NATIONAL COLLEGIATE TRUST 1996-S1
8-K, 1996-09-06
ASSET-BACKED SECURITIES
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September 5, 1996

VIA EDGAR FILING SYSTEM

Securities and Exchange Commission
450  - 5th Street, N.W.
Judiciary Plaza
Washington, D.C.  20549

		Re:   	The National Collegiate Trust 1996-S1
			Collateralized Student Loan Bonds, Series 1996-S1
			Registration Number 33-63616
			
Ladies and Gentlemen:

             Enclosed for filing is the Current Report on Form 8-K dated
August 31, 1996 with exhibits for the referenced series of collateralized
student loan bonds.

             If you have any questions, please telephone the undersigned at
(212) 551-1470.


                                   Very truly yours,

                                   THE NATIONAL COLLEGIATE TRUST 1996-S1

                                   BY:     The First Marblehead Corporation,
                                           its Agent


                                   BY:
                                   Name:   Victor M. Samra, Jr.
                                   Title:  Chief Operating Officer



Enclosures:

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):  August 31, 1996


THE NATIONAL COLLEGIATE TRUST 1996-S1 (as issuer under the Indenture, dated as
of April 1, 1996, providing for the issuance of 7.45% Collateralized Student
Loan Bonds, Series 1996-S1)


The National Collegiate Trust 1996-S1

(Exact name of Issuer as specified in its charter)


Delaware                           33-63616          51-6503559
(State or Other Jurisdiction       (Commission     (I.R.S. Employer
of Incorporation)                   File Number)    Identification Number)

c/o Delaware Trust Company
900 Market Street
Wilmington, Delaware                19801
(Address of Principal               (Zip Code)
Executive Offices)

Registrant's telephone number, including area code (302) 421-7748


Item 7. Financial Statements and Exhibits

        (a)  Not applicable

        (b)  Pro Forma Financial Information.  See (c) below.

        (c)  Exhibits

        99.1 Monthly Servicer Report, dated August 31, 1996, prepared
             by the Pennsylvania Higher Education Assistance Agency,
             as Servicer.


SIGNATURES


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

                                    NATIONAL COLLEGIATE TRUST 1996-S1

                                    By:     DELAWARE TRUST COMPANY, not in its
                                            individual capacity but as Owner
                                            Trustee


                                    By:     /S/ Richard N. Smith
                                    Name:   Richard N. Smith
                                    Title:  Vice President


 Dated:  September 5, 1996


                           EXHIBITS TABLE

        99.1  Monthly Servicer Report, dated August 31, 1996, prepared by the
              Pennsylvania Higher Education Assistance Agency, as servicer.



                           EXHIBIT 99.1

                                  PHEAA
                      Creating Access to Education
          1200 North Seventh Street, Harrisburg, PA 17102-1444
                             (717) 720-2540

        Check Remittance:                       Wire/ACH Remittance:
         P.O. Box 360058                         Mellon Bank - West
         Pittsburgh, PA 15251-6058               ABA # 043000261
                                                 Account # 920-8481



ATTN: VICTOR M. SAMRA,JR.                  INVOICE NUMBER   64884
NATIONAL COLLEGIATE TRUST-1996 S1
C/O FIRST MARBLEHEAD LP                    DATE             09/05/96
237 PARK AVENUE, 21ST FLOOR
NEW YORK, NY 10017-3142
                                           CUSTOMER NUMBER  122962D

F 079-039-098-  -004-400-40102-710-90500   079710-039098-102

            Description                                               Amount
1996 FULL SERVICING CONTRACTS
AUGUST 1, 1996	THRU	AUGUST 31, 1996

LOAN SERVICING
ENDING PRINCIPAL BALANCE          3040520.30 @ (.0046/12.00)          1,165.53

SUB TOTAL:                                                            1,165.53
PENNSYLVANIA STATE TAX (6%):



