10-D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from

February 25, 2008 to March 24, 2008

Commission File Number of issuing entity: 333-141132-04

The National Collegiate Student Loan Trust 2007-4

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor and sponsor: 333-141132

The National Collegiate Funding LLC

(Exact name of depositor and sponsor as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization of the issuing entity)	77-0698483 65-1177163 (I.R.S. Employer Identification Nos.)
c/o Wilmington Trust Company 1100 North Market Street Wilmington, Delaware (Address of principal executive	19890 (Zip Code)

(302) 636−6000

(Telephone number including area code)

Not Applicable

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

Registered/reporting pursuant to (check one)

				Name of exchange
Title of class	Section 12(b)	Section 12(g)	Section 15(d)	(If Section 12(b))
Class A-1 L Notes	o	o	þ	___________
Class A-2-AR-1 Notes	o	o	þ	___________
Class A-2-AR-2 Notes	o	o	þ	___________
Class A-2-AR-3 Notes	o	o	þ	___________
Class A-2-AR-4 Notes	o	o	þ	___________
Class A-3-L Notes	o	o	þ	___________
Class A-3-AR-1 Notes	o	o	þ	___________
Class A-3-AR-2 Notes	o	o	þ	___________
Class A-3-AR-3 Notes	o	o	þ	___________
Class A-3-AR-4 Notes	o	o	þ	___________
Class A-3-AR-5 Notes	o	o	þ	___________
Class A-3-AR-6 Notes	o	o	þ	___________
Class A-3-AR-7 Notes	o	o	þ	___________
Class A-IO Notes	o	o	þ	___________

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

Yes  þ                    No  o

PART I – DISTRIBUTION INFORMATION

Item 1.                      Distribution and Pool Performance Information.

Attached hereto is a copy of the monthly distribution report to the noteholders and certificateholders which was derived from the monthly information submitted by the servicer of the student loans owned by the trust to the indenture trustee and grantor trustee.

PART II – OTHER INFORMATION

Item 2.                      Legal Proceedings. None.

Item 3.                      Sales of Securities and Use of Proceeds. None.

Item 4.                      Defaults Upon Senior Securities. None.

Item 5.                      Submission of Matters to a Vote of Security Holders. None.

Item 6.                      Significant Obligors of Pool Assets.  None.

Item 7.                      Significant Enhancement Provider Information.

The consolidated financial statements of Ambac Assurance Corporation and its subsidiaries (“Ambac”) are incorporated herein by reference from Exhibit 99.01 of the Annual Report on Form 10-K filed by Ambac Financial Group, Inc. (File No. 1-10777) with the Securities and Exchange Commission (the “SEC”) on February 29, 2008.  You should be aware that any such financial statements may be modified or superseded by a document filed with the SEC at a later date.  You should not assume that information concerning Ambac is accurate as of any date other than the date that such Form 10-K was filed with the SEC.

Item 8.                      Other Information.

Item 9.                      Exhibits.

99.1	Monthly Distribution Report to the Noteholders and Certificateholders distributed on March 25, 2008.
99.2	Copy of the consolidated financial statements of  Ambac Assurance Corporation and its subsidiaries (incorporated herein by reference from Exhibit 99.01 of the Annual Report on Form 10-K filed by Ambac Financial Group, Inc. (File No. 1-10777) with the SEC on February 29, 2008).

SIGNATURES

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

NATIONAL COLLEGIATE FUNDING LLC, as depositor for THE NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-4
By:	GATE HOLDINGS, INC., Member
	By:	/s/ Jerry M. Hamstead
		Name:	Jerry M. Hamstead
		Title:	Vice President

Dated:  March 25, 2008

EXHIBIT INDEX

Exhibit Number	Description
99.1	Monthly Distribution Report to the Noteholders and Certificateholders distributed on March 25, 2008.
99.2	Copy of the consolidated financial statements of  Ambac Assurance Corporation and its subsidiaries (incorporated herein by reference from Exhibit 99.01 of the Annual Report on Form 10-K filed by Ambac Financial Group, Inc. (File No. 1-10777) with the SEC on February 29, 2008).

