Fitch Rates National Collegiate Master Student Loan Trust I Sr Nts 'AAA'.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 15, 2002

Fitch Ratings assigns ratings to the following student loan asset backed auction rate senior notes issued by the National Collegiate Master Student Loan Trust I:

Ratings for new issuance:

--$55,000,000 series NCT-2002AR-4 'AAA';

--$50,000,000 series NCT-2002AR-5 'AAA'.

Ratings affirmed:

--$37,500,000 series NCT-2001AR-1 'AAA';

--$37,500,000 series NCT-2001AR-2 'AAA';

--$75,000,000 series NCT-2001AR-3 '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 rating also reflects the collateral quality and the financial and legal structure

The collateral is comprised of Education One alternative student loans, originated by Bank One, NA. The loans are disbursed to students attending accredited professional schools or four-year universities that are approved by The Education Resources Institute (TERI). Borrowers are creditworthy on their own or with a co-signer. The Education One student loans are third-party insured by TERI for 100% of principal and accrued interest upon default. Fitch rates TERI's insurer financial strength 'A'.