TOTAL INVOICE AMOUNT DUE:                                             1,165.53

FAX: 212/551-1781 OR 212/697-8486
RATE EXPIRATION:
O1/l5/96 TO 9/30/99
10/01/99 TO 9/30/04
10/01/04 TO 9/30/08
10/01/08 TO 9/30/12

PLEASE DO NOT HESITATE TO CONTACT PHEAA'S
FINANCIAL MANAGEMENT ACCOUNTS RECEIVABLE STAFF
AT 717/720-2168 OR 717/720-2086 IF YOU HAVE ANY
QUESTIONS OR CONCERNS REGARDING YOUR INVOICE.








                         PAYABLE UPON RECEIPT
         TO INSURE PROPER CREDIT RETURN INVOICE WITH PAYMENT

                          2. Remittance Copy                           FRM:0004

<TABLE>
                                               THE NATIONAL COLLEGIATE TRUST   1996 S-1
                                               CASH/NON-CASH RECONCILIATION REPORT  -045-
                                                           DATE 08/31/96
                                              PORTFOLIO # 99999 / STATUS = IN-SCHOOL
                        NO.                    BORROWER        GOVT.    LT.CHARGES   NO.                    BORROWER        GOVT.
                       NOTES    PRINCIPAL      INTEREST      INTEREST    COLLECTED  NOTES    PRINCIPAL      INTEREST      INTEREST
                      ______ ______________ _____________ _____________ __________ ______ ______________ _____________ _____________
<S>                   <C>    <C>            <C>           <C>           <C>        <C>    <C>            <C>           <C>
 1.BEGINNING BALANCE                                                                 1075   2,246,603.43     97,389.87           .00
 2.NEW ACQUISITIONS                                                                     1      15,000.00        883.76
 3.TRANSFERS IN                                                                         0            .00           .00           .00
 4.CASH COLLECTIONS
   A.DEBITS
     1.REVERSALS           3           4.00         86.00           .00        .00
   B.CREDITS
     1.PAYMENTS           35       1,049.31      1,649.09           .00        .00
     2.PAYOFFS-CLAIM       0            .00           .00           .00        .00
   C.TOTAL CASH           38       1,045.31      1,563.09           .00        .00
 5.NON-CASH COLLECTION
   A.DEBITS
     1.REVERSALS-ADV       0            .00           .00           .00        .00
     2.ADJUST-ADVICE       6           4.44           .01           .00        .00
     3.WRITE-UPS-GEN       0            .00           .00           .00        .00
     4.CAPITAL INT.        0            .00           .00           .00        .00
     5.WRITE-UPS           5            .00           .00           .00        .00
     6.RESALES             0            .00           .00           .00        .00
   B.CREDITS
     1.PAYMENTS-ADV.       0            .00           .00           .00        .00
     2.ADJUST-ADVICE       7            .00           .07           .00        .00
     3.WRITE-OFFS-GE       0            .00           .00           .00        .00
     4.PAYOFFS-CLAIM       0            .00           .00           .00        .00
     5.CAPITAL INT.        0            .00           .00           .00        .00
     6.WRITE-OFFS          0            .00           .00           .00        .00
     7.CANCELLATIONS       0            .00           .00           .00        .00
   C.TOTAL NON-CASH       18           4.44           .06           .00        .00
 6.TRANSFERS OUT                                                                        5       7,790.00        228.13           .00
 7.OTHER REMOVALS                                                                       0            .00           .00           .00
 8.BALANCE BEFORE ACCRUALS                                                           1071   2,252,772.56     96,482.35           .00
 9.CURRENT MONTH ACCRUALS                                                                                    16,426.56           .00
10.ADJS PREV PDS EARNINGS                                                                                          .06           .00
11.ADJS PREV PDS EARNINGS-CLAIMS
   A.DEBITS                                                                                                        .00           .00
   B.CREDITS                                                                                                       .00           .00
   C.TOT ADJS PREV PDS EARN-CLAIMS                                                                                 .00           .00
12.SYSTEM REMOVALS                                                                      5            .00           .00           .00
13.ENDING BALANCE                                                                    1066   2,252,772.56    112,908.91           .00