EX-99.1

National Collegiate Student Loan Trust 2007-4

Closing Date: September 20, 2007
Monthly Distribution Report
Collection Period	02/01/08	to	02/29/08
Monthly Distribution Date	03/25/08
Volume 5

I	Asset and Liability Summary
A.	Student Loan Portfolio		01/31/08			Change			02/29/08
	1	Student Loan Principal	$	1,012,202,850.72		$	(1,472,159.17	)	$	1,010,730,691.55
	2	Student Loan Accrued Interest	$	19,908,152.70		$	6,201,200.75		$	26,109,353.45
	3	Pool Balance	$	1,032,111,003.42		$	4,729,041.58		$	1,036,840,045.00
	4	Weighted Average Coupon (WAC)		10.36	%		-0.52	%		9.84	%
	5	Weighted Average Maturity (WAM)	265.0 Months			-1.5 Months			263.5 Months
	6	Number of Loans		70,302			-139			70,163
	7	Number of Borrowers		68,175			-133			68,042

B.	Trust Accounts and TERI Pledge Fund (at market value)		01/31/08		Change			02/29/08
	1	Future Distribution Account	$	3,367,097.52	$	(655,373.96	)	$	2,711,723.56
	2	Collection Account + Collections Receivable	$	4,265,683.09	$	(1,217,908.45	)	$	3,047,774.64
	3	Reserve Account	$	318,466,138.94	$	(9,452,895.38	)	$	309,013,243.56
	4	Total Trust Accounts	$	326,098,919.55	$	(11,326,177.79	)	$	314,772,741.76
	5	TERI Pledge Fund	$	68,361,601.44	$	446,099.27		$	68,807,700.71
	6	Total Trust Accounts + TERI Pledge Fund	$	394,460,520.99	$	(10,880,078.52	)	$	383,580,442.47
	7	Pool Balance + Trust Accounts	$	1,358,209,922.97	$	(6,597,136.21	)	$	1,351,612,786.76
	8	Pool Balance + Trust Accounts + TERI Pledge Fund	$	1,426,571,524.41	$	(6,151,036.94	)	$	1,420,420,487.47
	9	Reserve Account Balance:
		Reserve Account Balance after the 02/25/08 Monthly Distribution Date was $308,800,000.00.
		Reserve Account Balance after the 03/25/08 Monthly Distribution Date will be $299,400,000.00.
	10	Future Distribution Account Balance after the 03/25/08 Monthly Distribution Date will be $3,377,543.03

C.		Securities	Cusip	Index	Spread		Initial Debt Issued		01/31/08		Change			02/29/08		Change			03/25/08		% of Securities
	1	Class A-1 L	63544CAA2	1M LIBOR	0.520	%	$	150,000,000.00	$	129,463,969.54	$	(6,786,479.82	)	$	122,677,489.72	$	(5,444,351.81	)	$	117,233,137.91		8.19	%
	2	Class A-2-AR-1	63544EAA8	Auction Rate	NA		$	94,200,000.00	$	94,200,000.00	$	-		$	94,200,000.00	$	-		$	94,200,000.00		6.58	%
	3	Class A-2-AR-2	63544EAB6	Auction Rate	NA		$	94,200,000.00	$	94,200,000.00	$	-		$	94,200,000.00	$	-		$	94,200,000.00		6.58	%
	4	Class A-2-AR-3	63544EAC4	Auction Rate	NA		$	94,200,000.00	$	94,200,000.00	$	-		$	94,200,000.00	$	-		$	94,200,000.00		6.58	%
	5	Class A-2-AR-4	63544EAD2	Auction Rate	NA		$	31,400,000.00	$	31,400,000.00	$	-		$	31,400,000.00	$	-		$	31,400,000.00		2.19	%
	6	Class A-3-L	63544CAB0	1M LIBOR	0.850	%	$	550,000,000.00	$	550,000,000.00	$	-		$	550,000,000.00	$	-		$	550,000,000.00		38.43	%
	7	Class A-3-AR-1	63544EAE0	Auction Rate	NA		$	67,500,000.00	$	67,500,000.00	$	-		$	67,500,000.00	$	-		$	67,500,000.00		4.72	%
	8	Class A-3-AR-2	63544EAF7	Auction Rate	NA		$	67,500,000.00	$	67,500,000.00	$	-		$	67,500,000.00	$	-		$	67,500,000.00		4.72	%
	9	Class A-3-AR-3	63544EAG5	Auction Rate	NA		$	67,500,000.00	$	67,500,000.00	$	-		$	67,500,000.00	$	-		$	67,500,000.00		4.72	%
	10	Class A-3-AR-4	63544EAH3	Auction Rate	NA		$	67,500,000.00	$	67,500,000.00	$	-		$	67,500,000.00	$	-		$	67,500,000.00		4.72	%
	11	Class A-3-AR-5	63544EAJ9	Auction Rate	NA		$	67,500,000.00	$	67,500,000.00	$	-		$	67,500,000.00	$	-		$	67,500,000.00		4.72	%
	12	Class A-3-AR-6	63544EAK6	Auction Rate	NA		$	67,500,000.00	$	67,500,000.00	$	-		$	67,500,000.00	$	-		$	67,500,000.00		4.72	%
	13	Class A-3-AR-7	63544EAL4	Auction Rate	NA		$	45,000,000.00	$	45,000,000.00	$	-		$	45,000,000.00	$	-		$	45,000,000.00		3.14	%
	14	Class A-IO	63544CAC8	Fixed	5.5864	%	(a)		(a)		$	-		(a)		$	-		(a)			0.00	%
	15	Total Securities					$	1,464,000,000.00	$	1,443,463,969.54	$	(6,786,479.82	)	$	1,436,677,489.72	$	(5,444,351.81	)	$	1,431,233,137.91		100.00	%

