portfolios or corporate debt securities; variance between our performance assumptions and the actual performance of the loan portfolios held by the Trusts, Union Federal or First Marblehead’s clients (the “Portfolios”); economic, legislative, regulatory, competitive and other factors affecting discount, default, recovery and prepayment rates on the Portfolios, including general economic conditions, the consumer credit environment and unemployment rates; management’s determination of which qualitative and quantitative factors should be weighed in our estimates, and the weight to be given to such factors; capital markets receptivity to securities backed by private education loans; and interest rate trends.  We specifically disclaim any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release, even if our estimates change, and you should not rely on those statements as representing our views as of any date subsequent to the date of this press release.

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The First Marblehead Corporation and Subsidiaries Condensed Consolidated Statements of Operations By Reporting Segment For the Three Months Ended December 31, 2011 and 2010 (Unaudited) (dollars and shares in thousands, except per share amounts)
	2011												2010
	Education Financing			Securitization Trusts			Eliminations			Total			Education Financing			Securitization Trusts			Eliminations			Total
Revenues:
Net interest income (loss) after provision for loan losses	$	577		$	(34,456	)	$	6		$	(33,873	)	$	(1	)	$	(56,348	)	$	10		$	(56,339	)
Total non-interest revenues		7,532			191			(926	)		6,797			9,261			282			(7,595	)		1,948
Total revenues		8,109			(34,265	)		(920	)		(27,076	)		9,260			(56,066	)		(7,585	)		(54,391	)
Total non-interest expenses		24,137			5,835			(1,105	)		28,867			20,519			15,037			(6,786	)		28,770
Loss from operations		(16,028	)		(40,100	)		185			(55,943	)		(11,259	)		(71,103	)		(799	)		(83,161	)
Gain from NCSLT deconsolidation		—			1,237,359			358			1,237,717			—			—			—			—
Proceeds from TERI settlement		281			4			—			285			8,112			42,569			—			50,681
Income (loss) before income taxes		(15,747	)		1,197,263			543			1,182,059			(3,147	)		(28,534	)		(799	)		(32,480	)
Income tax (benefit) expense		(12,209	)		—			—			(12,209	)		957			—			—			957
Net income (loss)	$	(3,538	)	$	1,197,263		$	543		$	1,194,268		$	(4,104	)	$	(28,534	)	$	(799	)	$	(33,437	)
Net income (loss) per common share:
Basic	$	(0.03	)	$	10.85		$	—		$	10.82		$	(0.04	)	$	(0.28	)	$	(0.01	)	$	(0.33	)
Diluted		(0.03	)		10.85			—			10.82			(0.04	)		(0.28	)		(0.01	)		(0.33	)
Weighted-average common shares outstanding:
Basic											101,492												100,833
Diluted											110,381												100,833

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The First Marblehead Corporation and Subsidiaries Condensed Consolidated Statements of Operations By Reporting Segment For the Six Months Ended December 31, 2011 and 2010 (Unaudited) (dollars and shares in thousands, except per share amounts)
	2011												2010
	Education Financing			Securitization Trusts			Eliminations			Total			Education Financing			Securitization Trusts			Eliminations			Total
Revenues:
Net interest income (loss) after provision for loan losses	$	1,064		$	(98,850	)	$	18		$	(97,768	)	$	37		$	(94,004	)	$	20		$	(93,947	)
Total non-interest revenues		19,524			571			(4,232	)		15,863			14,267			575			(10,204	)		4,638
Total revenues		20,588			(98,279	)		(4,214	)		(81,905	)		14,304			(93,429	)		(10,184	)		(89,309	)
Total non-interest expenses		55,087			18,014			(3,902	)		69,199			40,550			26,807			(9,619	)		57,738
Loss from operations		(34,499	)		(116,293	)		(312	)		(151,104	)		(26,246	)		(120,236	)		(565	)		(147,047	)
Gain from NCSLT deconsolidation		—			1,237,359			358			1,237,717			—			—			—			—
Proceeds from TERI settlement		1,405			6,885			—			8,290			8,112			42,569			—			50,681
Income (loss) before income taxes		(33,094	)		1,127,951			46			1,094,903			(18,134	)		(77,667	)		(565	)		(96,366	)
Income tax (benefit) expense		(11,407	)		—			—			(11,407	)		2,039			—			—			2,039
Net income (loss)	$	(21,687	)	$	1,127,951		$	46		$	1,106,310		$	(20,173	)	$	$(77,667	)	$	(565	)	$	(98,405	)
Net income (loss) per common share:
Basic	$	(0.20	)	$	10.23		$	—		$	10.03		$	(0.20	)	$	(0.77	)	$	(0.01	)	$	(0.98	)
Diluted		(0.20	)		10.22			—			10.02			(0.20	)		(0.77	)		(0.01	)		(0.98	)
Weighted-average common shares outstanding:
Basic											101,413												100,802
Diluted											110,363												100,802

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The First Marblehead Corporation and Subsidiaries Condensed Consolidated Balance Sheets By Reporting Segment As of December 31, 2011 (Unaudited) (Dollars in thousands)
	December 31, 2011
	Education Financing		Securitization Trusts			Eliminations			Total
	(dollars in thousands)
Assets:
Cash, cash equivalents and short-term investments	$	217,685	$	—		$	—		$	217,685
Restricted cash and  investments		144,489		9,294			—			153,783
Investments available for sale, at fair value		37,136		—			—			37,136
Education loans held to maturity		17,033		250,171			—			267,204
Service revenue receivables		14,304		—			(7,901	)		6,403
Goodwill		19,548		—			—			19,548
Intangible assets, net		21,989		—			—			21,989
Other assets		26,027		6,776			(61	)		32,742
Total assets	$	498,211	$	266,241		$	(7,962	)	$	756,490
Liabilities:
Deposits	$	68,147	$	—		$	—		$	68,147
Restricted funds due to clients		143,967		—			(40	)		143,927
Long-term borrowings		—		263,707			—			263,707
Other liabilities		49,027		4,808			(2,069	)		51,766
Total liabilities		261,141		268,515			(2,109	)		527,547
Total stockholders’ equity (deficit)		237,070		(2,274	)		(5,853	)		228,943
Total liabilities and stockholders’ equity (deficit)	$	498,211	$	266,241		$	(7,962	)	$	756,490

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The First Marblehead Corporation and Subsidiaries Condensed Consolidated Balance Sheets By Reporting Segment As of June 30, 2011 (Unaudited) (Dollars in thousands)
	June 30, 2011
	Education Financing		Securitization Trusts			Eliminations			Total
	(dollars in thousands)
Assets:
Cash, cash equivalents and short-term investments	$	267,367	$	—		$	—		$	267,367
Restricted cash and investments		124,687		127,709			—			252,396
Investments available for sale, at fair value		11,019		—			—			11,019
Education loans held to maturity, net		—		6,946,545			(376	)		6,946,169
Service revenue receivables		29,610		—			(21,418	)		8,192
Goodwill		19,548		—			—			19,548
Intangible assets, net		23,040		—			—			23,040
Other assets		32,279		97,046			(4,274	)		125,051
Total assets	$	507,550	$	7,171,300		$	(26,068	)	$	7,652,782
Liabilities:
Deposits	$	60,492	$	—		$	—		$	60,492
Restricted funds due to clients		124,194		—			(2,306	)		121,888
Long-term borrowings		—		8,273,140			—			8,273,140
Other liabilities		65,519		28,385			(16,703	)		77,201
Total liabilities		250,205		8,301,525			(19,009	)		8,532,721
Total stockholders’ equity (deficit)		257,345		(1,130,225	)		(7,059	)		(879,939	)
Total liabilities and stockholders’ equity (deficit)	$	507,550	$	7,171,300		$	(26,068	)	$	7,652,782

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The First Marblehead Corporation and Subsidiaries Loan Volume Data For the Six Months Ended December 31, 2011 (Unaudited)
						Booked Loans
Applications		Loan Application Volume		Booked Loans		Weighted Average FICO		Weighted Average Rate			Disbursed Loans
	53,844	$	549,641,000	$	43,383,000		759		6.69	%	$	29,670,000

Use of Non-GAAP Financial Measures

In addition to providing financial measurements based on U.S. generally accepted accounting principles ("GAAP"), the Company has included in this press release an additional financial metric that we refer to as "net operating cash usage" and that was not prepared in accordance with GAAP. We define "net operating cash usage" to mean approximate cash required to fund our operations.  "Net operating cash usage" is not directly comparable to our consolidated statement of cash flows prepared in accordance with GAAP. Legislative and regulatory guidance discourages the use of, and emphasis on, non-GAAP financial metrics and requires companies to explain why a non-GAAP financial metric is relevant to management and investors.

The Company’s management and its board of directors use this non-GAAP financial metric, in addition to GAAP financial measures, as a basis for measuring and forecasting our core operating performance and comparing such performance to that of prior periods.  The non-GAAP financial measure is also used by us in our financial and operational decision-making.

We believe that the inclusion of this non-GAAP financial metric helps investors to gain a better understanding of our quarterly and annual results, including our non-interest expenses and quarter-end liquidity position, particularly in light of dislocations in the private education loan industry and the capital markets that have affected us.  In addition, our presentation of this non-GAAP financial  measure is consistent with how we expect that analysts may calculate their estimates of our financial results in their research reports and with how clients, investors, analysts and financial news media may evaluate our financial results.

There are limitations associated with reliance on any non-GAAP financial measure because it is specific to our operations and financial performance, which makes comparisons with other companies' financial results more challenging. Nevertheless, by providing both GAAP and non-GAAP financial measures, we believe that investors are  able to compare our GAAP results to those of other companies, while also gaining a better understanding of our operating performance, consistent with management's evaluation.

"Net operating cash usage" should be considered in addition to, and not as a substitute for, or superior to, financial information prepared in accordance with GAAP.  “Net operating cash usage” relates solely to the Education Financing segment, and excludes the effects of income taxes, acquisitions or divestitures, participation interest account net fundings and changes in other assets and other liabilities that are solely related to short-term timing of cash payments or receipts.

In accordance with the requirements of Regulation G promulgated by the Securities and Exchange Commission, the table below presents the most directly comparable GAAP financial measure, loss before income taxes, for the three months and six months ended December 31, 2011 and reconciles the GAAP measure to the comparable non-GAAP financial metric:

8

The First Marblehead Corporation and Subsidiaries Net Operating Cash Usage, a non-GAAP Financial Measure For the Three and Six Months Ended December 31, 2011 and 2010 (Unaudited) (Dollars in thousands)
	Three Months Ended December 31,						Six Months Ended December 31,
	2011			2010			2011			2010
	(dollars in thousands)
Income (loss) before income taxes	$	1,182,059		$	(32,480	)	$	1,094,903		$	(96,366	)
(Income) loss and related eliminations attributable to:
NCSLT Trusts		(1,195,932	)		30,233			(1,125,036	)		80,913
GATE Trusts		(1,331	)		(1,699	)		(2,915	)		(3,246	)
Eliminations		(543	)		799			(46	)		565
Net loss before income taxes—Education Financing		(15,747	)		(3,147	)		(33,094	)		(18,134	)
Adjustments to net loss before income taxes—Education Financing:
Trust update (income) losses—additional structural advisory fees and residuals:
Securitization Trusts segment		181			(5,172	)		(913	)		(5,094	)
Off-balance sheet VIEs		2,696			(297	)		2,897			335
Asset servicing fees		323			346			268			(723	)
Non-cash gains from TERI settlements		—			(5,021	)		—			(5,021	)
Depreciation and amortization		1,263			1,920			2,497			4,447
Stock-based compensation expense		1,180			1,199			2,522			2,250
TMS deferred revenue		(2,874	)		—			(2,093	)		—
Cash receipts from education loans, net of interest income accruals		219			206			422			295
Cash receipts from trust distributions		27			134			55			428
Other		(655	)		(1,692	)		(1,638	)		(2,732	)
Non-GAAP net operating cash usage	$	(13,387	)	$	(11,524	)	$	(29,077	)	$	(23,949	)

9

EX-99.2

Exhibit 99.2

THE FIRST MARBLEHEAD CORPORATION

Restricted Stock Unit Agreement Granted Under

2011 Stock Incentive Plan (the “Plan”)

1) Grant of Award.

This Agreement evidences the grant by The First Marblehead Corporation, a Delaware corporation (the “Company”), on [date] (the “Grant Date”) to [name] (the “Participant”) of [number] restricted stock units of the Company (individually, an “RSU” and collectively, the “RSUs”).  Each RSU represents the right to receive one (1) share of the common stock, $0.01 par value per share, of the Company (“Common Stock”) as provided in this Agreement.  The shares of Common Stock that are issuable or issued upon vesting of the RSUs, as the context may require, are referred to in this Agreement as “Shares.”

2)           Vesting; Forfeiture.

a)      Except as otherwise provided in Section 2(b) and Section 8(a) below, this award shall vest as to [vesting schedule] (each, a “Vesting Date”).  Any fractional RSUs resulting from the application of the foregoing vesting schedule will be disregarded and the actual number of RSUs becoming vested on any Vesting Date will cover only the full number of RSUs determined by applying the foregoing vesting schedule.

b)      In the event that the Participant’s employment with the Company is terminated by reason of death or disability, this award shall be fully vested and the date that the Participant’s employment terminates shall be a Vesting Date.  For purposes of this Section 2(b), “disability” shall mean the inability of the Participant, due to a medical reason, to carry out his or her duties as an employee of the Company for a period of six (6) consecutive months, as determined by the Board of Directors of the Company (the “Board of Directors”) in its sole and absolute discretion.  In addition, if the Participant’s employment with the Company is terminated by the Company for a reason other than “Cause” (as defined below), then the number of RSUs which shall be vested shall be determined as though the Participant’s employment had terminated on the day that follows the anniversary of the Grant Date that next follows the date of actual termination.  For purposes of this Section 2(b), “Cause” shall mean unsatisfactory job performance, willful misconduct, fraud, gross negligence, disobedience or dishonesty, in each case as determined by the Board of Directors in its sole and absolute discretion. 

c)      For purposes of this Agreement, employment with the Company shall include employment with a parent or subsidiary of the Company.

d)      The Participant agrees not to engage in a Competitive Action (as defined below) from the date hereof through the first anniversary of the date of termination of the Participant’s employment with the Company, regardless of the reason for termination of employment (whether voluntary or involuntary). 

e)      The RSUs and the Shares, including Shares previously delivered to the Participant on any Settlement Date (as defined below), shall be subject to the following forfeiture and recapture provisions, in addition to the other forfeiture and recapture provisions set forth in this Agreement:

i)      In the event that the Participant engages in a Competitive Action, enters into, or has entered into, an agreement (written, oral or otherwise) to engage in a Competitive Action or has engaged in Misconduct (as defined below) prior to the initial Settlement Date and which is discovered or acted upon by the Company on or prior to the initial Settlement Date, the Participant shall forfeit all RSUs and shall have no further rights with respect to such RSUs or any Shares not yet delivered to the Participant.  

1

ii)  In the event that the Participant engages in a Competitive Action, enters into, or has entered into, an agreement (written, oral or otherwise) to engage in a Competitive Action or has engaged in Misconduct on or prior to the first anniversary of the Participant’s termination of employment with the Company but which in each case is not discovered or acted upon by the Company until on or after any Settlement Date, then (A) the Participant shall forfeit all RSUs that remain unvested and shall have no further rights with respect to such RSUs or any Shares to be delivered on a Settlement Date but not yet delivered to the Participant and (B) the Participant shall pay to the Company, upon demand by the Company, an amount equal to (x) the value, as of each Settlement Date, of the number of Shares previously delivered to the Participant on each such Settlement Date, (y) the value of all dividends, if any, paid to the Participant in respect of the Shares previously delivered to the Participant on any Settlement Date and (z) all reasonable costs (including attorneys’ fees) incurred by the Company in enforcing the provisions of this Section 2(e)(ii).  The Participant may satisfy the payment obligation to the Company of the portion due under (x) above by returning the Shares previously delivered to the Participant on all Settlement Dates, provided that any amounts due under (y) and/or (z) above must be remitted to the Company in addition to the return of such Shares. 

iii)      The Participant acknowledges that the restrictions on engaging in Competitive Action and Misconduct, in view of the purposes of the Plan, including, without limitation, the alignment of the interests of the Participant and the Company, and the nature of the business in which the Company is engaged, are reasonable in scope (as to both the temporal and geographical limits) and necessary in order to protect the legitimate business interests of the Company and its goodwill. The Participant further acknowledges that engaging in a Competitive Action or Misconduct is contrary to the interests of the Company, would result in irreparable injuries to the Company and would cause loss in an amount that cannot be readily quantified.  The amounts forfeited or required to be paid to the Company under this Section 2(e) are reasonable and do not and are not intended to constitute actual or liquidated damages nor shall they be characterized as such.  Furthermore, if the Participant engages in Misconduct, then the Company shall be entitled to, and reserves the right to, pursue any other legal or equitable remedies in addition to the right to receive the forfeitures and/or payments pursuant to this Section 2(e).

iv)  For purposes of this Section 2, the Participant will be deemed to engage in a “Competitive Action” if, either directly or indirectly, the Participant:

A) engages or assists others in engaging in any business or enterprise in the United States (whether as owner, partner, joint venturer, officer, director, employee, consultant, contractor, investor, lender or otherwise, except as the holder of not more than 1% of the outstanding stock of a publicly-held company) that competes or intends to compete in any way with the department, division or unit of the Company for which the Participant works or worked, for which the Participant performs or performed services or about which the Participant has or had access to proprietary or confidential information of the Company in the course of his/her employment with the Company;

B) on his/her own behalf or on behalf of any third person or entity, and whether through his/her own efforts or by assisting any other person or entity (including, any person employed by or associated with any entity with whom the Participant becomes employed or associated) (x) participates in the solicitation for employment, attempt to hire or hiring of any person or entity employed or otherwise retained or engaged by the Company or any subsidiary or parent of the Company, (y) hires, employs or engages any person or entity employed or otherwise retained or engaged by the Company or any subsidiary or parent of the Company or (z) encourages or induces any person employed or otherwise retained or engaged by the Company or any subsidiary or parent of the Company to terminate his/her employment, consultancy or other relationship with the Company or any subsidiary or parent of the Company; provided, however, that this Section 2(e)(iv)(B) will not apply to the solicitation, hiring or engagement of any person or entity whose employment or engagement with the Company or any subsidiary or parent of the Company has been terminated for a period of six (6) months or longer;

2

C) on his/her own behalf or on behalf of any third person or entity, and whether through his/her own efforts or by assisting any other person or entity (including, any person employed by or associated with any entity with whom the Participant becomes employed or associated), induces or attempts to induce (including, without limitation, by soliciting business from or performing services for) any customer, client, supplier, consultant, licensee or business relation of the Company or any subsidiary or parent of the Company (x) to cease doing business with the Company or any subsidiary or parent of the Company, (y) to reduce the level of business he/she/it performs with the Company or any subsidiary or parent of the Company, or (z) to divert resources away from the Company or any subsidiary or parent of the Company;

D) makes use of, or attempts to make use of, the property or proprietary or confidential information of the Company or any subsidiary or parent of the Company, other than in the course of the performance of services to the Company or any subsidiary or parent of the Company or at the direction thereof; or

E) violates any agreement between the Participant and the Company or any subsidiary or parent of the Company relating to the non-disclosure of proprietary or confidential information of the Company or any subsidiary or parent of the Company or the assignment of intellectual property to the Company or any subsidiary or parent of the Company. 

The determination as to whether the Participant has engaged in a Competitive Action shall be made by the Board of Directors in its sole and absolute discretion.  The Board of Directors’ exercise or nonexercise of such discretion with respect to any particular event or occurrence by or with respect to the Participant or any other recipient of stock options, restricted stock units, other awards under the Plan or other securities of the Company shall not in any way reduce or eliminate the authority of the Board of Directors to determine that any event or occurrence by or with respect to the Participant constitutes engaging in a Competitive Action or the related Competitive Action date.

v)  For purposes of this Section 2, the Participant has engaged in “Misconduct” if the Participant, during Participant’s employment with the Company, has engaged in an act which would, in the judgment of the Board of Directors, constitute fraud that could be punishable as a crime or embezzlement against either the Company or any subsidiary or parent of the Company. The determination as to whether the Participant has engaged in Misconduct shall be made by the Board of Directors in its sole and absolute discretion. The Board of Directors has sole and absolute discretion to determine whether, notwithstanding its determination that Participant has engaged in Misconduct, recapture or forfeiture as provided herein shall not occur. The Board of Directors’ exercise or nonexercise of such discretion with respect to any particular event or occurrence by or with respect to the Participant or any other recipient of stock options, restricted stock units, other awards under the Plan or other securities of the Company shall not in any way reduce or eliminate the authority of the Board of Directors to determine that any event or occurrence by or with respect to the Participant constitutes an act of Misconduct or the related Misconduct date.

vi) The Participant hereby agrees to notify the Company within ten (10) days of commencing any employment or other service provider relationship with any company or business through the first anniversary of the date of termination of the Participant’s employment with the Company, specifying in reasonable detail (A) the name of such company or business and the line of business in which it is engaged, and (B) the Participant’s position or title and the types of services to be rendered by the Participant in such position or title.  The Participant hereby acknowledges that this notice requirement is reasonable and necessary for the Company to enforce the provisions of this Section 2. Furthermore, if the Participant fails to so notify the Company, the Participant shall be required to repay (at the Board of Directors’ sole and absolute discretion) to the Company the amounts described in Section 2(e)(ii) as if the Participant had engaged in a Competitive Action, together with all reasonable costs (including attorneys’ fees) incurred by the Company in enforcing the provisions of this Agreement, unless

3

the Participant can provide dispositive evidence, which shall be determined in the Board of Directors’ sole and absolute discretion, that a Competitive Action did not occur.

[f)           Notwithstanding any other provision of this Agreement, all of the RSUs and all Shares are further subject to the Compensation Recoupment Policy (as may be amended from time to time, the “Policy”) adopted by the Board of Directors of the Company and its Compensation Committee.  If the Board of Directors or its Compensation Committee determines in its sole and absolute discretion that it may seek recoupment from the Participant of all or a portion of the RSUs or such Shares pursuant to the Policy, then the Board of Directors or its Compensation Committee may, without any further action on the part of the Participant, provide that all or a portion of the RSUs (whether vested or unvested) or such Shares be forfeited immediately and automatically to the Company, without the payment of any consideration to the Participant, or take such other action with respect to the RSUs and such Shares as may be permitted under the Policy.]

3)           Distribution of Shares.

a)  The Company will distribute to the Participant (or to the Participant’s estate in the event that his or her death occurs before distribution of the corresponding Shares to be delivered after a Vesting Date), as soon as administratively practicable after each Vesting Date (each such date of distribution is hereinafter referred to as a “Settlement Date”), but in no event later than 60 days after such Vesting Date, the Shares to be delivered to the Participant upon the vesting of RSUs that vested on such Vesting Date.

b)  The Company shall not be obligated to issue to the Participant the Shares to be delivered after the vesting of any RSU (or otherwise) unless the issuance and delivery of such Shares shall comply with all relevant provisions of law and other legal requirements including, without limitation, any applicable federal or state securities laws and the requirements of any stock exchange upon which shares of Common Stock may then be listed. 

4)           Restrictions on Transfer.

The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively “transfer”) any RSUs, or any interest therein, except by will or the laws of descent and distribution.

5)           Dividend and Other Stockholder Rights.

Except as set forth in the Plan, neither the Participant nor any person claiming under or through the Participant shall be, or have any rights or privileges of, a stockholder of the Company in respect of the Shares issuable pursuant to the RSUs granted hereunder, including any rights to receive dividends or other distributions declared and paid by the Company, until any such RSU has vested and the corresponding Shares have been delivered to the Participant.

6)           Provisions of the Plan; Reorganization Event.

a)  This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement.

b)  Upon the occurrence of a Reorganization Event (as defined in the Plan, provided that such event also constitutes a change in ownership or effective control of the Company or a change in ownership of a substantial portion of the Company’s assets for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)), each RSU (whether vested or unvested) shall become the right to receive the cash, securities or other property that a share of Common Stock was converted into

 

1 Applicable exclusively to agreements entered into by executive officers of the Company that are subject to the Compensation Recoupment Policy.

4

or exchanged for pursuant to such Reorganization Event.  If, in connection with such a Reorganization Event, a portion of the cash, securities and/or other property received upon the conversion or exchange of the shares of Common Stock is to be placed into escrow to secure indemnification or similar obligations, the mix between the vested and unvested portion of such cash, securities and/or other property that is placed into escrow with respect to the RSUs shall be the same as the mix between the vested and unvested portion of such cash, securities and/or other property payable with respect to the RSUs that is not subject to escrow.  Notwithstanding the foregoing provisions, this award shall be fully vested if, on or prior to the second anniversary of the date of the consummation of such Reorganization Event, the Participant’s employment with the Company or the Company’s successor is terminated for Good Reason (as defined below) by the Participant or is terminated without Cause (as defined below) by the Company or the Company’s successor.  

c)  For purposes of this Section 6, (i) “Good Reason” shall mean any significant diminution in the Participant’s title, authority, or responsibilities from and after such Reorganization Event or any material reduction in the annual cash compensation payable to the Participant from and after such Reorganization Event or the relocation of the place of business at which the Participant is principally located to a location that is greater than 50 miles from its location immediately prior to such Reorganization Event, provided that such diminution, reduction or relocation is not cured within 30 days of written notice to the Company from the Participant, and (ii) “Cause” shall mean any (A) willful failure by the Participant, which failure is not cured within 30 days of written notice to the Participant from the Company, to perform his or her material responsibilities to the Company or (B)  willful misconduct by the Participant which affects the business reputation of the Company.

[d)  Any contrary provision of the Plan notwithstanding, the Company may amend the terms of this Agreement pursuant to the Policy and as permitted pursuant to Section 2(f) of this Agreement.]

7)           Withholding Taxes; Section 83(b) Election.

a)  No Shares will be delivered pursuant to the vesting of an RSU unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this award.

b)  The Participant acknowledges that no election under Section 83(b) of the Code may be filed with respect to this award. 

8)           Miscellaneous.

a)  No Rights to Employment; Forfeiture of Unvested RSUs upon Employment Termination.  The Participant acknowledges and agrees that the vesting of the RSUs pursuant to Section 2 of this Agreement is earned only by continuing service as an employee at the will of the Company (not through the act of being hired or purchasing Shares hereunder).  The Participant further acknowledges and agrees that (i) the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an employee or consultant for the vesting period, for any period, or at all and (ii) in the event that the Participant ceases to be employed by the Company for any reason or no reason, except as otherwise provided in Section 2 or Section 6 of this Agreement, all of the RSUs that are unvested as of the time of such employment termination shall be forfeited immediately and automatically to the Company, without the payment of any consideration to the Participant, effective as of such termination.

b)  Severability.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other

 

2 Applicable exclusively to agreements entered into by executive officers of the Company that are subject to the Compensation Recoupment Policy.

5

provision of this Agreement shall be severable and enforceable to the extent permitted by law.  For the avoidance of doubt, if any restriction set forth in Section 2 of this Agreement is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it will be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

c)  Waiver.  Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Company.No delay or omission by the Company in exercising any right under this Agreement will operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion is effective only in that instance and will not be construed as a bar to or waiver of any right on any other occasion. 

d)  Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 4 of this Agreement.

e)  Notice.  All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five (5) days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the last known address of such person or at such other address as either party shall designate to the other in accordance with this Section 8(e).

f)  Pronouns.  Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 

g)  Entire Agreement.  This Agreement[and the Plan][, the Plan and the Policy]3constitute the entire agreement between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement.  For the avoidance of doubt, nothing herein is intended to supersede any obligation of the Participant under any agreement with the Company relating to matters of confidentiality, non-disclosure, inventions, non-solicitation and/or non-competition.

h)  Amendment.  This Agreement may be amended or modified only by a written instrument executed by both the Company and the Participant.

i)  Governing Law and Forum.  This Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of laws.  Any action, suit or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this Agreement will be commenced only in a court of the Commonwealth of Massachusetts (or, if appropriate, a federal court located within Massachusetts), and the Company and the Participant each consents to the exclusive jurisdiction of such a court.  Both the Participant and the Company waive the right to a trial by jury with respect to any matter arising under or relating to any provision of this Agreement.

j)  Participant’s Acknowledgments.  The Participant acknowledges that he or she: (i) has read this Agreement[and the Plan][, the Plan and the Policy]4; (ii) understands the terms and consequences of this Agreement, including Section 2(e) and Section 8(m) of this Agreement, [and the Plan][the Plan and the Policy]5; (iii) is fully aware of the legal and binding effect of this Agreement; and

 

3 Applicable exclusively to agreements entered into by executive officers of the Company that are subject to the Compensation Recoupment Policy.

 

4 Applicable exclusively to agreements entered into by executive officers of the Company that are subject to the Compensation Recoupment Policy.

 

5 Applicable exclusively to agreements entered into by executive officers of the Company that are subject to the Compensation Recoupment Policy.

