<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 November 30, 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 - November, 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 - November, 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 $199,593.33 $427,700.01 $399,186.67 $228,106.67 6.58000%
1999-1B 99,796.67 212,463.33 199,593.33 112,666.67 6.50000%
1999-1C 24,195.50 51,888.83 48,391.00 27,693.33 6.70000%
-------------------------------------------------------------------------------------
Totals $323,585.50 $692,052.17 $647,171.00 $368,466.67
=====================================================================================
</TABLE>
E. Net Loan Rates for Next Interest Period
---------------------------------------
Interest Period
Series Starting Date Net Loan Rate
-------------------------------------------------------
1999-1A 10-Jan-01 9.69%
1999-1B 10-Jan-01 9.85%
1999-1C 10-Jan-01 9.60%
F. Noteholders' Carry-Over Amounts - November, 2000
------------------------------------------------
<TABLE>
<CAPTION>
Carry-Over Carry-Over
Amounts, Additions Payments Amounts,
Series Start of Month During Month During Month End of Month
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
=====================================================================================
</TABLE>
Page 1 of 4
<PAGE>
G. Noteholders' Accrued Interest on Carry-Over Amounts - November, 2000
--------------------------------------------------------------------
<TABLE>
<CAPTION>
Accrued Interest Interest Accrued
Interest, Accrued Payments Interest,
Series Start of Month During Month During Month End of Month
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
=====================================================================================
</TABLE>
II. Fund Information
----------------
A. Reserve Fund - November, 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 - November, 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 - November, 2000
------------------------------------
Amount
-----------------
Balance, Start of Month................................ $0.00
Additions During Month (Transfers from Surplus Fund)... 50,248.63
Less Withdrawals for Eligible Loans:
Principal Acquired................................... 0.00
Premiums and Related Acquisition Costs............... (50,248.63)
-----------------
Balance, End of Month.................................. $0.00
=================
D. Alternative Loan Guarantee Account - November, 2000
---------------------------------------------------
Amount
-----------------
Balance, Start of Month................................ $1,300,490.85
Guarantee Fees Received (Refunded) During Month........ 0.00
Interest Received During Month......................... 6,658.20
Other Additions During Month........................... 326.03
Less Withdrawals During Month for Default Payments..... (43,819.19)
-----------------
Balance, End of Month.................................. $1,263,655.89
=================
III. Student Loan Information
------------------------
A. Student Loan Principal Outstanding - November, 2000
---------------------------------------------------
Amount
-----------------
Balance, Start of Month................................ $112,008,052.29
Loans Purchased / Originated........................... 0.00
Capitalized Interest................................... 699,783.40
Less Principal Payments Received....................... (1,202,747.10)
Less Defaulted Alternative Loans Transferred........... (41,369.05)
Other Increases (Decreases)............................ (2,353.36)
-----------------
Balance, End of Month.................................. $111,461,366.18
=================
B. Composition of Student Loan Portfolio as of November 30, 2000
-------------------------------------------------------------
Amount
-----------------
Aggregate Outstanding Principal Balance................ $111,461,366.18
Number of Borrowers.................................... 16,804
Average Outstanding Principal Balance Per Borrower..... $6,633
Number of Loans (Promissory Notes)..................... 31,298
Average Outstanding Principal Balance Per Loan......... $3,561
Weighted Average Interest Rate......................... 8.57%
Page 2 of 4
<PAGE>
C. Distribution of Student Loan Portfolio by Loan Type as of November 30,
----------------------------------------------------------------------
2000
----
Outstanding
Principal
Loan Type Balance Percent
-----------------------------------------------------------------------
Stafford - Subsidized................. $38,850,080.57 34.9%
Stafford - Unsubsidized............... 23,175,796.04 20.8%
PLUS.................................. 13,771,587.44 12.4%
SLS................................... 99,651.81 0.1%
Consolidation......................... 5,819,403.70 5.2%
Alternative........................... 29,744,846.62 26.7%
---------------------------------
