|   | OMB APPROVAL                 |
|--------|------------------------------|
|   | OMB Number: 3235-0063        |
|   | Expires: April 30, 2009      |
|   | Estimated average burden     |
|   | hours per response: 2,196.00 |

 

 

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, 2007                                                                         |
|   | or                                                                                                                  |
| o      | Transition report pursuant to Section 13 or 15(d) of the                            Securities Exchange Act of 1934 |

 

Commission File Number:**333-102791-01**

**College 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 incorporationor organization) | **45-6110137**(I.R.S. Employer Identification No.) |
|---------------------------------------------------------------------------|----------------------------------------------------|
|                                                                      |                                               |
| **14303 Gateway Place****Poway, California**                              | **92064**                                          |
|                                                                      |                                               |
| (Address of principal executive offices)                                  | (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 | o | 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 | o | No | x |
|--------|-----|---|----|---|

 
|   | Yes | x | No | o |
|--------|-----|---|----|---|

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, a non-accelerated filer or a smaller reporting company.            See the definitions of “ large accelerated filer,” “accelerated            filer” and “smaller reporting company” in Rule 12b-2 on the Exchange            Act.

| Large Accelerated Filer | o | Accelerated Filer         | o |
|-------------------------|---|---------------------------|---|
| Non Accelerated Filer   | x | Smaller Reporting Company | o |

 

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

 

 

**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.

The            section titled “College Loan Corporation Trust I” in the Registrant’s            prospectus supplement dated October 25, 2007 and the sections titled “The            Depositor” and “The Sponsor and the Issuer Administrator” in the            Registrant’s prospectus dated October 25, 2007, each of which was filed with the            Securities and Exchange Commission on October 26, 2007 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.

**Explanatory Note**

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, Financial Statement Schedules, and Reports                            on Form 8-K.** |
|--------------|--------------------------------------------------------------------------------------------------|

 

|   | (a) | List of Documents Filed as Part of thus 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** | **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, 2007.                |
|        |                                                                                                                                                                                                                                  |
| 33.2        | Report on assessment of Compliance with Servicing                            Criteria concerning servicing activities of CLC Servicing for the year                            ended December 31, 2007.                               |
|        |                                                                                                                                                                                                                                  |
| 33.3        | Report on assessment of Compliance with Servicing                            Criteria concerning servicing activities of Great Lakes Educational                            Loan Services, Inc. for the year ended December 31, 2007. |
|        |                                                                                                                                                                                                                                  |
| 33.4        | Report on assessment of Compliance with Servicing                            Criteria concerning servicing activities of Deutsche Bank Trust Company                            Americas for the year ended December 31, 2007.        |
|        |                                                                                                                                                                                                                                  |
| 33.5        | Report on assessment of Compliance with Servicing                            Criteria concerning servicing activities of College Loan Corporation                            for the year ended December 31, 2007.                    |
|        |                                                                                                                                                                                                                                  |
| 34.1        | Independent Accountants’ Attestation Report                            concerning servicing activities of ACS Education Services, Inc. for the                            year ended December 31, 2007.                         |
|        |                                                                                                                                                                                                                                  |
| 34.2        | Independent Accountants’ Attestation Report                            concerning servicing activities of CLC Servicing for the year ended                            December 31, 2007.                                        |
|        |                                                                                                                                                                                                                                  |
| 34.3        | Independent Accountants’ Attestation Report                            concerning servicing activities of Great Lakes Educational Loan                            Services, Inc. for the year ended December 31, 2007.          |
|        |                                                                                                                                                                                                                                  |
| 34.4        | Independent Accountants’ Attestation Report                            concerning servicing activities of Deutsche Bank Trust Company Americas                            for the year ended December 31, 2007.                 |
|        |                                                                                                                                                                                                                                  |
| 34.5        | Independent Accountants’ Attestation Report                            concerning servicing activities of College Loan Corporation for the                            year ended December 31, 2007.                             |
|        |                                                                                                                                                                                                                                  |
| 35.1        | Statement of Compliance of ACS Education Services, Inc.                            under the Federal FFEL Origination/Servicing Agreement for the year                            ended December 31, 2007.                            |
|        |                                                                                                                                                                                                                                  |
| 35.2        | Statement of Compliance of CLC Servicing under the                            Federal FFELP Origination and Servicing Agreement for the year ended                            December 31, 2007.                                      |
|        |                                                                                                                                                                                                                                  |
| 35.3        | Statement of Compliance for College Loan Corporation                            under the Administration Agreement for the year ended December 31,                            2007.                                                   |

