N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05291

College and University Facility Loan Trust One

(Exact name of registrant as specified in charter)

c/o U.S. Bank One Federal Street Boston, MA 02110

(Address of principal executive offices) (Zip code)

Laura S Cawley

U.S. Bank Corporate Trust Services

One Federal Street

Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 603-6452

Date of fiscal year end: November 30

Date of reporting period: December 1, 2010 – November 30, 2011

ITEM 1. REPORT TO STOCKHOLDERS.

College and University Facility Loan Trust One

Financial Statements

As of and for the Year Ended

November 30, 2011

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To U.S. Bank National Association, Owner Trustee, The Bank of New York Mellon Trust Company, N.A., Bond Trustee, and the Certificateholders of College and University Facility Loan Trust One:

We have audited the accompanying statement of assets and liabilities of College and University Facility Loan Trust One (the “Trust”), including the schedule of investments as of November 30, 2011 and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2011, by correspondence with the custodian; where replies were not received from the custodian, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

As described in Note 2 to the financial statements, the Trust accounts for its investments under the amortized cost method of accounting, with its loan investments adjusted by an allowance for loan loss. In our opinion, accounting principles generally accepted in the United States of America require that the investments be accounted for under the fair value method of accounting and that the financial statements include the disclosures required under Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures. Accounting for the investments under the fair value method of accounting, based on management’s estimate of fair value as described in Note 8, would result in an increase of approximately $4,444,000 in the recorded value of the investments as of November 30, 2011, and would result in a change in net assets resulting from operations of approximately $(1,295,000) and $(4,000) for the years ended November 30, 2011 and November 30, 2010, respectively and would also impact the financial highlights presented.

In our opinion, except for the effect on the 2011 and 2010 financial statements and financial highlights of accounting for investments under the amortized cost method of accounting, as discussed in the preceding paragraph, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of College and University Facility Loan Trust One as of November 30, 2011, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 13, 2012

College and University Facility Loan Trust One

Statement of Assets and Liabilities

November 30,	2011
Assets:
Investments, at amortized cost, net of allowance for loan losses of $257,000	$	17,339,615
Cash		50,000
Interest Receivable		346,934
Deferred Bond Issuance Costs		27,245
Total Assets		17,763,794
Liabilities:
Bonds Payable		7,027,206
Bond Interest Payable		370,685
Accrued Expenses and Other Liabilities		168,921
Distributions Payable to Class B Certificateholders		776,171
Total Liabilities		8,342,983
Net Assets:
Class B Certificates, par value $1 - authorized, issued and outstanding - 1,001,643 certificates		1,001,643
Distributions In Excess Of Tax Earnings		(257,000	)
Additional Paid-In Capital		8,676,168
Net Assets	$	9,420,811
Net Asset Value per Class B Certificate (based on 1,001,643 certificates outstanding)	$	9.41

The accompanying notes are an integral part of these financial statements.

3

College and University Facility Loan Trust One

Statement of Operations

Year ended November 30,	2011
Investment Income:
Interest income	$	2,012,760
Expenses:
Interest expense		834,682
Servicer fees		8,911
Trustee fees		62,657
Other trust and bond administration expenses		297,942
Total Expenses		1,204,192
Net Investment Income		808,568
Decrease in Provision for Loan Losses		197,000
Net Increase in Net Assets Resulting From Operations	$	1,005,568

The accompanying notes are an integral part of these financial statements.

4

College and University Facility Loan Trust One

Statement of Cash Flows

Year ended November 30,	2011
Cash Flows From Operating Activities:
Reconciliation of net increase in net assets resulting from operations to net cash provided by operating activities:
Net increase in net assets resulting from operations	$	1,005,568
Decrease in loan principal balance		3,591,877
Amortization of purchase discount on Loans		(1,108,484	)
Decrease in provision for loan losses		(197,000	)
Decrease in investment agreements		870,154
Decrease in interest receivable		121,622
Amortization of deferred bond issuance costs		20,420
Decrease in bond interest payable		(140,434	)
Increase in accrued expenses and other liabilities		18,996
Net cash provided by operating activities		4,182,719
Cash Flows From Financing Activities:
Principal repayments on Bonds		(2,662,257	)
Distributions to Class B certificateholders		(1,520,462	)
Net cash used in financing activities		(4,182,719	)
Net Decrease in Cash		—
Cash, beginning of year		50,000
Cash, end of year	$	50,000
Supplemental Cash Flow Information:
Cash paid for interest on bonds	$	954,696

The accompanying notes are an integral part of these financial statements.

5

College and University Facility Loan Trust One

Statement of Changes in Net Assets

Year ended November 30,	2011			2010
From Operations:
Net investment income	$	808,568		$	701,303
Decrease in provision for loan losses		197,000			126,000
Net increase in net assets applicable to Class B certificateholders resulting from operations		1,005,568			827,303
Distributions to Class B Certificateholders From:
Tax return of capital (Note 5)		(1,648,399	)		(789,468	)
Net Increase (Decrease) in Net Assets		(642,831	)		37,835
Net Assets:
Beginning of year		10,063,642			10,025,807
End of year	$	9,420,811		$	10,063,642

The accompanying notes are an integral part of these financial statements.

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College and University Facility Loan Trust One

Financial Highlights

Years ended November 30,	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.05		$	10.01		$	10.34		$	10.45		$	10.52
Net investment income		.81			.70			.70			.50			.84
(Increase) decrease in provision for loan losses		.20			.13			(.12	)		—			.10
Distributions to Class B certificateholders from tax return of capital		(1.65	)		(.79	)		(.91	)		(.61	)		(1.01	)
Net asset value, end of year (c)	$	9.41		$	10.05		$	10.01		$	10.34		$	10.45
Total investment return (a)		N/A			N/A			N/A			N/A			N/A
Net assets applicable to Class B certificates, end of year	$	9,420,811		$	10,063,642		$	10,025,807		$	10,354,920		$	10,470,620
Ratios and Supplemental Data:
Ratio of operating expenses to average net assets applicable to Class B certificates		12.36	%(b)		14.82	%(b)		17.35	%(b)		21.08	%(b)		23.47	%(b)
Ratio of net investment income to average net assets applicable to Class B certificates		8.30	%		6.98	%		6.89	%		4.79	%		8.00	%
Number of Class B certificates outstanding, end of year	$	1,001,643		$	1,001,643		$	1,001,643		$	1,001,643		$	1,001,643

(a) The Trust’s investments are recorded at amortized cost as discussed in Note 2. Accordingly, the financial statements do not reflect the fair value of such investments. For this reason, management believes that no meaningful information can be provided regarding “Total investment return” and has not included information under that heading. The Trust is prohibited, by the terms of its Indenture, from selling or purchasing any investments. As the Trust did not purchase or sell investments during the periods presented, “portfolio turnover” is 0% for all periods presented.

(b) Excluding interest expense, the ratio of operating expenses to average net assets applicable to Class B certificates was 3.79%, 3.65%, 3.42%, 4.60% and 4.28% in 2011, 2010, 2009, 2008 and 2007, respectively.

(c) The Trust is prohibited, by the terms of its Indenture, from issuing new or redeeming existing Certificates. As such, market value is not presented.

The accompanying notes are an integral part of these financial statements.

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College and University Facility Loan Trust One

Notes to Financial Statements

1. Organization and Business

College and University Facility Loan Trust One (the Trust) was formed on September 17, 1987 as a business trust under the laws of the Commonwealth of Massachusetts by a declaration of trust by Bank of Boston (the Owner Trustee), succeeded by State Street Bank and Trust Company, succeeded by U.S. Bank National Association (successor Owner Trustee), not in its individual capacity but solely as Owner Trustee. The Trust is registered under the Investment Company Act of 1940 (as amended) as a diversified, closed-end, management investment company.

The Trust was formed for the sole purpose of raising funds through the issuance and sale of bonds (the Bonds). The Trust commenced operations on September 29, 1987 (the Closing Date) and issued Bonds in five tranches in the aggregate principal amount (at maturity) of $126,995,000. The Bonds constitute full recourse obligations of the Trust. The collateral securing the Bonds consists primarily of a pool of loans made to college and university facilities (the Loans) and certain other funds held under the indenture (the Indenture) and the investment agreements. The Loans were originated by, or previously assigned to, the United States Department of Education (ED) under the College Housing Loan Program or the Academic Facilities Loan Program. The Loans, which have been assigned to The Bank of New York Mellon Trust Company, National Association, as successor in interest to J.P. Morgan Trust Company, National Association, as successor in interest to Bank One Trust Company, NA, formerly The First National Bank of Chicago (the Bond Trustee), are secured by various types of collateral, including mortgages on real estate, general recourse obligations of the borrowers, pledges of securities and pledges of revenues. As of the Closing Date, the Loans had a weighted average stated interest rate of approximately 3.16% and a weighted average remaining term to maturity of approximately 19.4 years. Payments on the Loans are managed by the Bond Trustee in various fund accounts and are invested under investment agreements (see Note 2) as specified in the Indenture. The Trust is prohibited, by the terms of its Indenture, from selling or purchasing any investments.

All payments on the Loans and earnings under the investment agreements and any required transfers from the Expense Fund, Reserve Fund and Liquidity Fund are deposited to the credit of the Revenue Fund held by the Bond Trustee, as defined within, and in accordance with the Indenture. On each bond payment date, amounts on deposit in the Revenue Fund are applied in the following order of priority: to pay amounts due on the Bonds, to pay administrative expenses not previously paid from the Expense Fund, to fund the Expense Fund to the Expense Fund Requirement, to fund the Reserve Fund to the Maximum Reserve Requirement and to fund the Liquidity Fund to the Liquidity Fund Requirement. Any funds remaining in the Revenue Fund on such payment date are paid to the Class B certificateholders, as discussed in Note 5. See Note 8 for balances in the respective funds.

2. Summary of Significant Accounting Policies

(a) College and University Facility Loans

The Loans were purchased by the Trust at amounts below the par value of the Loans “purchase discount”.

Pursuant to a “no-action letter” that the Trust received from the Securities and Exchange Commission, the Loans were recorded at the discounted value below par and are being accounted for under the amortized cost method of accounting, net of any allowance for loan losses. Under the amortized cost method, the difference between the cost of each Loan to the Trust and the

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College and University Facility Loan Trust One

Notes to Financial Statements

scheduled principal and interest payments is amortized, assuming no prepayments of principal, and included in the Trust’s income by applying the Loan’s effective interest rate to the amortized cost of that Loan over the duration of the Loan. Upon a Loan prepayment, the remaining discount is recognized as interest income. The remaining balance of the purchase discount on the Loans as of November 30, 2011 was approximately $3,132,000. For the year ended November 30, 2011, the Trust recognized approximately $1,108,000 of interest income related to the amortization of the purchase discount. As a result of prepayments of Loans during the year ended November 30, 2011, additional interest income of approximately $299,000 was recognized in the Statement of Operations.

Accounting Standard Codification (“ASC”) Topic 820 Fair Value Measurement (“ASC 820”), requires that the Loans be accounted for at fair value. However, management believes that the amortized cost method of accounting, net of any allowance for loan losses, best serves the informational needs of the users of the Trust’s financial statements.

The Trust records an allowance for loan losses based on the Trust’s evaluation of collectability of the Loans within the portfolio. The Loans are classified into three separate pools based on risk and collection performance. The pools are then assigned a reserve percentage based on risk and other factors and a reserve is systematically calculated for the pools:

(1) General - Loans are performing on a timely basis and where there is no information that leads the Trust to reclassify to a different risk pool.

(2) Substandard - Loans are generally classified into this category resulting from either historical collection issues or administrative issues with receiving collection that have been on-going. Loans in this pool are not considered uncollectible but due to collection issues, a higher reserve percentage is applied due to the risk profile of this pool.

(3) Doubtful - A Loan is considered doubtful when, based on current information and events, it is probable that the Trust will be unable to collect all amounts due in accordance with the contractual terms of the Loan agreement. Loans in this category are generally assigned a 100% reserve unless facts and circumstances provide evidence that some level of collectability exists. At November 30, 2011, there were no recorded investments in Loans that are considered to be doubtful.

As credit quality for an individual Loan changes, the Loan would be evaluated for reclassification to a different risk pool as described above. Risk ratings to the existing pools may be adjusted based on qualitative factors including, among others, general economic and business conditions, credit quality trends, and specific industry conditions. Berkadia Commercial Mortgage LLC (“Servicer” or “Berkadia”), formerly Capmark Finance, Inc., monitors credit quality primarily through two trigger points, receipt of financial information that upon review raises credit quality concerns and delinquent payments which then require investigation as to causes of the delinquency. Historically, write-offs have been immaterial and the current macro economic environment for the industry has been robust.

The Trust views all amounts over 30 days past due as delinquent. The Trust is currently accruing interest on all amounts past due.

There are inherent uncertainties with respect to the final outcome of Loans and as such, actual losses may differ from the amounts reflected in the financial statements and could be material.

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College and University Facility Loan Trust One

Notes to Financial Statements

(b) Interest Income

The Trust records interest, including amortization of discount, on the Loans as earned. The Loans generally require interest payments on a semiannual basis with rates of interest ranging from 3% to 3.63%. The Trust recognizes purchase discount as interest income on the effective interest method.

The Trust’s policy is to generally discontinue the accrual of interest on Loans for which payment of principal or interest is 180 days or more past due or for other such Loans if management believes the collection of interest and principal is doubtful. Due to the nature of the loan investments in the Trust, there are instances where payment of the loans and related interest may not be received by the Trust due to documentation issues that require time for the Trust to resolve. In those circumstances, where the past due loan is greater than 180 days but the Trust has concluded it is not a credit issue, the accrual of interest or the accretion of interest discount may continue to be recorded as the Trust believes these amounts to be collectable. When a Loan is placed on nonaccrual status, all previously accrued, but uncollected interest is reversed against the current period’s interest income. Subsequently, interest income is generally recognized when received. Payments are generally applied to interest first, with the balance, if any, applied to principal. At November 30, 2011, no Loans have been placed on nonaccrual status. The Trust is currently accruing interest on all delinquent loans. The outstanding principal and the principal amount that is currently past due more than 90 days on such loans is $1,533,000 and $191,000, respectively.

(c) Other Investments

Other investments, which are included in investments in the accompanying statement of assets and liabilities, consist of two unsecured investment agreements issued by the Federal National Mortgage Association bearing fixed rates of interest of 5% and 8%. These investments are carried at amortized cost. These investment agreements terminate on the earlier of December 1, 2014, or the date on which the Bonds are paid-in-full. Please see Note 8 for discussion of fair value measurement of these investments.

ASC 820 requires that the investments be accounted for under the fair value method of accounting. However, management believes that the amortized cost method of accounting best serves the informational needs of the users of the Trust’s financial statements because the Trust cannot sell or dispose of the investment agreements prior to the earlier of December 1, 2014 or the date on which the Bonds are paid-in-full.

(d) Federal Income Taxes

It is the Trust’s policy to comply with the requirements applicable to a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its investment company taxable income to its certificateholders each year. Accordingly, no federal or state income tax provision is required.

For tax purposes, the Loans were transferred to the Trust at their face values. Accordingly, the accretion of the purchase discount creates a permanent book-tax difference.

10

College and University Facility Loan Trust One

Notes to Financial Statements

As of November 30, 2011, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust is additionally not aware of any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months.

The Trust’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

(e) Deferred Bond Issuance Costs

Deferred bond issuance costs are being amortized using the effective interest-rate method, assuming that all mandatory semiannual payments will be made on the Bonds as discussed in Note 3, and are included as a component of interest expense.

(f) Presentation of Capital Distributions

Capital distributions are accounted for in accordance with ASC Topic 946 Investment Company (“ASC 946”). ASC 946 requires the Trust to report distributions that are in excess of tax-basis earnings and profits as a tax return of capital and to present the capital accounts on a basis that approximates the amounts that are available for future distributions on a tax basis.

In accordance with ASC 946-505, the Trust reclassifies certain amounts from distributions in excess of tax earnings to paid-in-capital. The total reclassification is a decrease of $839,831 as of November 30, 2011. This reclassification has no impact on the net investment income or net assets of the Trust.

The reclassifications are a result of permanent differences between Generally Accepted Accounting Principles (GAAP) and tax accounting for such items as net operating losses and the amortization of purchase discounts on the Loans. Additionally, the amount deducted for the allowance for loan losses is not currently deductible for tax purposes and creates a temporary deficit reflected as distributions in excess of tax earnings in the accompanying statement of assets and liabilities.

Distributions of $0.87 and $0.78 per certificate were declared on May 20, 2011 and November 20, 2011 and paid to certificateholders of record on June 1, 2011 and December 1, 2011, respectively.

The tax character of distributions paid was a return of capital of $1,648,399.

As of November 30, 2011, the components of distributable earnings on a tax basis were related to distributions in excess of tax earnings of $257,000. The distributions in excess of tax earnings consist of the allowance for loan losses of $257,000 which will reverse in future years causing a reduction in taxable ordinary income.

(g) Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Trust to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an on-going basis, the Trust evaluates the estimates used, including those related to the allowance for loan losses. The Trust bases its

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College and University Facility Loan Trust One

Notes to Financial Statements

estimates on historical experience, current conditions and various other assumptions that the Trust believes to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. These estimates are used to assist the Trust in the identification and assessment of the accounting treatment necessary with respect to commitments and contingencies. Actual results may differ from these estimates under different assumptions or conditions and such differences could be material.

(h) Statement of Cash Flows

The cash amount shown in the Statement of Cash Flows of the Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the cash on hand and does not include any short-term investments.

(i) Risk Factors

The Trust’s investments are subject to the following:

Market Risk

Market risk represents the potential loss that can be caused by a change in the fair value of the financial instrument.

Credit Risk

The Trust is subject to credit risk to its counterparties of any of its investments if the counterparties fail to perform pursuant to the terms of their agreements with the Trust.

The Trust’s investments are held in escrow by the Bond Trustee. The Bond Trustee has custody of the Trust’s investments. The Trust is subject to counterparty risk to the extent that the Bond Trustee may be unable to fulfill its obligations to the Trust.

Loan payments made to the Trust are received and processed by a third party servicer. The Trust is subject to counterparty risk to the extent that the servicer may be unable to fulfill its obligations to the Trust.

Prepayment Risk

Most of the Loans held by the Trust allow for prepayment of principal without penalty. As such, the Trust is subject to prepayment risk, which could negatively impact future earnings.

(j) Indemnification

Under the Trust’s organizational documents, its Owner Trustee and Bond Trustee may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust, and certificateholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Trust may enter into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

12

College and University Facility Loan Trust One

Notes to Financial Statements

(k) Recent Accounting Pronouncements

In July 2010, the FASB issued Accounting Standards Update No. 2010-20 which amends Receivables (Topic 310) (“ASU No. 2010-20”). ASU No. 2010-20 is intended to provide additional information to assist financial statement users in assessing an entity’s risk exposures and evaluating the adequacy of its allowance for credit losses. The disclosures as of the end of a reporting period are effective for interim and annual reporting periods ending on or after December 15, 2010. The disclosures about activity that occurs during a reporting period are effective for interim and annual reporting periods beginning on or after December 15, 2010. The Trust adopted ASU 2010-20 for the year ended November 30, 2011 and has made the required disclosures in its Financial Statements.

3. Bonds

The Bonds outstanding at November 30, 2011 consist of the following:

Type	Interest Rate			Stated Maturity		Principal Amount (000’s)
Term		10.55	%		December 1, 2014	$	7,027

The Bonds are being redeemed, in part, on a pro rata basis by application of mandatory semiannual payments. The redemption price is equal to 100% of the principal amount to be redeemed plus interest accrued to the redemption date. Interest on the Bonds is payable semiannually.

On December 1, 2011, the Trust made the mandatory redemption of $996,482 on the Bonds. The average amount of bond principal outstanding for the year ended November 30, 2011 was approximately $8,375,000.

The aggregate scheduled maturities of the Bonds, including the scheduled mandatory redemptions at November 30, 2011, are as follows:

Fiscal Year	Amount (000’s)
2012	$	2,359
2013		2,121
2014		1,767
2015		780
Total	$	7,027

The Bonds are not subject to optional redemption by either the Trust or the bondholders.

In the event the Trust realizes negative cash flows, reserves held in the Liquidity Fund and Reserve Fund have been established and maintained such that, on or before such bond payment date, such funds may be used by the Bond Trustee to make any required payments on the Bonds and to pay operating expenses of the Trust. See Note 8 for balances in the respective funds.

13

College and University Facility Loan Trust One

Notes to Financial Statements

The cash flows from the December 1, 2011 bond payment date were sufficient to satisfy the Maximum Reserve Requirement of $3,274,311, as required by, and defined in, the Indenture.

4. Administrative Agreements

(a) Servicer

As compensation for the services provided under the servicing agreement, Berkadia receives a servicing fee. This fee is earned on each date of payment for each Loan and is equal to 0.055 of 1% of the outstanding principal balance of such Loan divided by the number of payments of principal and interest in a calendar year. For the year ended November 30 2011, this fee totaled $8,911. Additionally, per the servicing agreement, the Servicer shall be reimbursed for certain expenditures incurred related to inspection of mortgaged property. For the year ended November 30, 2011, the Servicer was reimbursed $0. There are no amounts due to the Servicer as of November 30, 2011.

(b) Trustees

As compensation for services provided, the Owner and Bond Trustees, are entitled under the Declaration of Trust and the Indenture to receive the following fees:

The Owner Trustee, in its capacities as manager of the Trust and as Owner Trustee earned fees of $18,929 and $17,036, respectively, in accordance with the Declaration of Trust agreement, for the year ended November 30, 2011. In addition, the Owner Trustee incurred $22,108 of out-of-pocket expenses.

The Bond Trustee is entitled to an annual fee equal to 0.025 of 1% of the aggregate outstanding principal of the Bonds on the bond payment date immediately preceding the date of payment of such fee. The Bond Trustee is also reimbursed for out-of-pocket expenses. In addition, the Bond Trustee is reimbursed for other agreed-upon related expenses such as transaction costs. For the year ended November 30, 2011, total Bond Trustee fees and related expenses amounted to $4,584.

5. Certificates

The holders of the Class B certificates may receive semi-annual distributions declared in May and November of each year, calculated in accordance with the Indenture, from amounts collected by the Trust, on a pro rata basis. While the Bonds remain outstanding, the distributions are paid on the second business day in each June and December and, after the Bonds are paid in full, on the first business day of each month. The certificate holders of the Class B Certificates are entitled to one vote per certificate. At November 30, 2011, the distributions declared on November 20, 2011, of $776,171, which was paid on December 1, 2011, was recorded as distributions payable.

