<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 July 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 - July, 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 - July, 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 $43,225.00 $445,748.33 $403,433.33 $85,540.00 6.58000%
1999-1B 21,450.00 221,325.00 200,200.00 42,575.00 6.55000%
1999-1C 5,184.75 53,591.25 48,391.00 10,385.00 6.70000%
-------------------------------------------------------------------------------------
Totals $69,859.75 $720,664.58 $652,024.33 $138,500.00
=====================================================================================
</TABLE>
E. Net Loan Rates for Next Interest Period
---------------------------------------
Interest Period
Series Starting Date Net Loan Rate
-------------------------------------------------------
1999-1A 23-Aug-00 8.58%
1999-1B 23-Aug-00 8.66%
1999-1C 23-Aug-00 8.42%
F. Noteholders' Carry-Over Amounts - July, 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 - July, 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 - July, 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 - July, 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 - July, 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 - July, 2000
-----------------------------------------------
Amount
--------------
Balance, Start of Month.................................. $1,637,612.59
Guarantee Fees Received During Month..................... 0.00
Interest Received During Month........................... 8,120.92
Other Additions During Month............................. 0.00
Less Withdrawals During Month for Default Payments....... 0.00
--------------
Balance, End of Month.................................... $1,645,733.51
==============
III. Student Loan Information
------------------------
A. Student Loan Principal Outstanding - July, 2000
-----------------------------------------------
Amount
----------------
Balance, Start of Month..................................$107,801,391.65
Loans Purchased / Originated............................. 0.00
Capitalized Interest..................................... 105,935.82
Less Principal Payments Received......................... (1,094,705.65)
Other Increases (Decreases).............................. (4,012.15)
----------------
Balance, End of Month....................................$106,808,609.67
================
B. Composition of Student Loan Portfolio as of July 31, 2000
---------------------------------------------------------
Amount
----------------
Aggregate Outstanding Principal Balance..................$106,808,609.67
Number of Borrowers...................................... 16,182
Average Outstanding Principal Balance Per Borrower....... $6,600
Number of Loans (Promissory Notes)....................... 29,661
Average Outstanding Principal Balance Per Loan........... $3,601
Weighted Average Interest Rate........................... 8.49%
Page 2 of 4
<PAGE>
C. Distribution of Student Loan Portfolio by Loan Type as of July 31, 2000
-----------------------------------------------------------------------
<TABLE>
<CAPTION>
Outstanding
Principal
Loan Type Balance Percent
-------------------------------------------------------------------------------------------------
<S> <C> <C>
Stafford - Subsidized.......................................$ 36,685,742.33 34.3%
Stafford - Unsubsidized..................................... 21,849,577.92 20.5%
PLUS........................................................ 12,434,925.21 11.6%
SLS......................................................... 112,682.04 0.1%
Consolidation............................................... 5,859,629.88 5.5%
Alternative................................................. 29,866,052.29 28.0%
-------------------------------------
Total.......................................................$106,808,609.67 100.0%
=====================================
</TABLE>
D. Distribution of Student Loan Portfolio by Interest Rate as of July 31,
----------------------------------------------------------------------
2000
----
<TABLE>
<CAPTION>
Outstanding
Principal
Interest Rate Balance Percent
-------------------------------------------------------------------------------------------------
<S> <C> <C>
Less Than 7.00%.............................................$ 163,673.15 0.2%
7.00% to 7.49%.............................................. 970,683.91 0.9%
7.50% to 7.99%.............................................. 9,378,081.70 8.8%
8.00% to 8.49%.............................................. 69,831,302.69 65.4%
8.50% to 8.99%.............................................. 11,801,084.14 11.0%
9.00% to 9.49%.............................................. 10,486,240.20 9.8%
9.50% or Greater............................................ 4,177,543.88 3.9%
