-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GOP4YQdAx4L7msjRcTyZgxy74FhiDBbniEg5WVfB1Na2i7S+APUwA6I2rVS4/mYI ZvSt3T9g8GR5Nyx/ITFQIw== 0000899681-05-000277.txt : 20050331 0000899681-05-000277.hdr.sgml : 20050331 20050331152213 ACCESSION NUMBER: 0000899681-05-000277 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050331 DATE AS OF CHANGE: 20050331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLLEGE LOAN CORP TRUST I CENTRAL INDEX KEY: 0001172104 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 016110137 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-102791-01 FILM NUMBER: 05719758 BUSINESS ADDRESS: STREET 1: 1100 N MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19890 BUSINESS PHONE: 302-636-6071 10-K 1 college-10k_033005.htm 10-K

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


FORM 10-K

/X/

/    /		 Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2004

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

Commission File Number: 333-102791-01

College Loan Corporation Trust I

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation
or organization) 		45-6110137
(I.R.S. Employer Identification No.)

16855 W. Bernardo Drive
Suite 100
San Diego, California

(Address of principal executive offices)

Registrant's telephone number, including area code:

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

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

92127

(Zip Code)

(888) 972-6311

None

None

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    X      No      

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

           Not applicable.

          Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes [__] No [ X ]

State the aggregate market value of the voting and non-voting common equity held by nonaffiliates 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.

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes.

           Not applicable.

This Annual Report on Form 10-K (the “Report”) is filed with respect to College Loan Corporation Trust I (the “Trust”). Certain information on this Annual Report on Form 10-K is omitted pursuant to the request for no-action letter forwarded to the Office of Chief Counsel Division of Corporate Finance, dated November 25, 1996 relating to Nellie Mae Education Funding, LLC, and the response of the SEC, dated December 20, 1996, to the no-action request (collectively, the “No-Action Request”).

PART I

Item 1. Business.

           Omitted pursuant to the No-Action Request.

Item 2. Properties.

           Reference is made to the Annual Statement attached hereto as Exhibit 99.1.

Item 3. Legal Proceedings.

           The Registrant knows of no material pending legal proceedings.

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

          None.

PART II

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

  Each class of Notes is represented by one or more Notes registered in the name of Cede & Co., the nominee of The Depository Trust Company. To the knowledge of the Registrant, there is no established public trading market for the Notes.

Item 6. Selected Financial Data.

           Omitted pursuant to the No-Action Request.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation.

           Omitted pursuant to the No-Action Request.

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

           Not applicable.

Item 8. Financial Statements and Supplementary Data.

           Omitted pursuant to the No-Action Request.

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

           None.

Item 9A. Controls and Procedures

          Omitted.

Item 9B. Other Information.

           None.

PART III

Item 10. Directors and Executive Officers of the Registrant.

           Omitted pursuant to the No-Action Request.

Item 11. Executive Compensation.

           Omitted pursuant to the No-Action Request.

Item 12. Security Ownership of Certain Beneficial Owners and Management.

  Each class of Notes is represented by one or more Notes registered in the name of Cede & Co., the nominee of The Depository Trust Company (“DTC”), and an investor holding an interest in the Trust is not entitled to receive a note representing such interest except in certain limited circumstances. Accordingly, Cede & Co. is the sole holder of record of Notes, which it held on behalf of brokers, dealers, banks and other direct participants in the DTC system at December 31, 2004. Such direct participants may hold Notes for their own accounts or for the accounts of their customers. At December 31, 2004, the following direct DTC participants held positions in the Notes representing interests in the Trust equal to or exceeding 5% of the total principal amount of each class of Notes on that date:

College Loan Corporation Trust I, Series 2003-2 


           Class             Participant                  Quantity           Percentage
           -----             -----------                  --------           ----------
          2003-2A-1         The Bank of New York         $  115,000,000      33.3333%
          2003-2A-1         JPMorgan Chase Bank, N.A.    $   50,000,000      14.4928%
          2003-2A-1         Mellon Trust Company         $   75,000,000      21.7391%
          2003-2A-1         Northern Trust               $   25,000,000       7.2464%
          2003-2A-1         State Street Bank and Trust
                            Company, N.A.                $   80,000,000      23.1884%