(a) The initial notional amount equals $309,855,000 however the notional amount, in effect through final maturity date of 10/25/2012, is equal to the lesser of $309,855,000 or the principal amount of Class A-3 Notes.

Page 1 of 6

National Collegiate Student Loan Trust 2007-4

 

II	Transactions and Accruals		From 02/01/08 to 02/29/08
A.		Student Loan Cash Principal Activity
	1	Principal Payments Received	$	(1,924,100.84	)
	2	Principal Claims from Guarantor	$	(98,509.84	)
	3	Repurchased Principal	$	-
	4	New Loan Additions	$	-
	5	Other Adjustments (cancellations, consolidations and other)	$	(302,542.31	)
	6	Total Principal Collections	$	(2,325,152.99	)
B.		Student Loan Non-Cash Principal Activity
	1	Capitalized Interest	$	852,507.53
	2	Realized Losses	$	-
	3	Repurchased Principal	$	-
	4	New Loan Additions	$	-
	5	Other Adjustments	$	486.29
	6	Total Non-Cash Principal Activity	$	852,993.82
C.		Total Student Loan Principal Activity (II.A.6 + II.B.6)	$	(1,472,159.17	)
D.		Student Loan Cash Interest Activity
	1	Interest Payments Received	$	(828,865.03	)
	2	Interest Claims from Guarantor	$	(3,386.70	)
	3	Repurchased Interest	$	-
	4	New Loan Additions	$	-
	5	Other Adjustments (cancellations, consolidations and other)	$	(3,962.93	)
	6	Total Interest Collections	$	(836,214.66	)
E.		Student Loan Non-Cash Interest Activity
	1	Interest Accruals	$	7,887,796.73
	2	Capitalized Interest	$	(852,507.53	)
	3	Realized Losses	$	-
	4	Repurchased Interest	$	-
	5	Other Adjustments	$	2,126.21
	6	Total Non-Cash Interest Activity	$	7,037,415.41
F.		Total Student Loan Interest Activity (II.D.6 + II.E.6)	$	6,201,200.75
G.		Student Loan Late Fees Activity
	1	Cash Late Fees	$	(828.07	)
	2	Non-Cash Late Fees	$	1,035.25
	3	Net Late Fees Activity (II.G.1 + II.G.2)	$	207.18

III	Prepayment Data	12/31/07
Prepayment Rate (1)		2.43%
	(1) Prepayment rate will be updated in the July and January Monthly Distribution Reports for the 6-month periods ending June and December, respectively.

Page 2 of 6

National Collegiate Student Loan Trust 2007-4

IV		Collection Account Activity			From 02/01/08 to 02/29/08
	A.			Collection Account
		1		Collections by Servicers		$	3,059,471.11
		2		Claim Payments from Guarantor		$	101,896.54
		3		Liquidation Proceeds and Recoveries		$	-
		4		Sale Proceeds		$	-
		5		Investment Earnings on Trust Accounts (Collection and Reserve Accounts) 1		$	842,542.99
		6		Excess of Required Reserve Amount Balance		$	9,400,000.00
		7		Other Receipts (Late Fees and Other)		$	63,999.52
		8		Prior Month Allocations and Adjustments		$	768,815.98
		9		Advances or Reimbursements		$	-
		10		Amounts in the Future Distribution Account		$	2,711,723.56
		11		Opening Balance and Post Sale Settlement		$	602.48
		12		Total Available Funds		$	16,949,052.18
			1	Includes GIC interest from 2/22/08 - 3/23/08.

