Fitch Rates College Loan Corporation Trust I Series 2006-1.

NEW YORK -- Fitch rates the following student loan asset-backed notes, issued by the College Loan Corporation (CLC):

Ratings for new issuance:

-- $100,000,000 student loan asset-backed notes, senior series 2006-1A-1, 'AAA';

-- $200,000,000 student loan asset-backed notes, senior series 2006-1A-2, 'AAA';

-- $260,000,000 000 student loan asset-backed notes, senior series 2006-1A-3, 'AAA';

-- $195,000,000 000 student loan asset-backed notes, senior series 2006-1A-4, 'AAA';

-- $300,000,000 000 student loan asset-backed notes, senior series 2006-1A-5, 'AAA';

-- $280,000,000 student loan asset-backed notes, senior series 2006-1A-6, 'AAA';

-- $40,000,000 student loan asset-backed notes, senior series 2006-1A-7A, 'AAA';

-- $270,000,000 student loan asset-backed notes, senior series 2006-1A-7B, 'AAA';

-- Notional student loan asset-backed notes, senior series, senior series 2006-1A-IO, 'AAA';

-- $55,000,000 student loan asset-backed notes, subordinate series 2006-1B, 'A'.

The ratings are based on the high quality of the Federal Family Education Loan Program (FFELP) student loan portfolio, the credit enhancement within the trust, and the sound legal structure of the transactions. Credit enhancement consists of excess spread, subordination, and a reserve account sized to the greater of $500,000, or an amount equal to 0.75% of the principal amount of notes outstanding. The ratings address the ability of the trust to pay principal at maturity and accrued interest. The ratings do not address the ability of the trust to pay carry-over interest, nor do they address the ability of auction-rate noteholders to successfully redeem their notes at an auction now or in the future.

The proceeds of the sale of the series 2006-1 senior notes will be used to acquire approximately $1.74 billion of FFELP consolidation, PLUS, and Stafford loans, fund the reserve account with $12.75 million, and pay fees and expenses. Of the $1.74 billion used to acquire loans, approximately $1.59 billion will be acquired at closing, with the remaining funds to be used to purchase loans through June 26, 2006, the end of the acquisition period. At closing, the total parity ratio will be approximately 98.5%, and the senior parity ratio will be approximately 103.5%, calculated with the reserve account.

The collateral securing the notes consists of approximately 80.05% of FFELP consolidation and 19.95% Stafford and PLUS student loans. The FFELP loans are guaranteed to at least 98% by an eligible guarantor and re-insured by the U.S. Department of Education (ED) depending on their disbursement date.

College Loan Corporation Trust I is a Delaware statutory trust formed under a trust agreement between the sponsor, College Loan LLC, a Delaware limited liability company and wholly owned subsidiary of College Loan Corporation (CLC), and the Delaware trustee, Wilmington Trust Company. The trust is structured to be bankruptcy remote by restricting the activities that the trust is authorized to engage in, thereby limiting the number of creditors that have the ability to place it into involuntary bankruptcy.

CLC's sole business is originating student loans to eligible borrower in all 50 states and the District of Columbia. Prior to issuance, the company owned or managed approximately $8.5 billion in student loans.

The issuer administrator for the trust and the back-up administrator are CLC and Deutsche Bank, respectively.

The majority of the student loan portfolio, approximately 92.06%, will be serviced by ACS Education Services, Inc. Great Lakes Higher Education Loan Services, Inc., Pennsylvania Higher Education Assistance Agency (PHEAA), and Nelnet Loan Services, Inc., will service the remaining portion of the student loan pool.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.