                                               THE NATIONAL COLLEGIATE TRUST   1996 S-1
                                               CASH/NON-CASH RECONCILIATION REPORT  -045-
                                                           DATE 08/31/96
                                              PORTFOLIO # 99999 / STATUS = IN-GRACE
                        NO.                    BORROWER        GOVT.    LT.CHARGES   NO.                    BORROWER        GOVT.
                       NOTES    PRINCIPAL      INTEREST      INTEREST    COLLECTED  NOTES    PRINCIPAL      INTEREST      INTEREST
                      ______ ______________ _____________ _____________ __________ ______ ______________ _____________ _____________
 1.BEGINNING BALANCE                                                                  280     753,362.78     34,426.09           .00
 2.NEW ACQUISITIONS                                                                     0            .00           .00
 3.TRANSFERS IN                                                                         2       4,290.00         71.27           .00
 4.CASH COLLECTIONS
   A.DEBITS
     1.REVERSALS           0            .00           .00           .00        .00
   B.CREDITS
     1.PAYMENTS           16         433.31      1,333.61           .00        .00
     2.PAYOFFS-CLAIM       0            .00           .00           .00        .00
   C.TOTAL CASH           16         433.31      1,333.61           .00        .00
 5.NON-CASH COLLECTION
   A.DEBITS
     1.REVERSALS-ADV       0            .00           .00           .00        .00
     2.ADJUST-ADVICE       2           3.96           .00           .00        .00
     3.WRITE-UPS-GEN       0            .00           .00           .00        .00
     4.CAPITAL INT.        0            .00           .00           .00        .00
     5.WRITE-UPS           2            .00           .00           .00        .00
     6.RESALES             0            .00           .00           .00        .00
   B.CREDITS
     1.PAYMENTS-ADV.       0            .00           .00           .00        .00
     2.ADJUST-ADVICE       1            .00           .01           .00        .00
     3.WRITE-OFFS-GE       0            .00           .00           .00        .00
     4.PAYOFFS-CLAIM       0            .00           .00           .00        .00
     5.CAPITAL INT.        0            .00           .00           .00        .00
     6.WRITE-OFFS          0            .00           .00           .00        .00
     7.CANCELLATIONS       0            .00           .00           .00        .00
   C.TOTAL NON-CASH        5           3.96           .01           .00        .00
 6.TRANSFERS OUT                                                                        4       8,259.00        392.69           .00
 7.OTHER REMOVALS                                                                       0            .00           .00           .00
 8.BALANCE BEFORE ACCRUALS                                                            278     748,964.43     32,771.05           .00
 9.CURRENT MONTH ACCRUALS                                                                                     5,534.94           .00
10.ADJS PREV PDS EARNINGS                                                                                          .01           .00
11.ADJS PREV PDS EARNINGS-CLAIMS
   A.DEBITS                                                                                                        .00           .00
   B.CREDITS                                                                                                       .00           .00
   C.TOT ADJS PREV PDS EARN-CLAIMS                                                                                 .00           .00
12.SYSTEM REMOVALS                                                                      2            .00           .00           .00
13.ENDING BALANCE                                                                     276     748,964.43     38,305.99           .00

