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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 December 31, 2006
|--- | --------------------------------------------------------------------------------------------------------------------------------

or

|/ / | Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
|--- | ----------------------------------------------------------------------------------------

Commission File Number:  333-102791-01College Loan Corporation Trust I
(Exact name of registrant as specified in its charter)College Loan LLC
(Exact name of depositor as specified in its charter)College Loan Corporation
(Exact name of sponsor as specified in its charter)

|Delaware
(State or other jurisdiction of incorporation or organization) | 45-6110137
(I.R.S. Employer Identification No.)
|----------------------------------------------------------------------- | -----------------------------------------------

|16855 W. Bernardo Drive
Suite 100
San Diego, California
(Address of principal executive offices) | 92127
(Zip Code)
|------------------------------------------------------------------------------------------------ | ----------------

|Registrant's telephone number, including area code: | (888) 972-6311
|--------------------------------------------------- | --------------

|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
the registrant is a well-known seasoned issuer, as defined in Rule 405 of the
Securities Act.
       Yes  
[__]      No   [X]

Indicate by check mark if
the registrant is not required to file reports pursuant to Section 13 or Section
15(d) of the Act.
       Yes  
[__]      No   [X]

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 if
disclosure of delinquent filers pursuant to Item 405 of Regulation S-K 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. [__]

Not Applicable.

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 on the Exchange Act. _____

Large Accelerated Filer ___ Accelerated Filer ___ Non-Accelerated Filer X

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act.):
       Yes  
[__]      No   [X]

State the aggregate market value of the voting and non-voting
common equity held by nonaffiliates 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.

List hereunder the following documents if incorporated by
reference and the Part of the Form 10-K 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 purposes.

Not Applicable.

The section titled College Loan Corporation Trust I
in the registrants prospectus supplement dated April 20, 2006 and the
sections titled The Depositor and The Sponsor and the Issuer
Administrator in the registrants prospectus dated March 28, 2006,
each of which was filed with the Securities and Exchange Commission on April 24,
2006 pursuant to Rule 424(b), file 333-102791-01, are incorporated by reference
into the response to item 1119 of Regulation AB contained in this Annual Report
on Form 10-K.

This Annual Report on Form 10-K (the Report) is
filed with respect to College Loan Corporation Trust I. Certain information
requested by this Annual Report on Form 10-K is omitted pursuant to Regulation
AB and General Instruction J to Form 10-K.

PART I

|Item 1. | Business.
|------- | ---------

| | Omitted
| | -------

|Item 1.A | 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
Condition 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 Disclosures.
|------- | --------------------------------------------------------------------------------------

| | 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.
|-------- | ---------------------------------------------------------------

| | Omitted
| | -------

|Item 13. | Certain Relationships and Related Transactions, and Director
Independence.
|-------- | --------------------------------------------------------------------------

| | Omitted
| | -------

|Item 14. | Principal Accountant Fees and Services.
|-------- | ---------------------------------------

| | Omitted
| | -------

# Part IV

|Item 15. | Exhibits and Financial Statement Schedules.
|-------- | -------------------------------------------

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

| | 1)
2)
3) | Not Applicable
Not Applicable 
See Item 15(b) below
| | -------- | ---------------------------------------------------

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

|EXHIBIT | DESCRIPTION
|------- | -----------

---

|31.1 | Rule 13a-14(a)/15d-14a Certification. (Section 302 Certification)
|---- | -----------------------------------------------------------------

|33.1 | Report on Assessment of Compliance with Servicing Criteria concerning servicing
activities of ACS Education Services, Inc. for the year ended December 31, 2006.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

|33.2 | Report on assessment of Compliance with Servicing Criteria
concerning servicing activities of Great Lakes Educational Loan Services, Inc.
for the year ended December 31, 2006.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|33.3 | Report on assessment of Compliance with Servicing Criteria
concerning servicing activities of Deutsche Bank Trust Company Americas for the
year ended December 31, 2006.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|33.4 | Report on assessment of Compliance with Servicing Criteria concerning servicing
activities of College Loan Corporation for the year ended December 31, 2006.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------

|34.1 | Independent Accountants' Attestation Report concerning servicing activities of
ACS Education Services, Inc. for the year ended December 31, 2006.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------

|34.2 | Independent Accountants Attestation Report concerning servicing activities
of Great Lakes Educational Services, Inc. for the year ended December 31, 2006.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------

|34.3 | Independent Accountants Attestation Report concerning servicing activities
of Deutsche Bank Trust Company Americas for the year ended December 31, 2006.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

|34.4 | Independent Accountants Attestation Report concerning servicing activities
of College Loan Corporation for the year ended December 31, 2006.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------

|35.1 | Statement of Compliance of ACS Education Services, Inc. under the Federal FFEL
Origination/Servicing Agreement for the year ended December 31, 2006.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------

|35.2 | Statement of Compliance for College Loan Corporation under the Administration
Agreement for the year ended December 31, 2006.
|---- | -----------------------------------------------------------------------------------------------------------------------------

The following are additional disclosure items required by
Regulation AB.

