National Collegiate Student Loan Trust 2006-1

Closing Date: March 9, 2006

Monthly Distribution Report

Collection Period	05/01/06	to	05/31/06
Monthly Distribution Date	06/26/06
Volume 2

I	Asset and Liability Summary

A.				Student Loan Portfolio		04/30/06			Change			05/31/06
		1			Student Loan Principal	$	731,796,643.13		$	(2,200,888.26	)	$	729,595,754.87
		2			Student Loan Accrued Interest + Accrued Late Fees	$	12,059,611.99		$	4,765,426.85		$	16,825,038.84
		3			Pool Balance	$	743,856,255.12		$	2,564,538.59		$	746,420,793.71


		4			Weighted Average Coupon (WAC)		8.99	%		0.00	%		8.99	%
		5			Weighted Average Maturity (WAM)		264.1 Months			-1.3 Months			262.8 Months
		6			Number of Loans		67,783			-120			67,663
		7			Number of Borrowers		63,040			-113			62,927

B.					Trust Accounts and TERI Pledge Fund (at market value)		04/30/06			Change			05/31/06
		1			Collection Account + Collections Receivable Account	$	14,224,350.00		$	(10,548,873.75	)	$	3,675,476.25
		2			Reserve Account ^(a)	$	100,257,507.55		$	(501,667.13	)	$	99,755,840.42
		3			Total Trust Accounts	$	114,481,857.55		$	(11,050,540.88	)	$	103,431,316.67

		4			TERI Pledge Fund	$	38,709,506.24		$	27,253.50		$	38,736,759.74

		5			Total Trust Accounts and TERI Pledge Fund	$	153,191,363.79		$	(11,023,287.38	)	$	142,168,076.41

		6			Pool Balance + Trust Accounts	$	858,338,112.67		$	(8,486,002.29	)	$	849,852,110.38

		7			Pool Balance + Trust Accounts + TERI Pledge Fund	$	897,047,618.91		$	(8,458,748.79	)	$	888,588,870.12

			^(a)		Reserve Account Balance after 6/26/06 Monthly Distribution Date will be $98,273,128.39

C.		Securities		Cusip		Index		Spread		Initial Debt Issued			04/30/06			Change			05/31/06			Change		06/26/06			% of Securities
	1		Class A-1		63543PBZ8		1M LIBOR		0.05%	$	83,979,000.00		$	83,979,000.00		$	(1,850,349.86	)	$	82,128,650.14		$	-	$	82,128,650.14			9.14	%
	2		Class A-2		63543PCA2		1M LIBOR		0.14%	$	170,071,000.00		$	170,071,000.00		$	-		$	170,071,000.00		$	-	$	170,071,000.00			18.92	%
	3		Class A-3		63543PCB0		1M LIBOR		0.19%	$	185,823,000.00		$	185,823,000.00		$	-		$	185,823,000.00		$	-	$	185,823,000.00			20.67	%
	4		Class A-4		63543PCC8		1M LIBOR		0.25%	$	139,591,000.00		$	139,591,000.00		$	-		$	139,591,000.00		$	-	$	139,591,000.00			15.53	%
	5		Class A-5		63543PCD6		1M LIBOR		0.35%	$	226,675,000.00		$	226,675,000.00		$	-		$	226,675,000.00		$	-	$	226,675,000.00			25.22	%
	6		Class A-IO		63543PCE4		Fixed		5.50%		(a	)		(a	)	$	-			(a	)	$	-		(a	)		0.00	%
	7		Class B		63543PCF1		1M LIBOR		0.42%	$	46,276,000.00		$	46,276,000.00		$	-		$	46,276,000.00		$	-	$	46,276,000.00			5.15	%
	8		Class C		63543PCG9		1M LIBOR		0.60%	$	48,282,000.00		$	48,282,000.00		$	-		$	48,282,000.00		$	-	$	48,282,000.00			5.37	%
	9	Total Securities								$	900,697,000.00		$	900,697,000.00		$	(1,850,349.86	)	$	898,846,650.14		$	-	$	898,846,650.14			100.00	%

	(a)	The initial notional amount, in effect thru the May 2010 Distribution Date, equals $226,675,000