6

(iv) understands that the law firm of Wilmer Cutler Pickering Hale and Dorr LLP, has acted as counsel to the Company in connection with this Agreement, and is not acting as counsel for the Participant.

 k)  Unfunded Rights.  The right of the Participant to receive Common Stock pursuant to this Agreement is an unfunded and unsecured obligation of the Company.  The Participant shall have no rights under this Agreement other than those of an unsecured general creditor of the Company.

 l)  Section 409A.  If and to the extent any portion of any distribution of Shares hereunder to a Participant in connection with his or her employment termination is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the Participant is a specified employee as defined in Section 409A(a)(2)(B)(i) of the Code, as determined by the Company in accordance with its procedures, by which determination the Participant (through accepting this award) agrees thathe or she is bound, such portion of the distribution shall not be paid before the day that is six (6) months plus one (1) day after the date of “separation from service” (as determined under Section 409A of the Code) (the “New Payment Date”), except as Section 409A of the Code may then permit.  The aggregate of any Shares that otherwise would have been distributed to the Participant during the period between the date of separation from service and the New Payment Date shall be distributed to the Participant in a lump sum on such New Payment Date, and any remaining distributions will be made on their original schedule.  The Company makes no representations or warranty and shall have no liability to the Participant or any other person if any provisions of or distributions under this award are determined to constitute nonqualified deferred compensation subject to Section 409A of the Code but do not to satisfy the conditions of that section.

 m)  Regulatory Condition.  Notwithstanding anything to the contrary in this Agreement, any distribution, acceleration, vesting or payment of benefits to a Participant pursuant to this Agreement or otherwise, is and shall be subject to and conditioned upon prior compliance with all applicable regulatory provisions and requirements, including without limitation the prior regulatory approval requirements, if applicable, of the Board of Governors of the Federal Reserve System (including, without limitation, the Federal Reserve Bank of Boston), the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

THE FIRST MARBLEHEAD CORPORATION
By:
	[Name] [Title]

_____________________________

[Name]

7

EX-99.3

Exhibit 99.3

National Collegiate Student Loan Trusts	Original Pool Characteristics
Static Pool Information: Prior Securitized Pool Report

As of Respective Securitization Closing Date

	NCSLT 2007-4	NCSLT 2007-3	NCSLT 2007-2	NCSLT 2007-1	NCSLT 2006-4	NCSLT 2006-3
Trust Summary
Date of Closing	9/20/2007	9/20/2007	6/14/2007	3/8/2007	12/7/2006	9/28/2006
Outstanding Principal Balance	$989,697,216	$991,179,649	$749,531,693	$762,189,134	$710,438,732	$1,351,396,673
Total Accrued Interest	$23,049,510	$23,152,807	$17,997,870	$14,279,008	$13,112,544	$34,735,591
Aggregate Pool Balance	$1,012,746,726	$1,014,332,457	$767,529,563	$776,468,142	$723,551,276	$1,386,132,264
Number of Loans	71,379	71,564	62,979	68,759	57,407	104,757
Average Initial Loan Balance	$13,865	$13,850	$11,901	$11,085	$12,375	$12,900
Weighted Average Annual Interest Rate Margin (LIBOR + )	5.14%	5.13%	5.24%	5.13%	5.41%	4.79%
Weighted Average Annual Interest Rate Margin in Repayment (LIBOR + )	5.19%	5.19%	5.26%	5.13%	5.41%	4.92%
Weighted Average Remaining Term to Maturity	269	269	264	267	267	267
Weighted Average FICO Score for Cosigned Loans	712	712	713	715	713	713
Weighted Average FICO Score for Non-Cosigned Loans	707	707	706	705	704	705
Weighted Average FICO Score for All Loans	711	711	712	713	712	711
Number of Borrowers	69,231	69,337	57,845	66,307	55,209	97,555

Borrower Type Distribution
Credit Ready - No Cosigner	$	9,774,957	1.0	%	$	9,804,672	1.0	%	$	3,530,175	0.5	%	$	1,622,941	0.2	%	$	698,874	0.1	%	$	36,383,375	2.7	%
Credit Ready - Cosigned	$	145,421	0.0	%	$	143,851	0.0	%	$	8,791	0.0	%	$	0	0.0	%	$	0	0.0	%	$	211,855	0.0	%
Credit Worthy - No Cosigner	$	151,072,125	15.3	%	$	151,518,517	15.3	%	$	133,025,793	17.7	%	$	130,392,447	17.1	%	$	117,598,040	16.6	%	$	201,630,211	14.9	%
Credit Worthy - Cosigned	$	828,704,713	83.7	%	$	829,712,609	83.7	%	$	612,966,934	81.8	%	$	630,173,746	82.7	%	$	592,141,818	83.3	%	$	1,113,171,231	82.4	%
Total	$	989,697,216	100	%	$	991,179,649	100	%	$	749,531,693	100	%	$	762,189,134	100	%	$	710,438,732	100	%	$	1,351,396,673	100	%
Borrower Payment Status Distribution
Deferment - Principal and Interest	$	905,862,240	91.5	%	$	908,300,725	91.6	%	$	693,136,339	92.5	%	$	686,622,503	90.1	%	$	637,583,211	89.7	%	$	1,224,825,441	90.6	%
Deferment - Principal Only	$	44,708,917	4.5	%	$	45,633,194	4.6	%	$	30,334,256	4.0	%	$	40,360,057	5.3	%	$	35,680,767	5.0	%	$	59,181,702	4.4	%
Forbearance	$	855,342	0.1	%	$	283,586	0.0	%	$	397,160	0.1	%	$	439,853	0.1	%	$	319,159	0.0	%	$	702,584	0.1	%
Repayment - Principal and Interest	$	38,270,718	3.9	%	$	36,962,144	3.7	%	$	25,663,938	3.4	%	$	34,766,722	4.6	%	$	36,855,594	5.2	%	$	66,686,946	4.9	%
Total	$	989,697,216	100	%	$	991,179,649	100	%	$	749,531,693	100	%	$	762,189,134	100	%	$	710,438,732	100	%	$	1,351,396,673	100	%
Program Type Distribution
Consolidation	$	0	0.0	%	$	0	0.0	%	$	0	0.0	%	$	0	0.0	%	$	762,857	0.1	%	$	0	0.0	%
Continuing Education	$	29,884,979	3.0	%	$	29,961,724	3.0	%	$	31,207,594	4.2	%	$	21,470,261	2.8	%	$	20,088,635	2.8	%	$	27,833,810	2.1	%
Graduate	$	92,709,642	9.4	%	$	93,098,470	9.4	%	$	82,036,131	10.9	%	$	59,360,426	7.8	%	$	66,634,313	9.4	%	$	172,038,434	12.7	%
K-12	$	12,489,544	1.3	%	$	12,480,874	1.3	%	$	5,677,934	0.8	%	$	13,732,044	1.8	%	$	16,096,253	2.3	%	$	23,845,152	1.8	%
Medical	$	10,272,753	1.0	%	$	10,216,001	1.0	%	$	8,104,978	1.1	%	$	12,197,562	1.6	%	$	2,282,668	0.3	%	$	22,015,564	1.6	%
Other	$	0	0.0	%	$	0	0.0	%	$	0	0.0	%	$	0	0.0	%	$	0	0.0	%	$	0	0.0	%
Parent	$	0	0.0	%	$	0	0.0	%	$	0	0.0	%	$	0	0.0	%	$	0	0.0	%	$	0	0.0	%
Undergraduate	$	844,340,299	85.3	%	$	845,422,581	85.3	%	$	622,505,057	83.1	%	$	655,428,843	86.0	%	$	604,574,006	85.1	%	$	1,105,663,714	81.8	%
Total	$	989,697,216	100	%	$	991,179,649	100	%	$	749,531,693	100	%	$	762,189,134	100	%	$	710,438,732	100	%	$	1,351,396,673	100	%
Student Loans by Interest Rate Distribution
LIBOR + at least 0.00% but less than 3.00%	$	103,277,164	10.4	%	$	103,440,818	10.4	%	$	62,593,167	8.4	%	$	68,174,610	8.9	%	$	8,328,114	1.2	%	$	254,708,088	18.8	%
LIBOR + at least 3.00% but less than 3.25%	$	9,178,703	0.9	%	$	9,592,341	1.0	%	$	11,698,069	1.6	%	$	16,781,525	2.2	%	$	2,507,507	0.4	%	$	17,353,604	1.3	%
LIBOR + at least 3.25% but less than 3.50%	$	12,638,496	1.3	%	$	11,996,938	1.2	%	$	14,873,599	2.0	%	$	24,237,528	3.2	%	$	5,790,294	0.8	%	$	20,744,137	1.5	%
LIBOR + at least 3.50% but less than 3.75%	$	56,918,723	5.8	%	$	57,050,629	5.8	%	$	35,003,078	4.7	%	$	43,461,344	5.7	%	$	50,208,429	7.1	%	$	75,717,420	5.6	%
LIBOR + at least 3.75% but less than 4.00%	$	10,359,946	1.0	%	$	10,574,334	1.1	%	$	19,312,224	2.6	%	$	20,484,817	2.7	%	$	5,715,882	0.8	%	$	19,642,921	1.5	%
LIBOR + at least 4.00% but less than 4.25%	$	61,939,144	6.3	%	$	62,224,590	6.3	%	$	40,922,311	5.5	%	$	42,452,982	5.6	%	$	47,418,688	6.7	%	$	69,124,736	5.1	%
LIBOR + at least 4.25% but less than 4.50%	$	22,723,403	2.3	%	$	22,152,531	2.2	%	$	24,836,663	3.3	%	$	26,575,397	3.5	%	$	14,003,038	2.0	%	$	48,160,163	3.6	%
LIBOR + at least 4.50% but less than 4.75%	$	171,517,671	17.3	%	$	172,306,693	17.4	%	$	103,379,758	13.8	%	$	111,501,856	14.6	%	$	142,840,612	20.1	%	$	248,292,319	18.4	%
LIBOR + at least 4.75% but less than 5.00%	$	5,938,883	0.6	%	$	6,053,973	0.6	%	$	8,814,869	1.2	%	$	3,851,878	0.5	%	$	17,883,240	2.5	%	$	14,876,325	1.1	%
LIBOR + at least 5.00% but less than 7.00%	$	379,019,316	38.3	%	$	379,335,066	38.3	%	$	300,392,956	40.1	%	$	283,547,932	37.2	%	$	289,686,982	40.8	%	$	411,474,324	30.4	%
LIBOR + at least 7.00%	$	156,185,767	15.8	%	$	156,451,735	15.8	%	$	127,705,000	17.0	%	$	121,119,265	15.9	%	$	126,055,946	17.7	%	$	171,302,636	12.7	%
Total	$	989,697,216	100	%	$	991,179,649	100	%	$	749,531,693	100	%	$	762,189,134	100	%	$	710,438,732	100	%	$	1,351,396,673	100	%
Originator Concentrations (Originators > 10%)
	Chase Bank		33.1	%	Chase Bank		33.1	%	Charter one Bank		37.6	%	Chase Bank		37.3	%	Bank One		40.6	%	Bank One		36.1	%
	Bank of America		26.1	%	Bank of America		25.6	%	Chase Bank		31.1	%	Charter One Bank		26.9	%	Charter One Bank		27.2	%	Bank of America		36.0	%
	RBS Citizens		20.2	%	RBS Citizens		20.6	%	Bank of America		10.4	%	Bank of America		11.6	%	Bank of America		17.1	%	Charter One Bank		19.4	%
	Union Federal SB		10.7	%	Union Federal SB		10.6	%
Geographic Concentrations (States > 5%)
	California		8.4	%	California		8.6	%	California		8.3	%	Pennsylvania		9.5	%	California		8.3	%	California		9.6	%
	Texas		7.8	%	Texas		7.9	%	Pennsylvania		8.3	%	New York		9.4	%	Texas		8.2	%	Texas		9.0	%
	New York		7.1	%	New York		7.0	%	Ohio		7.6	%	Texas		7.3	%	Ohio		7.5	%	New York		6.5	%
	Ohio		6.3	%	Pennsylvania		6.1	%	Texas		7.5	%	California		7.0	%	New York		6.7	%	Ohio		6.0	%
	Pennsylvania		6.2	%	Ohio		6.0	%	New York		6.5	%	Ohio		6.9	%	Pennsylvania		5.9	%	Pennsylvania		5.6	%
	Florida		5.5	%	Florida		5.7	%	Michigan		5.6	%	Michigan		5.2	%	Michigan		5.8	%	Florida		5.4	%
	Illinois		5.2	%	Illinois		5.3	%	Florida		5.4	%	Illinois		5.0	%	Illinois		5.5	%	Illinois		5.0	%
									Illinois		5.0	%					Florida		5.4	%

Note: Sum of line items may not tie out to totals due to rounding to the nearest dollar.

1

National Collegiate Student Loan Trusts						Original Pool Characteristics
Static Pool Information: Prior Securitized Pool Report
As of Respective Securitization Closing Date
	NCSLT 2006-2	NCSLT 2006-1	NCSLT 2005-3	NCSLT 2005-2	NCSLT 2005-1	NCSLT 2004-2	NCSLT 2004-1
Trust Summary
Date of Closing	6/8/2006	3/9/2006	10/12/2005	6/9/2005	2/23/2005	12/28/2004	6/11/2004
Outstanding Principal Balance	$497,888,025	$729,482,489	$1,249,472,574	$457,179,375	$701,602,075	$800,261,953	$610,436,970
Total Accrued Interest	$7,726,302	$11,771,598	$15,914,886	$5,110,015	$13,873,442	$6,516,865	$9,837,073
Aggregate Pool Balance	$505,614,328	$741,254,087	$1,265,387,461	$462,289,390	$715,475,517	$806,778,817	$620,274,043
Number of Loans	43,091	68,006	103,232	42,386	67,976	68,366	59,399
Average Initial Loan Balance	$11,554	$10,727	$12,104	$10,786	$10,321	$11,706	$10,277
Weighted Average Annual Interest Rate Margin     (LIBOR + )	4.80%	4.44%	4.28%	4.57%	4.10%	4.69%	4.34%
Weighted Average Annual Interest Rate Margin     in Repayment (LIBOR + )	4.79%	4.44%	4.45%	4.58%	4.31%	4.73%	4.45%
Weighted Average Remaining Term to Maturity	264	266	264	253	260	270	256
Weighted Average FICO Score for Cosigned    Loans	715	727	724	726	726	721	724
Weighted Average FICO Score for Non-    Cosigned Loans	698	699	701	700	703	697	701
Weighted Average FICO Score for All Loans	711	721	720	720	721	717	720
Number of Borrowers	40,119	63,230	94,592	39,394	61,222	65,240	52,243

Borrower Type Distribution
Credit Ready - No Cosigner	$	914,948	0.2	%	$	3,156,301	0.4	%	$	36,863,021	3.0	%	$	981,942	0.2	%	$	24,849,659	3.5	%	$	1,577,700	0.2	%	$	14,786,292	2.4	%
Credit Ready - Cosigned	$	0	0.0	%	$	0	0.0	%	$	204,358	0.0	%	$	0	0.0	%	$	23,043	0.0	%	$	17,514	0.0	%	$	78,663	0.0	%
Credit Worthy - No Cosigner	$	106,186,524	21.3	%	$	161,041,689	22.1	%	$	208,203,476	16.7	%	$	106,087,602	23.2	%	$	116,489,844	16.6	%	$	144,797,123	18.1	%	$	106,899,380	17.5	%
Credit Worthy - Cosigned	$	390,786,553	78.5	%	$	565,284,499	77.5	%	$	1,004,201,719	80.4	%	$	350,109,832	76.6	%	$	560,239,529	79.9	%	$	653,869,616	81.7	%	$	488,672,653	80.1	%
Total	$	497,888,025	100	%	$	729,482,489	100	%	$	1,249,472,574	100	%	$	457,179,375	100	%	$	701,602,075	100	%	$	800,261,953	100	%	$	610,436,970	100	%
Borrower Payment Status Distribution
Deferment - Principal and Interest	$	450,664,977	90.5	%	$	636,871,924	87.3	%	$	1,114,855,091	89.2	%	$	389,267,249	85.1	%	$	610,869,768	87.1	%	$	690,491,612	86.3	%	$	525,607,206	86.1	%
Deferment - Principal Only	$	19,574,444	3.9	%	$	39,663,129	5.4	%	$	69,307,053	5.5	%	$	26,266,593	5.7	%	$	41,963,782	6.0	%	$	62,195,019	7.8	%	$	41,886,175	6.9	%
Forbearance	$	158,700	0.0	%	$	467,413	0.1	%	$	870,517	0.1	%	$	202,494	0.0	%	$	476,500	0.1	%	$	424,955	0.1	%	$	409,399	0.1	%
Repayment - Principal and Interest	$	27,489,905	5.5	%	$	52,480,022	7.2	%	$	64,439,914	5.2	%	$	41,443,039	9.1	%	$	48,292,025	6.9	%	$	47,150,367	5.9	%	$	42,534,190	7.0	%
Total	$	497,888,025	100	%	$	729,482,489	100	%	$	1,249,472,574	100	%	$	457,179,375	100	%	$	701,602,075	100	%	$	800,261,953	100	%	$	610,436,970	100	%
Program Type Distribution
Consolidation	$	975,937	0.2	%	$	7,371,688	1.0	%	$	0	0	%	$	5,727,501	1.3	%	$	11,122,051	1.6	%	$	0	0	%	$	0	0	%
Continuing Education	$	13,229,606	2.7	%	$	14,887,395	2.0	%	$	17,865,324	1.4	%	$	11,853,386	2.6	%	$	18,207,148	2.6	%	$	24,262,010	3.0	%	$	22,658,600	3.7	%
Graduate	$	62,553,097	12.6	%	$	82,572,316	11.3	%	$	185,850,251	14.9	%	$	68,980,619	15.1	%	$	99,304,390	14.2	%	$	88,798,863	11.1	%	$	94,755,371	15.5	%
K-12	$	12,453,607	2.5	%	$	22,589,069	3.1	%	$	30,687,798	2.5	%	$	24,695,110	5.4	%	$	19,694,596	2.8	%	$	23,552,804	2.9	%		22,335,565	3.7	%
Medical	$	3,401,545	0.7	%	$	12,077,917	1.7	%	$	8,159,453	0.7	%	$	106,742	0.0	%	$	4,314,711	0.6	%	$	308,882	0.0	%	$	3,707,701	0.6	%
Other	$	0	0.0	%	$	0	0.0	%	$	4,117,837	0.3	%	$	1,852,134	0.4	%	$	1,503,178	0.2	%	$	114,223	0.0	%	$	0	0.0	%
Parent	$	0	0.0	%	$	0	0.0	%	$	8,935	0.0	%	$	0	0.0	%	$	0	0.0	%	$	244,819	0.0	%	$	0	0.0	%
Undergraduate	$	405,274,233	81.4	%	$	589,984,104	80.9	%	$	1,002,722,976	80.3	%	$	343,963,883	75.2	%	$	547,456,002	78.0	%	$	662,980,351	82.8	%	$	466,979,733	76.5	%
Total	$	497,888,025	100	%	$	729,482,489	100	%	$	1,249,412,574	100	%	$	457,179,375	100	%	$	701,602,075	100	%	$	800,261,953	100	%	$	610,436,970	100	%
Student Loans by Interest Rate Distribution
LIBOR + at least 0.00% but less than 3.00%	$	16,565,386	3.3	%	$	65,958,108	9.0	%	$	259,413,091	20.8	%	$	11,316,933	2.5	%	$	192,214,063	27.1	%	$	25,621,046	3.2	%	$	89,062,671	14.6	%
LIBOR + at least 3.00% but less than 3.25%	$	6,421,732	1.3	%	$	24,019,339	3.3	%	$	6,849,683	0.5	%	$	4,749,132	1.0	%	$	12,178,424	1.7	%	$	2,161,643	0.3	%	$	10,910,523	1.8	%
LIBOR + at least 3.25% but less than 3.50%	$	5,069,835	1.0	%	$	15,718,753	2.2	%	$	4,914,579	0.4	%	$	3,697,301	0.8	%	$	8,708,013	1.2	%	$	2,021,762	0.3	%	$	5,302,886	0.9	%
LIBOR + at least 3.50% but less than 3.75%	$	14,086,322	2.8	%	$	30,044,979	4.1	%	$	46,174,066	3.7	%	$	38,823,976	8.5	%	$	23,133,193	3.3	%	$	27,284,895	3.4	%	$	29,934,834	4.9	%
LIBOR + at least 3.75% but less than 4.00%	$	7,838,387	1.6	%	$	39,297,885	5.4	%	$	7,219,161	0.6	%	$	7,829,779	1.7	%	$	24,846,320	3.5	%	$	3,970,480	0.5	%	$	29,596,615	4.8	%
LIBOR + at least 4.00% but less than 4.25%	$	1,928,090	0.4	%	$	5,121,861	0.7	%	$	1,306,327	0.1	%	$	880,562	0.2	%	$	1,739,264	0.2	%	$	1,356,808	0.2	%	$	2,611,432	0.4	%
LIBOR + at least 4.25% but less than 4.50%	$	11,940,120	2.4	%	$	28,261,989	3.9	%	$	21,508,341	1.7	%	$	20,442,317	4.5	%	$	7,021,377	1.0	%	$	15,544,917	1.9	%	$	14,747,963	2.5	%
LIBOR + at least 4.50% but less than 4.75%	$	217,978,257	43.8	%	$	367,123,819	50.3	%	$	638,758,445	51.1	%	$	262,445,832	57.4	%	$	284,449,839	40.7	%	$	469,290,302	58.6	%	$	313,403,927	51.3	%
LIBOR + at least 4.75% but less than 5.00%	$	112,754,938	22.6	%	$	122,075,220	16.7	%	$	218,757,268	17.5	%	$	90,930,541	19.9	%	$	122,432,481	17.5	%	$	210,627,688	26.3	%	$	89,816,659	14.7	%
LIBOR + at least 5.00% but less than 7.00%	$	83,791,094	16.8	%	$	9,472,794	1.3	%	$	4,553,287	0.4	%	$	2,234,556	0.5	%	$	3,866,091	0.6	%	$	5,692,375	0.7	%	$	4,542,167	0.7	%
LIBOR + at least 7.00%	$	19,513,866	3.9	%	$	22,387,741	3.1	%	$	40,018,327	3.2	%	$	13,828,445	3.0	%	$	21,013,011	3.0	%	$	36,690,037	4.6	%	$	20,507,294	3.4	%
Total	$	497,888,025	100	%	$	729,482,489	100	%	$	1,249,472,574	100	%	$	457,179,375	100	%	$	701,602,075	100	%	$	800,261,953	100	%	$	610,436,970	100	%
Originator Concentrations (Originators > 10%)
	Bank One		33.9	%	Bank One		30.4	%	Bank of America		37.0	%	Bank One		38.9	%	Bank of America		36.2	%	Bank One		43.5	%	Bank One		47.2	%
	Charter One Bank		30.6	%	Charter One Bank		28.5	%	Bank One		32.8	%	Charter One Bank		29.4	%	Bank One		28.6	%	Charter One Bank		32.0	%	Charter One Bank		24.1	%
	Bank of America		14.7	%	Bank of America		15.6	%	Charter One Bank		22.6	%	Bank of America		17.3	%	Charter One Bank		24.9	%	Bank of America		17.4	%	Bank of America		23.2	%
Geographic Concentrations (States > 5%)
	Texas		10.0	%	Pennsylvania		9.9	%	Texas		10.3	%	Texas		10.7	%	California		10.1	%	Texas		11.1	%	Texas		11.0	%
	Ohio		8.0	%	New York		8.6	%	California		9.3	%	California		8.0	%	Texas		9.8	%	Ohio		7.9	%	California		8.7	%
	California		7.8	%	Texas		8.1	%	Ohio		6.9	%	New York		7.3	%	Pennsylvania		7.4	%	Pennsylvania		6.4	%	Pennsylvania		7.9	%
	New York		6.2	%	Ohio		6.6	%	New York		6.0	%	Ohio		6.7	%	Ohio		6.2	%	California		6.1	%	Ohio		6.3	%
	Pennsylvania		5.7	%	California		6.5	%	Illinois		5.6	%	Pennsylvania		5.3	%	Illinois		5.2	%	Illinois		6.0	%	New York		5.6	%
	Michigan		5.6	%					Florida		5.2	%	Illinois		5.3	%	Florida		5.2	%					Illinois		5.5	%
	Florida		5.3	%									Florida		5.2	%	New York		5.2	%					Florida		5.1	%
	Illinois		5.1	%

Note: Sum of line items may not tie out to totals due to rounding to the nearest dollar.

2

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2011
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	208,090,567	22.8	%	$	4,482,771	0.5	%	$	44,389,596	4.9	%	$	657,161,232	71.9	%	$	914,124,166	100	%
NCSLT 2007-3	$	210,141,581	22.9	%	$	4,629,091	0.5	%	$	42,573,143	4.6	%	$	660,588,640	72.0	%	$	917,932,454	100	%
NCSLT 2007-2	$	111,974,907	17.2	%	$	1,534,487	0.2	%	$	33,709,402	5.2	%	$	504,110,546	77.4	%	$	651,329,342	100	%
NCSLT 2007-1	$	72,785,030	11.2	%	$	1,093,964	0.2	%	$	28,604,860	4.4	%	$	550,119,969	84.3	%	$	652,603,823	100	%
NCSLT 2006-4	$	54,307,992	9.0	%	$	197,218	0.0	%	$	38,225,554	6.3	%	$	509,553,091	84.6	%	$	602,283,855	100	%
NCSLT 2006-3	$	88,927,917	7.7	%	$	108,963	0.0	%	$	66,023,740	5.7	%	$	995,983,411	86.5	%	$	1,151,044,031	100	%
NCSLT 2006-2	$	4,883,209	1.3	%	$	83,859	0.0	%	$	26,675,829	6.9	%	$	356,091,016	91.8	%	$	387,733,912	100	%
NCSLT 2006-1	$	5,742,502	1.0	%	$	24,061	0.0	%	$	26,971,704	4.9	%	$	520,481,270	94.1	%	$	553,219,535	100	%
NCSLT 2005-3	$	12,326,838	1.3	%	$	118,134	0.0	%	$	40,717,247	4.4	%	$	866,612,565	94.2	%	$	919,774,783	100	%
NCSLT 2005-2	$	3,503,249	1.2	%	$	30,270	0.0	%	$	9,756,738	3.2	%	$	289,558,657	95.6	%	$	302,848,913	100	%
NCSLT 2005-1	$	3,717,094	0.8	%	$	42,384	0.0	%	$	9,681,990	2.2	%	$	429,146,198	97.0	%	$	442,587,666	100	%
NCSLT 2004-2	$	3,970,166	0.7	%	$	110,691	0.0	%	$	12,749,950	2.4	%	$	515,474,211	96.8	%	$	532,305,019	100	%
NCSLT 2004-1	$	1,673,586	0.5	%	$	50,107	0.0	%	$	5,671,354	1.7	%	$	325,002,147	97.8	%	$	332,397,195	100	%
NCSLT 2003-1	$	975,645	0.3	%	$	7,803	0.0	%	$	3,868,827	1.4	%	$	281,126,016	98.3	%	$	285,978,291	100	%
NCMSLT-I	$	3,158,037	0.8	%	$	22,419	0.0	%	$	7,465,439	1.8	%	$	405,749,729	97.4	%	$	416,395,624	100	%

As of: 9/30/2011
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	281,254,625	30.1	%	$	5,360,488	0.6	%	$	40,865,525	4.4	%	$	606,286,940	64.9	%	$	933,767,579	100	%
NCSLT 2007-3	$	280,305,711	29.9	%	$	5,295,495	0.6	%	$	38,365,785	4.1	%	$	613,973,778	65.5	%	$	937,940,769	100	%
NCSLT 2007-2	$	146,141,783	21.9	%	$	2,037,146	0.3	%	$	30,751,308	4.6	%	$	489,318,370	73.2	%	$	668,248,607	100	%
NCSLT 2007-1	$	131,243,203	19.6	%	$	2,694,804	0.4	%	$	28,427,730	4.2	%	$	507,191,145	75.8	%	$	669,556,883	100	%
NCSLT 2006-4	$	82,536,385	13.3	%	$	565,950	0.1	%	$	29,277,070	4.7	%	$	508,618,023	81.9	%	$	620,997,428	100	%
NCSLT 2006-3	$	141,981,881	12.0	%	$	210,972	0.0	%	$	69,542,645	5.9	%	$	970,804,748	82.1	%	$	1,182,540,245	100	%
NCSLT 2006-2	$	21,738,401	5.4	%	$	15,762	0.0	%	$	24,826,765	6.2	%	$	355,584,345	88.4	%	$	402,165,274	100	%
NCSLT 2006-1	$	5,963,110	1.0	%	$	34,211	0.0	%	$	31,929,712	5.6	%	$	533,657,558	93.4	%	$	571,584,591	100	%
NCSLT 2005-3	$	12,706,465	1.3	%	$	93,843	0.0	%	$	48,035,365	5.0	%	$	891,463,138	93.6	%	$	952,298,811	100	%
NCSLT 2005-2	$	3,628,444	1.2	%	$	35,469	0.0	%	$	12,840,046	4.1	%	$	296,290,127	94.7	%	$	312,794,086	100	%
NCSLT 2005-1	$	3,840,148	0.8	%	$	25,182	0.0	%	$	12,590,359	2.8	%	$	439,857,609	96.4	%	$	456,313,298	100	%
NCSLT 2004-2	$	4,046,552	0.7	%	$	127,779	0.0	%	$	14,803,039	2.7	%	$	528,915,175	96.5	%	$	547,892,545	100	%
NCSLT 2004-1	$	1,788,943	0.5	%	$	93,507	0.0	%	$	6,316,929	1.8	%	$	334,658,699	97.6	%	$	342,858,079	100	%
NCSLT 2003-1	$	936,155	0.3	%	$	18,234	0.0	%	$	4,090,982	1.4	%	$	289,911,617	98.3	%	$	294,956,988	100	%
NCMSLT-I	$	5,218,060	1.2	%	$	42,269	0.0	%	$	8,903,852	2.1	%	$	419,204,309	96.7	%	$	433,368,491	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

1

As of: 6/30/2011
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	288,789,796	30.3	%	$	5,895,204	0.6	%	$	41,581,769	4.4	%	$	617,493,907	64.7	%	$	953,760,676	100	%
NCSLT 2007-3	$	289,192,340	30.1	%	$	5,646,832	0.6	%	$	41,013,287	4.3	%	$	623,388,383	65.0	%	$	959,240,841	100	%
NCSLT 2007-2	$	157,431,718	22.9	%	$	2,414,958	0.4	%	$	32,619,974	4.8	%	$	493,543,056	71.9	%	$	686,009,706	100	%
NCSLT 2007-1	$	140,602,249	20.4	%	$	3,679,170	0.5	%	$	27,953,746	4.1	%	$	515,754,120	75.0	%	$	687,989,285	100	%
NCSLT 2006-4	$	124,819,091	19.6	%	$	2,364,625	0.4	%	$	29,946,023	4.7	%	$	480,662,106	75.4	%	$	637,791,845	100	%
NCSLT 2006-3	$	178,755,383	14.7	%	$	2,749,509	0.2	%	$	60,811,473	5.0	%	$	970,756,162	80.0	%	$	1,213,072,527	100	%
NCSLT 2006-2	$	33,594,084	8.1	%	$	50,768	0.0	%	$	25,659,418	6.2	%	$	353,906,275	85.6	%	$	413,210,546	100	%
NCSLT 2006-1	$	20,879,545	3.5	%	$	40,266	0.0	%	$	30,179,718	5.1	%	$	537,430,784	91.3	%	$	588,530,314	100	%
NCSLT 2005-3	$	12,286,677	1.3	%	$	132,629	0.0	%	$	55,314,090	5.6	%	$	912,104,678	93.1	%	$	979,838,074	100	%
NCSLT 2005-2	$	3,444,751	1.1	%	$	56,955	0.0	%	$	15,817,800	4.9	%	$	303,733,959	94.0	%	$	323,053,464	100	%
NCSLT 2005-1	$	3,918,395	0.8	%	$	50,361	0.0	%	$	16,045,767	3.4	%	$	450,008,938	95.7	%	$	470,023,462	100	%
NCSLT 2004-2	$	4,154,123	0.7	%	$	95,949	0.0	%	$	16,917,892	3.0	%	$	541,274,651	96.2	%	$	562,442,615	100	%
NCSLT 2004-1	$	1,719,995	0.5	%	$	112,553	0.0	%	$	7,437,967	2.1	%	$	343,658,950	97.4	%	$	352,929,466	100	%
NCSLT 2003-1	$	1,128,812	0.4	%	$	26,110	0.0	%	$	5,052,318	1.7	%	$	296,697,606	98.0	%	$	302,904,846	100	%
NCMSLT-I	$	6,527,449	1.5	%	$	28,316	0.0	%	$	10,184,827	2.3	%	$	432,533,673	96.3	%	$	449,274,265	100	%

As of: 3/31/2011
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	335,917,503	34.6	%	$	9,410,222	1.0	%	$	42,567,702	4.4	%	$	583,354,342	60.1	%	$	971,249,768	100	%
NCSLT 2007-3	$	336,757,474	34.5	%	$	9,321,654	1.0	%	$	41,415,838	4.2	%	$	587,267,718	60.2	%	$	974,762,684	100	%
NCSLT 2007-2	$	189,188,447	27.0	%	$	3,570,629	0.5	%	$	32,015,938	4.6	%	$	476,678,078	68.0	%	$	701,453,092	100	%
NCSLT 2007-1	$	172,342,023	24.6	%	$	4,808,516	0.7	%	$	29,801,186	4.2	%	$	495,011,530	70.5	%	$	701,963,255	100	%
NCSLT 2006-4	$	155,794,583	23.9	%	$	3,968,913	0.6	%	$	28,956,929	4.4	%	$	462,981,233	71.0	%	$	651,701,658	100	%
NCSLT 2006-3	$	258,311,017	20.9	%	$	5,687,124	0.5	%	$	59,421,404	4.8	%	$	913,406,343	73.9	%	$	1,236,825,888	100	%
NCSLT 2006-2	$	52,981,056	12.5	%	$	320,450	0.1	%	$	20,870,370	4.9	%	$	350,485,832	82.5	%	$	424,657,707	100	%
NCSLT 2006-1	$	46,072,289	7.6	%	$	63,583	0.0	%	$	29,349,151	4.9	%	$	528,705,905	87.5	%	$	604,190,928	100	%
NCSLT 2005-3	$	22,086,100	2.2	%	$	137,825	0.0	%	$	53,618,368	5.3	%	$	932,946,793	92.5	%	$	1,008,789,087	100	%
NCSLT 2005-2	$	4,945,827	1.5	%	$	47,950	0.0	%	$	17,808,922	5.4	%	$	309,994,660	93.1	%	$	332,797,359	100	%
NCSLT 2005-1	$	5,880,800	1.2	%	$	55,044	0.0	%	$	16,975,773	3.5	%	$	461,272,101	95.3	%	$	484,183,717	100	%
NCSLT 2004-2	$	5,504,269	1.0	%	$	82,204	0.0	%	$	20,292,393	3.5	%	$	551,352,618	95.5	%	$	577,231,484	100	%
NCSLT 2004-1	$	3,079,965	0.8	%	$	20,087	0.0	%	$	8,053,893	2.2	%	$	353,214,098	96.9	%	$	364,368,043	100	%
NCSLT 2003-1	$	1,783,771	0.6	%	$	8,849	0.0	%	$	6,208,411	2.0	%	$	302,798,448	97.4	%	$	310,799,479	100	%
NCMSLT-I	$	11,906,024	2.6	%	$	8,549	0.0	%	$	10,455,602	2.2	%	$	443,176,128	95.2	%	$	465,546,303	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