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College and University Facility Loan Trust One

Notes to Financial Statements

6. Allowance for Loan Losses

An analysis of the allowance for loan losses for the year ended November 30, 2011 is summarized as follows:

Balance, beginning of year	$	454,000
Decrease in provision for loan losses		(197,000	)
Charge-offs		—
Recoveries		—
Balance, end of year	$	257,000

The reduction in the allowance for loan losses for the year ended November 30, 2011 is primarily from the reduction of delinquent loan amounts that were paid during the year.

Loan classification by credit risk profile as of November 30, 2011 is as follows:

	Amortized Cost (000’s)		Reserve Amount (000’s)			Net (000’s)
General	$	7,550	$	(75	)	$	7,475
Substandard		1,217		(182	)		1,035
Doubtful		—		—			—
Total	$	8,767	$	(257	)	$	8,510

7. Loans

Scheduled principal and interest payments on the Loans as of November 30, 2011 are as follows:

Fiscal Year	Principal Payments (000’s)		Interest Payments (000’s)		Total (000’s)
2012	$	1,964	$	414	$	2,378
2013		1,805		294		2,099
2014		2,840		232		3,072
2015		1,348		148		1,496
2016		1,236		107		1,343
Thereafter		2,706		190		2,896
Total	$	11,899	$	1,385	$	13,284

Expected payments may differ from contractual payments because borrowers may prepay or default on their obligations. Accordingly, actual principal and interest payments on the Loans may vary significantly from the scheduled payments. Prepayments made during the year total $1,203,200.

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College and University Facility Loan Trust One

Notes to Financial Statements

The ability of a borrower to meet future debt service payments on a Loan will depend on a number of factors relevant to the financial condition of such borrower, including, among others, the size and diversity of the borrower’s sources of revenues; enrollment trends; reputation; management expertise; the availability and restrictions on the use of endowments and other funds; the quality and maintenance costs of the borrower’s facilities and, in the case of some Loans to public institutions which are obligations of a state, the financial condition of the relevant state or other governmental entity and its policies with respect to education. The ability of a borrower to maintain enrollment levels will depend on such factors as tuition costs, geographical location, geographic diversity, quality of the student body, quality of the faculty and diversity of program offerings.

The Trust’s aging of outstanding principal amounts as of November 30, 2011 is as follows (in thousands):

Current	30-59 Days Delinquent	60-89 Days Delinquent	Greater Than 90 Days Delinquent	Total Delinquent	Total
$ 8,576	—	—	191	191	$8,767

The collateral for Loans that are secured by a mortgage on real estate generally consists of special purpose facilities, such as dormitories, dining halls and gymnasiums, which are integral components of the overall educational setting. As a result, in the event of borrower default on a Loan, the Trust’s ability to realize the outstanding balance of the Loan through the sale of the underlying collateral may be negatively impacted by the special purpose nature and location of such collateral.

8. Fair Value of Financial Instruments

ASC Topic 825, Financial Instruments (“ASC 825”) requires that entities disclose the estimated fair value for financial instruments, where they are accounted for on a basis other than Fair Value. ASC 825 allows for the use of a wide range of valuation techniques; therefore, it may be difficult to compare the Trust’s fair value information to independent markets or to other fair value information.

Current market prices are not available for most of the Trust’s financial instruments since an active market generally does not exist for such instruments. In accordance with the terms of the Indenture, the Trust is required to hold all of the Loans to maturity and to use the cash flows therefrom to retire the Bonds. Accordingly, the Trust has estimated the fair values of its Loans and Bonds, using a discounted cash flow methodology. This methodology is similar to the approach used at the formation of the Trust to determine the carrying amounts of these instruments for financial reporting purposes. In applying the methodology, the calculations have been adjusted for the change in the relevant market rates of interest, the estimated duration of the instruments and an internally developed credit risk rating of the instruments. All calculations are based on the scheduled principal and interest payments on the Loans (excluding any potential prepayments as it is not possible to estimate such prepayments), and scheduled payments on the Bonds.

16

College and University Facility Loan Trust One

Notes to Financial Statements

The fair values of the long-term fixed-maturity investments are determined by adding a market rate adjustment to the carrying value of the investments. This market rate adjustment is calculated using the net present value of the difference between future interest income to the Trust at the issue rate and the future interest income at the current market rate through the maturity of the investment. The current market rate is based upon Federal National Mortgage Association bond rates at November 30, 2011, with similar maturity dates to the investment agreements.

The estimated fair value of the Trust’s financial instruments and the amortized cost presented in the accompanying statement of assets and liabilities as of November 30, 2011 is as follows:

	Amortized Costs (000’s)			Fair Value (000’s)
Loans	$	8,510	*	$	12,081
Investment Agreements:
Reserve Fund		6,230			6,544
Liquidity Fund		2,600			3,159
	$	17,340		$	21,784
Bonds Payable	$	7,027		$	8,229

* Net of allowance for loan losses of $257,000.

9. Subsequent Events

The Trust has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements. Except for the subsequent distributions disclosed in Notes 3 and 5, the evaluation did not identify any subsequent events that necessitated disclosures and/or adjustments to these financial statements.

17

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE

SCHEDULE OF INVESTMENTS

November 30, 2011

(Dollar Amounts in Thousands)

(continued)

Outstanding Principal Balance		Description	Stated Interest Rate %		Maturity Date	Internal Rate of Return % (A) (Unaudited)		Amortized Cost $ (Notes 1 and 2)
		COLLEGE AND UNIVERSITY LOANS (90%)
		—— ALABAMA —
$	1,036	University of Alabama		3.00	05/01/2021		12.27	$	730
	144	University of Montevallo		3.00	05/01/2023		12.3		90
		—— CALIFORNIA —
	308	Azusa Pacific University		3.00	04/01/2017		12.96		234
	125	Monterey Peninsula College		3.00	10/01/2018		11.95		90
	210	San Diego State University		3.00	11/01/2021		11.93		139
	435	San Francisco State University		3.00	11/01/2021		11.93		286
		—— INDIANA —
	60	Taylor University		3.00	10/01/2010		12.45		60	(D)
		—— MARYLAND —
	450	Western Maryland College		3.00	11/01/2016		12.44		346
		—— MASSACHUSETTS —
	120	Atlantic Union College		3.00	11/01/2023		12.68		73
	505	Boston University		3.00	12/31/2022		11.87		320
		—— MICHIGAN —
	380	Albion College		3.00	10/01/2015		12.51		304
	1,744	Finlandia University		3.50	08/01/2014		12.70		1,151
		—— MINNESOTA —
	107	Augsburg College		3.00	04/01/2016		12.95		82
	260	College of St. Thomas		3.00	04/01/2017		12.95		206
		—— NEBRASKA—
	33	University of Nebraska		3.00	07/01/2013		10.59		31
		—— NEW HAMPSHIRE —
	53	New England College		3.625	10/01/2013		12.37		47

The accompanying notes are an integral part of this schedule.

18

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE

SCHEDULE OF INVESTMENTS

November 30, 2011

(Dollar Amounts in Thousands)

(continued)

Outstanding Principal Balance		Description	Stated Interest Rate %		Maturity Date	Internal Rate of Return % (A) (Unaudited)		Amortized Cost $ (Notes 1 and 2)
	465	New England College		3.00	04/01/2019		12.96		326
		—— NEW JERSEY —
	57	Fairleigh Dickinson University		3.00	11/01/2020		12.09		39
		—— NEW YORK —
	210	Long Island University		3.00	06/01/2016		12.34		160
	579	Sarah Lawrence College		3.00	11/01/2021		12.64		383
		—— NORTH CAROLINA —
	48	Montreat-Anderson College		3.00	12/01/2019		12.19		32
		—— OHIO —
	665	Case Western Reserve University		3.00	04/01/2016		10.54		557
	27	University of Steubenville		3.375	04/01/2012		12.88		26
	129	University of Steubenville		3.00	04/01/2017		12.96		98
		—— PENNSYLVANIA —
	232	Carnegie - Mellon University		3.00	11/01/2017		10.45		186
	200	Harcum Junior College		3.00	11/01/2015		12.44		161
	27	Swarthmore College		3.00	05/01/2014		12.30		24
	93	Temple University		3.375	11/01/2014		11.99		81
		—— RHODE ISLAND —
	156	Community College of Rhode Island		3.00	04/01/2018		12.10		118
		—— SOUTH CAROLINA —
	315	College of Charleston		3.00	07/01/2016		12.02		244
	155	Morris College		3.00	11/01/2013		12.42		135
		—— TEXAS —
	33	St. Edward’s University		3.625	04/01/2013		12.80		30
	123	Texas Tech University		3.625	03/01/2013		10.80		114
	355	Texas Tech University		3.50	03/01/2012		10.83		340
		—— VERMONT —
	420	Middlebury College		3.00	04/01/2018		12.87		307
	1,300	University of Vermont		3.00	10/01/2019		12.19		921
		—— VIRGINIA —
	340	Old Dominion University		3.00	06/01/2013		11.70		296

The accompanying notes are an integral part of this schedule.

19

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE

SCHEDULE OF INVESTMENTS

November 30, 2011

(Dollar Amounts in Thousands)

(continued)

Outstanding Principal Balance			Description	Stated Interest Rate %		Maturity Date			Internal Rate of Return % (A) (Unaudited)		Amortized Cost $ (Notes 1 and 2)
	11,899	(B)	TOTAL COLLEGE & UNIVERSITY LOANS									8,767
			Allowance for loan losses									(257	)
			Loans, net of allowance for loan losses									8,510
			INVESTMENT AGREEMENTS (94%)
	2,600		FNMA #787 Liquidity Fund		8.00		12/01/2014	(C)		8.00		2,600
	6,230		FNMA #786 Reserve Fund		5.00		12/01/2014	(C)		5.00		6,230
	8,830		Total Investment Agreements									8,830
$	20,729		Total Investments (184.0%)									17,340
			OTHER ASSETS, LESS LIABILITIES (-84%)									(7,919	)
			NET ASSETS (100.0%)								$	9,421

(A) Represents the rate of return earned by the Trust based on the purchase discount and the accretion to maturity.

(B) The tax basis in the Loans is approximately $11,899.

(C) Terminates at the earlier of December 1, 2014 or the date on which the Bonds are paid-in-full (Note 2).

(D) The amortized cost on this loan is equal to the outstanding principal balance as the final loan payment is delinquent (Note 2).

The accompanying notes are an integral part of this schedule.

20

ITEM 2. CODE OF ETHICS

Not applicable to the registrant.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable to the registrant.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a) Audit Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2011 - $114,000

Fiscal year ended 2010 - $114,000

(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2011 - $0

Fiscal year ended 2010 - $0

(c) Tax Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2011 - $0

Fiscal year ended 2010 - $0

(d) All Other Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2011 - $53,000

-$37,000 in connection with Accountants’ Report on Applying Agreed-Upon Procedures to comply with the requirements of section 4.8 of the Trust’s Indenture.

-$12,000 in connection with Accountants’ Report on Applying Agreed Upon Procedure relating to the Trust’s Servicing Agreement.

-$4,000 out of pocket expenses.

Fiscal year ended 2010 - $56,500

-$40,500 in connection with Accountants’ Report on Applying Agreed-Upon Procedures to comply with the requirements of section 4.8 of the Trust’s Indenture.

-$12,000 in connection with Accountants’ Report on Applying Agreed Upon Procedure relating to the Trust’s Servicing Agreement.

-$4,000 out of pocket expenses.

(e)

(1) Audit Committee Policies regarding Pre-approval of Services.

Not applicable to the registrant.

(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Not applicable to the registrant.

(f) Not applicable to the registrant.

(g) Not applicable to the registrant.

(h) Not applicable to the registrant.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable to the registrant.

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule is included as part of the report to shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable to the registrant.

ITEM 11. CONTROLS AND PROCEDURES

(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

ITEM 12. EXHIBITS

The following exhibits are attached to this Form N-CSR:

(a)

(1) Code of ethics or amendments: not applicable to the registrant.

(2) Certification by the registrant’s Owner Trustee, as required by Rule 30a-2(a) under the Investment Company Act of 1940, is attached.

(3) Annual Compliance Statement of the Servicer, Berkadia Commercial Mortgage LLC, is attached.

(4) Report on Compliance with minimum Master Servicing Standards is attached.

(5) Berkadia Commercial Mortgage LLC reports pursuant to section 1301, 1302, 1303, 1304, 1306 and 1307 of the Servicer Agreement.

(b) Certification by the registrant’s Owner Trustee, as required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) College and University Facility Loan Trust One

By (Signature and Title) /s/  Laura S Cawley, Vice President

Date February 13, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/  Bryan Calder, Executive Vice President

Date February 13, 2012

EX-99.CERT

Exhibit 99.CERT

Certification

I, Bryan Calder of the owner trustee, certify that:

1. I have reviewed this report on Form N-CSR of College and University Facility Loan Trust One (the “Registrant”);

2. Based on my knowledge, this report 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 with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in the report, fairly present in all material respects the financial condition, results of operation, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in the report;

4. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in this report is included in this report;

5. Based on my knowledge and upon the annual compliance statement delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in this report, the servicer has fulfilled its obligations under the servicing agreement; and

6. The report discloses all significant deficiencies relating to the servicer’s compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Berkadia Commercial Mortgage LLC and The Bank of New York Trust Company National Association.

Date: February 13, 2012

/s/ Bryan Calder

Bryan Calder

Executive Vice President

EX-99.906CERT

EX-99.906

CERTIFICATION PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Bryan Calder, Executive Vice President of US Bank, the Owner Trustee of College and University Facility Loan Trust One (the “Registrant”), hereby certifies that:

1. the Registrant’s report on Form N-CSR (the “Report”) for the period ended November 30, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 13, 2012
By:	/s/ Bryan Calder
	Executive Vice President

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.3

Exhibit 99.3

Annual Statement as to Compliance

For the Year Ended December 31, 2010

United States Department of Education

College and University Facility Loan Trust One

Pursuant to Section 206 of the Servicing Agreement governing the referenced transaction, I hereby attest that:

i. A review of the activities of Berkadia Commercial Mortgage as Master Servicer during the period under this Servicing Agreement has been made under my supervision, and, to the best of my knowledge, based on such review, Berkadia Commercial Mortgage as Master Servicer, has fulfilled in all material respects, all of its duties, responsibilities, or obligations under this Servicing Agreement throughout the period.

ii. I confirm that Berkadia Commercial Mortgage as Master Servicer is in compliance with the requirements of Section 206.

Berkadia Commercial Mortgage

Mark E. McCool

Executive Vice President

February 20, 2011

Inv. 2 Lib. G

Berkadia Commercial Mortgage	118 Welsh Road
	Horsham, Pa 19044

Annual Statement as to Compliance

For the Year Ended December 31, 2010

United States Department of Education

College and University Facility Loan Trust One

Pursuant to Section 206 of the Servicing Agreement governing the referenced transaction, I hereby attest that:

i. A review of the activities of Berkadia Commercial Mortgage as Special Servicer during the period, and of its performance under this Servicing Agreement, has been made under my supervision.

ii. To the best of my knowledge, based on such review, Berkadia Commercial Mortgage as Special Servicer, has fulfilled in all material respects its obligations under this Servicing Agreement throughout the period.

Berkadia Commercial Mortgage

Michael Carp

Executive Vice President

February 20, 2011

Inv. 002 Lib. G

Berkadia Commercial Mortgage	118 Welsh Road
	Horsham, Pa 19044

EX-99.4

Exhibit 99.4

Berkadia Commercial Mortgage LLC

Report on Compliance with Minimum

Master Servicing Standards

As of and for the Year Ended December 31, 2010

Management’s Assertion Concerning Compliance

With Minimum Servicing Standards

February 28, 2011

As of and for the year ended December 31, 2010, Berkadia Commercial Mortgage LLC has complied in all material respects, with the minimum master servicing standards set forth in the Company’s Master Servicing Policy (attached in exhibit I) which were derived from the Mortgage Banker’s Association of America’s Uniform Single Attestation Program for Mortgage Bankers.

As of December 31, 2010, the Company was covered by insurance policies providing for $100 million of fidelity bond insurance and $100 million of errors and omission insurance.

Mark E. McCool

Executive Vice President

Servicing Operations & Strategic Initiatives

Berkadia Commercial Mortgage LLC

Richard Joe

Executive Vice President

Servicing Administration

Berkadia Commercial Mortgage LLC

Exhibit I

Berkadia Commercial Mortgage LLC

Minimum Master Servicing Policy

I. CUSTODIAL BANK ACCOUNTS

1. Reconciliations shall be prepared on a monthly basis for all custodial bank accounts and related bank clearing accounts. These reconciliations shall:

• Be mathematically accurate;

• Be prepared within thirty (30) calendar days after the cutoff date;

• Be reviewed and approved by someone other than the person who prepared the reconciliation; and

• Document explanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendar days of identification.

2. Funds of the servicing entity shall be advanced as specified in the servicing agreement in cases where there is an overdraft in an investor’s or a mortgagor’s account.

3. All cash for each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor or in an investment account in accordance with the applicable servicing agreement requirements.

4. Escrow funds held in trust for a mortgagor shall be returned to the mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

II. MORTGAGE PAYMENTS

1. Mortgage payments which are properly identified with the Company’s account number and which agree to the total amount of the scheduled payment due shall be deposited into the clearing bank accounts and related custodial bank accounts within two business days of receipt. Any mortgage payments which do not meet these parameters will be researched and deposited into the appropriate bank accounts within five business days of receipt.

Exhibit I

2. Mortgage payments made in accordance with the mortgagor’s loan documents shall be posted to the applicable mortgagor records within two business days of receipt.

III. DISBURSEMENTS

1. Disbursements made via wire transfer on behalf of a mortgagor or investor shall be made only by authorized personnel.

2. Amounts remitted to investors per the servicer’s investor reports shall agree with cancelled checks, or other form of payment, or custodial bank statements.

IV. INVESTOR ACCOUNTING AND REPORTING

1. The servicing entity’s investor reports shall agree with, or reconcile to, investors records on a monthly basis as to the total unpaid principal balance and number of loans serviced by the servicing entity.

V. INSURANCE POLICIES

1. A fidelity bond and errors and omissions policy shall be in effect on the servicing entity in the amount of coverage represented to investors in management’s assertion.

VI. MONITORING OF SUBSERVICER COMPLIANCE

1. Within 120 days of calendar year end or subservicer’ s year end, the subservicer’s management assertions about compliance with minimum servicing standards, which were derived from the Mortgage Banker’s Association of America’s Uniform Single Attestation Program for Mortgage Bankers, and the Independent Auditors Report on management’s assertions shall be reviewed, and if material exceptions are found, appropriate corrective action will be taken.

2. An annual certification from each subservicer stating that the subservicer is in compliance with its subservicing agreement shall be obtained for the previous calendar year.

Berkadia Commercial Mortgage LLC

Report on Compliance with Minimum

Special Servicing Standards

As of and for the Year Ended December 31, 2010

Management’s Assertion Concerning Compliance

With Minimum Special Servicing Standards

February 28, 2011

As of and for the year ended December 31, 2010, Berkadia Commercial Mortgage LLC has complied in all material respects, with the minimum special servicing standards set forth in the company’s Special Servicing Policy (attached in exhibit I) which were derived from the Mortgage Bankers.

As of December 31, 2010, the company was covered by insurance policies providing for $100 million of fidelity bond insurance and $100 million of errors and omission insurance.

Mark E. McCool

Executive Vice President

Servicing Operations & Strategic Initiatives

Berkadia Commercial Mortgage LLC

Michael Carp

Executive Vice President

Asset Management

Berkadia Commercial Mortgage LLC

Exhibit I

Berkadia Commercial Mortgage LLC

Special Servicing Policy

I. Recordkeeping

Records documenting the status of the loan shall be maintained during the period the loan is assigned to the special servicer. Such records shall describe the entity’s activities in monitoring the current status of the loan and are updated to reflect a change in status to be communicated to the investor.

II. Insurance

A fidelity bond and errors and omission policy shall be in effect on the servicing entity in the amount of coverage represented to investors.

