<PAGE>
Student Loan Finance Corporation
Noteholders' Statement Pursuant to Section 5.23 of the Indenture and
Section 21 of the Servicing Agreement (Unaudited)
Education Loans Incorporated
Student Loan Asset-Backed Notes, Series 1999-1
Report for the Month Ended May 31, 2000
I. Noteholder Information
----------------------
A. Identification of Notes
-----------------------
Series Description Cusip # Due Date
---------------------------------------------------------------------------
1999-1A Senior Auction Rate Notes..........280907AP1 December 1, 2035
1999-1B Senior Auction Rate Notes..........280907AQ9 December 1, 2035
1999-1C Subordinate Auction Rate Notes.....280907AR7 December 1, 2035
B. Notification of Redemption Call of Notes
----------------------------------------
None
C. Principal Outstanding - May, 2000
---------------------------------
Principal Principal Principal
Outstanding, Payments Outstanding,
Series Start of Month During Month End of Month
---------------------------------------------------------------------------
1999-1A $78,000,000.00 $0.00 $78,000,000.00
1999-1B 39,000,000.00 0.00 39,000,000.00
1999-1C 9,300,000.00 0.00 9,300,000.00
---------------------------------------------------------------
Totals $126,300,000.00 $0.00 $126,300,000.00
===============================================================
D. Accrued Interest Outstanding - May, 2000
----------------------------------------
<TABLE>
<CAPTION>
Accrued Interest Interest Interest Accrued Interest Interest
Outstanding, Accrued Payments Outstanding, Rate As Of
Series Start of Month During Month During Month End of Month End Of Month
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1999-1A $343,633.33 $419,943.34 $749,233.34 $14,343.33 6.62000%
1999-1B 171,816.67 206,916.66 371,583.33 7,150.00 6.60000%
1999-1C 41,038.83 50,532.59 89,838.00 1,733.42 6.71000%
-------------------------------------------------------------------------------------
Totals $556,488.83 $677,392.59 $1,210,654.67 $23,226.75
=====================================================================================
</TABLE>
E. Net Loan Rates for Next Interest Period
---------------------------------------
Interest Period
Series Starting Date Net Loan Rate
-------------------------------------------------------
1999-1A 28-Jun-00 8.29%
1999-1B 28-Jun-00 8.41%
1999-1C 28-Jun-00 8.14%
F. Noteholders' Carry-Over Amounts - May, 2000
-------------------------------------------
Carry-Over Carry-Over
Amounts, Additions Payments Amounts,
Series Start of Month During Month During Month End of Month
---------------------------------------------------------------------------
1999-1A $0.00 $0.00 $0.00 $0.00
1999-1B 0.00 0.00 0.00 0.00
1999-1C 0.00 0.00 0.00 0.00
-----------------------------------------------------------------
Totals $0.00 $0.00 $0.00 $0.00
=================================================================
Page 1 of 4
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G. Noteholders' Accrued Interest on Carry-Over Amounts - May, 2000
---------------------------------------------------------------
Accrued Interest Interest Accrued
Interest, Accrued Payments Interest,
Series Start of Month During Month During Month End of Month
---------------------------------------------------------------------------
1999-1A $0.00 $0.00 $0.00 $0.00
1999-1B 0.00 0.00 0.00 0.00
1999-1C 0.00 0.00 0.00 0.00
-----------------------------------------------------------------
Totals $0.00 $0.00 $0.00 $0.00
=================================================================
II. Fund Information
----------------
A. Reserve Fund - May, 2000
------------------------
Amount
---------------------
Balance, Start of Month............................... $1,894,500.00
Additions During Month................................ 0.00
Less Withdrawals During Month......................... 0.00
---------------------
Balance, End of Month................................. $1,894,500.00
=====================
B. Capitalized Interest Account - May, 2000
----------------------------------------
Amount
---------------------
Balance, Start of Month............................... $4,554,040.99
Additions During Month................................ 0.00
Less Withdrawals During Month......................... 0.00
---------------------
Balance, End of Month................................. $4,554,040.99
=====================
C. Acquisition Account - May, 2000
-------------------------------
Amount
---------------------
Balance, Start of Month............................... $0.00
Additions During Month................................ 0.00
Less Withdrawals for Eligible Loans:
Principal Acquired.................................. 0.00
Premiums and Related Acquisition Costs.............. 0.00
---------------------
Balance, End of Month................................. $0.00
=====================
D. Alternative Loan Guarantee Account - May, 2000
----------------------------------------------
Amount
---------------------
Balance, Start of Month............................... $1,617,536.10
Guarantee Fees Received During Month.................. 0.00
Interest Received During Month........................ 12,078.00
Other Additions During Month.......................... 0.00
Less Withdrawals During Month for Default Payments.... 0.00
---------------------
Balance, End of Month................................. $1,629,614.10
=====================
III. Student Loan Information
------------------------
A. Student Loan Principal Outstanding - May, 2000
----------------------------------------------
Amount
---------------------
Balance, Start of Month............................... $109,491,484.19
Loans Purchased / Originated.......................... 0.00
Capitalized Interest.................................. 88,202.93
Less Principal Payments Received...................... (1,199,358.56)
Other Increases (Decreases)........................... (820.59)
---------------------
Balance, End of Month................................. $108,379,507.97
=====================
B. Composition of Student Loan Portfolio as of May 31, 2000
--------------------------------------------------------
Amount
---------------------
Aggregate Outstanding Principal Balance............... $108,379,507.97