# Item 1112(b) Significant
Obligor Financial Information

None.

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

The
payment of principal and interest on all of the registrants student loans is
guaranteed by designated guarantee agencies and reinsured by the U.S. Department of
Education. As of December 31, 2006, 78.9% and 12.1% of the registrants student loans
(by dollar volume) were guaranteed by Massachusetts Higher Education Assistance
Corporation d/b/a American Student Assistance and California Student Aid Commission,
respectively. As of that date, no other guarantee agency was guaranteeing 10% or more of
the registrants student loans.

# American Student
Assistance

Massachusetts Higher Education Assistance Corporation d/b/a American Student
Assistance (ASA), a not-for-profit corporation organized in 1956.
ASA is one of the oldest and largest guarantee agencies in the United States,
and is the designated guarantor for the Commonwealth of Massachusetts and the
District of Columbia. Since 1956, ASA has been a provider of higher education
financing products and services to students, parents, schools and lenders across
the country, guaranteeing more than $43 billion in loans. Originally created by
the General Court of the Commonwealth of Massachusetts as the Massachusetts
Higher Education Assistance Corporation, ASA currently acts on behalf of the
U.S. Department of Education to ensure that the public policy purposes and
regulatory requirements of the Federal Family Education Loan Program (the
FFEL Program) are met. ASA employed 592 individuals as of January 1,
2006 at its principal offices located at 100 Cambridge Street, Suite 1600,
Boston, MA 02114.

Guaranty Volume.  The following table sets forth the
original principal amount of FFELP Loans (excluding Consolidation Loans)
guaranteed by ASA in each of the last five ASA fiscal years:

`Net FFELP Loans
         ASA Fiscal Year                      Guaranteed by ASA
         (Ending June 30)                   (Dollars in Millions)
       --------------------              ---------------------------
               2001                                 $   680
               2002                                     779
               2003                                     914
               2004                                   1,270
               2005                                   1,746`

Under the Higher Education Act of 1965, as amended (the Higher Education
Act), ASA and the U.S. Secretary of Education as of January 1, 2001
entered into a voluntary flexible agreement (VFA). Under the VFA,
ASA returned its reserve funds that would otherwise have made up its Federal
Reserve Fund through an escrow account in the name of the U.S. Department of
Education. In the event a loan defaults, ASA receives funding from the U.S.
Department of Education to act as a disbursing agent. The guarantee is,
therefore, no longer limited by the funds on deposit in a federal reserve fund.
Because ASA holds no federal reserve fund, the concept of a Reserve Ratio is
inapplicable. The VFA establishes a fee for service model under
which ASA is rewarded through the payment of a portfolio maintenance fee for
maintaining a healthy portfolio of loans in good standing. The agency is further
incented to keep the loans in good standing and to work with borrowers to
prevent default because the portfolio maintenance fee increases as ASAs
trigger default rate improves over the national trigger default rate. ASAs
efforts to prevent default are a part of its Wellness program of
outreach to borrowers from the inception of the loan to educate them on their
responsibilities and assist them in repayment.

The information in the following tables has been provided by ASA from reports
provided by or to the U.S. Department of Education and has not been verified by
ASA. No representation is made by ASA as to the accuracy or completeness of the
information.

Recovery Rate.  A guarantee agencys recovery rate,
which provides a measure of the effectiveness of the collection efforts against
defaulting borrowers after the guarantee claim has been satisfied, is determined
by dividing the aggregate amount recovered from borrowers by the aggregate
amount of default claims paid by the guarantee agency. The table below sets
forth the recovery rates for ASA as taken from the U.S. Department of Education
Guarantee Agency Activity Report form 1130 or form 2000:

`Federal Fiscal Year                       Cumulative
             (Ending September 30)                    Recovery Rate
           -------------------------               -------------------
                     2001                                 69.8%
                     2002                                 74.4%
                     2003                                 79.4%
                     2004                                 83.5%
                     2005                                 83.0%`

Claims Rate.  ASAs claims rate represents the
percentage of loans in repayment at the beginning of a federal fiscal year which
default during the ensuing federal fiscal year net of repurchases, refunds and
rehabilitations. For the federal years 2001  2005, ASAs claims rate
listed below have not exceeded 5%, and as a result, all claims of ASA have been
fully reimbursed at the maximum allowable level by the U.S. Department of
Education. Nevertheless, there can be no assurance the guarantee agencies will
continue to receive full reimbursement for such claims. The following table sets
forth the claims rate of ASA for the last five federal fiscal years:

`Federal Fiscal Year
             (Ending September 30)                      Claims Rate
           ---------------------------                ----------------
                       2001                                  1.3%
                       2002                                  1.2%
                       2003                                  0.9%
                       2004                                  0.7%
                       2005                                  1.0%`

Net Loan Default Claims.   The following table sets
forth the dollar value of Default Claims paid net of repurchases, refunds and
rehabilitations for the last five years:

`ASA Fiscal Year                       Default Claims
                 (Ending June 30)                    (Dollars in Millions)
               ------------------------           ---------------------------
                       2001                                $  64
                       2002                                   72
                       2003                                   80
                       2004                                   83
                       2005                                  168`

Default Recoveries.  The following table sets forth the
amount of recoveries returned to the U.S. Department of Education for the last
five years:

`ASA Fiscal Year                    Default Recoveries
                 (Ending June 30)                   (Dollars in Millions)
               ------------------------           ---------------------------
                       2001                               $   82
                       2002                                   86
                       2003                                   79
                       2004                                   82
                       2005                                   78`

# California Student Aid
Commission

The California Student Aid Commission (CSAC) is the agency of the
State of California responsible for that States participation in the FFEL
Program pursuant to California Education Code Section 69760 et seq., and Section
428(c) of the Higher Education Act, referred to as the State Guaranteed Loan
Program. CSACs role as a guarantee agency was created primarily to provide
a source of credit to assist students in meeting post-secondary education costs
while attending eligible institutions of their choice.

In September 1996, CSAC was authorized under California law to establish an
auxiliary organization in the form of a nonprofit public benefit corporation to
provide operational and administrative services related to CSACs federal
loan programs, including its student loan guaranty programs. The corporation is
known as EDFUND. EDFUND is operated as a separate service corporation to CSAC,
and, as such, operates CSACs federal student loan programs. CSAC continues
to be the designated state guarantee agency and continues its oversight of all
revenues, expenses, and assets related to its status.

CSAC began guaranteeing student loans on April 1, 1979, and as of September 30,
2006, had cumulative principal guarantees outstanding of approximately $27
billion.

As part of the FFEL Program, CSAC established the California Guaranteed Loan
Reserve Fund as a reserve for the payment of guaranteed student loans. The State
of California has no legal or moral obligation to provide additional funding to
replenish the California Guaranteed Loan Reserve Fund should it become insolvent
as a result of non-reinsured claims paid. Pursuant to the 1998 Reauthorization
Amendments, the California Guaranteed Loan Reserve Fund was divided into the
Federal Student Loan Reserve Fund, referred to as CSACs Federal Fund, and
the Student Loan Operating Fund referred to as CSACs Operating Fund.

As of September 30, 2006, CSACs Federal Fund and Operating Fund balances
were as follows: CSACs Federal Fund had total assets of $103,639,674,
total liabilities of $34,756,600 and total fund equity of $68,883,074; and
CSACs Operating Fund had total assets of $110,002,406, total liabilities
of $94,460,918 and total fund equity of $15,541,488. CSAC is and has been in
compliance with the reserve fund requirements of the Higher Education Act. CSAC
makes no representations regarding any materials not contained within this
disclosure or calculations not required by state or federal law.

The 1998 Reauthorization Amendments require guaranty agencies to return to the
U.S. Department of Education $250 million in reserve funds from fiscal years
2002 to 2007, with each agencys share being based on a formula prescribed
in the 1998 Reauthorization Amendments. The U.S. Department of Education advised
CSAC that its share of this recall is $24,871,909. The first installment payment
of $8,456,449 was paid on August 26, 2002. The second installment of $8,207,730
was paid on August 31, 2006 and another installment is due in 2007. These
payments are disclosed on the financial statements, and have been recognized as
liabilities.