EX-99.5

Exhibit 99.5

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of January 01, 2011 through January 31, 2011

Collections:
Principal Payments	26,535.64
Interest Payments	19,266.80
Total Principal and Interest Collections	45,802.44
Payments and Reversals Posted to Suspense	—
Total Collections	45,802.44
Less: Servicing Fees (not withheld from remittances)	(321.77	)
Net Collections	45,480.67

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of January 01, 2011 through January 31, 2011

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
01012011		20003901	COLL. OF CHAR		0		5625		5625		375000		103.13
01072011		20018701	SUOMI COLLEGE		8528.82		5546.7		14075.52		1840379.37		84.35
12302010		20002401	BOSTON UNIVER		18006.82		8120.1		26126.92		541340		148.87		Paid 1/4
			TOTALS:		26,535.64		19,291.80		45,827.44		2,756,719.37		336.35
01012011		20012401	MISSISSIPPI V		0		300		300		19999.99		(5.50	)
01012011		20021401	U OF NEBRASKA		5000		495		5495		33000		(9.08	)
													321.77		Service Fees due
SF STILL DUE:
7012008		20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		unpaid for 7/07 - SF still due
10012009		20022701	UNIV OF VERMO		68,000.00		24,720.00		92,720.00		1,648,000.00		453.20		unpaid for 10/09 - SF still due
4012010		20022701	UNIV OF VERMO		68,000.00		23,700.00		91,700.00		1,580,000.00		434.50		unpaid for 04/10 - SF still due
10012010		20022701	UNIV OF VERMO		70,000.00		22,680.00		92,680.00		1,512,000.00		415.80		unpaid for 10/10 - SF still due
10012010		20001301	AUGSBERG COLL		0.00		8,400.00		8,400.00		560,000.00		(154.00	)	unpaid
10012010		20001401	AZUSA UNIVERS		0.00		5,295.00		5,295.00		353,000.00		(97.08	)	unpaid
10012010		20004001	COLL.OF ST. T		0.00		3,900.00		3,900.00		260,000.00		(71.50	)	unpaid
10012010		20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		(138.88	)	unpaid
10012010		20013502	NEW ENGLAND C		0.00		7,725.00		7,725.00		515,000.00		(141.63	)	unpaid
10012010		20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)	unpaid
11012010		20020001	UNIV. OF ALAB		0.00		15,540.00		15,540.00		1,036,000.00		(284.90	)	unpaid
11012010		20021301	UNIV OF MONTE		0.00		2,310.00		2,310.00		154,000.00		(42.35	)	unpaid
12012010		20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		(67.38	)	unpaid

Page 2 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of January 01, 2011 through January 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
TOTAL:			—		—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of January 01, 2011 through January 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of January 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,025.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		523,333.18	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		176,025.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,050.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,831,850.55	8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,050.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00	4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,648,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					15,337,413.65

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of January 31, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		21,799.99		19,999.99
20022701	UNIV OF VERMONT	4/1/2009		277,145.00		1,648,000.00
20000101	ALBION COLLEGE	10/1/2010		25.00		470,025.00
20001301	AUGSBERG COLLEGE	10/1/2010		8,400.00		560,000.00
20001401	AZUSA UNIVERSITY	10/1/2010		5,295.00		353,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		3,900.00		260,000.00
20004401	R.I. JR. COLLEGE	10/1/2010		25.00		176,025.00
20012101	MIDDLEBURY COLLEGE	10/1/2010		7,600.00		478,025.00
20013501	NEW ENGLAND COLLEGE	10/1/2010		50.00		86,049.99
20013502	NEW ENGLAND COLLEGE	10/1/2010		7,725.00		515,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		60,900.00		60,000.00
20022602	UNIVERSITY OF STEUBENVILLE	10/1/2010		2,220.00		148,000.00
20013301	MORRIS COLLEGE	11/1/2010		50.00		228,050.00
20019201	TEMPLE UNIV	11/1/2010		50.00		128,050.00
20020001	UNIV OF ALABAMA	11/1/2010		15,540.00		1,036,000.00
20021301	UNIV OF MONTEVALLO	11/1/2010		2,310.00		154,000.00
20010801	LONG ISLAND UNIVERSITY	12/1/2010		3,675.00		245,000.00
TOTAL				416,709.99		6,565,224.98

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of January 31, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of February 01, 2011 through February 28, 2011

Collections:
Principal Payments	214,554.53
Interest Payments	76,665.99
Total Principal and Interest Collections	291,220.52
Payments and Reversals Posted to Suspense	—
Total Collections	291,220.52
Less: Servicing Fees (not withheld from remittances)	(1,387.46	)
Net Collections	289,833.06

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of February 01, 2011 through February 28, 2011

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
02072011		20018701	SUOMI COLLEGE		8554.53		5520.99		14075.52		1831850.55		83.96
													—
			TOTALS:		8,554.53		5,520.99		14,075.52		1,831,850.55		83.96
10-01-2009		20022701	UNIV OF VERMO		68,000.00		24,720.00		92,720.00		1,648,000.00		453.20		paid 02/23/11
4-01-2010		20022701	UNIV OF VERMO		68,000.00		23,700.00		91,700.00		1,580,000.00		434.50		paid 02/23/11
10-01-2010		20022701	UNIV OF VERMO		70,000.00		22,680.00		92,680.00		1,512,000.00		415.80		paid 02/23/11
													1,387.46		Service Fees due
SF STILL DUE:
7012008		20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		unpaid for 7/07 - SF still due
10012010		20001301	AUGSBERG COLL		0.00		8,400.00		8,400.00		560,000.00		(154.00	)	unpaid
10012010		20001401	AZUSA UNIVERS		0.00		5,295.00		5,295.00		353,000.00		(97.08	)	unpaid
10012010		20004001	COLL.OF ST. T		0.00		3,900.00		3,900.00		260,000.00		(71.50	)	unpaid
10012010		20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		(138.88	)	unpaid
10012010		20013502	NEW ENGLAND C		0.00		7,725.00		7,725.00		515,000.00		(141.63	)	unpaid
10012010		20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)	unpaid
11012010		20020001	UNIV. OF ALAB		0.00		15,540.00		15,540.00		1,036,000.00		(284.90	)	unpaid
11012010		20021301	UNIV OF MONTE		0.00		2,310.00		2,310.00		154,000.00		(42.35	)	unpaid
12012010		20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		(67.38	)	unpaid

Page 3 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of February 01, 2011 through February 28, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
TOTAL:			—		—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of February 01, 2011 through February 28, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of February 28, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,025.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		523,333.18	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		176,025.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,050.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,823,296.02	8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,050.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00	4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,442,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					15,122,859.12

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of February 28, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		21,799.99		19,999.99
20000101	ALBION COLLEGE	10/1/2010		25.00		470,025.00
20001301	AUGSBERG COLLEGE	10/1/2010		8,400.00		560,000.00
20001401	AZUSA UNIVERSITY	10/1/2010		5,295.00		353,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		3,900.00		260,000.00
20004401	R.I. JR. COLLEGE	10/1/2010		25.00		176,025.00
20012101	MIDDLEBURY COLLEGE	10/1/2010		7,600.00		478,025.00
20013501	NEW ENGLAND COLLEGE	10/1/2010		50.00		86,049.99
20013502	NEW ENGLAND COLLEGE	10/1/2010		7,725.00		515,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		60,900.00		60,000.00
20022602	UNIVERSITY OF STEUBENVILLE	10/1/2010		2,220.00		148,000.00
20013301	MORRIS COLLEGE	11/1/2010		50.00		228,050.00
20019201	TEMPLE UNIV	11/1/2010		50.00		128,050.00
20020001	UNIV OF ALABAMA	11/1/2010		15,540.00		1,036,000.00
20021301	UNIV OF MONTEVALLO	11/1/2010		2,310.00		154,000.00
20010801	LONG ISLAND UNIVERSITY	12/1/2010		3,675.00		245,000.00
20003901	COLLEGE OF CHARLESTON	1/1/2011		25.00		375,000.00
20021401	U OF NEBRASKA	1/1/2011		5,495.00		33,000.00
TOTAL				145,084.99		5,325,224.98

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of February 28, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of March 01, 2011 through March 31, 2011

Collections:
Principal Payments	514,312.10
Interest Payments	23,899.05
Total Principal and Interest Collections	538,211.15
Payments and Reversals Posted to Suspense	—
Total Collections	538,211.15
Less: Servicing Fees (not withheld from remittances)	(353.90	)
Net Collections	537,857.25

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of March 01, 2011 through March 31, 2011

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
03072011	20018701	SUOMI COLLEGE		9,112.10		4,963.42		14,075.52		1,823,296.02		83.57
03012011	20019502	TEXAS TECH UN		55,000.00		3,226.25		58,226.25		178,000.00		48.95
03012011	20019504	TEXAS TECH UN		450,000.00		13,584.38		463,584.38		805,000.00		221.38
		TOTALS:		514,112.10		21,774.05		535,886.15		2,806,296.02		353.90
												353.90		Service Fees due
SF STILL DUE:
7012008	20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		unpaid for 7/07 - SF still due
10012010	20001301	AUGSBERG COLL		0.00		8,400.00		8,400.00		560,000.00		(154.00	)	unpaid
10012010	20001401	AZUSA UNIVERS		0.00		5,295.00		5,295.00		353,000.00		(97.08	)	unpaid
10012010	20004001	COLL.OF ST. T		0.00		3,900.00		3,900.00		260,000.00		(71.50	)	unpaid
10012010	20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		(138.88	)	unpaid
10012010	20013502	NEW ENGLAND C		0.00		7,725.00		7,725.00		515,000.00		(141.63	)	unpaid
10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)	unpaid
11012010	20020001	UNIV. OF ALAB		0.00		15,540.00		15,540.00		1,036,000.00		(284.90	)	unpaid
11012010	20021301	UNIV OF MONTE		0.00		2,310.00		2,310.00		154,000.00		(42.35	)	unpaid
12012010	20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		(67.38	)	unpaid

Page 3 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of March 01, 2011 through March 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
TOTAL:			—		—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of March 01, 2011 through March 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of March 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		523,333.18	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		176,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,814,183.92	8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00	4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,442,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					14,608,547.02

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

For the Quarter Ended March 31, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		21,799.99		19,999.99
20001301	AUGSBERG COLLEGE	10/1/2010		8,400.00		560,000.00
20001401	AZUSA UNIVERSITY	10/1/2010		5,295.00		353,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		3,900.00		260,000.00
20012101	MIDDLEBURY COLLEGE	10/1/2010		7,600.00		478,025.00
20013502	NEW ENGLAND COLLEGE	10/1/2010		7,725.00		515,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		60,900.00		60,000.00
20022602	UNIVERSITY OF STEUBENVILLE	10/1/2010		2,220.00		148,000.00
20020001	UNIV OF ALABAMA	11/1/2010		15,540.00		1,036,000.00
20021301	UNIV OF MONTEVALLO	11/1/2010		2,310.00		154,000.00
20010801	LONG ISLAND UNIVERSITY	12/1/2010		3,675.00		245,000.00
20021401	U OF NEBRASKA	1/1/2011		5,495.00		33,000.00
TOTAL				144,859.99		3,862,024.99

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of March 31, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of April 01, 2011 through April 30, 2011

Collections:
Principal Payments	1,116,147.97
Interest Payments	81,878.41
Total Principal and Interest Collections	1,198,026.38
Payments and Reversals Posted to Suspense	5,640.00
Total Collections	1,203,666.38
Less: Servicing Fees (not withheld from remittances)	(1,325.24	)
Net Collections	1,202,341.14

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of April 01, 2011 through April 30, 2011

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
04012011	20003001	CASE WESTERN		120,000.00		11,775.00		131,775.00		785,030.00		215.88
04012011	20004401	R.I. JR. COLL		10,000.00		2,640.00		12,640.00		176,000.00		48.40
04012011	20012101	MIDDLEBURY CO		28,000.00		7,170.00		35,170.00		478,430.00		131.57
04072011	20018701	SUOMI COLLEGE		8,607.77		5,467.75		14,075.52		1,814,183.92		83.15
04012011	20021701	UNIV. OF NOTR		90,000.00		12,600.00		102,600.00		840,000.00		231.00
04012011	20022602	UNIV.OF STEUB		19,000.00		2,220.00		21,220.00		150,220.00		41.31
04012011	20022701	UNIV OF VERMO		70,000.00		21,630.00		91,630.00		1,442,000.00		396.55
04012011	20012901	MONTEREY JR C		—		2,100.00		2,100.00		140,000.00		38.50
04012011	20000101	ALBION COLLEG		—		7,050.00		7,050.00		470,000.00		129.25
04012011	20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		154.00
04012011	20001401	AZUSA UNIVERS		45,000.00		5,295.00		50,295.00		353,000.00		97.08
04012011	20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		71.50
04012011	20013501	NEW ENGLAND C		—		1,558.75		1,558.75		85,999.99		23.65
04012011	20013502	NEW ENGLAND C		50,000.00		7,725.00		57,725.00		515,000.00		141.63
04012011	20018001	ST.EDWARDS		16,000.00		888.13		16,888.13		65,000.00		17.88
04012011	20019101	TAYLOR UNIV.		—		900.00		900.00		—		—
04012011	20022601	UNIV.OF STEUB		25000		877.5		25877.5		52000		14.30
		TOTALS:		606,607.77		102,197.13		708,804.90		8,186,863.91		1,835.65
10012010	20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		138.88
04012011	20000101	ALBION COLLEG		—		7,050.00		7,050.00		470,000.00		(129.25	)	unpaid
04012011	20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		(154.00	)	unpaid
04012011	20001401	AZUSA UNIVERS		45,000.00		5,295.00		50,295.00		353,000.00		(97.08	)	unpaid
04012011	20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		(71.50	)	unpaid
04012011	20013501	NEW ENGLAND C		—		1,558.75		1,558.75		85,999.99		(23.65	)	unpaid
04012011	20013502	NEW ENGLAND C		50,000.00		7,725.00		57,725.00		515,000.00		(141.63	)	unpaid
04012011	20018001	ST.EDWARDS		16,000.00		888.13		16,888.13		65,000.00		(17.88	)	unpaid
04012011	20022601	UNIV.OF STEUB		25000		877.5		25877.5		52000		(14.30	)	unpaid
												1,325.24		Service Fees due
SF STILL DUE:
7012008	20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		unpaid for 7/07 - SF still due
10012010	20001301	AUGSBERG COLL		0.00		8,400.00		8,400.00		560,000.00		(154.00	)	unpaid
10012010	20001401	AZUSA UNIVERS		0.00		5,295.00		5,295.00		353,000.00		(97.08	)	unpaid
10012010	20004001	COLL.OF ST. T		0.00		3,900.00		3,900.00		260,000.00		(71.50	)	unpaid
10012010	20013502	NEW ENGLAND C		0.00		7,725.00		7,725.00		515,000.00		(141.63	)	unpaid
10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)	unpaid
11012010	20020001	UNIV. OF ALAB		0.00		15,540.00		15,540.00		1,036,000.00		(284.90	)	unpaid
11012010	20021301	UNIV OF MONTE		0.00		2,310.00		2,310.00		154,000.00		(42.35	)	unpaid
12012010	20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		(67.38	)	unpaid

Page 3 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of April 01, 2011 through April 30, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
20021701	4/1/2011		750,000.00		750,000.00		—			4012018
TOTAL:			750,000.00		750,000.00		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of April 01, 2011 through April 30, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of April 30, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		523,333.18	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,030.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,430.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,805,576.15	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		131,220.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					13,492,399.05

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of April 30, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		21,799.99		19,999.99
20001301	AUGSBERG COLLEGE	10/1/2010		106,800.00		560,000.00
20001401	AZUSA UNIVERSITY	10/1/2010		55,590.00		353,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		42,800.00		260,000.00
20013502	NEW ENGLAND COLLEGE	10/1/2010		65,450.00		515,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		61,800.00		60,000.00
20020001	UNIV OF ALABAMA	11/1/2010		15,540.00		1,036,000.00
20021301	UNIV OF MONTEVALLO	11/1/2010		2,310.00		154,000.00
20010801	LONG ISLAND UNIVERSITY	12/1/2010		3,675.00		245,000.00
20021401	U OF NEBRASKA	1/1/2011		5,495.00		33,000.00
TOTAL				381,259.99		3,235,999.99

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of April 30, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of May 01, 2011 through May 31, 2011

Collections:
Principal Payments	87,417.85
Interest Payments	56,531.30
Total Principal and Interest Collections	143,949.15
Payments and Reversals Posted to Suspense	(5,640.00	)
Total Collections	138,309.15
Less: Servicing Fees (not withheld from remittances)	(1,154.68	)
Net Collections	137,154.47

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of May 01, 2011 through May 31, 2011

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
5012011	20001201	ATLANTIC UNIO		4,067.64		1,922.80		5,990.44		128,186.89		35.25
5012011	20002801	CARNEGIE-MELL		18,000.00		4,005.00		22,005.00		267,000.00		73.43
5012011	20006502	FAIRLEIGH DIC		2,683.89		930.93		3,614.82		62,061.73		17.07
5012011	20008301	HARCUM JR COL		—		3,675.00		3,675.00		245,000.00		67.38
5012011	20013301	MORRIS COLLEG		—		3,420.00		3,420.00		228,000.00		62.70
5012011	20016401	CALIFORNIA ST		—		3,450.00		3,450.00		230,000.00		63.25
5012011	20016501	CALIFORNIA ST		—		7,050.00		7,050.00		470,000.00		129.25
5012011	20016601	SARAH LAWRENC		25,807.06		9,472.68		35,279.74		631,512.17		173.67
5072011	20018701	SUOMI COLLEGE		8,809.26		5,266.26		14,075.52		1,805,576.15		82.76
5012011	20018901	SWARTHMORE CO		5,195.20		570.66		5,765.86		38,044.16		10.46
5012011	20019201	TEMPLE UNIV.		—		2,160.00		2,160.00		128,000.00		35.20
5012011	20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		284.90
5012011	20021301	UNIV OF MONTE		10,000.00		2,310.00		12,310.00		154,000.00		42.35
5012011	20023501	WSTRN MARYLAN		—		7,950.00		7,950.00		530,000.00		145.75
		TOTALS:		159,563.05		67,723.33		227,286.38		5,953,381.10		1,223.42
4012011	20000101	ALBION COLLEG		—		7,050.00		7,050.00		470,000.00		129.25		PAID 5/12/11
10012010	20001401	AZUSA UNIVERS		—		5,295.00		5,295.00		353,000.00		97.08		PAID 5/17/11
4012011	20018001	ST.EDWARDS		16,000.00		888.13		16,888.13		65,000.00		17.88		PAID 5/12/11
4012011	20022601	UNIV.OF STEUB		25,000.00		877.50		25,877.50		52,000.00		14.30		PAID 5/12/11
5012011	20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		(284.90	)	unpaid
5012011	20021301	UNIV OF MONTE		10,000.00		2,310.00		12,310.00		154,000.00		(42.35	)	unpaid
												1,154.68		Service Fees due
SF STILL DUE:
7012008	20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		unpaid for 7/07 - SF still due
10012010	20001301	AUGSBERG COLL		—		8,400.00		8,400.00		560,000.00		(154.00	)	unpaid
4012011	20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		(154.00	)	unpaid
4012011	20001401	AZUSA UNIVERS		45,000.00		5,295.00		50,295.00		353,000.00		(97.08	)	unpaid
10012010	20004001	COLL.OF ST. T		—		3,900.00		3,900.00		260,000.00		(71.50	)	unpaid
4012011	20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		(71.50	)	unpaid
4012011	20013501	NEW ENGLAND C		—		1,558.75		1,558.75		85,999.99		(23.65	)	unpaid
10012010	20013502	NEW ENGLAND C		—		7,725.00		7,725.00		515,000.00		(141.63	)	unpaid
4012011	20013502	NEW ENGLAND C		50,000.00		7,725.00		57,725.00		515,000.00		(141.63	)	unpaid
10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)	unpaid
11012010	20020001	UNIV. OF ALAB		—		15,540.00		15,540.00		1,036,000.00		(284.90	)	unpaid
11012010	20021301	UNIV OF MONTE		—		2,310.00		2,310.00		154,000.00		(42.35	)	unpaid
12012010	20010801	LONG ISLAND U		—		3,675.00		3,675.00		245,000.00		(67.38	)	unpaid

Page 3 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of May 01, 2011 through May 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
TOTAL:			—		—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of May 01, 2011 through May 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of May 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		523,333.18	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,030.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,430.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,805,576.15	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		131,220.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					13,492,399.05

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of May 31, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		21,799.99		19,999.99
20001301	AUGSBERG COLLEGE	10/1/2010		106,800.00		560,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		42,800.00		260,000.00
20013502	NEW ENGLAND COLLEGE	10/1/2010		65,450.00		515,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		61,800.00		60,000.00
20020001	UNIV OF ALABAMA	11/1/2010		116,080.00		1,036,000.00
20021301	UNIV OF MONTEVALLO	11/1/2010		14,620.00		154,000.00
20010801	LONG ISLAND UNIVERSITY	12/1/2010		3,675.00		245,000.00
20021401	U OF NEBRASKA	1/1/2011		5,495.00		33,000.00
20001401	AZUSA UNIVERSITY	4/1/2011		50,295.00		353,000.00
20012101	MIDDLEBURY COLLEGE	4/1/2011		7,600.00		450,430.00
20013501	NEW ENGLAND COLLEGE	4/1/2011		1,558.75		85,999.99
TOTAL				497,973.74		3,772,429.98

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of May 31, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of June 01, 2011 through June 30, 2011

Collections:
Principal Payments	241,937.18
Interest Payments	37,849.01
Total Principal and Interest Collections	279,786.19
Payments and Reversals Posted to Suspense	—
Total Collections	279,786.19
Less: Servicing Fees (not withheld from remittances)	(686.68	)
Net Collections	279,099.51

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of June 01, 2011 through June 30, 2011

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
06302011	20002401	BOSTON UNIVER		18,276.92		7,850.00		26,126.92		523,333.18		143.92
06012011	20014401	DOMNION UNIV.		165,000.00		7,575.00		172,575.00		504,999.99		138.87
06072011	20018701	SUOMI COLLEGE		8,660.26		5,415.26		14,075.52		1,796,766.89		82.35
06012011	20013001	MONTREAT-ANDE		2,800.00		798.00		3,598.00		53,200.00		14.63
06012011	20010801	LONG ISLAND U		35,000.00		3,675.00		38,675.00		245,000.00		67.38
		TOTALS:		229,737.18		25,313.26		255,050.44		3,123,300.06		447.15
4012011	20013501	NEW ENGLAND C		—		1,558.75		1,558.75		85,999.99		23.65		paid 6/28
10012010	20013502	NEW ENGLAND C		—		7,725.00		7,725.00		515,000.00		141.63		paid 6/28
4012011	20013502	NEW ENGLAND C		50,000.00		7,725.00		57,725.00		515,000.00		141.63		paid 6/28
06012011	20010801	LONG ISLAND U		35,000.00		3,675.00		38,675.00		245,000.00		(67.38	)
												686.68		Service Fees due
SF STILL DUE:
7012008	20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		unpaid for 7/07 - SF still due
10012010	20001301	AUGSBERG COLL		—		8,400.00		8,400.00		560,000.00		(154.00	)	unpaid
4012011	20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		(154.00	)	unpaid
4012011	20001401	AZUSA UNIVERS		45,000.00		5,295.00		50,295.00		353,000.00		(97.08	)	unpaid
10012010	20004001	COLL.OF ST. T		—		3,900.00		3,900.00		260,000.00		(71.50	)	unpaid
4012011	20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		(71.50	)	unpaid
10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)	unpaid
11012010	20020001	UNIV. OF ALAB		—		15,540.00		15,540.00		1,036,000.00		(284.90	)	unpaid
5012011	20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		(284.90	)	unpaid
11012010	20021301	UNIV OF MONTE		—		2,310.00		2,310.00		154,000.00		(42.35	)	unpaid
5012011	20021301	UNIV OF MONTE		10,000.00		2,310.00		12,310.00		154,000.00		(42.35	)	unpaid
12012010	20010801	LONG ISLAND U		—		3,675.00		3,675.00		245,000.00		(67.38	)	unpaid

Page 3 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of June 01, 2011 through June 30, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
TOTAL:			—		—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of June 01, 2011 through June 30, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of June 30, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		124,119.25	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		505,056.26	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		59,377.84	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,430.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		50,400.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		465,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		339,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		605,705.11	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		33,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,788,106.63	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		27,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		129,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					13,163,044.02

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of June 30, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		21,799.99		19,999.99
20001301	AUGSBERG COLLEGE	10/1/2010		106,800.00		560,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		42,800.00		260,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		61,800.00		60,000.00
20020001	UNIV OF ALABAMA	11/1/2010		116,080.00		1,036,000.00
20021301	UNIV OF MONTEVALLO	11/1/2010		14,620.00		154,000.00
20010801	LONG ISLAND UNIVERSITY	12/1/2010		3,675.00		245,000.00
20021401	U OF NEBRASKA	1/1/2011		5,495.00		33,000.00
20001401	AZUSA UNIVERSITY	4/1/2011		50,295.00		353,000.00
20012101	MIDDLEBURY COLLEGE	4/1/2011		7,600.00		450,430.00
TOTAL				430,964.99		3,171,429.99

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of June 30, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of July 01, 2011 through July 31, 2011

Collections:
Principal Payments	158,860.21
Interest Payments	28,105.31
Total Principal and Interest Collections	186,965.52
Payments and Reversals Posted to Suspense	—
Total Collections	186,965.52
Less: Servicing Fees (not withheld from remittances)	(501.62	)
Net Collections	186,463.90

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of July 01, 2011 through July 31, 2011