Number of Borrowers................................... 16,426
Average Outstanding Principal Balance Per Borrower.... $6,598
Number of Loans (Promissory Notes).................... 3,077
Average Outstanding Principal Balance Per Loan........ 3,603
Weighted Average Interest Rate........................ 7.74%
Page 2 of 4
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C. Distribution of Student Loan Portfolio by Loan Type as of May 31, 2000
----------------------------------------------------------------------
Outstanding
Principal
Loan Type Balance Percent
---------------------------------------------------------------------------
Stafford - Subsidized................ $37,605,338.94 34.7%
Stafford - Unsubsidized.............. 22,229,774.63 20.5%
PLUS................................. 12,795,837.43 11.8%
SLS.................................. 113,926.88 0.1%
Consolidation........................ 5,846,348.30 5.4%
Alternative.......................... 29,788,281.79 27.5%
--------------------------------------
Total................................ $108,379,507.97 100.0%
======================================
D. Distribution of Student Loan Portfolio by Interest Rate as of May 31, 2000
--------------------------------------------------------------------------
Outstanding
Principal
Interest Rate Balance Percent
---------------------------------------------------------------------------
Less Than 7.00%....................... $25,545,801.60 23.6%
7.00% to 7.49%........................ 8,289,498.16 7.6%
7.50% to 7.99%........................ 43,372,889.90 40.0%
8.00% to 8.49%........................ 19,485,011.47 18.0%
8.50% to 8.99%........................ 0.00 0.0%
9.00% to 9.49%........................ 7,524,472.03 6.9%
9.50% or Greater...................... 4,161,834.81 3.8%
-------------------------------------
Total................................. $108,379,507.97 100.0%
=====================================
E. Distribution of Student Loan Portfolioent Status as of May 31, 2000
-------------------------------------------------------------------
Outstanding
Principal
Borrower Payment Status Balance Percent
---------------------------------------------------------------------------
School............................... $22,836,818.01 21.1%
Grace................................ 9,401,262.84 8.7%
Repayment............................ 60,747,381.89 56.1%
Deferment............................ 9,666,514.00 8.9%
Forbearance.......................... 5,373,545.61 5.0%
Claims............................... 353,985.62 0.3%
--------------------------------------
Total................................ $108,379,507.97 100.0%
======================================
F. Distribution of Student Loan Portfolio by Delinquency Status as of May 31,
--------------------------------------------------------------------------
2000
----
Percent by Outstanding Balance
-------------------------------
Repayment,
Deferment,
Outstanding Forbearance
Principal & Claims Status All Loans in
Delinquency Status Balance Loans Only Portfolio
---------------------------------------------------------------------------
31 to 60 Days............. $1,984,337.05 2.6% 1.8%
61 to 90 Days............. 1,397,323.84 1.8% 1.3%
91 to 120 Days............ 948,685.16 1.2% 0.9%
121 to 180 Days........... 2,028,873.73 2.7% 1.9%
181 to 270 Days........... 676,662.94 0.9% 0.6%
Over 270 Days............. 127,795.79 0.2% 0.1%
Claims Filed, Not
Yet Paid................. 346,993.90 0.5% 0.3%
-------------------------------------------------
Total..................... $7,510,672.41 9.9% 6.9%
=================================================
Page 3 of 4
<PAGE>
G. Distribution of Student Loan Portfolio by Guarantee Status as of May 31,
------------------------------------------------------------------------
2000
----
Outstanding
Principal
Guarantee Status Balance Percent
---------------------------------------------------------------------------
FFELP Loan Guaranteed 100%.................. $413,487.74 0.4%
FFELP Loan Guaranteed 98%................... 78,177,738.44 72.1%
Alternative Loans Non-Guaranteed............ 29,788,281.79 27.5%
-------------------------------
Total....................................... $108,379,507.97 100.0%
===============================
H. Distribution of Student Loan Portfolio by Guarantee Agency as of May 31,
------------------------------------------------------------------------
2000
----
Outstanding
Principal
Guarantee Agency Balance Percent
---------------------------------------------------------------------------
Education Assistance Corporation.............. $38,194,254.18 35.2%
California Student Aid Commission............. 21,145,159.12 19.5%
United Student Aid Funds, Inc................. 8,204,791.17 7.6%
Pennsylvania Higher Education Assistance
Agency....................................... 4,580,915.96 4.2%
Great Lakes Higher Education Corporation...... 4,493,123.98 4.1%
Other Guarantee Agencies...................... 1,972,981.77 1.8%
Alternative Loans Non-Guaranteed.............. 29,788,281.79 27.5%
-----------------------------
Total......................................... $108,379,507.97 100.0%
=============================
I. Fees and Expenses Accrued For / Through May, 2000
-------------------------------------------------
For The 5
Months Ended
May, 2000 May 31, 2000
-----------------------------------------
Servicing Fees.................... $94,832.07 $448,508.06
Indenture Trustee Fees............ 2,631.28 13,156.31
Broker / Dealer Fees.............. 27,189.58 99,110.41
Auction Agent Fees................ 2,175.17 10,665.34
Other Permitted Expenses.......... 0.00 0.00
-----------------------------------------
Total............................. $126,828.10 $571,440.12
=========================================
J. Ratio of Assets to Liabilities as of May 31, 2000
-------------------------------------------------
Amount
--------------------
Total Indenture Assets................................. $125,945,791.83
Total Indenture Liabilities............................ 126,412,722.69
--------------------
Ratio.................................................. 99.63%
====================
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