D.		Liquidity Note Information		04/30/06		Change		05/31/06		Change		06/26/06
	1		Commitment	$	65,000,000.00	$	-	$	65,000,000.00	$	-	$	65,000,000.00
	2		Principal Balance Outstanding	$	-	$	-	$	-	$	-	$	-
	3		Draws	$	-	$	-	$	-	$	-	$	-

National Collegiate Student Loan Trust 2006-1

II	Transactions and Accruals				From 5/01/06 to 5/31/06

A.			Student Loan Cash Principal Activity
		1		Principal Payments Received	$	(1,925,002.74	)
		2		Principal Claims from Guarantor	$	(63,174.40	)
		3		Repurchased Principal	$	-
		4		New Loan Additions	$	-
		5		Other Adjustments (cancellations, consolidations and other)	$	(246,751.09	)
		6		Total Principal Collections	$	(2,234,928.23	)

B.			Student Loan Non-Cash Principal Activity
		1		Capitalized Interest	$	53,827.00
		2		Realized Losses	$	-
		3		New Loan Additions	$	(19,408.64	)
		4		Other Adjustments	$	(378.39	)
		5		Total Non-Cash Principal Activity	$	34,039.97

C.				Total Student Loan Principal Activity (II.A.6 + II.B.5)	$	(2,200,888.26	)

D.			Student Loan Cash Interest & Fees Activity
		1		Interest Payments Received	$	(750,982.79	)
		2		Interest Claims from Guarantor	$	(788.31	)
		3		Repurchased Interest	$	-
		4		New Loan Additions	$	-
		5		Late Fees	$	(513.95	)
		6		Other Adjustments (cancellations, consolidations and other)	$	(1,032.82	)
		7		Total Interest Collections	$	(753,317.87	)

E.			Student Loan Non-Cash Interest & Fees Activity
		1		Interest Accruals	$	5,573,235.78
		2		Capitalized Interest	$	(53,827.00	)
		3		Realized Losses	$	-
		4		Other Adjustments	$	(1,547.63	)
		5		Non-Cash Late Fees	$	883.57
		6		Total Non-Cash Interest Activity	$	5,518,744.72

F.			Total Student Loan Interest & Fees Activity (II.D.7 + II.E.6)		$	4,765,426.85

III Prepayment Data

Prepayment Rate (six-month rate annualized) ⁽¹⁾

	⁽¹⁾ The Prepayment Rate will be published on a semi-annual cycle. The initial measurement will be as of June 30, 2006

National Collegiate Student Loan Trust 2006-1

IV	Collection Account Activity			From 5/01/06 to 5/31/06

A.			Collection Account
		1	Collections by Servicers	$	2,923,769.44
		2	Claim Payments from Guarantor	$	63,962.71
		3	Liquidation Proceeds and Recoveries	$	-
		4	Sale Proceeds	$	-
		5	Investment Earnings on Trust Accounts	$	460,509.54
		6	Excess of Required Reserve Amount Balance	$	-
		7	Other Receipts (Late Fees and Other)	$	20,541.32
		8	Prior Month Allocation and Other Adjustments	$	167,350.00
		9	Advances or Reimbursements	$	-
		10	Opening Balance and Post Sale Settlement	$	129,168.95
		11	Total Available Funds	$	3,765,301.96

