**Exhibit 99.3**

**INDEPENDENT ACCOUNTANT’S REPORT**

The Bank of New York 

Corporate Trust Division 

10161 Centurion Parkway 

Jacksonville, FL 32256 

Collegiate Funding Master Servicing, L.L.C. 

10304 Spotsylvania Ave, Suite 100 

Fredericksburg, VA 22408 

Board of Directors 

CFS-SunTech Servicing LLC 

6510 Old Canton Road 

Ridgeland, Mississippi 39157 

We have examined management’s assertions, included in its representation letter dated January 20, 2006, that CFS-SunTech Servicing LLC complied with theassertions in the accompanying supplement to this report relative to CFS-SunTech Servicing LLC’s administration of the Federal Family Education Loan Program on behalf of its lender clients in the attached supplement during the year endedDecember 31, 2005 and about the effectiveness of CFS-SunTech Servicing LLC’s internal control over compliance with the aforementioned compliance requirements as of December 31, 2005. As discussed in that representation letter,management is responsible for CFS-SunTech Servicing LLC’s compliance with—and the effectiveness of CFS-SunTech Servicing LLC’s internal control over compliance with—those requirements. Our responsibility is to express an opinionon management’s assertions about CFS-SunTech Servicing LLC’s compliance with—and the effectiveness of CFS-SunTech Servicing LLC’s internal control over compliance with—the specified compliance requirements based on ourexamination. 

Our examination was made in accordance with *Government Auditing Standards,* issued by the Comptroller General of the United States;standards established by the American Institute of Certified Public Accountants; and the 1996 Audit Guide, *Compliance Audits for Lenders and Lender Servicers Participating in the Federal Family Education Loan (FFEL) Program*(the 

Guide), issued by the U.S. Department of Education, Office of Inspector General; and, accordingly, included obtaining anunderstanding of the internal control over compliance with the specified compliance requirements; testing and evaluating the design and operating effectiveness of internal control over compliance; examining, on a test basis, evidence aboutCFS-SunTech Servicing LLC’s compliance with those requirements; and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examinationdoes not provide a legal determination on CFS-SunTech Servicing LLC’s compliance with specified requirements. 

Because of inherent limitations in anyinternal control structure, errors or irregularities may occur and not be detected. Also projections of any evaluation of the internal control over compliance with the specified requirements to future periods are subject to the risk that internalcontrol over compliance may become inadequate because of changes in conditions, or that the degree of compliance with control policies or procedures may deteriorate. 

In our opinion, management’s assertions that CFS-SunTech Servicing LLC complied with the aforementioned requirements for the year ended December 31, 2005 and that CFS-SunTech Servicing LLC maintained aneffective internal control over compliance with the aforementioned compliance requirements as of December 31, 2005 are fairly stated, in all material respects. 

This report is intended solely for the information of the audit committee, management, and the U.S. Department of Education. However, this report is a matter of public record and its distribution is not limited.

 

**/s/ Horne LLP**
Jackson, MississippiJanuary 20, 2006

**SUPPLEMENT**

**MANAGEMENT ASSERTIONS**

 
 **1).****ED FORM 799**
The loan information (loan types,interest rate, beginning and ending principal loan balances, and loan status (past due, in grace, in deferment) reported in Parts II, III, IV, V, and VI of either the ED Form 799s prepared by CFS-SunTech Servicing LLC and submitted to ED on behalfof our lender clients or the billing information prepared by CFS-SunTech Servicing LLC and submitted to our lender clients during the year ended December 31, 2005 agrees with CFS-SunTech Servicing LLC’s accounting summary records and as ofDecember 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliance with requirements that such information be in agreement. 

 
 **2).****INDIVIDUAL RECORD REVIEW**
CFS-SunTech ServicingLLC supported loans reported in either the ED Form 799s prepared by CFS-SunTech Servicing LLC and submitted to ED on behalf of our lender clients or the billing information prepared by CFS-SunTech Servicing LLC and submitted to our lender clientsduring the year ended December 31, 2005 with—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliance requirements for supporting loans with—loan records that include all applicabledocuments listed in Section II, Compliance Requirement 2, of the Audit Guide that our lender clients have contracted with CFS-SunTech Servicing LLC to store. 

 
 **3).****LOAN ORIGINATION FEES**
During the year endedDecember 31, 2005, CFS-SunTech Servicing LLC completely reported, classified and computed, in accordance with ED Form 799 instructions—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control overcompliance with ED Form 799 instructions for classifying and computing—the loan origination information reported in Part II in either the ED Form 799s prepared by CFS-SunTech Servicing LLC and submitted to ED on behalf of our lender clients orthe billing information prepared by CFS-SunTech Servicing LLC and submitted to our lender clients. During the year ended December 31, 2005, CFS-SunTech Servicing LLC notified our lender clients to pay ED—and as of December 31, 2005,CFS-SunTech Servicing LLC had effective control over compliance with requirements for payment to ED of— origination fees in excess of interest and special allowance. 

**SUPPLEMENT - CONTINUED**

**MANAGEMENT ASSERTIONS - CONTINUED**

 
 **4).****INTEREST BENEFITS**
Loans included in Part III ofeither the ED Form 799s prepared by CFS-SunTech Servicing LLC and submitted to ED on behalf of our lender clients or the billing information prepared by CFS-SunTech Servicing LLC and submitted to our lender clients during the year endedDecember 31, 2005 were—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliance with requirements that loans are—(1) in a status eligible for interest benefits, (2) assigned thecorrect interest rate in accordance with Section 427A(a)-(i) of the HEA, as amended, and (3) classified in the correct interest rate category in accordance with ED Form 799 instructions. Ending principal amounts, average dailybalances, and interest amounts were calculated in accordance with—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal controls over compliance with requirements for calculation in accordance with—the ED Form799 instructions. 

