<PAGE>
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): April 20, 2000
EDUCATION LOANS INCORPORATED
________________________
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-85963 91-1819974
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
105 First Avenue Southwest, Aberdeen, South Dakota 57401
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (605) 622-4400
Not Applicable
(Former name or former address, if changed since last report)
<PAGE>
Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
Pursuant to the Servicing and Administration Agreement, dated as
of December 1, 1999 (the "Agreement"), among Education Loans
Incorporated, as Issuer (the "Issuer"), Student Loan Finance
Corporation, as Servicer and Administrator (the "Servicer"), and
U.S. Bank National Association, as Trustee (the "Trustee"), the
Servicer delivered to the Trustee the statement required by
Section 5.23 of the Indenture and Section 21 of the Agreement,
which statement is being filed as Exhibit 99.1 to this Form 8-K,
and based thereon the Trustee is required to make distributions
to the holders of the Issuer's Student Loan Asset-Backed Notes,
Series 1999-1.
Item 6. Resignation of Registrant's Directors.
Not Applicable.
<PAGE>
Item 7. Financial Statements and Exhibits.
(c) Exhibits
The following exhibit is filed herewith. The exhibit number
corresponds with Item 601(b) of Regulation S-K.
Exhibit No. Description
99.1 Servicing Report, dated March 31, 2000, delivered
to the Trustee.
Item 8. Change in Fiscal Year.
Not Applicable.
Item 9. Sales of Equity Securities Pursuant to Regulation S.
Not Applicable.
Signature
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, hereto duly authorized.
Date: April 20, 2000
EDUCATION LOANS INCORPORATED
By /s/ A. Norgrin Sanderson
--------------------------------
A. Norgrin Sanderson
President
<PAGE>
EXHIBIT INDEX
-------------
Exhibit Description of Exhibit
- ------- ----------------------
99.1 Servicing Report, dated March 31, 2000, delivered
to the Trustee.
<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 March 31, 2000
I. Noteholder Information
----------------------
A. Identification of Notes
-----------------------
<TABLE>
<CAPTION>
Series Description Cusip # Due Date
--------------------------------------------------------------------------------------------
<S> <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 - March, 2000
-----------------------------------
<TABLE>
<CAPTION>
Principal Principal Principal
Outstanding, Payments Outstanding,
Series Start of Month During Month End of Month
-----------------------------------------------------------------
<S> <C> <C> <C>
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
=======================================================
</TABLE>
D. Accrued Interest Outstanding - March, 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 $267,540.00 $394,940.00 $356,720.00 $305,760.00 5.88000%
1999-1B 132,632.50 196,570.83 176,843.33 152,360.00 5.86000%
1999-1C 32,007.50 47,249.17 42,676.67 36,580.00 5.90000%
---------------------------------------------------------------------
Totals $432,180.00 $638,760.00 $576,240.00 $494,700.00
=====================================================================
</TABLE>
E. Net Loan Rates for Next Interest Period
---------------------------------------
<TABLE>
<CAPTION>
Interest Period
Series Starting Date Net Loan Rate
-----------------------------------------------------------
<S> <C> <C>
1999-1A 03-May-00 8.89%
1999-1B 03-May-00 8.91%
1999-1C 03-May-00 8.86%
</TABLE>
F. Noteholders' Carry-Over Amounts - March, 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 - March, 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 - March, 2000
--------------------------
<TABLE>
<CAPTION>
Amount
-----------------
<S> <C>
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
=================
</TABLE>
B. Capitalized Interest Account - March, 2000
------------------------------------------
<TABLE>
<CAPTION>
Amount
-----------------
<S> <C>
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
=================
</TABLE>
C. Acquisition Account - March, 2000
----------------------------------
<TABLE>
<CAPTION>
Amount
-----------------
<S> <C>
Balance, Start of Month.................................... $18,013,655.29
Additions During Month..................................... 0.00
Less Withdrawals for Eligible Loans:
Principal Acquired....................................... (15,856,316.38)
Premiums and Related Acquisition Costs................... (80,873.39)
-----------------
Balance, End of Month...................................... $2,076,465.52
=================
</TABLE>
D. Alternative Loan Guarantee Account - March, 2000
------------------------------------------------
<TABLE>
<CAPTION>
Amount
-----------------
<S> <C>
Balance, Start of Month.................................... $1,051,109.16
Guarantee Fees Received During Month....................... 557,191.64
Interest Received During Month............................. 4,493.15
Other Additions During Month............................... 0.00
Less Withdrawals During Month for Default Payments......... 0.00
-----------------
Balance, End of Month...................................... $1,612,793.95
=================
</TABLE>
III. Student Loan Information
A. Student Loan Principal Outstanding - March, 2000
------------------------------------------------
<TABLE>
<CAPTION> Amount
-----------------
<S> <C>
Balance, Start of Month.................................... $ 94,548,772.93
Loans Purchased / Originated............................... 15,856,316.38
Capitalized Interest....................................... 142,274.41
Less Principal Payments Received........................... (1,683,624.97)
Other Increases (Decreases)................................ (4,776.51)
-----------------
Balance, End of Month...................................... $108,858,962.24
=================
</TABLE>
B. Composition of Student Loan Portfolio as of March 31, 2000
----------------------------------------------------------
<TABLE>
<CAPTION>
Amount
-----------------
<S> <C>
Aggregate Outstanding Principal Balance.................... $108,858,962.24
Number of Borrowers........................................ 16,402
Average Outstanding Principal Balance Per Borrower......... $6,637
Number of Loans (Promissory Notes)......................... 29,930
Average Outstanding Principal Balance Per Loan............. $3,637
Weighted Average Interest Rate............................. 7.58%
</TABLE>
Page 2 of 4
<PAGE>
C. Distribution of Student Loan Portfolio by Loan Type as of March 31, 2000
