-----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, EVnSq6l0c3CgU/fZobxGiogOcRyriu0GZ1cs6LwadDIJFROFh+O7DxSpSNlfEdUK LrKK+VJqPyadmp5kt5/gnA== 0000899681-05-000471.txt : 20050615 0000899681-05-000471.hdr.sgml : 20050614 20050615171104 ACCESSION NUMBER: 0000899681-05-000471 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050531 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050615 DATE AS OF CHANGE: 20050615 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-102791-01 FILM NUMBER: 05898159 BUSINESS ADDRESS: STREET 1: 1100 N MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19890 BUSINESS PHONE: 302-636-6071 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLLEGE LOAN CORP CENTRAL INDEX KEY: 0001215751 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 33087395 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-102791 FILM NUMBER: 05898160 BUSINESS ADDRESS: STREET 1: 16855 W BERNARDO DRIVE CITY: SAN DIEGO STATE: CA ZIP: 92127 BUSINESS PHONE: 8587161586 8-K 1 college-8k_061505.htm 8-K

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

FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934


Date of Report (date of earliest event reported): May 31, 2005

COLLEGE LOAN CORPORATION TRUST I
(Issuer of the Notes)

COLLEGE LOAN CORPORATION
(Depositor of the Issuer of the Notes)
(Exact name of Co-Registrant as specified in its charter)


Delaware
California 		333-102791-01
333-102791 		45-6110137
33-0873915
(State or other jurisdiction of
incorporation or organization) 		(Commission File Number) (I.R.S. employer identification number)

16855 W. Bernardo Drive, Suite 100, San Diego, California            92127
(Address of principal executive offices)                                           (Zip Code)


Registrant's telephone number, including area code (888) 972-6311

Not Applicable
(Former name or former address, if changed since last report.)




Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01     Other Events.

  See the monthly statement attached as Exhibit 20.1 hereto distributed to holders of College Loan Corporation Trust I, Student Loan Asset-Backed Notes, Series 2003-2, Series 2004-1, and 2005-1.

Item 9.01     Financial Statements and Exhibits.

(c) Exhibits furnished in accordance with Items 601(a) of Regulation S-K.

Exhibit No.

20.1 Monthly statement distributed to holders of College Loan Corporation Trust I Student Loan Asset-Backed Notes, Series 2003-2, Series 2004-1, and 2005-1.

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, each of the Co-Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

COLLEGE LOAN CORPORATION TRUST I
COLLEGE LOAN CORPORATION
(Co-Registrants)




Dated: June 15, 2005		 College Loan Corporation, as Co-
Registrant

By:/s/ Elizabeth Wood                      
      Name: Elizabeth Wood
      Title: Chief Financial Officer




Dated: June 15, 2005 		College Loan Corporation Trust I,
as Co-Registrant, by College Loan LLC, as
Sponsor

By: /s/ Elizabeth Wood                        
      Name: Elizabeth Wood
      Title: Chief Financial Officer



EXHIBIT INDEX

Exhibit Number

20.1 		Description

Monthly statement distributed to holders of College Loan Corporation
Trust I Student Loan Asset-Backed Notes, Series 2003-2, Series 2004-1,
and 2005-1.
EX-20 2 college-ex201_061505.htm EXHIBIT 20.1 Exhibit 20.1

EXHIBIT 20.1

College Loan Corporation Trust I Series 2003-2, Series 2004-1, and 2005-1
Statement to Note Holders
As of and for the period ended: 05/31/2005

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 May 2005; 

                           Series     Class     Principal Paid
                           ------     -----     --------------
                            2002       A-1               $0.00
                            2002       A-2               $0.00
                            2002       A-3               $0.00
                            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               $0.00
                            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               $0.00
                           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
                           2005-1      A-1               $0.00
                           2005-1      A-2               $0.00
                           2005-1      A-3               $0.00
                           2005-1      A-4               $0.00
                           2005-1      A-5               $0.00
                           2005-1      B-1               $0.00
(b) the amount of payments with respect to each series of Notes paid with respect to interest during May 2005; 

                      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  $9,472,741.31
                      2003-2                  A-1                     $0.00
                      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               $256,980.00
                      2005-1                  A-1                     $0.00
                      2005-1                  A-2                     $0.00
                      2005-1                  A-3                     $0.00
                      2005-1                  A-4                     $0.00
                      2005-1                  A-5                     $0.00
                      2005-1                  B-1               $103,712.00
(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 May 2005;

