Fitch Rates National Collegiate Student Loan Trust 2007-3 'AAA'

Business Wire, Sept 20, 2007

NEW YORK -- Fitch Ratings has assigned the following ratings to National Collegiate Student Loan Trust's student loan asset-backed notes, series 2007-3:

--$150,000,000 class A-1-L 'AAA';

--$94,200,000 class A-2-AR-1 'AAA';

--$94,200,000 class A-2-AR-2 'AAA';

--$94,200,000 class A-2-AR-3 'AAA';

--$31,400,000 class A-2-AR-4 'AAA';

--$550,000,000 class A-3-L 'AAA';

--$67,500,000 class A-3-AR-1 'AAA';

--$67,500,000 class A-3-AR-2 'AAA';

--$67,500,000 class A-3-AR-3 'AAA';

--$67,500,000 class A-3-AR-4 'AAA';

--$67,500,000 class A-3-AR-5 'AAA';

--$67,500,000 class A-3-AR-6 'AAA';

--$45,000,000 class A-3-AR-7 'AAA';

--Notional class A-IO 'AAA'.

The ratings are based on the quality of the student loan portfolio, the credit enhancement within the trust, the sound legal structure, and the financial guaranty insurance policy provided by Ambac Assurance Corporation. 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 the class A-1-L and class A-3-L notes 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 5.586%. The remaining notes are taxable, 28-day auction-rate securities.

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; insurer financial strength rated 'A ' by Fitch). The loans are originated by various lenders through programs based on similar underwriting standards determined by TERI. Approximately 99% of the loans are underwritten to a creditworthy standard and 83.7% of the loans originated with a co-signer. Pennsylvania Higher Education Assistance Agency will act as the servicer on approximately 98.7% 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.