Guaranty Volume.   CSAC guaranteed the following amounts
for the last five (5) fiscal years ending September 30, as follows:

`FFELP Loan Volume
                Fiscal Year                            (Dollars in Millions)
              ---------------                        -------------------------
                   2002                                        $3,523
                   2003                                         4,421
                   2004                                         5,712
                   2005                                         6,577
                   2006                                         6,878`

Reserve Ratio.  Calculated pursuant to 34 C.F.R.
682.419, et seq., CSACs reserve ratio (determined by dividing its
fund balance by the total amount of loans outstanding) for the last five (5)
fiscal years ending September 30, is as follows:

`Fiscal Year                               Reserve Ratio
               ----------------                            ---------------
                     2002                                        0.44%
                     2003                                        0.25%
                     2004                                        0.25%
                     2005                                        0.25%
                     2006                                        0.25%`

Recovery Rate. Calculated pursuant to 34 C.F.R. 682.409, et seq.,
CSAC's recovery rate for each of the past five (5) fiscal years ending September
30, is as follows:

`Fiscal Year                               Recovery Rate
               ----------------                            ---------------
                     2002                                       23.06%
                     2003                                       27.23%
                     2004                                       27.03%
                     2005                                       31.12%
                     2006                                       21.73%`

Claims Rate. Calculated pursuant to 34 C.F.R. 682.404, et seq.,
CSAC's claims rate for each of the past five (5) fiscal years ending September
30, is as follows:

`Fiscal Year                                Claims Rate
                ---------------                            ---------------
                     2002                                       2.52%
                     2003                                       2.07%
                     2004                                       2.14%
                     2005                                       2.81%
                     2006                                       3.01%`

Uninsured Loan Loss Rate.  CSACs uninsured loan
loss rate (determined by dividing annual uninsured loans by annual net
guarantees) for each of the past five (5) fiscal years is as follows:

`Fiscal Year                                 Loss Rate
                ---------------                            ---------------
                     2002                                       0.000%
                     2003                                       0.008%
                     2004                                       0.017%
                     2005                                       0.000%
                     2006                                       0.002%`

# 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 transaction is provided in the section titled College Loan
Corporation Trust I in the prospectus supplement dated April 20, 2006 and
the sections titled The Depositor and The Sponsor and the
Issuer Administrator in the prospectus dated March 28, 2006, each of which
was filed with the Securities and Exchange Commission on April 24, 2006 pursuant
to Rule 424(b), file 333-102791-01, and incorporated herein by reference.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Item 1122. Compliance
with Applicable Servicing Criteria

| | Except as described in the next sentence, there have been no material instances
of noncompliance with the servicing criteria for the period of this Report.
There was one instance of material noncompliance with servicing criterion
1122(d)(1)(iv) related to ACS Education Services having fidelity bond and errors
and omissions policy coverage amounts and deductible levels below the amounts
required by the applicable servicing agreement during the year ended December
31, 2006. ACS Education Services has taken corrective action to increase the
amount of coverage and adjust the deductible levels to meet the requirements of
the servicing agreement.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Item 1123. Servicer
Compliance Statement

| | A Servicer Compliance Statement for both of ACS Education Services, Inc.,
referencing the noncompliance issue above, and College Loan Corporation 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:

| | College Loan Corporation Trust I
By: College Loan LLC, Depositor


By:     /s/ Elizabeth Wood
          Elizabeth Wood, CPA
          Chief Financial Officer
          College Loan LLC
          Senior Officer in Charge of
          Securitization
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

INDEX TO EXHIBITS

|EXHIBIT | DESCRIPTION
|------- | -----------

---

|31.1 | Rule 13a-14(a)/15d-14a Certification. (Section 302 Certification)
|---- | -----------------------------------------------------------------

|33.1 | Report on Assessment of Compliance with Servicing Criteria concerning servicing
activities of ACS Education Services, Inc. for the year ended December 31, 2006.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

|33.2 | Report on assessment of Compliance with Servicing Criteria
concerning servicing activities of Great Lakes Educational Loan Services, Inc.
for the year ended December 31, 2006.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|33.3 | Report on assessment of Compliance with Servicing Criteria
concerning servicing activities of Deutsche Bank Trust Company Americas for the
year ended December 31, 2006.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|33.4 | Report on assessment of Compliance with Servicing Criteria concerning servicing
activities of College Loan Corporation for the year ended December 31, 2006.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------

|34.1 | Independent Accountants' Attestation Report concerning servicing activities of
ACS Education Services, Inc. for the year ended December 31, 2006.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------

|34.2 | Independent Accountants Attestation Report concerning servicing activities
of Great Lakes Educational Services, Inc. for the year ended December 31, 2006.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------

|34.3 | Independent Accountants Attestation Report concerning servicing activities
of Deutsche Bank Trust Company Americas for the year ended December 31, 2006.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

|34.4 | Independent Accountants Attestation Report concerning servicing activities
of College Loan Corporation for the year ended December 31, 2006.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------

|35.1 | Statement of Compliance of ACS Education Services, Inc. under the Federal FFEL
Origination/Servicing Agreement for the year ended December 31, 2006.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------

|35.2 | Statement of Compliance for College Loan Corporation under the Administration
Agreement for the year ended December 31, 2006.
|---- | -----------------------------------------------------------------------------------------------------------------------------