          2003-2A-2         State Street Bank and Trust
                            Company, N.A.                $   43,085,000       6.6613%
          2003-2A-2         BGI/IBT CO                   $   80,000,000      12.3686%
          2003-2A-2         Mellon Trust Company         $  131,985,000      20.4058%
          2003-2A-2         JPMorgan Chase Bank, N.A.    $  295,185,000      45.6378%

          2003-2A-3         The Bank of New York         $  107,200,000      34.7826%
          2003-2A-3         Barclays Bank PLC            $   20,000,000       6.4893%
          2003-2A-3         Citibank                     $   30,000,000       9.7339%
          2003-2A-3         JPMorgan Chase Bank, N.A.    $   41,000,000      13.3030%
          2003-2A-3         Mellon Trust Company         $   50,000,000      16.2232%
          2003-2A-3         State Street Bank and Trust
                            Company, N.A.                $   50,000,000      16.2232%


          College Loan Corporation Trust I, Series 2004-1

           Class             Participant                  Quantity           Percentage
           -----             -----------                  --------           ----------
          2004-1A-1         BGI/IBT CO                   $   85,000,000      29.0102%
          2004-1A-1         JPM/CCS2                     $   15,000,000       5.1195%
          2004-1A-1         JPMorgan Chase Bank, N.A.    $   85,000,000      29.0102%
          2004-1A-1         Mellon Trust Company         $   72,000,000      24.5734%
          2004-1A-1         State Street Bank and Trust
                            Company, N.A.                $   25,000,000       8.5324%

          2004-1A-2         Barclays Bank PLC            $   30,000,000       9.7720%
          2004-1A-2         Investors Bank               $   32,000,000      10.4235%
          2004-1A-2         JPMorgan Chase Bank, N.A.    $   80,000,000      26.0586%
          2004-1A-2         UBS Securities LLC/CMO       $  165,000,000      53.7459%

          2004-1A-3         The Bank of New York         $  265,000,000      66.2500%
          2004-1A-3         Citibank                     $   42,000,000      10.5000%
          2004-1A-3         JPMorgan Chase Bank, N.A.    $   43,000,000      10.7500%
          2004-1A-3         State Street Bank and Trust
                            Company, N.A.                $   50,000,000      12.5000%

          2004-1A-4         The Bank of New York         $  125,500,000      62.7500%
          2004-1A-4         Citibank                     $   10,500,000       5.2500%
          2004-1A-4         JPMorgan Chase Bank, N.A.    $   24,000,000      12.0000%
          2004-1A-4         State Street Bank and Trust
                            Company, N.A.                $   40,000,000      20.0000%

          2004-1B-1         Goldman, Sachs & Co.         $   31,500,000      31.5000%
          2004-1B-1         MAR ILSLEY                   $   50,000,000      50.0000%
          2004-1B-1         Mellon Trust Company         $   10,000,000      10.0000%
          2004-1B-1         Wells Brokerage              $    8,500,000       8.5000%
Item 13. Certain Relationships and Related Transactions.

           (a) None.

          (b) Omitted pursuant to the No-Action Request.

           (c) Omitted pursuant to the No-Action Request.

Item 14. Principal Accountant Fees and Services.

          Omitted.

Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

           (a) The following are filed as part of this report:

  31.1 Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.

99.1 Annual statement for College Loan Corporation Trust I, for the period ending December 31, 2004.

99.2 Annual Servicers' Report, dated March 29, 2005.

99.3 Report of Independent Public Accounting Firm, dated March 25, 2005, issued by Grant Thornton LLP.

(b) The following Current Reports on 8-K were filed by the Registrant during 2004 and through the date hereof:

  January 16, 2004
February 17, 2004
March 15, 2004
April 15, 2004
May 17, 2004
June 15, 2004
July 15, 2004
August 16, 2004
September 15, 2004
October 15, 2004
November 15, 2004
December 15, 2004
January 18, 2005
February 15, 2005
March 15, 2005

SIGNATURES

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

College Loan Corporation


By: /s/ Cary Katz                               
      Cary Katz
      President and CEO


INDEX TO EXHIBITS

Exhibit
Number

31.1.