Total................................. $111,461,366.18 100.0%
=================================
D. Distribution of Student Loan Portfolio by Interest Rate as of November 30,
--------------------------------------------------------------------------
2000
----
Outstanding
Principal
Interest Rate Balance Percent
-----------------------------------------------------------------------
Less Than 7.00%....................... $161,564.02 0.1%
7.00% to 7.49%........................ 992,216.88 0.9%
7.50% to 7.99%........................ 11,990,345.03 10.7%
8.00% to 8.49%........................ 54,114,018.56 48.6%
8.50% to 8.99%........................ 26,228,784.49 23.5%
9.00% to 9.49%........................ 1,262,355.18 1.1%
9.50% or Greater...................... 16,712,082.02 15.0%
---------------------------------
Total................................. $111,461,366.18 100.0%
=================================
E. Distribution of Student Loan Portfolio by Borrower Payment Status as of
-----------------------------------------------------------------------
November 30, 2000
-----------------
Outstanding
Principal
Borrower Payment Status Balance Percent
-----------------------------------------------------------------------
School................................ $17,944,588.64 16.1%
Grace................................. 3,357,254.03 3.0%
Repayment............................. 72,027,556.49 64.6%
Deferment............................. 12,644,757.49 11.3%
Forbearance........................... 5,487,209.53 4.9%
---------------------------------
Total................................. $111,461,366.18 100.0%
=================================
F. Distribution of Student Loan Portfolio by Delinquency Status as of
------------------------------------------------------------------
November 30, 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.................... $2,595,658.31 2.9% 2.3%
61 to 90 Days.................... 1,552,390.32 1.7% 1.4%
91 to 120 Days................... 871,684.28 1.0% 0.8%
121 to 180 Days.................. 2,028,369.95 2.2% 1.8%
181 to 270 Days.................. 1,088,922.14 1.2% 1.0%
Over 270 Days.................... 394,522.73 0.4% 0.4%
Claims Filed, Not Yet Paid....... 689,675.37 0.8% 0.6%
-----------------------------------------------------------
Total............................ $9,221,223.10 10.2% 8.3%
===========================================================
</TABLE>
Page 3 of 4
<PAGE>
G. Distribution of Student Loan Portfolio by Guarantee Status as of
----------------------------------------------------------------
November 30, 2000
-----------------
Outstanding
Principal
Guarantee Status Balance Percent
-----------------------------------------------------------------------
FFELP Loan Guaranteed 100%............ $362,208.30 0.3%
FFELP Loan Guaranteed 98%............. 81,354,311.26 73.0%
Alternative Loans Non-Guaranteed...... 29,744,846.62 26.7%
---------------------------------
Total................................. $111,461,366.18 100.0%
=================================
H. Distribution of Student Loan Portfolio by Guarantee Agency as of
----------------------------------------------------------------
November 30, 2000
-----------------
Outstanding
Principal
Guarantee Agency Balance Percent
-----------------------------------------------------------------------
Education Assistance Corporation.......... $41,946,288.71 37.6%
California Student Aid Commission......... 20,597,641.17 18.5%
United Student Aid Funds, Inc............. 8,682,310.05 7.8%
Pennsylvania Higher Education Assistance
Agency................................... 4,422,483.17 4.0%
Great Lakes Higher Education Corporation.. 4,161,244.65 3.7%
Other Guarantee Agencies.................. 1,906,551.81 1.7%
Alternative Loans Non-Guaranteed.......... 29,744,846.62 26.7%
-----------------------------
Total..................................... $111,461,366.18 100.0%
=============================
I. Fees and Expenses Accrued For / Through November, 2000
-------------------------------------------------------
For The 11
Months Ended
November, 2000 Nov. 30, 2000
-------------------------------------
Servicing Fees.................... $97,528.70 $1,018,055.55
Indenture Trustee Fees............ 2,631.30 28,943.94
Broker / Dealer Fees.............. 26,312.50 259,616.65
Auction Agent Fees................ 2,105.00 23,505.85
Other Permitted Expenses.......... 0.00 210.00
-------------------------------------
Total............................. $128,577.50 $1,330,331.99
=====================================
J. Ratio of Assets to Liabilities as of November 30, 2000
------------------------------------------------------
Amount
-----------------
Total Indenture Assets.................... $127,691,301.02
Total Indenture Liabilities............... 126,776,276.90
-----------------
Ratio..................................... 100.72%
=================
Page 4 of 4