 

***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, 2007, 70.2%, 13.2% and 10.3% of the            registrant’s student loans (by dollar volume) were guaranteed by Massachusetts            Higher Education Assistance Corporation d/b/a American Student Assistance, California            Student Aid Commission and Great Lakes Higher Education Guaranty Corporation,            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,            will guarantee a portion of the Financed Student Loans. ASA is one of the oldest and            largest guaranty 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 FFEL Program are met. ASA has its principal offices            located at 100 Cambridge Street, 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:

| **ASA Fiscal Year****(Ending June 30)** | **Net FFELP Loans****Guaranteed by ASA****(Dollars in Millions)** |
|-----------------------------------------|-------------------------------------------------------------------|
|                                    |                                                              |
| 2003                                    | $                                                                 | 914 |   |
| 2004                                    |                                                              | 1,270 |   |
| 2005                                    |                                                              | 1,746 |   |
| 2006                                    |                                                              | 1,788 |   |
| 2007                                    |                                                              | 2,367 |   |

 

Under 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            Department of Education. In the event a loan defaults, ASA receives funding from the            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” programof outreach to borrowers from the            inception of the loan to educate them on their responsibilities and assist them in            repayment.

The Department of Education notified the Guarantee Agency in a letter            dated October 2, 2007 that it was canceling its VFA effective January 1, 2008. Because            the Guarantee Agency is attempting to renegotiate the VFA with the Department of            Education and because the Guarantee Agency would operate under the traditional            guarantee agency funding model should the cancellation stand, the Guarantee Agency does            not believe that the cancellation will materially adversely affect its            business.

The information in the following tables has been provided by ASA from            reports provided by or to the U.S. Department of Education. No representation is made            by ASA as to the accuracy or completeness of the information.

*Recovery Rates*. 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 Department of Education Guarantee Agency            Activity Report form 1130 or form 2000:

| **Federal Fiscal Year****(****Ending September                            30****)** | **Cumulative****Recovery Rate** |
|-------------------------------------------------------------------------------------|---------------------------------|
|                                                                                |                            |   |
| 2003                                                                                | 79.4                            | % |
| 2004                                                                                | 83.5                            |   |
| 2005                                                                                | 83.0                            |   |
| 2006                                                                                | 83.6                            |   |
| 2007                                                                                | 80.8                            |   |

 

*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 2002-2006, 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 Department of Education. See the description or summary of the FFEL            Program herein for more detailed information concerning the FFEL Program. 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** |
|-------------------------------------------------------------------------------------|-----------------|
|                                                                                |            |   |
| 2003                                                                                | .9              | % |
| 2004                                                                                | .7              |   |
| 2005                                                                                | 1.0             |   |
| 2006                                                                                | 1.0             |   |
| 2007                                                                                | 1.1             |   |

 

*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****(Ending June 30)** | **Default Claims****(Dollars in Millions)** |
|-----------------------------------------|---------------------------------------------|
|                                    |                                        |
| 2003                                    | $                                           | 80 |   |
| 2004                                    |                                        | 83 |   |
| 2005                                    |                                        | 168 |   |
| 2006                                    |                                        | 216 |   |
| 2007                                    |                                        | 320 |   |

 

*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****(Ending June 30)** | **Default Recoveries****(Dollars in Millions)** |
|-----------------------------------------|-------------------------------------------------|
|                                    |                                            |
| 2003                                    | $                                               | 79 |   |
| 2004                                    |                                            | 82 |   |
| 2005                                    |                                            | 78 |   |
| 2006                                    |                                            | 97 |   |
| 2007                                    |                                            | 128 |   |

