National Collegiate Master Student Loan Trust I New Monthly Distribution Schedule - See Notice on Page 6

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1 New Monthly Distribution Schedule See Notice on Page 6 Monthly Distribution Report (Prior to 10/1/2009 issued on a Quarterly basis.) Collection Period 10/1/2009 to 10/31/2009 Monthly Distribution Date 11/25/2009 I Asset and Liability Summary A. Student Loan Portfolio 9/30/2009 Change 10/31/ Student Loan Principal $ 567,197, $ (5,945,864.18) $ 561,251, Student Loan Accrued Interest $ 7,145, $ (537,050.47) $ 6,608, Pool Balance $ 574,342, $ (6,482,914.65) $ 567,859, Weighted Average Coupon (WAC) 4.66% 0.10% 4.56% 5 Weighted Average Maturity (WAM) Months 0.8 Months Months 6 Number of Loans 50, ,418 7 Number of Borrowers 40, ,909 B. Trust Accounts and TERI Pledge Fund (at market value) 9/30/2009 Change 10/31/ Revenue Fund + Collections Receivable Account $ 7,781, $ 74, $ 7,856, Capitalized Funds Account $ $ $ 3 Acquisition Account $ $ $ 4 Debt Service Reserve Fund $ 4,611, $ (63,066.93) $ 4,548, Senior Interest Account $ 511, $ 37, $ 549, Senior Principal Account $ 4,432, $ (424,675.78) $ 4,008, Total Trust Accounts $ 17,338, $ (374,955.39) $ 16,963, TERI Pledge Fund $ $ 0.04 $ Total Trust Accounts + TERI Pledge Fund $ 17,338, $ (374,955.35) $ 16,963, Pool Balance + Trust Accounts $ 591,681, $ (6,857,870.04) $ 584,823, Pool Balance + Trust Accounts + TERI Pledge Fund $ 591,681, $ (6,857,870.00) $ 584,823, Deferred Claims Payable from TERI Pledge Fund, net of Recoveries $ $ $ 13 Estimated Recoveries on Unsecured Defaulted Loans (b) $ 20,283, $ 1,042, $ 21,325, Other Trust Liabilities $ 1,668, $ (116,729.51) $ 1,551, Has a Capitalized Funds Surplus Balance date occurred? Final Date was March Has the Debt Service Reserve Requirement Minimum of $4,518, (Outstanding Debt Principal *.75%) been met? Yes See Section IX.1 C. Securities Cusip Coupon Initial Debt Issued 9/30/2009 Change 10/31/2009 Change 11/25/2009 % of Securities 1 Class 2001AR NAA9 Auction Rate $ 37,500, $ $ $ $ $ 2 Class 2001AR NAB7 Auction Rate $ 37,500, $ $ $ $ $ 3 Class 2001AR NAC5 Auction Rate $ 75,000, $ $ $ $ $ 4 Class 2002AR NAD3 Auction Rate $ 55,000, $ $ $ $ $ 5 Class 2002AR NAE1 Auction Rate $ 50,000, $ $ $ $ $ 6 Class 2002AR NAF8 Auction Rate $ 89,300, $ $ $ $ $ 7 Class 2002AR NAG6 Auction Rate $ 89,250, $ 85,250, $ (4,400,000.00) $ 80,850, $ (8,250,000.00) $ 72,600, % 8 Class 2002AR NAH4 Auction Rate $ 60,000, $ 60,000, $ $ 60,000, $ $ 60,000, % 9 Class 2002AR NAJ0 Auction Rate $ 60,000, $ 60,000, $ $ 60,000, $ $ 60,000, % 10 Class 2002AR NAK7 Auction Rate $ 58,550, $ 58,550, $ $ 58,550, $ $ 58,550, % 11 Class 2003AR NAL5 Auction Rate $ 74,400, $ 74,400, $ $ 74,400, $ $ 74,400, % 12 Class 2003AR NAM3 Auction Rate $ 74,400, $ 74,400, $ $ 74,400, $ $ 74,400, % 13 Class 2003AR NAN1 Auction Rate $ 49,600, $ 49,600, $ $ 49,600, $ $ 49,600, % 14 Class 2003AR NAP6 Auction Rate $ 49,600, $ 49,600, $ $ 49,600, $ $ 49,600, % 15 Class 2005AR NAQ4 Auction Rate $ 49,500, $ 49,500, $ $ 49,500, $ $ 49,500, % 16 Class 2005AR NAR2 Auction Rate $ 49,500, $ 49,500, $ $ 49,500, $ $ 49,500, % 17 Total Securities $ 959,100, $ 610,800, $ (4,400,000.00) $ 606,400, $ (8,250,000.00) $ 598,150, Payment of Principal will occur on the next Auction Payment Date in denominations of $50,000. Reflects the sum of Principal of $4,000,000 for the Class 2002AR7 that was paid on 11/12/09 and the next Auction Payment Date for the Class 2002AR7 on 12/9/09 in the amount of $4,250,000. NCMSLTI Monthly Distribution Report Page 1 of 7 6EAFCA5C

