Correction: Fitch Rates National Collegiate Student Loan Trust 2004-2.

NEW YORK -- (This is a corrected version of a press release issued this morning that contains revised class names for the last two notes issues under 'Ratings for new issuance' list.)

On Oct. 28, 2004, Fitch assigned ratings to the following student loan asset-backed notes and certificates issued by The National Collegiate Student Loan Trust 2004-2 and NCF Grantor Trust 2004-2:

Ratings for new issuance:

-- $290,569,000 student loan asset-backed notes, class A-1, 'AAA';

-- $149,820,000 student loan asset-backed notes, class A-2, 'AAA';

-- $187,338,000 student loan asset-backed notes, class A-3, 'AAA';

-- $194,695,000 student loan asset-backed notes, class A-4, 'AAA';

-- $187,757,000 student loan asset-backed certificates, class A-5-1, 'AAA';

-- $100,000,000 student loan asset-backed certificates, class A-IO (notional amount), 'AAA';

-- $55,800,000 student loan asset-backed notes, class B, 'AA+';

-- $56,800,000 student loan asset-backed notes, class C, 'A+'.

The ratings are based on the quality of the student loan portfolio, the credit enhancement provided, and the sound legal structure. The ratings reflect the ability of the trust estates to pay note principal at the legal final maturity and timely interest in accordance with the terms of the securities.

The student loan asset-backed notes are issued by The National Collegiate Student Loan Trust 2004-2 and the student loan asset-backed certificates are issued by the NCF Grantor Trust 2004-2.

Interest on all of the notes and certificates, with exception of the class A-IO certificates, is equal to the one-month London Interbank Offered Rate (LIBOR) plus a spread. Interest on the class IO certificates is equal to a fixed rate of 9.75%.

The collateral supporting the securities consists entirely of private student loans guaranteed for 100% of principal and accrued interest by The Education Resources Institute (TERI). The loans are originated by various lenders through programs based on similar underwriting standards determined by TERI. Roughly 99.8% of the loans are made to creditworthy borrowers either on their own or with a cosigner. Fitch rates TERI's insurer financial strength 'A+'. Pennsylvania Higher Education Assistance Authority will act as the primary servicer on the loans.