<PAGE>
EXHIBIT 99.1
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 August 31, 2000
I. Noteholder Information
----------------------
A. Identification of Notes
-----------------------
<TABLE>
<CAPTION>
Series Description Cusip # Due Date
------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
B. Notification of Redemption Call of Notes
----------------------------------------
None
C. Principal Outstanding - August, 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 - August, 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 $85,540.00 $441,937.17 $399,186.67 $128,290.50 6.57900%
1999-1B 42,575.00 219,483.33 198,683.33 63,375.00 6.50000%
1999-1C 10,385.00 53,539.58 48,463.33 15,461.25 6.65000%
--------------------------------------------------------------------------
Totals $138,500.00 $714,960.08 $646,333.33 $207,126.75
==========================================================================
</TABLE>
E. Net Loan Rates for Next Interest Period
---------------------------------------
Interest Period
Series Starting Date Net Loan Rate
-------------------------------------------------------
1999-1A 18-Oct-00 9.51%
1999-1B 18-Oct-00 9.61%
1999-1C 18-Oct-00 9.31%
F. Noteholders' Carry-Over Amounts - August, 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>
G. Noteholders' Accrued Interest on Carry-Over Amounts - August, 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 - August, 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 - August, 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 - August, 2000
----------------------------------
Amount
-----------------
Balance, Start of Month.............................. $0.00
Additions During Month (Transfers from Surplus Fund). 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 - August, 2000
-------------------------------------------------
Amount
-----------------
Balance, Start of Month.............................. $1,645,733.51
Guarantee Fees Received (Refunded) During Month...... (1,352.28)
Interest Received During Month....................... 8,219.23
Other Additions During Month......................... 0.00
Less Withdrawals During Month for Default Payments... 0.00
-----------------
Balance, End of Month................................ $1,652,600.46
=================
III. Student Loan Information
------------------------
A. Student Loan Principal Outstanding - August, 2000
-------------------------------------------------
Amount
-----------------
Balance, Start of Month.............................. $106,808,609.67
Loans Purchased / Originated......................... 0.00
Capitalized Interest................................. 90,932.99
Less Principal Payments Received..................... (1,001,079.08)
Other Increases (Decreases).......................... 1,176.52
-----------------
Balance, End of Month................................ $105,899,640.10
=================
B. Composition of Student Loan Portfolio as of August 31, 2000
-----------------------------------------------------------
Amount
-----------------
Aggregate Outstanding Principal Balance............. $105,899,640.10
Number of Borrowers................................. 16,086
Average Outstanding Principal Balance Per Borrower.. $6,583
Number of Loans (Promissory Notes).................. 29,844
Average Outstanding Principal Balance Per Loan...... $3,548
Weighted Average Interest Rate...................... 8.49%
<PAGE>
C. Distribution of Student Loan Portfolio by Loan Type as of August 31, 2000
-------------------------------------------------------------------------
Outstanding
Principal
Loan Type Balance Percent
-------------------------------------------------------------------
Stafford - Subsidized........ $36,220,984.37 34.2%
Stafford - Unsubsidized...... 21,612,842.70 20.4%
PLUS......................... 12,294,983.30 11.6%
SLS.......................... 116,713.29 0.1%
Consolidation................ 5,861,104.22 5.5%
Alternative.................. 29,793,012.22 28.1%
--------------------------------------
Total........................ $105,899,640.10 100.0%
======================================
D. Distribution of Student Loan Portfolio by Interest Rate as of August 31,
------------------------------------------------------------------------
2000
----
Outstanding
Principal
Interest Rate Balance Percent
-------------------------------------------------------------------
Less Than 7.00%.............. $163,303.15 0.2%
7.00% to 7.49%............... 970,877.78 0.9%
7.50% to 7.99%............... 9,641,468.15 9.1%
8.00% to 8.49%............... 68,729,611.47 64.9%
8.50% to 8.99%............... 11,691,179.08 11.0%
9.00% to 9.49%............... 10,531,070.50 9.9%
9.50% or Greater............. 4,172,129.97 3.9%
--------------------------------------
Total........................ $105,899,640.10 100.0%
======================================
E. Distribution of Student Loan Portfolio by Borrower Payment Status as of
-----------------------------------------------------------------------
August 31, 2000
---------------
Outstanding
Principal
Borrower Payment Status Balance Percent
-------------------------------------------------------------------
School....................... $20,567,556.49 19.4%
Grace........................ 3,587,160.78 3.4%
Repayment.................... 66,208,930.32 62.5%
Deferment.................... 10,381,872.42 9.8%
Forbearance.................. 5,154,120.09 4.9%
--------------------------------------
Total........................ $105,899,640.10 100.0%
======================================
F. Distribution of Student Loan Portfolio by Delinquency Status as of
-------------------------------------------------------------------
August 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................ $3,511,699.45 4.3% 3.3%
61 to 90 Days................ 1,794,238.43 2.2% 1.7%
91 to 120 Days............... 820,499.51 1.0% 0.8%
121 to 180 Days.............. 1,242,225.38 1.5% 1.2%
181 to 270 Days.............. 1,775,367.22 2.2% 1.7%
Over 270 Days................ 312,518.97 0.4% 0.3%
Claims Filed, Not Yet Paid... 197,417.01 0.2% 0.2%
---------------------------------------------
Total........................ $9,653,965.97 11.8% 9.1%
=============================================
<PAGE>
G. Distribution of Student Loan Portfolio by Guarantee Status as of
----------------------------------------------------------------
August 31, 2000
---------------
Outstanding
Principal
Guarantee Status Balance Percent
-----------------------------------------------------------------------
FFELP Loan Guaranteed 100%................. $401,163.63 0.4%
FFELP Loan Guaranteed 98%.................. 75,705,464.25 71.5%
Alternative Loans Non-Guaranteed........... 29,793,012.22 28.1%
----------------------------
Total...................................... $105,899,640.10 100.0%
============================
H. Distribution of Student Loan Portfolio by Guarantee Agency as of
----------------------------------------------------------------
August 31, 2000
---------------
Outstanding
Principal
Guarantee Agency Balance Percent
-----------------------------------------------------------------------
Education Assistance Corporation........... $37,310,805.77 35.2%
California Student Aid Commission.......... 20,124,231.26 19.0%
United Student Aid Funds, Inc.............. 7,961,505.12 7.5%
Pennsylvania Higher Education Assistance
Agency.................................... 4,489,374.59 4.2%
Great Lakes Higher Education Corporation... 4,328,939.66 4.1%
Other Guarantee Agencies................... 1,891,771.48 1.8%
Alternative Loans Non-Guaranteed........... 29,793,012.22 28.1%
----------------------------
Total...................................... $105,899,640.10 100.0%
============================
I. Fees and Expenses Accrued For / Through August, 2000
----------------------------------------------------
For The 8
Months Ended
August, 2000 Aug. 31, 2000
----------------------------------
Servicing Fees............ $92,662.19 $728,954.00
Indenture Trustee Fees.... 2,631.17 21,050.06
Broker / Dealer Fees...... 27,189.58 179,802.07
Auction Agent Fees........ 2,175.17 17,120.68
Other Permitted Expenses.. 0.00 210.00
----------------------------------
Total..................... $124,658.11 $947,136.81
==================================
J. Ratio of Assets to Liabilities as of August 31, 2000
----------------------------------------------------
Amount
-----------------
Total Indenture Assets..................... $126,072,714.94
Total Indenture Liabilities................ 126,594,151.68
-----------------
Ratio...................................... 99.59%
=================