2 II Transactions and Accruals From 10/01/2009 to 10/31/2009 A. Student Loan Cash Principal Activity 1 Principal Payments Received $ (3,779,432.63) 2 Principal Claims from Guarantor $ 3 Repurchased Principal $ 4 New Loan Additions $ 5 Other Adjustments (cancellations, consolidations and other) $ (107,750.81) 6 Total Principal Collections $ (3,887,183.44) B. Student Loan NonCash Principal Activity 1 Capitalized Interest $ 687, NonCash Claims on Unsecured Defaults (b) $ (2,756,786.27) 3 Deferred Claims Payable from TERI Pledge Fund (c) $ 4 Realized Losses $ 5 Repurchased Principal $ 6 New Loan Additions $ 7 Other Adjustments $ 10, Total NonCash Principal Activity $ (2,058,680.74) C. Total Student Loan Principal Activity (II.A.6 + II.B.8) $ (5,945,864.18) D. Student Loan Cash Interest Activity 1 Interest Payments Received $ (1,889,983.36) 2 Interest Claims from Guarantor $ 3 Repurchased Interest $ 4 New Loan Additions $ 5 Other Adjustments (cancellations, consolidations and other) $ (482.10) 6 Total Interest Collections $ (1,890,465.46) E. Student Loan NonCash Interest Activity 1 Interest Accruals $ 2,181, NonCash Claims on Unsecured Defaults (b) $ (140,620.07) 3 Deferred Claims Payable from TERI Pledge Fund (c) $ 4 Capitalized Interest $ (687,915.07) 5 Realized Losses $ 6 Repurchased Interest $ 7 Other Adjustments $ Total NonCash Interest Activity $ 1,353, F. Total Student Loan Interest Activity (II.D.6 + II.E.8) $ (537,050.47) G. Student Loan Late Fees Activity 1 Cash Late Fees $ (15,112.65) 2 NonCash Late Fees $ 15, Net Late Fees Activity (II.G.1 + II.G.2) $ (b) (c) Collections efforts, by the Trust, on these loans will continue and be reflected in Section VIII. Includes claims for eligible loans under the Limited Reinsurance Agreement dated June 29, 2005 See Section IX.1 III Prepayment Data 12/31/2008 6/30/2009 Prepayment Rate (1) 2.48% 1.80% (1) Prepayment Rate will be updated in the July and January Monthly Distribution Reports for the 6month periods ending June and December, respectively. NCMSLTI Monthly Distribution Report Page 2 of 7 333BB776

3 IV Collection Account Activity From 10/01/2009 to 10/31/2009 A. Collection Account 1 Collections by Servicers $ 5,777, Claim Payments from Guarantor $ 22, Liquidation Proceeds and Recoveries $ 134, Investment Earnings on Trust Accounts $ 2, Excess of Capitalized Funds Surplus $ 6 Other Receipts (Late Fees and Other) $ 46, Transfer of Principal Collections to Acquisition Fund $ 8 Prior Period Allocation $ 1,146, Transfers from Acquisition Fund for payment of Principal $ 10 Total Available Funds $ 7,130, Includes payments under the Limited Reinsurance Agreement for the portfolio purchased June 29, B. Allocations through 10/31/2009 with Payments and Distributions for 11/25/2009 Total Available Remaining Capitalized Funds Funds Funds Transfer $ 7,130, $ 7,130, Payment of Trust Expenses: Payment of Indenture Trustee Fees & Expenses $ $ 7,130, $ (b) Payment of Servicing Fees & Expenses $ 183, $ 6,947, $ (c) Payment of Auction Agent Fees and Expenses $ $ 6,947, $ (d) Payment of BrokerDealer Fees and Expenses $ 45, $ 6,901, $ (e) Payment of Liquidity Facility Provider Fees and Expenses $ $ 6,901, $ (f) Payment of Credit Facility Provider Fees and Expenses, if applicable $ 118, $ 6,782, $ (g) Payment of Owner Trustee Fees and Expenses $ $ 6,782, $ (h) Payment of Administrator Fees and Expenses $ 85, $ 6,696, $ (i) Payment of Guarantee Fees to TERI $ $ 6,696, $ 2 Allocation of Trust Expenses Allocation of Indenture Trustee Fees and Expenses $ $ 6,696, $ (b) Allocation of Servicing Fees and Expenses $ 167, $ 6,528, $ (c) Allocation of Auction Agent Fees and Expenses $ $ 6,528, $ (d) Allocation of BrokerDealer Fees and Expenses $ 32, $ 6,496, $ (e) Allocation of Liquidity Facility Provider Fees and Expenses $ $ 6,496, $ (f) Allocation of Credit Facility Provider Fees and Expenses, if applicable $ $ 6,496, $ (g) Allocation of Owner Trustee Fees and Expenses $ $ 6,496, $ (h) Allocation of Administrator Fees and Expenses $ $ 6,496, $ (i) Allocation of Guarantee Fees to TERI $ $ 6,496, $ 3 Payment / Allocation of Interest on Senior Class Notes (to Senior Interest Account) Payment of interest on Senior Class Notes $ 1,324, $ 5,171, $ (b) Allocation of future interest on Senior Class Notes $ 913, $ 4,257, $ 4 Transfer to Principal Account for payment of Principal due $ 4,250, $ 7, $ 5 Payment to Surety Provider of a Debt Reserve Policy, if applicable $ $ $ 6 Payment of Other Fees due to the Credit Facility Provider, if applicable $ $ $ 7 Payment of Other Fees due to the Liquidity Facility Provider $ $ $ 8 Allocation of Program Expenses $ $ $ 9 Allocation of Maintenance and Operating Expenses to the Issuer $ $ $ 10 Payment of termination fees related to an interest rate exchange agreement $ $ $ 11 Payment of CarryOver amounts to Note Owners $ $ $ 12 Payments to the servicers for outstanding indemnity amounts $ $ $ 13 Payment to TERI for supplemental origination fees $ $ $ 14 Payment of fees and expenses to the Structuring Advisor $ $ $ 15 Transfer to Acquisition Fund at end of Revolving Period (until first interest pay date) $ $ $ 16 Payment of all remaining amounts $ $ $ Auction Rate Notes must be paid in denominations of $50,000. NCMSLTI Monthly Distribution Report Page 3 of DBF

4 V Parity Calculations Pro Forma Parity Calculations Parity with Deferred Claims Payable and Estimated Recoveries on Unsecured Defaulted Parity Loans 9/30/ /31/2009 9/30/ /31/ Parity Ratio (Accrued Assets / Accrued Liabilities) 96.61% 96.20% 2 Total Parity 99.92% 99.70% (Pool Balance + Trust Accounts + TERI Pledge Fund) / (Outstanding Debt + Other Trust Liabilities) Pro Forma Parity Calculations include balances in Section I.B.12 and I.B.13 VI Portfolio Characteristics by Payment Status WAC # of Loans % Principal Amount % Payment Status 9/30/ /31/2009 9/30/ /31/2009 9/30/ /31/2009 9/30/ /31/2009 9/30/ /31/2009 Interim (1) In School 5.59% 5.55% 1,440 1, % 2.75% $ 30,622, $ 30,042, % 5.35% Total Interim 1,440 1, % 2.75% $ 30,622, $ 30,042, % 5.35% Repayment Active Current 4.56% 4.46% 45,039 44, % 88.85% $ 474,986, $ 470,909, % 83.90% 3160 Days Delinquent 5.10% 5.00% % 1.77% $ 11,688, $ 12,145, % 2.16% 6190 Days Delinquent 5.06% 5.01% % 0.98% $ 6,699, $ 6,995, % 1.25% Days Delinquent 5.04% 4.97% % 0.70% $ 5,893, $ 4,913, % 0.88% Days Delinquent 5.14% 5.01% % 0.69% $ 3,790, $ 4,647, % 0.83% Days Delinquent 5.18% 4.95% % 0.42% $ 3,757, $ 2,949, % 