                                               THE NATIONAL COLLEGIATE TRUST   1996 S-1
                                               CASH/NON-CASH RECONCILIATION REPORT  -045-
                                                           DATE 08/31/96
                                              PORTFOLIO # 99999 / STATUS = PAYOUT
                        NO.                    BORROWER        GOVT.    LT.CHARGES   NO.                    BORROWER        GOVT.
                       NOTES    PRINCIPAL      INTEREST      INTEREST    COLLECTED  NOTES    PRINCIPAL      INTEREST      INTEREST
                      ______ ______________ _____________ _____________ __________ ______ ______________ _____________ _____________
 1.BEGINNING BALANCE                                                                    9      26,574.09        347.66           .00
 2.NEW ACQUISITIONS                                                                     0            .00           .00
 3.TRANSFERS IN                                                                         7      11,759.00        549.55           .00
 4.CASH COLLECTIONS
   A.DEBITS
     1.REVERSALS           0            .00           .00           .00        .00
   B.CREDITS
     1.PAYMENTS            5          11.74        114.55           .00        .00
     2.PAYOFFS-CLAIM       0            .00           .00           .00        .00
   C.TOTAL CASH            5          11.74        114.55           .00        .00
 5.NON-CASH COLLECTION
   A.DEBITS
     1.REVERSALS-ADV       0            .00           .00           .00        .00
     2.ADJUST-ADVICE       0            .00           .00           .00        .00
     3.WRITE-UPS-GEN       0            .00           .00           .00        .00
     4.CAPITAL INT.        5         461.96           .00           .00        .00
     5.WRITE-UPS           0            .00           .00           .00        .00
     6.RESALES             0            .00           .00           .00        .00
   B.CREDITS
     1.PAYMENTS-ADV.       0            .00           .00           .00        .00
     2.ADJUST-ADVICE       0            .00           .00           .00        .00
     3.WRITE-OFFS-GE       0            .00           .00           .00        .00
     4.PAYOFFS-CLAIM       0            .00           .00           .00        .00
     5.CAPITAL INT.        5            .00        461.96           .00        .00
     6.WRITE-OFFS          0            .00           .00           .00        .00
     7.CANCELLATIONS       0            .00           .00           .00        .00
   C.TOTAL NON-CASH       10         461.96        461.96           .00        .00
 6.TRANSFERS OUT                                                                        0            .00           .00           .00
 7.OTHER REMOVALS                                                                       0            .00           .00           .00
 8.BALANCE BEFORE ACCRUALS                                                             16      38,783.31        320.70           .00
 9.CURRENT MONTH ACCRUALS                                                                                       285.02           .00
10.ADJS PREV PDS EARNINGS                                                                                          .00           .00
11.ADJS PREV PDS EARNINGS-CLAIMS
   A.DEBITS                                                                                                        .00           .00
   B.CREDITS                                                                                                       .00           .00
   C.TOT ADJS PREV PDS EARN-CLAIMS                                                                                 .00           .00
12.SYSTEM REMOVALS                                                                      0            .00           .00           .00
13.ENDING BALANCE                                                                      16      38,783.31        605.72           .00