99.1.


99.2.

99.3.
Exhibit

Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of
2002.

Annual statement for College Loan Corporation Trust I, for the period
ending December 31, 2004.

Annual Servicers' Report, dated March 29, 2005.

Report of Independent Public Accounting Firm, dated March 25, 2005, issued by Grant
Thornton LLP.
EX-31 2 college-ex311_033005.htm EX-31.1 Ex-31.1

Exhibit 31.1

CERTIFICATION
Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002

I, Cary Katz, certify that:

1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing servicing reports filed in respect of periods included in the year covered by this annual report, of College Loan Corporation Trust I;

2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicers under the servicing agreements, for inclusion in these reports is included in these reports;

4. Based on my knowledge and upon the annual compliance statement included in the reports and required to be delivered to the trustee in accordance with the terms of the servicing agreements, and except as disclosed in the reports, the servicers have fulfilled their obligations under the servicing agreements; and

5. The reports disclose all significant deficiencies relating to the servicers' compliance with the minimum servicing standards based upon the report provided by an independent public accountant after conducting a review of the servicers in compliance with the Compliance Audits (Attestation Engagements) for Lenders and Lender Servicers Participating in the Federal Family Education Loan Program, that is included in these reports.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: ACS Education Services, Inc., Great Lakes Educational Loan Services, Inc., Nelnet, Inc. and the Pennsylvania Higher Education Assistance Agency.

Date: March 30, 2005


/s/ Cary Katz                               
Cary Katz
President and CEO

 EX-99 3 college-ex991_033005.htm EX-99.1 EX-99.1

Exhibit 99.1

Annual Statement of College Loan Corporation Trust I


College Loan Corporation Trust I Series 2004-1
Statement to Note Holders
As of and for the period ended: 12/31/2004

Pursuant to section 11.04 of the Trust Indenture, the following is provided to the trustee by the issuer. The information shown below has not been independently verified, however it is believed to be accurate to the best of the issuer’s knowledge.

(a) the amount of payments with respect to each series of Notes paid with respect to principal during the reporting period January 1, 2004 through December 31, 2004; 


                       Series     Class      Principal Paid
                       ------     -----      --------------
                        2002       A-1       $73,500,000.00
                        2002       A-2                $0.00
                        2002       A-3        $1,750,000.00
                        2002       A-4                $0.00
                        2002       A-5                $0.00
                        2002       A-6                $0.00
                        2002       A-7                $0.00
                        2002       A-8                $0.00
                        2002       A-9       $53,100,000.00
                        2002       B-1                $0.00
                       2002-2      A-10               $0.00
                       2002-2      A-11               $0.00
                       2002-2      A-12               $0.00
                       2002-2      A-13               $0.00
                       2002-2      A-14               $0.00
                       2002-2      A-15               $0.00
                       2002-2      A-16               $0.00
                       2002-2      A-17               $0.00
                       2002-2      A-18               $0.00
                       2002-2      A-19               $0.00
                       2002-2      A-20               $0.00
                       2002-2      A-21               $0.00
                       2002-2      A-22               $0.00
                       2002-2      A-23               $0.00
                       2002-2      A-24               $0.00
                       2002-2      A-25               $0.00
                       2002-2      A-26               $0.00
                       2002-2      A-27               $0.00
                       2002-2      A-28               $0.00
                       2002-2      A-29               $0.00
                       2002-2      A-30               $0.00
                       2002-2      B-2                $0.00
                       2002-2      B-3                $0.00
                       2002-2      B-4                $0.00
                       2003-1      A-1                $0.00
                       2003-1      A-2                $0.00
                       2003-1      A-3                $0.00
                       2003-1      A-4                $0.00
                       2003-1      A-5                $0.00
                       2003-1      A-6                $0.00
                       2003-1      A-7                $0.00
                       2003-1      A-8                $0.00
                       2003-1      A-9                $0.00
                       2003-1      A-10               $0.00
                       2003-1      B-1                $0.00
                       2003-1      B-2                $0.00
                       2003-2      A-1      $169,900,000.00
                       2003-2      A-2                $0.00
                       2003-2      A-3                $0.00
                       2004-1      A-1                $0.00
                       2004-1      A-2                $0.00
                       2004-1      A-3                $0.00
                       2004-1      A-4                $0.00
                       2004-1      B-1                $0.00
(b) the amount of payments with respect to each series of Notes paid with respect to interest during the reporting period January 1, 2004 through December 31, 2004; 