0.53% > 180 Days Delinquent 5.28% 5.13% % 1.27% $ 9,328, $ 9,552, % 1.70% Forbearance 4.68% 4.68% 1,391 1, % 2.57% $ 20,429, $ 19,096, % 3.40% Total Repayment 49,336 49, % 97.25% $ 536,574, $ 531,209, % 94.65% Grand Total 50,776 50, $ 567,197, $ 561,251, (1) Loans in Interim Status have not yet had a scheduled payment. VII Portfolio Characteristics by Borrower Type and Program Type 9/30/ /31/2009 Borrower Type Principal Amount % Principal Amount % 1 Creditworthy Cosigned Loans $ 484,215, % $ 479,072, % 2 Creditworthy NonCosigned Loans $ 62,308, % $ 61,635, % 3 Creditready Loans $ 20,673, % $ 20,543, % Total $ 567,197, $ 561,251, /30/ /31/2009 Program Type Principal Amount % Principal Amount % 1 Continuing Education $ 19,428, % $ 19,189, % 2 Graduate $ 108,618, % $ 107,823, % 3 K12 $ 9,478, % $ 9,306, % 4 Medical $ 6,578, % $ 6,509, % 5 Undergraduate $ 421,783, % $ 417,119, % 6 Consolidation, Parent, Other $ 1,309, % $ 1,301, % Total $ 567,197, $ 561,251, NCMSLTI Monthly Distribution Report Page 4 of 7 6FB0A616

5 VIII Default Information, TERI Claims, Net Losses and Related Information 9/30/ /31/2009 TERI Claims, Net Losses Principal Amount Principal Amount A. Cumulative Defaulted Loans (1) $ 143,002, $ 146,041, B. Cumulative Cash Claim Payments Made (2) $ 82,079, $ 82,102, C. Cumulative NonCash Claims on Unsecured Defaults $ 51,781, $ 54,516, D. Cumulative Deferred Claims Payable from TERI Pledge Fund (3) $ $ E. Claims in Process at Servicer $ 9,141, $ 9,423, Unsecured Claims Detail F. Cumulative NonCash Claims on Unsecured Defaults $ 51,781, $ 54,516, G. Coverage from TERI Pledge Fund (Section I.B.8 and IX.1) $ (262.10) $ (262.14) H. Total Unsecured Claims (processed in excess of the TERI Pledge Fund) $ 51,781, $ 54,515, I. Cumulative Liquidation Proceeds and Recoveries $ (1,073,363.84) $ (1,201,481.72) J. Cumulative Net Loss / Unsecured Defaulted Loans (4) (8) $ 50,708, $ 53,314, Deferred Claims Detail K. Cumulative Deferred Claims Payable from TERI Pledge Fund (2) $ $ L. Cumulative Liquidation Proceeds and Recoveries $ $ M. Other Adjustments on Deferred Claims $ $ N. Cumulative Net Receivable on Deferred Claims (5) $ $ Default Rates O. Cumulative Default Rate as a percentage of Loans in Repayment (6) 13.95% 14.23% P. Cumulative Default Rate as a percentage of Financed Student Loans at Closing Date (7) 16.01% 16.35% Related Information Q. Cumulative Principal and Interest Recoveries on Unsecured Defaulted Loans, after Collection Costs $ 1,075, $ 1,209, R. Cumulative Principal and Interest Recoveries on Deferred Claim Defaulted Loans, after Collection Costs $ $ S. Is the Recycling period (expires 6/12/06) still in effect? No No T. Has a 10% or higher trigger for Cumulative Defaults occurred? Yes Yes (1) Cumulative Principal Balance of Student Loans subject to a guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to nondefault status. (2) (3) (4) (5) (6) (7) (8) Includes payments under the Limited Reinsurance Agreement for the portfolio purchased June 29, See Section IX.1 The sum of Section VIII.H and VIII.I. The sum of Section VIII.K, VIII.L and VIII.M. 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. Section VIII.A divided by the Principal Balance of Financed Student Loans as of Closing Date $893,334, Does not include Claims in Process at Servicer NCMSLTI Monthly Distribution Report Page 5 of E2

