Exhibit 33.2

 

**MANAGEMENT'S ASSESSMENT OF                    COMPLIANCE**

**WITH REGULATION AB SERVICING                    CRITERIA**

CLC Servicing (the                    “Servicer”)                    asserts as of December 31, 2007 and for the period from January 1, 2007 to                    December 31, 2007 (the “Reporting                    Period”) and as required by Item 1122(d) of                    RegulationABof the Securities and                    Exchange Commission (“Regulation                    AB”), that:

|   | 1. | The Servicer is responsible for assessing                                    compliance as of and for the Reporting Period with the                                    servicing criteria set forth in Item 1122 (d) of Regulation AB,                                    excluding the criteria which we have concluded are not                                    applicable to the servicing activities we perform as indicated                                    on Appendix A, attached hereto (the                                    “Regulation AB Compliance                                    Matrix”), with respect to the                                    funding trust transactions backed by student loan receivables                                    listed on Appendix B (the                                    “Regulation AB                                    Platform”); |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | The Servicer has assessed its compliance with                                    the Applicable Servicing Criteria for the Reporting Period and                                    has concluded that the Servicer has complied, in all material                                    respects, with the Applicable Servicing Criteria with respect                                    to Regulation AB for the Regulation AB Platform; except as                                    provided on Appendix C. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | With respect to servicing criterion                                    1122(d)(2)(i) and 1122(d)(4)(iv), management has engaged a                                    vendor to perform the activities required by the servicing                                    criteria. The Servicer’s management has determined that                                    the vendor is not considered a “servicer” as                                    defined in item 1101(j) of Regulation AB, and the                                    Servicer’s management has elected to take responsibility                                    for assessing compliance with the servicing criterion                                    applicable to the vendor as permitted by Interpretation 17.06                                    of the SEC Division of Corporation Finance Manual of Publicly                                    Available Telephone Interpretations (“Interpretation                                    17.06”). The Servicer has policies and procedures in                                    place designed to provide reasonable assurance that the                                    vendor’s activities comply in all material respects with                                    the servicing criterion applicable to the vendor. The                                    Servicer’s management is solely responsible for                                    determining that it meets the SEC requirements to apply                                    Interpretation 17.06 for the vendor and related                                    criterion. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | Grant Thornton LLP, an independent registered                                    public accounting firm, has issued an attestation report on the                                    assessment of compliance with the Regulation AB Compliance                                    Matrix as of and for the Reporting Period as set forth in this                                    assertion. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

The Servicer’s assertion is limited to activities                    processed on the Regulation AB Platform during the Reporting Period. It does                    not include an assessment of the impact of activities processed prior to the                    Reporting Period that might have affected the amounts reported by the Servicer                    during the Reporting Period.

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.

IN WITNESS WHEREOF, the undersigned has executed this Report of                    the Servicer as of March 19, 2008.

 
| CLC Servicing |
|---------------|
|          |
|          |
| By:           | /s/ Steve Snyder |
|          | Name: Steve Snyder |
|          | Title: President, CLC                                Servicing |
|          |   |
|          |   |
| Date:         | 3/27/08 |
|          |
|          |   |   |   |

 

 

****APPENDIX                    A****

 

| **Compliance Consideration Items** | **Required Compliance** |
|------------------------------------|-------------------------|

|            |                                                                                                                                                                                                                                                                                                                                                                                                          | Applicable | NotApplicable |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|
| **Item #**      | **General Servicing                                    Considerations**                                                                                                                                                                                                                                                                                                                                       |       |          |
| 1122(d)(1)(i)   | Policies and procedures are instituted to                                    monitor any performance or other triggers and events of default                                    in accordance with the transaction agreements.                                                                                                                                                                                | X          |          |
| 1122(d)(1)(ii)  | If any material servicing activities are                                    outsourced to third parties, policies and procedures are                                    instituted to monitor the third party’s performance and                                    compliance with such servicing activities.                                                                                           | X          |          |
| 1122(d)(1)(iii) | Any requirements in the transaction requirements                                    to maintain a back-up servicer for the pool assets are                                    maintained.                                                                                                                                                                                                                     | X          |          |
| 1122(d)(1)(iv)  | A fidelity bond and errors and omissions policy                                    is in effect on the party participating in the servicing                                    function throughout the reporting period in the amount of                                    coverage required by and otherwise in accordance with the terms                                    of the transaction agreements. | X          |          |
|            | **Cash Collection &                                    Administration**                                                                                                                                                                                                                                                                                                                                   |       |          |
| 1122(d)(2)(i)   | Payments on pool assets are deposited into the                                    appropriate custodial bank accounts and related bank clearing                                    accounts no more than 2 business days of receipt, or such other                                    number of days specified in the transaction                                    agreements.                              | X          |          |
| 1122(d)(2)(ii)  | Disbursements made via wire transfer on behalf                                    of an obligor or to an investor are made only by authorized                                    personnel.                                                                                                                                                                                                                   | X          |          |
| 1122(d)(2)(iii) | Advances of funds or guarantees regarding                                    collections, cash flows or distributions, and any interest or                                    other fees charged for such advances, are made, reviewed and                                    approved as specified in the transaction agreements.                                                                            |       | X             |
| 1122(d)(2)(iv)  | The related accounts for the transaction, such                                    as cash reserve accounts established as a form of over                                    collateralization, are separately maintained (e.g., with                                    respect to commingling of cash) as set forth in the transaction                                    agreements.                        |       | X             |

