**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, 2006                                                                                 |
|   |                                                                                                                                     |
|   | or                                                                                                                                       |
|   |                                                                                                                                     |
| o      | **TRANSITIONAL                  REPORT PURSUANT TO SECTION 13 OR 15(****d****)                  OF THE SECURITIES EXCHANGE ACT OF 1934** |
|   |                                                                                                                                     |
|   | For                  the transition period from ____________________ to                  ____________________                            |

**      333-128413-01**

**The      National Collegiate Student Loan Trust 2006-1**

**      333-118894**

**The      National Collegiate Funding LLC**

| **Delaware**(State                or other jurisdiction of incorporation                or organization of the issuing                entity) |   | **06-6550395****65-1177163**(I.R.S.                Employer Identification Nos.) |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|

| **800                Boylston Street, 34th Floor, Boston, MA**(Address                of principal executive offices of                issuing entity) |   | **19890**(Zip                Code) |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|

**(800)      895-4283**

| **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)**.  |

**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)                                                                                                                                            |
| 35.1        | Statement                of Compliance of Pennsylvania Higher Education Assistance Agency                under the                Alternative Servicing Agreement for the year ended June 30,                2006.                           |
| 35.2        | Statement                of Compliance of First Marblehead Data Services, Inc. under the                Administration Agreement for the year ended June 30, 2006.                                                                           |
| 99.1        | Report                on Assessment of Compliance with Servicing Criteria concerning servicing                activities of Pennsylvania Higher Education Assistance Agency for                the year                ended June 30, 2006.  |
| 99.2        | Independent                Accountants’ Attestation Report concerning servicing activities of                Pennsylvania Higher Education Assistance Agency for the year ended                June                30, 2006.           |
| 99.3        | Report                on Assessment of Compliance with Servicing Criteria concerning servicing                activities of First Marblehead Data Services, Inc. for the year ended                June                30, 2006.             |
| 99.4        | Independent                Accountants’ Attestation Report concerning servicing activities of First                Marblehead Data Services, Inc. for the year ended June 30,                2006.                                     |
| 99.5        | Report                on Assessment of Compliance with Servicing Criteria concerning servicing                activities of U.S. Bank National Association for the year ended June                30,                2006.                   |
| 99.6        | Independent                Accountants’ Attestation Report concerning servicing activities of U.S.                Bank National Association for the year ended June 30,                2006.                                                |

|   | (c) | Omitted. |
|--------|-----|----------|

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

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

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

**Item      1117. Legal Proceedings.**

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

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

**Item      1123. Servicer Compliance Statement**

----

|   |   |   |   | THE                NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-1(Registrant) |
|--------|--------|--------|--------|------------------------------------------------------------------------------|
|   |   |   |   |                                                                         |   | By: | The                National Collegiate Funding LLC, as depositor |
|   |   |   |   |                                                                         |   |   |   |   |   |   |   |   |   |
|   |   |   |   |                                                                         |   |   | By: | /s/              John A. Hupalo |  |
|   |   |   |   |                                                                         |   |   | Name: | John                A. Hupalo |
|   |   |   |   |                                                                         |   |   | Title: | Vice                President |
|   |   |   |   |                                                                         |   |   |   |   |
|   |   |   |   |                                                                         |   |   | Dated: | September                27, 2006 |

----

**EXHIBIT      INDEX**

| Exhibit                  Number | Sequentially                  Numbered                  Description                                                                                                                                                                                                        |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                                                                                                                                                                                                                                                                       |
| 31.1                            | Rule                  13a-14(a)/15d-14(a) Certification. (Section 302                  Certification)                                                                                                                                                                 |
| 35.1                            | Statement                  of Compliance of Pennsylvania Higher Education Assistance Agency                  under the                  Alternative Servicing Agreement for the year ended June 30,                  2006.                                            |
| 35.2                            | Statement                  of Compliance of First Marblehead Data Services, Inc. under the                  Administration Agreement for the year ended June 30, 2006.                                                                                                |
| 99.1                            | Report                  on Assessment of Compliance with Servicing Criteria concerning                  servicing                  activities of Pennsylvania Higher Education Assistance Agency for                  the year                  ended June 30, 2006.  |
| 99.2                            | Independent                  Accountants’ Attestation Report concerning servicing activities of                  Pennsylvania Higher Education Assistance Agency for the year ended                  June                  30, 2006.                            |
| 99.3                            | Report                  on Assessment of Compliance with Servicing Criteria concerning                  servicing                  activities of First Marblehead Data Services, Inc. for the year                  ended June                  30, 2006.             |
| 99.4                            | Independent                  Accountants’ Attestation Report concerning servicing activities of First                  Marblehead Data Services, Inc. for the year ended June 30,                  2006.                                                        |
| 99.5                            | Report                  on Assessment of Compliance with Servicing Criteria concerning                  servicing                  activities of U.S. Bank National Association for the year ended                  June 30,                  2006.                   |
| 99.6                            | Independent                  Accountants’ Attestation Report concerning servicing activities of U.S.                  Bank National Association for the year ended June 30,                  2006.                                                                   |