2

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2010
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	344,916,593	34.9	%	$	10,579,431	1.1	%	$	48,751,761	4.9	%	$	585,127,775	59.1	%	$	989,375,560	100	%
NCSLT 2007-3	$	345,672,773	34.8	%	$	10,325,754	1.0	%	$	49,220,118	5.0	%	$	587,357,749	59.2	%	$	992,576,395	100	%
NCSLT 2007-2	$	200,036,484	27.9	%	$	4,212,704	0.6	%	$	39,783,112	5.5	%	$	473,853,279	66.0	%	$	717,885,578	100	%
NCSLT 2007-1	$	180,715,310	25.2	%	$	5,522,762	0.8	%	$	34,832,445	4.9	%	$	496,742,175	69.2	%	$	717,812,692	100	%
NCSLT 2006-4	$	165,890,218	24.8	%	$	4,216,384	0.6	%	$	34,235,489	5.1	%	$	463,976,930	69.4	%	$	668,319,022	100	%
NCSLT 2006-3	$	276,390,635	21.9	%	$	6,033,814	0.5	%	$	69,715,621	5.5	%	$	910,038,391	72.1	%	$	1,262,178,460	100	%
NCSLT 2006-2	$	74,340,972	17.1	%	$	1,094,200	0.3	%	$	24,995,016	5.7	%	$	334,946,012	76.9	%	$	435,376,200	100	%
NCSLT 2006-1	$	61,328,529	9.9	%	$	448,724	0.1	%	$	31,978,581	5.2	%	$	525,697,291	84.9	%	$	619,453,124	100	%
NCSLT 2005-3	$	81,468,285	7.9	%	$	195,702	0.0	%	$	56,922,679	5.5	%	$	895,888,337	86.6	%	$	1,034,475,004	100	%
NCSLT 2005-2	$	5,328,271	1.5	%	$	56,625	0.0	%	$	21,152,618	6.1	%	$	317,493,877	92.3	%	$	344,031,391	100	%
NCSLT 2005-1	$	6,039,972	1.2	%	$	55,044	0.0	%	$	21,549,489	4.3	%	$	472,933,971	94.5	%	$	500,578,476	100	%
NCSLT 2004-2	$	5,847,321	1.0	%	$	64,099	0.0	%	$	28,540,174	4.8	%	$	558,336,671	94.2	%	$	592,788,266	100	%
NCSLT 2004-1	$	3,213,635	0.9	%	$	79,622	0.0	%	$	10,255,236	2.7	%	$	361,631,045	96.4	%	$	375,179,537	100	%
NCSLT 2003-1	$	1,890,302	0.6	%	$	17,864	0.0	%	$	8,310,329	2.6	%	$	309,413,091	96.8	%	$	319,631,586	100	%
NCMSLT-I	$	15,164,144	3.1	%	$	49,175	0.0	%	$	11,524,763	2.4	%	$	455,895,080	94.5	%	$	482,633,162	100	%

As of: 9/30/2010
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	429,840,787	42.6	%	$	10,981,067	1.1	%	$	43,116,789	4.3	%	$	524,695,533	52.0	%	$	1,008,634,176	100	%
NCSLT 2007-3	$	432,900,251	42.9	%	$	11,185,851	1.1	%	$	42,770,526	4.2	%	$	523,096,166	51.8	%	$	1,009,952,794	100	%
NCSLT 2007-2	$	251,697,085	34.2	%	$	4,613,882	0.6	%	$	35,165,399	4.8	%	$	444,317,076	60.4	%	$	735,793,441	100	%
NCSLT 2007-1	$	238,135,693	32.5	%	$	5,773,606	0.8	%	$	31,930,316	4.4	%	$	456,120,786	62.3	%	$	731,960,400	100	%
NCSLT 2006-4	$	215,298,066	31.5	%	$	4,576,233	0.7	%	$	31,171,690	4.6	%	$	433,449,025	63.3	%	$	684,495,015	100	%
NCSLT 2006-3	$	369,905,217	28.7	%	$	7,042,117	0.5	%	$	61,392,383	4.8	%	$	850,484,377	66.0	%	$	1,288,824,095	100	%
NCSLT 2006-2	$	98,588,253	22.0	%	$	1,173,390	0.3	%	$	22,326,141	5.0	%	$	326,023,536	72.8	%	$	448,111,321	100	%
NCSLT 2006-1	$	104,469,554	16.5	%	$	1,634,968	0.3	%	$	29,242,823	4.6	%	$	499,352,127	78.7	%	$	634,699,472	100	%
NCSLT 2005-3	$	121,437,376	11.4	%	$	327,381	0.0	%	$	52,635,774	5.0	%	$	887,474,739	83.6	%	$	1,061,875,270	100	%
NCSLT 2005-2	$	21,588,012	6.1	%	$	51,829	0.0	%	$	17,050,890	4.8	%	$	316,272,405	89.1	%	$	354,963,137	100	%
NCSLT 2005-1	$	6,109,365	1.2	%	$	48,079	0.0	%	$	23,722,428	4.6	%	$	487,102,346	94.2	%	$	516,982,218	100	%
NCSLT 2004-2	$	5,788,444	0.9	%	$	75,292	0.0	%	$	30,722,877	5.0	%	$	576,120,848	94.0	%	$	612,707,462	100	%
NCSLT 2004-1	$	3,209,846	0.8	%	$	78,680	0.0	%	$	9,795,273	2.5	%	$	374,321,428	96.6	%	$	387,405,227	100	%
NCSLT 2003-1	$	2,040,497	0.6	%	$	16,891	0.0	%	$	6,832,284	2.1	%	$	319,413,690	97.3	%	$	328,303,361	100	%
NCMSLT-I	$	19,504,544	3.9	%	$	141,933	0.0	%	$	11,198,548	2.2	%	$	468,508,712	93.8	%	$	499,353,737	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

3

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2010
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	432,453,786	42.4	%	$	11,673,751	1.1	%	$	49,653,327	4.9	%	$	526,334,171	51.6	%	$	1,020,115,035	100	%
NCSLT 2007-3	$	438,193,026	42.9	%	$	12,382,456	1.2	%	$	47,693,269	4.7	%	$	522,523,031	51.2	%	$	1,020,791,782	100	%
NCSLT 2007-2	$	257,980,475	34.5	%	$	5,425,097	0.7	%	$	40,988,560	5.5	%	$	442,733,642	59.3	%	$	747,127,774	100	%
NCSLT 2007-1	$	241,991,126	32.6	%	$	6,418,155	0.9	%	$	35,084,056	4.7	%	$	458,902,370	61.8	%	$	742,395,707	100	%
NCSLT 2006-4	$	223,963,515	32.2	%	$	5,570,301	0.8	%	$	34,364,396	4.9	%	$	431,112,967	62.0	%	$	695,011,179	100	%
NCSLT 2006-3	$	377,824,781	28.9	%	$	8,440,655	0.6	%	$	65,067,947	5.0	%	$	854,905,890	65.4	%	$	1,306,239,274	100	%
NCSLT 2006-2	$	104,543,742	22.9	%	$	1,458,221	0.3	%	$	24,342,520	5.3	%	$	325,417,987	71.4	%	$	455,762,469	100	%
NCSLT 2006-1	$	114,957,198	17.8	%	$	2,707,563	0.4	%	$	32,141,560	5.0	%	$	495,193,315	76.8	%	$	644,999,635	100	%
NCSLT 2005-3	$	156,997,233	14.5	%	$	3,229,865	0.3	%	$	54,115,720	5.0	%	$	867,613,964	80.2	%	$	1,081,956,781	100	%
NCSLT 2005-2	$	32,153,574	8.9	%	$	104,262	0.0	%	$	19,098,935	5.3	%	$	311,596,808	85.9	%	$	362,953,579	100	%
NCSLT 2005-1	$	12,739,745	2.4	%	$	84,123	0.0	%	$	23,877,387	4.5	%	$	492,547,932	93.1	%	$	529,249,187	100	%
NCSLT 2004-2	$	5,501,650	0.9	%	$	59,379	0.0	%	$	36,705,660	5.8	%	$	585,283,155	93.3	%	$	627,549,844	100	%
NCSLT 2004-1	$	3,148,171	0.8	%	$	102,654	0.0	%	$	11,550,706	2.9	%	$	383,819,206	96.3	%	$	398,620,738	100	%
NCSLT 2003-1	$	1,942,534	0.6	%	$	21,079	0.0	%	$	8,271,832	2.5	%	$	326,775,085	97.0	%	$	337,010,529	100	%
NCMSLT-I	$	20,599,987	4.0	%	$	145,510	0.0	%	$	12,265,435	2.4	%	$	481,714,579	93.6	%	$	514,725,512	100	%

As of: 3/31/2010
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	483,367,849	46.9	%	$	15,393,171	1.5	%	$	56,562,512	5.5	%	$	475,068,240	46.1	%	$	1,030,391,772	100	%
NCSLT 2007-3	$	487,829,742	47.3	%	$	16,455,987	1.6	%	$	57,344,474	5.6	%	$	470,350,396	45.6	%	$	1,031,980,600	100	%
NCSLT 2007-2	$	293,127,290	38.6	%	$	7,842,030	1.0	%	$	49,216,388	6.5	%	$	408,721,469	53.9	%	$	758,907,177	100	%
NCSLT 2007-1	$	279,278,279	37.1	%	$	9,822,066	1.3	%	$	43,684,065	5.8	%	$	420,694,066	55.8	%	$	753,478,477	100	%
NCSLT 2006-4	$	255,525,976	36.2	%	$	7,923,039	1.1	%	$	40,364,665	5.7	%	$	401,965,287	57.0	%	$	705,778,968	100	%
NCSLT 2006-3	$	440,894,782	33.3	%	$	12,471,304	0.9	%	$	75,415,204	5.7	%	$	795,385,151	60.1	%	$	1,324,166,441	100	%
NCSLT 2006-2	$	124,123,371	26.7	%	$	1,947,978	0.4	%	$	27,858,424	6.0	%	$	311,581,194	66.9	%	$	465,510,967	100	%
NCSLT 2006-1	$	143,591,905	21.9	%	$	3,735,047	0.6	%	$	36,722,641	5.6	%	$	472,454,050	72.0	%	$	656,503,643	100	%
NCSLT 2005-3	$	205,211,327	18.6	%	$	5,459,494	0.5	%	$	64,520,366	5.8	%	$	828,154,064	75.1	%	$	1,103,345,250	100	%
NCSLT 2005-2	$	45,949,003	12.4	%	$	581,355	0.2	%	$	21,332,857	5.7	%	$	304,048,532	81.8	%	$	371,911,746	100	%
NCSLT 2005-1	$	38,946,596	7.2	%	$	112,077	0.0	%	$	27,184,999	5.0	%	$	477,965,656	87.8	%	$	544,209,328	100	%
NCSLT 2004-2	$	7,012,593	1.1	%	$	74,194	0.0	%	$	42,297,379	6.6	%	$	594,678,386	92.3	%	$	644,062,552	100	%
NCSLT 2004-1	$	4,892,147	1.2	%	$	119,913	0.0	%	$	15,382,724	3.7	%	$	390,552,974	95.0	%	$	410,947,758	100	%
NCSLT 2003-1	$	2,842,376	0.8	%	$	21,079	0.0	%	$	10,843,891	3.1	%	$	334,558,953	96.1	%	$	348,266,299	100	%
NCMSLT-I	$	26,624,624	5.0	%	$	227,549	0.0	%	$	16,085,314	3.0	%	$	489,467,363	91.9	%	$	532,404,851	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

4

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2009
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	466,986,272	45.0	%	$	14,062,990	1.4	%	$	65,407,547	6.3	%	$	492,258,937	47.4	%	$	1,038,715,746	100	%
NCSLT 2007-3	$	470,831,165	45.2	%	$	14,666,590	1.4	%	$	63,312,588	6.1	%	$	493,262,506	47.3	%	$	1,042,072,849	100	%
NCSLT 2007-2	$	276,588,673	35.9	%	$	6,249,475	0.8	%	$	52,934,943	6.9	%	$	434,961,268	56.4	%	$	770,734,358	100	%
NCSLT 2007-1	$	262,532,763	34.3	%	$	8,326,695	1.1	%	$	49,162,420	6.4	%	$	445,812,498	58.2	%	$	765,834,377	100	%
NCSLT 2006-4	$	232,149,706	32.3	%	$	6,028,261	0.8	%	$	47,285,881	6.6	%	$	432,556,346	60.2	%	$	718,020,194	100	%
NCSLT 2006-3	$	414,701,192	30.9	%	$	10,334,061	0.8	%	$	87,180,365	6.5	%	$	831,684,983	61.9	%	$	1,343,900,600	100	%
NCSLT 2006-2	$	118,567,987	25.0	%	$	1,801,344	0.4	%	$	30,557,808	6.4	%	$	323,710,938	68.2	%	$	474,638,078	100	%
NCSLT 2006-1	$	140,185,479	21.0	%	$	3,517,654	0.5	%	$	40,221,370	6.0	%	$	484,099,132	72.5	%	$	668,023,636	100	%
NCSLT 2005-3	$	204,480,358	18.2	%	$	5,009,496	0.4	%	$	69,368,084	6.2	%	$	846,565,105	75.2	%	$	1,125,423,043	100	%
NCSLT 2005-2	$	51,513,543	13.5	%	$	1,134,974	0.3	%	$	25,104,948	6.6	%	$	302,557,116	79.6	%	$	380,310,581	100	%
NCSLT 2005-1	$	44,084,709	7.9	%	$	316,321	0.1	%	$	28,182,762	5.1	%	$	485,373,746	87.0	%	$	557,957,537	100	%
NCSLT 2004-2	$	59,804,708	9.1	%	$	91,831	0.0	%	$	43,481,864	6.6	%	$	557,288,106	84.4	%	$	660,666,509	100	%
NCSLT 2004-1	$	4,877,493	1.1	%	$	92,458	0.0	%	$	17,706,973	4.2	%	$	401,965,101	94.7	%	$	424,642,025	100	%
NCSLT 2003-1	$	2,722,411	0.8	%	$	47,748	0.0	%	$	11,954,629	3.3	%	$	346,168,606	95.9	%	$	360,893,393	100	%
NCMSLT-I	$	26,481,893	4.8	%	$	185,167	0.0	%	$	17,757,280	3.2	%	$	505,973,124	91.9	%	$	550,397,463	100	%

 

As of: 9/30/2009
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	572,126,681	54.8	%	$	15,049,944	1.4	%	$	65,790,449	6.3	%	$	391,956,950	37.5	%	$	1,044,924,024	100	%
NCSLT 2007-3	$	574,168,802	54.8	%	$	15,514,637	1.5	%	$	64,907,100	6.2	%	$	393,234,022	37.5	%	$	1,047,824,561	100	%
NCSLT 2007-2	$	346,080,562	44.5	%	$	6,747,447	0.9	%	$	60,446,056	7.8	%	$	364,946,481	46.9	%	$	778,220,545	100	%
NCSLT 2007-1	$	331,238,534	42.7	%	$	9,140,974	1.2	%	$	52,724,608	6.8	%	$	383,225,630	49.4	%	$	776,329,746	100	%
NCSLT 2006-4	$	290,895,052	39.9	%	$	6,419,364	0.9	%	$	51,643,387	7.1	%	$	379,334,749	52.1	%	$	728,292,553	100	%
NCSLT 2006-3	$	533,684,884	39.3	%	$	10,845,374	0.8	%	$	90,258,717	6.6	%	$	724,008,737	53.3	%	$	1,358,797,711	100	%
NCSLT 2006-2	$	154,836,935	32.0	%	$	2,140,662	0.4	%	$	36,243,305	7.5	%	$	290,813,329	60.1	%	$	484,034,231	100	%
NCSLT 2006-1	$	188,986,857	27.8	%	$	4,005,523	0.6	%	$	43,094,965	6.3	%	$	442,714,689	65.2	%	$	678,802,034	100	%
NCSLT 2005-3	$	284,686,706	24.8	%	$	5,513,539	0.5	%	$	77,152,645	6.7	%	$	778,486,976	67.9	%	$	1,145,839,865	100	%
NCSLT 2005-2	$	70,407,237	18.1	%	$	1,186,992	0.3	%	$	27,537,092	7.1	%	$	289,665,336	74.5	%	$	388,796,656	100	%
NCSLT 2005-1	$	66,821,322	11.7	%	$	1,213,131	0.2	%	$	32,432,281	5.7	%	$	469,363,345	82.4	%	$	569,830,079	100	%
NCSLT 2004-2	$	88,963,796	13.2	%	$	161,845	0.0	%	$	45,751,964	6.8	%	$	540,922,246	80.0	%	$	675,799,851	100	%
NCSLT 2004-1	$	7,376,177	1.7	%	$	105,976	0.0	%	$	25,051,980	5.7	%	$	404,993,868	92.6	%	$	437,528,000	100	%
NCSLT 2003-1	$	2,872,638	0.8	%	$	47,748	0.0	%	$	14,573,775	3.9	%	$	353,937,241	95.3	%	$	371,431,402	100	%
NCMSLT-I	$	30,622,237	5.4	%	$	282,545	0.0	%	$	20,429,313	3.6	%	$	515,862,979	90.9	%	$	567,197,073	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

5

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2009
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	590,829,854	56.3	%	$	16,581,695	1.6	%	$	65,134,608	6.2	%	$	376,272,597	35.9	%	$	1,048,818,754	100	%
NCSLT 2007-3	$	592,781,428	56.4	%	$	17,057,265	1.6	%	$	63,543,010	6.0	%	$	378,208,198	36.0	%	$	1,051,589,902	100	%
NCSLT 2007-2	$	353,035,307	45.0	%	$	7,948,268	1.0	%	$	65,073,915	8.3	%	$	359,005,883	45.7	%	$	785,063,373	100	%
NCSLT 2007-1	$	335,942,508	42.8	%	$	10,044,461	1.3	%	$	56,113,255	7.2	%	$	382,612,046	48.8	%	$	784,712,271	100	%
NCSLT 2006-4	$	296,577,857	40.2	%	$	7,057,324	1.0	%	$	56,291,387	7.6	%	$	378,585,142	51.3	%	$	738,511,711	100	%
NCSLT 2006-3	$	538,796,402	39.1	%	$	11,763,052	0.9	%	$	100,337,755	7.3	%	$	726,090,622	52.7	%	$	1,376,987,832	100	%
NCSLT 2006-2	$	157,770,845	32.0	%	$	2,435,825	0.5	%	$	39,964,054	8.1	%	$	292,353,115	59.4	%	$	492,523,839	100	%
NCSLT 2006-1	$	193,335,805	28.0	%	$	4,165,497	0.6	%	$	47,303,169	6.8	%	$	446,141,539	64.6	%	$	690,946,010	100	%
NCSLT 2005-3	$	293,976,718	25.2	%	$	6,332,788	0.5	%	$	84,041,986	7.2	%	$	782,057,488	67.0	%	$	1,166,408,981	100	%
NCSLT 2005-2	$	75,464,444	19.0	%	$	1,462,651	0.4	%	$	28,498,192	7.2	%	$	291,878,725	73.5	%	$	397,304,011	100	%
NCSLT 2005-1	$	71,880,120	12.3	%	$	1,800,280	0.3	%	$	36,344,698	6.2	%	$	473,844,733	81.2	%	$	583,869,830	100	%
NCSLT 2004-2	$	101,093,672	14.6	%	$	2,302,468	0.3	%	$	48,745,726	7.1	%	$	538,924,078	78.0	%	$	691,065,944	100	%
NCSLT 2004-1	$	7,363,428	1.6	%	$	160,935	0.0	%	$	31,660,830	7.0	%	$	412,419,628	91.3	%	$	451,604,822	100	%
NCSLT 2003-1	$	2,981,749	0.8	%	$	50,039	0.0	%	$	19,843,453	5.2	%	$	360,642,478	94.0	%	$	383,517,719	100	%
NCMSLT-I	$	31,213,881	5.3	%	$	327,469	0.1	%	$	24,937,257	4.2	%	$	532,152,478	90.4	%	$	588,631,086	100	%

As of: 3/31/2009
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	658,881,309	62.8	%	$	20,556,105	2.0	%	$	63,746,231	6.1	%	$	305,447,911	29.1	%	$	1,048,631,555	100	%
NCSLT 2007-3	$	664,644,406	63.3	%	$	21,347,168	2.0	%	$	62,201,704	5.9	%	$	302,458,343	28.8	%	$	1,050,651,621	100	%
NCSLT 2007-2	$	408,849,477	51.8	%	$	10,360,698	1.3	%	$	62,571,900	7.9	%	$	308,176,543	39.0	%	$	789,958,618	100	%
NCSLT 2007-1	$	382,672,434	48.5	%	$	13,313,925	1.7	%	$	59,885,687	7.6	%	$	333,495,380	42.2	%	$	789,367,426	100	%
NCSLT 2006-4	$	335,402,706	45.0	%	$	9,308,134	1.3	%	$	63,140,750	8.5	%	$	336,692,526	45.2	%	$	744,544,116	100	%
NCSLT 2006-3	$	610,972,961	43.9	%	$	15,977,592	1.1	%	$	106,873,655	7.7	%	$	656,509,370	47.2	%	$	1,390,333,579	100	%
NCSLT 2006-2	$	180,009,059	36.1	%	$	3,615,062	0.7	%	$	42,813,155	8.6	%	$	271,542,644	54.5	%	$	497,979,920	100	%
NCSLT 2006-1	$	224,029,560	32.0	%	$	6,878,601	1.0	%	$	51,214,967	7.3	%	$	417,511,549	59.7	%	$	699,634,677	100	%
NCSLT 2005-3	$	346,632,083	29.3	%	$	10,725,975	0.9	%	$	91,188,776	7.7	%	$	734,934,453	62.1	%	$	1,183,481,286	100	%
NCSLT 2005-2	$	92,689,463	22.9	%	$	2,456,288	0.6	%	$	31,157,965	7.7	%	$	279,111,396	68.8	%	$	405,415,113	100	%
NCSLT 2005-1	$	93,447,195	15.7	%	$	2,559,938	0.4	%	$	38,772,742	6.5	%	$	461,048,698	77.4	%	$	595,828,573	100	%
NCSLT 2004-2	$	129,570,480	18.4	%	$	3,969,821	0.6	%	$	49,902,551	7.1	%	$	520,973,160	74.0	%	$	704,416,012	100	%
NCSLT 2004-1	$	11,371,944	2.4	%	$	273,741	0.1	%	$	36,196,067	7.8	%	$	417,644,270	89.7	%	$	465,486,023	100	%
NCSLT 2003-1	$	4,393,180	1.1	%	$	80,205	0.0	%	$	26,232,362	6.7	%	$	363,346,570	92.2	%	$	394,052,317	100	%
NCMSLT-I	$	39,719,473	6.5	%	$	360,678	0.1	%	$	27,195,139	4.5	%	$	539,910,329	88.9	%	$	607,185,618	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

6

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2008
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	676,231,292	64.9	%	$	22,838,992	2.2	%	$	39,305,327	3.8	%	$	303,832,272	29.2	%	$	1,042,207,883	100	%
NCSLT 2007-3	$	678,590,027	65.0	%	$	23,983,039	2.3	%	$	40,218,602	3.9	%	$	301,163,003	28.8	%	$	1,043,954,671	100	%
NCSLT 2007-2	$	432,769,249	54.9	%	$	11,651,882	1.5	%	$	46,034,858	5.8	%	$	298,326,909	37.8	%	$	788,782,898	100	%
NCSLT 2007-1	$	399,350,789	50.6	%	$	14,342,928	1.8	%	$	44,147,868	5.6	%	$	331,703,237	42.0	%	$	789,544,821	100	%
NCSLT 2006-4	$	341,747,020	45.8	%	$	10,360,606	1.4	%	$	50,224,639	6.7	%	$	343,798,948	46.1	%	$	746,131,214	100	%
NCSLT 2006-3	$	621,135,120	44.5	%	$	17,461,617	1.3	%	$	86,435,019	6.2	%	$	670,129,265	48.0	%	$	1,395,161,022	100	%
NCSLT 2006-2	$	185,855,422	36.9	%	$	3,959,463	0.8	%	$	38,526,869	7.7	%	$	274,889,473	54.6	%	$	503,231,228	100	%
NCSLT 2006-1	$	231,039,300	32.7	%	$	7,658,269	1.1	%	$	45,163,964	6.4	%	$	423,393,786	59.9	%	$	707,255,319	100	%
NCSLT 2005-3	$	367,909,363	30.8	%	$	11,432,612	1.0	%	$	75,874,482	6.3	%	$	740,180,769	61.9	%	$	1,195,397,227	100	%
NCSLT 2005-2	$	97,225,715	23.6	%	$	2,470,452	0.6	%	$	28,617,026	6.9	%	$	283,781,950	68.9	%	$	412,095,143	100	%
NCSLT 2005-1	$	100,906,631	16.6	%	$	2,936,565	0.5	%	$	36,453,038	6.0	%	$	466,820,064	76.9	%	$	607,116,297	100	%
NCSLT 2004-2	$	146,459,987	20.4	%	$	4,496,183	0.6	%	$	44,945,858	6.3	%	$	521,383,750	72.7	%	$	717,285,779	100	%
NCSLT 2004-1	$	11,221,372	2.3	%	$	316,588	0.1	%	$	40,638,168	8.5	%	$	426,293,676	89.1	%	$	478,469,805	100	%
NCSLT 2003-1	$	4,305,906	1.1	%	$	75,709	0.0	%	$	32,796,328	8.1	%	$	369,905,663	90.9	%	$	407,083,607	100	%
NCMSLT-I	$	43,818,577	7.0	%	$	373,194	0.1	%	$	26,721,302	4.3	%	$	555,216,827	88.7	%	$	626,129,900	100	%

As of: 9/30/2008
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	799,321,518	77.6	%	$	25,681,565	2.5	%	$	25,847,543	2.5	%	$	179,702,446	17.4	%	$	1,030,553,072	100	%
NCSLT 2007-3	$	801,754,425	77.7	%	$	26,891,340	2.6	%	$	26,296,079	2.5	%	$	176,780,555	17.1	%	$	1,031,722,398	100	%
NCSLT 2007-2	$	527,641,407	67.1	%	$	12,808,526	1.6	%	$	38,215,268	4.9	%	$	207,150,216	26.4	%	$	785,815,417	100	%
NCSLT 2007-1	$	498,637,850	63.3	%	$	15,906,338	2.0	%	$	40,366,576	5.1	%	$	232,645,358	29.5	%	$	787,556,121	100	%
NCSLT 2006-4	$	431,103,718	57.7	%	$	11,487,876	1.5	%	$	44,810,707	6.0	%	$	259,498,532	34.7	%	$	746,900,832	100	%
NCSLT 2006-3	$	778,425,079	55.9	%	$	19,022,421	1.4	%	$	84,728,244	6.1	%	$	510,172,360	36.6	%	$	1,392,348,103	100	%
NCSLT 2006-2	$	235,693,941	46.4	%	$	4,549,092	0.9	%	$	41,253,113	8.1	%	$	226,239,898	44.6	%	$	507,736,044	100	%
NCSLT 2006-1	$	300,522,331	42.2	%	$	8,813,872	1.2	%	$	48,967,297	6.9	%	$	353,484,246	49.7	%	$	711,787,745	100	%
NCSLT 2005-3	$	488,296,179	40.5	%	$	13,433,629	1.1	%	$	79,186,316	6.6	%	$	623,978,513	51.8	%	$	1,204,894,637	100	%
NCSLT 2005-2	$	129,939,408	31.1	%	$	2,926,862	0.7	%	$	30,590,777	7.3	%	$	254,986,701	60.9	%	$	418,443,748	100	%
NCSLT 2005-1	$	139,923,567	22.6	%	$	3,746,035	0.6	%	$	39,094,572	6.3	%	$	435,055,831	70.4	%	$	617,820,004	100	%
NCSLT 2004-2	$	213,042,493	29.2	%	$	5,253,205	0.7	%	$	47,182,265	6.5	%	$	463,940,352	63.6	%	$	729,418,315	100	%
NCSLT 2004-1	$	30,432,199	6.2	%	$	286,201	0.1	%	$	36,937,218	7.5	%	$	423,465,695	86.2	%	$	491,121,313	100	%
NCSLT 2003-1	$	4,347,344	1.0	%	$	65,542	0.0	%	$	39,308,315	9.4	%	$	376,035,733	89.6	%	$	419,756,934	100	%
NCMSLT-I	$	51,335,727	8.0	%	$	420,052	0.1	%	$	31,605,190	4.9	%	$	560,206,197	87.0	%	$	643,567,166	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

7

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2008
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	815,380,938	79.8	%	$	29,821,425	2.9	%	$	15,117,425	1.5	%	$	162,011,997	15.8	%	$	1,022,331,785	100	%
NCSLT 2007-3	$	817,919,178	79.9	%	$	30,971,592	3.0	%	$	14,783,464	1.4	%	$	159,659,530	15.6	%	$	1,023,333,763	100	%
NCSLT 2007-2	$	543,210,148	69.3	%	$	15,267,759	1.9	%	$	29,707,426	3.8	%	$	196,135,746	25.0	%	$	784,321,079	100	%
NCSLT 2007-1	$	510,997,324	64.4	%	$	17,751,873	2.2	%	$	31,410,670	4.0	%	$	232,877,967	29.4	%	$	793,037,834	100	%
NCSLT 2006-4	$	446,588,807	59.1	%	$	13,254,761	1.8	%	$	41,308,957	5.5	%	$	253,982,319	33.6	%	$	755,134,842	100	%
NCSLT 2006-3	$	798,329,623	56.7	%	$	21,427,300	1.5	%	$	80,106,167	5.7	%	$	507,284,491	36.1	%	$	1,407,147,581	100	%
NCSLT 2006-2	$	241,242,826	46.7	%	$	5,270,122	1.0	%	$	38,057,615	7.4	%	$	232,401,349	45.0	%	$	516,971,912	100	%
NCSLT 2006-1	$	304,636,486	41.9	%	$	9,810,767	1.3	%	$	48,359,549	6.7	%	$	364,243,740	50.1	%	$	727,050,543	100	%
NCSLT 2005-3	$	495,663,294	40.3	%	$	14,803,698	1.2	%	$	80,645,311	6.6	%	$	638,469,736	51.9	%	$	1,229,582,039	100	%
NCSLT 2005-2	$	131,361,191	30.5	%	$	3,199,699	0.7	%	$	32,316,235	7.5	%	$	264,245,880	61.3	%	$	431,123,005	100	%
NCSLT 2005-1	$	145,131,405	22.8	%	$	4,296,783	0.7	%	$	41,611,903	6.5	%	$	446,567,159	70.0	%	$	637,607,251	100	%
NCSLT 2004-2	$	218,630,472	29.1	%	$	6,628,249	0.9	%	$	45,694,008	6.1	%	$	480,732,011	64.0	%	$	751,684,740	100	%
NCSLT 2004-1	$	59,693,083	11.7	%	$	312,391	0.1	%	$	33,586,512	6.6	%	$	418,395,752	81.7	%	$	511,987,738	100	%
NCSLT 2003-1	$	4,232,201	1.0	%	$	70,660	0.0	%	$	46,009,638	10.5	%	$	388,995,861	88.5	%	$	439,308,359	100	%
NCMSLT-I	$	52,303,439	7.8	%	$	892,441	0.1	%	$	39,771,547	5.9	%	$	578,869,674	86.2	%	$	671,837,101	100	%