                                               THE NATIONAL COLLEGIATE TRUST   1996 S-1
                                               CASH/NON-CASH RECONCILIATION REPORT  -045-
                                                           DATE 08/31/96
                                              PORTFOLIO # 99999 / STATUS = TOTAL
                        NO.                    BORROWER        GOVT.    LT.CHARGES   NO.                    BORROWER        GOVT.
                       NOTES    PRINCIPAL      INTEREST      INTEREST    COLLECTED  NOTES    PRINCIPAL      INTEREST      INTEREST
                      ______ ______________ _____________ _____________ __________ ______ ______________ _____________ _____________
 1.BEGINNING BALANCE                                                                 1364   3,026,540.30    132,163.62           .00
 2.NEW ACQUISITIONS                                                                     1      15,000.00        883.76
 3.TRANSFERS IN                                                                         9      16,049.00        620.82           .00
 4.CASH COLLECTIONS
   A.DEBITS
     1.REVERSALS           3           4.00         86.00           .00        .00
   B.CREDITS
     1.PAYMENTS           56       1,494.36      3,097.25           .00        .00
     2.PAYOFFS-CLAIM       0            .00           .00           .00        .00
   C.TOTAL CASH           59       1,490.36      3,011.25           .00        .00
 5.NON-CASH COLLECTION
   A.DEBITS
     1.REVERSALS-ADV       0            .00           .00           .00        .00
     2.ADJUST-ADVICE       8           8.40           .01           .00        .00
     3.WRITE-UPS-GEN       0            .00           .00           .00        .00
     4.CAPITAL INT.        5         461.96           .00           .00        .00
     5.WRITE-UPS           7            .00           .00           .00        .00
     6.RESALES             0            .00           .00           .00        .00
   B.CREDITS
     1.PAYMENTS-ADV.       0            .00           .00           .00        .00
     2.ADJUST-ADVICE       8            .00           .08           .00        .00
     3.WRITE-OFFS-GE       0            .00           .00           .00        .00
     4.PAYOFFS-CLAIM       0            .00           .00           .00        .00
     5.CAPITAL INT.        5            .00        461.96           .00        .00
     6.WRITE-OFFS          0            .00           .00           .00        .00
     7.CANCELLATIONS       0            .00           .00           .00        .00
   C.TOTAL NON-CASH       33         470.36        462.03           .00        .00
 6.TRANSFERS OUT                                                                        9      16,049.00        620.82           .00
 7.OTHER REMOVALS                                                                       0            .00           .00           .00
 8.BALANCE BEFORE ACCRUALS                                                           1365   3,040,520.30    129,574.10           .00
 9.CURRENT MONTH ACCRUALS                                                                                    22,246.52           .00
10.ADJS PREV PDS EARNINGS                                                                                          .07           .00
11.ADJS PREV PDS EARNINGS-CLAIMS
   A.DEBITS                                                                                                        .00           .00
   B.CREDITS                                                                                                       .00           .00
   C.TOT ADJS PREV PDS EARN-CLAIMS                                                                                 .00           .00
12.SYSTEM REMOVALS                                                                      7            .00           .00           .00
13.ENDING BALANCE                                                                    1358   3,040,520.30    151,820.62           .00
</TABLE>
<TABLE>
                                           THE NATIONAL COLLEGIATE TRUST   1996 S-1
                                                DELINQUENCY/CLAIM/STATUS REPORT
                                                      (NOTE 047 - PART2)
                                                         DATE 08/31/96
                                                        PORTFOLIO 99999
                 NUMB  NUMB         OUTSTANDING PRINCIPAL BALANCE                       OUTSTANDING ACCRUED INTEREST RECEIVABLE
                            _____________________________________________________  ________________________________________________
                 NOTES BORR    SUBSIDIZED       NON-SUB         TOTAL      % TOT     INSURED     NON-INSURED      TOTAL      % TOT
                 _____ _____   __________       _______         _____      _____     _______     ___________      _____      _____
<S>              <C>  <C>      <C>              <C>             <C>        <C>       <C>         <C>              <C>        <C>
INTERIM:
_______
 IN-SCHOOL       1,066  1,066            .00   2,252,772.56   2,252,772.56  74.09    112,908.91           .00    112,908.91   74.37
 GRACE             276    276            .00     748,964.43     748,964.43  24.63     38,305.99           .00     38,305.99   25.23
 TOT INTERIM     1,342  1,342            .00   3,001,736.99   3,001,736.99  98.72    151,214.90           .00    151,214.90   99.60
 DELINQUENT:
  30-60 DAYS         0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  61-90 DAYS         0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  91-120 DAYS        0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  121-150 DAYS       0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  151-180 DAYS       0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  OVER 180 DAYS      0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  TOT INTERIM        0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
 CLAIMS IN PROCESS:
  DEATH              0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  DISABILITY         0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  BANKRUPTCY         0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  DEFAULT            0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  TOT INTERIM        0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
   1 - 75 DAYS       0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
   OVER 75 DAYS      0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
 TOTAL ENROLLED  1,066  1,066            .00   2,252,772.56   2,252,772.56  74.09    112,908.91           .00    112,908.91   74.37
 TOTAL GRACE       276    276            .00     748,964.43     748,964.43  24.63     38,305.99           .00     38,305.99   25.23
 TOTAL INTERIM   1,342  1,342            .00   3,001,736.99   3,001,736.99  98.72    151,214.90           .00    151,214.90   99.60