Principal Balance of Financed Student Loans     $6,765,991,699.10

(e) the aggregate outstanding principal amount of the Notes of each series as of the close of business on the last day of May 2005, 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                       $0.00
                              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              $75,000,000.00
                              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
                              2005-1      A-1             $216,000,000.00
                              2005-1      A-2             $393,000,000.00
                              2005-1      A-3             $300,000,000.00
                              2005-1      A-4             $214,000,000.00
                              2005-1      A-5             $137,000,000.00
                              2005-1      B-1              $40,000,000.00
(f) the interest rate for any series of variable rate Notes for May 2005, 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         7-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       3.17767%



                Series      Class     Libor Rate     Spread          Rate         Interest Calculation
                ------      -----     ----------     ------          ----         --------------------
                2003-2      A-1          3.16063%      0.03000%      3.19063%     Floating Rate Note
                2003-2      A-2          3.16063%      0.14000%      3.30063%     Floating Rate Note
                2003-2      A-3          3.16063%      0.20000%      3.36063%     Floating Rate Note
                2004-1      A-1          3.16063%      0.05000%      3.21063%     Floating Rate Note
                2004-1      A-2          3.16063%      0.11000%      3.27063%     Floating Rate Note
                2004-1      A-3          3.16063%      0.16000%      3.32063%     Floating Rate Note
                2004-1      A-4          3.16063%      0.19000%      3.35063%     Floating Rate Note
                2004-1      B-1                                      3.50000%        Auction Rate
                2005-1      A-1          3.16063%      0.03000%      3.19063%     Floating Rate Note
                2005-1      A-2          3.16063%      0.10000%      3.26063%     Floating Rate Note
                2005-1      A-3          3.16063%      0.12000%      3.28063%     Floating Rate Note
                2005-1      A-4          3.16063%      0.15000%      3.31063%     Floating Rate Note
                2005-1      A-5          3.16063%      0.20000%      3.36063%     Floating Rate Note
                2005-1      B-1                                      3.32000%        Auction Rate
(g) the amount of the servicing fees allocated to the Servicers as of the close of business on the last day of May 2005;

Servicing fees     $1,129,407.66

(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 as of the close of business on the last day of May 2005; 


                                  Fee                       Amount
                                  ---                       ------
                                  Administration    $1,146,713.47
                                   Auction Agent        $8,078.53
                                    Market Agent            $0.00
                               Calculation Agent            $0.00
                                   Broker-Dealer      $717,706.43
                                Delaware Trustee            $0.00
                                         Trustee       $35,230.00
                         Eligible Lender Trustee            $0.00
                              Verification Agent            $0.00
(i) the amount of principal and interest received during May 2005 relating to Financed Student Loans;

Amount of principal and interest received     $128,759,538.35

(j) the amount of the payment attributable to amounts in the Reserve Fund, the amount of any other withdrawals from the Reserve Fund and the balance of the Reserve Fund as of the close of business on the last day of May 2005; 


         Amount of payment attributable to amounts in the Reserve Fund                             $0.00
         Amount of any other withdrawals from the Reserve Fund                                     $0.00
         Ending Balance of Reserve Fund                                                   $54,105,000.00
(k) the portion, if any, of the payments made on the Notes as described in sections (a) or (b) above during May 2005 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 2005-1 Notes;

Amounts paid to acquire Student Loans     $1,386,628,173.40

(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 May 2005;

Amounts paid for Financed Student Loans purchased from the Trust     $0.00

(o) the number and principal amount of Financed Student Loans, as of the close of business on the last day of May 2005, 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         616,673     6,433,902,223.16
               (ii)  31 to 60 days delinquent         12,913       132,123,362.56
              (iii)  61 to 90 days delinquent          7,095        67,717,177.41
               (iv)  91 to 120 days delinquent         4,119        34,978,408.09
                (v)  > 120 day delinquent             11,376        84,512,263.34
               (vi)  & claims filed                    1,906        12,758,264.54
                                                       -----     ----------------
                     Total                           654,082     6,765,991,699.10
(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 May 2005; and

Value of the Trust Estate

Outstanding Principal amount of the Notes		 $7,079,079,983.61

$7,214,000,000.00

(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 May 2005. 


                                                                               Number      Percentage
                                                                               ------      ----------
           (i)       Outstanding rejected federal reimbursement claims                18         0.00%
           (ii)      Financed Student Loans in forbearance                        32,150         8.29%
           (iii)     Financed Student Loans in deferment                          57,973        12.32%
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