B.		Allocations thru 02/29/08 with Payments and Distributions for 03/25/08	Total Available		Remaining		Reserve Transfer
			Funds		Funds
			$	16,949,052.18	$	16,949,052.18
	1	Payment of Trustee, Servicers, Note Insurer, Administrators, Paying Agent Fees,
		Broker Dealer, Auction Agent Fees & Expenses:
		(a) Payment of Trustee Fees & Expenses	$	-	$	16,949,052.18	$	-
		(b) Payment of Servicing Fees & Expenses	$	118,428.03	$	16,830,624.15	$	-
		(c) Payment of Ambac for Note Insurance Premium	$	300,904.12	$	16,529,720.03	$	-
		(d) Payment of Administration Fees & Expenses	$	50,036.17	$	16,479,683.86	$	-
		(e) Payment of Irish Paying Agent Fees & Expenses	$	-	$	16,479,683.86	$	-
		(f) Payment of Back-up Administration Fees & Expenses	$	1,000.00	$	16,478,683.86	$	-
		(g) Payment of Broker Dealer Fees & Expenses	$	170,124.96	$	16,308,558.90	$	-
		(h) Payment of Auction Agent Fees & Expenses	$	-	$	16,308,558.90	$	-
	2	Allocation of Servicer Fees & Expenses	$	118,428.03	$	16,190,130.87	$	-
	3	Allocation to Future Distribution Account, to cover 1 month's expected Broker-Dealer Fees
		and Auction Agent Fees	$	148,555.50	$	16,041,575.37	$	-
	4	Payments to TERI Pledge Fund, additional Guaranty Fees	$	492.96	$	16,041,082.41	$	-
	5	Payment of Interest Distribution Amount to Class A Securities:
		(a) Class A-1-L	$	361,200.01	$	15,679,882.40	$	-
		(b) Class A-2-AR-1	$	537,165.04	$	15,142,717.36	$	-
		(c) Class A-2-AR-2	$	536,871.97	$	14,605,845.39	$	-
		(d) Class A-2-AR-3	$	526,175.04	$	14,079,670.35	$	-
		(e) Class A-2-AR-4	$	179,055.01	$	13,900,615.34	$	-
		(f) Class A-3-L	$	1,765,576.39	$	12,135,038.95	$	-
		(g) Class A-3-AR-1	$	299,696.26	$	11,835,342.69	$	-
		(h) Class A-3-AR-2	$	322,830.01	$	11,512,512.68	$	-
		(i) Class A-3-AR-3	$	299,696.26	$	11,212,816.42	$	-
		(j) Class A-3-AR-4	$	322,830.01	$	10,889,986.41	$	-
		(k) Class A-3-AR-5	$	236,118.75	$	10,653,867.66	$	-
		(l) Class A-3-AR-6	$	322,830.01	$	10,331,037.65	$	-
		(m) Class A-3-AR-7	$	215,220.00	$	10,115,817.65	$	-
		(n) Class A-IO	$	1,442,478.31	$	8,673,339.34	$	-
	6	Allocation to Future Distribution Account, to cover 1 month's expected interest on Auction Rate Notes	$	3,228,987.53	$	5,444,351.81	$	-
	7	Transfer to Reinstate Reserve Account up to Required Reserve Amount Balance	$	-	$	5,444,351.81	$	-
	8	Payment to TERI, to Purchase Rehabilitated Loans	$	-	$	5,444,351.81	$	-
	9	Payment to Ambac for any amounts due to Reimbursement Agreement	$	-	$	5,444,351.81	$	-
	10	Payment of Principal Distribution:1
		(a) Class A-1-L	$	5,444,351.81	$	-	$	-
		(b) Class A-2-AR-1	$	-	$	-	$	-
		(c) Class A-2-AR-2	$	-	$	-	$	-
		(d) Class A-2-AR-3	$	-	$	-	$	-
		(e) Class A-2-AR-4	$	-	$	-	$	-
		(f) Class A-3-L	$	-	$	-	$	-
		(g) Class A-3-AR-1	$	-	$	-	$	-
		(h) Class A-3-AR-2	$	-	$	-	$	-
		(i) Class A-3-AR-3	$	-	$	-	$	-
		(j) Class A-3-AR-4	$	-	$	-	$	-
		(k) Class A-3-AR-5	$	-	$	-	$	-
		(l) Class A-3-AR-6	$	-	$	-	$	-
		(m) Class A-3-AR-7	$	-	$	-	$	-
	11	Payment of Ambac for Indemnity payments and any other amounts due to the Reimbursement Agreement	$	-	$	-	$	-
	12	Payment of the following:	$	-	$	-	$	-
		(a) Unreimbursed Advances to First Marblehead Corporation	$	-	$	-	$	-
		(b) Payment of Indenture Trustee Fees & Expenses, in excess of maximum amounts specified	$	-	$	-	$	-
		(c) Payment of Irish Paying Agent Fees & Expenses, in excess of maximum amounts specified	$	-	$	-	$	-
		(d) Payment of Owner Trustee Fees & Expenses, in excess of maximum amounts specified	$	-	$	-	$	-
		(e) Payment of Back-up Administration Fees & Expenses, in excess of maximum amounts specified	$	-	$	-	$	-
		(f) Payment of Indemnities, Fees & Expenses of the Servicers	$	-	$	-	$	-
		(g) Note Insurance Premium and Expenses	$	-	$	-	$	-
		(h) Payment of Administration Fees & Expenses allocated to the Notes	$	-	$	-	$	-
		(i) Auction Agent and Broker-Dealer Fees and Expenses	$	-	$	-	$	-
	13	Remaining Amounts of Principal, if a Turbo Trigger is in effect	$	-	$	-	$	-
	14	Payment of any remaining Interest Carryover Shortfall to Class A Noteholders	$	-	$	-	$	-
	15	Payment of any Prepayment Penalties to Class A-IO Noteholders previously unpaid	$	-	$	-	$	-
	16	Payment of structuring advisory fees and then to the Certificateholders, any remaining amounts	$	-	$	-	$	-
		1 Auction Rate Notes must be paid in denominations of $25,000

