UNITED ~~STATES~~ ~~SECURITIES AND EXCHANGE COMMISSION~~STATES

~~Washington,~~SECURITIES ~~D.C.~~AND ~~20549~~EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 ORor 15(d) of ~~The Securities Exchange Act of 1934~~the

~~Date~~Securities Exchange ofAct ~~Report (Date~~ of ~~earliest~~ ~~event reported) September 19, 2007~~1934

Date of report (Date of earliest event reported) April 7, 2008

The National Collegiate Student Loan Trust 2007-3

(Exact name of registrant as specified in its charter)

The National Collegiate Funding LLC

(Exact Name of Registrant as Specified in Charter)

DELAWARE	333-141132-03	92-0195957
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

The National Collegiate Funding LLC

800 Boylston Street, 34th Floor, Boston, MA		02199-8157
(Address of principal executive offices)		(Zip Code)

(Exact Name of Depositor and Sponsor as Specified in Charter)

Registrant’s telephone number, including area code (800) 895-4283

Delaware		333-141132-03		92-0195957
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

(Former name or former address, if changed since last report.)

c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware				19890
(Address of Principal Executive Offices)				(Zip Code)


Registrant’s telephone number, including area code (302) 636-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

~~o Written~~[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

~~o Soliciting~~[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

o [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 8 — Other Events

Section 6 -	Asset-Backed Securities

Item 6.03	Change in Credit Enhancement or Other External Support.

(c)	Material change to enhancement or support.

~~Item~~The Education 8Resources Institute, Inc.01 ~~Other~~(“TERI”) ~~Events~~has provided credit support to The National Collegiate Student Loan Trust 2007-3 (the “Trust”) in the form of a guaranty of the payment of principal and accrued interest on the private student loans owned by the Trust (the “2007-3 Loans”).

~~The consolidated financial~~Pursuant ~~statements~~to ofa ~~Ambac~~deposit ~~Assurance Corporation~~ and ~~subsidiaries~~security asagreement ofdated ~~December~~September 3120, ~~2006~~ ~~and~~2007 ~~2005 and for each of~~ (the ~~years~~“Deposit inand Security ~~the~~Agreement”) ~~three-year~~among ~~period ended December 31~~TERI, ~~2006,~~First ~~prepared~~Marblehead inData ~~accordance~~Services, ~~with U~~Inc.S. ~~generally accepted accounting~~(the ~~principles,~~“Administrator”) ~~included~~and in the ~~Annual~~Trust, TERI ~~Report~~has ondeposited ~~Form~~certain ~~10-K of Ambac Financial~~monies ~~Group,~~(the ~~Inc.~~“Pledged ~~for~~Fund”) with the ~~fiscal~~U.S. ~~year~~Bank ~~ended~~National ~~December 31~~Association, ~~2006~~as ~~(which was filed with~~indenture ~~the~~trustee ~~Securities and Exchange Commission~~ (the “~~Commission~~Indenture Trustee”) ~~on March 1~~, ~~2007; Commission~~as ~~File~~security ~~Number~~for ~~1-10777);~~ the ~~unaudited~~guaranty ~~consolidated~~obligations ~~financial~~of ~~statements~~TERI ofto ~~Ambac~~the ~~Assurance~~Trust. Pursuant ~~Corporation~~to ~~and~~the ~~subsidiaries~~indenture dated as of ~~June~~September 301, ~~2007~~ ~~and~~2007 ~~for~~between the ~~three-~~Trust and ~~six-month~~the ~~periods~~Indenture ~~ended June 30~~Trustee, ~~2007 and 2006 included in~~ the ~~Quarterly~~Pledged ~~Report~~Fund onhas ~~Form~~been pledged ~~10-Q~~by ofthe ~~Ambac~~Trust ~~Financial~~to ~~Group,~~the ~~Inc.~~Indenture Trustee for the ~~period~~ ~~ended~~benefit ~~June~~of ~~30,~~holders ~~2007~~ (~~which was filed with~~ the ~~Commission on August 9,~~ ~~2007~~“Noteholders”); ~~the unaudited consolidated financial statements~~ of ~~Ambac~~asset-backed ~~Assurance Corporation~~notes ~~and~~issued ~~subsidiaries~~by ~~as of March 31, 2007 and for~~ the ~~three-month~~Trust. The ~~periods~~Indenture ~~ended March 31~~Trustee, ~~2007~~at ~~and 2006 included in~~ the ~~Quarterly~~direction ~~Report on Form 10-Q~~ of ~~Ambac Financial Group~~TERI, ~~Inc.~~withdraws ~~for~~amounts from the ~~period ended March 31, 2007 (which~~Pledged ~~was~~Fund ~~filed~~from ~~with~~time ~~the~~to ~~Commission~~time onto ~~May~~pay ~~10,~~guaranty ~~2007);~~claims ~~and the Current Reports~~ on ~~Form 8-K of Ambac Financial Group, Inc. filed with~~ the ~~Commission on April 25,~~ 2007~~, July 25, 2007 and August~~ -3, ~~2007,~~Loans asthat ~~they relate to Ambac Assurance~~are ~~Corporation,~~payable ~~are hereby incorporated~~ by ~~reference into (i) the Registration Statement and (ii) the prospectus supplement~~TERI.