 
 **5).****SPECIAL ALLOWANCE PAYMENTS**
Loans included in PartIV of either the ED Form 799s prepared by CFS-SunTech Servicing LLC and submitted to ED on behalf of our lender clients or the billing information prepared by CFS-SunTech Servicing LLC and submitted to our lender clients during the year endedDecember 31, 2005 were—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliance with requirements that loans are—(1) in a status eligible for special allowance and (2) properlycategorized on the ED Form 799 in accordance with the ED Form 799 instructions. Ending principal balances, average daily balances, and adjustments for differences in average daily balances were calculated in accordance with—and as ofDecember 31, 2005, CFS-SunTech Servicing LLC had effective internal controls over compliance with requirements for calculation in accordance with— the ED Form 799 instructions. 

**SUPPLEMENT - CONTINUED**

**MANAGEMENT ASSERTIONS - CONTINUED**

 
 **6).****LOAN PORTFOLIO ANALYSIS**
In Parts V and VI of theED Form 799s prepared by CFS-SunTech Servicing LLC and submitted to ED on behalf of our lender clients or the billing information prepared by CFS-SunTech Servicing LLC and submitted to our lender clients during the year ended December 31, 2005,CFS-SunTech Servicing LLC properly classified and accurately reported—and, as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliance with requirements to properly classify and report—loanprincipal balances in accordance with the ED Form 799 instructions and included all outstanding loans (except those for which the guaranty was voided are not included in Part VI). 

 
 **7).****LOAN SALES AND PURCHASES**
Loan purchases and salesmade on behalf of our lender clients during the year ended December 31, 2005, were recorded by CFS-SunTech Servicing LLC in accordance with—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control overcompliance for recording loan purchases/sales in accordance with—the purchase/sales agreements with respect to the start/end date of eligibility for interest, special allowance and responsibility for payment of loan origination fees. During theyear ended December 31, 2005, CFS-SunTech Servicing LLC paid ED—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliance with requirements for payment to ED of—loan origination feesfor which we were responsible for paying on behalf of our lender clients in accordance with the agreements. During the year ended December 31, 2005, CFS-SunTech Servicing LLC recorded completely and accurately in the servicer’s loanservicing systems—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliance with requirements to record completely and accurately in the servicer’s loan servicing systems—all applicableED Form 799 loan data for loans transferred, including beginning balances. 

**SUPPLEMENT - CONTINUED**

**MANAGEMENT ASSERTIONS - CONTINUED**

 
 **8).****STUDENT STATUS CHANGES**
Upon receipt of StudentStatus Confirmation Reports or other notification of change information for loans serviced during the year ended December 31, 2005, CFS-SunTech Servicing LLC accurately updated—and as of December 31, 2005, CFS-SunTech Servicing LLChad effective internal control over compliance with requirements to accurately update—loan records for changes to student status, including conversion to payment status in accordance with 34 CFR 682.401 (b)(20) and 34 CFR 682.209, respectively.

 
 **9).****PAYMENT PROCESSING**
For loans serviced during theyear ended December 31, 2005, CFS-SunTech Servicing LLC: (a) calculated—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliance with requirements to calculate—interest andprincipal in accordance with 34 CFR 682.304 and (b) applied—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliance with requirements to apply—(i) loan payments effective with the dayof receipt and (ii) prepayments in accordance with 34 CFR 682.209(b) or the documented specific request of the borrower. 

 
 **10).****DUE DILIGENCE BY LENDERS OR SERVICERS IN THE COLLECTION OF DELINQUENT LOANS**
For loans serviced during the year ended December 31, 2005, CFS-SunTech Servicing LLC complied with—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliancewith—the due diligence requirements for collection of delinquent loans, including the requirements for skip-tracing or preclaims assistance set forth in 34 CFR 682.411 (c)-(m). 

**SUPPLEMENT - CONTINUED**

**MANAGEMENT ASSERTIONS - CONTINUED**

 
 **11).****DUE DILIGENCE - TIMELY CLAIM FILINGS BY LENDERS OR SERVICERS**
For loans serviced during the year ended December 31, 2005, CFS-SunTech Servicing LLC complied with - and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliancewith—deadlines for timely filing of claims with the guaranty agency concerning death, disability, false certification, closed schools, or bankruptcy contained in 34 CFR 682.402(b), (c), (d), (e) and (f) and for default claimscontained in 34 CFR 682.406(a)(5). For loans serviced during the year ended December 31, 2005, CFS-SunTech Servicing LLC accurately categorized—and as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control overcompliance with requirements for accurately categorizing— amounts pertaining to claims in the ED Form 799. 

 
 **12).****CURES**
There was one loan with timely-filingviolations or due-diligence violations that was properly cured during the year ended December 31, 2005. For loans on which a cure was required but that were not cured during the year ended December 31, 2005, CFS-SunTech Servicing LLCproperly categorized—and, as of December 31, 2005, CFS-SunTech Servicing LLC had effective internal control over compliance with requirements to properly categorize—the loans in the ED Form 799 prepared and submitted to ED on behalfof our lender clients or the billing information prepared by CFS-SunTech Servicing LLC, and submitted to our lender clients. 

**CFS-SUNTECHSERVICING LLC**

Comments on Prior Year’s Audit Resolution Matters Relating to the FFELP Program 

Year Ended December 31, 2005 

No matters were reported in the previous year.