6 IX Other Information 1 On June 23, 2008, the Bankruptcy Court entered an order allowing TERI to purchase defaulted loans using cash in the Pledge Fund. The order does not permit TERI to purchase any defaulted loans with funds from TERI's general operating accounts. On January 30, 2009, the creditors committee filed an adversary complaint (with subsequent amendments) in the Bankruptcy Court against the Trust, its Owner Trustee and Indenture Trustee, and as Administrator for the Trust. The complaint generally alleges that the security interests granted by TERI to the Trust, excluding the security interests in the Pledge Fund, are unperfected or may otherwise be avoided under Section 552 of the Bankruptcy Code. In particular, the complaint alleges that the Trust does not have enforceable rights to future Recoveries on defaulted loans owned by TERI or (b) funds transferred to the Pledge Fund after TERI's bankruptcy filing on April 7, 2008 and other amounts owed by TERI to the Pledge Fund. Pending resolution of these issues, effective February 13, 2009, the Trust has suspended the transfer of defaulted loans to TERI and has stopped requesting that TERI make guaranty payments from the Pledge Fund. On September 22, 2009, a Joint Plan of Reorganization of TERI and the creditors committee was filed in the Bankruptcy Court. The Plan includes a proposed settlement of the Trust s claims against TERI and includes other provisions that would affect the claims of the Trusts. On October 22, 2009, a First Amended Joint Plan of Reorganization and an accompanying disclosure statement were filed. Approval of the Plan may not be solicited until the disclosure statement has been approved by the Bankruptcy Court. For a copy of the Plan, see For additional information regarding the TERI Bankruptcy Proceeding as of September 30, 2009, please refer to the First Marblehead Corp. Form 10Q. NEW MONTHLY DISTRIBUTION SCHEDULE NOTICE Going forward, First Marblehead Data Services will begin providing a Monthly Distribution Report for the National Collegiate Master Student Loan Trust I on the twentyfifth day after monthend beginning with the month ending 10/31/2009. If the twentyfifth is a nonbusiness day, the Monthly Distribution Report will be made available on th next business day. The report is being provided monthly to fulfill investor requests for more frequent information. All sections of the report remain the same as has been presented in the past. NCMSLTI Monthly Distribution Report Page 6 of 7 733A43F2

7 Auction Rate Securities Paid Broker/Dealer Class Payment Date Notes Held Value Per Note Balance Interest Rate Start Date End Date No. of Days Interest Payment Fee 2002AR7 11/12/2009 1,617 $ 50, $ 80,850, % 10/14/ /11/ $ 176, $ 3, AR8 11/20/2009 1,200 $ 50, $ 60,000, % 10/23/ /19/ $ 126, $ 8, AR9 10/30/2009 1,200 $ 50, $ 60,000, % 10/2/ /29/ $ 126, $ 8, AR10 11/6/2009 1,171 $ 50, $ 58,550, % 10/9/ /5/ $ 123, $ 7, AR11 11/19/2009 1,488 $ 50, $ 74,400, % 10/22/ /18/ $ 156, $ 2, AR12 10/29/2009 1,488 $ 50, $ 74,400, % 10/1/ /28/ $ 156, $ 2, AR13 11/19/ $ 50, $ 49,600, % 10/22/ /18/ $ 104, $ 1, AR14 10/30/ $ 50, $ 49,600, % 10/2/ /29/ $ 104, $ 6, AR15 11/12/ $ 50, $ 49,500, % 10/14/ /11/ $ 107, $ 1, AR16 11/13/ $ 50, $ 49,500, % 10/16/ /12/ $ 142, $ 1, NCMSLTI Monthly Distribution Report Page 7 of 7 733A43F2