                      Series     Class       Interest Paid
                      ------     -----       -------------
                       2002       A-1            See below
                       2002       A-2            See below
                       2002       A-3            See below
                       2002       A-4            See below
                       2002       A-5            See below
                       2002       A-6            See below
                       2002       A-7            See below
                       2002       A-8            See below
                       2002       A-9            See below
                       2002       B-1            See below
                      2002-2     A-10            See below
                      2002-2     A-11            See below
                      2002-2     A-12            See below
                      2002-2     A-13            See below
                      2002-2     A-14            See below
                      2002-2     A-15            See below
                      2002-2     A-16            See below
                      2002-2     A-17            See below
                      2002-2     A-18            See below
                      2002-2     A-19            See below
                      2002-2     A-20            See below
                      2002-2     A-21            See below
                      2002-2     A-22            See below
                      2002-2     A-23            See below
                      2002-2     A-24            See below
                      2002-2     A-25            See below
                      2002-2     A-26            See below
                      2002-2     A-27            See below
                      2002-2     A-28            See below
                      2002-2     A-29            See below
                      2002-2     A-30            See below
                      2002-2      B-2            See below
                      2002-2      B-3            See below
                      2002-2      B-4            See below
                      2003-1      A-1            See below
                      2003-1      A-2            See below
                      2003-1      A-3            See below
                      2003-1      A-4            See below
                      2003-1      A-5            See below
                      2003-1      A-6            See below
                      2003-1      A-7            See below
                      2003-1      A-8            See below
                      2003-1      A-9            See below
                      2003-1     A-10            See below
                      2003-1      B-1            See below
                      2003-1      B-2            See below
 Total interest paid to all series above      $56,877,302.30
                      2003-2      A-1        $3,939,879.09
                      2003-2      A-2        $9,680,889.16
                      2003-2      A-3        $4,809,161.37
                      2004-1      A-1        $1,941,264.15
                      2004-1      A-2        $2,114,864.13
                      2004-1      A-3        $2,843,301.07
                      2004-1      A-4        $1,447,983.87
                      2004-1      B-1        $1,115,400.00
(c) the amount of the payments allocable to any interest that was carried over together with the amount of any remaining outstanding interest that was carried over;

Carry over amounts      $0.00

(d) the principal balance of Financed Student Loans as of the close of business on the last day of December 2004;

Principal Balance of Financed Student Loans       $5,841,920,736.10

(e) the aggregate outstanding principal amount of the Notes of each series as of the close of business on the last day of December 2004, after giving effect to payments allocated to principal reported under paragraph (a) above; 