Page 3 of 6

National Collegiate Student Loan Trust 2007-4

V	Parity Calculation (excludes TERI Pledge Fund)	01/31/08	02/29/08
	Parity ((Pool Balance + Trust Accounts) / Securities) (a)	94.09%	94.08%
(a)  Parity ratio calculations include all Securities.

VI      Portfolio Characteristics by Payment Status
	WAC						# of Loans				%						Principal Amount				%
Payment Status	01/31/08			02/29/08			01/31/08		02/29/08		01/31/08			02/29/08			01/31/08		02/29/08		01/31/08			02/29/08
Interim (1)
In School		10.43	%		9.90	%		61,657		60,295		87.70	%		85.94	%	$	904,483,359.49	$	888,631,912.53		89.36	%		87.92	%
Total Interim								61,657		60,295		87.70	%		85.94	%	$	904,483,359.49	$	888,631,912.53		89.36	%		87.92	%
Repayment
Active
Current		9.77	%		9.43	%		7,815		9,030		11.12	%		12.87	%	$	96,375,897.50	$	110,406,539.54		9.52	%		10.92	%
31-60 Days Delinquent		10.18	%		10.09	%		321		263		0.46	%		0.37	%	$	3,998,721.38	$	3,505,238.79		0.40	%		0.35	%
61-90 Days Delinquent		11.02	%		9.45	%		88		100		0.13	%		0.14	%	$	1,168,138.87	$	1,090,088.55		0.12	%		0.11	%
91-120 Days Delinquent		10.47	%		10.54	%		36		25		0.05	%		0.04	%	$	556,959.43	$	354,851.95		0.06	%		0.04	%
121-150 Days Delinquent		11.29	%		10.14	%		37		24		0.05	%		0.03	%	$	406,130.50	$	429,556.27		0.04	%		0.04	%
151-180 Days Delinquent		10.39	%		10.75	%		25		30		0.04	%		0.04	%	$	398,632.40	$	308,184.08		0.04	%		0.03	%
> 180 Days Delinquent		11.01	%		10.07	%		17		37		0.02	%		0.05	%	$	211,044.88	$	537,998.55		0.02	%		0.05	%
Forbearance		9.57	%		9.39	%		306		359		0.44	%		0.51	%	$	4,603,966.27	$	5,466,321.29		0.45	%		0.54	%
Total Repayment								8,645		9,868		12.30	%		14.06	%	$	107,719,491.23	$	122,098,779.02		10.64	%		12.08	%
Grand Total								70,302		70,163		100.00	%		100.00	%	$	1,012,202,850.72	$	1,010,730,691.55		100.00	%		100.00	%
(1)  Loans in Interim Status have not yet had a scheduled payment.

