National Collegiate Student Loan Trust 2006-4

Closing Date: December 7, 2006
Monthly Distribution Report

Collection Period						05/01/07		to		05/31/07
Monthly Distribution Date						06/25/07
Volume 5

I	Asset and Liability Summary

A.			Student Loan Portfolio								04/30/07						Change						05/31/07
		1	Student Loan Principal								$	731,902,707.14					$	(2,136,814.68	)				$	729,765,892.46
		2	Student Loan Accrued Interest								$	7,830,665.44					$	5,947,680.01					$	13,778,345.45
		3	Pool Balance								$	739,733,372.58					$	3,810,865.33					$	743,544,237.91

		4	Weighted Average Coupon (WAC)									10.75	%					0.00	%					10.75	%
		5	Weighted Average Maturity (WAM)								261.6 Months						-1.3 Months						260.3 Months
		6	Number of Loans									56,825						-135						56,690
		7	Number of Borrowers									54,655						-129						54,526

B.			Trust Accounts and TERI Pledge Fund (at market value)								04/30/07						Change						05/31/07
		1	Collection Account + Collections Receivable								$	3,163,014.04					$	23,058.81					$	3,186,072.85
		2	Reserve Account								$	189,784,830.06					$	(6,289,577.88	)				$	183,495,252.18
		3	Total Trust Accounts								$	192,947,844.10					$	(6,266,519.07	)				$	186,681,325.03

		4	TERI Pledge Fund								$	46,502,732.85					$	(181,383.03	)				$	46,321,349.82

		5	Total Trust Accounts + TERI Pledge Fund								$	239,450,576.95					$	(6,447,902.10	)				$	233,002,674.85

		6	Pool Balance + Trust Accounts								$	932,681,216.68					$	(2,455,653.74	)				$	930,225,562.94

		7	Pool Balance + Trust Accounts + TERI Pledge Fund								$	979,183,949.53					$	(2,637,036.77	)				$	976,546,912.76

		8	Reserve Account Balance after the 06/25/07 Monthly Distribution Date will be $176,330,000.00.

C.			Securities	Cusip	Index		Spread		Initial Debt Issued		04/30/07			Change			05/31/07			Change			06/25/07			% of Securities
		1	Class A-1	63543WAA9	1M LIBOR		0.03%		$	285,000,000.00	$	270,606,175.25		$	(4,136,177.20	)	$	266,469,998.05		$	(4,611,356.45	)	$	261,858,641.60			26.14	%
		2	Class A-2	63543WAB7	1M LIBOR		0.14%		$	256,000,000.00	$	256,000,000.00		$	-		$	256,000,000.00		$	-		$	256,000,000.00			25.55	%
		3	Class A-3	63543WAC5	1M LIBOR		0.26%		$	134,000,000.00	$	134,000,000.00		$	-		$	134,000,000.00		$	-		$	134,000,000.00			13.38	%
		4	Class A-4	63543WAD3	1M LIBOR		0.31%		$	200,000,000.00	$	200,000,000.00		$	-		$	200,000,000.00		$	-		$	200,000,000.00			19.96	%
		5	Class A-IO	63543WAE1	Fixed		6.35%		(a)		(a)			$	-		(a)			$	-		(a)				0.00	%
		6	Class B	63543WAF8	1M LIBOR		0.34%		$	52,000,000.00	$	52,000,000.00		$	-		$	52,000,000.00		$	-		$	52,000,000.00			5.19	%
		7	Class C	63543WAG6	1M LIBOR		0.45%		$	51,000,000.00	$	51,000,000.00		$	-		$	51,000,000.00		$	-		$	51,000,000.00			5.09	%
		8	Class D	63543WAH4	1M LIBOR		1.10%		$	47,000,000.00	$	47,000,000.00		$	-		$	47,000,000.00		$	-		$	47,000,000.00			4.69	%
		9	Total Securities						$	1,025,000,000.00	$	1,010,606,175.25		$	(4,136,177.20	)	$	1,006,469,998.05		$	(4,611,356.45	)	$	1,001,858,641.60			100.00	%
	(a)		The initial notional amount, in effect thru the October 2011 Distribution Date, equals $200,000,000.