                      Series      Class        Outstanding Balance
                      ------      ------       -------------------
                        2002       A-1                       $0.00
                        2002       A-2                       $0.00
                        2002       A-3              $57,100,000.00
                        2002       A-4              $73,000,000.00
                        2002       A-5              $73,000,000.00
                        2002       A-6              $73,000,000.00
                        2002       A-7              $73,000,000.00
                        2002       A-8              $73,000,000.00
                        2002       A-9              $19,900,000.00
                        2002       B-1              $42,000,000.00
                       2002-2     A-10             $100,000,000.00
                       2002-2     A-11             $100,000,000.00
                       2002-2     A-12             $100,000,000.00
                       2002-2     A-13             $100,000,000.00
                       2002-2     A-14             $100,000,000.00
                       2002-2     A-15             $100,000,000.00
                       2002-2     A-16             $100,000,000.00
                       2002-2     A-17             $100,000,000.00
                       2002-2     A-18              $80,000,000.00
                       2002-2     A-19             $100,000,000.00
                       2002-2     A-20             $100,000,000.00
                       2002-2     A-21             $100,000,000.00
                       2002-2     A-22             $100,000,000.00
                       2002-2     A-23             $100,000,000.00
                       2002-2     A-24             $100,000,000.00
                       2002-2     A-25             $100,000,000.00
                       2002-2     A-26             $100,000,000.00
                       2002-2     A-27             $100,000,000.00
                       2002-2     A-28             $100,000,000.00
                       2002-2     A-29             $100,000,000.00
                       2002-2     A-30             $100,000,000.00
                       2002-2      B-2              $40,000,000.00
                       2002-2      B-3              $40,000,000.00
                       2002-2      B-4              $40,000,000.00
                       2003-1      A-1             $100,000,000.00
                       2003-1      A-2             $100,000,000.00
                       2003-1      A-3             $100,000,000.00
                       2003-1      A-4             $100,000,000.00
                       2003-1      A-5             $100,000,000.00
                       2003-1      A-6             $100,000,000.00
                       2003-1      A-7             $100,000,000.00
                       2003-1      A-8             $100,000,000.00
                       2003-1      A-9             $100,000,000.00
                       2003-1     A-10              $50,000,000.00
                       2003-1      B-1              $25,000,000.00
                       2003-1      B-2              $25,000,000.00
                       2003-2      A-1             $175,100,000.00
                       2003-2      A-2             $646,800,000.00
                       2003-2      A-3             $308,200,000.00
                       2004-1      A-1             $293,000,000.00
                       2004-1      A-2             $307,000,000.00
                       2004-1      A-3             $400,000,000.00
                       2004-1      A-4             $200,000,000.00
                       2004-1      B-1             $100,000,000.00
(f) the interest rate for any series of variable rate Notes during the reporting period January 1, 2004 through December 31, 2004, indicating how such interest rate is calculated; 

                      Series     Class    Interest Rate      Interest Calculation
                      ------     -----    -------------      --------------------
                        2002      A-1       See Below        28-Day Auction Rate
                        2002      A-2       See Below        28-Day Auction Rate
                        2002      A-3       See Below        28-Day Auction Rate
                        2002      A-4       See Below        28-Day Auction Rate
                        2002      A-5       See Below        28-Day Auction Rate
                        2002      A-6       See Below        28-Day Auction Rate
                        2002      A-7       See Below        28-Day Auction Rate
                        2002      A-8       See Below        28-Day Auction Rate
                        2002      A-9       See Below        28-Day Auction Rate
                        2002      B-1       See Below        28-Day Auction Rate
                       2002-2     A-10      See Below        28-Day Auction Rate
                       2002-2     A-11      See Below        28-Day Auction Rate
                       2002-2     A-12      See Below        28-Day Auction Rate
                       2002-2     A-13      See Below        28-Day Auction Rate
                       2002-2     A-14      See Below        28-Day Auction Rate
                       2002-2     A-15      See Below        28-Day Auction Rate
                       2002-2     A-16      See Below        28-Day Auction Rate
                       2002-2     A-17      See Below        28-Day Auction Rate
                       2002-2     A-18      See Below        28-Day Auction Rate
                       2002-2     A-19      See Below        28-Day Auction Rate
                       2002-2     A-20      See Below        28-Day Auction Rate
                       2002-2     A-21      See Below        28-Day Auction Rate
                       2002-2     A-22      See Below        28-Day Auction Rate
                       2002-2     A-23      See Below        28-Day Auction Rate
                       2002-2     A-24      See Below        28-Day Auction Rate
                       2002-2     A-25      See Below        28-Day Auction Rate
                       2002-2     A-26      See Below        28-Day Auction Rate
                       2002-2     A-27      See Below        28-Day Auction Rate
                       2002-2     A-28      See Below        28-Day Auction Rate
                       2002-2     A-29      See Below        28-Day Auction Rate
                       2002-2     A-30      See Below        28-Day Auction Rate
                       2002-2     B-2       See Below        28-Day Auction Rate
                       2002-2     B-3       See Below        28-Day Auction Rate
                       2002-2     B-4       See Below        28-Day Auction Rate
                       2003-1     A-1       See Below        28-Day Auction Rate
                       2003-1     A-2       See Below        28-Day Auction Rate
                       2003-1     A-3       See Below        28-Day Auction Rate
                       2003-1     A-4       See Below        28-Day Auction Rate
                       2003-1     A-5       See Below        28-Day Auction Rate
                       2003-1     A-6       See Below        28-Day Auction Rate
                       2003-1     A-7       See Below        28-Day Auction Rate
                       2003-1     A-8       See Below        28-Day Auction Rate
                       2003-1     A-9       See Below        28-Day Auction Rate
                       2003-1     A-10      See Below        28-Day Auction Rate
                       2003-1     B-1       See Below        28-Day Auction Rate
                       2003-1     B-2       See Below        28-Day Auction Rate
            Weighted average rate for Notes above        1.520292%
              Series   Class    Libor Rate    Spread     Rate       Interest Calculation
              ------   -----    ----------    ------     ----       --------------------
              2003-2   A-1      1.451161%     0.03%     1.481161%    Floating Rate Note
              2003-2   A-2      1.451161%     0.14%     1.591161%    Floating Rate Note
              2003-2   A-3      1.451161%     0.20%     1.651161%    Floating Rate Note
              2004-1   A-1      1.652288%     0.05%     1.702288%    Floating Rate Note
              2004-1   A-2      1.652288%     0.11%     1.762288%    Floating Rate Note
              2004-1   A-3      1.652288%     0.16%     1.812288%    Floating Rate Note
              2004-1   A-4      1.652288%     0.19%     1.842288%    Floating Rate Note
              2004-1   B-1                            1.829823%         Auction Rate
(g) the amount of the servicing fees allocated to the Servicers during the reporting period January 1, 2004 through December 31, 2004;

