SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Terribile Charles L

(Last)

(First)

(Middle)

COLLEGIATE FUNDING SERVICES

10304 SPOTSYLVANIA AVENUE

(Street)

FREDERICKSBURG

22408

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
COLLEGIATE FUNDING SERVICES INC [ CFSI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP & General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/01/2006		M		64,355	A	$0.91	131,253	D
Common Stock	03/01/2006		M		54,846	A	$16	186,099	D
Common Stock	03/01/2006		M		34,300	A	$16.18	220,399	D
Common Stock	03/01/2006		U		220,399	D	$20	0	D
Common Stock	03/01/2006		U		750	D	$20	0	I	See footnote.⁽¹⁾
Common Stock	03/01/2006		U		750	D	$20	0	I	See footnote.⁽²⁾
Common Stock	03/01/2006		U		750	D	$20	0	I	See footnote.⁽³⁾
Common Stock	03/01/2006		U		750	D	$20	0	I	See footnote.⁽⁴⁾
Common Stock	03/01/2006		U		750	D	$20	0	I	See footnote.⁽⁵⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock options (right to buy)	$0.91	03/01/2006		X			64,355⁽⁶⁾	07/21/2005	07/21/2011	Common stock	64,355	$0.00	89,146	D
Stock options (right to buy)	$16	03/01/2006		X			13,712⁽⁶⁾	07/21/2005	07/21/2011	Common stock	13,712	$0.00	75,434	D
Stock options (right to buy)	$16	03/01/2006		X			41,134⁽⁶⁾	03/01/2006	07/21/2011	Common stock	41,134	$0.00	34,300	D
Stock options (right to buy)	$16.18	03/01/2006		X			34,300⁽⁶⁾	03/01/2006	06/03/2012	Common stock	34,300	$0.00	0	D

Explanation of Responses:

1. Charles L. Terribile as custodian for Tyler Argust under the Virginia Uniform Transfer to Minors Act.

2. Charles L. Terribile as custodian for Kyle Argust under the Virginia Uniform Transfer to Minors Act.

3. Charles L. Terribile as custodian for Ryan Argust under the Virginia Uniform Transfer to Minors Act.

4. Charles L. Terribile as custodian for Jaida Terribile under the Virginia Uniform Transfer to Minors Act.

5. Michael Terribile c/f Kathrine Terribile UTMA PA.

6. Options exercised on date of change of company control.

Remarks:

	/s/ Charles J. Payne, attorney-in-fact	03/02/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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