<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 October 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 - October, 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 - October, 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 $156,346.67 $441,219.99 $397,973.33 $199,593.33 6.58000%
1999-1B 77,815.83 220,057.51 198,076.67 99,796.67 6.58000%
1999-1C 18,982.33 53,531.84 48,318.67 24,195.50 6.69000%
---------------------------------------------------------------
Totals $253,144.83 $714,809.34 $644,368.67 $323,585.50
===============================================================
</TABLE>
E. Net Loan Rates for Next Interest Period
Interest Period
Series Starting Date Net Loan Rate
-------------------------------------------------------
1999-1A 13-Dec-00 9.94%
1999-1B 13-Dec-00 10.02%
1999-1C 13-Dec-00 9.71%
F. Noteholders' Carry-Over Amounts - October, 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
<PAGE>
G. Noteholders' Accrued Interest on Carry-Over Amounts - October, 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 - October, 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 - October, 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 - October, 2000
Amount
---------------
Balance, Start of Month................................... $0.00
Additions During Month (Transfers from Surplus Fund)...... 6,189,679.28
Less Withdrawals for Eligible Loans:
Principal Acquired...................................... (6,135,031.68)
Premiums and Related Acquisition Costs.................. (54,647.60)
---------------
Balance, End of Month..................................... ($0.00)
===============
D. Alternative Loan Guarantee Account - October, 2000
Amount
---------------
Balance, Start of Month................................... $1,332,040.24
Guarantee Fees Received (Refunded) During Month........... 0.00
Interest Received During Month............................ 8,212.67
Other Additions During Month.............................. 0.00
Less Withdrawals During Month for Default Payments........ (39,762.06)
---------------
Balance, End of Month..................................... $1,300,490.85
===============
III. Student Loan Information
A. Student Loan Principal Outstanding - October, 2000
Amount
-----------------
Balance, Start of Month.................................. $106,932,346.99
Loans Purchased / Originated............................. 6,135,031.68
Capitalized Interest..................................... 106,295.08
Less Principal Payments Received......................... (1,128,121.99)
Less Defaulted Alternative Loans Transferred............. (37,438.09)
Other Increases (Decreases).............................. (61.38)
-----------------
Balance, End of Month.................................... $112,008,052.29
=================
B. Composition of Student Loan Portfolio as of October 31, 2000
Amount
-----------------
Aggregate Outstanding Principal Balance.................. $112,008,052.29
Number of Borrowers...................................... 16,936
Average Outstanding Principal Balance Per Borrower....... $6,614
Number of Loans (Promissory Notes)....................... 31,532
Average Outstanding Principal Balance Per Loan........... $3,552
Weighted Average Interest Rate........................... 8.51%
Page 2 of 4
<PAGE>
C. Distribution of Student Loan Portfolio by Loan Type as of October 31, 2000
Outstanding
Principal
Loan Type Balance Percent
-------------------------------------------------------------------------
Stafford - Subsidized............... $39,400,714.81 35.2%
Stafford - Unsubsidized............. 23,325,004.68 20.8%
PLUS................................ 13,958,177.43 12.5%
SLS................................. 114,424.00 0.1%
Consolidation....................... 5,834,076.23 5.2%
Alternative......................... 29,375,655.14 26.2%
-----------------------------------
Total............................... $112,008,052.29 100.0%
===================================
D. Distribution of Student Loan Portfolio by Interest Rate as of October 31,
2000
Outstanding
Principal
Interest Rate Balance Percent
-------------------------------------------------------------------------
Less Than 7.00%..................... $162,109.50 0.1%