 

 

 

|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Applicable | NotApplicable |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|
| 1122(d)(2)(v)   | Each custodial account is maintained as a                                    federally insured depository institution as set forth in the                                    transaction agreements. For purposes of this criterion,                                    “federally insured depository institution” with                                    respect to a foreign financial institution means a foreign                                    financial institution that meets the requirements of                                    240.13k-1(b)(1) of this chapter.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | X          |          |
| 1122(d)(2)(vi)  | Unissued checks are safeguarded so as to prevent                                    unauthorized access.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | X          |          |
| 1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis                                    for all asset backed accounts, including custodial accounts and                                    related bank clearing accounts. These reconciliations: (A) Are                                    mathematically accurate; (B) Are prepared within 30 calendar                                    days after the bank statement cutoff date, or such other number                                    of days specified in the transaction agreements; (C) Are                                    reviewed and approved by someone other than the person who                                    prepared the reconciliations: and (D) Contain explanations for                                    reconciling items. These reconciling items are resolved within                                    90 calendar days of their original identification, or such                                    other number of days specified in the transaction                                    agreements. | X          |          |
|                 | **Investor                                Remittances & Reporting**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |            |               |
| 1122(d)(3)(i)   | Reports to investors, including those to be                                    filed with the Commission, are maintained in accordance with                                    the transaction agreements and applicable Commission                                    requirements. Specifically such reports (A) Are prepared in                                    accordance with timeframes and other terms set forth in the                                    transaction agreements; (B) Provide information calculated in                                    accordance with the terms specified in the transaction                                    agreements; (C) Are filed with the Commission as required by                                    its rules and regulations; and (D) Agree with investors’                                    or the trustee’s records as to the total unpaid principal                                    balance and number of pool assets serviced by the                                    servicer.                     |       | X             |
| 1122(d)(3)(ii)  | Amounts due to investors are allocated and                                    remitted in accordance with timeframes, distribution priority                                    and other terms set forth in the transaction                                    agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |       | X             |

 

 

 

|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Applicable | NotApplicable |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|
| 1122(d)(3)(iii) | Disbursements made to an investor are posted                                    within two business days to the servicer’s investor                                    records, or such other number of days specified in the                                    transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                    |       | X             |
| 1122(d)(3)(iv)  | Amounts remitted to investors per the investor                                    reports agree with cancelled checks, or other form of payment,                                    or custodial bank statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |       | X             |
|            | **Pool Asset Administration**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |       |          |
| 1122(d)(4)(i)   | Collateral or security on pool assets is                                    maintained as required by the transaction agreements or related                                    pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | X          |          |
| 1122(d)(4)(ii)  | Pool assets and related documents are                                    safeguarded as required by the transaction                                    agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | X          |          |
| 1122(d)(4)(iii) | Any additions, removals or substitutions to the                                    asset pool are made, reviewed and approved in accordance with                                    any conditions or requirements in the transaction                                    agreements.                                                                                                                                                                                                                                                                                                                                                                                              |       | X             |
| 1122(d)(4)(iv)  | Payments on pool assets, including any payoffs,                                    made in accordance with the related pool asset documents are                                    posted to the applicable servicer’s obligor records                                    maintained no more than two business days after receipt, or                                    such other number of days specified in the transaction                                    agreements, and allocated to principal, interest or other items                                    (e.g. escrow) in accordance with the related pool asset                                    documents. | X          |          |
| 1122(d)(4)(v)   | The servicer’s records regarding the pool                                    assets agree with the servicer’s records with respect to                                    an obligor’s unpaid principal balance.                                                                                                                                                                                                                                                                                                                                                                                                                                                 | X          |          |
| 1122(d)(4)(vi)  | Changes with respect to the terms or status of                                    an obligor’s pool assets (e.g., loan modifications or                                    re-agings) are made, reviewed and approved by authorized                                    personnel in accordance with the transaction agreements and                                    related pool asset documents.                                                                                                                                                                                                                                                                         | X          |          |

