Fitch Rates National Collegiate Master Student Loan Trust I Senior Notes 'AAA'.

NEW YORK -- Fitch rates the following student loan asset backed auction rate senior notes issued by the National Collegiate Master Student Loan Trust I:

-- $49,500,000 series NCT-2002AR-15 'AAA';

-- $49,500,000 series NCT-2002AR-16 'AAA'.

The ratings are based on a note guaranty insurance policy provided by Ambac Assurance Corporation, whose insurer financial strength is rated 'AAA' by Fitch. The rating addresses the timely payment of interest and ultimate payment of principal in accordance with the terms of the security.

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 96.5% of the loans are made to creditworthy borrowers either on their own or with a co-signer. Fitch rates TERI's insurer financial strength 'A+'. Pennsylvania Higher Education Assistance Authority will act as the servicer on approximately 95% of the loans.

Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.