As of: 3/31/2008
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	876,228,781	86.9	%	$	34,691,395	3.4	%	$	8,018,412	0.8	%	$	89,392,458	8.9	%	$	1,008,331,047	100	%
NCSLT 2007-3	$	879,550,853	87.1	%	$	36,216,873	3.6	%	$	7,876,865	0.8	%	$	85,835,608	8.5	%	$	1,009,480,198	100	%
NCSLT 2007-2	$	598,403,793	77.2	%	$	19,520,692	2.5	%	$	24,610,632	3.2	%	$	132,940,565	17.1	%	$	775,475,682	100	%
NCSLT 2007-1	$	566,107,391	72.0	%	$	22,606,138	2.9	%	$	30,679,009	3.9	%	$	167,250,024	21.3	%	$	786,642,562	100	%
NCSLT 2006-4	$	495,393,744	66.2	%	$	16,288,952	2.2	%	$	39,609,621	5.3	%	$	196,766,097	26.3	%	$	748,058,414	100	%
NCSLT 2006-3	$	883,709,358	63.2	%	$	27,239,694	1.9	%	$	82,486,601	5.9	%	$	404,972,956	29.0	%	$	1,398,408,608	100	%
NCSLT 2006-2	$	274,313,136	53.4	%	$	6,824,731	1.3	%	$	41,509,449	8.1	%	$	190,991,621	37.2	%	$	513,638,936	100	%
NCSLT 2006-1	$	343,915,505	47.4	%	$	13,626,874	1.9	%	$	53,921,722	7.4	%	$	314,774,730	43.3	%	$	726,238,830	100	%
NCSLT 2005-3	$	556,363,653	45.2	%	$	20,101,194	1.6	%	$	89,824,343	7.3	%	$	563,468,397	45.8	%	$	1,229,757,586	100	%
NCSLT 2005-2	$	151,461,647	35.0	%	$	4,994,115	1.2	%	$	36,418,903	8.4	%	$	240,194,273	55.5	%	$	433,068,939	100	%
NCSLT 2005-1	$	169,937,264	26.5	%	$	7,029,186	1.1	%	$	44,538,419	6.9	%	$	420,771,652	65.5	%	$	642,276,521	100	%
NCSLT 2004-2	$	252,649,282	33.5	%	$	10,794,601	1.4	%	$	52,669,397	7.0	%	$	438,806,204	58.1	%	$	754,919,484	100	%
NCSLT 2004-1	$	86,359,593	16.7	%	$	1,240,813	0.2	%	$	35,547,396	6.9	%	$	394,448,103	76.2	%	$	517,595,904	100	%
NCSLT 2003-1	$	19,435,021	4.4	%	$	132,647	0.0	%	$	38,194,024	8.6	%	$	388,319,241	87.1	%	$	446,080,934	100	%
NCMSLT-I	$	63,498,242	9.3	%	$	1,429,809	0.2	%	$	45,916,407	6.7	%	$	571,928,525	83.8	%	$	682,772,984	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

8

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2007
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	882,559,398	89.2	%	$	39,334,142	4.0	%	$	3,060,446	0.3	%	$	64,383,879	6.5	%	$	989,337,865	100	%
NCSLT 2007-3	$	883,892,466	89.2	%	$	40,393,205	4.1	%	$	2,722,144	0.3	%	$	63,633,307	6.4	%	$	990,641,122	100	%
NCSLT 2007-2	$	612,036,379	79.6	%	$	22,335,024	2.9	%	$	9,095,146	1.2	%	$	125,230,960	16.3	%	$	768,697,509	100	%
NCSLT 2007-1	$	577,155,135	73.8	%	$	25,376,798	3.2	%	$	13,602,588	1.7	%	$	166,076,054	21.2	%	$	782,210,575	100	%
NCSLT 2006-4	$	503,201,934	67.5	%	$	18,659,750	2.5	%	$	25,538,917	3.4	%	$	197,948,973	26.6	%	$	745,349,574	100	%
NCSLT 2006-3	$	899,358,316	64.3	%	$	30,632,164	2.2	%	$	54,389,558	3.9	%	$	415,116,027	29.7	%	$	1,399,496,065	100	%
NCSLT 2006-2	$	284,411,533	55.1	%	$	7,906,475	1.5	%	$	31,359,996	6.1	%	$	192,344,117	37.3	%	$	516,022,121	100	%
NCSLT 2006-1	$	354,051,046	48.3	%	$	15,030,719	2.0	%	$	44,264,832	6.0	%	$	320,401,324	43.7	%	$	733,747,921	100	%
NCSLT 2005-3	$	559,954,065	44.9	%	$	22,475,285	1.8	%	$	74,732,305	6.0	%	$	588,981,582	47.3	%	$	1,246,143,236	100	%
NCSLT 2005-2	$	152,941,117	34.6	%	$	5,380,422	1.2	%	$	32,741,336	7.4	%	$	250,691,683	56.7	%	$	441,754,557	100	%
NCSLT 2005-1	$	180,942,204	27.6	%	$	7,849,590	1.2	%	$	40,880,136	6.2	%	$	427,008,095	65.0	%	$	656,680,025	100	%
NCSLT 2004-2	$	255,475,904	33.2	%	$	12,020,489	1.6	%	$	47,746,289	6.2	%	$	454,459,680	59.0	%	$	769,702,362	100	%
NCSLT 2004-1	$	97,241,351	18.3	%	$	2,823,975	0.5	%	$	32,224,710	6.1	%	$	398,881,077	75.1	%	$	531,171,112	100	%

As of: 9/30/2007
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-2	$	681,743,790	90.4	%	$	25,860,512	3.4	%	$	2,630,305	0.3	%	$	43,678,435	5.8	%	$	753,913,042	100	%
NCSLT 2007-1	$	669,961,847	86.7	%	$	29,207,293	3.8	%	$	3,350,256	0.4	%	$	70,425,661	9.1	%	$	772,945,056	100	%
NCSLT 2006-4	$	588,425,321	79.9	%	$	21,564,522	2.9	%	$	13,369,341	1.8	%	$	113,529,469	15.4	%	$	736,888,653	100	%
NCSLT 2006-3	$	1,071,311,707	77.3	%	$	34,202,293	2.5	%	$	34,079,020	2.5	%	$	246,711,154	17.8	%	$	1,386,304,173	100	%
NCSLT 2006-2	$	348,410,216	67.5	%	$	8,566,913	1.7	%	$	22,608,365	4.4	%	$	136,293,881	26.4	%	$	515,879,375	100	%
NCSLT 2006-1	$	442,842,892	60.2	%	$	16,527,532	2.2	%	$	35,379,072	4.8	%	$	240,989,954	32.8	%	$	735,739,449	100	%
NCSLT 2005-3	$	704,445,109	56.2	%	$	24,667,946	2.0	%	$	64,549,310	5.2	%	$	459,393,159	36.7	%	$	1,253,055,523	100	%
NCSLT 2005-2	$	197,140,470	44.0	%	$	6,114,518	1.4	%	$	30,671,784	6.9	%	$	213,698,939	47.7	%	$	447,625,711	100	%
NCSLT 2005-1	$	245,563,262	37.0	%	$	8,750,869	1.3	%	$	38,849,937	5.8	%	$	371,199,181	55.9	%	$	664,363,248	100	%
NCSLT 2004-2	$	328,166,431	42.0	%	$	13,472,322	1.7	%	$	45,756,054	5.9	%	$	394,743,214	50.5	%	$	782,138,022	100	%
NCSLT 2004-1	$	136,351,397	25.1	%	$	4,273,039	0.8	%	$	32,194,947	5.9	%	$	370,364,770	68.2	%	$	543,184,152	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

9

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2007
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-1	$	677,979,638	89.2	%	$	33,924,229	4.5	%	$	1,199,117	0.2	%	$	47,123,766	6.2	%	$	760,226,750	100	%
NCSLT 2006-4	$	598,771,438	82.2	%	$	25,332,745	3.5	%	$	3,494,350	0.5	%	$	101,157,415	13.9	%	$	728,755,948	100	%
NCSLT 2006-3	$	1,087,206,608	78.9	%	$	39,482,400	2.9	%	$	19,160,832	1.4	%	$	232,859,637	16.9	%	$	1,378,709,477	100	%
NCSLT 2006-2	$	357,538,462	69.5	%	$	9,743,827	1.9	%	$	15,349,231	3.0	%	$	131,558,057	25.6	%	$	514,189,578	100	%
NCSLT 2006-1	$	452,417,394	61.2	%	$	18,609,722	2.5	%	$	28,528,188	3.9	%	$	239,369,278	32.4	%	$	738,924,582	100	%
NCSLT 2005-3	$	719,490,369	57.1	%	$	27,788,218	2.2	%	$	60,287,161	4.8	%	$	452,144,157	35.9	%	$	1,259,709,905	100	%
NCSLT 2005-2	$	200,027,881	44.1	%	$	6,730,639	1.5	%	$	29,361,981	6.5	%	$	217,137,687	47.9	%	$	453,258,187	100	%
NCSLT 2005-1	$	249,648,952	37.0	%	$	9,687,922	1.4	%	$	41,197,881	6.1	%	$	374,789,159	55.5	%	$	675,323,914	100	%
NCSLT 2004-2	$	330,089,441	41.7	%	$	14,982,121	1.9	%	$	47,384,283	6.0	%	$	399,923,229	50.5	%	$	792,379,074	100	%
NCSLT 2004-1	$	139,545,088	25.1	%	$	5,905,722	1.1	%	$	34,825,897	6.3	%	$	374,929,630	67.5	%	$	555,206,338	100	%

As of: 3/31/2007
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2006-4	$	638,565,179	89.3	%	$	30,160,527	4.2	%	$	1,638,886	0.2	%	$	44,777,373	6.3	%	$	715,141,965	100	%
NCSLT 2006-3	$	1,168,102,704	85.5	%	$	47,424,834	3.5	%	$	12,443,016	0.9	%	$	138,457,479	10.1	%	$	1,366,428,033	100	%
NCSLT 2006-2	$	393,159,179	77.1	%	$	12,589,794	2.5	%	$	13,780,110	2.7	%	$	90,625,757	17.8	%	$	510,154,840	100	%
NCSLT 2006-1	$	501,376,456	67.9	%	$	23,843,880	3.2	%	$	31,379,153	4.3	%	$	181,365,076	24.6	%	$	737,964,566	100	%
NCSLT 2005-3	$	788,428,342	62.5	%	$	35,438,698	2.8	%	$	63,969,200	5.1	%	$	374,154,467	29.6	%	$	1,261,990,707	100	%
NCSLT 2005-2	$	227,489,582	49.8	%	$	9,404,715	2.1	%	$	34,276,603	7.5	%	$	185,336,852	40.6	%	$	456,507,752	100	%
NCSLT 2005-1	$	280,875,067	41.0	%	$	13,192,493	1.9	%	$	46,707,891	6.8	%	$	343,740,285	50.2	%	$	684,515,736	100	%
NCSLT 2004-2	$	367,485,228	45.9	%	$	20,085,751	2.5	%	$	54,817,845	6.8	%	$	358,190,100	44.7	%	$	800,578,924	100	%
NCSLT 2004-1	$	160,503,496	28.3	%	$	8,841,594	1.6	%	$	41,763,024	7.4	%	$	355,277,709	62.7	%	$	566,385,823	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

10

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2006
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2006-3	$	1,184,666,866	87.8	%	$	52,821,047	3.9	%	$	4,884,542	0.4	%	$	107,664,423	8.0	%	$	1,350,036,878	100	%
NCSLT 2006-2	$	405,331,657	80.1	%	$	14,658,577	2.9	%	$	5,270,434	1.0	%	$	80,720,294	16.0	%	$	505,980,962	100	%
NCSLT 2006-1	$	518,063,652	70.3	%	$	26,416,002	3.6	%	$	18,045,489	2.4	%	$	174,811,864	23.7	%	$	737,337,007	100	%
NCSLT 2005-3	$	810,803,752	64.2	%	$	38,920,025	3.1	%	$	48,746,705	3.9	%	$	364,790,978	28.9	%	$	1,263,261,460	100	%
NCSLT 2005-2	$	237,756,249	51.7	%	$	11,079,345	2.4	%	$	31,196,427	6.8	%	$	179,728,183	39.1	%	$	459,760,205	100	%
NCSLT 2005-1	$	294,172,378	42.4	%	$	14,787,739	2.1	%	$	42,407,152	6.1	%	$	343,000,151	49.4	%	$	694,367,419	100	%
NCSLT 2004-2	$	374,375,554	46.3	%	$	22,122,022	2.7	%	$	53,574,147	6.6	%	$	358,344,870	44.3	%	$	808,416,592	100	%
NCSLT 2004-1	$	166,762,141	28.8	%	$	9,667,233	1.7	%	$	43,691,600	7.6	%	$	357,969,029	61.9	%	$	578,090,004	100	%

As of: 9/30/2006
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2006-3	$	1,231,243,062	91.2	%	$	58,407,779	4.3	%	$	1,117,927	0.1	%	$	59,882,147	4.4	%	$	1,350,650,914	100	%
NCSLT 2006-2	$	444,039,418	89.2	%	$	16,355,012	3.3	%	$	1,494,128	0.3	%	$	36,117,802	7.3	%	$	498,006,360	100	%
NCSLT 2006-1	$	606,826,498	82.9	%	$	29,112,954	4.0	%	$	6,133,906	0.8	%	$	90,146,972	12.3	%	$	732,220,329	100	%
NCSLT 2005-3	$	970,152,748	77.2	%	$	43,079,305	3.4	%	$	29,584,180	2.4	%	$	213,326,686	17.0	%	$	1,256,142,918	100	%
NCSLT 2005-2	$	298,286,541	64.8	%	$	12,541,704	2.7	%	$	20,777,632	4.5	%	$	128,670,221	28.0	%	$	460,276,098	100	%
NCSLT 2005-1	$	399,402,488	57.5	%	$	16,463,226	2.4	%	$	35,498,710	5.1	%	$	243,700,563	35.1	%	$	695,064,986	100	%
NCSLT 2004-2	$	458,892,922	56.4	%	$	24,314,966	3.0	%	$	43,721,734	5.4	%	$	286,124,254	35.2	%	$	813,053,875	100	%
NCSLT 2004-1	$	216,089,276	36.8	%	$	10,836,855	1.8	%	$	41,308,206	7.0	%	$	319,698,473	54.4	%	$	587,932,811	100	%

As of: 6/30/2006
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2006-2	$	445,674,196	89.8	%	$	18,637,317	3.8	%	$	368,901	0.1	%	$	31,467,392	6.3	%	$	496,147,806	100	%
NCSLT 2006-1	$	618,681,426	85.1	%	$	32,800,090	4.5	%	$	1,492,149	0.2	%	$	74,421,090	10.2	%	$	727,394,756	100	%
NCSLT 2005-3	$	994,012,160	79.2	%	$	48,944,929	3.9	%	$	11,066,120	0.9	%	$	201,408,936	16.0	%	$	1,255,432,145	100	%
NCSLT 2005-2	$	308,025,352	66.8	%	$	14,612,829	3.2	%	$	11,406,455	2.5	%	$	126,798,351	27.5	%	$	460,842,987	100	%
NCSLT 2005-1	$	410,701,935	58.5	%	$	18,928,752	2.7	%	$	27,684,496	3.9	%	$	244,766,622	34.9	%	$	702,081,805	100	%
NCSLT 2004-2	$	482,642,033	59.1	%	$	27,992,013	3.4	%	$	31,032,770	3.8	%	$	275,668,195	33.7	%	$	817,335,012	100	%
NCSLT 2004-1	$	223,290,439	37.4	%	$	12,064,013	2.0	%	$	35,526,048	6.0	%	$	325,963,951	54.6	%	$	596,844,450	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

11

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 3/31/2006
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2006-1	$	633,950,191	87.3	%	$	38,905,862	5.4	%	$	924,527	0.1	%	$	52,752,855	7.3	%	$	726,533,435	100	%
NCSLT 2005-3	$	1,064,492,581	85.3	%	$	58,730,236	4.7	%	$	7,780,335	0.6	%	$	117,661,742	9.4	%	$	1,248,664,894	100	%
NCSLT 2005-2	$	338,863,211	73.8	%	$	18,232,827	4.0	%	$	10,662,681	2.3	%	$	91,114,617	19.9	%	$	458,873,336	100	%
NCSLT 2005-1	$	452,826,360	64.3	%	$	24,626,201	3.5	%	$	29,741,968	4.2	%	$	196,652,203	27.9	%	$	703,846,732	100	%
NCSLT 2004-2	$	531,473,610	65.1	%	$	34,506,292	4.2	%	$	33,751,756	4.1	%	$	217,049,020	26.6	%	$	816,780,678	100	%
NCSLT 2004-1	$	259,584,154	43.0	%	$	16,281,188	2.7	%	$	39,245,288	6.5	%	$	288,695,144	47.8	%	$	603,805,774	100	%

As of: 12/31/2005
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2005-3	$	1,076,071,533	86.7	%	$	64,607,529	5.2	%	$	2,711,498	0.2	%	$	97,225,408	7.8	%	$	1,240,615,967	100	%
NCSLT 2005-2	$	349,102,656	76.4	%	$	20,630,971	4.5	%	$	3,464,502	0.8	%	$	83,882,533	18.4	%	$	457,080,662	100	%
NCSLT 2005-1	$	469,901,911	66.6	%	$	27,774,515	3.9	%	$	11,862,713	1.7	%	$	195,502,623	27.7	%	$	705,041,762	100	%
NCSLT 2004-2	$	545,379,905	66.9	%	$	38,075,195	4.7	%	$	22,686,323	2.8	%	$	208,504,139	25.6	%	$	814,645,561	100	%
NCSLT 2004-1	$	282,699,241	46.5	%	$	18,991,009	3.1	%	$	33,412,358	5.5	%	$	273,185,155	44.9	%	$	608,287,763	100	%

As of: 9/30/2005
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2005-2	$	383,790,441	84.7	%	$	22,666,963	5.0	%	$	914,638	0.2	%	$	45,971,826	10.1	%	$	453,343,868	100	%
NCSLT 2005-1	$	574,551,768	82.0	%	$	30,870,744	4.4	%	$	5,986,545	0.9	%	$	89,605,476	12.8	%	$	701,014,532	100	%
NCSLT 2004-2	$	628,602,686	77.6	%	$	40,949,862	5.1	%	$	12,022,975	1.5	%	$	127,958,397	15.8	%	$	809,533,919	100	%
NCSLT 2004-1	$	356,974,351	58.6	%	$	21,174,803	3.5	%	$	23,276,628	3.8	%	$	207,448,159	34.1	%	$	608,873,941	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

12

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2005
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2005-2	$	387,438,480	85.0	%	$	25,335,197	5.6	%	$	343,523	0.1	%	$	42,459,827	9.3	%	$	455,577,027	100	%
NCSLT 2005-1	$	587,674,909	84.0	%	$	34,813,004	5.0	%	$	1,816,993	0.3	%	$	75,342,703	10.8	%	$	699,647,608	100	%
NCSLT 2004-2	$	641,184,421	79.5	%	$	46,300,816	5.7	%	$	5,038,945	0.6	%	$	113,845,379	14.1	%	$	806,369,562	100	%
NCSLT 2004-1	$	368,753,173	60.2	%	$	24,258,285	4.0	%	$	20,167,584	3.3	%	$	199,275,547	32.5	%	$	612,454,589	100	%

As of: 3/31/2005
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2005-1	$	606,335,453	86.8	%	$	40,351,041	5.8	%	$	863,184	0.1	%	$	50,976,994	7.3	%	$	698,526,672	100	%
NCSLT 2004-2	$	676,690,479	84.4	%	$	53,395,201	6.7	%	$	2,921,005	0.4	%	$	68,394,613	8.5	%	$	801,401,298	100	%
NCSLT 2004-1	$	407,279,825	66.5	%	$	29,816,596	4.9	%	$	21,503,400	3.5	%	$	153,652,579	25.1	%	$	612,252,400	100	%

As of: 12/31/2004
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2004-2	$	681,318,801	85.6	%	$	58,884,615	7.4	%	$	1,259,559	0.2	%	$	54,600,571	6.9	%	$	796,063,546	100	%
NCSLT 2004-1	$	425,764,907	69.5	%	$	33,640,989	5.5	%	$	9,601,097	1.6	%	$	143,621,495	23.4	%	$	612,628,488	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

13

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Borrower Payment Status
Static Pool Information: Prior Securitized Pool Report

As of: 9/30/2004
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2004-1	$	511,280,650	83.9	%	$	36,174,668	5.9	%	$	2,559,208	0.4	%	$	59,100,429	9.7	%	$	609,114,956	100	%

As of: 6/30/2004
	Deferment				Deferment								Repayment
	Principal & Interest				Principal Only				Forbearance				Principal & Interest				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2004-1	$	519,340,462	85.2	%	$	40,360,324	6.6	%	$	689,921	0.1	%	$	48,897,570	8.0	%	$	609,288,278	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower's risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Balance totals may not tie out due to rounding to the nearest dollar.

14

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2011
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	593,896,830	89.8	%	$	20,979,054	3.2	%	$	13,499,219	2.0	%	$	25,862,958	3.9	%	$	7,405,942	1.1	%	$	661,644,003	100	%
NCSLT 2007-3	$	594,199,698	89.3	%	$	21,569,973	3.2	%	$	14,231,689	2.1	%	$	27,224,831	4.1	%	$	7,991,540	1.2	%	$	665,217,731	100	%
NCSLT 2007-2	$	452,042,641	89.4	%	$	16,842,090	3.3	%	$	10,698,598	2.1	%	$	19,936,644	3.9	%	$	6,125,060	1.2	%	$	505,645,033	100	%
NCSLT 2007-1	$	499,052,992	90.5	%	$	16,047,352	2.9	%	$	11,239,178	2.0	%	$	19,636,335	3.6	%	$	5,238,076	1.0	%	$	551,213,933	100	%
NCSLT 2006-4	$	447,590,017	87.8	%	$	18,948,791	3.7	%	$	15,827,872	3.1	%	$	22,124,299	4.3	%	$	5,259,329	1.0	%	$	509,750,309	100	%
NCSLT 2006-3	$	899,599,628	90.3	%	$	27,883,425	2.8	%	$	17,962,132	1.8	%	$	41,024,048	4.1	%	$	9,623,141	1.0	%	$	996,092,374	100	%
NCSLT 2006-2	$	315,413,916	88.6	%	$	13,304,926	3.7	%	$	8,337,644	2.3	%	$	14,865,414	4.2	%	$	4,252,974	1.2	%	$	356,174,875	100	%
NCSLT 2006-1	$	475,908,833	91.4	%	$	13,966,805	2.7	%	$	8,404,457	1.6	%	$	18,003,966	3.5	%	$	4,221,269	0.8	%	$	520,505,330	100	%
NCSLT 2005-3	$	800,910,807	92.4	%	$	21,648,892	2.5	%	$	13,258,601	1.5	%	$	24,399,283	2.8	%	$	6,513,115	0.8	%	$	866,730,698	100	%
NCSLT 2005-2	$	264,762,249	91.4	%	$	8,637,729	3.0	%	$	4,928,076	1.7	%	$	8,584,005	3.0	%	$	2,676,869	0.9	%	$	289,588,927	100	%
NCSLT 2005-1	$	402,774,182	93.8	%	$	8,565,508	2.0	%	$	5,718,551	1.3	%	$	9,827,019	2.3	%	$	2,303,322	0.5	%	$	429,188,582	100	%
NCSLT 2004-2	$	478,699,336	92.8	%	$	12,939,169	2.5	%	$	7,352,445	1.4	%	$	12,746,845	2.5	%	$	3,847,107	0.7	%	$	515,584,903	100	%
NCSLT 2004-1	$	304,357,216	93.6	%	$	7,401,945	2.3	%	$	4,229,939	1.3	%	$	7,106,149	2.2	%	$	1,957,004	0.6	%	$	325,052,254	100	%
NCSLT 2003-1	$	263,044,429	93.6	%	$	6,622,311	2.4	%	$	3,597,273	1.3	%	$	6,141,335	2.2	%	$	1,728,470	0.6	%	$	281,133,819	100	%
NCMSLT-I	$	380,327,143	93.7	%	$	8,835,167	2.2	%	$	4,944,417	1.2	%	$	9,311,438	2.3	%	$	2,353,983	0.6	%	$	405,772,148	100	%

As of: 9/30/2011
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	542,397,035	88.7	%	$	21,846,583	3.6	%	$	16,314,285	2.7	%	$	24,593,324	4.0	%	$	6,496,203	1.1	%	$	611,647,429	100	%
NCSLT 2007-3	$	548,023,113	88.5	%	$	22,538,202	3.6	%	$	16,794,412	2.7	%	$	24,849,400	4.0	%	$	7,064,146	1.1	%	$	619,269,273	100	%
NCSLT 2007-2	$	436,658,701	88.9	%	$	17,022,662	3.5	%	$	11,615,638	2.4	%	$	20,438,593	4.2	%	$	5,619,923	1.1	%	$	491,355,516	100	%
NCSLT 2007-1	$	456,010,234	89.4	%	$	17,681,822	3.5	%	$	11,734,440	2.3	%	$	19,023,991	3.7	%	$	5,435,462	1.1	%	$	509,885,949	100	%
NCSLT 2006-4	$	453,584,088	89.1	%	$	16,990,520	3.3	%	$	13,268,420	2.6	%	$	19,442,713	3.8	%	$	5,898,232	1.2	%	$	509,183,973	100	%
NCSLT 2006-3	$	876,788,906	90.3	%	$	33,704,186	3.5	%	$	20,027,322	2.1	%	$	31,695,422	3.3	%	$	8,799,883	0.9	%	$	971,015,720	100	%
NCSLT 2006-2	$	315,459,505	88.7	%	$	12,401,598	3.5	%	$	8,792,987	2.5	%	$	15,576,119	4.4	%	$	3,369,898	0.9	%	$	355,600,107	100	%
NCSLT 2006-1	$	487,581,330	91.4	%	$	16,563,205	3.1	%	$	9,676,818	1.8	%	$	15,033,903	2.8	%	$	4,836,513	0.9	%	$	533,691,769	100	%
NCSLT 2005-3	$	821,207,699	92.1	%	$	22,679,438	2.5	%	$	13,890,304	1.6	%	$	26,680,727	3.0	%	$	7,098,813	0.8	%	$	891,556,981	100	%
NCSLT 2005-2	$	271,593,441	91.7	%	$	8,272,392	2.8	%	$	5,189,125	1.8	%	$	9,164,811	3.1	%	$	2,105,827	0.7	%	$	296,325,596	100	%
NCSLT 2005-1	$	413,192,438	93.9	%	$	10,730,688	2.4	%	$	4,539,015	1.0	%	$	9,438,502	2.1	%	$	1,982,148	0.5	%	$	439,882,790	100	%
NCSLT 2004-2	$	491,790,047	93.0	%	$	13,707,856	2.6	%	$	7,220,587	1.4	%	$	13,517,873	2.6	%	$	2,806,590	0.5	%	$	529,042,954	100	%
NCSLT 2004-1	$	314,826,410	94.0	%	$	7,199,578	2.2	%	$	4,133,506	1.2	%	$	7,308,117	2.2	%	$	1,284,595	0.4	%	$	334,752,206	100	%
NCSLT 2003-1	$	271,588,669	93.7	%	$	6,664,853	2.3	%	$	3,433,963	1.2	%	$	7,009,915	2.4	%	$	1,232,450	0.4	%	$	289,929,851	100	%
NCMSLT-I	$	393,833,343	93.9	%	$	9,544,489	2.3	%	$	5,151,053	1.2	%	$	8,840,036	2.1	%	$	1,877,658	0.4	%	$	419,246,578	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

1

As of: 6/30/2011
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	559,982,269	89.8	%	$	18,875,088	3.0	%	$	14,314,930	2.3	%	$	21,825,733	3.5	%	$	8,391,091	1.3	%	$	623,389,111	100	%
NCSLT 2007-3	$	564,070,320	89.7	%	$	19,357,047	3.1	%	$	15,050,447	2.4	%	$	22,118,301	3.5	%	$	8,439,098	1.3	%	$	629,035,215	100	%
NCSLT 2007-2	$	443,676,118	89.5	%	$	16,533,834	3.3	%	$	11,562,005	2.3	%	$	17,698,678	3.6	%	$	6,487,380	1.3	%	$	495,958,014	100	%
NCSLT 2007-1	$	467,615,876	90.0	%	$	15,030,627	2.9	%	$	11,409,943	2.2	%	$	18,633,028	3.6	%	$	6,743,816	1.3	%	$	519,433,291	100	%
NCSLT 2006-4	$	430,897,983	89.2	%	$	15,755,254	3.3	%	$	11,586,073	2.4	%	$	18,565,058	3.8	%	$	6,222,363	1.3	%	$	483,026,731	100	%
NCSLT 2006-3	$	890,783,143	91.5	%	$	25,449,637	2.6	%	$	17,613,205	1.8	%	$	29,344,334	3.0	%	$	10,315,353	1.1	%	$	973,505,671	100	%
NCSLT 2006-2	$	317,756,541	89.8	%	$	13,394,529	3.8	%	$	8,465,984	2.4	%	$	10,745,251	3.0	%	$	3,594,739	1.0	%	$	353,957,043	100	%
NCSLT 2006-1	$	494,317,782	92.0	%	$	13,760,710	2.6	%	$	10,185,448	1.9	%	$	15,025,596	2.8	%	$	4,181,514	0.8	%	$	537,471,051	100	%
NCSLT 2005-3	$	841,332,401	92.2	%	$	23,962,570	2.6	%	$	17,701,000	1.9	%	$	22,145,858	2.4	%	$	7,095,478	0.8	%	$	912,237,307	100	%
NCSLT 2005-2	$	279,615,495	92.0	%	$	7,917,539	2.6	%	$	5,803,549	1.9	%	$	7,710,033	2.5	%	$	2,744,297	0.9	%	$	303,790,913	100	%
NCSLT 2005-1	$	423,898,222	94.2	%	$	9,805,537	2.2	%	$	5,623,577	1.2	%	$	8,818,851	2.0	%	$	1,913,113	0.4	%	$	450,059,300	100	%
NCSLT 2004-2	$	507,626,200	93.8	%	$	12,552,876	2.3	%	$	7,998,866	1.5	%	$	10,238,415	1.9	%	$	2,954,243	0.5	%	$	541,370,600	100	%
NCSLT 2004-1	$	325,258,287	94.6	%	$	7,281,030	2.1	%	$	4,164,033	1.2	%	$	5,606,585	1.6	%	$	1,461,569	0.4	%	$	343,771,503	100	%
NCSLT 2003-1	$	279,266,246	94.1	%	$	7,219,732	2.4	%	$	3,942,039	1.3	%	$	5,072,697	1.7	%	$	1,223,002	0.4	%	$	296,723,716	100	%
NCMSLT-I	$	409,399,351	94.6	%	$	8,588,666	2.0	%	$	5,233,281	1.2	%	$	7,433,928	1.7	%	$	1,906,763	0.4	%	$	432,561,989	100	%

As of: 3/31/2011
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	531,938,816	89.7	%	$	15,355,597	2.6	%	$	11,946,758	2.0	%	$	27,099,499	4.6	%	$	6,423,893	1.1	%	$	592,764,564	100	%
NCSLT 2007-3	$	536,129,267	89.9	%	$	16,320,912	2.7	%	$	11,158,166	1.9	%	$	27,659,037	4.6	%	$	5,321,990	0.9	%	$	596,589,373	100	%
NCSLT 2007-2	$	431,210,733	89.8	%	$	12,359,046	2.6	%	$	9,364,565	1.9	%	$	22,506,018	4.7	%	$	4,808,345	1.0	%	$	480,248,707	100	%
NCSLT 2007-1	$	451,911,599	90.4	%	$	13,933,259	2.8	%	$	8,546,317	1.7	%	$	21,131,448	4.2	%	$	4,297,422	0.9	%	$	499,820,046	100	%
NCSLT 2006-4	$	417,975,325	89.5	%	$	13,709,190	2.9	%	$	9,642,022	2.1	%	$	21,256,590	4.6	%	$	4,367,019	0.9	%	$	466,950,146	100	%
NCSLT 2006-3	$	840,046,857	91.4	%	$	23,675,647	2.6	%	$	15,263,314	1.7	%	$	33,337,705	3.6	%	$	6,769,944	0.7	%	$	919,093,467	100	%
NCSLT 2006-2	$	319,504,260	91.1	%	$	8,261,284	2.4	%	$	5,761,012	1.6	%	$	13,897,074	4.0	%	$	3,382,652	1.0	%	$	350,806,281	100	%
NCSLT 2006-1	$	490,358,090	92.7	%	$	11,926,866	2.3	%	$	7,162,663	1.4	%	$	15,326,896	2.9	%	$	3,994,973	0.8	%	$	528,769,488	100	%
NCSLT 2005-3	$	869,733,094	93.2	%	$	18,621,880	2.0	%	$	11,139,611	1.2	%	$	26,935,526	2.9	%	$	6,654,507	0.7	%	$	933,084,618	100	%
NCSLT 2005-2	$	286,683,139	92.5	%	$	6,910,068	2.2	%	$	4,517,615	1.5	%	$	9,671,396	3.1	%	$	2,260,391	0.7	%	$	310,042,610	100	%
NCSLT 2005-1	$	435,457,796	94.4	%	$	8,276,282	1.8	%	$	5,603,435	1.2	%	$	9,085,507	2.0	%	$	2,904,125	0.6	%	$	461,327,145	100	%
NCSLT 2004-2	$	520,343,525	94.4	%	$	9,964,947	1.8	%	$	6,318,402	1.1	%	$	11,899,770	2.2	%	$	2,908,179	0.5	%	$	551,434,821	100	%
NCSLT 2004-1	$	335,172,384	94.9	%	$	6,093,541	1.7	%	$	3,447,528	1.0	%	$	6,738,800	1.9	%	$	1,781,932	0.5	%	$	353,234,185	100	%
NCSLT 2003-1	$	287,828,912	95.1	%	$	5,683,557	1.9	%	$	2,954,701	1.0	%	$	5,153,112	1.7	%	$	1,187,015	0.4	%	$	302,807,297	100	%
NCMSLT-I	$	421,636,089	95.1	%	$	7,632,934	1.7	%	$	4,355,824	1.0	%	$	8,073,297	1.8	%	$	1,486,532	0.3	%	$	443,184,677	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