VII		Portfolio Characteristics by Borrower Type and Program Type
			01/31/08					02/29/08
Borrower Type			Principal Amount		%			Principal Amount		%
	1	Creditworthy Cosigned Loans	$	847,694,406.86		83.75	%	$	846,461,309.21		83.75	%
	2	Creditworthy Non-Cosigned Loans	$	154,860,889.33		15.30	%	$	154,609,510.05		15.30	%
	3	Creditready Loans	$	9,647,554.53		0.95	%	$	9,659,872.29		0.96	%
Total			$	1,012,202,850.72		100.00	%	$	1,010,730,691.55		100.00	%
			01/31/08					02/29/08
Program Type			Principal Amount		%			Principal Amount		%
	1	Continuing Education	$	30,629,359.84		3.03	%	$	30,523,035.24		3.02	%
	2	Graduate	$	94,784,364.29		9.36	%	$	94,626,973.28		9.36	%
	3	K-12	$	11,866,028.99		1.17	%	$	11,811,392.68		1.17	%
	4	Medical	$	10,166,942.01		1.00	%	$	10,178,572.45		1.01	%
	5	Undergraduate	$	864,756,155.59		85.43	%	$	863,590,717.90		85.44	%
	6	Consolidation, Parent, Other	$	-		0.00	%	$	-		0.00	%
Total			$	1,012,202,850.72		100.00	%	$	1,010,730,691.55		100.00	%

Page 4 of 6

National Collegiate Student Loan Trust 2007-4

VIII	Default  Information, TERI Claims, Net Losses and Related Information
		01/31/08			02/29/08
TERI Claims, Net Losses		Principal Amount			Principal Amount
A.	Cumulative Net Claims Filed to TERI (1)	$	462,153.43		$	792,587.55
B.	Cumulative Claim Payments Made	$	215,030.62		$	313,540.46
C.	Claims in Process	$	247,122.81		$	479,047.09
D.	Cumulative net loss, claims rejected, aged 24 months or more	$	-		$	-
Default Rates
E.	Cumulative Default Rate as a percentage of Loans in Repayment (2)		0.38	%		0.57	%
F.	Cumulative Default Rate as a percentage of Financed Student Loans at Closing Date (3)		0.05	%		0.08	%
Related Information
G.	Has a Material Change to Charge-Off Method Occurred?	No			No
H.	Has a Material Change to Asset Terms, Fees, Penalties or Payments Occurred?	No			No
I.	Has a Material Breach of Pool Asset Representations or Warranties or Transaction Covenants Occurred?	No			No
(1)	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)	Section VIII.A divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the Trust.
(3)	Section VIII.A divided by the Principal Balance of Financed Student Loans as of Closing Date - $989,697,216.24

IX	Triggers and Other Information
1	Has a change occurred in the notional amount of the Class A-IO? No
2	Has Prepayment Penalty occurred on Class A-IO Notes?  No
3	Has a Required Reserve Amount Balance date occurred? Yes
4	Has the Stepdown Date of November 25, 2011 occurred (On or after Stepdown Date, Principal Distribution method will change)?  No.
5	Turbo Trigger (Principal Balance of loans is equal to or less than 10% of the Principal Balance as of the cut off date or Cumulative Default Rate is greater than 10% and TERI is no longer paying claims)(a)
	- Has a Turbo Trigger occurred? No
	- If so, the date such trigger occurred.
	- Is a Turbo Trigger currently in effect? No
6	Has an Event of Default occurred? No
7	Has Parity Ratio reached its release point of 103%? No
8	Has Trust exceeded annual fees or expense cap to Service Providers?  No
(a)	See VIII. Default Information, TERI Claims, Net Losses and Related Information (above) for Cumulative Default Rate and calculation.