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
07012011	20003901	COLL. OF CHAR		60,000.00		5,625.00		65,625.00		375,000.00		103.13
07072011	20018701	SUOMI COLLEGE		8,860.21		5,215.31		14,075.52		1,788,106.63		81.95
07012011	20021401	U OF NEBRASKA		6,000.00		420.00		6,420.00		28,000.00		7.70
		TOTALS:		74,860.21		11,260.31		86,120.52		2,191,106.63		192.78
06012011	20010801	LONG ISLAND U		35,000.00		3,675.00		38,675.00		245,000.00		67.38		paid
4012011	20001401	AZUSA UNIVERS		45,000.00		5,295.00		50,295.00		353,000.00		97.08		PAID
11012010	20021301	UNIV OF MONTE		—		2,310.00		2,310.00		154,000.00		42.35		PAID
5012011	20021301	UNIV OF MONTE		10,000.00		2,310.00		12,310.00		154,000.00		42.35		PAID
12012010	20010801	LONG ISLAND U		—		3,675.00		3,675.00		245,000.00		67.38		PAID
07012011	20021401	U OF NEBRASKA		6,000.00		420.00		6,420.00		28,000.00		(7.70	)	unpaid
												501.62		Service Fees due
SF STILL DUE:
7012008	20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		unpaid for 7/07 - SF still due
10012010	20001301	AUGSBERG COLL		—		8,400.00		8,400.00		560,000.00		(154.00	)	unpaid
4012011	20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		(154.00	)	unpaid
10012010	20004001	COLL.OF ST. T		—		3,900.00		3,900.00		260,000.00		(71.50	)	unpaid
4012011	20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		(71.50	)	unpaid
10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)	unpaid
11012010	20020001	UNIV. OF ALAB		—		15,540.00		15,540.00		1,036,000.00		(284.90	)	unpaid
5012011	20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		(284.90	)	unpaid

Page 3 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of July 01, 2011 through July 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
TOTAL:			—		—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of July 01, 2011 through July 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of July 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		124,119.25	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		308,000.00	4012017
20002401	BOSTON UNIVERITY		3		505,056.26	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		315,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		59,377.84	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		210,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,430.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		50,400.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		465,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		339,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		605,705.11	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		33,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,779,246.42	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		144,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		27,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		129,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					13,004,183.81

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of July 31, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		21,799.99		19,999.99
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU	10/1/2010		106,800.00		560,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		42,800.00		260,000.00
20019101	TAYLOR UNIVERISTY	10/1/2010		61,800.00		60,000.00
20020001	UNIVERSITY OF ALABAMA	11/1/2010		116,080.00		1,036,000.00
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB	1/1/2011		5,495.00		33,000.00
20012101	MIDDLEBURY COLLEGE	4/1/2011		7,600.00		450,430.00
TOTAL				362,374.99		2,419,429.99

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of July 31, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of August 01, 2011 through August 31, 2011

Collections:
Principal Payments	9,143.07
Interest Payments	12,532.45
Total Principal and Interest Collections	21,675.52
Payments and Reversals Posted to Suspense	—
Total Collections	21,675.52
Less: Servicing Fees (not withheld from remittances)	(81.55	)
Net Collections	21,593.97

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of August 01, 2011 through August 31, 2011

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
8072011	20018701	SUOMI COLLEGE		8713.07		5362.45		14075.52		1779246.42		81.55
												—
												—
												—
		TOTALS:		8,713.07		5,362.45		14,075.52		1,779,246.42		81.55
												81.55		Service Fees due
SF STILL DUE:
7012008	20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		unpaid for 7/07 - SF still due
10012010	20001301	AUGSBERG COLL		—		8,400.00		8,400.00		560,000.00		(154.00	)	unpaid
4012011	20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		(154.00	)	unpaid
10012010	20004001	COLL.OF ST. T		—		3,900.00		3,900.00		260,000.00		(71.50	)	unpaid
4012011	20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		(71.50	)	unpaid
10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)	unpaid
11012010	20020001	UNIV. OF ALAB		—		15,540.00		15,540.00		1,036,000.00		(284.90	)	unpaid
5012011	20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		(284.90	)	unpaid
7012011	20021401	U OF NEBRASKA		6,000.00		420.00		6,420.00		28,000.00		(7.70	)	unpaid

Page 3 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of August 01, 2011 through August 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
TOTAL:			—		—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of August 01, 2011 through August 31, 2011

	Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
TOTAL:				—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of August 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		124,119.25	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		308,000.00	4012017
20002401	BOSTON UNIVERITY		3		505,056.26	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		315,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		59,377.84	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		210,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,000.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		50,400.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		465,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		339,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		605,705.11	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		33,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,770,533.35	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		144,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		27,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		129,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					12,995,040.74

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of August 31, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		22,099.99		19,999.99
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU	10/1/2010		106,800.00		560,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		42,800.00		260,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		61,800.00		60,000.00
20020001	UNIVERSITY OF ALABAMA	11/1/2010		116,080.00		1,036,000.00
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB	1/1/2011		11,915.00		33,000.00
TOTAL				361,494.99		1,968,999.99

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of August 31, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		22,099.99		19,999.99
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU	10/1/2010		106,800.00		560,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		42,800.00		260,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		61,800.00		60,000.00
20020001	UNIVERSITY OF ALABAMA	11/1/2010		116,080.00		1,036,000.00
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB	1/1/2011		11,915.00		33,000.00
TOTAL				361,494.99		1,968,999.99

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of August 31, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of September 01, 2011 through September 30, 2011

Collections:
Principal Payments	23,739.33
Interest Payments	15,656.20
Total Principal and Interest Collections	39,395.53
Payments and Reversals Posted to Suspense	—
Total Collections	39,395.53
Less: Servicing Fees (not withheld from remittances)	(212.61	)
Net Collections	39,182.92

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of September 01, 2011 through September 30, 2011

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
9072011		20018701	SUOMI COLLEGE		8,739.33		5,336.19		14,075.52		1,770,533.35		81.15
9012011		20019502	TEXAS TECH UN		0		2229.38		2229.38		123000		33.83
9012011		20019504	TEXAS TECH UN		—		5,990.63		5,990.63		355,000.00		97.63
													—
													—
									0
			TOTALS:		8,739.33		13,556.20		22,295.53		2,248,533.35		212.61
															Service Fees due
SF STILL DUE:
7012008		20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		unpaid for 7/07 - SF still due
10012010		20001301	AUGSBERG COLL		—		8,400.00		8,400.00		560,000.00		(154.00	)	unpaid
4012011		20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		(154.00	)	unpaid
10012010		20004001	COLL.OF ST. T		—		3,900.00		3,900.00		260,000.00		(71.50	)	unpaid
4012011		20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		(71.50	)	unpaid
10012010		20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)	unpaid
11012010		20020001	UNIV. OF ALAB		—		15,540.00		15,540.00		1,036,000.00		(284.90	)	unpaid
5012011		20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		(284.90	)	unpaid
7012011		20021401	U OF NEBRASKA		6,000.00		420.00		6,420.00		28,000.00		(7.70	)	unpaid

Page 3 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of September 01, 2011 through September 30, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
TOTAL:			—		—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of September 01, 2011 through September 30, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of September 30, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		124,119.25	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		308,000.00	4012017
20002401	BOSTON UNIVERITY		3		505,056.26	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		315,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		59,377.84	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		210,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,000.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		125,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		50,400.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		465,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		339,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		605,705.11	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		33,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,761,794.02	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		144,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		27,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		129,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					12,971,301.41

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of September 30, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		22,099.99		19,999.99
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU	10/1/2010		106,800.00		560,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		42,800.00		260,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		61,800.00		60,000.00
20020001	UNIVERSITY OF ALABAMA	11/1/2010		116,080.00		1,036,000.00
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB	1/1/2011		11,915.00		33,000.00
TOTAL				361,494.99		1,968,999.99

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of September 30, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of October 01, 2011 through October 31, 2011

Collections:
Principal Payments	695,331.11
Interest Payments	101,807.90
Total Principal and Interest Collections	797,139.01
Payments and Reversals Posted to Suspense	—
Total Collections	797,139.01
Less: Servicing Fees (not withheld from remittances)	(1,584.19	)
Net Collections	795,554.82

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of October 01, 2011 through October 31, 2011

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
10012011		20001301	AUGSBERG COLL		—		7,050.00		7,050.00		470,000.00		129.25
10012011		20001401	AZUSA UNIVERS		—		4,620.00		4,620.00		308,000.00		84.70
10012011		20003001	CASE WESTERN		—		9,975.00		9,975.00		665,000.00		182.88
10012011		20004001	COLL.OF ST. T		—		3,375.00		3,375.00		225,000.00		61.88
10012011		20004401	R.I. JR. COLL		10,000.00		2,490.00		12,490.00		166,000.00		45.65
10012011		20012101	MIDDLEBURY CO		30,000.00		6,750.00		36,750.00		450,000.00		123.75
10012011		20013501	NEW ENGLAND C		33,000.00		1,558.75		34,558.75		85,999.99		23.65
10012011		20013502	NEW ENGLAND C		—		6,975.00		6,975.00		465,000.00		127.88
10072011		20018701	SUOMI COLLEGE		8,936.95		5,138.57		14,075.52		1,761,794.02		80.75
10012011		20022701	UNIV OF VERMO		72,000.00		20,580.00		92,580.00		1,372,000.00		377.30
10012011		20012901	MONTEREY JR C		15,000.00		2,100.00		17,100.00		140,000.00		38.50
10012011		20000101	ALBION COLLEG		90,000.00		7,050.00		97,050.00		470,000.00		129.25
10012011		20018001	ST.EDWARDS		—		598.13		598.13		33,000.00		9.08
10012011		20022601	UNIV.OF STEUB		—		455.63		455.63		27,000.00		7.43
10012011		20022602	UNIV.OF STEUB		—		1,935.00		1,935.00		129,000.00		35.48
			TOTALS:		258,936.95		80,651.08		339,588.03		6,767,794.01		1,457.43
10012010		20001301	AUGSBERG COLL		—		8,400.00		8,400.00		560,000.00		154.00		paid
4012011		20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		154.00		paid
10012011		20000101	ALBION COLLEG		90,000.00		7,050.00		97,050.00		470,000.00		(129.25	)
10012011		20018001	ST.EDWARDS		—		598.13		598.13		33,000.00		(9.08	)
10012011		20022601	UNIV.OF STEUB		—		455.63		455.63		27,000.00		(7.43	)
10012011		20022602	UNIV.OF STEUB		—		1,935.00		1,935.00		129,000.00		(35.48	)
													1,584.19		Service Fees due
SF STILL DUE:
7012008		20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		unpaid
10012010		20004001	COLL.OF ST. T		—		3,900.00		3,900.00		260,000.00		71.50		unpaid
4012011		20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		71.50		unpaid
10012010		20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		16.50		unpaid
11012010		20020001	UNIV. OF ALAB		—		15,540.00		15,540.00		1,036,000.00		284.90		unpaid
5012011		20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		284.90		unpaid
7012011		20021401	U OF NEBRASKA		6,000.00		420.00		6,420.00		28,000.00		7.70		unpaid

Page 3 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of October 01, 2011 through October 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
TOTAL:			—		—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of October 01, 2011 through October 31, 2011

	Loan Number		Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
		20001301	10/12/2011		363,200.00		363,200.00		0
TOTAL:					363,200.00		363,200.00		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of October 31, 2011

Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date
	20000101	ALBION COLLEGE		3		470,000.00	10012015
	20001201	ATLANTIC UNION COLLEGE		3		124,119.25	5012023
	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		106,800.00	4012016
	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		308,000.00	4012017
	20002401	BOSTON UNIVERITY		3		505,056.26	12312022
	20002801	CARNEGIE MELLON UNIVERSITY		3		232,000.00	11012017
	20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,000.00	4012016
	20003901	COLLEGE OF CHARLESTON		3		315,000.00	7012016
	20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
	20004401	R.I. JR. COLLEGE		3		156,000.00	4012018
	20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		59,377.84	11012020
	20008301	HARCUM COLLEGE		3		200,000.00	11012015
	20010801	LONG ISLAND UNIVERSITY		3		210,000.00	6012016
	20012101	MIDDLEBURY COLLEGE		3		420,000.00	4012018
	20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
	20012901	MONTEREY PENINSULA JR. COLLEGE		3		125,000.00	10012018
	20013001	MONTREAT-ANDERSON COLLEGE		3		50,400.00	12012019
	20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
	20013501	NEW ENGLAND COLLEGE		3.625		52,999.99	10012013
	20013502	NEW ENGLAND COLLEGE		3		465,000.00	4012019
	20014401	OLD DOMINION UNIVERSITY		3		339,999.99	6012013
	20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
	20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
	20016601	SARAH LAWRENCE COLLEGE		3		579,510.95	11012021
	20018001	ST.EDWARDS UNIVERSITY		3.625		33,000.00	4012013
	20018701	FINLANDIA UNIVERSITY		3.5		1,752,857.07	8062014
	20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
	20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
	20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
	20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
	20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
	20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
	20021301	UNIVERSITY OF MONTEVALLO		3		144,000.00	5012023
	20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
	20022601	UNIVERSITY OF STEUBENVILLE		3.375		27,000.00	4012012
	20022602	UNIVERSITY OF STEUBENVILLE		3		129,000.00	4012017
	20022701	UNIVERSITY OF VERMONT		3		1,300,000.00	10012019
	20023501	McDANIEL COLLEGE		3		530,000.00	11012016
						12,275,970.30

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of October 31, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		22,099.99		19,999.99
20004001	COLLEGE OF ST.THOMAS	10/1/2010		42,800.00		260,000.00
20019101	TAYLOR UNIVERISTY	10/1/2010		62,700.00		60,000.00
20020001	UNIVERSITY OF ALABAMA	11/1/2010		116,080.00		1,036,000.00
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB	1/1/2011		11,915.00		33,000.00
TOTAL				255,594.99		1,408,999.99

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of October 31, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of November 01, 2011 through November 30, 2011

Collections:
Principal Payments	376,718.52
Interest Payments	43,352.83
Total Principal and Interest Collections	420,071.35
Payments and Reversals Posted to Suspense	1,555.20
Total Collections	421,626.55
Less: Servicing Fees (not withheld from remittances)	(1,062.40	)
Net Collections	420,564.15

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of November 01, 2011 through November 30, 2011

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
11012011	20001201	ATLANTIC UNIO		4,128.65		1,861.79		5,990.44		124,119.25		34.13
11012011	20006502	FAIRLEIGH DIC		2,724.15		890.67		3,614.82		59,377.84		16.33
11012011	20013301	MORRIS COLLEG		73,000.00		3,420.00		76,420.00		228,000.00		62.70
11012011	20016401	CALIFORNIA ST		20,000.00		3,450.00		23,450.00		230,000.00		63.25
11012011	20016501	CALIFORNIA ST		35,000.00		7,050.00		42,050.00		470,000.00		129.25
11072011	20018701	SUOMI COLLEGE		8,792.60		5,282.92		14,075.52		1,752,857.07		80.34
11012011	20018901	SWARTHMORE CO		5,273.13		492.73		5,765.86		32,848.96		9.03
11012011	20019201	TEMPLE UNIV.		35,000.00		2,160.00		37,160.00		128,000.00		35.20
11012011	20023501	WSTRN MARYLAN		80,000.00		7,950.00		87,950.00		530,000.00		145.75
11012011	20002801	CARNEGIE-MELL		17,000.00		3,735.00		20,735.00		249,000.00		68.48
11012011	20008301	HARCUM JR COL		45,000.00		3,675.00		48,675.00		245,000.00		67.38
11012011	20016601	SARAH LAWRENC		26,194.16		9,085.58		35,279.74		605,705.11		166.57
11012011	20020001	UNIV. OF ALAB		—		14,265.00		14,265.00		951,000.00		261.53
11012011	20021301	UNIV OF MONTE		—		2,160.00		2,160.00		144,000.00		39.60
		TOTALS:		352,112.69		65,478.69		417,591.38		5,749,908.23		1,179.54
7012008	20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		paid
10012011	20000101	ALBION COLLEG		90,000.00		7,050.00		97,050.00		470,000.00		129.25		paid
10012011	20018001	ST.EDWARDS		—		598.13		598.13		33,000.00		9.08		paid
10012011	20022601	UNIV.OF STEUB		—		455.63		455.63		27,000.00		7.43		paid
10012011	20022602	UNIV.OF STEUB		—		1,935.00		1,935.00		129,000.00		35.48		paid
11012011	20020001	UNIV. OF ALAB		—		14,265.00		14,265.00		951,000.00		(261.53	)	unpaid
11012011	20021301	UNIV OF MONTE		—		2,160.00		2,160.00		144,000.00		(39.60	)	unpaid
												1,062.40		Service Fees due
SF STILL DUE:
10012010	20004001	COLL.OF ST. T		—		3,900.00		3,900.00		260,000.00		71.50		unpaid
4012011	20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		71.50		unpaid
10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		16.50		unpaid
11012010	20020001	UNIV. OF ALAB		—		15,540.00		15,540.00		1,036,000.00		284.90		unpaid
5012011	20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		284.90		unpaid
7012011	20021401	U OF NEBRASKA		6,000.00		420.00		6,420.00		28,000.00		7.70		unpaid

Page 3 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of November 01, 2011 through November 30, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
20012401	3/14/2204		19,999.99		19,999.99		—		—	7012008
TOTAL:			19,999.99		19,999.99		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of November 01, 2011 through November 30, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of November 30, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		380,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		119,990.60	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		106,800.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		308,000.00	4012017
20002401	BOSTON UNIVERITY		3		505,056.26	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		232,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		315,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		156,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		56,653.69	11012020
20008301	HARCUM COLLEGE		3		200,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		210,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		420,000.00	4012018
20012901	MONTEREY PENINSULA JR. COLLEGE		3		125,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		47,600.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		155,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		52,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		465,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		339,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		210,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		435,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		579,510.95	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		33,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,744,064.47	8062014
20018901	SWARTHMORE COLLEGE		3		27,575.83	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		93,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		144,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		27,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		129,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,300,000.00	10012019
20023501	McDANIEL COLLEGE		3		450,000.00	11012016
					11,899,251.78

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of November 30, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20004001	COLLEGE OF ST.THOMAS	10/1/2010		42,800.00		260,000.00
20019101	TAYLOR UNIVERISTY	10/1/2010		62,700.00		60,000.00
20020001	UNIVERSITY OF ALABAMA	11/1/2010		130,345.00		1,036,000.00
20021401	UNIV. OF NEBRASKA/ AG MENS CLUB	1/1/2011		11,915.00		33,000.00
TOTAL				247,760.00		1,389,000.00

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of November 30, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Period of December 01, 2010 through December 31, 2010

Collections:
Principal Payments	133,607.42
Interest Payments	15,718.73
Total Principal and Interest Collections	149,326.15
Payments and Reversals Posted to Suspense	—
Total Collections	149,326.15
Less: Servicing Fees (not withheld from remittances)	(239.02	)
Net Collections	149,087.13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Period of December 01, 2010 through December 31, 2010

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
12302010	20002401	BOSTON UNIVER		18,006.82		8,120.10		26,126.92		541,340.00		148.87
12012010	20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		67.38
12012010	20013001	MONTREAT-ANDE		2,800.00		840.00		3,640.00		56,000.00		15.40
12012010	20014401	DOMNION UNIV.		0.00		7,575.00		7,575.00		504,999.99		138.87
12072010	20018701	SUOMI COLLEGE		8,682.42		5,393.10		14,075.52		1,849,061.79		84.75
		TOTALS:		29,489.24		25,603.20		55,092.44		3,196,401.78		455.27
12302010	20002401	BOSTON UNIVER		18,006.82		8,120.10		26,126.92		541,340.00		(148.87	)
12012010	20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		(67.38	)
												239.02		Service Fees due
SF STILL DUE:
7012008	20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75		unpaid for 7/07 - SF still due
10012009	20022701	UNIV OF VERMO		68,000.00		24,720.00		92,720.00		1,648,000.00		453.20		unpaid for 10/09 - SF still due
4012010	20022701	UNIV OF VERMO		68,000.00		23,700.00		91,700.00		1,580,000.00		434.50		unpaid for 04/10 - SF still due
10012010	20022701	UNIV OF VERMO		70,000.00		22,680.00		92,680.00		1,512,000.00		415.80		unpaid for 10/10 - SF still due
10012010	20001301	AUGSBERG COLL		0.00		8,400.00		8,400.00		560,000.00		(154.00	)	unpaid
10012010	20001401	AZUSA UNIVERS		0.00		5,295.00		5,295.00		353,000.00		(97.08	)	unpaid
10012010	20004001	COLL.OF ST. T		0.00		3,900.00		3,900.00		260,000.00		(71.50	)	unpaid
10012010	20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		(138.88	)	unpaid
10012010	20013502	NEW ENGLAND C		0.00		7,725.00		7,725.00		515,000.00		(141.63	)	unpaid
10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)	unpaid
11012010	20020001	UNIV. OF ALAB		0.00		15,540.00		15,540.00		1,036,000.00		(284.90	)	unpaid
11012010	20021301	UNIV OF MONTE		0.00		2,310.00		2,310.00		154,000.00		(42.35	)	unpaid

Page 3 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Paid-in-Full Loans

For the Period of December 01, 2010 through December 31, 2010

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
TOTAL:			—		—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Period of December 01, 2010 through December 31, 2010

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

As of December 31, 2010

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,025.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		541,340.00	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		176,025.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,050.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,840,379.37	8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,050.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00	4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,648,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					15,363,949.29

Page 8 of 13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

As of December 31, 2010

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		21,499.99		19,999.99
20022701	UNIV OF VERMONT	4/1/2009		277,145.00		1,648,000.00
20000101	ALBION COLLEGE	10/1/2010		25.00		470,025.00
20001301	AUGSBERG COLLEGE	10/1/2010		8,400.00		560,000.00
20001401	AZUSA UNIVERSITY	10/1/2010		5,295.00		353,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		3,900.00		260,000.00
20004401	R.I. JR. COLLEGE	10/1/2010		25.00		176,025.00
20012101	MIDDLEBURY COLLEGE	10/1/2010		7,600.00		478,025.00
20013501	NEW ENGLAND COLLEGE	10/1/2010		50.00		86,049.99
20013502	NEW ENGLAND COLLEGE	10/1/2010		7,725.00		515,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		60,900.00		60,000.00
20022602	UNIVERSITY OF STEUBENVILLE	10/1/2010		2,220.00		148,000.00
20013301	MORRIS COLLEGE	11/1/2010		50.00		228,050.00
20019201	TEMPLE UNIV	11/1/2010		50.00		128,050.00
20020001	UNIV OF ALABAMA	11/1/2010		15,540.00		1,036,000.00
20021301	UNIV OF MONTEVALLO	11/1/2010		2,310.00		154,000.00
TOTAL				412,734.99		6,320,224.98

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

As of December 31, 2010

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Quarter Ended December 31, 2010

Collections:

	October			November			December
Principal Payments		129,700.94			326,254.52			133,607.42
Interest Payments		50,769.19			73,211.63			15,718.73
Total Principal and Interest Collections		180,470.13			399,466.15			149,326.15
Payments and Reversals Posted to Suspense		—			—			—
Total Collections		180,470.13			399,466.15			149,326.15
Less: Servicing Fees (not withheld from remittances)		(863.25	)		(1,480.25	)		(239.02	)
Net Collections		179,606.88			397,985.90			149,087.13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Quarter Ended December 31, 2010

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
October
10012010	20000101	ALBION COLLEG		90,000.00		8,400.00		98,400.00		560,000.00		154.00
10012010	20001301	AUGSBERG COLL		—		8,400.00		8,400.00		560,000.00		154.00
10012010	20001401	AZUSA UNIVERS		—		5,295.00		5,295.00		353,000.00		97.08
10012010	20003001	CASE WESTERN		—		11,775.00		11,775.00		785,000.00		215.88
10012010	20004001	COLL.OF ST. T		—		3,900.00		3,900.00		260,000.00		71.50
10012010	20004401	R.I. JR. COLL		10,000.00		2,790.00		12,790.00		186,000.00		51.15
10012010	20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		138.88
10012010	20012901	MONTEREY JR C		15,000.00		2,325.00		17,325.00		155,000.00		42.63
10012010	20013501	NEW ENGLAND C		32,000.00		2,138.75		34,138.75		118,049.99		32.46
10012010	20013502	NEW ENGLAND C		—		7,725.00		7,725.00		515,000.00		141.63
10012010	20018001	ST.EDWARDS		—		888.13		888.13		49,000.00		13.48
10072010	20018701	SUOMI COLLEGE		8,632.52		5,443.00		14,075.52		1,866,171.41		85.53
10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		16.50
10012010	20021701	UNIV. OF NOTR		—		12,600.00		12,600.00		840,000.00		231.00
10012010	20022601	UNIV.OF STEUB		—		877.50		877.50		52,000.00		14.30
10012010	20022602	UNIV.OF STEUB		—		2,220.00		2,220.00		148,000.00		40.70
10012010	20022701	UNIV OF VERMO		70,000.00		22,680.00		92,680.00		1,512,000.00		415.80
		TOTALS:		312,632.52		105,932.38		418,564.90		8,524,221.40		1,916.52
10012010	20000101	ALBION COLLEG		90,000.00		8,400.00		98,400.00		560,000.00		(154.00	)
10012010	20001301	AUGSBERG COLL		0.00		8,400.00		8,400.00		560,000.00		(154.00	)
10012010	20001401	AZUSA UNIVERS		0.00		5,295.00		5,295.00		353,000.00		(97.08	)
10012010	20003001	CASE WESTERN		0.00		11,775.00		11,775.00		785,000.00		(215.88	)
10012010	20004001	COLL.OF ST. T		0.00		3,900.00		3,900.00		260,000.00		(71.50	)
10012010	20004401	R.I. JR. COLL		10,000.00		2,790.00		12,790.00		186,000.00		(51.15	)
10012010	20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		(138.88	)
10012010	20013502	NEW ENGLAND C		0.00		7,725.00		7,725.00		515,000.00		(141.63	)
10012010	20018001	ST.EDWARDS		0.00		888.13		888.13		49,000.00		(13.48	)
10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)
10012010	20022601	UNIV.OF STEUB		0.00		877.50		877.50		52,000.00		(14.30	)
10012010	20022602	UNIV.OF STEUB		0.00		2,220.00		2,220.00		148,000.00		(40.70	)
10012010	20022701	UNIV OF VERMO		70,000.00		22,680.00		92,680.00		1,512,000.00		(415.80	)
4012009	20022701	UNIV OF VERMO		67,000.00		25,725.00		92,725.00		1,715,000.00		471.63		NOW PAID FOR 4/1/09
												863.25		Service Fees due
November
11012010	20001201	ATLANTIC UNIO		4,007.52		1,982.92		5,990.44		132,194.41		36.35
11012010	20002801	CARNEGIE-MELL		17,000.00		4,260.00		21,260.00		284,000.00		78.10
11012010	20006502	FAIRLEIGH DIC		2,644.23		970.59		3,614.82		64,705.96		17.79
11012010	20008301	HARCUM JR COL		45,000.00		4,350.00		49,350.00		290,000.00		79.75
11012010	20013301	MORRIS COLLEG		71,000.00		4,485.00		75,485.00		299,050.00		82.24
11012010	20016401	CALIFORNIA ST		15,000.00		3,675.00		18,675.00		245,000.00		67.38
11012010	20016501	CALIFORNIA ST		35,000.00		7,575.00		42,575.00		505,000.00		138.88
11012010	20016601	SARAH LAWRENC		25,425.67		9,854.07		35,279.74		656,937.84		180.66
11072010	20018701	SUOMI COLLEGE		8,477.10		5,598.42		14,075.52		1,857,538.89		85.14
11012010	20018901	SWARTHMORE CO		5,118.42		647.44		5,765.86		43,162.58		11.87
11012010	20019201	TEMPLE UNIV.		35,000.00		2,750.63		37,750.63		163,000.00		44.83
11012010	20020001	UNIV. OF ALAB		—		15,540.00		15,540.00		1,036,000.00		284.90
11012010	20021301	UNIV OF MONTE		—		2,310.00		2,310.00		154,000.00		42.35
11012010	20023501	WSTRN MARYLAN		80,000.00		9,150.00		89,150.00		610,000.00		167.75
		TOTALS:		343,672.94		73,149.07		416,822.01		6,340,589.68		1,317.99
10012010	20000101	ALBION COLLEG		90,000.00		8,400.00		98,400.00		560,000.00		154.00		PAID
10012010	20003001	CASE WESTERN		0.00		11,775.00		11,775.00		785,000.00		215.88		PAID
10012010	20004401	R.I. JR. COLL		10,000.00		2,790.00		12,790.00		186,000.00		51.15		PAID

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Quarter Ended December 31, 2010

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
10012010	20018001	ST.EDWARDS		0.00		888.13		888.13		49,000.00		13.48		PAID
10012010	20022601	UNIV.OF STEUB		0.00		877.50		877.50		52,000.00		14.30		PAID
10012010	20022602	UNIV.OF STEUB		0.00		2,220.00		2,220.00		148,000.00		40.70		PAID
11012010	20020001	UNIV. OF ALAB		0.00		15,540.00		15,540.00		1,036,000.00		(284.90	)
11012010	20021301	UNIV OF MONTE		0.00		2,310.00		2,310.00		154,000.00		(42.35	)
												1,480.25		Service Fees due
December
12302010	20002401	BOSTON UNIVER		18,006.82		8,120.10		26,126.92		541,340.00		148.87
12012010	20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		67.38
12012010	20013001	MONTREAT-ANDE		2,800.00		840.00		3,640.00		56,000.00		15.40
12012010	20014401	DOMNION UNIV.		0.00		7,575.00		7,575.00		504,999.99		138.87
12072010	20018701	SUOMI COLLEGE		8,682.42		5,393.10		14,075.52		1,849,061.79		84.75
		TOTALS:		29,489.24		25,603.20		55,092.44		3,196,401.78		455.27
12302010	20002401	BOSTON UNIVER		18,006.82		8,120.10		26,126.92		541,340.00		(148.87	)
12012010	20010801	LONG ISLAND U		—		3,675.00		3,675.00		245,000.00		(67.38	)
												239.02		Service Fees due
	TOTALS FOR QTR			685,794.70		204,684.65		890,479.35		18,061,212.86		2,582.52

Berkadia Commercial Mortgage

College and University Loan Trust I

Paid In Full Loan Schedule

For the Quarter Ended December 31, 2010

Loan Number	Payoff Date	Total Amount		Principal Amount		Interest Amount		Other Fees		Maturity Date
None to report for this period
Totals			—		—		—		—

* Please note that service fees have not yet been deducted.

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Quarter Ended December 31, 2010

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
None to report for this period
							—
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended December 31, 2010

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
October
20000101	ALBION COLLEGE		3		560,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		132,194.41	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		541,340.00	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		186,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		64,705.96	11012020
20008301	HARCUM COLLEGE		3		290,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		505,000.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		56,000.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		299,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		656,937.84	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,857,538.89	8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00	4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,648,000.00	10012019
20023501	McDANIEL COLLEGE		3		610,000.00	11012016
	TOTALS:				15,823,811.23
November
20000101	ALBION COLLEGE		3		560,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		541,340.00	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017

Page 9 of 14

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended December 31, 2010

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20004401	R.I. JR. COLLEGE		3		176,025.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,050.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,849,061.79	8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00	4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,648,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
	TOTALS:				15,497,556.71
December
20000101	ALBION COLLEGE		3		470,025.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		541,340.00	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		176,025.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,050.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019

Page 10 of 14

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended December 31, 2010

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,840,379.37	8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,050.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00	4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,648,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					15,363,949.29

Page 11 of 14

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

For the Quarter Ended December 31, 2010

Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE		39264		21,499.99		19,999.99
20022701	UNIV OF VERMONT		39904		277,145.00		1,648,000.00
20000101	ALBION COLLEGE		40452		25.00		470,025.00
20001301	AUGSBERG COLLEGE		40452		8,400.00		560,000.00
20001401	AZUSA UNIVERSITY		40452		5,295.00		353,000.00
20004001	COLLEGE OF ST.THOMAS		40452		3,900.00		260,000.00
20004401	R.I. JR. COLLEGE		40452		25.00		176,025.00
20012101	MIDDLEBURY COLLEGE		40452		7,600.00		478,025.00
20013501	NEW ENGLAND COLLEGE		40452		50.00		86,049.99
20013502	NEW ENGLAND COLLEGE		40452		7,725.00		515,000.00
20019101	TAYLOR UNIVERSITY		40452		60,900.00		60,000.00
20022602	UNIVERSITY OF STEUBENVILLE		40452		2,220.00		148,000.00
20013301	MORRIS COLLEGE		40483		50.00		228,050.00
20019201	TEMPLE UNIV		40483		50.00		128,050.00
20020001	UNIV OF ALABAMA		40483		15,540.00		1,036,000.00
20021301	UNIV OF MONTEVALLO		40483		2,310.00		154,000.00
TOTAL					412,734.99		6,320,224.98

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

For the Quarter Ended December 31, 2010

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Quarter Ended March 31, 2011

Collections:

	January			February			March
Principal Payments		26,535.64			214,554.53			514,312.10
Interest Payments		19,266.80			76,665.99			23,899.05
Total Principal and Interest Collections		45,802.44			291,220.52			538,211.15
Payments and Reversals Posted to Suspense		—			—			—
Total Collections		45,802.44			291,220.52			538,211.15
Less: Servicing Fees (not withheld from remittances)		(321.77	)		(1,387.46	)		(353.90	)
Net Collections		45,480.67			289,833.06			537,857.25

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Quarter Ended March 31, 2011

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
January
01012011		20003901	COLL. OF CHAR		—		5,625.00		5,625.00		375,000.00		103.13
01072011		20018701	SUOMI COLLEGE		8,528.82		5,546.70		14,075.52		1,840,379.37		84.35
12302010		20002401	BOSTON UNIVER		18,006.82		8,120.10		26,126.92		541,340.00		148.87
			TOTALS:		26,535.64		19,291.80		45,827.44		2,756,719.37		336.35
01012011		20012401	MISSISSIPPI V		0.00		300.00		300.00		19,999.99		(5.50	)
01012011		20021401	U OF NEBRASKA		5,000.00		495.00		5,495.00		33,000.00		(9.08	)
													321.77		Service Fees due
February
02072011		20018701	SUOMI COLLEGE		8,554.53		5,520.99		14,075.52		1,831,850.55		83.96
			TOTALS:		8,554.53		5,520.99		14,075.52		1,831,850.55		83.96
10012009		20022701	UNIV OF VERMO		68,000.00		24,720.00		92,720.00		1,648,000.00		453.20
4012010		20022701	UNIV OF VERMO		68,000.00		23,700.00		91,700.00		1,580,000.00		434.50
10012010		20022701	UNIV OF VERMO		70,000.00		22,680.00		92,680.00		1,512,000.00		415.80
													1,387.46		Service Fees due
March
03072011		20018701	SUOMI COLLEGE		9,112.10		4,963.42		14,075.52		1,823,296.02		83.57
03012011		20019502	TEXAS TECH UN		55,000.00		3,226.25		58,226.25		178,000.00		48.95
03012011		20019504	TEXAS TECH UN		450,000.00		13,584.38		463,584.38		805,000.00		221.38
			TOTALS:		514,112.10		21,774.05		535,886.15		2,806,296.02		353.90
													353.90		Service Fees due
			TOTALS FOR QTR		549,202.27		46,586.84		595,789.11		7,394,865.94		2,063.13

Berkadia Commercial Mortgage

College and University Loan Trust I

Paid In Full Loan Schedule

For the Quarter Ended March 31, 2011

Loan Number	Payoff Date	Total Amount		Principal Amount		Interest Amount		Other Fees		Maturity Date
None to report for this period
Totals			—		—		—		—

* Please note that service fees have not yet been deducted.

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Quarter Ended March 31, 2011

Loan Number		Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
None to report for this period
								—
	TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended March 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
January
20000101	ALBION COLLEGE		3		470,025.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		523,333.18	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		176,025.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,050.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,831,850.55	8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,050.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00	4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,648,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
	TOTALS:				15,337,413.65
February
20000101	ALBION COLLEGE		3		470,025.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		523,333.18	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017

Page 7 of 12

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended March 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20004401	R.I. JR. COLLEGE		3		176,025.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,050.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,823,296.02	8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,050.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00	4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,442,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
	TOTALS:				15,122,859.12
March
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		523,333.18	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		176,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019

Page 8 of 12

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended March 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,814,183.92	8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00	4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,442,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					14,608,547.02

Page 9 of 12

Berkadia Commercial Mortgage

College and University Loan Trust I

Delinquency Report (60+Days)

For the Quarter Ended March 31, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		21,799.99	19,999.99
20001301	AUGSBERG COLLEGE	10/1/2010		8,400.00	560,000.00
20001401	AZUSA UNIVERSITY	10/1/2010		5,295.00	353,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		3,900.00	260,000.00
20012101	MIDDLEBURY COLLEGE	10/1/2010		7,600.00	478,025.00
20013502	NEW ENGLAND COLLEGE	10/1/2010		7,725.00	515,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		60,900.00	60,000.00
20022602	UNIVERSITY OF STEUBENVILLE	10/1/2010		2,220.00	148,000.00
20020001	UNIV OF ALABAMA	11/1/2010		15,540.00	1,036,000.00
20021301	UNIV OF MONTEVALLO	11/1/2010		2,310.00	154,000.00
20010801	LONG ISLAND UNIVERSITY	12/1/2010		3,675.00	245,000.00
20021401	U OF NEBRASKA	1/1/2011		5,495.00	33,000.00
TOTAL				144,859.99	3,862,024.99

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

For the Quarter Ended March 31, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Quarter Ended June 30, 2011

Collections:
	April			May			June
Principal Payments		1,116,147.97			87,417.85			241,937.18
Interest Payments		81,878.41			56,531.30			37,849.01
Total Principal and Interest Collections		1,198,026.38			143,949.15			279,786.19
Payments and Reversals Posted to Suspense		5,640.00			(5,640.00	)		—
Total Collections		1,203,666.38			138,309.15			279,786.19
Less: Servicing Fees (not withheld from remittances)		(1,325.24	)		(1,154.68	)		(686.68	)
Net Collections		1,202,341.14			137,154.47			279,099.51

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Quarter Ended June 30, 2011

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
April
04012011	20003001	CASE WESTERN		120,000.00		11,775.00		131,775.00		785,030.00		215.88
04012011	20004401	R.I. JR. COLL		10,000.00		2,640.00		12,640.00		176,000.00		48.40
04012011	20012101	MIDDLEBURY CO		28,000.00		7,170.00		35,170.00		478,430.00		131.57
04072011	20018701	SUOMI COLLEGE		8,607.77		5,467.75		14,075.52		1,814,183.92		83.15
04012011	20021701	UNIV. OF NOTR		90,000.00		12,600.00		102,600.00		840,000.00		231.00
04012011	20022602	UNIV.OF STEUB		19,000.00		2,220.00		21,220.00		150,220.00		41.31
04012011	20022701	UNIV OF VERMO		70,000.00		21,630.00		91,630.00		1,442,000.00		396.55
04012011	20012901	MONTEREY JR C		—		2,100.00		2,100.00		140,000.00		38.50
04012011	20000101	ALBION COLLEG		—		7,050.00		7,050.00		470,000.00		129.25
04012011	20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		154.00
04012011	20001401	AZUSA UNIVERS		45,000.00		5,295.00		50,295.00		353,000.00		97.08
04012011	20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		71.50
04012011	20013501	NEW ENGLAND C		—		1,558.75		1,558.75		85,999.99		23.65
04012011	20013502	NEW ENGLAND C		50,000.00		7,725.00		57,725.00		515,000.00		141.63
04012011	20018001	ST.EDWARDS		16,000.00		888.13		16,888.13		65,000.00		17.88
04012011	20019101	TAYLOR UNIV.		—		900.00		900.00		—		—
04012011	20022601	UNIV.OF STEUB		25,000.00		877.50		25,877.50		52,000.00		14.30
		TOTALS:		606,607.77		102,197.13		708,804.90		8,186,863.91		1,835.65
10012010	20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		138.88
04012011	20000101	ALBION COLLEG		0.00		7,050.00		7,050.00		470,000.00		(129.25	)	unpaid
04012011	20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		(154.00	)	unpaid
04012011	20001401	AZUSA UNIVERS		45,000.00		5,295.00		50,295.00		353,000.00		(97.08	)	unpaid
04012011	20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		(71.50	)	unpaid
04012011	20013501	NEW ENGLAND C		0.00		1,558.75		1,558.75		85,999.99		(23.65	)	unpaid
04012011	20013502	NEW ENGLAND C		50,000.00		7,725.00		57,725.00		515,000.00		(141.63	)	unpaid
04012011	20018001	ST.EDWARDS		16,000.00		888.13		16,888.13		65,000.00		(17.88	)	unpaid
04012011	20022601	UNIV.OF STEUB		25,000.00		877.50		25,877.50		52,000.00		(14.30	)	unpaid
												1,325.24		Service Fees due
May
5012011	20001201	ATLANTIC UNIO		4,067.64		1,922.80		5,990.44		128,186.89		35.25
5012011	20002801	CARNEGIE-MELL		18,000.00		4,005.00		22,005.00		267,000.00		73.43
5012011	20006502	FAIRLEIGH DIC		2,683.89		930.93		3,614.82		62,061.73		17.07
5012011	20008301	HARCUM JR COL		0.00		3,675.00		3,675.00		245,000.00		67.38
5012011	20013301	MORRIS COLLEG		0.00		3,420.00		3,420.00		228,000.00		62.70
5012011	20016401	CALIFORNIA ST		0.00		3,450.00		3,450.00		230,000.00		63.25
5012011	20016501	CALIFORNIA ST		0.00		7,050.00		7,050.00		470,000.00		129.25
5012011	20016601	SARAH LAWRENC		25,807.06		9,472.68		35,279.74		631,512.17		173.67
5072011	20018701	SUOMI COLLEGE		8,809.26		5,266.26		14,075.52		1,805,576.15		82.76
5012011	20018901	SWARTHMORE CO		5,195.20		570.66		5,765.86		38,044.16		10.46
5012011	20019201	TEMPLE UNIV.		0.00		2,160.00		2,160.00		128,000.00		35.20
5012011	20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		284.90
5012011	20021301	UNIV OF MONTE		10,000.00		2,310.00		12,310.00		154,000.00		42.35
5012011	20023501	WSTRN MARYLAN		0.00		7,950.00		7,950.00		530,000.00		145.75
		TOTALS:		159,563.05		67,723.33		227,286.38		5,953,381.10		1,223.42
4012011	20000101	ALBION COLLEG		0.00		7,050.00		7,050.00		470,000.00		129.25		paid 5/12/11
10012010	20001401	AZUSA UNIVERS		0.00		5,295.00		5,295.00		353,000.00		97.08		paid 5/17/11
4012011	20018001	ST.EDWARDS		16,000.00		888.13		16,888.13		65,000.00		17.88		paid 5/12/11
4012011	20022601	UNIV.OF STEUB		25,000.00		877.50		25,877.50		52,000.00		14.30		paid 5/12/11
5012011	20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		(284.90	)	unpaid
5012011	20021301	UNIV OF MONTE		10,000.00		2,310.00		12,310.00		154,000.00		(42.35	)	unpaid
												1,154.68		Service Fees due

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
June
6302011	20002401	BOSTON UNIVER		18,276.92		7,850.00		26,126.92		523,333.18		143.92
6012011	20014401	DOMNION UNIV.		165,000.00		7,575.00		172,575.00		504,999.99		138.87
6072011	20018701	SUOMI COLLEGE		8,660.26		5,415.26		14,075.52		1,796,766.89		82.35
6012011	20013001	MONTREAT-ANDE		2,800.00		798.00		3,598.00		53,200.00		14.63
6012011	20010801	LONG ISLAND U		35,000.00		3,675.00		38,675.00		245,000.00		67.38
		TOTALS:		229,737.18		25,313.26		255,050.44		3,123,300.06		447.15
4012011	20013501	NEW ENGLAND C		0.00		1,558.75		1,558.75		85,999.99		23.65		paid 6/28
10012010	20013502	NEW ENGLAND C		0.00		7,725.00		7,725.00		515,000.00		141.63		paid 6/28
4012011	20013502	NEW ENGLAND C		50,000.00		7,725.00		57,725.00		515,000.00		141.63		paid 6/28
6012011	20010801	LONG ISLAND U		35,000.00		3,675.00		38,675.00		245,000.00		(67.38	)	unpaid
												686.68		Service Fees due
TOTALS FOR QTR				995,908.00		195,233.72		1,191,141.72		17,263,545.07		3,166.60

Berkadia Commercial Mortgage

College and University Loan Trust I

Paid In Full Loan Schedule

For the Quarter Ended June 30, 2011

Loan Number	Payoff Date		Total Amount		Principal Amount		Interest Amount		Other Fees		Maturity Date
20021701		4/1/2011		750,000.00		750,000.00		—			4012018
Totals				750,000.00		750,000.00		—		—

* Please note that service fees have not yet been deducted.