2

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2010
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	524,747,713	88.1	%	$	22,497,461	3.8	%	$	15,425,032	2.6	%	$	26,191,357	4.4	%	$	6,845,642	1.1	%	$	595,707,206	100	%
NCSLT 2007-3	$	529,887,878	88.7	%	$	23,818,029	4.0	%	$	13,581,828	2.3	%	$	23,850,855	4.0	%	$	6,544,913	1.1	%	$	597,683,504	100	%
NCSLT 2007-2	$	417,883,696	87.4	%	$	20,520,689	4.3	%	$	12,629,868	2.6	%	$	20,766,971	4.3	%	$	6,264,759	1.3	%	$	478,065,982	100	%
NCSLT 2007-1	$	445,880,889	88.8	%	$	19,781,442	3.9	%	$	11,126,687	2.2	%	$	19,979,966	4.0	%	$	5,495,954	1.1	%	$	502,264,937	100	%
NCSLT 2006-4	$	409,054,146	87.4	%	$	20,511,903	4.4	%	$	12,235,307	2.6	%	$	20,721,207	4.4	%	$	5,670,751	1.2	%	$	468,193,314	100	%
NCSLT 2006-3	$	824,578,494	90.0	%	$	33,036,123	3.6	%	$	18,511,922	2.0	%	$	31,705,006	3.5	%	$	8,240,659	0.9	%	$	916,072,205	100	%
NCSLT 2006-2	$	297,217,651	88.4	%	$	14,310,964	4.3	%	$	7,949,943	2.4	%	$	13,122,299	3.9	%	$	3,439,354	1.0	%	$	336,040,212	100	%
NCSLT 2006-1	$	478,693,203	91.0	%	$	16,785,845	3.2	%	$	9,264,161	1.8	%	$	17,497,887	3.3	%	$	3,904,918	0.7	%	$	526,146,015	100	%
NCSLT 2005-3	$	817,295,944	91.2	%	$	28,649,930	3.2	%	$	16,791,586	1.9	%	$	27,257,858	3.0	%	$	6,088,721	0.7	%	$	896,084,040	100	%
NCSLT 2005-2	$	286,311,440	90.2	%	$	11,680,621	3.7	%	$	6,465,008	2.0	%	$	9,620,270	3.0	%	$	3,473,163	1.1	%	$	317,550,502	100	%
NCSLT 2005-1	$	437,616,769	92.5	%	$	13,202,704	2.8	%	$	6,224,933	1.3	%	$	12,644,525	2.7	%	$	3,300,084	0.7	%	$	472,989,014	100	%
NCSLT 2004-2	$	514,220,057	92.1	%	$	17,592,582	3.2	%	$	8,645,348	1.5	%	$	14,928,411	2.7	%	$	3,014,372	0.5	%	$	558,400,771	100	%
NCSLT 2004-1	$	337,112,895	93.2	%	$	9,879,865	2.7	%	$	4,981,452	1.4	%	$	7,793,055	2.2	%	$	1,943,400	0.5	%	$	361,710,667	100	%
NCSLT 2003-1	$	289,694,312	93.6	%	$	8,107,676	2.6	%	$	4,120,926	1.3	%	$	6,235,494	2.0	%	$	1,272,548	0.4	%	$	309,430,955	100	%
NCMSLT-I	$	428,717,530	94.0	%	$	10,741,350	2.4	%	$	5,553,628	1.2	%	$	8,588,467	1.9	%	$	2,343,278	0.5	%	$	455,944,255	100	%

As of: 9/30/2010
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	460,040,322	85.9	%	$	23,342,342	4.4	%	$	16,481,327	3.1	%	$	20,706,004	3.9	%	$	15,106,605	2.8	%	$	535,676,600	100	%
NCSLT 2007-3	$	461,075,394	86.3	%	$	22,599,792	4.2	%	$	16,005,920	3.0	%	$	20,655,564	3.9	%	$	13,945,347	2.6	%	$	534,282,017	100	%
NCSLT 2007-2	$	386,600,614	86.1	%	$	18,041,814	4.0	%	$	13,957,726	3.1	%	$	17,328,249	3.9	%	$	13,002,554	2.9	%	$	448,930,957	100	%
NCSLT 2007-1	$	401,963,374	87.0	%	$	18,776,606	4.1	%	$	13,535,697	2.9	%	$	16,930,614	3.7	%	$	10,688,099	2.3	%	$	461,894,391	100	%
NCSLT 2006-4	$	378,318,280	86.4	%	$	18,111,350	4.1	%	$	12,959,700	3.0	%	$	18,194,224	4.2	%	$	10,441,705	2.4	%	$	438,025,259	100	%
NCSLT 2006-3	$	765,232,203	89.2	%	$	29,477,354	3.4	%	$	20,635,976	2.4	%	$	25,461,654	3.0	%	$	16,719,308	1.9	%	$	857,526,494	100	%
NCSLT 2006-2	$	288,464,484	88.2	%	$	12,537,529	3.8	%	$	7,332,702	2.2	%	$	11,442,160	3.5	%	$	7,420,050	2.3	%	$	327,196,926	100	%
NCSLT 2006-1	$	454,652,967	90.8	%	$	15,931,607	3.2	%	$	8,995,391	1.8	%	$	13,979,882	2.8	%	$	7,427,249	1.5	%	$	500,987,095	100	%
NCSLT 2005-3	$	814,125,564	91.7	%	$	27,386,969	3.1	%	$	14,129,414	1.6	%	$	19,601,714	2.2	%	$	12,558,459	1.4	%	$	887,802,120	100	%
NCSLT 2005-2	$	287,065,447	90.8	%	$	9,487,661	3.0	%	$	5,557,301	1.8	%	$	9,800,558	3.1	%	$	4,413,268	1.4	%	$	316,324,235	100	%
NCSLT 2005-1	$	449,374,050	92.2	%	$	13,931,742	2.9	%	$	7,123,944	1.5	%	$	10,475,857	2.2	%	$	6,244,833	1.3	%	$	487,150,425	100	%
NCSLT 2004-2	$	530,101,307	92.0	%	$	15,572,700	2.7	%	$	9,052,948	1.6	%	$	13,129,444	2.3	%	$	8,339,743	1.4	%	$	576,196,141	100	%
NCSLT 2004-1	$	350,092,093	93.5	%	$	8,775,108	2.3	%	$	4,983,509	1.3	%	$	6,779,943	1.8	%	$	3,769,455	1.0	%	$	374,400,109	100	%
NCSLT 2003-1	$	299,704,021	93.8	%	$	8,500,973	2.7	%	$	3,989,973	1.2	%	$	4,779,148	1.5	%	$	2,456,466	0.8	%	$	319,430,580	100	%
NCMSLT-I	$	441,827,310	94.3	%	$	10,364,352	2.2	%	$	5,837,449	1.2	%	$	6,959,464	1.5	%	$	3,662,070	0.8	%	$	468,650,645	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

3

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2010
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	471,841,633	87.7	%	$	18,477,345	3.4	%	$	13,862,666	2.6	%	$	18,928,953	3.5	%	$	14,897,325	2.8	%	$	538,007,922	100	%
NCSLT 2007-3	$	472,409,587	88.3	%	$	17,785,161	3.3	%	$	12,828,392	2.4	%	$	17,229,967	3.2	%	$	14,652,380	2.7	%	$	534,905,488	100	%
NCSLT 2007-2	$	393,322,094	87.8	%	$	15,932,986	3.6	%	$	9,879,336	2.2	%	$	15,783,720	3.5	%	$	13,240,603	3.0	%	$	448,158,738	100	%
NCSLT 2007-1	$	414,912,587	89.2	%	$	15,971,789	3.4	%	$	9,716,166	2.1	%	$	13,853,487	3.0	%	$	10,866,496	2.3	%	$	465,320,525	100	%
NCSLT 2006-4	$	384,249,401	88.0	%	$	16,194,561	3.7	%	$	10,536,144	2.4	%	$	14,250,344	3.3	%	$	11,452,819	2.6	%	$	436,683,268	100	%
NCSLT 2006-3	$	784,143,882	90.8	%	$	24,547,284	2.8	%	$	15,854,323	1.8	%	$	21,273,135	2.5	%	$	17,527,921	2.0	%	$	863,346,545	100	%
NCSLT 2006-2	$	292,310,833	89.4	%	$	10,720,415	3.3	%	$	6,858,564	2.1	%	$	9,476,774	2.9	%	$	7,509,621	2.3	%	$	326,876,208	100	%
NCSLT 2006-1	$	457,222,851	91.8	%	$	14,150,897	2.8	%	$	8,045,978	1.6	%	$	10,157,458	2.0	%	$	8,323,694	1.7	%	$	497,900,878	100	%
NCSLT 2005-3	$	807,088,670	92.7	%	$	20,456,327	2.3	%	$	12,044,995	1.4	%	$	16,189,141	1.9	%	$	15,064,696	1.7	%	$	870,843,828	100	%
NCSLT 2005-2	$	285,029,683	91.4	%	$	9,218,154	3.0	%	$	4,978,363	1.6	%	$	6,033,532	1.9	%	$	6,441,338	2.1	%	$	311,701,070	100	%
NCSLT 2005-1	$	461,010,099	93.6	%	$	11,604,539	2.4	%	$	5,217,354	1.1	%	$	7,886,730	1.6	%	$	6,913,333	1.4	%	$	492,632,055	100	%
NCSLT 2004-2	$	539,714,927	92.2	%	$	15,134,670	2.6	%	$	9,203,573	1.6	%	$	11,608,124	2.0	%	$	9,681,240	1.7	%	$	585,342,534	100	%
NCSLT 2004-1	$	360,192,106	93.8	%	$	8,063,390	2.1	%	$	3,757,338	1.0	%	$	5,174,825	1.3	%	$	6,734,202	1.8	%	$	383,921,860	100	%
NCSLT 2003-1	$	307,678,515	94.1	%	$	7,119,034	2.2	%	$	3,330,106	1.0	%	$	3,835,501	1.2	%	$	4,833,007	1.5	%	$	326,796,163	100	%
NCMSLT-I	$	456,622,424	94.8	%	$	8,910,965	1.8	%	$	5,190,784	1.1	%	$	5,315,082	1.1	%	$	5,820,834	1.2	%	$	481,860,090	100	%

As of: 3/31/2010
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	420,904,072	85.8	%	$	21,363,542	4.4	%	$	12,038,020	2.5	%	$	15,297,445	3.1	%	$	20,858,333	4.3	%	$	490,461,412	100	%
NCSLT 2007-3	$	419,709,789	86.2	%	$	19,316,559	4.0	%	$	12,231,892	2.5	%	$	14,490,735	3.0	%	$	21,057,408	4.3	%	$	486,806,383	100	%
NCSLT 2007-2	$	355,213,315	85.3	%	$	16,779,440	4.0	%	$	11,189,914	2.7	%	$	14,210,053	3.4	%	$	19,170,777	4.6	%	$	416,563,499	100	%
NCSLT 2007-1	$	375,336,316	87.2	%	$	15,969,335	3.7	%	$	9,058,199	2.1	%	$	12,989,758	3.0	%	$	17,162,524	4.0	%	$	430,516,132	100	%
NCSLT 2006-4	$	352,706,118	86.0	%	$	16,477,543	4.0	%	$	9,684,152	2.4	%	$	13,632,624	3.3	%	$	17,387,889	4.2	%	$	409,888,326	100	%
NCSLT 2006-3	$	719,490,948	89.1	%	$	27,154,745	3.4	%	$	15,478,388	1.9	%	$	21,558,983	2.7	%	$	24,173,390	3.0	%	$	807,856,455	100	%
NCSLT 2006-2	$	273,684,243	87.3	%	$	11,970,791	3.8	%	$	6,515,225	2.1	%	$	9,587,191	3.1	%	$	11,771,722	3.8	%	$	313,529,172	100	%
NCSLT 2006-1	$	431,492,338	90.6	%	$	13,589,398	2.9	%	$	6,872,031	1.4	%	$	11,127,905	2.3	%	$	13,107,426	2.8	%	$	476,189,098	100	%
NCSLT 2005-3	$	758,946,195	91.0	%	$	22,447,380	2.7	%	$	12,600,849	1.5	%	$	18,469,622	2.2	%	$	21,149,511	2.5	%	$	833,613,558	100	%
NCSLT 2005-2	$	275,710,976	90.5	%	$	8,628,669	2.8	%	$	4,162,298	1.4	%	$	7,606,152	2.5	%	$	8,521,791	2.8	%	$	304,629,887	100	%
NCSLT 2005-1	$	439,981,295	92.0	%	$	10,848,697	2.3	%	$	5,907,340	1.2	%	$	9,863,197	2.1	%	$	11,477,205	2.4	%	$	478,077,733	100	%
NCSLT 2004-2	$	545,942,480	91.8	%	$	14,776,641	2.5	%	$	7,540,266	1.3	%	$	11,554,860	1.9	%	$	14,938,334	2.5	%	$	594,752,580	100	%
NCSLT 2004-1	$	359,463,127	92.0	%	$	7,650,787	2.0	%	$	4,469,602	1.1	%	$	9,081,033	2.3	%	$	10,008,339	2.6	%	$	390,672,887	100	%
NCSLT 2003-1	$	308,708,813	92.3	%	$	6,237,667	1.9	%	$	3,394,269	1.0	%	$	6,847,246	2.0	%	$	9,392,036	2.8	%	$	334,580,032	100	%
NCMSLT-I	$	457,035,456	93.3	%	$	8,785,483	1.8	%	$	4,710,231	1.0	%	$	9,332,167	1.9	%	$	9,831,576	2.0	%	$	489,694,913	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

4

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2009
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	435,342,490	86.0	%	$	16,460,043	3.3	%	$	11,702,945	2.3	%	$	26,857,164	5.3	%	$	15,959,285	3.2	%	$	506,321,927	100	%
NCSLT 2007-3	$	436,106,224	85.9	%	$	16,853,390	3.3	%	$	10,825,102	2.1	%	$	26,108,107	5.1	%	$	18,036,274	3.6	%	$	507,929,096	100	%
NCSLT 2007-2	$	373,336,457	84.6	%	$	15,839,638	3.6	%	$	10,345,408	2.3	%	$	22,507,047	5.1	%	$	19,182,193	4.3	%	$	441,210,742	100	%
NCSLT 2007-1	$	391,302,710	86.2	%	$	14,746,712	3.2	%	$	9,766,922	2.2	%	$	20,993,465	4.6	%	$	17,329,385	3.8	%	$	454,139,194	100	%
NCSLT 2006-4	$	369,615,255	84.3	%	$	17,154,064	3.9	%	$	10,825,529	2.5	%	$	22,838,942	5.2	%	$	18,150,817	4.1	%	$	438,584,607	100	%
NCSLT 2006-3	$	742,779,590	88.2	%	$	25,757,737	3.1	%	$	16,126,960	1.9	%	$	31,101,963	3.7	%	$	26,252,794	3.1	%	$	842,019,043	100	%
NCSLT 2006-2	$	280,479,806	86.2	%	$	10,782,180	3.3	%	$	7,243,849	2.2	%	$	14,573,525	4.5	%	$	12,432,922	3.8	%	$	325,512,282	100	%
NCSLT 2006-1	$	436,001,282	89.4	%	$	12,675,539	2.6	%	$	8,742,307	1.8	%	$	16,405,950	3.4	%	$	13,791,708	2.8	%	$	487,616,786	100	%
NCSLT 2005-3	$	767,397,627	90.1	%	$	22,983,943	2.7	%	$	13,193,591	1.5	%	$	25,420,976	3.0	%	$	22,578,465	2.7	%	$	851,574,601	100	%
NCSLT 2005-2	$	269,230,486	88.7	%	$	8,746,002	2.9	%	$	5,337,549	1.8	%	$	11,586,288	3.8	%	$	8,791,765	2.9	%	$	303,692,090	100	%
NCSLT 2005-1	$	442,283,962	91.1	%	$	12,250,645	2.5	%	$	6,494,770	1.3	%	$	13,184,993	2.7	%	$	11,475,696	2.4	%	$	485,690,066	100	%
NCSLT 2004-2	$	498,153,361	89.4	%	$	15,964,203	2.9	%	$	9,573,049	1.7	%	$	17,911,282	3.2	%	$	15,778,043	2.8	%	$	557,379,937	100	%
NCSLT 2004-1	$	361,389,078	89.9	%	$	10,626,416	2.6	%	$	6,846,153	1.7	%	$	11,780,282	2.9	%	$	11,415,630	2.8	%	$	402,057,559	100	%
NCSLT 2003-1	$	310,456,961	89.7	%	$	9,054,369	2.6	%	$	4,953,934	1.4	%	$	10,790,616	3.1	%	$	10,960,473	3.2	%	$	346,216,354	100	%
NCMSLT-I	$	462,956,672	91.5	%	$	12,376,301	2.4	%	$	6,913,820	1.4	%	$	12,702,119	2.5	%	$	11,209,377	2.2	%	$	506,158,290	100	%

As of: 9/30/2009
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	346,143,808	85.0	%	$	16,846,202	4.1	%	$	10,222,156	2.5	%	$	17,916,608	4.4	%	$	15,878,118	3.9	%	$	407,006,894	100	%
NCSLT 2007-3	$	345,410,036	84.5	%	$	17,797,687	4.4	%	$	10,795,411	2.6	%	$	18,874,495	4.6	%	$	15,871,031	3.9	%	$	408,748,659	100	%
NCSLT 2007-2	$	312,185,526	84.0	%	$	14,702,016	4.0	%	$	9,511,826	2.6	%	$	20,036,899	5.4	%	$	15,257,660	4.1	%	$	371,693,927	100	%
NCSLT 2007-1	$	330,656,935	84.3	%	$	14,475,264	3.7	%	$	9,732,237	2.5	%	$	18,896,256	4.8	%	$	18,605,912	4.7	%	$	392,366,604	100	%
NCSLT 2006-4	$	324,831,267	84.2	%	$	15,273,491	4.0	%	$	9,187,628	2.4	%	$	20,507,765	5.3	%	$	15,953,962	4.1	%	$	385,754,113	100	%
NCSLT 2006-3	$	642,841,057	87.5	%	$	22,164,414	3.0	%	$	14,540,829	2.0	%	$	29,561,777	4.0	%	$	25,746,033	3.5	%	$	734,854,111	100	%
NCSLT 2006-2	$	249,517,153	85.2	%	$	9,603,344	3.3	%	$	6,982,332	2.4	%	$	14,383,526	4.9	%	$	12,467,636	4.3	%	$	292,953,992	100	%
NCSLT 2006-1	$	397,307,180	88.9	%	$	11,139,087	2.5	%	$	7,806,868	1.7	%	$	15,350,466	3.4	%	$	15,116,611	3.4	%	$	446,720,212	100	%
NCSLT 2005-3	$	703,999,332	89.8	%	$	18,725,388	2.4	%	$	13,672,637	1.7	%	$	26,056,232	3.3	%	$	21,546,926	2.7	%	$	784,000,514	100	%
NCSLT 2005-2	$	258,292,310	88.8	%	$	8,578,947	2.9	%	$	4,769,301	1.6	%	$	10,767,905	3.7	%	$	8,443,865	2.9	%	$	290,852,328	100	%
NCSLT 2005-1	$	430,096,952	91.4	%	$	10,295,483	2.2	%	$	7,266,076	1.5	%	$	13,183,665	2.8	%	$	9,734,300	2.1	%	$	470,576,476	100	%
NCSLT 2004-2	$	488,995,618	90.4	%	$	12,601,899	2.3	%	$	8,691,280	1.6	%	$	16,896,123	3.1	%	$	13,899,170	2.6	%	$	541,084,091	100	%
NCSLT 2004-1	$	367,668,788	90.8	%	$	8,689,614	2.1	%	$	6,185,481	1.5	%	$	13,346,525	3.3	%	$	9,209,435	2.3	%	$	405,099,844	100	%
NCSLT 2003-1	$	320,111,121	90.4	%	$	8,095,043	2.3	%	$	5,359,734	1.5	%	$	12,228,127	3.5	%	$	8,190,964	2.3	%	$	353,984,989	100	%
NCMSLT-I	$	474,986,906	92.0	%	$	11,688,418	2.3	%	$	6,699,880	1.3	%	$	13,441,676	2.6	%	$	9,328,644	1.8	%	$	516,145,523	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

5

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2009
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	343,653,987	87.5	%	$	13,853,424	3.5	%	$	9,219,402	2.3	%	$	17,510,061	4.5	%	$	8,617,419	2.2	%	$	392,854,292	100	%
NCSLT 2007-3	$	345,646,111	87.4	%	$	14,373,459	3.6	%	$	9,535,858	2.4	%	$	17,680,159	4.5	%	$	8,029,877	2.0	%	$	395,265,464	100	%
NCSLT 2007-2	$	315,399,372	86.0	%	$	15,253,933	4.2	%	$	10,598,731	2.9	%	$	17,371,485	4.7	%	$	8,330,632	2.3	%	$	366,954,151	100	%
NCSLT 2007-1	$	337,372,856	85.9	%	$	15,794,533	4.0	%	$	9,029,742	2.3	%	$	20,302,784	5.2	%	$	10,156,592	2.6	%	$	392,656,507	100	%
NCSLT 2006-4	$	327,029,033	84.8	%	$	16,980,847	4.4	%	$	10,471,774	2.7	%	$	19,346,573	5.0	%	$	11,814,239	3.1	%	$	385,642,466	100	%
NCSLT 2006-3	$	650,063,973	88.1	%	$	24,789,204	3.4	%	$	15,672,206	2.1	%	$	29,054,671	3.9	%	$	18,273,622	2.5	%	$	737,853,675	100	%
NCSLT 2006-2	$	253,318,534	85.9	%	$	10,919,180	3.7	%	$	7,982,348	2.7	%	$	14,586,371	4.9	%	$	7,982,509	2.7	%	$	294,788,941	100	%
NCSLT 2006-1	$	400,494,487	88.9	%	$	13,453,038	3.0	%	$	8,903,073	2.0	%	$	17,588,960	3.9	%	$	9,867,479	2.2	%	$	450,307,036	100	%
NCSLT 2005-3	$	708,175,866	89.8	%	$	24,666,993	3.1	%	$	14,074,852	1.8	%	$	25,926,271	3.3	%	$	15,546,295	2.0	%	$	788,390,276	100	%
NCSLT 2005-2	$	260,846,157	88.9	%	$	9,517,199	3.2	%	$	6,244,765	2.1	%	$	10,799,308	3.7	%	$	5,933,947	2.0	%	$	293,341,376	100	%
NCSLT 2005-1	$	435,800,175	91.6	%	$	12,496,273	2.6	%	$	6,967,350	1.5	%	$	12,216,052	2.6	%	$	8,165,162	1.7	%	$	475,645,012	100	%
NCSLT 2004-2	$	487,216,903	90.0	%	$	16,163,060	3.0	%	$	10,325,421	1.9	%	$	16,892,418	3.1	%	$	10,628,744	2.0	%	$	541,226,546	100	%
NCSLT 2004-1	$	371,477,677	90.0	%	$	12,352,581	3.0	%	$	7,824,461	1.9	%	$	11,818,516	2.9	%	$	9,107,328	2.2	%	$	412,580,563	100	%
NCSLT 2003-1	$	324,401,223	89.9	%	$	12,176,887	3.4	%	$	6,601,364	1.8	%	$	10,541,636	2.9	%	$	6,971,407	1.9	%	$	360,692,517	100	%
NCMSLT-I	$	486,230,443	91.3	%	$	13,753,306	2.6	%	$	8,939,840	1.7	%	$	12,555,675	2.4	%	$	11,000,683	2.1	%	$	532,479,947	100	%

As of: 3/31/2009
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	273,352,679	83.8	%	$	18,848,604	5.8	%	$	14,606,634	4.5	%	$	10,811,292	3.3	%	$	8,384,807	2.6	%	$	326,004,016	100	%
NCSLT 2007-3	$	274,158,526	84.7	%	$	17,911,762	5.5	%	$	14,230,276	4.4	%	$	10,332,700	3.2	%	$	7,172,247	2.2	%	$	323,805,511	100	%
NCSLT 2007-2	$	268,440,203	84.3	%	$	18,994,969	6.0	%	$	10,978,758	3.4	%	$	10,304,203	3.2	%	$	9,819,107	3.1	%	$	318,537,241	100	%
NCSLT 2007-1	$	289,457,128	83.5	%	$	22,473,670	6.5	%	$	13,043,166	3.8	%	$	12,763,792	3.7	%	$	9,071,548	2.6	%	$	346,809,305	100	%
NCSLT 2006-4	$	285,035,830	82.4	%	$	22,873,508	6.6	%	$	12,562,754	3.6	%	$	14,973,766	4.3	%	$	10,554,802	3.1	%	$	346,000,660	100	%
NCSLT 2006-3	$	579,372,363	86.2	%	$	32,506,778	4.8	%	$	19,472,616	2.9	%	$	21,671,004	3.2	%	$	19,464,202	2.9	%	$	672,486,963	100	%
NCSLT 2006-2	$	232,265,480	84.4	%	$	16,956,105	6.2	%	$	7,659,005	2.8	%	$	10,785,949	3.9	%	$	7,491,167	2.7	%	$	275,157,705	100	%
NCSLT 2006-1	$	372,115,279	87.7	%	$	20,023,488	4.7	%	$	9,589,544	2.3	%	$	13,184,082	3.1	%	$	9,477,757	2.2	%	$	424,390,150	100	%
NCSLT 2005-3	$	663,963,798	89.0	%	$	29,597,027	4.0	%	$	15,229,963	2.0	%	$	19,908,780	2.7	%	$	16,960,861	2.3	%	$	745,660,427	100	%
NCSLT 2005-2	$	248,322,464	88.2	%	$	12,625,709	4.5	%	$	5,843,571	2.1	%	$	7,662,375	2.7	%	$	7,113,565	2.5	%	$	281,567,684	100	%
NCSLT 2005-1	$	421,954,928	91.0	%	$	15,325,118	3.3	%	$	6,961,263	1.5	%	$	11,015,559	2.4	%	$	8,351,768	1.8	%	$	463,608,636	100	%
NCSLT 2004-2	$	469,127,618	89.4	%	$	20,271,422	3.9	%	$	10,790,753	2.1	%	$	13,807,611	2.6	%	$	10,945,577	2.1	%	$	524,942,981	100	%
NCSLT 2004-1	$	375,757,070	89.9	%	$	13,710,671	3.3	%	$	6,682,051	1.6	%	$	11,736,790	2.8	%	$	10,031,429	2.4	%	$	417,918,012	100	%
NCSLT 2003-1	$	329,205,476	90.6	%	$	11,876,387	3.3	%	$	4,995,197	1.4	%	$	9,911,247	2.7	%	$	7,438,468	2.0	%	$	363,426,775	100	%
NCMSLT-I	$	492,740,359	91.2	%	$	15,093,309	2.8	%	$	7,369,547	1.4	%	$	14,369,331	2.7	%	$	10,698,460	2.0	%	$	540,271,007	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

6

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2008
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	293,760,847	89.9	%	$	11,680,246	3.6	%	$	5,506,257	1.7	%	$	12,210,443	3.7	%	$	3,513,472	1.1	%	$	326,671,265	100	%
NCSLT 2007-3	$	292,356,404	89.9	%	$	11,334,236	3.5	%	$	6,713,046	2.1	%	$	11,383,742	3.5	%	$	3,358,614	1.0	%	$	325,146,042	100	%
NCSLT 2007-2	$	271,526,120	87.6	%	$	11,896,672	3.8	%	$	7,454,486	2.4	%	$	14,360,984	4.6	%	$	4,740,529	1.5	%	$	309,978,791	100	%
NCSLT 2007-1	$	305,354,555	88.2	%	$	14,692,510	4.2	%	$	7,445,942	2.2	%	$	13,521,052	3.9	%	$	5,032,105	1.5	%	$	346,046,164	100	%
NCSLT 2006-4	$	304,466,139	86.0	%	$	18,331,769	5.2	%	$	9,285,665	2.6	%	$	16,253,135	4.6	%	$	5,822,846	1.6	%	$	354,159,554	100	%
NCSLT 2006-3	$	609,576,374	88.7	%	$	27,137,236	3.9	%	$	12,820,805	1.9	%	$	27,623,301	4.0	%	$	10,433,167	1.5	%	$	687,590,882	100	%
NCSLT 2006-2	$	241,600,551	86.6	%	$	12,143,896	4.4	%	$	6,740,462	2.4	%	$	11,710,977	4.2	%	$	6,653,051	2.4	%	$	278,848,936	100	%
NCSLT 2006-1	$	383,480,725	89.0	%	$	16,485,952	3.8	%	$	8,514,261	2.0	%	$	14,922,372	3.5	%	$	7,648,746	1.8	%	$	431,052,055	100	%
NCSLT 2005-3	$	675,210,917	89.8	%	$	25,819,514	3.4	%	$	12,091,572	1.6	%	$	25,632,820	3.4	%	$	12,858,559	1.7	%	$	751,613,382	100	%
NCSLT 2005-2	$	254,596,642	88.9	%	$	10,036,245	3.5	%	$	5,348,478	1.9	%	$	10,403,823	3.6	%	$	5,867,214	2.0	%	$	286,252,402	100	%
NCSLT 2005-1	$	425,776,742	90.6	%	$	15,666,634	3.3	%	$	6,827,134	1.5	%	$	13,508,903	2.9	%	$	7,977,217	1.7	%	$	469,756,629	100	%
NCSLT 2004-2	$	471,154,135	89.6	%	$	18,322,538	3.5	%	$	9,321,125	1.8	%	$	17,285,718	3.3	%	$	9,796,418	1.9	%	$	525,879,933	100	%
NCSLT 2004-1	$	379,671,173	89.0	%	$	14,873,618	3.5	%	$	8,170,309	1.9	%	$	16,066,920	3.8	%	$	7,828,245	1.8	%	$	426,610,265	100	%
NCSLT 2003-1	$	327,791,541	88.6	%	$	13,879,559	3.8	%	$	6,968,219	1.9	%	$	12,448,842	3.4	%	$	8,893,211	2.4	%	$	369,981,373	100	%
NCMSLT-I	$	500,632,257	90.1	%	$	16,841,900	3.0	%	$	9,875,922	1.8	%	$	17,811,865	3.2	%	$	10,428,078	1.9	%	$	555,590,021	100	%

