UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549





FORM
10-K








x
            ANNUAL REPORT PURSUANT TO
      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934





For the
fiscal year ended June 30, 2008





Or





 ̈
            TRANSITIONAL REPORT PURSUANT TO
      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934





For the
transition period from ____________________ to ____________________








Commission
File Number of issuing entity:333-141132-03





The
National Collegiate Student Loan Trust 2007-3


(Exact
name of issuing entity as specified in its charter)





Commission
File Number of depositor and sponsor:333-141132





The National Collegiate Funding LLC


(Exact
name of depositor and sponsor as specified in its charter)





Delaware
            92-0195957
              65-1177163(State
      or other jurisdiction of incorporation or organization of the issuing
      entity)
            (I.R.S.
      Employer Identification Nos.)





c/o
      Wilmington Trust Company 1100 North Market Street Wilmington,
      Delaware
            19890(Address
      of principal executive officesof
      issuing entity)
            (Zip
      Code)





(302)
636−6000


(Telephone
number including area code)





Securities
registered pursuant to Section 12(b) of the Act:





None.





Securities
registered pursuant to Section 12(g) of the Act:





None.













Indicate
by check mark if registrant is a well-known seasoned issuer, as defined in Rule
405 of the Securities Act.





Yes   ̈  No  x





Indicate
by check mark if registrant is not required to file reports pursuant to Section
13 or 15(d) of the Act.





Yes  x  No   ̈





Indicate
by check mark whether the registrant: (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.





Yes  x  No   ̈




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of “accelerated
filer and large accelerated filer” in Rule 12b-2 of the Exchange
Act.





Large
      Accelerated Filer   ̈
            Accelerated
      Filer   ̈
            Non-Accelerated
      Filer  x





Indicate by check mark if disclosure
of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this
chapter) is not contained herein, and will not be contained, to the best of
registrant’s knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.o





Indicate
by check mark whether the Registrant is a shell company (as defined in Rule
12b-2 of the Act).





Yes   ̈  No  x





State
the aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common equity was
last sold, or the average bid and asked price of such common equity, as of the
last business day of the registrant’s most recently completed second fiscal
quarter.





Not
applicable.





Indicate
the number of shares outstanding of each of the registrant’s class of common
stock, as of the latest practicable date.





Not
applicable.





List hereunder the following
documents if incorporated by reference and the Part of the Form 10-K (e.g. Part
I, Part II, etc.) into which the document is incorporated: (1) Any annual report
to security holders; (2) Any proxy or information statement; and (3) Any
prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of
1933. The listed documents should be clearly described for identification
purposed (e.g. annual report to security holders for fiscal year ended December
24, 1980).





Certain
financial information related to The Education Resources Institute, Inc. is
incorporated by reference into Part IV of this Annual Report on Form 10-K from
the prospectus supplement filed by the registrant with the SEC on September 19,
2007.  Such financial information is set forth in the prospectus
supplement under the caption “The Student Loan Guarantor” and Annex I of the
prospectus supplement.





Certain
information related to the affiliates of the Registrant and certain
relationships and related transactions is incorporated by reference into Item
1119 of the additional disclosure items required by Regulation AB of this Annual
Report on Form 10-K from the prospectus filed by the registrant with the SEC on
September 19, 2007.  Such information is set forth in the prospectus
under the caption “The Sponsor, The First Marblehead Corporation, the
Administrator, the Servicers and the Custodians”.











This
Annual Report on Form 10-K (the “Report”) is filed with respect to The National
Collegiate Student Loan Trust 2007-3 (the “Trust”).  Certain
information requested by this Report is omitted pursuant to Regulation AB (17
CFR 229.1101) and SEC Release 33-8518, December 15, 2004 (“Regulation AB”) and
General Instruction J.





PART
I





Item
1. Business.





Omitted.








Item
1A. Risk Factors.





Omitted.








Item
2. Properties.





Omitted.





Item
3. Legal Proceedings.





Omitted.





Item
4. Submission of Matters to a Vote of Security Holders.





Omitted.








PART
II





Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.





Omitted.





Item
6. Selected Financial Data.





Omitted.





Item
7. Management’s Discussion and Analysis of Financial Conditions and Results of
Operation.





Omitted.





Item
7A. Quantitative and Qualitative Disclosures about Market Risk.





Omitted.





Item
8. Financial Statements and Supplementary Data.





Omitted.





Item
9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure.





Omitted.











Item
9A. Controls and Procedures.





Omitted.





Item
9B. Other Information.





None.





PART
III





Item
10. Directors and Executive Officers of the Registrant.





Omitted.





Item
11. Executive Compensation.





Omitted.





Item
12. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters.





Omitted.





Item
13. Affiliations and Certain Relationships and Related
Transactions.





Omitted.





Item
14. Principal Accounting Fees and Services.





Omitted.





PART
IV





Item
15. Exhibits, Financial Statement Schedules.





(a)
            List
      of Documents Filed as Part of this Annual Report on Form
    10-K





(1)  Not
applicable.





(2)  Not
applicable.





(3)  See
Item 15 (b), below.