7.00% to 7.49%...................... 1,000,183.11 0.9%
7.50% to 7.99%...................... 16,056,969.67 14.3%
8.00% to 8.49%...................... 50,717,119.87 45.3%
8.50% to 8.99%...................... 29,484,814.07 26.3%
9.00% to 9.49%...................... 1,288,367.97 1.2%
9.50% or Greater.................... 13,298,488.10 11.9%
-----------------------------------
Total............................... $112,008,052.29 100.0%
===================================
E. Distribution of Student Loan Portfolio by Borrower Payment Status as of
October 31, 2000
Outstanding
Principal
Borrower Payment Status Balance Percent
-------------------------------------------------------------------------
School.............................. $17,872,542.94 16.0%
Grace............................... 11,765,254.50 10.5%
Repayment........................... 64,484,525.17 57.6%
Deferment........................... 12,648,220.86 11.3%
Forbearance......................... 5,237,508.82 4.7%
-----------------------------------
Total............................... $112,008,052.29 100.0%
===================================
F. Distribution of Student Loan Portfolio by Delinquency Status as of
October 31, 2000
<TABLE>
<CAPTION>
Percent by Outstanding Balance
-------------------------------
Repayment,
Deferment,
Outstanding Forbearance
Principal & Claims Status All Loans in
Delinquency Status Balance Loans Only Portfolio
-------------------------------------------------------------------------------
<S> <C> <C> <C>
31 to 60 Days.................. $2,880,436.46 3.5% 2.6%
61 to 90 Days.................. 1,440,179.52 1.7% 1.3%
91 to 120 Days................. 1,665,042.62 2.0% 1.5%
121 to 180 Days................ 1,313,760.86 1.6% 1.2%
181 to 270 Days................ 1,273,064.47 1.5% 1.1%
Over 270 Days.................. 644,770.20 0.8% 0.6%
Claims Filed, Not Yet Paid..... 358,403.26 0.4% 0.3%
----------------------------------------------
Total.......................... $9,575,657.39 11.6% 8.5%
==============================================
</TABLE>
Page 3 of 4
<PAGE>
G. Distribution of Student Loan Portfolio by Guarantee Status as of
October 31, 2000
Outstanding
Principal
Guarantee Status Balance Percent
-------------------------------------------------------------------------
FFELP Loan Guaranteed 100%.......... $373,125.96 0.3%
FFELP Loan Guaranteed 98%........... 82,259,271.19 73.4%
Alternative Loans Non-Guaranteed.... 29,375,655.14 26.2%
-----------------------------------
Total............................... $112,008,052.29 100.0%
===================================
H. Distribution of Student Loan Portfolio by Guarantee Agency as of
October 31, 2000
Outstanding
Principal
Guarantee Agency Balance Percent
--------------------------------------------------------------------------
Education Assistance Corporation........... $42,382,428.39 37.8%
California Student Aid Commission.......... 20,828,703.22 18.6%
United Student Aid Funds, Inc.............. 8,757,063.10 7.8%
Pennsylvania Higher Education Assistance
Agency.................................... 4,500,440.35 4.0%
Great Lakes Higher Education Corporation... 4,210,064.52 3.8%
Other Guarantee Agencies................... 1,953,697.57 1.7%
Alternative Loans Non-Guaranteed........... 29,375,655.14 26.2%
-----------------------------
Total...................................... $112,008,052.29 100.0%
=============================
I. Fees and Expenses Accrued For / Through October, 2000
For The 10
Months Ended
October, 2000 Oct. 31, 2000
-----------------------------------
Servicing Fees....................... $98,007.05 $920,526.85
Indenture Trustee Fees............... 2,631.28 26,312.64
Broker / Dealer Fees................. 27,189.58 233,304.15
Auction Agent Fees................... 2,175.17 21,400.85
Other Permitted Expenses............. 0.00 210.00
-----------------------------------
Total................................ $130,003.08 $1,201,754.49
===================================
J. Ratio of Assets to Liabilities as of October 31, 2000
Amount
-----------------
Total Indenture Assets............... $126,249,152.26
Total Indenture Liabilities.......... 126,727,192.82
-----------------
Ratio................................ 99.62%
=================
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