As of: 9/30/2008
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	178,906,610	87.1	%	$	12,825,960	6.2	%	$	5,982,215	2.9	%	$	5,498,760	2.7	%	$	2,170,466	1.1	%	$	205,384,012	100	%
NCSLT 2007-3	$	179,478,860	88.1	%	$	12,606,349	6.2	%	$	5,061,448	2.5	%	$	4,726,311	2.3	%	$	1,798,927	0.9	%	$	203,671,895	100	%
NCSLT 2007-2	$	184,093,960	83.7	%	$	15,708,145	7.1	%	$	7,874,957	3.6	%	$	6,911,750	3.1	%	$	5,369,930	2.4	%	$	219,958,742	100	%
NCSLT 2007-1	$	210,342,597	84.6	%	$	15,663,994	6.3	%	$	8,731,420	3.5	%	$	7,163,578	2.9	%	$	6,650,107	2.7	%	$	248,551,696	100	%
NCSLT 2006-4	$	226,625,419	83.6	%	$	18,113,361	6.7	%	$	9,042,070	3.3	%	$	9,096,583	3.4	%	$	8,108,974	3.0	%	$	270,986,407	100	%
NCSLT 2006-3	$	454,174,754	85.8	%	$	30,601,778	5.8	%	$	16,924,892	3.2	%	$	14,434,049	2.7	%	$	13,059,309	2.5	%	$	529,194,781	100	%
NCSLT 2006-2	$	193,099,014	83.7	%	$	13,441,383	5.8	%	$	7,108,868	3.1	%	$	9,538,762	4.1	%	$	7,600,963	3.3	%	$	230,788,990	100	%
NCSLT 2006-1	$	314,607,002	86.8	%	$	17,665,055	4.9	%	$	9,881,054	2.7	%	$	10,663,946	2.9	%	$	9,481,061	2.6	%	$	362,298,117	100	%
NCSLT 2005-3	$	559,881,223	87.8	%	$	28,164,801	4.4	%	$	15,515,192	2.4	%	$	18,294,823	2.9	%	$	15,556,103	2.4	%	$	637,412,142	100	%
NCSLT 2005-2	$	225,167,099	87.3	%	$	11,926,526	4.6	%	$	6,116,385	2.4	%	$	8,420,425	3.3	%	$	6,283,128	2.4	%	$	257,913,563	100	%
NCSLT 2005-1	$	394,103,564	89.8	%	$	15,491,668	3.5	%	$	8,218,364	1.9	%	$	11,469,028	2.6	%	$	9,519,242	2.2	%	$	438,801,866	100	%
NCSLT 2004-2	$	413,404,645	88.1	%	$	20,704,085	4.4	%	$	10,349,863	2.2	%	$	13,543,727	2.9	%	$	11,191,238	2.4	%	$	469,193,558	100	%
NCSLT 2004-1	$	378,306,295	89.3	%	$	18,536,407	4.4	%	$	7,305,741	1.7	%	$	11,862,581	2.8	%	$	7,740,872	1.8	%	$	423,751,897	100	%
NCSLT 2003-1	$	332,776,651	88.5	%	$	13,685,671	3.6	%	$	7,531,303	2.0	%	$	13,103,842	3.5	%	$	9,003,809	2.4	%	$	376,101,275	100	%
NCMSLT-I	$	503,994,868	89.9	%	$	20,538,958	3.7	%	$	10,342,791	1.8	%	$	15,682,703	2.8	%	$	10,066,930	1.8	%	$	560,626,249	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

7

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2008
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	178,510,709	93.1	%	$	5,051,135	2.6	%	$	3,267,843	1.7	%	$	3,576,855	1.9	%	$	1,426,880	0.7	%	$	191,833,422	100	%
NCSLT 2007-3	$	178,011,160	93.4	%	$	4,711,876	2.5	%	$	3,496,886	1.8	%	$	2,986,328	1.6	%	$	1,424,872	0.7	%	$	190,631,121	100	%
NCSLT 2007-2	$	187,035,180	88.5	%	$	8,116,144	3.8	%	$	4,702,400	2.2	%	$	6,537,885	3.1	%	$	5,011,898	2.4	%	$	211,403,506	100	%
NCSLT 2007-1	$	218,671,658	87.2	%	$	7,803,431	3.1	%	$	5,417,824	2.2	%	$	7,730,671	3.1	%	$	11,006,255	4.4	%	$	250,629,840	100	%
NCSLT 2006-4	$	225,972,728	84.6	%	$	10,479,456	3.9	%	$	5,796,121	2.2	%	$	10,478,085	3.9	%	$	14,510,689	5.4	%	$	267,237,079	100	%
NCSLT 2006-3	$	463,721,023	87.7	%	$	16,205,260	3.1	%	$	10,474,815	2.0	%	$	16,326,386	3.1	%	$	21,984,306	4.2	%	$	528,711,791	100	%
NCSLT 2006-2	$	201,680,343	84.9	%	$	9,760,483	4.1	%	$	5,449,869	2.3	%	$	9,203,979	3.9	%	$	11,576,797	4.9	%	$	237,671,471	100	%
NCSLT 2006-1	$	326,931,761	87.4	%	$	12,031,284	3.2	%	$	6,894,754	1.8	%	$	12,667,831	3.4	%	$	15,528,877	4.2	%	$	374,054,507	100	%
NCSLT 2005-3	$	576,503,722	88.2	%	$	20,362,144	3.1	%	$	11,756,736	1.8	%	$	19,603,427	3.0	%	$	25,047,405	3.8	%	$	653,273,434	100	%
NCSLT 2005-2	$	234,003,533	87.5	%	$	8,575,114	3.2	%	$	4,578,027	1.7	%	$	8,907,894	3.3	%	$	11,381,010	4.3	%	$	267,445,579	100	%
NCSLT 2005-1	$	402,977,850	89.4	%	$	12,537,656	2.8	%	$	7,177,434	1.6	%	$	12,962,664	2.9	%	$	15,208,339	3.4	%	$	450,863,942	100	%
NCSLT 2004-2	$	427,433,737	87.7	%	$	15,363,994	3.2	%	$	9,327,431	1.9	%	$	15,304,955	3.1	%	$	19,930,142	4.1	%	$	487,360,259	100	%
NCSLT 2004-1	$	371,644,313	88.8	%	$	13,451,620	3.2	%	$	6,941,801	1.7	%	$	11,371,627	2.7	%	$	15,298,782	3.7	%	$	418,708,143	100	%
NCSLT 2003-1	$	338,002,573	86.9	%	$	14,152,503	3.6	%	$	9,622,779	2.5	%	$	13,092,478	3.4	%	$	14,196,187	3.6	%	$	389,066,520	100	%
NCMSLT-I	$	519,830,613	89.7	%	$	17,490,658	3.0	%	$	9,830,513	1.7	%	$	14,592,669	2.5	%	$	18,017,662	3.1	%	$	579,762,115	100	%

As of: 3/31/2008
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	115,979,010	93.5	%	$	4,623,398	3.7	%	$	1,594,458	1.3	%	$	1,194,487	1.0	%	$	692,501	0.6	%	$	124,083,854	100	%
NCSLT 2007-3	$	115,108,466	94.3	%	$	3,732,430	3.1	%	$	1,375,821	1.1	%	$	1,119,873	0.9	%	$	715,890	0.6	%	$	122,052,481	100	%
NCSLT 2007-2	$	132,642,617	87.0	%	$	6,964,569	4.6	%	$	5,306,228	3.5	%	$	6,703,622	4.4	%	$	844,222	0.6	%	$	152,461,257	100	%
NCSLT 2007-1	$	158,954,702	83.7	%	$	8,538,961	4.5	%	$	6,680,781	3.5	%	$	13,038,189	6.9	%	$	2,643,530	1.4	%	$	189,856,162	100	%
NCSLT 2006-4	$	173,158,442	81.3	%	$	12,694,910	6.0	%	$	8,023,583	3.8	%	$	12,551,555	5.9	%	$	6,626,559	3.1	%	$	213,055,049	100	%
NCSLT 2006-3	$	370,457,368	85.7	%	$	19,125,700	4.4	%	$	12,936,993	3.0	%	$	19,361,644	4.5	%	$	10,330,945	2.4	%	$	432,212,650	100	%
NCSLT 2006-2	$	165,018,682	83.4	%	$	10,728,468	5.4	%	$	6,586,080	3.3	%	$	9,310,094	4.7	%	$	6,173,027	3.1	%	$	197,816,351	100	%
NCSLT 2006-1	$	281,792,045	85.8	%	$	16,519,892	5.0	%	$	8,836,306	2.7	%	$	13,205,237	4.0	%	$	8,048,124	2.5	%	$	328,401,604	100	%
NCSLT 2005-3	$	510,419,878	87.5	%	$	25,664,262	4.4	%	$	14,077,930	2.4	%	$	19,376,017	3.3	%	$	14,031,505	2.4	%	$	583,569,591	100	%
NCSLT 2005-2	$	212,326,426	86.6	%	$	11,732,467	4.8	%	$	6,168,259	2.5	%	$	8,941,094	3.6	%	$	6,020,143	2.5	%	$	245,188,388	100	%
NCSLT 2005-1	$	383,095,433	89.5	%	$	16,005,602	3.7	%	$	7,703,033	1.8	%	$	12,053,791	2.8	%	$	8,942,979	2.1	%	$	427,800,838	100	%
NCSLT 2004-2	$	392,480,070	87.3	%	$	19,557,367	4.3	%	$	10,634,504	2.4	%	$	15,932,219	3.5	%	$	10,996,645	2.4	%	$	449,600,805	100	%
NCSLT 2004-1	$	353,892,215	89.4	%	$	13,860,541	3.5	%	$	7,943,565	2.0	%	$	11,126,378	2.8	%	$	8,866,216	2.2	%	$	395,688,915	100	%
NCSLT 2003-1	$	346,276,022	89.1	%	$	15,671,452	4.0	%	$	7,796,364	2.0	%	$	10,172,922	2.6	%	$	8,535,129	2.2	%	$	388,451,888	100	%
NCMSLT-I	$	519,685,542	90.6	%	$	19,340,229	3.4	%	$	9,578,163	1.7	%	$	14,283,019	2.5	%	$	10,471,381	1.8	%	$	573,358,334	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

8

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2007
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-4	$	98,545,860	95.0	%	$	2,800,635	2.7	%	$	1,111,863	1.1	%	$	1,159,637	1.1	%	$	100,027	0.1	%	$	103,718,021	100	%
NCSLT 2007-3	$	98,727,397	94.9	%	$	2,639,201	2.5	%	$	1,417,975	1.4	%	$	1,099,511	1.1	%	$	142,427	0.1	%	$	104,026,512	100	%
NCSLT 2007-2	$	139,090,263	94.3	%	$	4,488,010	3.0	%	$	2,052,338	1.4	%	$	1,429,383	1.0	%	$	505,989	0.3	%	$	147,565,984	100	%
NCSLT 2007-1	$	175,264,358	91.5	%	$	6,964,316	3.6	%	$	4,120,415	2.2	%	$	4,573,160	2.4	%	$	530,603	0.3	%	$	191,452,852	100	%
NCSLT 2006-4	$	189,500,610	87.5	%	$	9,453,303	4.4	%	$	5,646,626	2.6	%	$	9,357,548	4.3	%	$	2,650,636	1.2	%	$	216,608,723	100	%
NCSLT 2006-3	$	403,538,614	90.5	%	$	14,707,067	3.3	%	$	8,288,241	1.9	%	$	14,691,085	3.3	%	$	4,523,184	1.0	%	$	445,748,191	100	%
NCSLT 2006-2	$	173,772,631	86.8	%	$	9,137,352	4.6	%	$	4,883,910	2.4	%	$	8,917,912	4.5	%	$	3,538,788	1.8	%	$	200,250,593	100	%
NCSLT 2006-1	$	299,297,395	89.2	%	$	12,942,330	3.9	%	$	6,526,948	1.9	%	$	11,324,298	3.4	%	$	5,341,073	1.6	%	$	335,432,044	100	%
NCSLT 2005-3	$	549,384,198	89.8	%	$	21,914,189	3.6	%	$	11,576,460	1.9	%	$	20,377,429	3.3	%	$	8,204,591	1.3	%	$	611,456,867	100	%
NCSLT 2005-2	$	226,453,317	88.4	%	$	10,069,015	3.9	%	$	5,089,478	2.0	%	$	9,280,055	3.6	%	$	5,180,240	2.0	%	$	256,072,104	100	%
NCSLT 2005-1	$	392,617,335	90.3	%	$	14,428,075	3.3	%	$	7,958,575	1.8	%	$	13,043,791	3.0	%	$	6,809,909	1.6	%	$	434,857,685	100	%
NCSLT 2004-2	$	412,451,614	88.4	%	$	19,353,373	4.1	%	$	10,050,296	2.2	%	$	16,387,864	3.5	%	$	8,237,022	1.8	%	$	466,480,169	100	%
NCSLT 2004-1	$	359,652,690	89.5	%	$	15,004,565	3.7	%	$	7,345,330	1.8	%	$	13,144,720	3.3	%	$	6,557,747	1.6	%	$	401,705,051	100	%

As of: 9/30/2007
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-2	$	64,543,501	92.8	%	$	1,981,890	2.9	%	$	1,784,997	2.6	%	$	1,138,122	1.6	%	$	90,438	0.1	%	$	69,538,948	100	%
NCSLT 2007-1	$	90,791,197	91.1	%	$	4,535,431	4.6	%	$	2,710,027	2.7	%	$	993,674	1.0	%	$	602,625	0.6	%	$	99,632,954	100	%
NCSLT 2006-4	$	106,949,937	79.2	%	$	11,222,151	8.3	%	$	11,912,090	8.8	%	$	3,924,668	2.9	%	$	1,085,144	0.8	%	$	135,093,991	100	%
NCSLT 2006-3	$	234,009,525	83.3	%	$	18,122,508	6.5	%	$	19,117,331	6.8	%	$	7,366,523	2.6	%	$	2,297,561	0.8	%	$	280,913,447	100	%
NCSLT 2006-2	$	113,516,451	78.4	%	$	11,458,626	7.9	%	$	11,194,936	7.7	%	$	5,244,369	3.6	%	$	3,446,412	2.4	%	$	144,860,794	100	%
NCSLT 2006-1	$	214,337,266	83.2	%	$	15,327,225	6.0	%	$	15,665,803	6.1	%	$	7,535,579	2.9	%	$	4,651,613	1.8	%	$	257,517,485	100	%
NCSLT 2005-3	$	410,871,676	84.9	%	$	27,176,502	5.6	%	$	23,595,017	4.9	%	$	13,390,376	2.8	%	$	9,027,533	1.9	%	$	484,061,104	100	%
NCSLT 2005-2	$	184,846,592	84.1	%	$	11,942,120	5.4	%	$	10,435,576	4.7	%	$	7,316,378	3.3	%	$	5,272,792	2.4	%	$	219,813,457	100	%
NCSLT 2005-1	$	330,618,852	87.0	%	$	17,194,516	4.5	%	$	13,699,747	3.6	%	$	10,802,745	2.8	%	$	7,634,189	2.0	%	$	379,950,049	100	%
NCSLT 2004-2	$	347,460,825	85.1	%	$	21,723,853	5.3	%	$	17,580,530	4.3	%	$	12,590,277	3.1	%	$	8,860,051	2.2	%	$	408,215,536	100	%
NCSLT 2004-1	$	327,355,718	87.4	%	$	17,165,360	4.6	%	$	12,360,024	3.3	%	$	10,623,882	2.8	%	$	7,132,825	1.9	%	$	374,637,808	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

9

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2007
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2007-1	$	78,167,541	96.4	%	$	752,076	0.9	%	$	1,007,536	1.2	%	$	1,087,815	1.3	%	$	33,028	0.0	%	$	81,047,995	100	%
NCSLT 2006-4	$	117,961,997	93.3	%	$	3,894,687	3.1	%	$	2,438,919	1.9	%	$	1,357,544	1.1	%	$	837,013	0.7	%	$	126,490,160	100	%
NCSLT 2006-3	$	254,345,747	93.4	%	$	7,751,574	2.8	%	$	5,414,202	2.0	%	$	3,540,815	1.3	%	$	1,289,699	0.5	%	$	272,342,037	100	%
NCSLT 2006-2	$	124,751,148	88.3	%	$	5,700,879	4.0	%	$	4,012,353	2.8	%	$	4,441,019	3.1	%	$	2,396,485	1.7	%	$	141,301,885	100	%
NCSLT 2006-1	$	233,530,151	90.5	%	$	7,728,939	3.0	%	$	6,431,146	2.5	%	$	6,109,070	2.4	%	$	4,179,695	1.6	%	$	257,979,001	100	%
NCSLT 2005-3	$	432,935,443	90.2	%	$	16,222,495	3.4	%	$	11,261,315	2.3	%	$	12,334,343	2.6	%	$	7,178,779	1.5	%	$	479,932,375	100	%
NCSLT 2005-2	$	199,368,436	89.1	%	$	8,079,977	3.6	%	$	5,570,757	2.5	%	$	7,265,033	3.2	%	$	3,584,122	1.6	%	$	223,868,326	100	%
NCSLT 2005-1	$	346,608,398	90.2	%	$	12,113,084	3.2	%	$	9,029,876	2.3	%	$	10,887,202	2.8	%	$	5,838,521	1.5	%	$	384,477,081	100	%
NCSLT 2004-2	$	368,703,321	88.9	%	$	16,475,522	4.0	%	$	9,530,867	2.3	%	$	12,598,253	3.0	%	$	7,597,387	1.8	%	$	414,905,350	100	%
NCSLT 2004-1	$	343,080,590	90.1	%	$	14,505,049	3.8	%	$	7,616,052	2.0	%	$	10,197,844	2.7	%	$	5,435,817	1.4	%	$	380,835,353	100	%

As of: 3/31/2007
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2006-4	$	70,184,695	93.7	%	$	2,823,487	3.8	%	$	842,970	1.1	%	$	1,073,561	1.4	%	$	13,187	0.0	%	$	74,937,900	100	%
NCSLT 2006-3	$	176,085,335	94.7	%	$	5,082,568	2.7	%	$	2,155,524	1.2	%	$	1,694,570	0.9	%	$	864,316	0.5	%	$	185,882,313	100	%
NCSLT 2006-2	$	89,773,512	87.0	%	$	5,134,765	5.0	%	$	3,224,785	3.1	%	$	4,258,156	4.1	%	$	824,333	0.8	%	$	103,215,550	100	%
NCSLT 2006-1	$	182,268,043	88.8	%	$	8,580,386	4.2	%	$	5,088,548	2.5	%	$	7,558,772	3.7	%	$	1,713,207	0.8	%	$	205,208,957	100	%
NCSLT 2005-3	$	363,587,572	88.8	%	$	17,999,657	4.4	%	$	10,303,856	2.5	%	$	12,589,353	3.1	%	$	5,112,727	1.2	%	$	409,593,165	100	%
NCSLT 2005-2	$	171,064,488	87.8	%	$	9,107,970	4.7	%	$	5,123,380	2.6	%	$	6,328,681	3.2	%	$	3,117,048	1.6	%	$	194,741,566	100	%
NCSLT 2005-1	$	318,691,639	89.3	%	$	14,316,807	4.0	%	$	9,075,652	2.5	%	$	9,870,398	2.8	%	$	4,978,282	1.4	%	$	356,932,778	100	%
NCSLT 2004-2	$	330,655,146	87.4	%	$	19,060,245	5.0	%	$	9,748,081	2.6	%	$	11,676,767	3.1	%	$	7,135,612	1.9	%	$	378,275,851	100	%
NCSLT 2004-1	$	325,422,106	89.4	%	$	14,923,464	4.1	%	$	8,129,085	2.2	%	$	9,140,822	2.5	%	$	6,503,826	1.8	%	$	364,119,303	100	%

As of: 12/31/2006
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2006-3	$	151,952,589	94.7	%	$	4,269,967	2.7	%	$	1,985,443	1.2	%	$	2,208,340	1.4	%	$	69,131	0.0	%	$	160,485,469	100	%
NCSLT 2006-2	$	88,627,097	92.9	%	$	3,349,092	3.5	%	$	1,559,795	1.6	%	$	1,392,040	1.5	%	$	450,847	0.5	%	$	95,378,871	100	%
NCSLT 2006-1	$	188,168,709	93.5	%	$	6,192,126	3.1	%	$	3,035,509	1.5	%	$	3,297,639	1.5	%	$	533,883	0.3	%	$	201,227,866	100	%
NCSLT 2005-3	$	373,626,935	92.5	%	$	12,281,803	3.0	%	$	6,624,146	1.6	%	$	9,386,020	2.3	%	$	1,792,099	0.4	%	$	403,711,003	100	%
NCSLT 2005-2	$	173,325,167	90.8	%	$	6,927,689	3.6	%	$	3,593,702	1.9	%	$	5,466,445	2.9	%	$	1,494,526	0.8	%	$	190,807,528	100	%
NCSLT 2005-1	$	328,367,499	91.8	%	$	12,078,789	3.4	%	$	5,452,906	1.5	%	$	8,706,369	2.4	%	$	3,182,327	0.9	%	$	357,787,890	100	%
NCSLT 2004-2	$	340,128,356	89.4	%	$	15,125,987	4.0	%	$	8,762,431	2.3	%	$	12,357,367	3.2	%	$	4,092,751	1.1	%	$	380,466,892	100	%
NCSLT 2004-1	$	331,087,211	90.1	%	$	13,128,155	3.6	%	$	7,211,864	2.0	%	$	11,174,496	3.0	%	$	5,034,536	1.4	%	$	367,636,262	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

10

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 9/30/2006
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2006-3	$	115,740,215	97.8	%	$	1,124,621	1.0	%	$	1,073,330	0.9	%	$	301,223	0.3	%	$	50,536	0.0	%	$	118,289,926	100	%
NCSLT 2006-2	$	49,076,312	93.5	%	$	1,320,280	2.5	%	$	1,171,919	2.2	%	$	825,931	1.6	%	$	78,371	0.1	%	$	52,472,814	100	%
NCSLT 2006-1	$	110,171,897	92.4	%	$	3,856,997	3.2	%	$	3,535,348	3.0	%	$	1,323,327	1.1	%	$	372,357	0.3	%	$	119,259,926	100	%
NCSLT 2005-3	$	226,723,040	88.4	%	$	11,734,003	4.6	%	$	12,388,166	4.8	%	$	4,252,179	1.7	%	$	1,308,602	0.5	%	$	256,405,990	100	%
NCSLT 2005-2	$	120,116,059	85.1	%	$	8,114,825	5.7	%	$	8,034,211	5.7	%	$	3,123,566	2.2	%	$	1,823,264	1.3	%	$	141,211,925	100	%
NCSLT 2005-1	$	227,141,572	87.3	%	$	13,096,748	5.0	%	$	11,007,560	4.2	%	$	5,825,824	2.2	%	$	3,092,084	1.2	%	$	260,163,789	100	%
NCSLT 2004-2	$	266,520,754	85.9	%	$	17,049,246	5.5	%	$	14,857,208	4.8	%	$	7,752,530	2.5	%	$	4,259,481	1.4	%	$	310,439,219	100	%
NCSLT 2004-1	$	287,636,386	87.0	%	$	15,750,346	4.8	%	$	12,312,613	3.7	%	$	9,448,625	2.9	%	$	5,387,358	1.6	%	$	330,535,328	100	%

As of: 6/30/2006
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2006-2	$	48,716,446	97.2	%	$	557,759	1.1	%	$	591,485	1.2	%	$	201,341	0.4	%	$	37,679	0.1	%	$	50,104,710	100	%
NCSLT 2006-1	$	104,242,003	97.2	%	$	1,126,444	1.1	%	$	698,469	0.7	%	$	1,045,733	1.0	%	$	108,532	0.1	%	$	107,221,180	100	%
NCSLT 2005-3	$	238,074,603	95.1	%	$	4,980,107	2.0	%	$	3,350,295	1.3	%	$	3,096,647	1.2	%	$	852,213	0.3	%	$	250,353,865	100	%
NCSLT 2005-2	$	130,076,850	92.0	%	$	4,142,374	2.9	%	$	2,471,209	1.7	%	$	3,604,672	2.5	%	$	1,116,074	0.8	%	$	141,411,180	100	%
NCSLT 2005-1	$	240,015,058	91.0	%	$	8,129,771	3.1	%	$	6,001,750	2.3	%	$	6,829,783	2.6	%	$	2,719,012	1.0	%	$	263,695,374	100	%
NCSLT 2004-2	$	273,823,264	90.2	%	$	9,414,866	3.1	%	$	7,473,851	2.5	%	$	8,955,345	2.9	%	$	3,992,882	1.3	%	$	303,660,209	100	%
NCSLT 2004-1	$	302,233,495	89.4	%	$	12,308,590	3.6	%	$	8,377,001	2.5	%	$	12,063,574	3.6	%	$	3,045,304	0.9	%	$	338,027,963	100	%

As of: 3/31/2006
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2006-1	$	88,747,091	96.8	%	$	2,186,511	2.4	%	$	441,649	0.5	%	$	283,466	0.3	%	$	0	0.0	%	$	91,658,717	100	%
NCSLT 2005-3	$	167,831,227	95.1	%	$	4,949,481	2.8	%	$	1,771,025	1.0	%	$	1,458,963	0.8	%	$	381,283	0.2	%	$	176,391,979	100	%
NCSLT 2005-2	$	99,587,077	91.1	%	$	3,488,177	3.2	%	$	2,559,421	2.3	%	$	3,479,866	3.2	%	$	232,904	0.2	%	$	109,347,445	100	%
NCSLT 2005-1	$	197,883,482	89.4	%	$	8,292,033	3.7	%	$	6,015,452	2.7	%	$	7,998,992	3.6	%	$	1,088,445	0.5	%	$	221,278,404	100	%
NCSLT 2004-2	$	219,698,077	87.3	%	$	11,712,029	4.7	%	$	6,533,502	2.6	%	$	10,828,134	4.3	%	$	2,783,570	1.1	%	$	251,555,312	100	%
NCSLT 2004-1	$	271,314,444	89.0	%	$	13,641,598	4.5	%	$	7,101,558	2.3	%	$	9,246,413	3.0	%	$	3,672,319	1.2	%	$	304,976,332	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

11

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2005
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2005-3	$	154,958,758	95.8	%	$	3,945,941	2.4	%	$	1,651,188	1.0	%	$	1,260,778	0.8	%	$	16,271	0.0	%	$	161,832,937	100	%
NCSLT 2005-2	$	99,878,622	95.6	%	$	2,463,708	2.4	%	$	1,255,873	1.2	%	$	755,340	0.7	%	$	159,960	0.2	%	$	104,513,503	100	%
NCSLT 2005-1	$	212,144,220	95.0	%	$	4,779,652	2.1	%	$	2,642,980	1.2	%	$	3,372,715	1.5	%	$	337,571	0.2	%	$	223,277,138	100	%
NCSLT 2004-2	$	226,106,579	91.7	%	$	8,506,504	3.4	%	$	4,595,071	1.9	%	$	6,011,861	2.4	%	$	1,359,318	0.6	%	$	246,579,334	100	%
NCSLT 2004-1	$	268,473,560	91.9	%	$	9,112,448	3.1	%	$	4,898,877	1.7	%	$	7,396,054	2.5	%	$	2,295,225	0.8	%	$	292,176,164	100	%

As of: 9/30/2005
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2005-2	$	66,810,628	97.3	%	$	539,525	0.8	%	$	647,094	0.9	%	$	594,085	0.9	%	$	47,457	0.1	%	$	68,638,789	100	%
NCSLT 2005-1	$	111,773,282	92.8	%	$	4,092,705	3.4	%	$	3,162,488	2.6	%	$	1,098,599	0.9	%	$	349,145	0.3	%	$	120,476,219	100	%
NCSLT 2004-2	$	151,803,041	89.9	%	$	6,328,508	3.7	%	$	7,514,300	4.4	%	$	2,576,426	1.5	%	$	685,985	0.4	%	$	168,908,259	100	%
NCSLT 2004-1	$	202,764,379	88.7	%	$	10,092,526	4.4	%	$	9,098,614	4.0	%	$	4,625,282	2.0	%	$	2,042,161	0.9	%	$	228,622,962	100	%

As of: 6/30/2005
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2005-2	$	66,894,958	98.7	%	$	269,469	0.4	%	$	383,178	0.6	%	$	228,703	0.3	%	$	18,715	0.0	%	$	67,795,023	100	%
NCSLT 2005-1	$	107,134,700	97.3	%	$	1,148,595	1.0	%	$	841,966	0.8	%	$	809,117	0.7	%	$	221,328	0.2	%	$	110,155,706	100	%
NCSLT 2004-2	$	153,477,449	95.8	%	$	2,234,592	1.4	%	$	2,244,842	1.4	%	$	1,847,332	1.2	%	$	341,980	0.2	%	$	160,146,196	100	%
NCSLT 2004-1	$	208,466,356	93.3	%	$	5,091,795	2.3	%	$	3,623,978	1.6	%	$	4,126,981	1.8	%	$	2,224,722	1.0	%	$	223,533,832	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

12

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Delinquency Data For Loans in Repayment (Excluding Forbearance)
Static Pool Information: Prior Securitized Pool Report

As of: 3/31/2005
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2005-1	$	88,474,729	96.9	%	$	2,013,922	2.2	%	$	461,637	0.5	%	$	375,708	0.4	%	$	2,039	0.0	%	$	91,328,035	100	%
NCSLT 2004-2	$	117,491,517	96.5	%	$	2,953,180	2.4	%	$	539,664	0.4	%	$	652,016	0.5	%	$	153,437	0.1	%	$	121,789,814	100	%
NCSLT 2004-1	$	167,758,987	91.4	%	$	5,739,723	3.1	%	$	3,999,756	2.2	%	$	5,400,095	2.9	%	$	570,613	0.3	%	$	183,469,174	100	%

As of: 12/31/2004
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2004-2	$	109,467,394	96.5	%	$	2,673,103	2.4	%	$	854,546	0.8	%	$	442,148	0.4	%	$	47,996	0.0	%	$	113,485,186	100	%
NCSLT 2004-1	$	170,115,903	96.0	%	$	3,884,686	2.2	%	$	1,580,645	0.9	%	$	1,275,227	0.7	%	$	406,023	0.2	%	$	177,262,484	100	%

As of: 9/30/2004
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2004-1	$	91,958,919	96.5	%	$	1,345,873	1.4	%	$	1,047,701	1.1	%	$	793,566	0.8	%	$	129,038	0.1	%	$	95,275,097	100	%

As of: 6/30/2004
	Current				31 - 60 Days				61 - 90 Days				91 - 180 Days				> 180 Days				TOTALS
	Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent		Balance*		Percent
Trust
NCSLT 2004-1	$	88,143,992	98.8	%	$	342,258	0.4	%	$	416,178	0.5	%	$	355,468	0.4	%	$	0	0.0	%	$	89,257,895	100	%

Note: First Marblehead Education Resources, Inc., in its capacity as Special Servicer to The National Collegiate Student Loan Trusts, has developed and implemented a number of portfolio management strategies based on a borrower’s risk profile. For the purposes of this Static Pool report, all borrowers who are current in making repayments, even if the original amount of such repayments has been reduced pursuant to a modified payment plan, are considered current. As these strategies continue to season, the Static Pool reporting for the applicable trusts will be enhanced with more granular trust performance data as it becomes available.

*Balances include principal plus capitalized interest. Delinquencies include only loans in repayment or loans with deferred principal payments (interest-only loans). Balance totals may not tie out due to rounding to the nearest dollar.