------------------------------------------------------------------------
<TABLE>
<CAPTION>
Outstanding
Principal
Loan Type Balance Percent
--------------------------------------------------------------------------------------------------
<S> <C> <C>
Stafford - Subsidized.................................... $37,705,326.72 34.6%
Stafford - Unsubsidized.................................. 22,028,216.41 20.2%
PLUS..................................................... 13,191,431.02 12.1%
SLS...................................................... 114,331.81 0.1%
Consolidation............................................ 5,860,541.66 5.4%
Alternative.............................................. 29,959,114.62 27.5%
--------------------------------------
Total.................................................... $108,858,962.24 100.0%
======================================
</TABLE>
D. Distribution of Student Loan Portfolio by Interest Rate as of March 31,
-----------------------------------------------------------------------
2000
----
<TABLE>
<CAPTION>
Outstanding
Principal
Interest Rate Balance Percent
--------------------------------------------------------------------------------------------------
<S> <C> <C>
Less Than 7.00%.......................................... $24,507,488.03 22.5%
7.00% to 7.49%........................................... 8,486,203.58 7.8%
7.50% to 7.99%........................................... 62,949,378.06 57.8%
8.00% to 8.49%........................................... 1,311,299.11 1.2%
8.50% to 8.99%........................................... 7,353,967.91 6.8%
9.00% to 9.49%........................................... 73,823.62 0.1%
9.50% or Greater......................................... 4,176,801.93 3.8%
--------------------------------------
Total.................................................... $108,858,962.24 100.0%
======================================
</TABLE>
E. Distribution of Student Loan Portfolio by Borrower Payment Status as of
-----------------------------------------------------------------------
March 31, 2000
--------------
<TABLE>
<CAPTION>
Outstanding
Principal
Borrower Payment Status Balance Percent
--------------------------------------------------------------------------------------------------
<S> <C> <C>
School................................................... $23,493,515.61 21.6%
Grace.................................................... 9,084,094.44 8.3%
Repayment................................................ 61,051,086.95 56.1%
Deferment................................................ 10,050,545.27 9.2%
Forbearance.............................................. 4,246,044.95 3.9%
Claims................................................... 933,675.02 0.9%
--------------------------------------
Total.................................................... $108,858,962.24 100.0%
======================================
</TABLE>
F. Distribution of Student Loan Portfolio by Delinquency Status as of March
------------------------------------------------------------------------
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>
31 to 60 Days...................... $2,325,632.70 3.0% 2.1%
61 to 90 Days...................... 2,118,109.92 2.8% 1.9%
91 to 120 Days..................... 1,529,715.06 2.0% 1.4%
121 to 180 Days.................... 841,561.65 1.1% 0.8%
181 to 270 Days.................... 317,088.90 0.4% 0.3%
Over 270 Days...................... 63,812.33 0.1% 0.1%
Claims Filed, Not Yet Paid......... 933,675.02 1.2% 0.9%
------------------------------------------------------------
Total.............................. $8,129,595.58 10.7% 7.5%
============================================================
</TABLE>
Page 3 of 4
<PAGE>
G. Distribution of Student Loan Portfolio by Guarantee Status as of March 31,
--------------------------------------------------------------------------
2000
----
<TABLE>
<CAPTION>
Outstanding
Principal
Guarantee Status Balance Percent
--------------------------------------------------------------------------------------------------
<S> <C> <C>
FFELP Loan Guaranteed 100%............................. $ 433,862.40 0.4%
FFELP Loan Guaranteed 98%.............................. 78,465,985.22 72.1%
Alternative Loans Non-Guaranteed....................... 29,959,114.62 27.5%
----------------------------------------
Total.................................................. $108,858,962.24 100.0%
========================================
</TABLE>
H. Distribution of Student Loan Portfolio by Guarantee Agency as of March 31,
--------------------------------------------------------------------------
2000
----
<TABLE>
<CAPTION>
Outstanding
Principal
Guarantee Agency Balance Percent
--------------------------------------------------------------------------------------------------
<S> <C> <C>
Education Assistance Corporation....................... $ 37,012,247.38 34.0%
California Student Aid Commission...................... 22,136,683.16 20.3%
United Student Aid Funds, Inc.......................... 8,344,523.17 7.7%
Pennsylvania Higher Education Assistance
Agency................................................. 4,677,102.97 4.3%
Great Lakes Higher Education Corporation............... 4,618,057.09 4.2%
Other Guarantee Agencies............................... 2,111,233.85 1.9%
Alternative Loans Non-Guaranteed....................... 29,959,114.62 27.5%
----------------------------------------
Total.................................................. $108,858,962.24 100.0%
========================================
</TABLE>
I. Fees and Expenses Accrued For / Through March, 2000
----------------------------------------------------
<TABLE>
<CAPTION>
For The 3
Months Ended
March, 2000 March 31, 2000
-------------------------------------
<S> <C> <C>
Servicing Fees........................ $95,251.59 $257,870.94
Indenture Trustee Fees................ 2,631.28 7,893.73
Broker / Dealer Fees.................. 27,189.58 45,608.33
Auction Agent Fees.................... 2,175.17 6,385.17
Other Permitted Expenses.............. 0.00 0.00
-------------------------------------
Total................................. $127,247.62 $317,758.17
=====================================
</TABLE>
J. Ratio of Assets to Liabilities as of March 31, 2000
---------------------------------------------------
<TABLE>
<CAPTION>
Amount
------------------
<S> <C>
Total Indenture Assets................................. $124,846,144.38
Total Indenture Liabilities............................ 126,910,369.25
------------------
Ratio.................................................. 98.37%
==================
</TABLE>
Page 4 of 4