-------------------------------------
Total.......................................................$106,808,609.67 100.0%
=====================================
</TABLE>
E. Distribution of Student Loan Portfolio by Borrower Payment Status as of
-----------------------------------------------------------------------
July 31, 2000
-------------
<TABLE>
<CAPTION>
Outstanding
Principal
Borrower Payment Status Balance Percent
-------------------------------------------------------------------------------------------------
<S> <C> <C>
School......................................................$ 20,804,513.12 19.5%
Grace....................................................... 3,524,967.95 3.3%
Repayment................................................... 66,853,320.76 62.6%
Deferment................................................... 9,857,680.77 9.2%
Forbearance................................................. 5,768,127.07 5.4%
-------------------------------------
Total.......................................................$106,808,609.67 100.0%
=====================================
</TABLE>
F. Distribution of Student Loan Portfolio by Delinquency Status as of
------------------------------------------------------------------
July 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............................$2,907,936.24 3.5% 2.7%
61 to 90 Days............................ 1,280,393.90 1.6% 1.2%
91 to 120 Days........................... 857,144.96 1.0% 0.8%
121 to 180 Days.......................... 1,283,075.23 1.6% 1.2%
181 to 270 Days.......................... 1,638,837.83 2.0% 1.5%
Over 270 Days............................ 179,573.86 0.2% 0.2%
Claims Filed, Not Yet Paid............... 256,092.62 0.3% 0.2%
--------------------------------------------------------
Total....................................$8,403,054.64 10.2% 7.9%
========================================================
</TABLE>
Page 3 of 4
<PAGE>
G. Distribution of Student Loan Portfolio by Guarantee Status as of July 31,
-------------------------------------------------------------------------
2000
----
<TABLE>
<CAPTION>
Outstanding
Principal
Guarantee Status Balance Percent
-------------------------------------------------------------------------------------------------
<S> <C> <C>
FFELP Loan Guaranteed 100%.................................. $403,145.96 0.4%
FFELP Loan Guaranteed 98%................................... 76,539,411.42 71.7%
Alternative Loans Non-Guaranteed............................ 29,866,052.29 28.0%
-------------------------------------
Total.......................................................$106,808,609.67 100.0%
=====================================
</TABLE>
H. Distribution of Student Loan Portfolio by Guarantee Agency as of July 31,
-------------------------------------------------------------------------
2000
----
<TABLE>
<CAPTION>
Outstanding
Principal
Guarantee Agency Balance Percent
-------------------------------------------------------------------------------------------------
<S> <C> <C>
Education Assistance Corporation............................$ 37,705,731.76 35.3%
California Student Aid Commission........................... 20,349,829.31 19.1%
United Student Aid Funds, Inc............................... 8,038,194.92 7.5%
Pennsylvania Higher Education Assistance
Agency..................................................... 4,526,851.79 4.2%
Great Lakes Higher Education Corporation.................... 4,397,808.16 4.1%
Other Guarantee Agencies.................................... 1,924,141.44 1.8%
Alternative Loans Non-Guaranteed..............................29,866,052.29 28.0%
-------------------------------------
Total.......................................................$106,808,609.67 100.0%
=====================================
</TABLE>
I. Fees and Expenses Accrued For/Through July, 2000
------------------------------------------------
For The 7
Months Ended
July, 2000 July 31, 2000
----------------------------
Servicing Fees............................. $93,457.53 $636,291.81
Indenture Trustee Fees..................... 2,631.28 18,418.89
Broker / Dealer Fees....................... 27,189.58 152,612.49
Auction Agent Fees......................... 2,175.17 14,945.51
Other Permitted Expenses................... 210.00 210.00
----------------------------
Total......................................$125,663.56 $822,478.70
============================
J. Ratio of Assets to Liabilities as of July 31, 2000
--------------------------------------------------
Amount
----------------
Total Indenture Assets.................................$126,010,507.57
Total Indenture Liabilities............................ 126,536,759.95
----------------
Ratio.................................................. 99.58%
================
Page 4 of 4