National Collegiate Student Loan Trust 2006-4

II	Transactions and Accruals			From 05/01/07 to 05/31/07

A.			Student Loan Cash Principal Activity
		1	Principal Payments Received		$	(1,660,808.20	)
		2	Principal Claims from Guarantor		$	(191,906.49	)
		3	Repurchased Principal		$	-
		4	New Loan Additions		$	-
		5	Other Adjustments (cancellations, consolidations and other)		$	(404,281.54	)
		6	Total Principal Collections		$	(2,256,996.23	)

B.			Student Loan Non-Cash Principal Activity
		1	Capitalized Interest		$	125,618.94
		2	Realized Losses		$	-
		3	Repurchased Principal		$	-
		4	New Loan Additions		$	-
		5	Other Adjustments		$	(5,437.39	)
		6	Total Non-Cash Principal Activity		$	120,181.55

C.			Total Student Loan Principal Activity (II.A.6 + II.B.6)		$	(2,136,814.68	)

D.			Student Loan Cash Interest Activity
		1	Interest Payments Received		$	(587,581.48	)
		2	Interest Claims from Guarantor		$	(3,471.92	)
		3	Repurchased Interest		$	-
		4	New Loan Additions		$	-
		5	Other Adjustments (cancellations, consolidations and other)		$	(4,701.28	)
		6	Total Interest Collections		$	(595,754.68	)

E.			Student Loan Non-Cash Interest Activity
		1	Interest Accruals		$	6,670,515.03
		2	Capitalized Interest		$	(125,618.94	)
		3	Realized Losses		$	-
		4	Repurchased Interest		$	-
		5	Other Adjustments		$	(1,461.40	)
		6	Total Non-Cash Interest Activity		$	6,543,434.69

F.			Total Student Loan Interest Activity (II.D.6 + II.E.6)		$	5,947,680.01

G.			Student Loan Late Fees Activity
		1	Cash Late Fees		$	(688.60	)
		2	Non-Cash Late Fees		$	1,336.61
		3	Net Late Fees Activity (II.G.1 + II.G.2)		$	648.01



III	Prepayment Data1/0/1900 01/00/00

Prepayment Rate ⁽¹⁾							%

	⁽¹⁾ The Prepayment Rate will be published on a semi-annual cycle. The initial measurement will be as of June 30, 2007.

National Collegiate Student Loan Trust 2006-4

IV	Collection Account Activity					From 05/01/07 to 05/31/07

A.			Collection Account
		1	Collections by Servicers					$	2,657,372.50
		2	Claim Payments from Guarantor					$	195,378.41
		3	Liquidation Proceeds and Recoveries					$	-
		4	Sale Proceeds					$	-
		5	Investment Earnings on Trust Accounts⁽¹⁾					$	797,131.98
		6	Excess of Required Reserve Amount Balance					$	6,950,000.00
		7	Other Receipts (Late Fees and Other)					$	688.61
		8	Prior Month Allocation and Adjustments					$	312,643.83
		9	Advances or Reimbursements					$	-
		10	Opening Balance and Post Sale Settlement					$	-
		11	Total Available Funds					$	10,913,215.33
		⁽¹⁾	Includes GIC interest from 05/24/07 - 06/21/07.

