OREANDA-NEWS. Fitch Ratings affirms the senior student loan bonds at 'AAAsf' and the subordinate bonds at 'A+sf' issued by College Loan Trust-I Amended and Restated 2003 Indenture of Trust (2002). The Rating Outlook remains Stable.

KEY RATING DRIVERS

Collateral Quality: The trust is collateral consist of 100% Federal Family Education Loan Program (FFELP) student loans, all of which are consolidation loans. The credit quality of the trust is high, in Fitch's opinion, based on the guarantees provided by the transaction's eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (OC) and excess spread. The class A notes also benefit from subordination from the class B notes. Senior and total parity are 108.21% and 102.23%, respectively, as of Dec. 31, 2015. The transaction is structured with a cash release level of 107% for senior parity and 100.5% for total parity in addition to a required OC amount of $5 million. As such, Fitch gives credit only up to the release level for the notes.

Adequate Liquidity Support: Liquidity support for the notes is provided by a reserve account which is currently at $20.8 million.

Acceptable Servicing Capabilities: Xerox Education Services, LLC, doing business as ACS Education Services (XES) and Great Lakes are responsible for servicing the trust. Fitch believes XES and Great Lakes are acceptable servicers of FFELP student loans.

On Nov. 18, 2015, Fitch released its exposure draft which delineates revisions we plan to make to the 'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria', dated June 23, 2014. Fitch has reviewed this transaction under both the existing and proposed criteria.

RATING SENSITIVITIES
Since the FFELP student loan ABS relies on the U.S. government to reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in tandem with the 'AAA' U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults, basis risk, and loan extension risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults, basis shock beyond Fitch's published stresses, lower than expected payment speed, and other factors could result in future downgrades. Likewise, a build-up of CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings:

College Loan Trust-I Amended and Restated 2003 Indenture of Trust (2002):

--Series 2002-1 A-4 at 'AAAsf'; Outlook Stable;
--Series 2002-1 A-5 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-11 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-12 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-13 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-16 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-21 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-22 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-23 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-24 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-25 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-26 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-27 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-28 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-29 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-30 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-2 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-3 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-4 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-5 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-6 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-7 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-8 at 'AAAsf'; Outlook Stable;
--Series 2004-1 A-4 at 'AAAsf'; Outlook Stable;
--Series 2005-1 A-3 at 'AAAsf'; Outlook Stable;
--Series 2005-1 A-4 at 'AAAsf'; Outlook Stable;
--Series 2005-1 A-5 at 'AAAsf'; Outlook Stable;
--Series 2006-1 A-4 at 'AAAsf'; Outlook Stable;
--Series 2006-1 A-5 at 'AAAsf'; Outlook Stable;
--Series 2006-1 A-6 at 'AAAsf'; Outlook Stable;
--Series 2006-1 A-7A at 'AAAsf'; Outlook Stable;
--Series 2006-1 A-7B at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-1 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-8 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-10 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-11 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-12 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-13 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-14 at 'AAAsf'; Outlook Stable;
--Series 2002-1 B-1 at 'A+sf'; Outlook Stable;
--Series 2002-2 B-4 at 'A+sf'; Outlook Stable;
--Series 2003-1 B-1 at 'A+sf'; Outlook Stable;
--Series 2004-1 B-1 at 'A+sf'; Outlook Stable;
--Series 2005-1 B-1 at 'A+sf'; Outlook Stable;
--Series 2006-1 B at 'A+sf'; Outlook Stable;
--Series 2007-2 B-1 at 'A+sf'; Outlook Stable.