B.		Allocations thru 5/31/06 with Payments and Distributions for 6/26/06	Total Available	Remaining	Reserve Transfer /
			Funds	Funds	Draw Request
			$ 3,765,301.96	$3,765,301.96
	1	Payment of Trustee Expenses, Servicers, Administrators, Paying Agent & Liquidity Note Provider Fees
		(a) Payment of Trustee Expenses	$ -	$3,765,301.96	$ -
		(b) Payment of Servicing Fees	$ 97,956.40	$3,667,345.56	$ -
		(c) Payment of Administration Fees & Expenses	$ 30,399.82	$3,636,945.74	$ -
		(d) Payment to Irish Paying Agent	$ -	$3,636,945.74	$ -
		(e) Payment of Back-up Administration Fees	$ 1,000.00	$3,635,945.74	$ -
		(f) Payment of Liquidity Note Provider Fees and Expenses	$ 4,333.33	$3,631,612.41	$ -
	2	Allocation of Trustee Expenses, Servicers, Administrators, Paying Agent, & Liquidity Note Provider Fees
		(a) Allocation of Trustee Expenses	$ -	$3,631,612.41	$ -
		(b) Allocation of Servicing Fees	$ 97,956.40	$3,533,656.01	$ -
		(c) Allocation of Administration Fees & Expenses	$ -	$3,533,656.01	$ -
		(d) Allocation to Irish Paying Agent	$ -	$3,533,656.01	$ -
		(e) Allocation of Back-up Administration Fees	$ -	$3,533,656.01	$ -
		(f) Allocation of Liquidity Note Provider Fees and Expenses	$ -	$3,533,656.01	$ -
	3	Payment to TERI Pledge Fund, additional Guaranty Fees	$ -	$3,533,656.01	$ -
	4	Allocation to TERI Pledge Fund, additional Guaranty Fees	$ 51,486.71	$3,482,169.30	$ -
	5	Payment of Interest Distribution Amount to Class A Securities and Liquidity Note Interest:
		(a) Class A-1	$ 374,597.90	$3,107,571.40	$ -
		(b) Class A-2	$ 789,318.41	$2,318,252.99	$ -
		(c) Class A-3	$ 870,683.99	$1,447,569.00	$ -
		(d) Class A-4	$ 661,506.24	$ 786,062.76	$ -
		(e) Class A-5	$ 1,094,336.53	$ -	$ 308,273.77
		(f) Class A-IO	$ 1,038,927.08	$ -	$ 1,347,200.85
		(g) Liquidity Note Interest	$ -	$ -	$ 1,347,200.85
	6	Payment of Interest Distribution Amount to Class B Securities:	$ 226,289.64	$ -	$ 1,573,490.49
	7	Payment of Interest Distribution Amount to Class C Securities:	$ 243,824.10	$ -	$ 1,817,314.59
	8	Transfer to Reinstate Reserve Account up to Required Reserve Amount Balance	$ -	$ -	$ -
	9	Payment to TERI, to Purchase Rehabilitated Loans	$ -	$ -	$ -
	10	Payment of Liquidity Note Balance until reduced to zero	$ -	$ -	$ -
	11	Payment of Principal Distribution:
		(a) Class A-1	$ -	$ -	$ -
		(b) Class A-2	$ -	$ -	$ -
		(c) Class A-3	$ -	$ -	$ -
		(d) Class A-4	$ -	$ -	$ -
		(e) Class A-5	$ -	$ -	$ -
		(f) Class B Interest Carryover Shortfall	$ -	$ -	$ -
		(g) Class B	$ -	$ -	$ -
		(h) Class C Interest Carryover Shortfall	$ -	$ -	$ -
		(i) Class C	$ -	$ -	$ -
	12	Payment of any remaining Interest Carryover Shortfall to Class B Noteholders	$ -	$ -	$ -
	13	Payment of any remaining Interest Carryover Shortfall to Class C Noteholders	$ -	$ -	$ -
	14	Payment of the following:	$ -	$ -	$ -
		(a) Unreimbursed Advances	$ -	$ -	$ -
		(b) Payment of Indenture Trustee Fees, in excess of maximum amounts specified	$ -	$ -	$ -
		(c) Payment of Irish Paying Agent Fees and expenses, in excess of maximum amounts specified	$ -	$ -	$ -
		(d) Payment of Owner Trustee Fees and expenses, in excess of maximum amounts specified	$ -	$ -	$ -
		(e) Payment of Back-up Administration Fees and expenses, in excess of maximum amounts specified	$ -	$ -	$ -
		(f) Payment of indemnities, fees and expenses of the Servicers	$ -	$ -	$ -
		(g) Payment of Administration Fees and expenses allocated to the Notes	$ -	$ -	$ -
		(h) Payment of indemnities, fees and expenses to Liquidity Provider	$ -	$ -	$ -
	15	Remaining Amounts of Principal, if a Turbo Trigger is in effect	$ -	$ -	$ -
	16	Payment of any Prepayment Penalties to Class A-IO Noteholders previously unpaid	$ -	$ -	$ -
	17	Payment of structuring advisory fees and then to the Certificateholders, any remaining amounts	$ -	$ -	$ -

National Collegiate Student Loan Trust 2006-1

V	Parity Calculations (excludes TERI Pledge Fund)	04/30/06	05/31/06

1	Senior Parity ((Pool Balance + Trust Accounts) / (Class A Securities + Outstanding Liquidity Note))	106.48%	105.67%
2	Total Parity ((Pool Balance + Trust Accounts) / (Securities+ Outstanding Liquidity Note)) (a)	95.30%	94.55%