B.			Allocations thru 05/31/07 with Payments and Distributions for 06/25/07	Total Available		Remaining		Reserve Transfer
				Funds		Funds
				$	10,913,215.33	$	10,913,215.33
		1	Payment of Trustee, Servicers, Administrators & Paying Agent Fees & Expenses:
			(a) Payment of Trustee Fees & Expenses	$	3,000.00	$	10,910,215.33	$	-
			(b) Payment of Servicing Fees & Expenses	$	309,577.41	$	10,600,637.92	$	-
			(c) Payment of Administration Fees & Expenses	$	30,406.91	$	10,570,231.01	$	-
			(d) Payment of Irish Paying Agent Fees & Expenses	$	-	$	10,570,231.01	$	-
			(e) Payment of Back-up Administration Fees & Expenses	$	1,000.00	$	10,569,231.01	$	-
		2	Allocation of Trustee, Servicers, Administrators & Paying Agent Fees & Expenses:
			(a) Allocation of Trustee Fees & Expenses	$	-	$	10,569,231.01	$	-
			(b) Allocation of Servicing Fees & Expenses	$	88,147.91	$	10,481,083.10	$	-
			(c) Allocation of Administration Fees & Expenses	$	-	$	10,481,083.10	$	-
			(d) Allocation of Irish Paying Agent Fees & Expenses	$	-	$	10,481,083.10	$	-
			(e) Allocation of Back-up Administration Fees & Expenses	$	-	$	10,481,083.10	$	-
		3	Payment to TERI Pledge Fund, additional Guaranty Fees	$	-	$	10,481,083.10	$	-
		4	Payment of Interest Distribution Amount to Class A Securities:
			(a) Class A-1	$	1,227,612.48	$	9,253,470.62	$	-
			(b) Class A-2	$	1,203,626.67	$	8,049,843.95	$	-
			(c) Class A-3	$	643,870.00	$	7,405,973.95	$	-
			(d) Class A-4	$	969,611.11	$	6,436,362.84	$	-
			(e) Class A-IO	$	1,058,333.33	$	5,378,029.51	$	-
		5	Payment of Interest Distribution Amount to Class B Securities	$	253,442.22	$	5,124,587.29	$	-
		6	Payment of Interest Distribution Amount to Class C Securities	$	253,399.17	$	4,871,188.12	$	-
		7	Payment of Interest Distribution Amount to Class D Securities	$	259,831.67	$	4,611,356.45	$	-
		8	Transfer to Reinstate Reserve Account up to Required Reserve Amount Balance	$	-	$	4,611,356.45	$	-
		9	Payment to TERI, to Purchase Rehabilitated Loans	$	-	$	4,611,356.45	$	-
		10	Payment of Principal Distribution:
			(a) Class A-1	$	4,611,356.45	$	-	$	-
			(b) Class A-2	$	-	$	-	$	-
			(c) Class A-3	$	-	$	-	$	-
			(d) Class A-4	$	-	$	-	$	-
			(e) Class B Interest Carryover Shortfall	$	-	$	-	$	-
			(f) Class B	$	-	$	-	$	-
			(g) Class C Interest Carryover Shortfall	$	-	$	-	$	-
			(h) Class C	$	-	$	-	$	-
			(i) Class D Interest Carryover Shortfall	$	-	$	-	$	-
			(j) Class D	$	-	$	-	$	-
		11	Payment of any remaining Interest Carryover Shortfall to Class B Noteholders	$	-	$	-	$	-
		12	Payment of any remaining Interest Carryover Shortfall to Class C Noteholders	$	-	$	-	$	-
		13	Payment of any remaining Interest Carryover Shortfall to Class D Noteholders	$	-	$	-	$	-
		14	Payment of the following:	$	-	$	-	$	-
			(a) Unreimbursed Advances	$	-	$	-	$	-
			(b) Payment of Indenture Trustee Fees & Expenses, in excess of maximum amounts specified	$	-	$	-	$	-
			(c) Payment of Irish Paying Agent Fees & Expenses, in excess of maximum amounts specified	$	-	$	-	$	-
			(d) Payment of Owner Trustee Fees & Expenses, in excess of maximum amounts specified	$	-	$	-	$	-
			(e) Payment of Back-up Administration Fees & Expenses, in excess of maximum amounts specified	$	-	$	-	$	-
			(f) Payment of Indemnities, Fees & Expenses of the Servicers	$	-	$	-	$	-
			(g) Payment of Administration Fees & Expenses allocated to the Notes	$	-	$	-	$	-
		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 2006-4

V		Parity Calculations (excludes TERI Pledge Fund)												04/30/07						05/31/07

	1	Senior Parity ((Pool Balance + Trust Accounts) / Class A Securities)													108.37	%					108.61	%
	2	Total Parity ((Pool Balance + Trust Accounts) / Securities) ^(a)													92.29	%					92.42	%
^(a) Parity ratio calculations include all Securities.