 

**California Student Aid Commission**

The California Student Aid Commission (“CSAC”) is the            designated state student loan guaranty agency for the State of California            (“State”), responsible for that State’s participation in the FFELP            pursuant to California Education Code Section 69760 et seq., and Section 428(c) of the            Higher Education Act. CSAC’s role as a guaranty agency is to provide a source of            credit to assist students in meeting post-secondary education costs while attending            eligible institutions of their choice.

As authorized under California law, CSAC has established an auxiliary            organization in the form of a nonprofit public benefit corporation to provide            operational and administrative services related to CSAC’s participation in the            FFELP. The auxiliary organization, EDFUND, operates CSAC’s federal student loan            guaranty program pursuant to an operating agreement with CSAC. CSAC, as the designated            state guaranty agency, continues its oversight or all revenues, expenses and assets            related to its status.

CSAC began guaranteeing student loans on April 1, 1979, and as of            September 30, 2007, had cumulative principal guarantees outstanding of approximately            $29.7 billion.

As part of the FFELP, and pursuant to the 1998 Reauthorization            Amendments to the Higher Education Act, the state established 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. CSAC’s liability pursuant to            the FFELP, including for any loan guarantees, is limited solely to the amounts            contained in these two funds, and the State has not obligation to replenish these funds            if exhausted.

As of September 30, 2007, CSAC’s Federal Fund and Operating Fund            balances were as follows: CSAC’s Federal Fund had total assets of $126,538,170,            total liabilities of $50,117,449 and total fund equity of $76,420,721; and CSAC’s            Operating Fund had total assets of $67,901,237, total liabilities of $36,379,875 and            total fund equity of $31,521,362.

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 CSACthat 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 the final installment of $8,207,730 was paid on August            31, 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:

| **Fiscal Year** |   | **FFELP Loan Volume****(Dollars in Millions)** |
|-----------------|--------|------------------------------------------------|
| 2003            |   | 4,421                                          |
| 2004            |   | 5,712                                          |
| 2005            |   | 6,577                                          |
| 2006            |   | 6,878                                          |
| 2007            |   | 6,765                                          |

 

The information in the following tables has been provided by CSAC from            reports provided by or to the U.S. Department of Education. CSAC has not verified, and            makes no representation as to the accuracy or completeness of, the information compiled            by the Department of Education or as to any calculations other than required by federal            regulation.

***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** |
|-----------------|--------|-------------------|
| 2003            |   | 0.25%             |
| 2004            |   | 0.25%             |
| 2005            |   | 0.25%             |
| 2006            |   | 0.25%             |
| 2007            |   | 0.26%             |

 

***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** |
|-----------------|--------|-------------------|
| 2003            |   | 27.23%            |
| 2004            |   | 27.03%            |
| 2005            |   | 31.12%            |
| 2006            |   | 21.73%            |
| 2007            |   | 19.85%            |

 

***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** |
|-----------------|--------|-----------------|
| 2003            |   | 2.07%           |
| 2004            |   | 2.14%           |
| 2005            |   | 2.81%           |
| 2006            |   | 3.01%           |
| 2007            |   | 3.31%           |

 

***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** |
|-----------------|--------|---------------|
| 2003            |   | 0.000%        |
| 2004            |   | 0.017%        |
| 2005            |   | 0.000%        |
| 2006            |   | 0.002%        |
| 2007            |   | 0.057%        |

 