~~Section~~On 9April 7, 2008, TERI filed a voluntary petition for reorganization (the “Reorganization”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Massachusetts (the “Bankruptcy Court”). According to the filing, TERI intends to operate its business as “debtor-in-possession” under the jurisdiction ~~Financial~~of ~~Statements~~the Bankruptcy Court and ~~Exhibits~~in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

~~Item~~On 9April 10, 2008, the Bankruptcy Court issued an order prohibiting TERI from withdrawing any amounts from segregated accounts until further order by the Bankruptcy Court.01 As ~~Financial~~a ~~Statements~~result, ~~and~~TERI ~~Exhibits~~is not authorized to access the Pledged Account for any reason until further order of the Bankruptcy Court. Although the order prevents TERI from paying guaranty claims from the Pledged Fund with respect to the 2007-3 Loans, it also prevents the Pledged Fund from being used to satisfy any of TERI’s other secured or unsecured obligations. The next hearing of the Bankruptcy Court is scheduled for April 15, 2008.

~~(d)~~On April ~~Exhibits~~8, 2008, Fitch Ratings downgraded the insurer financial strength rating assigned to TERI to ‘C’ from ‘A,’ and Moody’s Investors Service downgraded the issuer rating assigned to TERI to ‘Ca’ from ‘B2.’ On March 26, 2008, Moody’s Investors Service had downgraded the issuer rating assigned to TERI from ‘Baa3’ to ‘B2.’

Exhibit No.		Description
Section 7 -	Regulation FD
23.1		Consent of KPMG LLP, Independent Registered Public Accounting Firm of Ambac Assurance Corporation.
Item 7.01	Regulation FD Disclosure

2As of the date of this report, the Trust expects TERI to move the Bankruptcy Court to authorize TERI to resume payments of guaranty claims with respect to the 2007-3 Loans from the Pledged Fund. As of the date of this report, the Trust also expects that the Pledged Fund will remain as security solely for the benefit of the Noteholders. The timing of any future motions by TERI remains uncertain, and the Reorganization may nevertheless have a material adverse effect on the ability of TERI to satisfy its guarantee obligations with respect to the 2007-3 Loans.

~~SIGNATURES~~The Indenture Trustee has retained Nixon Peabody LLP as counsel in connection with the Reorganization and was represented at the hearing of the Bankruptcy Court held on April 10, 2008.

~~Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.~~SIGNATURE

~~Date:~~Pursuant to ~~September~~the 19requirements of the Securities Exchange Act of 1934, ~~2007~~the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

THE NATIONAL COLLEGIATE FUNDING LLC, as Depositor for THE NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-3

NATIONAL COLLEGIATE FUNDING LLC, as depositor for THE NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-3

~~By:~~

~~GATE Holdings, Inc., Member~~

By:

GATE HOLDINGS, INC., MEMBER

~~By:~~

~~/s/ John A. Foxgrover~~

By:

/s/ Stein Skaane

John A. Foxgrover

Name: Stein Skaane

Vice President

Title: Vice President

3Dated: April 11, 2008

{F0018404.2 }

[TPW: NYLEGAL:755784.2] 17203-00045 04/11/2008 02:32 PM

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