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Quarter Ended June 30, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
None to report for this period
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended June 30, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
April
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		523,333.18	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,030.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,430.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,805,576.15	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		131,220.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
	TOTALS:				13,492,399.05
May
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		124,119.25	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		523,333.18	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018

Page 9 of 14

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended June 30, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		59,377.84	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,430.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		50,400.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		605,705.11	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		33,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,796,766.89	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		27,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		129,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
	TOTALS:				13,404,981.20
June
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		124,119.25	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00	4012017
20002401	BOSTON UNIVERITY		3		505,056.26	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		59,377.84	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,430.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		50,400.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		465,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		339,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021

Page 10 of 14

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended June 30, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		605,705.11	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		33,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,788,106.63	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		27,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		129,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					13,163,044.02

Page 11 of 14

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

For the Quarter Ended June 30, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		21,799.99		19,999.99
20001301	AUGSBERG COLLEGE	10/1/2010		106,800.00		560,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		42,800.00		260,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		61,800.00		60,000.00
20020001	UNIV OF ALABAMA	11/1/2010		116,080.00		1,036,000.00
20021301	UNIV OF MONTEVALLO	11/1/2010		14,620.00		154,000.00
20010801	LONG ISLAND UNIVERSITY	12/1/2010		3,675.00		245,000.00
20021401	U OF NEBRASKA	1/1/2011		5,495.00		33,000.00
20001401	AZUSA UNIVERSITY	4/1/2011		50,295.00		353,000.00
20012101	MIDDLEBURY COLLEGE	4/1/2011		7,600.00		450,430.00
TOTAL				430,964.99		3,171,429.99

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

For the Quarter Ended June 30, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Collection Account Activity Report

For the Quarter Ended September 30, 2011

Collections:

	July			August			September
Principal Payments		158,860.21			9,143.07			23,739.33
Interest Payments		28,105.31			12,532.45			15,656.20
Total Principal and Interest Collections		186,965.52			21,675.52			39,395.53
Payments and Reversals Posted to Suspense		—			—			—
Total Collections		186,965.52			21,675.52			39,395.53
Less: Servicing Fees (not withheld from remittances)		(501.62	)		(81.55	)		(212.61	)
Net Collections		186,463.90			21,593.97			39,182.92

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Service Fees Schedule

For the Quarter Ended September 30, 2011

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
July
07012011	20003901	COLL. OF CHAR		60,000.00		5,625.00		65,625.00		375,000.00		103.13
07072011	20018701	SUOMI COLLEGE		8,860.21		5,215.31		14,075.52		1,788,106.63		81.95
07012011	20021401	U OF NEBRASKA		6,000.00		420.00		6,420.00		28,000.00		7.70
		TOTALS:		74,860.21		11,260.31		86,120.52		2,191,106.63		192.78
06012011	20010801	LONG ISLAND U		35,000.00		3,675.00		38,675.00		245,000.00		67.38		paid
4012011	20001401	AZUSA UNIVERS		45,000.00		5,295.00		50,295.00		353,000.00		97.08		PAID
11012010	20021301	UNIV OF MONTE		0.00		2,310.00		2,310.00		154,000.00		42.35		PAID
5012011	20021301	UNIV OF MONTE		10,000.00		2,310.00		12,310.00		154,000.00		42.35		PAID
12012010	20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		67.38		PAID
07012011	20021401	U OF NEBRASKA		6,000.00		420.00		6,420.00		28,000.00		(7.70	)	unpaid
												501.62		Service Fees due
August
8072011	20018701	SUOMI COLLEGE		8,713.07		5,362.45		14,075.52		1,779,246.42		81.55
		TOTALS:		8,713.07		5,362.45		14,075.52		1,779,246.42		81.55
												81.55		Service Fees due
September
9072011	20018701	SUOMI COLLEGE		8,739.33		5,336.19		14,075.52		1,770,533.35		81.15
9012011	20019502	TEXAS TECH UN		0.00		2,229.38		2,229.38		123,000.00		33.83
9012011	20019504	TEXAS TECH UN		0.00		5,990.63		5,990.63		355,000.00		97.63
		TOTALS:		8,739.33		13,556.20		22,295.53		2,248,533.35		212.61
												212.61		Service Fees due
TOTALS FOR QTR				92,312.61		30,178.96		122,491.57		6,218,886.40		795.78

Berkadia Commercial Mortgage

College and University Loan Trust I

Paid In Full Loan Schedule

For the Quarter Ended September 30, 2011

Loan Number	Payoff Date	Total Amount		Principal Amount		Interest Amount		Other Fees		Maturity Date
None to report for this period
Totals			—		—		—		—

* Please note that service fees have not yet been deducted.

Berkadia Commercial Mortgage

College and University Loan Trust I

Summary of Partial Prepayments

For the Quarter Ended September 30, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
None to report for this period
							—
TOTAL:			—		—		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended September 30, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
July
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		124,119.25	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		308,000.00	4012017
20002401	BOSTON UNIVERITY		3		505,056.26	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		315,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		59,377.84	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		210,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,430.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		50,400.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		465,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		339,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		605,705.11	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		33,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,779,246.42	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		144,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		27,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		129,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
	TOTALS:				13,004,183.81
August
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		124,119.25	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		308,000.00	4012017
20002401	BOSTON UNIVERITY		3		505,056.26	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		315,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018

Page 7 of 12

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended September 30, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		59,377.84	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		210,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,000.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		50,400.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		465,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		339,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00	11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		605,705.11	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		33,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,770,533.35	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		144,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		27,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		129,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
	TOTALS:				12,995,040.74
September
20000101	ALBION COLLEGE		3		470,000.00	10012015
20001201	ATLANTIC UNION COLLEGE		3		124,119.25	5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00	4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		308,000.00	4012017
20002401	BOSTON UNIVERITY		3		505,056.26	12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00	11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,000.00	4012016
20003901	COLLEGE OF CHARLESTON		3		315,000.00	7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00	4012017
20004401	R.I. JR. COLLEGE		3		166,000.00	4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		59,377.84	11012020
20008301	HARCUM COLLEGE		3		245,000.00	11012015
20010801	LONG ISLAND UNIVERSITY		3		210,000.00	6012016
20012101	MIDDLEBURY COLLEGE		3		450,000.00	4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99	7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		125,000.00	10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		50,400.00	12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,000.00	11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99	10012013
20013502	NEW ENGLAND COLLEGE		3		465,000.00	4012019
20014401	OLD DOMINION UNIVERSITY		3		339,999.99	6012013
20016401	CALIFORNIA STATE UNIVERSIT		3		230,000.00	11012021

Page 8 of 12

Berkadia Commercial Mortgage

College and University Loan Trust I

Trial Balance

For the Quarter Ended September 30, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00	11012021
20016601	SARAH LAWRENCE COLLEGE		3		605,705.11	11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		33,000.00	4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,761,794.02	8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96	11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00	10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00	11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00	3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00	3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00	5012021
20021301	UNIVERSITY OF MONTEVALLO		3		144,000.00	5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00	1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		27,000.00	4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		129,000.00	4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00	10012019
20023501	McDANIEL COLLEGE		3		530,000.00	11012016
					12,971,301.41

Page 9 of 12

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust I

Delinquency Report (60+Days)

For the Quarter Ended September 30, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE	7/1/2007		22,099.99		19,999.99
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU	10/1/2010		106,800.00		560,000.00
20004001	COLLEGE OF ST.THOMAS	10/1/2010		42,800.00		260,000.00
20019101	TAYLOR UNIVERSITY	10/1/2010		61,800.00		60,000.00
20020001	UNIVERSITY OF ALABAMA	11/1/2010		116,080.00		1,036,000.00
20021401	UNIV. OF NEBRASKA/ AG MENS CLUB	1/1/2011		11,915.00		33,000.00
TOTAL				361,494.99		1,968,999.99

Berkadia Commercial Mortgage

College and University Loan Trust I

Liquidation Report

For the Quarter Ended September 30, 2011

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for January 2011

														DTL
Date Received	Date Due		Loan Number		Borrower Name	Principal Due	Interest Due	Total Due	Principal Balance	Principal Paid	Interest Paid	Suspense	Total Paid	Net System Credits	Total Bank Credits	Trust Wires	ACH Debits and Other Wires
20110104		12302010		20002401	BOSTON UNIVERITY					18,006.82	8,120.10	—	26,126.92
System Credits 1/4														26,126.92
System Debits 1/4														—
Bank Credit 1/4
Bank Debit 1/4
Trustee Wire 1/5
20110107		1072011		20018701	FINLANDIA UNIVERSITY	8,528.82	5,546.70	14,075.52	1,840,379.37	8,528.82	5,546.70	—	14,075.52
System Credits 1/7														14,075.52
System Debits 1/7														—
Bank Credit 1/5															52,253.84
Bank Debit 1/5 (service fees)																		(250.24	)
Bank Debit 1/5 (funds movement adj)																		(26,126.92	)
Trustee Wire 1/5																26,126.92
20110113		1012011		20003901	COLLEGE OF CHARLESTON	—	5,625.00	5,625.00	375,000.00		5,600.00	—	5,600.00
System Credits 1/10														5,600.00
System Debits 1/10														—
Bank Credit 1/10															28,151.04
Bank Debit 1/10 (service fees)																		(239.02	)
Bank Debit 1/10 (funds movement adj)																		(14,075.52	)
Trustee Wire 1/10																13,836.50
System Credits 1/14														—
System Debits 1/14														—
Bank Credit 1/14															11,200.00
Bank Debit 1/14 (funds movement adj)																		(5,600.00	)
Trustee Wire 1/14																5,600.00
TOTALS:						8,528.82	11,171.70	19,700.52	2,215,379.37	26,535.64	19,266.80	—	45,802.44	45,802.44	91,604.88	45,563.42		(46,291.70	)
Loans Due in Current Period and Paid in Prior Period:
TOTALS:						—	—	—	—
Loans Due in Current Period Not Yet Paid:
		01012011		20012401	MISSISSIPPI V	—	300.00	300.00	19,999.99
		01012011		20021401	U OF NEBRASKA	5,000.00	495.00	5,495.00	33,000.00
TOTALS:						5,000.00	795.00	5,795.00	52,999.99
GRAND TOTAL:						13,528.82	11,966.70	25,495.52	2,268,379.36

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

January-11

Total System Credits @ 1/31		45,802.44
Total Bank Credits @ 1/31		91,604.88
12/09/10	Direct to Lender payments applied
01/05/11	funds movement adjustment	(26,126.92	)
01/10/11	funds movement adjustment	(14,075.52	)
01/18/11	funds movement adjustment	(5,600.00	)
Adjusted Bank Credits:		45,802.44
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

January-11

Total Bank Credits @ 1/31		91,604.88
Total Debits to Trustee @ 1/31		45,563.42
01/10/11	Service Fee	239.02
01/05/11	funds movement adjustment	26,126.92
01/10/11	funds movement adjustment	14,075.52
01/18/11	funds movement adjustment	5,600.00
Adjusted Debits to Trustee		91,604.88
		(0.00	)

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for February 2011

												DTL
Date Received	Date Due	Loan Number	Borrower Name	Principal Due	Interest Due	Total Due	Principal Balance	Principal Paid	Interest Paid	Suspense	Total Paid	Net System Credits	Total Bank Credits	Trust Wires	ACH Debits and Other Wires
20110207	2072011	20018701	FINLANDIA UNIVERSITY	8,554.53	5,520.99	14,075.52	1,831,850.55	8,554.53	5,520.99	—	14,075.52
											—
System Credits 2/7												14,075.52
System Debits 2/7												—
Bank Credit 2/7
Bank Debit 2/7
Trustee Wire 2/7
20110223	4012009	20022701	UNIVERSITY OF VERMONT					—	45.00	—	45.00
20110223	10012009	20022701	UNIVERSITY OF VERMONT					68,000.00	—	—	68,000.00
20110223	10012009	20022701	UNIVERSITY OF VERMONT					—	24,720.00	—	24,720.00
20110223	4012010	20022701	UNIVERSITY OF VERMONT					68,000.00	—	—	68,000.00
20110223	4012010	20022701	UNIVERSITY OF VERMONT					—	23,700.00	—	23,700.00
20110223	10012010	20022701	UNIVERSITY OF VERMONT					70,000.00	22,680.00	—	92,680.00
System Credits 2/23												277,145.00
System Debits 2/23												—
Bank Credit 2/8													28,151.04
Bank Debit 2/8 (service fees)															321.77
Bank Debit 2/9 (funds movement adj)															14,075.52
Trustee Wire 2/8														13,753.75
System Credits 2/24												—
System Debits 2/24												—
Bank Credit 2/24													554,290.00
Bank Debit 2/24 (funds movement adj)															277,145.00
Trustee Wire 2/24														277,145.00
			TOTALS:	8,554.53	5,520.99	14,075.52	1,831,850.55	214,554.53	76,665.99	—	291,220.52	291,220.52	582,441.04	290,898.75	291,542.29
Loans Due in Current Period and Paid in Prior Period:
			TOTALS:	—	—	—	—
Loans Due in Current Period Not Yet Paid:
			TOTALS:	—	—	—	—
			GRAND TOTAL:	8,554.53	5,520.99	14,075.52	1,831,850.55

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

February-11

Total System Credits @ 2/28	291,220.52
Total Bank Credits @ 2/28	582,441.04

	Direct to Lender payments applied
02/09/11	funds movement adjustment	(14,075.52	)
02/24/11	funds movement adjustment	(277,145.00	)
	funds movement adjustment

Adjusted Bank Credits: 291,220.52

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

February-11

Total Bank Credits @ 2/28	582,441.04
Total Debits to Trustee @ 2/28	290,898.75

02/08/11	Service Fee	321.77
02/09/11	funds movement adjustment	14,075.52
02/24/11	funds movement adjustment	277,145.00
	funds movement adjustment

Adjusted Debits to Trustee 582,441.04

2/7/2011	Loan Payment	3	20018701	Loan Payment	(8,554.53	)
2/7/2011	Loan Payment		21018701	Loan Payment	(5,520.99	)
2/7/2011	Loan Payment		23000003	Loan Payment	14,075.52
2/23/2011	Loan Payment	11	20022701	Loan Payment	(68,000.00	)
2/23/2011	Loan Payment		20022701	Loan Payment	(68,000.00	)
2/23/2011	Loan Payment		20022701	Loan Payment	(70,000.00	)
2/23/2011	Loan Payment		21022701	Loan Payment	(24,720.00	)
2/23/2011	Loan Payment		21022701	Loan Payment	(23,700.00	)
2/23/2011	Loan Payment		21022701	Loan Payment	(22,680.00	)
2/23/2011	Loan Payment		23000003	Loan Payment	68,000.00
2/23/2011	Loan Payment		23000003	Loan Payment	24,720.00
2/23/2011	Loan Payment		23000003	Loan Payment	68,000.00
2/23/2011	Loan Payment		23000003	Loan Payment	23,700.00
2/23/2011	Loan Payment		23000003	Loan Payment	92,680.00
2/8/2011	Wires	2	23000001	Wires	13,753.75
2/8/2011	Wires		23000003	Wires	(13,753.75	)
2/24/2011	Wires	2	23000001	Wires	277,145.00
2/24/2011	Wires		23000003	Wires	(277,145.00	)

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for March 2011

												DTL
Date Received	Date Due	Loan Number	Borrower Name	Principal Due	Interest Due	Total Due	Principal Balance	Principal Paid	Interest Paid	Suspense	Total Paid	Net System Credits	Total Bank Credits	Trust Wires	ACH Debits and Other Wires
20110301	3012011	20019502	TEXAS TECH. UNIVERSITY	55,000.00	3,226.25	58,226.25	178,000.00	55,000.00	3,226.25	—	58,226.25
20110301	3012011	20019504	TEXAS TECH. UNIVERSITY	450,000.00	13,584.38	463,584.38	805,000.00	450,000.00	13,584.38	—	463,584.38
System Credits 3/1												521,810.63
System Debits 3/1												—
Bank Credit 3/1
Bank Debit 3/1
Trustee Wire 3/1
20110307	3072011	20018701	FINLANDIA UNIVERSITY	9,112.10	4,963.42	14,075.52	1,823,296.02	9,112.10	4,963.42	—	14,075.52
System Credits 3/7												14,075.52
System Debits 3/7												—
Bank Credit 3/2													1,043,621.26
Bank Debit 3/2
Bank Debit 3/2															521,810.63
Trustee Wire 3/2														521,810.63
20110322	4012011	20012901	MONTEREY PENINSULA JR. COLLEGE					—	2,100.00	—	2,100.00
System Credits 3/22												2,100.00
System Debits 3/22												—
Bank Credit 3/8													28,151.04
Bank Debit 3/8 (funds movement adj)															14,075.52
Trustee Wire 3/8														14,075.52
20110329	10012010	20000101	ALBION COLLEGE					25.00	—	—	25.00
20110329	1012011	20003901	COLLEGE OF CHARLESTON					—	25.00	—	25.00
20110329	10012010	20004401	R.I. JR. COLLEGE					25.00	—	—	25.00
20110329	11012010	20013301	MORRIS COLLEGE - BONDS 1983					50.00	—	—	50.00
20110329	10012010	20013501	NEW ENGLAND COLLEGE					50.00	—	—	50.00
20110329	11012010	20019201	TEMPLE UNIVERSITY					50.00	—	—	50.00
System Credits 3/29												225.00
System Debits 3/29												—
Bank Credit 3/23													4,200.00
Bank Debit 3/23 (funds movement adj)															2,100.00
Bank Debit 3/23 (service fees)															1,387.46
Trustee Wire 3/23														712.54
System Credits 3/30												—
System Debits 3/30												—
Bank Credit 3/30													450.00
Bank Debit 3/30 (funds movement adj)															225.00
Trustee Wire 3/30														225.00
			TOTALS:	514,112.10	21,774.05	535,886.15	2,806,296.02	514,312.10	23,899.05	—	538,211.15	538,211.15	1,076,422.30	536,823.69	539,598.61
Loans Due in Current Period and Paid in Prior Period:
			TOTALS:	—	—	—	—
Loans Due in Current Period Not Yet Paid:
			TOTALS:	—	—	—	—
			GRAND TOTAL:	514,112.10	21,774.05	535,886.15	2,806,296.02

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

March-11

Total System Credits @ 3/31		538,211.15
Total Bank Credits @ 3/31		1,076,422.30
03/02/11	funds movement adjustment	(521,810.63	)
03/08/11	funds movement adjustment	(14,075.52	)
03/23/11	funds movement adjustment	(2,100.00	)
03/30/11	funds movement adjustment	(225.00	)
Adjusted Bank Credits:		538,211.15

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

March-11

Total Bank Credits @ 3/31		1,076,422.30
Total Debits to Trustee @ 3/31		536,823.69
03/23/11	Service Fee	1,387.46
03/02/11	funds movement adjustment	521,810.63
03/08/11	funds movement adjustment	14,075.52
03/23/11	funds movement adjustment	2,100.00
03/30/11	funds movement adjustment	225.00
Adjusted Debits to Trustee		1,076,422.30

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for April 2011

																					DTL
Date Received	Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits		Trust Wires		ACH Debits and Other Wires
20110401	4012011		20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		90,000.00		12,600.00		102,600.00		840,000.00		90,000.00		12,600.00		—		102,600.00
20110401	10012010		20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968										750,000.00		—		—		750,000.00
20110401	0		20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968										—		7,500.00		—		7,500.00
System Credits 4/1																						860,100.00
System Debits 4/1																						—
Bank Credit 4/1
Bank Debit 4/1
Trustee Wire 4/1
20110406	4012011		20004401	R.I. JR. COLLEGE		10,000.00		2,640.00		12,640.00		176,000.00		10,000.00		2,640.00		—		12,640.00
System Credits 4/6																						12,640.00
System Debits 4/6																						—
Bank Credit 4/4																								1,720,200.00
Bank Debit 4/4
Bank Debit 4/4 (funds movement adj)																												860,100.00
Trustee Wire 4/4																										860,100.00
20110407	4072011		20018701	FINLANDIA UNIVERSITY		8,607.77		5,467.75		14,075.52		1,814,183.92		8,607.77		5,467.75		—		14,075.52
System Credits 4/7																						14,075.52
System Debits 4/7																						—
Bank Credit 4/7																								25,280.00
Bank Debit 4/7 (funds movement adj)																												12,640.00
Trustee Wire 4/7																										12,640.00
20110408	10012010		20022602	UNIVERSITY OF STEUBENVILLE										—		2,220.00		—		2,220.00
20110408	4012011		20022602	UNIVERSITY OF STEUBENVILLE		19,000.00		2,220.00		21,220.00		150,220.00		—		2,220.00		—		2,220.00
20110408	4012011		20022602	UNIVERSITY OF STEUBENVILLE										16,780.00		—		—		16,780.00
System Credits 4/8																						21,220.00
System Debits 4/8																						—
Bank Credit 4/8																								28,151.04
Bank Debit 4/8 (funds movement adj)																												14,075.52
Bank Debit 4/8
Trustee Wire 4/8																										14,075.52
20110412	0		20018701	FINLANDIA UNIVERSITY										—		—		—		—
20110412	0		20018701	FINLANDIA UNIVERSITY										—		—		—		—
20110412	4122011		20018701	FINLANDIA UNIVERSITY										—		—		—		—
20110412	4012011		20022701	UNIVERSITY OF VERMONT		70,000.00		21,630.00		91,630.00		1,442,000.00		70,000.00		21,630.00		—		91,630.00
System Credits 4/12																						91,630.00
System Debits 4/12																						—
Bank Credit 4/11
Bank Debit 4/11 (funds movement adj)
Bank Debit 4/11
Trustee Wire 4/11
20110413	0		20012101	MIDDLEBURY COLLEGE										—		—		35,170.00		35,170.00
System Credits 4/13																						35,170.00