**Great Lakes Higher Education Guaranty Corporation**

Great Lakes Higher Education Guaranty Corporation (“GLHEGC”)            is a Wisconsin nonstock, nonprofit corporation the sole member of which is Great Lakes            Higher Education Corporation (“GLHEC”). GLHEGC’s predecessor            organization, GLHEC, was organized as a Wisconsin nonstock, nonprofit corporation and            began guaranteeing student loans under the Higher Education Act in 1967. GLHEGC is the            designated guarantee agency under the Higher Education Act for Wisconsin, Minnesota,            Ohio, Puerto Rico and the Virgin Islands. On January 1, 2002, GLHEC (and GLHEGC            directly and through its support services agreement with GLHEC), outsourced certain            aspects of its student loan program guaranty support operations to GLELSI. GLHEGC            continues as the “guaranty agency” as defined in Section 435(j) of the            Higher Education Act and continues its default aversion, claim purchase and compliance,            collection support and federal reporting responsibilities as well as custody and            responsibility for all revenues, expenses and assets related to that status. GLHEGC            (through its support services agreement with GLHEC) also performs oversight of all            direct and outsourced student loan program operations. The primary operations center            for GLHEC and its affiliates (including GLHEGC and GLELSI) is in Madison, Wisconsin,            which includes the data processing center and operational staff offices for both            guaranty and servicing functions. GLHEC and affiliates also maintain regional offices            in Columbus, Ohio and St. Paul, Minnesota and customer support staff located            nationally. GLHEGC will provide a copy of GLHEC’s most recent consolidated            financial statements on receipt of a written request directed to            2401 International Lane, Madison, Wisconsin 53704, Attention: Chief Financial            Officer.

GLHEGC has entered into a Voluntary Flexible Agreement with the U.S.            Department of Education pursuant to the 1998 Reauthorization Amendments. Under            GLHEGC’s agreement, which commenced October 1, 2000 and is currently            effective through September 30, 2008, GLHEGC’s revenues are tied directly to            default aversion performance. Certain sources of GLHEGC’s Operating Fund revenues            are replaced by a single fee-for-service funding source tied directly to the percentage            of delinquent loans that do not default during the measurement period. In lieu of            statutory collection retention amounts, the U.S. Department of Education reimburses            GLHEGC only for its actual post-default collection related expenses. This agreement            also calls for GLHEGC to escrow the liquid assets of GLHEGC’s Federal Fund for            the benefit of the U.S. Department of Education. GLHEGC may also engage in negotiations            with lenders to define whether the lender or GLHEGC will complete each of the due            diligence requirements. Finally, this agreement allows GLHEGC to pilot a new approach            to the claims review process, under which GLHEGC develops and implements with willing            lenders and servicers a post-claim random sampling process that replaces the current            claim-by-claim process.

The information in the following tables has been provided to the Issuer            from reports provided by or to the U.S. Department of Education and has not been            verified by the Issuer, GLHEGC or the initial purchasers. No representation is made by            the Issuer, GLHEGC or the initial purchasers as to the accuracy or completeness of this            information. Prospective investors may consult the United States Department of            Education Data Books and Websitehttp://www.ed.gov/finaid/prof/resources/data/opeloanvol.htmlfor further information concerning GLHEGC or any other guarantee            agency.

***Guarantee Volume***. GLHEGC’s            guaranty volume for each of the last five federal fiscal years, including Stafford,            Unsubsidized Stafford, SLS, PLUS, Graduate PLUS and Consolidation loan volume, was as            follows:

| **Federal Fiscal Year** |   | **Guaranty Volume (Millions)** |
|-------------------------|--------|--------------------------------|
| 2002                    |   | 4,473.1                        |   |
| 2003                    |   | 8,721.3                        |   |
| 2004                    |   | 7,707.6                        |   |
| 2005                    |   | 9,686.3                        |   |
| 2006                    |   | 12,797.2                       |   |

 

***Reserve Ratio***. Following are            GLHEGC’s reserve fund levels as calculated in accordance with 34 CFR            682.410(a)(10) for the last five federal fiscal years:

| **Federal Fiscal Year** |   | **Federal Guaranty Reserve Fund                            Level1/** |
|-------------------------|--------|----------------------------------------------------------------------|
| 2003                    |   | 1.29%                                                                |
| 2004                    |   | 0.99%                                                                |
| 2005                    |   | 0.83%                                                                |
| 2006                    |   | 0.72%                                                                |
| 2007                    |   | 0.69%                                                                |