Servicing fees      $11,339,361.51

(h) the amount of the Administration Fee, any auction agent fees, market agent fees, calculation agent fees, broker-dealer fees, if any, fees paid to the Delaware Trustee, the Trustee, the Eligible Lender Trustee and the Verification Agent, all allocated during the reporting period January 1, 2004 through December 31, 2004; 

                                 Fee                       Amount
                                 ---                       ------
                                  Administration    $9,693,996.47
                                   Auction Agent       $43,511.48
                                    Market Agent            $0.00
                               Calculation Agent            $0.00
                                   Broker-Dealer    $9,377,277.56
                                Delaware Trustee        $5,000.00
                                         Trustee      $423,712.57
                         Eligible Lender Trustee            $0.00
                              Verification Agent            $0.00
(i) the amount of principal and interest received during the reporting period January 1, 2004 through December 31, 2004 relating to Financed Student Loans;

Amount of principal and interest received       $838,373,674.54

(j) the amount of the payment attributable to amounts in the Reserve Fund, the amount of any other withdrawals from the Reserve Fund during the reporting period January 1, 2004 through December 31, 2004 and the balance of the Reserve Fund as of the close of business on the last day of December 2004;

Amount of payment attributable to amounts in the Reserve Fund
Amount of any other withdrawals from the Reserve Fund
Ending Balance of Reserve Fund 		  $9,750,000.00
  $2,894,250.00
$45,855,750.00

(k) the portion, if any, of the payments made on the Notes as described in sections (a) or (b) above during the reporting period January 1, 2004 through December 31, 2004 attributable to amounts on deposit in the Acquisition Fund;

Payments from the Acquisition Fund      $0.00

(l) the aggregate amount, if any, paid by the Trustee to acquire Student Loans from amounts on deposit in the Acquisition Fund subsequent to the closing date of the series 2004-1 Notes;

Amounts paid to acquire Student Loans      $517,044,261.65

(m) the amount remaining in the Acquisition Fund that has not been used to acquire Student Loans and is being transferred to the Debt Service Fund;

Amounts in Acquisition fund to be transferred to the Debt Service Fund       $0.00