System Debits 4/13														—
Bank Credit 4/13
Bank Debit 4/13 (funds movement adj)
Trustee Wire 4/13
20110415	5012011	20002801	CARNEGIE MELLON UNIVERSITY					18,000.00	4,005.00	—		22,005.00
System Credits 4/15															22,005.00
System Debits 4/15															—
Bank Credit 4/14																	35,170.00
Bank Debit 4/15 (service fees)																			353.90
Bank Debit 4/14 (funds movement adj)
Trustee Wire 4/14																		34,816.10
20110419	0	20004401	R.I. JR. COLLEGE					—	—	5,640.00		5,640.00
System Credits 4/19															5,640.00
System Debits 4/19															—
Bank Credit 4/18																	44,010.00
Bank Debit 4/18 (funds movement adj)																			22,005.00
Trustee Wire 4/18																		22,005.00
20110420	4012011	20003001	CASE WESTERN RESERVE UNIVERSIT	120,000.00	11,775.00	131,775.00	785,030.00	119,970.00	11,775.00	—		131,745.00
System Credits 4/20															131,745.00
System Debits 4/20															—
Bank Credit 4/20																	5,640.00
Bank Debit 4/20
Trustee Wire 4/20																		5,640.00
20110425	5012011	20018901	SWARTHMORE COLLEGE					5,195.20	570.66	—		5,765.86
System Credits 4/25															5,765.86
System Debits 4/25															—
Bank Credit 4/21																	263,490.00
Bank Debit 4/21 (funds movement adj)																			131,745.00
Bank Debit 4/21
Trustee Wire 4/21																		131,745.00
20110428	10012010	20012101	MIDDLEBURY COLLEGE					25.00	—	—		25.00
20110428	0	20012101	MIDDLEBURY COLLEGE					—	—	(25.00	)	(25.00	)
20110428	0	20012101	MIDDLEBURY COLLEGE					—	—	—		—
20110428	10012010	20012101	MIDDLEBURY COLLEGE					—	7,575.00	—		7,575.00
20110428	0	20012101	MIDDLEBURY COLLEGE					—	—	(7,575.00	)	(7,575.00	)
20110428	0	20012101	MIDDLEBURY COLLEGE					—	—	—		—
20110428	4012011	20012101	MIDDLEBURY COLLEGE	28,000.00	7,170.00	35,170.00	478,430.00	27,570.00	—	—		27,570.00
20110428	0	20012101	MIDDLEBURY COLLEGE					—	—	(27,570.00	)	(27,570.00	)
20110428	0	20012101	MIDDLEBURY COLLEGE					—	—	—		—
System Credits 4/28															35,170.00
System Debits 4/28															(35,170.00	)
Bank Credit 4/26																	11,531.72
Bank Debit 4/26 (funds movement adj)																			5,765.86
Trustee Wire 4/26																		5,765.86
20110429	5012011	20008301	HARCUM COLLEGE					—	3,675.00	—		3,675.00
System Credits 4/29															3,675.00
System Debits 4/29															—
Bank Credit 4/29																	70,340.00
Bank Debit 4/29 (funds movement adj)																			35,170.00
Bank Debit 4/29 (payment reversal)																			35,170.00
Trustee Wire 4/29

			TOTALS:	345,607.77	63,502.75	409,110.52	5,685,863.92	1,116,147.97	81,878.41	5,640.00	1,203,666.38	1,203,666.38	2,203,812.76	1,086,787.48	1,117,025.28
Loans Due in Current Period and Paid in Prior Period:
	04012011	20012901	MONTEREY JR C	—	2,100.00	2,100.00	140,000.00
			TOTALS:	—	2,100.00	2,100.00	140,000.00
Loans Due in Current Period Not Yet Paid:
	04012011	20000101	ALBION COLLEG	—	7,050.00	7,050.00	470,000.00
	04012011	20001301	AUGSBERG COLL	90,000.00	8,400.00	98,400.00	560,000.00
	04012011	20001401	AZUSA UNIVERS	45,000.00	5,295.00	50,295.00	353,000.00
	04012011	20004001	COLL.OF ST. T	35,000.00	3,900.00	38,900.00	260,000.00
	04012011	20013501	NEW ENGLAND C	—	1,558.75	1,558.75	85,999.99
	04012011	20013502	NEW ENGLAND C	50,000.00	7,725.00	57,725.00	515,000.00
	04012011	20018001	ST.EDWARDS	16,000.00	888.13	16,888.13	65,000.00
	04012011	20019101	TAYLOR UNIV.	—	900.00	900.00	—
	04012011	20022601	UNIV.OF STEUB	25,000.00	877.50	25,877.50	52,000.00
			TOTALS:	261,000.00	36,594.38	297,594.38	2,360,999.99
			GRAND TOTAL:	606,607.77	102,197.13	708,804.90	8,186,863.91

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

April-11

Total System Credits @ 4/30		1,203,666.38
Total Bank Credits @ 4/30		2,203,812.76
04/04/11	funds movement adjustment	(860,100.00	)
04/07/11	funds movement adjustment	(12,640.00	)
04/08/11	funds movement adjustment	(14,075.52	)
04/08/11	Direct to Lender payment	21,220.00
04/12/11	Direct to Lender payment	91,630.00
04/18/11	funds movement adjustment	(22,005.00	)
04/21/11	funds movement adjustment	(131,745.00	)
04/26/11	funds movement adjustment	(5,765.86	)
04/29/11	funds movement adjustment	(35,170.00	)
04/29/11	payment reversal	(35,170.00	)
04/29/11	in transit credit	7,350.00
04/29/11	in transit funds movement adjustment	(3,675.00	)
Adjusted Bank Credits:		1,203,666.38
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

April-11

Total Bank Credits @ 4/30		2,203,812.76
Total Debits to Trustee @ 4/30		1,086,787.48
04/15/11	Service Fee	353.90
04/04/11	funds movement adjustment	860,100.00
04/07/11	funds movement adjustment	12,640.00
04/08/11	funds movement adjustment	14,075.52
04/18/11	funds movement adjustment	22,005.00
04/21/11	funds movement adjustment	131,745.00
04/26/11	funds movement adjustment	5,765.86
04/29/11	funds movement adjustment	35,170.00
04/29/11	payment reversal	35,170.00
Adjusted Debits to Trustee		2,203,812.76
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for May 2011

																											DTL
Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits			Total Bank Credits		Trust Wires		ACH Debits and Other Wires
20110502		0		20004401	R.I. JR.COLLEGE										—		—		(5,640.00	)		(5,640.00	)
20110502		5012011		20006502	FAIRLEIGH DICKINSON UNIVERSITY		2,683.89		930.93		3,614.82		62,061.73		2,683.89		930.93		—			3,614.82
20110502		5012011		20016401	CALIFORNIA STATE UNIVERSITY		—		3,450.00		3,450.00		230,000.00		—		3,450.00		—			3,450.00
20110502		5012011		20016501	CALIFORNIA STATE UNIVERSITY		—		7,050.00		7,050.00		470,000.00		—		7,050.00		—			7,050.00
20110502		5012011		20023501	McDANIEL COLLEGE		—		7,950.00		7,950.00		530,000.00		—		7,950.00		—			7,950.00
System Credits 5/2																									22,064.82
System Debits 5/2																									(5,640.00	)
Bank Credit 5/2																												7,350.00
Bank Debit 5/2 (funds movement adj)																																3,675.00
Trustee Wire 5/2																														3,675.00
20110503		5012011		20001201	ATLANTIC UNION COLLEGE		4,067.64		1,922.80		5,990.44		128,186.89		4,067.64		1,922.80		—			5,990.44
System Credits 5/3																									5,990.44
System Debits 5/3																									—
Bank Credit 5/3																												44,129.64
Bank Debit 5/3 (payment reversal)																																5,640.00
Bank Debit 5/3 (funds movement adj)																																22,064.82
Trustee Wire 5/3																														16,424.82
20110504		5012011		20013301	MORRIS COLLEGE - BONDS 1983		—		3,420.00		3,420.00		228,000.00		—		3,420.00		—			3,420.00
System Credits 5/4																									3,420.00
System Debits 5/4																									—
Bank Credit 5/4																												11,980.88
Bank Debit 5/4 (funds movement adj)																																5,990.44
Bank Debit 5/4 (service fees)																																1,325.24
Trustee Wire 5/4																														4,665.20
20110509		5072011		20018701	FINLANDIA UNIVERSITY		8,809.26		5,266.26		14,075.52		1,805,576.15		8,809.26		5,266.26		—			14,075.52
System Credits 5/9																									14,075.52
System Debits 5/9																									—
Bank Credit 5/5																												6,840.00
Bank Debit 5/5 (funds movement adj)																																3,420.00
Bank Debit 5/5
Trustee Wire 5/5																														3,420.00
20110512		4012011		20022602	UNIVERSITY OF STEUBENVILLE										25.00		—		—			25.00
20110512		4012011		20000101	ALBION COLLEGE										—		7,050.00		—			7,050.00
20110512		4012011		20018001	ST.EDWARDS UNIVERSITY										16,000.00		—		—			16,000.00
20110512		4012011		20018001	ST.EDWARDS UNIVERSITY										—		888.09		—			888.09
20110512		10012011		20018001	ST.EDWARDS UNIVERSITY										—		0.04		—			0.04
20110512		4012011		20022601	UNIVERSITY OF STEUBENVILLE										25,000.00		877.50		—			25,877.50
20110512		4012011		20022602	UNIVERSITY OF STEUBENVILLE										2,195.00		—		—			2,195.00
System Credits 5/12																									52,035.63
System Debits 5/12																									—								52,010.63
Bank Credit 5/10																												28,151.04
Bank Debit 5/10 (funds movement adj)																																14,075.52
Bank Debit 5/10
Trustee Wire 5/10																														14,075.52

20110513	5012011	20019201	TEMPLE UNIVERSITY	—	2,160.00	2,160.00	128,000.00	—	2,160.00	—		2,160.00
System Credits 5/13														2,160.00
System Debits 5/13														—
Bank Credit 5/13																50.00
Bank Debit 5/13 (funds movement adj)																		25.00
Trustee Wire 5/13																	25.00
20110516	4012011	20003001	CASE WESTERN RESERVE UNIVERSIT					30.00	—	—		30.00
20110516	5012011	20016601	SARAH LAWRENCE COLLEGE	25,807.06	9,472.68	35,279.74	631,512.17	25,807.06	9,472.68	—		35,279.74
System Credits 5/16														35,309.74
System Debits 5/16														—
Bank Credit 5/16
Bank Debit 5/16 (service fees)
Bank Debit 5/16 (funds movement adj)
Trustee Wire 5/16
20110517	0	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850					—	—	5,295.00		5,295.00
20110517	0	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850					—	—	—		—
20110517	0	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850					—	—	(5,295.00	)	(5,295.00	)
20110517	10012010	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850					—	5,295.00	—		5,295.00
System Credits 5/17														10,590.00
System Debits 5/17														(5,295.00	)
Bank Credit 5/17																70,619.48
Bank Debit 5/17 (funds movement adj)																		35,309.74
Trustee Wire 5/17																	35,309.74
20110524	6012011	20013001	MONTREAT-ANDERSON COLLEGE					2,800.00	798.00	—		3,598.00
System Credits 5/24														3,598.00
System Debits 5/24														—
Bank Credit 5/18																15,885.00
Bank Debit 5/18 (payment reversal)																		5,295.00
Bank Debit 5/18 (funds movement adj)																		5,295.00
Trustee Wire 5/18																	5,295.00
												—
System Credits 5/25														—
System Debits 5/25														—
Bank Credit 5/25																7,196.00
Bank Debit 5/25 (funds movement adj)																		3,598.00
Bank Debit 5/25 (funds movement adj)
Trustee Wire 5/25																	3,598.00
			TOTALS:	41,367.85	41,622.67	82,990.52	4,213,336.94	87,417.85	56,531.30	(5,640.00	)	138,309.15		138,309.15		192,202.04	86,488.28	105,713.76
Loans Due in Current Period and Paid in Prior Period:
	05012011	20002801	CARNEGIE-MELL	18,000.00	4,005.00	22,005.00	267,000.00
	05012011	20008301	HARCUM JR COL	—	3,675.00	3,675.00	245,000.00
	05012011	20018901	SWARTHMORE CO	5,195.20	570.66	5,765.86	38,044.16
			TOTALS:	23,195.20	8,250.66	31,445.86	550,044.16
Loans Due in Current Period Not Yet Paid:
	05012011	20020001	UNIV. OF ALAB	85,000.00	15,540.00	100,540.00	1,036,000.00
	05012011	20021301	UNIV OF MONTE	10,000.00	2,310.00	12,310.00	154,000.00
			TOTALS:	95,000.00	17,850.00	112,850.00	1,190,000.00
			GRAND TOTAL:	159,563.05	67,723.33	227,286.38	5,953,381.10

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

May-11

Total System Credits @ 5/31		138,309.15
Total Bank Credits @ 5/31		192,202.04
04/29/11	in transit credit	(3,675.00	)
04/29/11	in transit funds movement adjustment	(3,675.00	)
05/03/11	funds movement adjustment	(22,064.82	)
05/03/11	payment reversal	(5,640.00	)
05/04/11	funds movement adjustment	(5,990.44	)
05/05/11	funds movement adjustment	(3,420.00	)
05/10/11	funds movement adjustment	(14,075.52	)
05/13/11	funds movement adjustment	(25.00	)
05/12/11	Direct to Lender payment	52,010.63
05/13/11	Direct to Lender payment	2,160.00
05/17/11	funds movement adjustment	(35,309.74	)
05/18/11	payment reversal	(5,295.00	)
05/18/11	funds movement adjustment	(5,295.00	)
05/25/11	funds movement adjustment	(3,598.00	)
Adjusted Bank Credits:		138,309.15
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

May-11

Total Bank Credits @ 5/31		192,202.04
Total Debits to Trustee @ 5/31		86,488.28
05/04/11	Service Fee	1,325.24
04/29/11	in transit funds movement adjustment	3,675.00
05/03/11	funds movement adjustment	22,064.82
05/03/11	payment reversal	5,640.00
05/04/11	funds movement adjustment	5,990.44
05/05/11	funds movement adjustment	3,420.00
05/10/11	funds movement adjustment	14,075.52
05/13/11	funds movement adjustment	25.00
05/17/11	funds movement adjustment	35,309.74
05/18/11	payment reversal	5,295.00
05/18/11	funds movement adjustment	5,295.00
05/25/11	funds movement adjustment	3,598.00
Adjusted Debits to Trustee		192,202.04
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for June 2011

												DTL
Date Received	Date Due	Loan Number	Borrower Name	Principal Due	Interest Due	Total Due	Principal Balance	Principal Paid	Interest Paid	Suspense	Total Paid	Net System Credits	Total Bank Credits	Trust Wires	ACH Debits and Other Wires
20110601	6012011	20014401	OLD DOMINION UNIVERSITY	165,000.00	7,575.00	172,575.00	504,999.99	165,000.00	7,575.00	—	172,575.00
System Credits 6/1												172,575.00
System Debits 6/1												—
Bank Credit 6/1
Bank Debit 6/1 (funds movement adj)
Trustee Wire 6/1
20110607	6072011	20018701	FINLANDIA UNIVERSITY	8,660.26	5,415.26	14,075.52	1,796,766.89	8,660.26	5,415.26	—	14,075.52
System Credits 6/7												14,075.52
System Debits 6/7												—
Bank Credit 6/2													345,150.00
Bank Debit 6/2 (payment reversal)
Bank Debit 6/2 (funds movement adj)															172,575.00
Trustee Wire 6/2														172,575.00
20110622	4012011	20013501	NEW ENGLAND COLLEGE					—	1,000.00	—	1,000.00
System Credits 6/22												1,000.00
System Debits 6/22												—
Bank Credit 6/8													28,151.04
Bank Debit 6/8 (funds movement adj)															14,075.52
Bank Debit 6/8 (service fees)															1,154.68
Trustee Wire 6/8														12,920.84
20110624	4012011	20013501	NEW ENGLAND COLLEGE					—	(1,000.00)	—	(1,000.00)
20110624	6212011	20013501	NEW ENGLAND COLLEGE					—	—	—	—
System Credits 6/24												—
System Debits 6/24												(1,000.00)
Bank Credit 6/23													2,000.00
Bank Debit 6/23 (funds movement adj)															1,000.00
Bank Debit 6/23 (funds movement adj)
Trustee Wire 6/23														1,000.00
20110628	4012011	20013501	NEW ENGLAND COLLEGE					—	1,558.75	—	1,558.75
20110628	10012010	20013502	NEW ENGLAND COLLEGE					—	7,725.00	—	7,725.00
20110628	4012011	20013502	NEW ENGLAND COLLEGE					50,000.00	7,725.00	—	57,725.00
System Credits 6/28												67,008.75
System Debits 6/28												—
Bank Credit 6/27 (overdraft coverage)													1,000.00
Bank Debit 6/27 (funds movement adj)
Bank Debit 6/27 (payment reversal)															1,000.00
Trustee Wire 6/27
20110630	6302011	20002401	BOSTON UNIVERITY	18,276.92	7,850.00	26,126.92	523,333.18	18,276.92	7,850.00	—	26,126.92
System Credits 6/30												26,126.92
System Debits 6/30												—
Bank Credit 6/29													133,017.50
Bank Debit 6/29 (funds movement adj)															66,008.75

Trustee Wire 6/29
TOTALS:				191,937.18	20,840.26	212,777.44	2,825,100.06	241,937.18	37,849.01	279,786.19	279,786.19	509,318.54	252,504.59	255,813.95
Loans Due in Current Period and Paid in Prior Period:
	06012011	20013001	MONTREAT-ANDE	2,800.00	798.00	3,598.00	53,200.00
TOTALS:				2,800.00	798.00	3,598.00	53,200.00
Loans Due in Current Period Not Yet Paid:
	06012011	20010801	LONG ISLAND U	35,000.00	3,675.00	38,675.00	245,000.00
TOTALS:				35,000.00	3,675.00	38,675.00	245,000.00
GRAND TOTAL:				229,737.18	25,313.26	255,050.44	3,123,300.06

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

June-11

Total System Credits @ 6/30		279,786.19
Total Bank Credits @ 6/30		509,318.54
06/02/11	funds movement adjustment	(172,575.00	)
06/08/11	funds movement adjustment	(14,075.52	)
06/23/11	funds movement adjustment	(1,000.00	)
06/27/11	payment reversal	(1,000.00	)
06/27/11	overdraft coverage	(1,000.00	)
06/29/11	funds movement adjustment	(66,008.75	)
06/30/11	in transit	26,126.92
Adjusted Bank Credits:		279,786.19
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

June-11

Total Bank Credits @ 6/30		509,318.54
Total Debits to Trustee @ 6/30		252,504.59
06/08/11	Service Fee	1,154.68
06/02/11	funds movement adjustment	172,575.00
06/08/11	funds movement adjustment	14,075.52
06/23/11	funds movement adjustment	1,000.00
06/27/11	payment reversal	1,000.00
06/27/11	overdraft coverage	1,000.00
06/29/11	funds movement adjustment	66,008.75
	funds movement adjustment
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
Adjusted Debits to Trustee		509,318.54
		0.00

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for July 2011

												DTL
Date Received	Date Due	Loan Number	Borrower Name	Principal Due	Interest Due	Total Due	Principal Balance	Principal Paid	Interest Paid	Suspense	Total Paid	Net System Credits	Total Bank Credits	Trust Wires	ACH Debits and Other Wires
20110707	7012011	20003901	COLLEGE OF CHARLESTON	60,000.00	5,625.00	65,625.00	375,000.00	60,000.00	5,625.00	—	65,625.00
20110707	7072011	20018701	FINLANDIA UNIVERSITY	8,860.21	5,215.31	14,075.52	1,788,106.63	8,860.21	5,215.31	—	14,075.52
System Credits 7/7												79,700.52
/System Debits 7/7												—
Bank Credit 7/1													52,253.84
Bank Debit 7/1 (funds movement adj)															26,126.92
Trustee Wire 7/1														26,126.92
20110712	4012011	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850					45,000.00	5,295.00	—	50,295.00
System Credits 7/12												50,295.00
System Debits 7/12												—
Bank Credit 7/8													159,401.04
Bank Debit 7/8 (service fees)															686.68
Bank Debit 7/8 (funds movement adj)															79,700.52
Trustee Wire 7/8														79,013.84
20110718	0	20021301	UNIVERSITY OF MONTEVALLO					—	—	14,595.00	14,595.00
System Credits 7/18												14,595.00
System Debits 7/18												—
Bank Credit 7/13													100,590.00
Bank Debit 7/13 (funds movement adj)															50,295.00
Bank Debit 7/13 (funds movement adj)
Trustee Wire 7/13														50,295.00
20110719	12012010	20010801	LONG ISLAND UNIVERSITY					—	3,675.00	—	3,675.00
20110719	6012011	20010801	LONG ISLAND UNIVERSITY					—	3,675.00	—	3,675.00
20110719	6012011	20010801	LONG ISLAND UNIVERSITY					34,975.00	—	—	34,975.00
20110719	6012011	20010801	LONG ISLAND UNIVERSITY					25.00	—	—	25.00
20110719	0	20021301	UNIVERSITY OF MONTEVALLO					—	—	(14,595.00)	(14,595.00)
20110719	11012010	20021301	UNIVERSITY OF MONTEVALLO					—	2,310.00	—	2,310.00
20110719	5012011	20021301	UNIVERSITY OF MONTEVALLO					—	2,310.00	—	2,310.00
20110719	5012011	20021301	UNIVERSITY OF MONTEVALLO					9,975.00	—	—	9,975.00
20110719	5012011	20021301	UNIVERSITY OF MONTEVALLO					25.00	—	—	25.00
System Credits 7/19												56,970.00
System Debits 7/19												(14,595.00)
Bank Credit 7/19													14,595.00
Bank Debit 7/19 (funds movement adj)
Bank Debit 7/19 (funds movement adj)
Trustee Wire 7/19														14,595.00
											—
											—
											—
System Credits 7/20												—
System Debits 7/20												—
Bank Credit 7/20													113,940.00
Bank Debit 7/20 (funds movement adj)															56,970.00
Bank Debit 7/20 (payment reversal)															14,595.00
Trustee Wire 7/20														42,375

Trustee Wire 7/20
TOTALS:				68,860.21	10,840.31	79,700.52	2,163,106.63	158,860.21	28,105.31	-	186,965.52	186,965.52	440,779.88	212,405.76	228,374.12
Loans Due in Current Period and Paid in Prior Period:
TOTALS:				—	—	—	—
Loans Due in Current Period Not Yet Paid:
	07012011	20012401	MISSISSIPPI V	—	300.00	300.00	—
	07012011	20021401	U OF NEBRASKA	6,000.00	420.00	6,420.00	28,000.00
TOTALS:				6,000.00	720.00	6,720.00	28,000.00
GRAND TOTAL:				74,860.21	11,560.31	86,420.52	2,191,106.63

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

July-11

Total System Credits @ 7/31		186,965.52
Total Bank Credits @ 7/31		440,779.88
06/30/11	in transit	(26,126.92	)
07/01/11	funds movement adjustment	(26,126.92	)
07/08/11	funds movement adjustment	(79,700.52	)
07/13/11	funds movement adjustment	(50,295.00	)
07/20/11	funds movement adjustment	(56,970.00	)
07/20/11	payment reversal	(14,595.00	)
Adjusted Bank Credits:		186,965.52
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

July-11

Total Bank Credits @ 7/31		440,779.88
Total Debits to Trustee @ 7/31		212,405.76
07/08/11	Service Fee	686.68
07/01/11	funds movement adjustment	26,126.92
07/08/11	funds movement adjustment	79,700.52
07/13/11	funds movement adjustment	50,295.00
07/20/11	funds movement adjustment	56,970.00
07/20/11	payment reversal	14,595.00
Adjusted Debits to Trustee		440,779.88
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for August 2011

