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

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported): July 2028, 2005

Collegiate Funding Services, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)


Delaware	000-50846	04-3649118
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)

10304 Spotsylvania Avenue, Suite 100, Fredericksburg, Virginia		22408
_________________________________ (Address of principal executive offices)		___________ (Zip Code)


Registrant’s telephone number, including area code:		(540) 374-1600

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 82.0102 ~~Other~~Results ~~Events~~of Operations and Financial Condition.

On July 2728, 2005, Collegiate Funding Services, Inc. ~~announced~~issued ~~that,~~a onpress ~~July~~release ~~20,~~with ~~2005,~~respect ~~Collegiate~~to ~~Funding~~its ~~Services~~earnings ~~Education~~for ~~Loan Trust 2005-B closed an offering of $1.3 billion in floating rate Student Loan Asset-Backed Notes. The proceeds of~~ the ~~offering~~fiscal ~~will~~quarter beand ~~used~~ year-to-date ~~refinance~~ended ~~approximately~~June ~~$900~~30, ~~million in auction rate certificates remaining under the company’s privately placed master trust~~2005, ~~Collegiate~~which ~~Funding~~is ~~Services~~furnished ~~Education~~as ~~Loan~~Exhibit ~~Trust I~~99. ~~The~~1 ~~additional $400 million will be used~~ to ~~finance FFELP consolidation loans currently outstanding in the company’s warehouse facility. As a result of~~ this ~~transaction,~~Current ~~the~~Report ~~company~~on ~~will~~Form ~~expense $4~~8-K.~~3 million of unamortized note issuance costs related to the auction rate certificates.~~ The company expects this expense to be offset over the next three years by the elimination of the 25 basis point broker dealer fee incurred under Education Loan Trust I and by a significant reduction in the company’s exposure to interest rate volatility.The information included herein and in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

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SIGNATURES

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.

	Collegiate Funding Services, Inc.
July 27, 2005	By:	/s/ J. Barry Morrow
July 28, 2005	By:	/s/ Kevin A. Landgraver
		Name: J. Barry Morrow
		Name: Kevin A. Landgraver
		Title: Chief Executive Officer and President
		Title: Chief Financial Officer and Executive Vice President

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Exhibit Index

Exhibit No.		Description
99.1		Press release dated July 2728, 2005

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