13

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2011
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by Guarantor		Claims in Process3		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	183,428,057	18.47	%	$	66,760,524	$	6,104,666	$	0
NCSLT 2007-3	$	181,575,083	18.29	%	$	67,598,850	$	6,515,800	$	0
NCSLT 2007-2	$	174,749,043	21.69	%	$	48,809,898	$	5,270,819	$	0
NCSLT 2007-1	$	170,900,304	19.81	%	$	45,947,589	$	4,430,246	$	0
NCSLT 2006-4	$	183,530,066	21.82	%	$	44,012,812	$	4,411,235	$	0
NCSLT 2006-3	$	293,167,828	18.21	%	$	93,031,869	$	7,937,602	$	0
NCSLT 2006-2	$	140,488,140	22.66	%	$	28,158,558	$	3,662,051	$	0
NCSLT 2006-1	$	170,929,800	19.13	%	$	41,046,747	$	3,339,897	$	0
NCSLT 2005-3	$	280,391,540	18.20	%	$	74,207,774	$	5,719,878	$	0
NCSLT 2005-2	$	121,020,767	21.49	%	$	30,590,660	$	2,409,161	$	0
NCSLT 2005-1	$	152,685,098	17.99	%	$	47,238,962	$	2,015,481	$	0
NCSLT 2004-2	$	198,583,718	19.82	%	$	54,188,210	$	3,651,666	$	0
NCSLT 2004-1	$	150,299,085	20.53	%	$	48,390,314	$	1,678,347	$	0
NCSLT 2003-1	$	138,330,908	21.54	%	$	48,725,087	$	1,611,460	$	0
NCMSLT-I	$	192,067,597	18.09	%	$	89,872,571	$	1,886,814	$	0

As of: 9/30/2011
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by Guarantor		Claims in Process3		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	162,718,137	17.82	%	$	66,760,524	$	5,107,902	$	0
NCSLT 2007-3	$	159,570,735	17.43	%	$	67,598,850	$	4,408,583	$	0
NCSLT 2007-2	$	157,604,573	20.54	%	$	48,809,898	$	3,913,466	$	0
NCSLT 2007-1	$	154,730,609	19.35	%	$	45,947,589	$	3,834,544	$	0
NCSLT 2006-4	$	166,959,639	20.61	%	$	44,012,812	$	4,191,487	$	0
NCSLT 2006-3	$	267,521,146	17.23	%	$	93,031,869	$	7,156,390	$	0
NCSLT 2006-2	$	127,721,452	21.21	%	$	28,158,558	$	2,625,015	$	0
NCSLT 2006-1	$	158,599,181	17.77	%	$	41,046,747	$	3,496,207	$	0
NCSLT 2005-3	$	257,641,679	16.74	%	$	74,207,774	$	4,948,694	$	0
NCSLT 2005-2	$	113,996,281	20.26	%	$	30,590,660	$	1,656,090	$	0
NCSLT 2005-1	$	145,422,641	17.14	%	$	47,238,962	$	1,614,068	$	0
NCSLT 2004-2	$	188,443,849	18.82	%	$	54,188,210	$	2,319,236	$	0
NCSLT 2004-1	$	145,230,666	19.85	%	$	48,390,314	$	1,207,218	$	0
NCSLT 2003-1	$	133,432,502	20.78	%	$	48,725,087	$	1,176,823	$	0
NCMSLT-I	$	185,357,408	17.50	%	$	88,970,832	$	1,753,765	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

(3) TERI rejected its guaranty agreements in November 2010 pursuant to its plan of reorganization. Beginning December 31, 2010, claims in process represent the aggregate principal and capitalized interest balance of non-cash claims on unsecured defaulted loans in process at the loan servicer. Such defaulted loans are no longer subject to a TERI guaranty.

1

As of: 6/30/2011
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by Guarantor		Claims in Process3		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	145,323,962	16.14	%	$	66,760,524	$	5,874,948	$	0
NCSLT 2007-3	$	141,480,065	15.69	%	$	67,598,850	$	5,491,228	$	0
NCSLT 2007-2	$	142,737,815	18.96	%	$	48,809,898	$	4,460,983	$	0
NCSLT 2007-1	$	140,229,171	17.81	%	$	45,947,589	$	4,631,181	$	0
NCSLT 2006-4	$	152,273,418	19.91	%	$	44,012,812	$	4,010,978	$	0
NCSLT 2006-3	$	243,170,169	16.09	%	$	93,031,869	$	7,042,145	$	0
NCSLT 2006-2	$	119,545,174	20.30	%	$	28,158,558	$	2,724,274	$	0
NCSLT 2006-1	$	147,035,593	16.78	%	$	41,046,747	$	3,365,771	$	0
NCSLT 2005-3	$	241,443,368	15.70	%	$	74,207,774	$	5,608,000	$	0
NCSLT 2005-2	$	107,950,358	19.20	%	$	30,590,660	$	2,270,185	$	0
NCSLT 2005-1	$	138,977,106	16.39	%	$	47,238,962	$	1,641,613	$	0
NCSLT 2004-2	$	181,117,940	18.10	%	$	54,188,210	$	2,607,981	$	0
NCSLT 2004-1	$	141,290,420	19.31	%	$	48,390,314	$	1,408,918	$	0
NCSLT 2003-1	$	130,446,827	20.33	%	$	48,725,087	$	1,260,539	$	0
NCMSLT-I	$	180,094,272	17.04	%	$	88,347,999	$	1,809,193	$	0

As of: 3/31/2011
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by Guarantor		Claims in Process3		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	127,818,035	15.11	%	$	66,760,524	$	5,793,986	$	0
NCSLT 2007-3	$	124,498,282	14.70	%	$	67,598,850	$	4,646,377	$	0
NCSLT 2007-2	$	127,968,858	17.86	%	$	48,809,898	$	4,206,213	$	0
NCSLT 2007-1	$	126,857,389	16.89	%	$	45,947,589	$	3,684,867	$	0
NCSLT 2006-4	$	139,760,072	19.14	%	$	44,012,812	$	3,912,189	$	0
NCSLT 2006-3	$	223,048,344	15.66	%	$	93,031,869	$	6,307,418	$	0
NCSLT 2006-2	$	110,643,029	19.48	%	$	28,158,558	$	3,022,802	$	0
NCSLT 2006-1	$	136,522,003	16.08	%	$	41,046,747	$	3,763,202	$	0
NCSLT 2005-3	$	223,743,780	14.65	%	$	74,207,774	$	6,008,264	$	0
NCSLT 2005-2	$	101,371,502	18.09	%	$	30,590,660	$	2,077,082	$	0
NCSLT 2005-1	$	133,462,745	15.79	%	$	47,238,962	$	2,912,937	$	0
NCSLT 2004-2	$	173,353,561	17.36	%	$	54,188,210	$	2,701,963	$	0
NCSLT 2004-1	$	136,600,762	18.71	%	$	48,390,314	$	1,687,066	$	0
NCSLT 2003-1	$	127,178,855	19.85	%	$	48,725,087	$	1,101,124	$	0
NCMSLT-I	$	175,151,813	16.66	%	$	87,453,248	$	1,627,788	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

(3) TERI rejected its guaranty agreements in November 2010 pursuant to its plan of reorganization. Beginning December 31, 2010, claims in process represent the aggregate principal and capitalized interest balance of non-cash claims on unsecured defaulted loans in process at the loan servicer. Such defaulted loans are no longer subject to a TERI guaranty.

2

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2010
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by Guarantor		Claims in Process3		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	109,944,359	13.25	%	$	66,760,524	$	5,871,457	$	0
NCSLT 2007-3	$	107,461,514	12.94	%	$	67,598,850	$	5,464,732	$	0
NCSLT 2007-2	$	113,252,458	16.17	%	$	48,809,898	$	5,309,425	$	0
NCSLT 2007-1	$	113,480,900	15.38	%	$	45,947,589	$	4,544,484	$	0
NCSLT 2006-4	$	125,904,124	17.58	%	$	44,012,812	$	5,288,756	$	0
NCSLT 2006-3	$	200,899,355	14.37	%	$	93,031,869	$	6,634,438	$	0
NCSLT 2006-2	$	101,805,287	18.69	%	$	28,158,558	$	3,157,799	$	0
NCSLT 2006-1	$	124,619,203	15.00	%	$	41,051,938	$	3,349,252	$	0
NCSLT 2005-3	$	206,734,387	14.12	%	$	74,207,774	$	5,628,712	$	0
NCSLT 2005-2	$	94,653,671	16.92	%	$	30,590,660	$	2,955,024	$	0
NCSLT 2005-1	$	124,796,312	14.78	%	$	47,238,962	$	3,015,889	$	0
NCSLT 2004-2	$	164,938,564	16.53	%	$	54,188,210	$	2,879,245	$	0
NCSLT 2004-1	$	131,971,506	18.09	%	$	48,390,314	$	1,633,134	$	0
NCSLT 2003-1	$	123,594,974	19.30	%	$	48,725,087	$	1,208,905	$	0
NCMSLT-I	$	169,675,483	16.21	%	$	86,344,234	$	1,989,949	$	0

As of: 9/30/2010
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by Guarantor		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	94,741,442	12.89	%	$	6,663,474	$	14,014,964	$	0
NCSLT 2007-3	$	93,988,265	12.81	%	$	6,007,774	$	13,161,515	$	0
NCSLT 2007-2	$	99,931,981	15.57	%	$	14,242,883	$	12,002,000	$	0
NCSLT 2007-1	$	102,156,183	15.19	%	$	20,061,054	$	10,005,596	$	0
NCSLT 2006-4	$	113,973,617	17.22	%	$	29,186,528	$	10,069,655	$	0
NCSLT 2006-3	$	183,882,358	14.20	%	$	47,812,830	$	16,155,049	$	0
NCSLT 2006-2	$	94,210,759	18.19	%	$	28,158,558	$	7,274,557	$	0
NCSLT 2006-1	$	115,435,162	14.73	%	$	41,051,938	$	7,229,314	$	0
NCSLT 2005-3	$	193,747,523	13.64	%	$	74,207,774	$	12,427,257	$	0
NCSLT 2005-2	$	87,872,071	16.20	%	$	30,590,660	$	4,385,617	$	0
NCSLT 2005-1	$	117,928,084	13.98	%	$	47,238,962	$	6,031,999	$	0
NCSLT 2004-2	$	156,323,472	15.68	%	$	54,188,210	$	8,164,364	$	0
NCSLT 2004-1	$	127,583,145	17.50	%	$	48,390,314	$	3,610,900	$	0
NCSLT 2003-1	$	120,870,863	18.88	%	$	48,725,087	$	2,547,761	$	0
NCMSLT-I	$	165,255,739	15.87	%	$	85,710,275	$	3,816,832	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

(3) TERI rejected its guaranty agreements in November 2010 pursuant to its plan of reorganization. Beginning December 31, 2010, claims in process represent the aggregate principal and capitalized interest balance of non-cash claims on unsecured defaulted loans in process at the loan servicer. Such defaulted loans are no longer subject to a TERI guaranty.

3

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2010
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by Guarantor		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	81,802,279	11.29	%	$	6,663,474	$	15,041,755	$	0
NCSLT 2007-3	$	82,258,702	11.42	%	$	6,007,774	$	14,659,852	$	0
NCSLT 2007-2	$	89,266,015	14.16	%	$	14,242,883	$	13,048,898	$	0
NCSLT 2007-1	$	92,891,470	13.99	%	$	20,061,054	$	10,690,005	$	0
NCSLT 2006-4	$	104,905,441	16.18	%	$	29,186,528	$	11,741,031	$	0
NCSLT 2006-3	$	169,517,023	13.26	%	$	47,822,296	$	17,498,614	$	0
NCSLT 2006-2	$	87,623,151	17.19	%	$	28,158,558	$	7,596,548	$	0
NCSLT 2006-1	$	109,346,685	14.19	%	$	41,051,938	$	8,555,512	$	0
NCSLT 2005-3	$	183,291,874	13.27	%	$	74,220,960	$	15,412,341	$	0
NCSLT 2005-2	$	84,474,060	15.92	%	$	30,590,660	$	6,495,669	$	0
NCSLT 2005-1	$	112,979,666	13.51	%	$	47,238,962	$	7,071,763	$	0
NCSLT 2004-2	$	149,233,825	14.98	%	$	54,188,210	$	10,054,655	$	0
NCSLT 2004-1	$	125,152,745	17.17	%	$	48,390,314	$	6,852,697	$	0
NCSLT 2003-1	$	119,020,466	18.60	%	$	48,725,087	$	5,072,107	$	0
NCMSLT-I	$	162,091,293	15.60	%	$	84,843,678	$	6,056,887	$	0

As of: 3/31/2010
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by Guarantor		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	72,695,876	10.95	%	$	6,663,474	$	20,060,296	$	0
NCSLT 2007-3	$	72,667,204	10.99	%	$	6,007,774	$	20,262,553	$	0
NCSLT 2007-2	$	80,845,966	13.74	%	$	14,201,773	$	18,737,493	$	0
NCSLT 2007-1	$	86,390,383	13.92	%	$	20,059,553	$	16,921,059	$	0
NCSLT 2006-4	$	98,512,273	16.12	%	$	29,168,133	$	17,440,160	$	0
NCSLT 2006-3	$	157,829,300	13.09	%	$	47,777,051	$	24,090,959	$	0
NCSLT 2006-2	$	82,395,034	16.92	%	$	28,107,560	$	11,818,326	$	0
NCSLT 2006-1	$	104,424,886	14.15	%	$	41,009,016	$	13,361,468	$	0
NCSLT 2005-3	$	173,993,407	13.10	%	$	74,095,514	$	21,482,025	$	0
NCSLT 2005-2	$	80,159,963	15.56	%	$	30,584,036	$	8,655,986	$	0
NCSLT 2005-1	$	108,793,489	13.46	%	$	47,094,147	$	11,719,789	$	0
NCSLT 2004-2	$	143,414,292	14.44	%	$	54,070,039	$	14,885,685	$	0
NCSLT 2004-1	$	121,779,022	16.76	%	$	48,323,782	$	10,303,027	$	0
NCSLT 2003-1	$	116,984,257	18.32	%	$	48,590,143	$	9,724,371	$	0
NCMSLT-I	$	158,967,478	15.40	%	$	83,693,623	$	10,182,797	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

4

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2009
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by Guarantor		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	55,929,108	8.34	%	$	6,663,474	$	15,349,565	$	0
NCSLT 2007-3	$	56,193,275	8.40	%	$	6,007,774	$	17,473,225	$	0
NCSLT 2007-2	$	67,134,338	11.21	%	$	14,201,773	$	18,349,814	$	0
NCSLT 2007-1	$	73,741,009	11.68	%	$	20,059,553	$	16,811,072	$	0
NCSLT 2006-4	$	85,975,591	13.66	%	$	29,168,133	$	17,609,081	$	0
NCSLT 2006-3	$	139,417,333	11.42	%	$	47,777,051	$	25,447,578	$	0
NCSLT 2006-2	$	74,379,074	15.19	%	$	28,107,560	$	12,254,646	$	0
NCSLT 2006-1	$	94,918,299	12.87	%	$	41,009,016	$	13,300,415	$	0
NCSLT 2005-3	$	158,581,536	11.99	%	$	74,095,514	$	22,019,178	$	0
NCSLT 2005-2	$	73,794,866	14.52	%	$	30,584,036	$	8,616,454	$	0
NCSLT 2005-1	$	100,405,857	12.53	%	$	47,094,147	$	10,998,836	$	0
NCSLT 2004-2	$	132,658,453	14.14	%	$	54,070,039	$	15,335,470	$	0
NCSLT 2004-1	$	115,064,047	15.85	%	$	48,323,782	$	11,360,373	$	0
NCSLT 2003-1	$	110,276,766	17.28	%	$	48,590,143	$	10,782,601	$	0
NCMSLT-I	$	151,739,734	14.72	%	$	82,604,890	$	10,746,285	$	0

As of: 9/30/2009
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by Guarantor		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	42,653,176	7.71	%	$	6,663,474	$	15,802,117	$	0
NCSLT 2007-3	$	41,349,926	7.48	%	$	6,007,774	$	15,786,938	$	0
NCSLT 2007-2	$	52,222,968	10.03	%	$	14,201,773	$	15,321,637	$	0
NCSLT 2007-1	$	60,222,457	10.88	%	$	20,054,894	$	18,381,368	$	0
NCSLT 2006-4	$	71,802,859	12.73	%	$	29,168,133	$	16,011,910	$	0
NCSLT 2006-3	$	118,711,461	10.93	%	$	47,772,717	$	25,610,099	$	0
NCSLT 2006-2	$	64,550,118	14.36	%	$	28,107,560	$	12,417,976	$	0
NCSLT 2006-1	$	84,249,938	12.37	%	$	41,009,016	$	14,816,810	$	0
NCSLT 2005-3	$	140,773,743	11.39	%	$	74,095,514	$	21,239,100	$	0
NCSLT 2005-2	$	66,942,353	13.74	%	$	30,584,036	$	8,412,354	$	0
NCSLT 2005-1	$	91,969,229	11.85	%	$	47,093,683	$	9,773,726	$	0
NCSLT 2004-2	$	120,807,686	13.33	%	$	54,070,039	$	14,012,110	$	0
NCSLT 2004-1	$	105,803,835	14.64	%	$	48,321,882	$	9,332,227	$	0
NCSLT 2003-1	$	101,513,981	15.92	%	$	48,589,838	$	7,927,324	$	0
NCMSLT-I	$	143,002,851	13.95	%	$	82,079,370	$	9,141,570	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

5

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2009
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by Guarantor		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	25,877,068	4.94	%	$	6,659,301	$	7,866,104	$	0
NCSLT 2007-3	$	24,032,126	4.59	%	$	5,974,073	$	7,337,191	$	0
NCSLT 2007-2	$	35,645,986	7.03	%	$	14,201,773	$	8,041,134	$	0
NCSLT 2007-1	$	41,495,748	7.65	%	$	20,053,549	$	9,151,824	$	0
NCSLT 2006-4	$	55,534,158	10.06	%	$	29,190,475	$	11,517,398	$	0
NCSLT 2006-3	$	92,356,599	8.63	%	$	47,803,721	$	18,118,179	$	0
NCSLT 2006-2	$	51,403,428	11.60	%	$	28,106,075	$	7,664,873	$	0
NCSLT 2006-1	$	69,448,733	10.32	%	$	41,014,235	$	10,011,404	$	0
NCSLT 2005-3	$	118,768,274	9.74	%	$	74,101,882	$	15,580,241	$	0
NCSLT 2005-2	$	58,064,949	12.04	%	$	30,582,614	$	6,171,138	$	0
NCSLT 2005-1	$	81,890,492	10.65	%	$	47,102,041	$	8,014,436	$	0
NCSLT 2004-2	$	106,590,547	11.96	%	$	54,068,293	$	10,561,447	$	0
NCSLT 2004-1	$	96,733,532	13.40	%	$	48,321,882	$	8,798,646	$	0
NCSLT 2003-1	$	92,954,623	14.59	%	$	48,589,838	$	6,674,936	$	0
NCMSLT-I	$	133,401,552	13.04	%	$	80,725,350	$	10,842,689	$	0

As of: 3/31/2009
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	18,082,097	4.09	%	$	6,659,301	$	7,988,984	$	0
NCSLT 2007-3	$	16,155,368	3.69	%	$	5,981,486	$	6,834,948	$	0
NCSLT 2007-2	$	27,810,585	6.30	%	$	14,201,773	$	9,575,777	$	0
NCSLT 2007-1	$	32,205,865	6.61	%	$	20,161,435	$	8,288,327	$	0
NCSLT 2006-4	$	45,016,286	8.91	%	$	29,190,460	$	10,450,980	$	0
NCSLT 2006-3	$	75,020,573	7.63	%	$	47,803,721	$	18,546,335	$	0
NCSLT 2006-2	$	43,993,865	10.58	%	$	28,106,075	$	7,149,020	$	0
NCSLT 2006-1	$	59,222,550	9.31	%	$	41,014,235	$	9,139,418	$	0
NCSLT 2005-3	$	103,553,854	8.95	%	$	74,129,714	$	16,655,168	$	0
NCSLT 2005-2	$	52,292,179	11.31	%	$	30,589,327	$	7,273,494	$	0
NCSLT 2005-1	$	74,242,552	9.98	%	$	47,120,703	$	7,853,000	$	0
NCSLT 2004-2	$	96,683,406	11.26	%	$	54,071,270	$	10,648,112	$	0
NCSLT 2004-1	$	88,552,554	12.36	%	$	48,338,792	$	9,473,993	$	0
NCSLT 2003-1	$	86,990,573	13.71	%	$	48,589,838	$	7,004,338	$	0
NCMSLT-I	$	123,884,528	12.23	%	$	79,367,622	$	10,257,474	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

6

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2008
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	9,101,491	2.23	%	$	5,875,643	$	3,225,849	$	0
NCSLT 2007-3	$	8,656,390	2.12	%	$	5,082,689	$	3,573,701	$	0
NCSLT 2007-2	$	17,371,802	4.27	%	$	12,918,347	$	4,453,455	$	0
NCSLT 2007-1	$	23,147,680	5.03	%	$	18,997,532	$	4,150,148	$	0
NCSLT 2006-4	$	33,407,024	6.83	%	$	27,901,361	$	5,505,663	$	0
NCSLT 2006-3	$	54,122,481	5.65	%	$	44,950,065	$	9,172,416	$	0
NCSLT 2006-2	$	36,038,824	8.90	%	$	28,109,439	$	6,174,429	$	0
NCSLT 2006-1	$	48,886,024	7.85	%	$	40,905,453	$	7,044,802	$	0
NCSLT 2005-3	$	84,472,452	7.52	%	$	73,101,417	$	11,371,035	$	0
NCSLT 2005-2	$	44,230,947	9.73	%	$	30,589,327	$	5,441,708	$	0
NCSLT 2005-1	$	65,594,651	8.95	%	$	47,140,105	$	7,399,049	$	0
NCSLT 2004-2	$	84,410,246	10.08	%	$	54,071,270	$	8,961,516	$	0
NCSLT 2004-1	$	78,640,838	11.00	%	$	48,338,792	$	7,618,131	$	0
NCSLT 2003-1	$	79,074,635	12.48	%	$	48,589,838	$	8,186,382	$	0
NCMSLT-I	$	112,716,417	11.21	%	$	76,402,805	$	9,965,063	$	0

As of: 9/30/2008
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	5,152,657	1.94	%	$	2,800,340	$	2,352,317	$	0
NCSLT 2007-3	$	4,308,702	1.62	%	$	2,575,944	$	1,732,758	$	0
NCSLT 2007-2	$	11,696,981	3.92	%	$	6,405,602	$	5,291,380	$	0
NCSLT 2007-1	$	17,827,945	5.13	%	$	11,852,693	$	5,975,252	$	0
NCSLT 2006-4	$	27,316,949	7.04	%	$	19,346,402	$	7,970,548	$	0
NCSLT 2006-3	$	43,702,367	5.64	%	$	31,483,860	$	12,218,506	$	0
NCSLT 2006-2	$	28,740,486	8.26	%	$	21,725,136	$	7,015,350	$	0
NCSLT 2006-1	$	41,157,995	7.59	%	$	32,060,909	$	9,097,086	$	0
NCSLT 2005-3	$	71,717,888	7.29	%	$	56,834,019	$	14,883,869	$	0
NCSLT 2005-2	$	38,142,899	9.14	%	$	30,561,366	$	6,155,765	$	0
NCSLT 2005-1	$	57,752,574	8.40	%	$	47,009,189	$	8,919,393	$	0
NCSLT 2004-2	$	74,624,325	9.77	%	$	54,060,698	$	10,566,484	$	0
NCSLT 2004-1	$	70,050,638	10.10	%	$	48,359,239	$	7,272,988	$	0
NCSLT 2003-1	$	70,001,465	11.08	%	$	48,589,838	$	7,988,560	$	0
NCMSLT-I	$	101,871,823	10.24	%	$	76,402,805	$	9,073,259	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

7

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2008
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	2,263,489	0.97	%	$	447,013	$	1,816,476	$	0
NCSLT 2007-3	$	1,907,306	0.82	%	$	434,338	$	1,472,968	$	0
NCSLT 2007-2	$	5,089,532	1.88	%	$	1,351,916	$	3,737,617	$	0
NCSLT 2007-1	$	9,754,568	3.00	%	$	1,943,783	$	7,810,785	$	0
NCSLT 2006-4	$	16,831,608	4.66	%	$	5,240,031	$	11,591,577	$	0
NCSLT 2006-3	$	28,382,218	3.86	%	$	10,101,805	$	18,280,413	$	0
NCSLT 2006-2	$	19,965,308	5.95	%	$	10,443,805	$	9,521,503	$	0
NCSLT 2006-1	$	29,842,985	5.62	%	$	16,851,846	$	12,991,139	$	0
NCSLT 2005-3	$	54,298,676	5.63	%	$	32,813,005	$	21,485,671	$	0
NCSLT 2005-2	$	31,070,854	7.55	%	$	20,712,525	$	10,358,329	$	0
NCSLT 2005-1	$	46,984,756	6.94	%	$	33,478,744	$	13,506,012	$	0
NCSLT 2004-2	$	63,005,327	8.38	%	$	44,879,770	$	18,125,557	$	0
NCSLT 2004-1	$	61,240,349	9.26	%	$	47,132,562	$	14,107,787	$	0
NCSLT 2003-1	$	60,605,640	9.62	%	$	47,863,390	$	12,742,250	$	0
NCMSLT-I	$	91,540,985	9.23	%	$	74,747,986	$	16,792,998	$	0

As of: 3/31/2008
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	1,293,045	0.85	%	$	447,013	$	846,031	$	0
NCSLT 2007-3	$	978,245	0.65	%	$	434,338	$	543,907	$	0
NCSLT 2007-2	$	2,264,148	1.13	%	$	1,351,916	$	912,232	$	0
NCSLT 2007-1	$	4,113,710	1.61	%	$	1,943,783	$	2,169,926	$	0
NCSLT 2006-4	$	11,562,743	3.88	%	$	5,240,031	$	6,322,713	$	0
NCSLT 2006-3	$	19,857,349	3.18	%	$	10,101,805	$	9,755,545	$	0
NCSLT 2006-2	$	16,152,407	5.50	%	$	10,443,805	$	5,708,602	$	0
NCSLT 2006-1	$	24,450,922	5.09	%	$	16,851,846	$	7,599,076	$	0
NCSLT 2005-3	$	46,262,994	5.23	%	$	32,789,577	$	13,473,417	$	0
NCSLT 2005-2	$	26,687,081	6.92	%	$	20,712,525	$	5,974,556	$	0
NCSLT 2005-1	$	41,501,742	6.44	%	$	33,471,364	$	8,030,378	$	0
NCSLT 2004-2	$	55,521,430	7.84	%	$	44,879,770	$	10,641,660	$	0
NCSLT 2004-1	$	55,638,929	8.84	%	$	47,125,830	$	8,513,099	$	0
NCSLT 2003-1	$	55,440,954	9.25	%	$	47,858,469	$	7,582,486	$	0
NCMSLT-I	$	84,644,687	8.68	%	$	74,747,986	$	9,896,701	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

8

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2007
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-4	$	288,667	0.24	%	$	131,198	$	157,469	$	0
NCSLT 2007-3	$	193,425	0.16	%	$	24,798	$	168,627	$	0
NCSLT 2007-2	$	1,140,457	0.67	%	$	528,893	$	611,564	$	0
NCSLT 2007-1	$	1,600,967	0.69	%	$	1,084,610	$	516,357	$	0
NCSLT 2006-4	$	4,857,487	1.76	%	$	2,603,585	$	2,253,903	$	0
NCSLT 2006-3	$	9,841,882	1.68	%	$	5,894,128	$	3,947,754	$	0
NCSLT 2006-2	$	10,261,335	3.74	%	$	7,045,357	$	3,215,977	$	0
NCSLT 2006-1	$	16,741,770	3.64	%	$	12,221,402	$	4,520,368	$	0
NCSLT 2005-3	$	32,868,736	3.80	%	$	25,593,756	$	7,274,980	$	0
NCSLT 2005-2	$	20,571,320	5.44	%	$	15,892,271	$	4,679,049	$	0
NCSLT 2005-1	$	33,561,181	5.37	%	$	27,937,990	$	5,623,191	$	0
NCSLT 2004-2	$	45,176,167	6.50	%	$	38,353,272	$	6,822,895	$	0
NCSLT 2004-1	$	47,392,134	7.74	%	$	41,494,066	$	5,898,069	$	0

As of: 9/30/2007
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-2	$	293,465	0.37	%	$	129,449	$	164,016	$	0
NCSLT 2007-1	$	990,675	0.82	%	$	399,359	$	591,316	$	0
NCSLT 2006-4	$	2,405,137	1.40	%	$	1,314,027	$	1,091,110	$	0
NCSLT 2006-3	$	5,278,295	1.39	%	$	3,273,431	$	2,004,864	$	0
NCSLT 2006-2	$	6,977,435	3.50	%	$	3,997,358	$	2,980,076	$	0
NCSLT 2006-1	$	11,653,380	3.27	%	$	7,538,168	$	4,115,212	$	0
NCSLT 2005-3	$	25,038,601	3.61	%	$	16,703,535	$	8,335,066	$	0
NCSLT 2005-2	$	15,794,114	4.84	%	$	11,272,532	$	4,521,582	$	0
NCSLT 2005-1	$	27,844,066	5.09	%	$	20,873,318	$	6,970,748	$	0
NCSLT 2004-2	$	38,206,086	6.27	%	$	29,854,803	$	8,351,283	$	0
NCSLT 2004-1	$	43,249,379	7.08	%	$	36,808,796	$	6,402,493	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

9

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2007
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2007-1	$	279,818	0.30	%	$	163,758	$	116,061	$	0
NCSLT 2006-4	$	1,344,983	0.92	%	$	406,175	$	938,807	$	0
NCSLT 2006-3	$	3,033,642	0.90	%	$	1,628,358	$	1,405,284	$	0
NCSLT 2006-2	$	4,210,806	2.33	%	$	2,067,732	$	2,143,074	$	0
NCSLT 2006-1	$	8,056,993	2.39	%	$	4,401,001	$	3,655,992	$	0
NCSLT 2005-3	$	17,444,669	2.64	%	$	10,871,770	$	6,572,898	$	0
NCSLT 2005-2	$	11,454,350	3.61	%	$	8,015,583	$	3,438,767	$	0
NCSLT 2005-1	$	21,435,452	4.00	%	$	16,078,111	$	5,357,342	$	0
NCSLT 2004-2	$	30,491,843	5.12	%	$	23,617,860	$	6,873,983	$	0
NCSLT 2004-1	$	34,910,466	6.27	%	$	29,736,092	$	5,174,374	$	0

As of: 3/31/2007
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2006-4	$	248,092	0.29	%	$	57,717	$	190,375	$	0
NCSLT 2006-3	$	1,498,064	0.65	%	$	415,158	$	1,082,906	$	0
NCSLT 2006-2	$	2,127,065	1.58	%	$	1,176,714	$	950,351	$	0
NCSLT 2006-1	$	4,432,771	1.61	%	$	2,537,812	$	1,894,959	$	0
NCSLT 2005-3	$	10,614,466	1.86	%	$	5,571,067	$	5,043,399	$	0
NCSLT 2005-2	$	8,322,393	2.95	%	$	4,964,050	$	3,358,343	$	0
NCSLT 2005-1	$	16,218,410	3.27	%	$	11,410,815	$	4,807,595	$	0
NCSLT 2004-2	$	24,405,403	4.47	%	$	17,141,550	$	7,263,854	$	0
NCSLT 2004-1	$	30,176,946	5.71	%	$	24,030,773	$	6,146,173	$	0

As of: 12/31/2006
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2006-3	$	285,552	0.16	%	$	122,118	$	163,433	$	0
NCSLT 2006-2	$	1,028,977	0.92	%	$	500,159	$	528,818	$	0
NCSLT 2006-1	$	2,370,431	0.96	%	$	1,712,266	$	658,164	$	0
NCSLT 2005-3	$	5,233,471	0.99	%	$	3,405,628	$	1,827,843	$	0
NCSLT 2005-2	$	4,939,455	1.87	%	$	3,498,172	$	1,441,283	$	0
NCSLT 2005-1	$	10,923,180	2.31	%	$	8,305,320	$	2,617,860	$	0
NCSLT 2004-2	$	16,924,740	3.21	%	$	13,297,759	$	3,626,981	$	0
NCSLT 2004-1	$	24,107,753	4.67	%	$	19,704,943	$	4,402,810	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

10

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 9/30/2006
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2006-3	$	110,697	0.09	%	$	0	$	110,697	$	0
NCSLT 2006-2	$	477,977	0.79	%	$	86,668	$	391,309	$	0
NCSLT 2006-1	$	1,466,722	1.02	%	$	804,574	$	662,148	$	0
NCSLT 2005-3	$	3,243,896	0.95	%	$	1,931,017	$	1,312,880	$	0
NCSLT 2005-2	$	3,621,343	1.85	%	$	1,901,311	$	1,720,032	$	0
NCSLT 2005-1	$	8,261,653	2.34	%	$	5,420,776	$	2,840,877	$	0
NCSLT 2004-2	$	13,466,335	3.14	%	$	9,792,027	$	3,674,308	$	0
NCSLT 2004-1	$	19,861,888	4.33	%	$	14,988,297	$	4,873,591	$	0

As of: 6/30/2006
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2006-2	$	82,894	0.16	%	$	0	$	82,894	$	0
NCSLT 2006-1	$	684,733	0.58	%	$	126,974	$	557,759	$	0
NCSLT 2005-3	$	1,866,717	0.63	%	$	926,524	$	940,193	$	0
NCSLT 2005-2	$	2,050,271	1.15	%	$	978,731	$	1,071,540	$	0
NCSLT 2005-1	$	5,570,707	1.67	%	$	2,810,851	$	2,759,856	$	0
NCSLT 2004-2	$	10,178,224	2.60	%	$	6,163,240	$	4,014,984	$	0
NCSLT 2004-1	$	15,176,429	3.41	%	$	11,992,451	$	3,183,978	$	0

As of: 3/31/2006
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2006-1	$	61,758	0.06	%	$	0	$	61,758	$	0
NCSLT 2005-3	$	906,664	0.50	%	$	354,441	$	552,223	$	0
NCSLT 2005-2	$	886,621	0.63	%	$	546,398	$	340,222	$	0
NCSLT 2005-1	$	2,726,667	0.96	%	$	1,457,290	$	1,269,377	$	0
NCSLT 2004-2	$	6,323,651	1.92	%	$	3,386,935	$	2,936,716	$	0
NCSLT 2004-1	$	12,081,043	3.01	%	$	8,059,865	$	4,021,178	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

11

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2005
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2005-3	$	201,028	0.14	%	$	123,118	$	77,911	$	0
NCSLT 2005-2	$	470,089	0.38	%	$	266,461	$	203,628	$	0
NCSLT 2005-1	$	1,203,294	0.47	%	$	794,054	$	409,240	$	0
NCSLT 2004-2	$	3,422,758	1.13	%	$	2,024,953	$	1,397,804	$	0
NCSLT 2004-13	$	7,216,999	2.07	%	$	5,118,974	$	2,098,025	$	0

As of: 9/30/2005
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2005-2	$	263,402	0.33	%	$	64,499	$	198,904	$	0
NCSLT 2005-1	$	759,754	0.53	%	$	316,133	$	443,621	$	0
NCSLT 2004-2	$	1,981,526	0.96	%	$	1,045,312	$	863,388	$	0
NCSLT 2004-13	$	5,416,949	1.93	%	$	3,038,790	$	2,378,158	$	0

As of: 6/30/2005
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2005-2	$	50,219	0.07	%	$	0	$	50,219	$	0
NCSLT 2005-1	$	346,993	0.29	%	$	49,589	$	297,404	$	0
NCSLT 2004-2	$	1,011,986	0.55	%	$	587,333	$	424,653	$	0
NCSLT 2004-13	$	2,739,835	1.18	%	$	2,250,162	$	489,673	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

(3) Trust loss data is representative of prior month's servicer reports. Starting March 2006 data will be representative of reporting month.