 

 

 

|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Applicable | NotApplicable |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|
| 1122(d)(4)(vii)  | Loss mitigation or recovery actions (e.g.,                                    forbearance plans, modifications and deeds in lieu of                                    foreclosure, foreclosures and repossessions, as applicable) are                                    initiated, conducted and concluded in accordance with the                                    timeframes or other requirements established by the transaction                                    agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                 | X          |          |
| 1122(d)(4)(viii) | Records documenting collection efforts are                                    maintained during the period a pool asset is delinquent in                                    accordance with the transaction agreements, Such records are                                    maintained on at least a monthly basis, or such other period                                    specified in the transaction agreements, and describe the                                    entity’s activities in monitoring delinquent pool assets                                    including, for example, phone call, letters and payment                                    rescheduling plans in cases where delinquency is deemed                                    temporary (e.g., illness or unemployment).                                                                                                           | X          |          |
| 1122(d)(4)(ix)   | Adjustments to interest rates or rates of return                                    for pool assets with variable rates are computed based on the                                    related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | X          |          |
| 1122(d)(4)(x)    | Regarding any funds held in trust for an obligor                                    (such as escrow accounts): (A) Such funds are analyzed, in                                    accordance with the obligor’s pool asset documents, on at                                    least an annual basis, or such other period specified in the                                    transaction agreements; (B) Interest on such funds is paid, or                                    credited to obligors in accordance with applicable pool asset                                    documents and state laws: and (C) Such funds are returned to                                    the obligor within 30 calendar days of full repayment of the                                    related pool assets, or such other number of days specified in                                    the transaction agreements. |       | X             |
| 1122(d)(4)(xi)   | Payments made on behalf of an obligor (such as                                    tax or insurance payments) are made on or before the related                                    penalty or expiration dates, as indicated on the appropriate                                    bills or notices for such payments, provided that such support                                    has been received by the servicer at least 30 calendar days                                    prior to these dates, or such other number of days specified in                                    the transaction agreements.                                                                                                                                                                                                                                                                                                     |       | X             |

 

 

 

|             |                                                                                                                                                                                                                                                                                                                                                                                   | Applicable | NotApplicable |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------|
| 1122(d)(4)(xii)  | Any late payment penalties in connection with                                    any payment to be made on behalf of an obligor are paid from                                    the servicer’s fund not charged to the obligor, unless                                    the late payment was due to the obligor’s error or                                    omission. |       | X             |
| 1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are                                    posted within two business days to the obligor’s records                                    maintained by the servicer, or such other number of days                                    specified in the transaction agreements.                                                               |       | X             |
| 1122(d)(4)(xiv)  | Delinquencies, charge-offs and uncollectible                                    accounts are recognized and recorded in accordance with the                                    transaction agreements.                                                                                                                                                                                 | X          |          |
| 1122(d)(4)(xv)   | Any external enhancement or other support,                                    identified in Item 1114(a)(1) through (3) or Item 1115 of                                    Regulation AB, is maintained as set forth in the transaction                                    agreements.                                                                                                 |       | X             |

 

 

**APPENDIX B**

 

**College Loan Corporation Trust I                    College****Loan Corporation Trust II**

 

**Appendix C**

 

|   | ****•**** | **Reg. AB Section 1122 (d)(2)(i)** |
|--------|----------------|------------------------------------|

Transfer of borrower payments to Deutsche Bank custodial account                    were not made within 2 days of receipt of payment.

**Resolution:** CLC Servicing (“CLCS”)                    was wiring funds to Deutsche Bank every two business days but was not                    considering the payment posting date. Effective November 9, 2007, CLCS changed                    its process and began wiring funds to Deutsche Bank within two business days of                    the payment posting date on the CLCS System.

|   | ****•**** | **Reg. AB Section 1122                                    (d)(2)(vii)** |
|--------|----------------|-------------------------------------------------------------------------|

Bank account reconciliations have reconciling items that are not                    cleared within 90 days.

**Resolution:** As of December 31, 2007, bank                    account reconciling items are cleared within 90 days.

|   | ****•**** | **Reg. AB Section 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.

**Resolution:** The backlog of SSCR processing was                    resolved in early September and SSCR processing has remained                    current.