 

The            Department of Education’s website at

http://www.fp.ed.gov/fp/attachments/activities_whatsnew/03040506ReserveRatioFinalPublicReport.xlshas posted reserve ratios for GLHEGC for federal fiscal years 2003,            2004, 2005 and 2006 of 1.168%, .646%, .578% and .517%, respectively. GLHEGC believes            the Department of Education has not calculated the reserve ratio in accordance with the            Act and the correct ratio should be 1.29%, .99%, .83% and .72%, respectively, as shown            above and as explained in the following footnote. On November 17, 2006, the Department            of Education advised GLHEGC that beginning in Federal Fiscal Year 2006 it will publish            reserve ratios that include loan loss provision and deferred revenues. GLHEGC believes            this change should more closely approximate the statutory calculation. According to the            Department of Education, available cash reserves may not always be an accurate            barometer of a guarantor’s financial health.

1/ In accordance with Section 428(c)(9) of the Higher            Education Act, does not include loans transferred from the former Higher Education            Assistance Foundation, Northstar Guarantee Inc., Ohio Student Aid Commission or Puerto            Rico Higher Education Assistance Corporation. (The minimum reserve fund ratio under the            Higher Education Act is .25%.)

***Claims Rate***. For the past five            federal fiscal years, GLHEGC’s claims rate has not exceeded 5%, and, as a result,            the highest allowable reinsurance has been paid on all GLHEGC’s claims. The            actual claims rates are as follows:

| **Fiscal Year** |   | **Claims Rate** |
|-----------------|--------|-----------------|
| 2003            |   | 1.27            | % |
| 2004            |   | .68             | % |
| 2005            |   | .51             | % |
| 2006            |   | .62             | % |
| 2007            |   | .77             | % |

 

As a result of various statutory and regulatory changes over the past            several years, historical rates may not be an accurate indicator of current delinquency            or default trends or future claims rates.

**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 “College            Loan Corporation Trust I” in the prospectus supplement dated October 25, 2007 and            the sections titled “The Depositor” and “The Sponsor and the Issuer            Administrator” in the prospectus dated October 25, 2007, each of which was filed            with the Securities and Exchange Commission on October 26, 2007 pursuant to Rule            424(b), file 333-102791-01, and incorporated herein by reference.

**Item 1122. Compliance with Applicable Servicing            Criteria**

A Managements Assessment of Compliance with Regulation AB Servicing            Criteria, along with a related accountant’s attestation report, for each of ACS            Education Services, Inc., CLC Servicing, Great Lakes Educational Loan Services, Inc.,            Deutsche Bank Trust Company Americas and College Loan Corporation is included as an            exhibit to this report. Except as described by the following, there have been no            material instances of noncompliance with the servicing criteria for the period of this            report.

ACS Education Services, Inc. reported material noncompliance with            servicing criterion 1122(d)(2)(ii) and 1122(d)(4)(iv). Related to criterion            1122(d)(2)(ii), disbursements made via wire transfers on behalf of an obligor to the            lender were not made by authorized personnel. ACS Education Services, Inc. has taken            corrective action and now retains daily bank access user reports to provide evidence of            compliance with servicing criterion 1122(d)(2)(ii). Related to criterion            1122(d)(4)(iv), certain payments on pool assets were posted to the obligors records            more than two business days after receipt. For certain pool assets, the related            transaction agreement states that payments are to be made within a mutually acceptable            schedule; the referenced schedule has not been executed. ACS Education Services, Inc.            expects to execute a mutually acceptable schedule with the lender that will specify            payment posting and effective date time frames when payments received do not allow for            the systematic posting within two days after receipt.