																							DTL
Date Received	Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits			Total Bank Credits		Trust Wires		ACH Debits and Other Wires
20110808	8072011		20018701	FINLANDIA UNIVERSITY		8,713.07		5,362.45		14,075.52		1,779,246.42		8,713.07		5,362.45		—			14,075.52
																					—
System Credits 8/8																								14,075.52
System Debits 8/8																								—
Bank Credit 8/8
Bank Debit 8/8 (funds movement adj)
Trustee Wire 8/8
20110830	0		20012101	MIDDLEBURY COLLEGE										—		—		7,575.00			7,575.00
20110830	0		20012101	MIDDLEBURY COLLEGE										—		—		—			—
20110830	0		20012101	MIDDLEBURY COLLEGE										—		—		(7,575.00	)		(7,575.00	)
20110830	4012011		20012101	MIDDLEBURY COLLEGE										430.00		7,170.00		—			7,600.00
System Credits 8/30																								15,175.00
System Debits 8/30																								(7,575.00	)
Bank Credit 8/9																											28,151.04
Bank Debit 8/9 (service fees)																															501.62
Bank Debit 8/9 (funds movement adj)																															14,075.52
Trustee Wire 8/9																													13,573.90
																					—
System Credits 8/31																								—
System Debits 8/31																								—
Bank Credit 8/31																											22,775.00
Bank Debit 8/31 (funds movement adj)																															7,600.00
Bank Debit 8/31 (payment reversal)																															7,575.00
Trustee Wire 8/31																													7,600.00
				TOTALS:		8,713.07		5,362.45		14,075.52		1,779,246.42		9,143.07		12,532.45		—			21,675.52			21,675.52			50,926.04		21,173.90		29,752.14
Loans Due in Current Period and Paid in Prior Period:
				TOTALS:		—		—		—		—
Loans Due in Current Period Not Yet Paid:
				TOTALS:		—		—		—		—
				GRAND TOTAL:		8,713.07		5,362.45		14,075.52		1,779,246.42

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

August-11

Total System Credits @ 8/31		21,675.52
Total Bank Credits @ 8/31		50,926.04
	in transit
08/09/11	funds movement adjustment	(14,075.52	)
08/31/11	funds movement adjustment	(7,600.00	)
08/31/11	payment reversal	(7,575.00	)
Adjusted Bank Credits:		21,675.52
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

August-11

Total Bank Credits @ 8/31		50,926.04
Total Debits to Trustee @ 8/31		21,173.90
08/09/11	Service Fee	501.62
08/09/11	funds movement adjustment	14,075.52
08/31/11	funds movement adjustment	7,600.00
08/31/11	payment reversal funds movement adjustment payment reversal	7,575.00
Adjusted Debits to Trustee		50,926.04
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for September 2011

												DTL
Date Received	Date Due	Loan Number	Borrower Name	Principal Due	Interest Due	Total Due	Principal Balance	Principal Paid	Interest Paid	Suspense	Total Paid	Net System Credits	Total Bank Credits	Trust Wires	ACH Debits and Other Wires
20110902	9012011	20019502	TEXAS TECH. UNIVERSITY	—	2,229.38	2,229.38	123,000.00	—	2,229.38	—	2,229.38
20110902	9012011	20019504	TEXAS TECH. UNIVERSITY	—	5,990.63	5,990.63	355,000.00	—	5,990.63	—	5,990.63
System Credits 9/2												8,220.01
System Debits 9/2												—
Bank Credit 9/2
Bank Debit 9/2 (funds movement adj)
Trustee Wire 9/2
20110907	9072011	20018701	FINLANDIA UNIVERSITY	8,739.33	5,336.19	14,075.52	1,770,533.35	8,739.33	5,336.19	—	14,075.52
System Credits 9/7												14,075.52
System Debits 9/7												—
Bank Credit 9/6													16,440.02
Bank Debit 9/6
Bank Debit 9/6 (funds movement adj)															8,220.01
Trustee Wire 9/6														8,220.01
20110927	10012011	20012901	MONTEREY PENINSULA JR. COLLEGE					15,000.00	2,100.00	—	17,100.00
System Credits 9/27												17,100.00
System Debits 9/27												—
Bank Credit 9/8													28,151.04
Bank Debit 9/8 (funds movement adj)															14,075.52
Bank Debit 9/8 (service fees)															81.55
Trustee Wire 9/8														13,993.97
											—
											—
System Credits 9/28												—
System Debits 9/28												—
Bank Credit 9/28													34,200.00
Bank Debit 9/28 (funds movement adj)
Bank Debit 9/28 (funds movement adj)															17,100.00
Trustee Wire 9/28														17,100.00
TOTALS:				8,739.33	13,556.20	22,295.53	2,248,533.35	23,739.33	15,656.20	—	39,395.53	39,395.53	78,791.06	39,313.98	39,477.08
Loans Due in Current Period and Paid in Prior Period:
TOTALS:				—	—	—	—
Loans Due in Current Period Not Yet Paid:
TOTALS:				—	—	—	—
GRAND TOTAL:				8,739.33	13,556.20	22,295.53	2,248,533.35

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

September-11

Total System Credits @ 9/30		39,395.53
Total Bank Credits @ 9/30		78,791.06
	in transit
09/06/11	funds movement adjustment	(8,220.01	)
09/08/11	funds movement adjustment	(14,075.52	)
09/28/11	funds movement adjustment	(17,100.00	)
Adjusted Bank Credits:		39,395.53
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

September-11

Total Bank Credits @ 9/30		78,791.06
Total Debits to Trustee @ 9/30		39,313.98
09/08/11	Service Fee	81.55
09/06/11	funds movement adjustment	8,220.01
09/08/11	funds movement adjustment	14,075.52
09/28/11	funds movement adjustment	17,100.00
	funds movement adjustment
	payment reversal
Adjusted Debits to Trustee		78,791.06
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for October 2011

												DTL
Date Received	Date Due	Loan Number	Borrower Name	Principal Due	Interest Due	Total Due	Principal Balance	Principal Paid	Interest Paid	Suspense	Total Paid	Net System Credits	Total Bank Credits	Trust Wires	ACH Debits and Other Wires
20111003	10012011	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850	—	4,620.00	4,620.00	308,000.00	—	4,620.00	—	4,620.00
20111003	10012011	20003001	CASE WESTERN RESERVE UNIVERSIT	—	9,975.00	9,975.00	665,000.00	—	9,975.00	—	9,975.00
20111003	10012011	20012101	MIDDLEBURY COLLEGE	30,000.00	6,750.00	36,750.00	450,000.00	30,000.00	6,750.00	—	36,750.00
20111003	10012011	20013501	NEW ENGLAND COLLEGE	33,000.00	1,558.75	34,558.75	85,999.99	33,000.00	1,558.75	—	34,558.75
20111003	10012011	20013502	NEW ENGLAND COLLEGE	—	6,975.00	6,975.00	465,000.00	—	6,975.00	—	6,975.00
System Credits 10/3												92,878.75
System Debits 10/3												—
Bank Credit 10/3
Bank Debit 10/3 (funds movement adj)
Trustee Wire 10/3
20111007	10072011	20018701	FINLANDIA UNIVERSITY	8,936.95	5,138.57	14,075.52	1,761,794.02	8,936.95	5,138.57	—	14,075.52
System Credits 10/7												14,075.52
System Debits 10/7												—
Bank Credit 10/4													185,757.50
Bank Debit 10/4
Bank Debit 10/4 (funds movement adj)															92,878.75
Trustee Wire 10/4														92,878.75
20111011	10012011	20022701	UNIVERSITY OF VERMONT	72,000.00	20,580.00	92,580.00	1,372,000.00	72,000.00	20,580.00	—	92,580.00
System Credits 10/11												92,580.00
System Debits 10/11												—
Bank Credit 10/11													28,151.04
Bank Debit 10/11 (funds movement adj)															14,075.52
Bank Debit 10/11 (service fees)															212.61
Trustee Wire 10/11														13,862.91
20111012	10012010	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU					—	8,400.00	—	8,400.00
20111012	4012011	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU					90,000.00	—	—	90,000.00
20111012	4012011	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU					—	8,400.00	—	8,400.00
20111012	10012011	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU	—	7,050.00	7,050.00	470,000.00	—	7,050.00	—	7,050.00
20111012	4012010	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU					363,200.00	—	—	363,200.00
20111012	10012010	20004001	COLLEGE OF ST. THOMAS	—	3,375.00	3,375.00	225,000.00	—	3,375.00	—	3,375.00
System Credits 10/12												480,425.00
System Debits 10/12												—
Bank Credit 10/12
Bank Debit 10/12 (funds movement adj)
Bank Debit 10/12 (funds movement adj)
Trustee Wire 10/12
20111019	10012011	20004401	R.I. JR. COLLEGE	10,000.00	2,490.00	12,490.00	166,000.00	10,000.00	2,490.00	—	12,490.00
											—
											—
System Credits 10/19												12,490.00
System Debits 10/19												—
Bank Credit 10/13
Bank Debit 10/13 (funds movement adj)
Bank Debit 10/13

Trustee Wire 10/13
20111024	11012011	20002801	CARNEGIE MELLON UNIVERSITY					17,000.00	3,735.00	—	20,735.00
System Credits 10/24												20,735.00
System Debits 10/24												—
Bank Credit 10/20													24,980.00
Bank Debit 10/20 (funds movement adj)															12,490.00
Trustee Wire 10/20														12,490.00
20111028	11012011	20008301	HARCUM COLLEGE					45,000.00	3,675.00	—	48,675.00
20111028	11012011	20016601	SARAH LAWRENCE COLLEGE					26,194.16	9,085.58	—	35,279.74
System Credits 10/28												83,954.74
System Debits 10/28												—
Bank Credit 10/25													41,470.00
Bank Debit 10/25
Bank Debit 10/25 (funds movement adj)															20,735.00
Trustee Wire 10/25														20,735.00
											—
											—
											—
											—
System Credits 10/31												—
System Debits 10/31												—
Bank Credit 10/31													167,909.48
Bank Debit 10/31 (funds movement adj)															83,954.74
Trustee Wire 10/31														83,954.74
TOTALS:				153,936.95	68,512.32	222,449.27	5,968,794.01	695,331.11	101,807.90	—	797,139.01	797,139.01	448,268.02	223,921.40	224,346.62
Loans Due in Current Period and Paid in Prior Period:
	10012011	20012901	MONTEREY JR C	15,000.00	2,100.00	17,100.00	140,000.00
TOTALS:				15,000.00	2,100.00	17,100.00	140,000.00
Loans Due in Current Period Not Yet Paid:
	10012011	20000101	ALBION COLLEG	90,000.00	7,050.00	97,050.00	470,000.00
	10012011	20018001	ST.EDWARDS	—	598.13	598.13	33,000.00
	10012011	20019101	TAYLOR UNIV.	—	900.00	900.00	—
	10012011	20022601	UNIV.OF STEUB	—	455.63	455.63	27,000.00
	10012011	20022602	UNIV.OF STEUB	—	1,935.00	1,935.00	129,000.00
TOTALS:				90,000.00	10,938.76	100,938.76	659,000.00
GRAND TOTAL:				258,936.95	81,551.08	340,488.03	6,767,794.01

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

October-11

Total System Credits @ 10/31		797,139.01
Total Bank Credits @ 10/31		448,268.02
	in transit
10/04/11	funds movement adjustment	(92,878.75	)
10/11/11	funds movement adjustment	(14,075.52	)
10/20/11	funds movement adjustment	(12,490.00	)
10/25/11	funds movement adjustment	(20,735.00	)
10/31/11	funds movement adjustment	(83,954.74	)
10/11/11	Direct to Lender posting	92,580.00
10/12/11	Direct to Lender posting	480,425.00
Adjusted Bank Credits:		797,139.01
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

October-11

Total Bank Credits @ 10/31		448,268.02
Total Debits to Trustee @ 10/31		223,921.40
10/11/11	Service Fee	212.61
10/04/11	funds movement adjustment	92,878.75
10/11/11	funds movement adjustment	14,075.52
10/20/11	funds movement adjustment	12,490.00
10/25/11	funds movement adjustment	20,735.00
10/31/11	funds movement adjustment	83,954.74
Adjusted Debits to Trustee		448,268.02
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for November 2011

												DTL
Date Received	Date Due	Loan Number	Borrower Name	Principal Due	Interest Due	Total Due	Principal Balance	Principal Paid	Interest Paid	Suspense	Total Paid	Net System Credits	Total Bank Credits	Trust Wires	ACH Debits and Other Wires
20111101	11012011	20006502	FAIRLEIGH DICKINSON UNIVERSITY	2,724.15	890.67	3,614.82	59,377.84	2,724.15	890.67	—	3,614.82
20111101	11012011	20016401	CALIFORNIA STATE UNIVERSITY	20,000.00	3,450.00	23,450.00	230,000.00	20,000.00	3,450.00	—	23,450.00
20111101	11012011	20016501	CALIFORNIA STATE UNIVERSITY	35,000.00	7,050.00	42,050.00	470,000.00	35,000.00	7,050.00	—	42,050.00
20111101	11012011	20023501	McDANIEL COLLEGE	80,000.00	7,950.00	87,950.00	530,000.00	80,000.00	7,950.00	—	87,950.00
											—
System Credits 11/1												157,064.82
System Debits 11/1												—
Bank Credit 11/1
Bank Debit 11/1 (funds movement adj)
Trustee Wire 11/1
20111103	10012011	20000101	ALBION COLLEGE					90,000.00	7,050.00	—	97,050.00
20111103	10012011	20022601	UNIVERSITY OF STEUBENVILLE					—	455.63	—	455.63
20111103	10012011	20022602	UNIVERSITY OF STEUBENVILLE					—	1,935.00	—	1,935.00
System Credits 11/3												99,440.63
System Debits 11/3												—
Bank Credit 11/2													314,129.64
Bank Debit 11/2
Bank Debit 11/2 (funds movement adj)															157,064.82
Trustee Wire 11/2														157,064.82
20111104	11012011	20001201	ATLANTIC UNION COLLEGE	4,128.65	1,861.79	5,990.44	124,119.25	4,128.65	1,861.79	—	5,990.44
20111104	11012011	20013301	MORRIS COLLEGE - BONDS 1983	73,000.00	3,420.00	76,420.00	228,000.00	73,000.00	3,420.00	—	76,420.00
20111104	0	20021301	UNIVERSITY OF MONTEVALLO					—	—	1,555.20	1,555.20
System Credits 11/4												83,965.64
System Debits 11/4												—
Bank Credit 11/4
Bank Debit 11/4 (funds movement adj)
Bank Debit 11/4 (service fees)
Trustee Wire 11/4
20111107	11072011	20018701	FINLANDIA UNIVERSITY	8,792.60	5,282.92	14,075.52	1,752,857.07	8,792.60	5,282.92	—	14,075.52
System Credits 11/7												14,075.52
System Debits 11/7												—
Bank Credit 11/7													166,376.08
Bank Debit 11/7 (funds movement adj)
Bank Debit 11/7 (funds movement adj)															82,410.44
Trustee Wire 11/7														83,965.64
20111108	0	20012401	MISSISSIPPI VALLEY ST. COLLEGE					19,999.99	—	—	19,999.99
20111108	10012011	20018001	ST.EDWARDS UNIVERSITY					—	598.09	—	598.09
											—
System Credits 11/8												20,598.08
System Debits 11/8												—
Bank Credit 11/8													28,151.04
Bank Debit 11/8 (funds movement adj)															14,075.52
Bank Debit 11/8 (funds movement adj)
Trustee Wire 11/8														14,075.52

20111109	11012011	20019201	TEMPLE UNIVERSITY	35,000.00	2,160.00	37,160.00	128,000.00	35,000.00	2,160.00	—	37,160.00
System Credits 11/9												37,160.00
System Debits 11/9												—
Bank Credit 11/9
Bank Debit 11/9 (funds movement adj)
Trustee Wire 11/9
20111121	11012011	20018901	SWARTHMORE COLLEGE	5,273.13	492.73	5,765.86	32,848.96	5,273.13	492.73	—	5,765.86
											—
System Credits 11/21												5,765.86
System Debits 11/21												—
Bank Credit 11/10
Bank Debit 11/10
Bank Debit 11/10 (funds movement adj)
Trustee Wire 11/10
20111122	12012011	20013001	MONTREAT-ANDERSON COLLEGE					2,800.00	756.00	—	3,556.00
System Credits 11/22												3,556.00
System Debits 11/22												—
Bank Credit 11/22													11,531.72
Bank Debit 11/22 (funds movement adj)															5,765.86
Bank Debit 11/22 (service fees)															1,584.19
Trustee Wire 11/22														4,181.67
System Credits 11/23												—
System Debits 11/23												—
Bank Credit 11/23													7,112.00
Bank Debit 11/23
Bank Debit 11/23 (funds movement adj)															3,556.00
Trustee Wire 11/23														3,556.00
.TOTALS:				263,918.53	32,558.11	296,476.64	3,555,203.12	376,718.52	43,352.83	1,555.20	421,626.55	421,626.55	527,300.48	262,843.65	264,456.83
Loans Due in Current Period and Paid in Prior Period:
	11012011	20002801	CARNEGIE-MELL	17,000.00	3,735.00	20,735.00	249,000.00
	11012011	20008301	HARCUM JR COL	45,000.00	3,675.00	48,675.00	245,000.00
	11012011	20016601	SARAH LAWRENC	26,194.16	9,085.58	35,279.74	605,705.11
TOTALS:				88,194.16	16,495.58	104,689.74	1,099,705.11
Loans Due in Current Period Not Yet Paid:
	11012011	20020001	UNIV. OF ALAB	—	14,265.00	14,265.00	951,000.00
	11012011	20021301	UNIV OF MONTE	—	2,160.00	2,160.00	144,000.00
TOTALS:				—	16,425.00	16,425.00	1,095,000.00
GRAND TOTAL:				352,112.69	65,478.69	417,591.38	5,749,908.23

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

November-11

Total System Credits @ 11/30		421,626.55
Total Bank Credits @ 11/30		527,300.48
	in transit
11/02/11	funds movement adjustment	(157,064.82	)
11/07/11	funds movement adjustment	(82,410.44	)
11/08/11	funds movement adjustment	(14,075.52	)
11/22/11	funds movement adjustment	(5,765.86	)
11/23/11	funds movement adjustment	(3,556.00	)
11/03/11	Direct to Lender posting	99,440.63
11/08/11	Direct to Lender posting	20,598.08
11/09/11	Direct to Lender posting	37,160.00
Adjusted Bank Credits:		421,626.55
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

November-11

Total Bank Credits @ 11/30		527,300.48
Total Debits to Trustee @ 11/30		262,843.65
11/22/11	Service Fee	1,584.19
11/02/11	funds movement adjustment	157,064.82
11/07/11	funds movement adjustment	82,410.44
11/08/11	funds movement adjustment	14,075.52
11/22/11	funds movement adjustment	5,765.86
11/23/11	funds movement adjustment	3,556.00
Adjusted Debits to Trustee		527,300.48
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report for December 2010

												DTL
Date Received	Date Due	Loan Number	Borrower Name	Principal Due	Interest Due	Total Due	Principal Balance	Principal Paid	Interest Paid	Suspense	Total Paid	Net System Credits	Total Bank Credits	Trust Wires	ACH Debits and Other Wires
20101201	12012010	20014401	OLD DOMINION UNIVERSITY	—	7,575.00	7,575.00	504,999.99	—	7,575.00	—	7,575.00
											—
System Credits 12/1												7,575.00
System Debits 12/1												—
Bank Credit 12/1
Bank Debit 12/1
Trustee Wire 121/1
20101207	12072010	20018701	FINLANDIA UNIVERSITY	8,682.42	5,393.10	14,075.52	1,849,061.79	8,682.42	5,393.10	—	14,075.52
System Credits 12/7												14,075.52
System Debits 12/7												—
Bank Credit 12/2													15,150.00
Bank Debit 12/2 (service fees)															1,480.25
Bank Debit 12/2 (funds movement adj)															7,575.00
Trustee Wire 121/2														6,094.75
20101209	10012010	20000101	ALBION COLLEGE					89,975.00	—	—	89,975.00
20101209	11012010	20019201	TEMPLE UNIVERSITY					34,950.00	2,750.63	—	37,700.63
System Credits 12/9												127,675.63
System Debits 12/9												—
Bank Credit 12/8													28,151.04
Bank Debit 12/8 (funds movement adj)															14,075.52
Trustee Wire 12/8														14,075.52
											—
System Credits 12/10												—
System Debits 12/10												—
Bank Credit 12/10
Bank Debit 12/10 (funds movement adj)
Trustee Wire 12/10
			TOTALS:	8,682.42	12,968.10	21,650.52	2,354,061.78	133,607.42	15,718.73	—	149,326.15	149,326.15	43,301.04	20,170.27	23,130.77
Loans Due in Current Period and Paid in Prior Period:
	12012010	20013001	MONTREAT-ANDE	2,800.00	840.00	3,640.00	56,000.00
			TOTALS:	2,800.00	840.00	3,640.00	56,000.00
Loans Due in Current Period Not Yet Paid:
	12302010	20002401	BOSTON UNIVER	18,006.82	8,120.10	26,126.92	541,340.00
	12012010	20010801	LONG ISLAND U	—	3,675.00	3,675.00	245,000.00
			TOTALS:	18,006.82	11,795.10	29,801.92	786,340.00
			GRAND TOTAL:	29,489.24	25,603.20	55,092.44	3,196,401.78

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

December-10

Total System Credits @ 12/31		149,326.15
Total Bank Credits @ 12/31		43,301.04
12/09/10	Direct to Lender payments applied	127,675.63
12/02/10	funds movement adjustment	(7,575.00	)
12/08/10	funds movement adjustment	(14,075.52	)
Adjusted Bank Credits:		149,326.15
		—

Berkadia Commercial Mortgage

College and University Loan Trust I

Remittance Report Reconciliation

December-10

Total Bank Credits @ 12/31		43,301.04
Total Debits to Trustee @ 12/31		20,170.27
12/02/10	Service Fee	1,480.25
12/02/10	funds movement adjustment	7,575.00
12/08/10	funds movement adjustment	14,075.52
Adjusted Debits to Trustee		43,301.04
		—

12/1/2010	Loan Payment	2	21014401	Loan Payment	(7,575.00	)
12/1/2010	Loan Payment		23000003	Loan Payment	7,575.00
12/7/2010	Loan Payment	3	20018701	Loan Payment	(8,682.42	)
12/7/2010	Loan Payment		21018701	Loan Payment	(5,393.10	)
12/7/2010	Loan Payment		23000003	Loan Payment	14,075.52
12/9/2010	Loan Payment	5	20000101	Loan Payment	(89,975.00	)
12/9/2010	Loan Payment		20019201	Loan Payment	(34,950.00	)
12/9/2010	Loan Payment		21019201	Loan Payment	(2,750.63	)
12/9/2010	Loan Payment		23000001	Loan Payment	89,975.00
12/9/2010	Loan Payment		23000001	Loan Payment	37,700.63
12/8/2010	Wires	2	23000001	Wires	14,075.52
12/8/2010	Wires		23000003	Wires	(14,075.52	)
12/2/2010	Wires	2	23000001	Wires	6,094.75
12/2/2010	Wires		23000003	Wires	(6,094.75	)