**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      D.C. 20549**




**FORM
      10-K**






ý
            **ANNUAL
                REPORT PURSUANT TO SECTION 13 OR 15(****d****)
                OF THE SECURITIES EXCHANGE ACT OF 1934**For
                the fiscal year ended June 30, 2007oro
            **TRANSITIONAL
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                ACT OF
                1934**For
                the transition period from ____________________ to
                ____________________







Commission
      File Number of issuing entity:**333-113336-06**


**The
      National Collegiate Student Loan Trust 2007-1**


(Exact
      name of registrant as specified in its charter)




Commission
      File Number of depositor and sponsor:**333-128413**


**The
      National Collegiate Funding LLC**


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





**Delaware**
              (State
                or other jurisdiction of
              incorporation
                or organization of the
              issuing
                entity)
            
            **43-6936488**
              **65-1177163**
              (I.R.S.
                Employer Identification Nos.)





**800
                Boylston Street, 34th Floor, Boston, MA**
              (Address
                of principal executive offices
              of
                issuing entity)
            
            **02199**
              (Zip
                Code)






**(800)
      895-4283**


(Registrant’s
      telephone number, including area code)







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




None.




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




None.




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






Yes  o   No  ý






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






Yes  ý   No  o






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






Yes 
      ý No  o




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




Large
      Accelerated Filer  o          Accelerated
      Filer  o          Non-Accelerated
      Filer  ý





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





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





Yes  o    No  ý





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




Not
      applicable.




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




Not
      applicable.




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




Certain
      financial information related to The Education Resources Institute, Inc. is
      incorporated by reference into Part IV of this Annual Report on Form 10-K from
      the prospectus supplement filed by the registrant with the SEC on March 7,
      2007.  Such financial information is set forth in the prospectus
      supplement under the caption “The Student Loan Guarantor” and Annex I of the
      prospectus supplement.




Certain
      information related to the affiliates of the Registrant and certain
      relationships and related transactions is incorporated by reference into Item
      1119 of the additional disclosure items required by Regulation AB of this Annual
      Report on Form 10-K from the prospectus filed by the registrant with the SEC
      on
      March 7, 2007.  Such information is set forth in the prospectus under
      the caption “The Sponsor, The First Marblehead Corporation, the Administrator,
      the Servicers and the Custodians”.




This
      Annual Report on Form 10-K (the “Report”) is filed with respect to The National
      Collegiate Student Loan Trust 2007-1 (the “Trust”).  Certain
      information requested by this Report is omitted pursuant to Regulation AB (17
      CFR 229.1101) and SEC Release 33-8518, December 15, 2004 (“Regulation AB”) and
      General Instruction J.




This
      Report is filed under the Trust’s file number of 333-113336-03, but the assets
      of the Trust collateralize securities that were issued pursuant to The National
      Collegiate Funding LLC’s registration statement number 333-128413.




**PART
      I**




**Item
      1. Business.**




Omitted.




**Item
      1A. Risk Factors.**




Omitted.




**Item
      2. Properties.**




Omitted.




**Item
      3. Legal Proceedings.**




Omitted.




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




Omitted.




**PART
      II**




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




Omitted.




**Item
      6. Selected Financial Data.**




Omitted.




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




Omitted.




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




Omitted.




**Item
      8. Financial Statements and Supplementary Data.**




Omitted.




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




Omitted.




**Item
      9A. Controls and Procedures.**




Omitted.




**Item
      9B. Other Information.**




None.




**PART
      III**




**Item
      10. Directors and Executive Officers of the Registrant.**




Omitted.




**Item
      11. Executive Compensation.**




Omitted.




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




Omitted.




**Item
      13. Affiliations and Certain Relationships and Related
      Transactions.**




Omitted.




**Item
      14. Principal Accounting Fees and Services.**




Omitted.




**PART
      IV**




**Item
      15. Exhibits, Financial Statement Schedules.**




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




(1)  Not
      applicable.




(2)  Not
      applicable.