12

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Cumulative Loss Data
Static Pool Information: Prior Securitized Pool Report

As of: 3/31/2005
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2005-1	$	25,798	0.03	%	$	0	$	25,798	$	0
NCSLT 2004-2	$	559,603	0.41	%	$	245,096	$	314,508	$	0
NCSLT 2004-13	$	1,919,212	0.92	%	$	1,185,053	$	794,158	$	0

As of: 12/31/2004
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2004-2	$	144,052	0.12	%	$	28,700	$	115,353	$	0
NCSLT 2004-13	$	1,048,154	0.62	%	$	498,354	$	549,799	$	0

As of: 9/30/2004
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2004-13	$	405,767	0.58	%	$	178,208	$	397,545	$	0

As of: 6/30/2004
	Cumulative Defaulted Loans1		Cumulative Default Rate as a Percentage of Loans in Repayment2		Cumulative Claim Payment Made by TERI		Claims in Process		Net Loss to Trust as a Result of Claims Rejected
Trust
NCSLT 2004-13	$	0	0.00	%	$	0	$	0	$	0

(1) Cumulative Defaulted Loans: Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to non-default status.

(2) Cumulative Default Rate as a Percentage of Loans in Repayment: Cumulative Defaulted Loans divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the trust. This calculation is intended to provide a measure of cumulative loss as a percentage of loans that have entered repayment status. For the pool balances as of the closing date of the applicable securitization, please see the information under "Original Pool Characteristics."

(3) Trust loss data is representative of prior month's servicer reports. Starting March 2006 data will be representative of reporting month.

13

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2011
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2007-4	$	925,037,474.50		0.86	%
NCSLT 2007-3	$	929,249,205.36		0.89	%
NCSLT 2007-2	$	659,722,046.99		0.87	%
NCSLT 2007-1	$	661,181,511.16		0.93	%
NCSLT 2006-4	$	608,147,782.95		0.71	%
NCSLT 2006-3	$	1,161,758,407.62		0.99	%
NCSLT 2006-2	$	390,608,188.01		0.70	%
NCSLT 2006-1	$	556,960,614.24		1.08	%
NCSLT 2005-3	$	926,304,092.69		1.20	%
NCSLT 2005-2	$	304,863,063.43		1.16	%
NCSLT 2005-1	$	445,320,409.18		1.48	%
NCSLT 2004-2	$	535,607,364.28		1.27	%
NCSLT 2004-1	$	334,241,238.33		1.54	%
NCSLT 2003-1	$	287,541,436.43		1.36	%
NCMSLT-I	$	419,074,084.28		1.73	%

As of: 9/30/2011
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2007-4	$	946,349,413
NCSLT 2007-3	$	950,782,528
NCSLT 2007-2	$	677,804,708
NCSLT 2007-1	$	679,985,190
NCSLT 2006-4	$	627,245,461
NCSLT 2006-3	$	1,194,088,331
NCSLT 2006-2	$	405,260,061
NCSLT 2006-1	$	575,367,094
NCSLT 2005-3	$	959,049,565
NCSLT 2005-2	$	314,863,148
NCSLT 2005-1	$	459,101,790
NCSLT 2004-2	$	551,249,581
NCSLT 2004-1	$	344,765,613
NCSLT 2003-1	$	296,578,325
NCMSLT-I	$	436,168,613

(1) Periodic Prepayment Rate: annualized six-month prepayment rate for the most recent period ending June 30 or December 31. The monthly prepayment rate is derived by calculating the amount of principal and interest payments made by or on behalf of the borrower(s) during that month in excess of the amount of principal and interest payments expected or billed to the borrower(s) during that month. This prepayment amount is then divided by the sum of the actual month-end balance of the pool plus the prepayment amount. In order to determine the six month rolling prepayment rate, the monthly prepayment rates for each of the prior six months are compounded and annualized.

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

1

As of: 6/30/2011
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2007-4	$	966,273,140	1.14	%
NCSLT 2007-3	$	972,078,174	0.95	%
NCSLT 2007-2	$	695,810,320	1.05	%
NCSLT 2007-1	$	698,717,366	1.27	%
NCSLT 2006-4	$	644,472,996	1.03	%
NCSLT 2006-3	$	1,225,621,374	1.22	%
NCSLT 2006-2	$	416,522,379	0.92	%
NCSLT 2006-1	$	592,767,821	1.44	%
NCSLT 2005-3	$	986,911,360	1.52	%
NCSLT 2005-2	$	325,236,292	1.31	%
NCSLT 2005-1	$	473,012,460	2.06	%
NCSLT 2004-2	$	565,946,989	1.66	%
NCSLT 2004-1	$	354,940,971	2.24	%
NCSLT 2003-1	$	304,624,353	1.95	%
NCMSLT-I	$	452,310,261	2.61	%

As of: 3/31/2011
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2007-4	$	984,871,920
NCSLT 2007-3	$	988,671,981
NCSLT 2007-2	$	712,195,373
NCSLT 2007-1	$	714,100,267
NCSLT 2006-4	$	658,936,025
NCSLT 2006-3	$	1,251,025,416
NCSLT 2006-2	$	428,399,649
NCSLT 2006-1	$	609,254,926
NCSLT 2005-3	$	1,016,205,623
NCSLT 2005-2	$	335,092,324
NCSLT 2005-1	$	487,345,239
NCSLT 2004-2	$	580,955,859
NCSLT 2004-1	$	366,543,001
NCSLT 2003-1	$	312,647,759
NCMSLT-I	$	468,813,301

(1) Periodic Prepayment Rate: annualized six-month prepayment rate for the most recent period ending June 30 or December 31. The monthly prepayment rate is derived by calculating the amount of principal and interest payments made by or on behalf of the borrower(s) during that month in excess of the amount of principal and interest payments expected or billed to the borrower(s) during that month. This prepayment amount is then divided by the sum of the actual month-end balance of the pool plus the prepayment amount. In order to determine the six month rolling prepayment rate, the monthly prepayment rates for each of the prior six months are compounded and annualized.

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

2

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2010
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2007-4	$	1,003,958,784	0.62	%
NCSLT 2007-3	$	1,007,530,522	0.74	%
NCSLT 2007-2	$	729,918,974	0.65	%
NCSLT 2007-1	$	731,443,153	0.75	%
NCSLT 2006-4	$	676,302,512	0.62	%
NCSLT 2006-3	$	1,279,575,432	0.93	%
NCSLT 2006-2	$	439,683,718	0.53	%
NCSLT 2006-1	$	626,560,242	0.84	%
NCSLT 2005-3	$	1,043,505,921	1.06	%
NCSLT 2005-2	$	346,631,554	0.87	%
NCSLT 2005-1	$	504,409,982	1.23	%
NCSLT 2004-2	$	597,068,484	1.11	%
NCSLT 2004-1	$	377,724,525	1.58	%
NCSLT 2003-1	$	321,772,668	1.45	%
NCMSLT-I	$	486,746,527	1.57	%

As of: 9/30/2010
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2007-4	$	1,025,979,664
NCSLT 2007-3	$	1,027,748,326
NCSLT 2007-2	$	750,082,489
NCSLT 2007-1	$	749,299,251
NCSLT 2006-4	$	693,351,497
NCSLT 2006-3	$	1,309,439,926
NCSLT 2006-2	$	452,961,064
NCSLT 2006-1	$	643,524,288
NCSLT 2005-3	$	1,071,609,929
NCSLT 2005-2	$	357,774,338
NCSLT 2005-1	$	521,007,324
NCSLT 2004-2	$	617,229,874
NCSLT 2004-1	$	390,110,165
NCSLT 2003-1	$	330,524,342
NCMSLT-I	$	503,777,565

(1) Periodic Prepayment Rate: annualized six-month prepayment rate for the most recent period ending June 30 or December 31. The monthly prepayment rate is derived by calculating the amount of principal and interest payments made by or on behalf of the borrower(s) during that month in excess of the amount of principal and interest payments expected or billed to the borrower(s) during that month. This prepayment amount is then divided by the sum of the actual month-end balance of the pool plus the prepayment amount. In order to determine the six month rolling prepayment rate, the monthly prepayment rates for each of the prior six months are compounded and annualized.

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

3

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2010
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2007-4	$	1,037,445,430	0.76	%
NCSLT 2007-3	$	1,038,472,517	0.74	%
NCSLT 2007-2	$	761,414,702	0.61	%
NCSLT 2007-1	$	759,513,607	0.87	%
NCSLT 2006-4	$	703,822,014	0.81	%
NCSLT 2006-3	$	1,327,191,333	1.12	%
NCSLT 2006-2	$	460,828,413	0.78	%
NCSLT 2006-1	$	654,135,800	1.12	%
NCSLT 2005-3	$	1,092,317,155	1.33	%
NCSLT 2005-2	$	365,997,040	1.14	%
NCSLT 2005-1	$	533,442,839	1.72	%
NCSLT 2004-2	$	632,205,094	1.35	%
NCSLT 2004-1	$	401,500,317	1.56	%
NCSLT 2003-1	$	339,409,598	1.65	%
NCMSLT-I	$	519,456,994	1.72	%

As of: 3/31/2010
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2007-4	$	1,049,122,145
NCSLT 2007-3	$	1,050,944,905
NCSLT 2007-2	$	774,452,561
NCSLT 2007-1	$	772,162,488
NCSLT 2006-4	$	715,400,925
NCSLT 2006-3	$	1,347,638,216
NCSLT 2006-2	$	471,432,291
NCSLT 2006-1	$	667,336,071
NCSLT 2005-3	$	1,115,081,875
NCSLT 2005-2	$	375,423,099
NCSLT 2005-1	$	549,310,903
NCSLT 2004-2	$	649,170,307
NCSLT 2004-1	$	414,227,799
NCSLT 2003-1	$	351,081,881
NCMSLT-I	$	537,750,883

(1) Periodic Prepayment Rate: annualized six-month prepayment rate for the most recent period ending June 30 or December 31. The monthly prepayment rate is derived by calculating the amount of principal and interest payments made by or on behalf of the borrower(s) during that month in excess of the amount of principal and interest payments expected or billed to the borrower(s) during that month. This prepayment amount is then divided by the sum of the actual month-end balance of the pool plus the prepayment amount. In order to determine the six month rolling prepayment rate, the monthly prepayment rates for each of the prior six months are compounded and annualized.

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

4

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2009
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2007-4	$	1,058,190,280	0.71	%
NCSLT 2007-3	$	1,061,937,273	0.66	%
NCSLT 2007-2	$	786,981,399	0.50	%
NCSLT 2007-1	$	785,289,211	0.62	%
NCSLT 2006-4	$	728,118,888	0.56	%
NCSLT 2006-3	$	1,369,863,804	0.98	%
NCSLT 2006-2	$	481,275,379	0.55	%
NCSLT 2006-1	$	680,516,513	0.92	%
NCSLT 2005-3	$	1,139,180,090	1.03	%
NCSLT 2005-2	$	384,420,425	0.92	%
NCSLT 2005-1	$	564,144,476	1.15	%
NCSLT 2004-2	$	666,993,959	1.07	%
NCSLT 2004-1	$	428,409,804	1.29	%
NCSLT 2003-1	$	364,180,142	1.24	%
NCMSLT-I	$	556,834,674	1.45	%

As of: 9/30/2009
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2007-4	$	1,067,489,116
NCSLT 2007-3	$	1,070,741,032
NCSLT 2007-2	$	796,741,439
NCSLT 2007-1	$	799,477,986
NCSLT 2006-4	$	739,137,929
NCSLT 2006-3	$	1,391,314,981
NCSLT 2006-2	$	491,916,788
NCSLT 2006-1	$	695,642,353
NCSLT 2005-3	$	1,162,118,349
NCSLT 2005-2	$	393,505,101
NCSLT 2005-1	$	577,044,459
NCSLT 2004-2	$	682,702,125
NCSLT 2004-1	$	441,687,132
NCSLT 2003-1	$	374,985,375
NCMSLT-I	$	574,342,793

(1) Periodic Prepayment Rate: annualized six-month prepayment rate for the most recent period ending June 30 or December 31. The monthly prepayment rate is derived by calculating the amount of principal and interest payments made by or on behalf of the borrower(s) during that month in excess of the amount of principal and interest payments expected or billed to the borrower(s) during that month. This prepayment amount is then divided by the sum of the actual month-end balance of the pool plus the prepayment amount. In order to determine the six month rolling prepayment rate, the monthly prepayment rates for each of the prior six months are compounded and annualized.

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

5

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2009
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2007-4	$	1,071,451,396	0.89	%
NCSLT 2007-3	$	1,074,427,487	0.85	%
NCSLT 2007-2	$	803,411,664	0.81	%
NCSLT 2007-1	$	807,450,572	0.82	%
NCSLT 2006-4	$	749,470,166	0.61	%
NCSLT 2006-3	$	1,410,337,215	1.05	%
NCSLT 2006-2	$	500,708,923	0.82	%
NCSLT 2006-1	$	708,246,905	1.05	%
NCSLT 2005-3	$	1,184,434,960	1.29	%
NCSLT 2005-2	$	402,499,368	1.26	%
NCSLT 2005-1	$	591,739,704	1.68	%
NCSLT 2004-2	$	698,781,470	1.42	%
NCSLT 2004-1	$	456,480,916	1.57	%
NCSLT 2003-1	$	387,658,878	1.45	%
NCMSLT-I	$	596,891,750	1.80	%

As of: 3/31/2009
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2007-4	$	1,073,794,712
NCSLT 2007-3	$	1,076,143,808
NCSLT 2007-2	$	810,085,881
NCSLT 2007-1	$	814,086,886
NCSLT 2006-4	$	756,941,122
NCSLT 2006-3	$	1,428,087,062
NCSLT 2006-2	$	508,224,264
NCSLT 2006-1	$	720,362,316
NCSLT 2005-3	$	1,207,084,868
NCSLT 2005-2	$	412,266,059
NCSLT 2005-1	$	606,041,573
NCSLT 2004-2	$	714,557,484
NCSLT 2004-1	$	471,764,540
NCSLT 2003-1	$	399,367,209
NCMSLT-I	$	617,165,517

(1) Periodic Prepayment Rate: annualized six-month prepayment rate for the most recent period ending June 30 or December 31. The monthly prepayment rate is derived by calculating the amount of principal and interest payments made by or on behalf of the borrower(s) during that month in excess of the amount of principal and interest payments expected or billed to the borrower(s) during that month. This prepayment amount is then divided by the sum of the actual month-end balance of the pool plus the prepayment amount. In order to determine the six month rolling prepayment rate, the monthly prepayment rates for each of the prior six months are compounded and annualized.

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

6

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2008
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2007-4	$	1,070,768,977	1.40	%
NCSLT 2007-3	$	1,072,954,679	1.36	%
NCSLT 2007-2	$	811,333,194	1.25	%
NCSLT 2007-1	$	815,976,303	1.37	%
NCSLT 2006-4	$	760,743,876	1.04	%
NCSLT 2006-3	$	1,436,224,417	1.52	%
NCSLT 2006-2	$	513,459,689	1.22	%
NCSLT 2006-1	$	727,978,979	1.63	%
NCSLT 2005-3	$	1,221,439,020	1.92	%
NCSLT 2005-2	$	419,162,261	2.03	%
NCSLT 2005-1	$	618,325,477	2.38	%
NCSLT 2004-2	$	727,728,555	2.14	%
NCSLT 2004-1	$	485,010,026	2.22	%
NCSLT 2003-1	$	412,708,124	2.19	%
NCMSLT-I	$	638,040,279	2.48	%

As of: 9/30/2008
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2007-4	$	1,060,945,057
NCSLT 2007-3	$	1,062,355,486
NCSLT 2007-2	$	809,449,592
NCSLT 2007-1	$	816,014,667
NCSLT 2006-4	$	762,099,664
NCSLT 2006-3	$	1,440,175,194
NCSLT 2006-2	$	519,435,660
NCSLT 2006-1	$	736,953,150
NCSLT 2005-3	$	1,238,237,853
NCSLT 2005-2	$	426,839,137
NCSLT 2005-1	$	631,952,088
NCSLT 2004-2	$	741,372,323
NCSLT 2004-1	$	498,217,197
NCSLT 2003-1	$	426,027,966
NCMSLT-I	$	657,183,286

(1) Periodic Prepayment Rate: annualized six-month prepayment rate for the most recent period ending June 30 or December 31. The monthly prepayment rate is derived by calculating the amount of principal and interest payments made by or on behalf of the borrower(s) during that month in excess of the amount of principal and interest payments expected or billed to the borrower(s) during that month. This prepayment amount is then divided by the sum of the actual month-end balance of the pool plus the prepayment amount. In order to determine the six month rolling prepayment rate, the monthly prepayment rates for each of the prior six months are compounded and annualized.

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

7

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2008
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2007-4	$	1,051,758,085	2.54	%
NCSLT 2007-3	$	1,052,914,562	2.60	%
NCSLT 2007-2	$	807,311,180	2.97	%
NCSLT 2007-1	$	820,579,679	3.17	%
NCSLT 2006-4	$	771,252,546	3.28	%
NCSLT 2006-3	$	1,456,326,295	4.14	%
NCSLT 2006-2	$	529,746,947	3.80	%
NCSLT 2006-1	$	753,230,890	4.63	%
NCSLT 2005-3	$	1,265,497,412	5.42	%
NCSLT 2005-2	$	440,702,418	5.78	%
NCSLT 2005-1	$	653,806,234	6.64	%
NCSLT 2004-2	$	765,830,477	6.08	%
NCSLT 2004-1	$	521,215,494	6.58	%
NCSLT 2003-1	$	447,096,151	6.79	%
NCMSLT-I	$	687,828,597	6.55	%

As of: 3/31/2008
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2007-4	$	1,040,346,317
NCSLT 2007-3	$	1,041,660,236
NCSLT 2007-2	$	800,248,915
NCSLT 2007-1	$	815,441,804
NCSLT 2006-4	$	766,201,311
NCSLT 2006-3	$	1,451,669,035
NCSLT 2006-2	$	527,839,409
NCSLT 2006-1	$	754,018,806
NCSLT 2005-3	$	1,268,907,062
NCSLT 2005-2	$	443,478,876
NCSLT 2005-1	$	660,321,296
NCSLT 2004-2	$	770,601,706
NCSLT 2004-1	$	528,042,333
NCSLT 2003-1	$	453,748,467
NCMSLT-I	$	700,008,709

(1) Periodic Prepayment Rate: annualized six-month prepayment rate for the most recent period ending June 30 or December 31. The monthly prepayment rate is derived by calculating the amount of principal and interest payments made by or on behalf of the borrower(s) during that month in excess of the amount of principal and interest payments expected or billed to the borrower(s) during that month. This prepayment amount is then divided by the sum of the actual month-end balance of the pool plus the prepayment amount. In order to determine the six month rolling prepayment rate, the monthly prepayment rates for each of the prior six months are compounded and annualized.

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

8

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2007
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2007-42	$	1,026,733,503	2.43	%
NCSLT 2007-32	$	1,028,157,382	2.62	%
NCSLT 2007-2	$	793,200,380	2.97	%
NCSLT 2007-1	$	809,701,052	3.03	%
NCSLT 2006-4	$	764,415,452	3.26	%
NCSLT 2006-3	$	1,452,886,402	3.95	%
NCSLT 2006-2	$	530,436,647	4.03	%
NCSLT 2006-1	$	761,232,347	4.75	%
NCSLT 2005-3	$	1,285,065,123	5.55	%
NCSLT 2005-2	$	452,448,606	6.05	%
NCSLT 2005-1	$	676,836,730	6.20	%
NCSLT 2004-2	$	785,983,083	6.29	%
NCSLT 2004-1	$	543,428,786	7.02	%

As of: 9/30/2007
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2007-2	$	782,010,468
NCSLT 2007-1	$	799,971,707
NCSLT 2006-4	$	756,743,115
NCSLT 2006-3	$	1,444,213,195
NCSLT 2006-2	$	531,005,119
NCSLT 2006-1	$	765,318,750
NCSLT 2005-3	$	1,297,665,760
NCSLT 2005-2	$	459,428,451
NCSLT 2005-1	$	689,637,237
NCSLT 2004-2	$	799,873,457
NCSLT 2004-1	$	557,266,612

(1) Periodic Prepayment Rate: annualized six-month prepayment rate for the most recent period ending June 30 or December 31. The monthly prepayment rate is derived by calculating the amount of principal and interest payments made by or on behalf of the borrower(s) during that month in excess of the amount of principal and interest payments expected or billed to the borrower(s) during that month. This prepayment amount is then divided by the sum of the actual month-end balance of the pool plus the prepayment amount. In order to determine the six month rolling prepayment rate, the monthly prepayment rates for each of the prior six months are compounded and annualized.

(2) Annualized Quarterly Prepayment rate as only three full months of data available for the trust.

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

9

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2007
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2007-12	$	788,002,147	2.94	%
NCSLT 2006-4	$	747,160,381	3.26	%
NCSLT 2006-3	$	1,431,047,761	3.98	%
NCSLT 2006-2	$	528,228,442	3.66	%
NCSLT 2006-1	$	765,788,958	4.53	%
NCSLT 2005-3	$	1,301,568,455	5.06	%
NCSLT 2005-2	$	464,350,827	5.97	%
NCSLT 2005-1	$	699,411,801	6.75	%
NCSLT 2004-2	$	809,278,139	6.25	%
NCSLT 2004-1	$	568,679,478	7.21	%

As of: 3/31/2007
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2006-4	$	736,084,593
NCSLT 2006-3	$	1,416,145,211
NCSLT 2006-2	$	524,029,097
NCSLT 2006-1	$	763,858,488
NCSLT 2005-3	$	1,303,421,879
NCSLT 2005-2	$	467,899,305
NCSLT 2005-1	$	708,684,446
NCSLT 2004-2	$	817,808,527
NCSLT 2004-1	$	580,285,651

(1) Periodic Prepayment Rate: annualized six-month prepayment rate for the most recent period ending June 30 or December 31. The monthly prepayment rate is derived by calculating the amount of principal and interest payments made by or on behalf of the borrower(s) during that month in excess of the amount of principal and interest payments expected or billed to the borrower(s) during that month. This prepayment amount is then divided by the sum of the actual month-end balance of the pool plus the prepayment amount. In order to determine the six month rolling prepayment rate, the monthly prepayment rates for each of the prior six months are compounded and annualized.

(2) Annualized Quarterly Prepayment rate as only three full months of data available for the trust. 

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

10

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 12/31/2006
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2006-32	$	1,401,953,864	3.62	%3
NCSLT 2006-2	$	519,318,170	3.19	%
NCSLT 2006-1	$	761,214,727	3.76	%4
NCSLT 2005-3	$	1,303,456,491	4.87	%5
NCSLT 2005-2	$	471,246,325	5.26	%
NCSLT 2005-1	$	718,436,522	5.96	%6
NCSLT 2004-2	$	826,116,563	5.78	%7
NCSLT 2004-1	$	592,315,359	6.78	%

As of: 9/30/2006
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2006-3	$	1,386,268,501
NCSLT 2006-2	$	512,450,587
NCSLT 2006-1	$	754,717,557
NCSLT 2005-3	$	1,297,326,963
NCSLT 2005-2	$	472,062,307
NCSLT 2005-1	$	723,284,461
NCSLT 2004-2	$	830,688,984
NCSLT 2004-1	$	602,774,807

As of: 6/30/2006
	Ending Pool Balances*		Periodic Prepayment Rate1
Trust
NCSLT 2006-12	$	744,443,613	3.24	%
NCSLT 2005-3	$	1,291,550,041	3.82	%
NCSLT 2005-2	$	466,444,303	3.77	%
NCSLT 2005-1	$	727,336,447	4.31	%
NCSLT 2004-2	$	833,704,349	3.88	%
NCSLT 2004-1	$	606,782,284	5.22	%

(1) Periodic Prepayment Rate: annualized six-month prepayment rate for the most recent period ending June 30 or December 31. The monthly prepayment rate is derived by calculating the amount of principal and interest payments made by or on behalf of the borrower(s) during that month in excess of the amount of principal and interest payments expected or billed to the borrower(s) during that month. This prepayment amount is then divided by the sum of the actual month-end balance of the pool plus the prepayment amount. In order to determine the six month rolling prepayment rate, the monthly prepayment rates for each of the prior six months are compounded and annualized.

Certain of the historical rates indicated below as of December 31, 2006 have been corrected in connection with the disclosure of prepayment data on May 8, 2008.

(2) Annualized Quarterly Prepayment rate as only three full months of data available for the trust.

(3) Reported as 2.81% in connection with disclosure of prepayment data prior to May 8, 2008.

(4) Reported as 3.81% in connection with disclosure of prepayment data prior to May 8, 2008.

(5) Reported as 4.99% in connection with disclosure of prepayment data prior to May 8, 2008.

(6) Reported as 6.11% in connection with disclosure of prepayment data prior to May 8, 2008.

(7) Reported as 5.83% in connection with disclosure of prepayment data prior to May 8, 2008.

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

11

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 3/31/2006
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2006-1	$	741,505,548
NCSLT 2005-3	$	1,282,341,521
NCSLT 2005-2	$	469,005,318
NCSLT 2005-1	$	727,519,137
NCSLT 2004-2	$	832,868,015
NCSLT 2004-1	$	617,245,354

As of: 12/31/2005
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2005-3	$	1,272,471,279
NCSLT 2005-2	$	466,319,024
NCSLT 2005-1	$	726,150,492
NCSLT 2004-2	$	829,751,541
NCSLT 2004-1	$	622,162,827

As of: 9/30/2005
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2005-2	$	463,030,467
NCSLT 2005-1	$	723,026,134
NCSLT 2004-2	$	824,255,378
NCSLT 2004-1	$	624,077,210

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

12

THE NATIONAL COLLEGIATE STUDENT LOAN TRUSTS	Prepayment Data
Static Pool Information: Prior Securitized Pool Report

As of: 6/30/2005
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2005-2	$	462,034,870
NCSLT 2005-1	$	719,735,963
NCSLT 2004-2	$	819,621,349
NCSLT 2004-1	$	625,170,864

As of: 3/31/2005
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2005-1	$	715,709,747
NCSLT 2004-2	$	813,661,493
NCSLT 2004-1	$	624,107,005

As of: 12/31/2004
	Ending Pool Balances*		Periodic Prepayment Rate
Trust
NCSLT 2004-2	$	809,687,713
NCSLT 2004-1	$	623,103,207

*Balances include principal plus capitalized interest plus outstanding accrued interest plus late fees.

13

EX-99.4

Exhibit 99.4

Forward-Looking Statements

Statements in this presentation regarding First Marblehead’s expectations and future performance, including with regard to the future performance of securitization trusts that First Marblehead has facilitated (the “Trusts”), as well as any other statements that are not purely historical, constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our historical performance, the historical performance of the Trusts, and on our plans, estimates and expectations as of January 31, 2012. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future results, plans, projections, estimates or expectations contemplated will actually be achieved. You are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause actual results, including the performance of the Trusts and resulting cash flows, or the timing of events, to be materially different than those expressed or implied by our forward-looking statements. Important factors that could cause or contribute to such differences include: degradation of credit quality, credit enhancement or performance of the Trusts’ loan portfolios; economic, legislative, regulatory, competitive and other factors affecting default, recovery and prepayment rates on the Trusts’ loan portfolios, including general economic conditions, the consumer credit environment, interest rates and unemployment rates; collections and risk mitigation strategies and programs, which may affect recovery rates and relative rates of forbearance, delinquency, and default; borrower defaults and the Trusts’ ability to recover principal and interest from such borrowers; capital market receptivity to private education loan asset-backed securities; distributions from time to time pursuant to the plan of reorganization of The Education Resources Institute, Inc., the former third-party guarantor of the Trusts’ underlying loans; changes to bankruptcy laws that could affect the non-dischargeable status of education-related loans; and the other factors set forth under the caption “risk factors” in our quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 8, 2011. We specifically disclaim any obligation to update any forward-looking statements as a result of developments occurring after January 31, 2012.

Disclaimer

The information in this presentation is intended to provide a broad overview of a portfolio of private education loans previously facilitated by First Marblehead. Neither First Marblehead nor any other party is offering any securities by making this presentation or soliciting any action based upon the information provided. Nothing in this presentation should be relied upon as a representation by First Marblehead, or any other person, as to the future performance of any securitization trust described in this presentation or as to any securities that may be issued in the future. The information contained herein is intended to be illustrative only, and historical collateral pools may not be representative of any future collateral pool. Investing in our common stock involves a high degree of risk. Prior to purchasing any shares, you should carefully consider the risks and uncertainties described in the reports we file from time to time with the Securities and Exchange Commission.

Trust parity ratiosAs of December 31, 2011

NCMSLT

Parity
Ratio:

trust assets
(loan pool
balance plus
trust
accounts)
divided by
liabilities
(bonds
outstanding)

Months Since Inception

2003-1

2004-1

2005-1

2005-2

2005-3

2006-1

2004-2

2006-2

2006-
4

2007-
2

2007-3, 2007-4

2007-
1

2006-
3

Charge-off Rates By Risk Segment
Updated through December 31, 2011

Net recovery ratesAs of December 31, 2011

Net
Recoveries:
recoveries
(either in the
form of cash or
repurchased
loans) net of
collection
costs.

Six month rolling prepayment rates
Updated through December 31, 2011*

*Average prepayment rate during preceding six month period.NCMSLT as of September 30, 2011 (most recent quarterly reporting date).NCSLT 2003-1 as of
October 31, 2011 (most recent quarterly reporting date).NCSLT 2004-1 as of November 31, 2011 (most recent quarterly reporting date).

NCSLT Trust payment statusAs of December 31, 2011

Source: First Marblehead

Payment Status by Risk Segment1NCMSLT as of December 31, 2011

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

Payment Status by Risk Segment1NCSLT 2003-1 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2004-1 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2004-2 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2005-1 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2005-2 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2005-3 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2006-1 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2006-2 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2006-3 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2006-4 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2007-1 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2007-2 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2007-3 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011

Payment Status by Risk Segment1NCSLT 2007-4 as of December 31, 2011

Segment Distribution by Original Loan Amount

Segment Distribution by Outstanding Loan Amount2

(1) Please refer to our most recent Form 10-Q, filed November 8, 2011, for a description of credit risk segments

(2) Outstanding aggregate principal and capitalized interest balance as of December 31, 2011

(3) Loans “not in repayment” include loans in deferment or forbearance status as of December 31, 2011