	The Total Parity ratio, as calculated pursuant to definitions stipulated in the Trust Documents, increased from 94.18% at the time of the March 9, 2006 securitization to 94.55% on May 31, 2006. On April 30, 2006, the Total Parity ratio was 95.30%. The Total Parity ratios for all three reporting dates are in line with management's expectations. The Total Parity ratio at April 30, 2006 was positively impacted by the fact that interest accrued for the month of April 2006 was properly excluded from the parity calculation denominator, as required by the Trust Documents. At the same time, the cash required to make the May 2006 interest payment was available at April 30, 2006, and properly included in the Total Parity ratio numerator, thereby increasing the Total Parity ratio at April 30, 2006. On May 25, 2006, the Trust made the first interest payment of 77 days interest (76 for the Class A-IO). Future interest payments will be made each Distribution Date to satisfy interest obligations for the previous month's interest period only.

(a) Parity ratio calculations includes all Securities

VI Portfolio Characteristics by Payment Status

	WAC						# of Loans				%				Principal Amount				%

Payment Status	04/30/06			05/31/06			04/30/06		05/31/06		04/30/06		05/31/06		04/30/06		05/31/06		04/30/06			05/31/06
Interim ⁽¹⁾
In School		9.00	%		9.00	%		60,114		59,824		88.69%		88.41%	$	639,235,465.17	$	636,017,641.73		87.35	%		87.17	%
Total Interim								60,114		59,824		88.69%		88.41%	$	639,235,465.17	$	636,017,641.73		87.35	%		87.17	%
Repayment
Active
Current		8.87	%		8.87	%		7,347		7,368		10.84%		10.89%	$	89,122,064.98	$	88,769,088.26		12.18	%		12.17	%
31-60 Days Delinquent		8.92	%		9.09	%		82		189		0.12%		0.28%	$	866,584.74	$	1,850,162.77		0.12	%		0.25	%
61-90 Days Delinquent		9.21	%		9.06	%		96		93		0.14%		0.14%	$	1,010,181.84	$	945,774.02		0.14	%		0.13	%
91-120 Days Delinquent		9.09	%		9.24	%		21		55		0.03%		0.08%	$	251,260.57	$	589,506.69		0.03	%		0.08	%
121-150 Days Delinquent		8.67	%		9.18	%		11		6		0.02%		0.01%	$	90,053.94	$	59,804.39		0.01	%		0.01	%
151-180 Days Delinquent		10.04	%		9.09	%		5		11		0.01%		0.02%	$	58,423.59	$	112,604.00		0.01	%		0.02	%
> 180 Days Delinquent		8.56	%		9.08	%		3		5		0.00%		0.01%	$	29,351.24	$	51,089.16		0.00	%		0.01	%

Forbearance		8.75	%		8.79	%		104		112		0.15%		0.17%	$	1,133,257.06	$	1,200,083.85		0.15	%		0.16	%
Total Repayment								7,669		7,839		11.31%		11.59%	$	92,561,177.96	$	93,578,113.14		12.65	%		12.83	%

Grand Total								67,783		67,663		100.00%		100.00%	$	731,796,643.13	$	729,595,754.87		100.00	%		100.00	%

(1)

Loans in Interim Status have not yet had a scheduled payment.

VII	Portfolio Characteristics by Borrower Type and Program Type

		04/30/06		05/31/06
Borrower Type		Principal Amount	%	Principal Amount	%

1	Creditworthy Cosigned Loans	$ 567,344,262.21	77.53%	$ 565,702,803.73	77.54%
2	Creditworthy Non-Cosigned Loans	$ 161,342,284.17	22.05%	$ 160,792,414.12	22.04%
3	Creditready Loans	$ 3,110,096.75	0.42%	$ 3,100,537.02	0.42%

Total		$ 731,796,643.13	100.00%	$ 729,595,754.87	100.00%


		04/30/06		05/31/06
Program Type		Principal Amount	%	Principal Amount	%

1	Continuing Education	$ 14,898,246.32	2.04%	$ 14,858,111.44	2.04%
2	Graduate	$ 83,329,267.92	11.39%	$ 83,159,365.05	11.40%
3	K-12	$ 21,897,466.79	2.99%	$ 21,587,499.67	2.96%
4	Medical	$ 11,919,991.35	1.63%	$ 11,889,939.47	1.63%
5	Undergraduate	$ 592,549,865.72	80.97%	$ 590,902,752.88	80.99%
6	Consolidation, Parent, Other	$ 7,201,805.03	0.98%	$ 7,198,086.36	0.99%