CLC Servicing reported material noncompliance with servicing criterion            1122(d)(2)(i), 1122(d)(2)(vii) and 1122(d)(4)(vi). Related to criterion 1122(d)(2)(i),            transfer of borrower payments to the appropriate custodial account were not made within            2 business days of receipt of payment. Effective November 9, 2007 CLC Servicing changed            their process and began wiring funds to the appropriate custodial accounts within two            business days of the payment posting date on the CLC Servicing system. Related to            criterion 1122(d)(2)(vii), bank account reconciliations have reconciling items that are            not cleared within 90 days. As of December 31, 2007, bank account reconciling items are            cleared within 90 days. Related to criterion 1122(d)(4)(vi), between July and September            2007, the Student Status Confirmation Report (SSCR) automation process was undergoing            system enhancements and SSCR reports with student status changes were not processed            timely. This resulted in some loans not entering repayment in a timely manner. The            backlog of SSCR processing was resolved in early September and SSCR processing has            remained current.

By the end of June 2008, CLC Servicing will have transferred all pool            assets and servicing activities to ACS Education Services, Inc. and exited the business            of servicing student loans. The transfer of pool assets and servicing activities to ACS            Education Services, Inc. will be done in accordance with the transaction            documents.

**Item 1123. Servicer Compliance Statement**

A Servicer Compliance Statement for each of ACS Education Services,            Inc., CLC Servicing and College Loan Corporation is included as an exhibit to this            report. Exhibit 35.1 references ACS Education Services, Inc., exhibit 35.2 references            CLC Servicing and exhibit 35.3 references College Loan Corporation.

 

 

**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/ John Falb |
|   |                             | John Falb |
|   |                             | 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, 2007.                |
|        |                                                                                                                                                                                                                                  |
| 33.2        | Report on assessment of Compliance with Servicing                            Criteria concerning servicing activities of CLC Servicing for the year                            ended December 31, 2007.                               |
|        |                                                                                                                                                                                                                                  |
| 33.3        | Report on assessment of Compliance with Servicing                            Criteria concerning servicing activities of Great Lakes Educational                            Loan Services, Inc. for the year ended December 31, 2007. |
|        |                                                                                                                                                                                                                                  |
| 33.4        | Report on assessment of Compliance with Servicing                            Criteria concerning servicing activities of Deutsche Bank Trust Company                            Americas for the year ended December 31, 2007.        |
|        |                                                                                                                                                                                                                                  |
| 33.5        | Report on assessment of Compliance with Servicing                            Criteria concerning servicing activities of College Loan Corporation                            for the year ended December 31, 2007.                    |
|        |                                                                                                                                                                                                                                  |
| 34.1        | Independent Accountants’ Attestation Report                            concerning servicing activities of ACS Education Services, Inc. for the                            year ended December 31, 2007.                         |
|        |                                                                                                                                                                                                                                  |
| 34.2        | Independent Accountants’ Attestation Report                            concerning servicing activities of CLC Servicing for the year ended                            December 31, 2007.                                        |
|        |                                                                                                                                                                                                                                  |
| 34.3        | Independent Accountants’ Attestation Report                            concerning servicing activities of Great Lakes Educational Loan                            Services, Inc. for the year ended December 31, 2007.          |
|        |                                                                                                                                                                                                                                  |
| 34.4        | Independent Accountants’ Attestation Report                            concerning servicing activities of Deutsche Bank Trust Company Americas                            for the year ended December 31, 2007.                 |
|        |                                                                                                                                                                                                                                  |
| 34.5        | Independent Accountants’ Attestation Report                            concerning servicing activities of College Loan Corporation for the                            year ended December 31, 2007.                             |
|        |                                                                                                                                                                                                                                  |
| 35.1        | Statement of Compliance of ACS Education Services, Inc.                            under the Federal FFEL Origination/Servicing Agreement for the year                            ended December 31, 2007.                            |
|        |                                                                                                                                                                                                                                  |
| 35.2        | Statement of Compliance of CLC Servicing under the                            Federal FFELP Origination and Servicing Agreement for the year ended                            December 31, 2007.                                      |
|        |                                                                                                                                                                                                                                  |
| 35.3        | Statement of Compliance for College Loan Corporation                            under the Administration Agreement for the year ended December 31,                            2007.                                                   |