Page 5 of 6

National Collegiate Student Loan Trust 2007-4

Auction Rate Securities Paid
Class	Payment Date	Notes Held		Value Per Note		Balance		Interest Rate			Start Date	End Date	No. of Days		Interest Payment		Broker/Dealer Fee
Class A-2-AR-1	03/07/08		3,768	$	25,000	$	94,200,000.00		4.65000	%	02/08/08	03/06/08		28	$	340,690.00	$	14,653.33
	03/14/08		3,768	$	25,000	$	94,200,000.00		4.55800	%	03/07/08	03/13/08		7	$	83,487.37	$	3,663.33
	03/24/08		3,768	$	25,000	$	94,200,000.00		4.31800	%	03/14/08	03/23/08		10	$	112,987.67	$	5,233.33
													Total		$	537,165.04	$	23,549.99
Class A-2-AR-2	02/22/08		3,768	$	25,000	$	94,200,000.00		4.66500	%	02/08/08	02/21/08		14	$	170,894.50	$	7,326.67
	02/29/08		3,768	$	25,000	$	94,200,000.00		4.63500	%	02/22/08	02/28/08		7	$	84,897.75	$	3,663.33
	03/07/08		3,768	$	25,000	$	94,200,000.00		4.61900	%	02/29/08	03/06/08		7	$	84,604.68	$	3,663.33
	03/14/08		3,768	$	25,000	$	94,200,000.00		4.55800	%	03/07/08	03/13/08		7	$	83,487.37	$	3,663.33
	03/24/08		3,768	$	25,000	$	94,200,000.00		4.31800	%	03/14/08	03/23/08		10	$	112,987.67	$	5,233.33
													Total		$	536,871.97	$	23,549.99
Class A-2-AR-3	03/07/08		3,768	$	25,000	$	94,200,000.00		4.50000	%	02/08/08	03/06/08		28	$	329,700.00	$	14,653.33
	03/14/08		3,768	$	25,000	$	94,200,000.00		4.55800	%	03/07/08	03/13/08		7	$	83,487.37	$	3,663.33
	03/24/08		3,768	$	25,000	$	94,200,000.00		4.31800	%	03/14/08	03/23/08		10	$	112,987.67	$	5,233.33
													Total		$	526,175.04	$	23,549.99
Class A-2-AR-4	03/07/08		1,256	$	25,000	$	31,400,000.00		4.65000	%	02/08/08	03/06/08		28	$	113,563.33	$	4,884.44
	03/14/08		1,256	$	25,000	$	31,400,000.00		4.55800	%	03/07/08	03/13/08		7	$	27,829.12	$	1,221.11
	03/24/08		1,256	$	25,000	$	31,400,000.00		4.31800	%	03/14/08	03/23/08		10	$	37,662.56	$	1,744.44
													Total		$	179,055.01	$	7,849.99
Class A-3-AR-1	02/20/08		2,700	$	25,000	$	67,500,000.00		4.62800	%	02/13/08	02/19/08		7	$	60,742.50	$	2,625.00
	02/27/08		2,700	$	25,000	$	67,500,000.00		4.61100	%	02/20/08	02/26/08		7	$	60,519.38	$	2,625.00
	03/05/08		2,700	$	25,000	$	67,500,000.00		4.62500	%	02/27/08	03/04/08		7	$	60,703.13	$	2,625.00
	03/12/08		2,700	$	25,000	$	67,500,000.00		4.58000	%	03/05/08	03/11/08		7	$	60,112.50	$	2,625.00
	03/19/08		2,700	$	25,000	$	67,500,000.00		4.39000	%	03/12/08	03/18/08		7	$	57,618.75	$	2,625.00
													Total		$	299,696.26	$	13,125.00
Class A-3-AR-2	02/22/08		2,700	$	25,000	$	67,500,000.00		4.61600	%	02/15/08	02/21/08		7	$	60,585.00	$	2,625.00
	02/29/08		2,700	$	25,000	$	67,500,000.00		4.63500	%	02/22/08	02/28/08		7	$	60,834.38	$	2,625.00
	03/07/08		2,700	$	25,000	$	67,500,000.00		4.61900	%	02/29/08	03/06/08		7	$	60,624.38	$	2,625.00