VI		Portfolio Characteristics by Payment Status

			WAC						# of Loans					%						Principal Amount					%

Payment Status			04/30/07			05/31/07			04/30/07			05/31/07		04/30/07			05/31/07			04/30/07			05/31/07		04/30/07			05/31/07
Interim ⁽¹⁾
		In School		10.80	%		10.80	%		50,387			49,803		88.67	%		87.85	%	$	651,555,586.26		$	644,235,786.71		89.02	%		88.28	%
Total Interim										50,387			49,803		88.67	%		87.85	%	$	651,555,586.26		$	644,235,786.71		89.02	%		88.28	%
Repayment
		Active
		Current		10.30	%		10.32	%		5,997			6,128		10.55	%		10.81	%	$	74,480,451.47		$	75,428,339.92		10.18	%		10.34	%
		31-60 Days Delinquent		10.71	%		10.95	%		99			325		0.17	%		0.57	%	$	1,293,393.40		$	4,322,428.08		0.18	%		0.59	%
		61-90 Days Delinquent		11.19	%		11.28	%		84			108		0.15	%		0.19	%	$	1,119,664.82		$	1,390,738.11		0.15	%		0.19	%
		91-120 Days Delinquent		10.97	%		11.61	%		28			46		0.05	%		0.08	%	$	344,275.72		$	592,674.64		0.05	%		0.08	%
		121-150 Days Delinquent		10.53	%		10.19	%		27			10		0.05	%		0.02	%	$	248,043.15		$	227,412.31		0.03	%		0.03	%
		151-180 Days Delinquent		11.43	%		11.30	%		19			36		0.03	%		0.06	%	$	297,687.03		$	329,588.35		0.04	%		0.05	%
		> 180 Days Delinquent		11.45	%		11.29	%		24			38		0.04	%		0.07	%	$	389,727.05		$	600,075.79		0.05	%		0.08	%

		Forbearance		10.87	%		10.97	%		160			196		0.28	%		0.35	%	$	2,173,878.24		$	2,638,848.55		0.30	%		0.36	%
Total Repayment										6,438			6,887		11.33	%		12.15	%	$	80,347,120.88		$	85,530,105.75		10.98	%		11.72	%

Grand Total										56,825			56,690		100.00	%		100.00	%	$	731,902,707.14		$	729,765,892.46		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

						04/30/07						05/31/07
Borrower Type						Principal Amount			%			Principal Amount		%

	1	Creditworthy Cosigned Loans				$	611,026,799.15			83.48	%	$	609,347,139.13		83.50	%
	2	Creditworthy Non-Cosigned Loans				$	120,172,479.98			16.42	%	$	119,715,479.22		16.40	%
	3	Creditready Loans				$	703,428.01			0.10	%	$	703,274.11		0.10	%

Total						$	731,902,707.14			100.00	%	$	729,765,892.46		100.00	%

						04/30/07						05/31/07
Program Type						Principal Amount			%			Principal Amount		%

	1	Continuing Education				$	20,611,896.36			2.82	%	$	20,540,859.81		2.81	%
	2	Graduate				$	68,986,256.92			9.43	%	$	68,798,142.47		9.43	%
	3	K-12				$	14,648,048.29			2.00	%	$	14,276,906.22		1.96	%
	4	Medical				$	2,391,300.19			0.33	%	$	2,391,875.42		0.33	%
	5	Undergraduate				$	624,505,482.74			85.33	%	$	622,998,944.90		85.37	%
	6	Consolidation, Parent, Other				$	759,722.64			0.10	%	$	759,163.64		0.10	%

Total						$	731,902,707.14			100.00	%	$	729,765,892.46		100.00	%

National Collegiate Student Loan Trust 2006-4

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

			04/30/07			05/31/07
			Principal Amount			Principal Amount
A.		Cumulative Claims Filed to TERI ⁽¹⁾	$	499,686.29		$	1,032,043.56

B.		Cumulative Gross Default Rate ⁽²⁾		0.54	%		1.04	%

C.		Cumulative Claims Cancelled (Non-Default)	$	16,304.35		$	16,304.35

D.		Cumulative Default Rate after Claims Cancelled ^{(3) (4)}		0.53	%		1.02	%

E.		Cumulative Claim Payments Made	$	169,040.41		$	360,946.90

F.		Claims in Process	$	314,341.53		$	654,792.31

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	No			No
		Covenants Occurred?

	⁽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 financed student loans as of cutoff date 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 Nov 2011
	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 November 2011
	3	Has a Required Reserve Amount Balance date occurred? Yes
	4	Has the Stepdown Date of February 25, 2013 occurred (On or after Stepdown Date and if a Subordinate Note Trigger is in effect, Principal Distribution method will change)? No.
	5	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 on or after the Stepdown Date).
		- Has Note Parity Trigger occurred? No
		- If so, the date such trigger occurred.
		- Is Note Parity Trigger currently in effect? No
	6	Class B and C 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
	7	Class D Note Interest Trigger
		- Has a Class D Note Interest Trigger occurred? No
		- if so, the date the Class D Note Interest Trigger occurred.
		- Is a Class D Note Interest Trigger currently in effect? No
	8	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
	9	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
	10	Has an Event of Default occurred? No
	11	Has the Parity Ratio reached its release point of 103%? No
	12	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 2006-4 10-D