Fitch Rates National Collegiate Student Loan Trust 2006-3.

NEW YORK -- Fitch assigned ratings to the following Student Loan Asset Backed Notes issued by The National Collegiate Student Loan Trust 2006-3:

Ratings for new issuance:

-- $323,600,000 class A-1 'AAA';

-- $306,230,000 class A-2 'AAA';

-- $322,790,000 class A-3 'AAA';

-- $294,510,000 class A-4 'AAA';

-- $325,130,000 class A-5 'AAA';

-- Notional Student Loan Asset Backed Notes, class A-IO 'AAA';

-- $94,810,000 class B 'AA';

-- $92,450,000 class C 'A';

-- $83,870,000 class D 'BBB'.

The ratings are based on the quality of the student loan portfolio, the credit enhancement within the trust, and the sound legal structure. The ratings reflect the ability of the trust to pay note principal at the legal final maturity and timely interest in accordance with the terms of the documents. Interest on all of the notes, with exception of the Class A-IO, is equal to the one-month London Interbank Offered Rate (LIBOR) plus a spread. Interest on the class IO notes is equal to a fixed rate of 7.10%.

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. Approximately 96.1% of the loans are underwritten to a creditworthy standard and 81.1% of the loans originated with a co-signer. Fitch rates TERI's insurer financial strength 'A+'. Pennsylvania Higher Education Assistance Agency will act as the servicer on approximately 99.2% of the loans.

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.