Total		$ 731,796,643.13	100.00%	$ 729,595,754.87	100.00%

National Collegiate Student Loan Trust 2006-1

VIII Default Information, TERI Claims, Net Losses and Related Information

		4/30/06	5/31/06
		Principal Amount	Principal Amount
A.	Cumulative Claims Filed to TERI ⁽¹⁾	$ 113,359.73	$ 338,036.95

B.	Cumulative Gross Default Rate ⁽²⁾	0.12%	0.33%

C.	Claims Cancelled (Non-Default)	$ -	$ -

D.	Cumulative Default Rate after Claims Cancelled ^{(3) (4)}	0.12%	0.33%

E.	Cumulative Claim Payments Made by TERI	$ -	$ 63,174.40

F.	Claims in Process	$ 113,359.73	$ 274,862.55

G.	Cumulative net loss, claims rejected, aged 24 months or more	$ -	$ -

H.	Has a Material Change to Charge-Off Method Occurred?	No	No

I.	Has a Material Change to Asset Terms, Fees, Penalties or Payments Occurred?	No	No

J.	Has a Material Breach of Pool Asset Representations or Warranties or Transaction Covenants Occurred?	No	No

(1)	Cumulative principal balance of student loans subject to a TERI guaranty event as of the last day of the Collection Period.
(2)	Section VIII.A divided by the principal balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the Trust.
(3)	Section VIII.A adjusted by ( C ) Claims Cancelled and returned to a non-default status divided by the cumulative principal balance defined in footnote (2).
(4)	Cumulative Default Rate is based on loans in repayment rather than initial loans purchased as described in the Indenture.

IX	Triggers and Other Information

1	Has a change occurred in the notional amount of the Class A-IO? No - next change date is June 2010
2	Has Prepayment Penalty occurred on Class A-IO Notes? (The scheduled Reference Amount exceeds the notional amount on Distribution Date)? No - next change date is June 2010
3	Has a Required Reserve Amount Balance date occurred? No - first date is March 2007
4	Note Parity Trigger (Pool Balance plus Reserve Account, at end of Collection period, is less than 101% of Outstanding Debt and Liquidity Notes after payments on Distribution Date).
	- Has Note Parity Trigger occurred? Yes
	- If so, the date such trigger occurred. 4/30/06
	- Is Note Parity Trigger currently in effect? Yes
5	Subordinate Note Interest Triggers (Cumulative Default Rate equals or exceeds set rates) ^(a)
	- Has a Class B Note Interest Trigger occurred? No
	- If so, the date the Class B Note Interest Trigger occurred.
	- Is a Class B Note Interest Trigger currently in effect? No
	- Has a Class C Note Interest Trigger occurred? No
	- If so, the date the Class C Note Interest Trigger occurred.
	- Is a Class C Note Interest Trigger currently in effect? No
6	Subordinate Note Principal Trigger (Note Parity Trigger has occurred or Cumulative Gross Default Rate greater than 10% and TERI is no longer paying claims) ^(a)
	- Has a Subordinate Note Principal Trigger occurred? No
	- If so, the date such trigger occurred.
	- Is a Subordinate Note Principal Trigger currently in effect? No
7	Turbo Trigger (Principal Balance of loans is equal to or less than 10% of the Principal Balance as of the cut off date or Cumulative Default Rate is greater than 10% and TERI is no longer paying claims) ^(a)
	- Has a Turbo Trigger occurred? No
	- If so, the date such trigger occurred.
	- Is a Turbo Trigger currently in effect? No
8	Has the Stepdown Date of May 25, 2012 occurred (On or after Stepdown Date and if a Subordinate Note Trigger is in effect, Principal Distribution method will change)? No.
9	Has the Parity Ratio reached it's release point of 103%? No
10	Has Trust exceeded annual fees or expense cap to Service Providers? No

^(a)	See VIII. Default Information, TERI Claims, Net Losses and Related Information (above) for Cumulative Default Rate and calculation.

National Collegiate Student Loan Trust 2006-1 10-D