                                           THE NATIONAL COLLEGIATE TRUST   1996 S-1
                                                DELINQUENCY/CLAIM/STATUS REPORT
                                                      (NOTE 047 - PART2)
                                                         DATE 08/31/96
                                                        PORTFOLIO 99999
                 NUMB  NUMB         OUTSTANDING PRINCIPAL BALANCE                       OUTSTANDING ACCRUED INTEREST RECEIVABLE
                            _____________________________________________________  ________________________________________________
                 NOTES BORR    SUBSIDIZED       NON-SUB         TOTAL      % TOT     INSURED     NON-INSURED      TOTAL      % TOT
                 _____ _____   __________       _______         _____      _____     _______     ___________      _____      _____
REPAYMENT:
_________
 ACTIVE CURRENT     12     12            .00      33,215.47      33,215.47   1.09        377.65           .00        377.65    0.25
 FOREBEARANCE        4      4            .00       5,567.84       5,567.84   0.18        228.07           .00        228.07    0.15
 DEFERRED            0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
 TOT REPAYMENT      16     16            .00      38,783.31      38,783.31   1.28        605.72           .00        605.72    0.40
 DELINQUENT:
  30-60 DAYS         0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  61-90 DAYS         0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  91-120 DAYS        0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  OVER 120 DAYS      0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  TOT REPAYMENT      0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
 CLAIMS IN PROCESS:
  DEATH              0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  DISABILITY         0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  BANKRUPTCY         0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  DEFAULT            0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
  TOT REPAYMENT      0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
   1-75 DAYS         0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
   OVER 75 DAYS      0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
 TOT ACTIVE         12     12            .00      33,215.47      33,215.47   1.09        377.65           .00        377.65    0.25
 TOT FOREBEAR        4      4            .00       5,567.84       5,567.84   0.18        228.07           .00        228.07    0.15
 TOT DEFER           0      0            .00            .00            .00   0.00           .00           .00           .00    0.00
 TOT REPAYMENT      16     16            .00      38,783.31      38,783.31   1.28        605.72           .00        605.72    0.40

PORT TOTAL       1,358  1,358            .00   3,040,520.30   3,040,520.30           151,820.62           .00    151,820.62
</TABLE>
<TABLE>
                                 THE NATIONAL COLLEGIATE TRUST   1996 S-1
                            049   PORTFOLIO CHARACTERISTICS REPORT - NOTE LEVEL      DATE 08/31/96          5
                                                                      -----------TERMS (ANTICIPATED)----------
                                                                       GRADUATION      GRACE      FINAL PAYOUT
                                               $ WTD        TOTAL     ------------  ------------  ------------
                            NO.       NO.     INTEREST     UNPAID     STND   $ WTD  STND   $ WTD  STND   $ WTD
                           LOANS   BORROWERS    RATE      PRINCIPAL    AVE    AVE    AVE    AVE    AVE    AVE
                          -------  ---------  -------- -------------- ----   -----  ----   -----  ----   -----
<S>                       <C>      <C>        <C>      <C>            <C>    <C>    <C>    <C>    <C>    <C>
   TOTAL NATIONAL COLLEGIATE
     IN-SCHOOL              1,090     1,090    8.67243   2,334,497.56   23      22     3       3    55      67
     IN-GRACE                 252       252    8.71411     667,239.43                  0       0    63      79
     IN-PAYOUT                 16        16    8.67805      38,783.31                               39      45
    NATIONAL COLLEGIATE     1,358     1,358    8.68165   3,040,520.30   19      17     2       2    56      70
</TABLE>



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