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







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





**EXHIBIT**
            **DESCRIPTION**31.1
            Rule
                13a-14(a)/15d-14(a) Certification. (Section 302
                Certification)33.1
            Report
                on Assessment of Compliance with Servicing Criteria concerning servicing
                activities of Pennsylvania Higher Education Assistance Agency for
                the year
                ended June 30, 2007.33.2
            Report
                on Assessment of Compliance with Servicing Criteria concerning servicing
                activities of First Marblehead Data Services, Inc. for the year ended
                June
                30, 2007.33.3
            Report
                on Assessment of Compliance with Servicing Criteria concerning servicing
                activities of U.S. Bank National Association for the year ended June
                30,
                2007.34.1
            Independent
                Accountants’ Attestation Report concerning servicing activities of
                Pennsylvania Higher Education Assistance Agency for the year ended
                June
                30, 2007.34.2
            Independent
                Accountants’ Attestation Report concerning servicing activities of First
                Marblehead Data Services, Inc. for the year ended June 30,
                2007.34.3
            Independent
                Accountants’ Attestation Report concerning servicing activities of U.S.
                Bank National Association for the year ended June 30, 2007.35.1
            Statement
                of Compliance of Pennsylvania Higher Education Assistance Agency
                under the
                Alternative Servicing Agreement for the year ended June 30,
                2007.35.2
            Statement
                of Compliance of First Marblehead Data Services, Inc. under the
                Administration Agreement for the year ended June 30, 2007.





(c)  Omitted.









***The
      following are additional disclosure items required by Regulation
      AB.***




**Item
      1112(b).  Significant Obligor Financial
      Information.**




Financial
      information related to The
      Education Resources Institute, Inc., a “significant obligor” as that term is
      defined in Regulation AB, is provided in the sections titled “The Student Loan
      Guarantor” and “Annex I” of the prospectus supplement, previously filed with the
      SEC on March 7, 2007 pursuant to Securities Act Rule 424, file 333-113336-06
      and
      incorporated herein by reference.




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




Financial
      information related to The
      Education Resources Institute, Inc., a “significant enhancement provider” as
      that term is defined in Regulation AB, is provided in the sections titled “The
      Student Loan Guarantor” and “Annex I” of the prospectus supplement, previously
      filed with the SEC on March 7, 2007 pursuant to Securities Act Rule 424, file
      333-113336-06 and incorporated herein by reference.




**Item
      1117.  Legal Proceedings.**




The
      Registrant knows of no material
      pending legal proceedings.




**Item
      1119.  Affiliates and Certain Relationships and Related
      Transactions.**




Information
      related to affiliates of
      the Registrant and certain relationships and related transactions is provided
      in
      the section titled “The Sponsor, The First Marblehead Corporation, the
      Administrator, the Servicers and the Custodians” of the prospectus, previously
      filed with the SEC on March 7, 2007 pursuant to Securities Act Rule 424, file
      333-113336-06 and incorporated herein by reference.




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




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




**Item
      1123.  Servicer Compliance Statement**




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







SIGNATURES




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




THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-1
              (Registrant)By:
            The
                National Collegiate Funding LLC, as
                depositor





By:
            /s/
                John A. HupaloName:
            John
                A. HupaloTitle:
            Chief
                Financial Officer and Treasurer
              (senior
                officer in charge of securitization)Date:
            September
                27, 2007













**EXHIBIT
      INDEX**









Exhibit
                Number
              Sequentially
                Numbered
                Description31.1
              Rule
                  13a-14(a)/15d-14(a) Certification. (Section 302
                  Certification)33.1
              Report
                  on Assessment of Compliance with Servicing Criteria concerning
                  servicing
                  activities of Pennsylvania Higher Education Assistance Agency for
                  the year
                  ended June 30, 2007.33.2
              Report
                  on Assessment of Compliance with Servicing Criteria concerning
                  servicing
                  activities of First Marblehead Data Services, Inc. for the year
                  ended June
                  30, 2007.33.3
              Report
                  on Assessment of Compliance with Servicing Criteria concerning
                  servicing
                  activities of U.S. Bank National Association for the year ended
                  June 30,
                  2007.34.1
              Independent
                  Accountants’ Attestation Report concerning servicing activities of
                  Pennsylvania Higher Education Assistance Agency for the year ended
                  June
                  30, 2007.34.2
              Independent
                  Accountants’ Attestation Report concerning servicing activities of First
                  Marblehead Data Services, Inc. for the year ended June 30,
                  2007.34.3
              Independent
                  Accountants’ Attestation Report concerning servicing activities of U.S.
                  Bank National Association for the year ended June 30, 2007.35.1
              Statement
                  of Compliance of Pennsylvania Higher Education Assistance Agency
                  under the
                  Alternative Servicing Agreement for the year ended June 30,
                  2007.35.2
              Statement
                  of Compliance of First Marblehead Data Services, Inc. under the
                  Administration Agreement for the year ended June 30, 2007.