<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 June 30, 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 - June, 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 - June, 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 $14,343.33 $430,495.00 $401,613.33 $43,225.00 6.65000%
1999-1B 7,150.00 214,500.00 200,200.00 21,450.00 6.60000%
1999-1C 1,733.42 51,987.00 48,535.67 5,184.75 6.69000%
------------------------------------------------------------------------
Totals $23,226.75 $696,982.00 $650,349.00 $69,859.75
========================================================================
</TABLE>
E. Net Loan Rates for Next Interest Period
---------------------------------------
Interest Period
Series Starting Date Net Loan Rate
-------------------------------------------------
1999-1A 26-Jul-00 8.20%
1999-1B 26-Jul-00 8.27%
1999-1C 26-Jul-00 8.07%
F. Noteholders' Carry-Over Amounts - June, 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
==============================================================
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G. Noteholders' Accrued Interest on Carry-Over Amounts - June, 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 - June, 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 - June, 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 - June, 2000
---------------------------------
Amount
---------------
Balance, Start of Month.................................... $0.00
Additions During Month (Transfers from Surplus Fund)....... 25,153.16
Less Withdrawals for Eligible Loans:
Principal Acquired....................................... (25,153.16)
Premiums and Related Acquisition Costs................... 0.00
---------------
Balance, End of Month...................................... $0.00
===============
D. Alternative Loan Guarantee Account - June, 2000
-----------------------------------------------
Amount
---------------
Balance, Start of Month.................................... $1,629,614.10
Guarantee Fees Received During Month....................... 0.00
Interest Received During Month............................. 7,998.49
Other Additions During Month............................... 0.00
Less Withdrawals During Month for Default Payments......... 0.00
---------------
Balance, End of Month...................................... $1,637,612.59
===============
III. Student Loan Information
------------------------
A. Student Loan Principal Outstanding - June, 2000
-----------------------------------------------
Amount
---------------
Balance, Start of Month....................................$108,379,507.97
Loans Purchased / Originated............................... 25,153.16
Capitalized Interest....................................... 440,414.20
Less Principal Payments Received........................... (1,043,802.22)
Other Increases (Decreases)................................ 118.54
---------------
Balance, End of Month......................................$107,801,391.65
===============
B. Composition of Student Loan Portfolio as of June 30, 2000
---------------------------------------------------------
Amount
---------------
Aggregate Outstanding Principal Balance....................$107,801,391.65
Number of Borrowers........................................ 16,332
Average Outstanding Principal Balance Per Borrower......... $6,601
Number of Loans (Promissory Notes)......................... 29,894
Average Outstanding Principal Balance Per Loan............. $3,606
Weighted Average Interest Rate............................. 7.78%
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C. Distribution of Student Loan Portfolio by Loan Type as of June 30, 2000
-----------------------------------------------------------------------
Outstanding
Principal
Loan Type Balance Percent
--------------------------------------------------------------------------
Stafford - Subsidized........................ $37,178,569.32 34.5%
Stafford - Unsubsidized...................... 22,092,346.72 20.5%
PLUS......................................... 12,645,310.13 11.7%
SLS.......................................... 114,443.50 0.1%
Consolidation................................ 5,866,150.32 5.4%
Alternative.................................. 29,904,571.66 27.7%
-----------------------------
Total........................................$107,801,391.65 100.0%
=============================
D. Distribution of Student Loan Portfolio by Interest Rate as of June 30, 2000
---------------------------------------------------------------------------
Outstanding
Principal
Interest Rate Balance Percent
--------------------------------------------------------------------------
Less Than 7.00%.............................. $25,327,228.99 23.5%
7.00% to 7.49%............................... 6,781,880.97 6.3%
7.50% to 7.99%............................... 44,407,823.22 41.2%
8.00% to 8.49%............................... 18,241,685.07 16.9%
8.50% to 8.99%............................... 0.00 0.0%
9.00% to 9.49%............................... 8,881,769.00 8.2%
9.50% or Greater............................. 4,161,004.40 3.9%
-----------------------------
Total........................................$107,801,391.65 100.0%
=============================
E. Distribution of Student Loan Portfolio by Borrower Payment Status as of
-----------------------------------------------------------------------
June 30, 2000
-------------
Outstanding
Principal
Borrower Payment Status Balance Percent
--------------------------------------------------------------------------
School....................................... $21,283,273.39 19.7%
Grace........................................ 3,900,615.09 3.6%
Repayment.................................... 67,118,860.08 62.3%
Deferment.................................... 9,660,475.21 9.0%
Forbearance.................................. 5,400,971.72 5.0%
Claims....................................... 437,196.16 0.4%
-----------------------------
Total........................................ $107,801,391.65 100.0%
=============================
F. Distribution of Student Loan Portfolio by Delinquency Status as of
------------------------------------------------------------------
June 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 ............................... $2,181,409.71 2.6% 2.0%
61 to 90 Days ............................... 1,269,410.58 1.5% 1.2%
91 to 120 Days .............................. 858,697.99 1.0% 0.8%
121 to 180 Days ............................. 1,252,000.35 1.5% 1.2%
181 to 270 Days ............................. 1,513,583.29 1.8% 1.4%
Over 270 Days ............................... 143,799.11 0.2% 0.1%
Claims Filed, Not Yet Paid................... 406,666.34 0.5% 0.4%
-----------------------------------------------------
Total ....................................... $7,625,567.37 9.2% 7.1%
=====================================================
</TABLE>
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G. Distribution of Student Loan Portfolio by Guarantee Status as of June 30,
-------------------------------------------------------------------------
2000
----
Outstanding
Principal
Guarantee Status Balance Percent
--------------------------------------------------------------------------
FFELP Loan Guaranteed 100%................... $407,810.03 0.4%
FFELP Loan Guaranteed 98%.................... 77,489,009.96 71.9%
Alternative Loans Non-Guaranteed............. 29,904,571.66 27.7%
-----------------------------
Total........................................$107,801,391.65 100.0%
=============================
H. Distribution of Student Loan Portfolio by Guarantee Agency as of June 30,
-------------------------------------------------------------------------
2000
----
Outstanding
Principal
Guarantee Agency Balance Percent
--------------------------------------------------------------------------
Education Assistance Corporation............. $38,001,335.23 35.3%
California Student Aid Commission............ 20,833,495.69 19.3%
United Student Aid Funds, Inc................ 8,103,396.27 7.5%
Pennsylvania Higher Education Assistance
Agency...................................... 4,551,946.48 4.2%
Great Lakes Higher Education Corporation..... 4,465,290.01 4.1%
Other Guarantee Agencies..................... 1,941,356.31 1.8%
Alternative Loans Non-Guaranteed............. 29,904,571.66 27.7%
-------------------------
Total........................................$107,801,391.65 100.0%
=========================
I. Fees and Expenses Accrued For / Through June, 2000
---------------------------------------------------
For The 6
Months Ended
June, 2000 June 30, 2000
---------------------------------
Servicing Fees........................... $94,326.22 $542,834.28
Indenture Trustee Fees................... 2,631.30 15,787.61
Broker / Dealer Fees..................... 26,312.50 125,422.91
Auction Agent Fees....................... 2,105.00 12,770.34
Other Permitted Expenses................. 0.00 0.00
---------------------------------
Total....................................$125,375.02 $696,815.14
=================================
J. Ratio of Assets to Liabilities as of June 30, 2000
--------------------------------------------------
Amount
---------------
Total Indenture Assets.....................................$125,948,075.59
Total Indenture Liabilities................................ 126,463,520.37
---------------
Ratio...................................................... 99.59%
===============
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