(n) the aggregate amount, if any, paid for Financed Student Loans purchased from the Trust during the reporting period January 1, 2004 through December 31, 2004;

Amounts paid for Financed Student Loans purchased from the Trust       $1,052,676.69

(o) the number and principal amount of Financed Student Loans, as of the close of business on the last day of December 2004, that are (i) 0 to 30 days delinquent, (ii) 31 to 60 days delinquent, (iii) 61 to 90 days delinquent, (iv) 91 to 120 days delinquent, (v) greater than 120 days delinquent and (vi) for which claims have been filed with the appropriate Guarantee Agency and which are awaiting payment; 

                                                    Number            Amount
                                                    ------            ------
                (i)  0 to 30 days delinquent        498,465     5,538,020,715.61
               (ii)  31 to 60 days delinquent        11,230       126,211,051.89
              (iii)  61 to 90 days delinquent         5,718        57,770,194.40
               (iv)  91 to 120 days delinquent        3,308        30,917,201.90
                (v)  > 120 day delinquent             9,948        80,647,411.17
               (vi)  & claims filed                   1,091         8,354,161.13
                                                      -----         ------------
                     Total                          529,760     5,841,920,736.10
(p) the Value of the Trust Estate and the Outstanding principal amount of the Notes as of the close of business on the last day of December 2004; and

Value of the Trust Estate                                       $6,058,119,871.65
Outstanding Principal amount of the Notes      $6,114,100,000.00

(q) the number and percentage by dollar amount of (i) rejected federal reimbursement claims for Financed Student Loans, (ii) Financed Student Loans in forbearance, and (iii) Financed Student Loans in deferment as of the close of business on the last day of December 2004. 

                                                                     Number   Percentage
                                                                     ------   ----------
       (i)    Outstanding rejected federal reimbursement claims            9      0.00%
       (ii)   Financed Student Loans in forbearance                   27,248      8.30%
       (iii)  Financed Student Loans in deferment                     52,562     13.51%
EX-99 4 college-ex992_033005.htm EX-99.2 Ex-99.2

Exhibit 99.2

Annual Servicers' Report

March 29, 2005

Fitch, Inc.
One State Street Plaza
New York, New York 10004

Moody's Investors Service Inc.
99 Church Street
New York, New York 10007

Standard & Poor's Rating Services,
a division of the McGraw-Hill Companies, Inc.
55 Water Street
New York, New York 10041

Deutsche Bank Trust Company Americas
60 Wall Street
New York, New York 10005

College Loan Corporation Trust I (the "Trust")
c/o Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890

As an officer of College Loan Corporation, the issuer administrator (the “Administrator”) of the Trust, I hereby certify that:

1. a review of the activities of the servicers during the preceding calendar year and of their performance under the servicing agreements has been made under my supervision; and

2. to the best of my knowledge, based on such review, the servicers have fulfilled all of their obligations under the servicing agreements throughout the period ended December 31, 2004, and there have been no known defaults in the fulfillment of such obligations.

/s/ Cary Katz                      
Cary Katz
President and CEO
EX-99 5 college-ex993_033005.htm EX-99.3 Exhibit 99.3

Exhibit 99.3

REPORT OF INDEPENDENT PUBLIC ACCOUNTING FIRM

To College Loan Corporation Trust I
c/o College Loan Corporation

We have examined the assertion made by management on College Loan Corporation's compliance with Article V, paragraph 1 of Section 5.05 and Article XI, Section 11.01 of the Amended and Restated Indenture of Trust, dated as of October 1, 2003, between the College Loan Corporation Trust I, as Issuer, and Deutsche Bank Trust Company Americas as Indenture Trustee, for the year ended December 31, 2004 included in the accompanying management assertion. Management is responsible for the Trust's compliance with those requirements. Our responsibility is to express an opinion on management's assertion about the Trust's compliance based on our examination.

Our examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Trust's compliance with the requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Trust's compliance with specified requirements.

In our opinion, management's assertion that the Trust complied with the aforementioned requirements as of and for the year ended December 31, 2004 is fairly stated, in all material respects.

/s/ Grant Thornton LLP
March 25, 2005

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