	03/14/08		2,700	$	25,000	$	67,500,000.00		4.55800	%	03/07/08	03/13/08		7	$	59,823.75	$	2,625.00
	03/24/08		2,700	$	25,000	$	67,500,000.00		4.31800	%	03/14/08	03/23/08		10	$	80,962.50	$	3,750.00
													Total		$	322,830.01	$	14,250.00
Class A-3-AR-3	02/20/08		2,700	$	25,000	$	67,500,000.00		4.62800	%	02/13/08	02/19/08		7	$	60,742.50	$	2,625.00
	02/27/08		2,700	$	25,000	$	67,500,000.00		4.61100	%	02/20/08	02/26/08		7	$	60,519.38	$	2,625.00
	03/05/08		2,700	$	25,000	$	67,500,000.00		4.62500	%	02/27/08	03/04/08		7	$	60,703.13	$	2,625.00
	03/12/08		2,700	$	25,000	$	67,500,000.00		4.58000	%	03/05/08	03/11/08		7	$	60,112.50	$	2,625.00
	03/19/08		2,700	$	25,000	$	67,500,000.00		4.39000	%	03/12/08	03/18/08		7	$	57,618.75	$	2,625.00
													Total		$	299,696.26	$	13,125.00
Class A-3-AR-4	02/22/08		2,700	$	25,000	$	67,500,000.00		4.61600	%	02/15/08	02/21/08		7	$	60,585.00	$	2,625.00
	02/29/08		2,700	$	25,000	$	67,500,000.00		4.63500	%	02/22/08	02/28/08		7	$	60,834.38	$	2,625.00
	03/07/08		2,700	$	25,000	$	67,500,000.00		4.61900	%	02/29/08	03/06/08		7	$	60,624.38	$	2,625.00
	03/14/08		2,700	$	25,000	$	67,500,000.00		4.55800	%	03/07/08	03/13/08		7	$	59,823.75	$	2,625.00
	03/24/08		2,700	$	25,000	$	67,500,000.00		4.31800	%	03/14/08	03/23/08		10	$	80,962.50	$	3,750.00
													Total		$	322,830.01	$	14,250.00
Class A-3-AR-5	03/12/08		2,700	$	25,000	$	67,500,000.00		3.40000	%	02/13/08	03/11/08		28	$	178,500.00	$	10,500.00
	03/19/08		2,700	$	25,000	$	67,500,000.00		4.39000	%	03/12/08	03/18/08		7	$	57,618.75	$	2,625.00
													Total		$	236,118.75	$	13,125.00
Class A-3-AR-6	02/22/08		2,700	$	25,000	$	67,500,000.00		4.61600	%	02/15/08	02/21/08		7	$	60,585.00	$	2,625.00
	02/29/08		2,700	$	25,000	$	67,500,000.00		4.63500	%	02/22/08	02/28/08		7	$	60,834.38	$	2,625.00
	03/07/08		2,700	$	25,000	$	67,500,000.00		4.61900	%	02/29/08	03/06/08		7	$	60,624.38	$	2,625.00
	03/14/08		2,700	$	25,000	$	67,500,000.00		4.55800	%	03/07/08	03/13/08		7	$	59,823.75	$	2,625.00
	03/24/08		2,700	$	25,000	$	67,500,000.00		4.31800	%	03/14/08	03/23/08		10	$	80,962.50	$	3,750.00
													Total		$	322,830.01	$	14,250.00
Class A-3-AR-7	02/22/08		1,800	$	25,000	$	45,000,000.00		4.61600	%	02/15/08	02/21/08		7	$	40,390.00	$	1,750.00
	02/29/08		1,800	$	25,000	$	45,000,000.00		4.63500	%	02/22/08	02/28/08		7	$	40,556.25	$	1,750.00
	03/07/08		1,800	$	25,000	$	45,000,000.00		4.61900	%	02/29/08	03/06/08		7	$	40,416.25	$	1,750.00
	03/14/08		1,800	$	25,000	$	45,000,000.00		4.55800	%	03/07/08	03/13/08		7	$	39,882.50	$	1,750.00
	03/24/08		1,800	$	25,000	$	45,000,000.00		4.31800	%	03/14/08	03/23/08		10	$	53,975.00	$	2,500.00
													Total		$	215,220.00	$	9,500.00

Page 6 of 6