(b)
            Exhibits
      Required by Item 601 of Regulation
S-K










EXHIBIT
            
            DESCRIPTION31.1
            
            Rule
      13a-14(a)/15d-14(a) Certification. (Section 302
    Certification)33.1
            
            Report
      on Assessment of Compliance with Servicing Criteria concerning servicing
      activities of Pennsylvania Higher Education Assistance Agency for the year
      ended June 30, 2008.33.2
            
            Report
      on Assessment of Compliance with Servicing Criteria concerning servicing
      activities of First Marblehead Data Services, Inc. for the year ended June
      30, 2008.33.3
            
            Report
      on Assessment of Compliance with Servicing Criteria concerning servicing
      activities of U.S. Bank National Association for the year ended June 30,
      2008.34.1
            
            Independent
      Accountants’ Attestation Report concerning servicing activities of
      Pennsylvania Higher Education Assistance Agency for the year ended June
      30, 2008.34.2
            
            Independent
      Accountants’ Attestation Report concerning servicing activities of First
      Marblehead Data Services, Inc. for the year ended June 30,
      2008.34.3
            
            Independent
      Accountants’ Attestation Report concerning servicing activities of U.S.
      Bank National Association for the year ended June 30,
  2008.35.1
            
            Statement
      of Compliance of Pennsylvania Higher Education Assistance Agency under the
      Alternative Servicing Agreement for the year ended June 30,
      2008.35.2
            
            Statement
      of Compliance of First Marblehead Data Services, Inc. under the
      Administration Agreement for the year ended June 30,
  2008.








(c)  Omitted.








The
following are additional disclosure items required by Regulation
AB.





Item
1112(b).  Significant Obligor Financial Information.





Financial
information related to The Education Resources Institute, Inc., a “significant
obligor” as that term is defined in Regulation AB, is provided in the sections
titled “The Student Loan Guarantor” and “Annex I” of the prospectus supplement,
previously filed with the SEC on September 19, 2007 pursuant to Securities Act
Rule 424, file 333-141132-03 and incorporated herein by reference.





Items
1114(b)(2) and 1115(b).  Significant Enhancement Provider
Information.





Financial
information related to The Education Resources Institute, Inc., a “significant
enhancement provider” as that term is defined in Regulation AB, is provided in
the sections titled “The Student Loan Guarantor” and “Annex I” of the prospectus
supplement, previously filed with the SEC on September 19, 2007 pursuant to
Securities Act Rule 424, file 333-141132-03 and incorporated herein by
reference.





Item
1117.  Legal Proceedings.





The
Registrant knows of no material pending legal proceedings.











Item
1119.  Affiliates and Certain Relationships and Related
Transactions.





Information
related to affiliates of the Registrant and certain relationships and related
transactions is provided in the section titled “The Sponsor, The First
Marblehead Corporation, the Administrator, the Servicers and the Custodians” of
the prospectus, previously filed with the SEC on September 19, 2007 pursuant to
Securities Act Rule 424, file 333-141132-03 and incorporated herein by
reference.





Item
1122.  Compliance with Applicable Servicing Criteria





There
have been no material instances of noncompliance with the servicing criteria for
the period of this Report.





Item
1123.  Servicer Compliance Statement





A
Servicer Compliance Statement for each of the Pennsylvania Higher Education
Assistance Agency and First Marblehead Data Services, Inc. is included as an
exhibit to this Report.











SIGNATURES





Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.











THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-3
  (Registrant)By:
              The
      National Collegiate Funding LLC, as depositorBy:
              /s/ John A. HupaloName:
              John
      A. HupaloTitle:
              Chief
      Financial Officer and Treasurer(senior
      officer in charge of securitization)Dated:
              September
      15, 2008











EXHIBIT
INDEX








Exhibit
      Number
                
                Sequentially
      Numbered Description31.1
                
                Rule
      13a-14(a)/15d-14(a) Certification. (Section 302
    Certification)33.1
                
                Report
      on Assessment of Compliance with Servicing Criteria concerning servicing
      activities of Pennsylvania Higher Education Assistance Agency for the year
      ended June 30, 2008.33.2
                
                Report
      on Assessment of Compliance with Servicing Criteria concerning servicing
      activities of First Marblehead Data Services, Inc. for the year ended June
      30, 2008.33.3
                
                Report
      on Assessment of Compliance with Servicing Criteria concerning servicing
      activities of U.S. Bank National Association for the year ended June 30,
      2008.34.1
                
                Independent
      Accountants’ Attestation Report concerning servicing activities of
      Pennsylvania Higher Education Assistance Agency for the year ended June
      30, 2008.34.2
                
                Independent
      Accountants’ Attestation Report concerning servicing activities of First
      Marblehead Data Services, Inc. for the year ended June 30,
      2008.34.3
                
                Independent
      Accountants’ Attestation Report concerning servicing activities of U.S.
      Bank National Association for the year ended June 30,
  2008.35.1
                
                Statement
      of Compliance of Pennsylvania Higher Education Assistance Agency under the
      Alternative Servicing Agreement for the year ended June 30,
      2008.35.2
                
                Statement
      of Compliance of First Marblehead Data Services, Inc. under the
      Administration Agreement for the year ended June 30,
  2008.