<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 September 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 - September, 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 - September, 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 $128,290.50 $427,182.17 $399,126.00 $156,346.67 6.56000%
1999-1B 63,375.00 211,607.50 197,166.67 77,815.83 6.53000%
1999-1C 15,461.25 51,622.75 48,101.67 18,982.33 6.68000%
------------------------------------------------------------------------
Totals $207,126.75 $690,412.42 $644,394.34 $253,144.83
========================================================================
</TABLE>
E. Net Loan Rates for Next Interest Period
Interest Period
Series Starting Date Net Loan Rate
--------------------------------------------------
1999-1A 15-Nov-00 9.84%
1999-1B 15-Nov-00 9.87%
1999-1C 15-Nov-00 9.61%
F. Noteholders' Carry-Over Amounts - September, 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 - September, 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 - September, 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 - September, 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 - September, 2000
Amount
---------------
Balance, Start of Month................................... $0.00
Additions During Month (Transfers from Surplus Fund)...... 2,303,998.18
Less Withdrawals for Eligible Loans:
Principal Acquired...................................... (2,218,427.61)
Premiums and Related Acquisition Costs.................. (85,570.57)
---------------
Balance, End of Month..................................... ($0.00)
===============
D. Alternative Loan Guarantee Account - September, 2000
Amount
---------------
Balance, Start of Month................................... $1,652,600.46
Guarantee Fees Received (Refunded) During Month........... 0.00
Interest Received During Month............................ 8,272.52
Other Additions During Month.............................. 0.00
Less Withdrawals During Month for Default Payments........ (328,832.74)
---------------
Balance, End of Month..................................... $1,332,040.24
===============
III. Student Loan Information
A. Student Loan Principal Outstanding - September, 2000
Amount
---------------
Balance, Start of Month...................................$105,899,640.10
Loans Purchased / Originated.............................. 2,218,427.61
Capitalized Interest...................................... 149,962.08
Less Principal Payments Received.......................... (1,031,875.75)
Less Defaulted Alternative Loans Transferred.............. (305,140.10)
Other Increases (Decreases)............................... 1,333.05
---------------
Balance, End of Month.....................................$106,932,346.99
===============
B. Composition of Student Loan Portfolio as of September 30, 2000
Amount
---------------
Aggregate Outstanding Principal Balance...................$106,932,346.99
Number of Borrowers....................................... 16,238
Average Outstanding Principal Balance Per Borrower........ $6,585
Number of Loans (Promissory Notes)........................ 29,945
Average Outstanding Principal Balance Per Loan............ $3,571
Weighted Average Interest Rate............................ 8.49%
Page 2 of 4
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C. Distribution of Student Loan Portfolio by Loan Type as of September 30,
2000
Outstanding
Principal
Loan Type Balance Percent
-----------------------------------------------------------------------
Stafford - Subsidized............. $35,894,391.10 33.6%
Stafford - Unsubsidized........... 21,480,030.12 20.1%
PLUS.............................. 14,108,891.74 13.2%
SLS............................... 116,765.99 0.1%
Consolidation..................... 5,842,678.47 5.5%
Alternative....................... 29,489,589.57 27.6%
-------------------------------------
Total............................. $106,932,346.99 100.0%
=====================================
D. Distribution of Student Loan Portfolio by Interest Rate as of
September 30, 2000
Outstanding
Principal
Interest Rate Balance Percent
-----------------------------------------------------------------------
Less Than 7.00%................... $162,505.04 0.2%
7.00% to 7.49%.................... 1,002,151.78 0.9%
7.50% to 7.99%.................... 10,199,413.92 9.5%
8.00% to 8.49%.................... 67,635,521.43 63.3%
8.50% to 8.99%.................... 13,525,763.15 12.6%
9.00% to 9.49%.................... 10,259,007.45 9.6%
9.50% or Greater.................. 4,147,984.22 3.9%
-------------------------------------
Total............................. $106,932,346.99 100.0%
=====================================
E. Distribution of Student Loan Portfolio by Borrower Payment Status as of
September 30, 2000
Outstanding
Principal
Borrower Payment Status Balance Percent
-----------------------------------------------------------------------
School............................ $18,643,525.26 17.4%
Grace............................. 5,397,264.28 5.0%
Repayment......................... 65,835,970.90 61.6%
Deferment......................... 11,798,092.22 11.0%
Forbearance....................... 5,257,494.33 4.9%
-------------------------------------
Total............................. $106,932,346.99 100.0%
=====================================
F. Distribution of Student Loan Portfolio by Delinquency Status as of
September 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.................. $2,703,408.15 3.3% 2.5%
61 to 90 Days.................. 2,298,215.54 2.8% 2.1%
91 to 120 Days................. 1,145,695.07 1.4% 1.1%
121 to 180 Days................ 1,144,340.01 1.4% 1.1%
181 to 270 Days................ 1,170,811.24 1.4% 1.1%
Over 270 Days.................. 721,465.27 0.9% 0.7%
Claims Filed, Not Yet Paid..... 209,613.34 0.3% 0.2%
-----------------------------------------------
Total.......................... $9,393,548.62 11.3% 8.8%
===============================================
</TABLE>
Page 3 of 4
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G. Distribution of Student Loan Portfolio by Guarantee Status as of
September 30, 2000
Outstanding
Principal
Guarantee Status Balance Percent
-------------------------------------------------------------------------
FFELP Loan Guaranteed 100%.......... $376,712.44 0.4%
FFELP Loan Guaranteed 98%........... 77,066,044.98 72.1%
Alternative Loans Non-Guaranteed.... 29,489,589.57 27.6%
-------------------------------------
Total............................... $106,932,346.99 100.0%
=====================================
H. Distribution of Student Loan Portfolio by Guarantee Agency as of
September 30, 2000
Outstanding
Principal
Guarantee Agency Balance Percent
-------------------------------------------------------------------------
Education Assistance Corporation............ $36,943,771.12 34.5%
California Student Aid Commission........... 21,065,311.35 19.7%
United Student Aid Funds, Inc............... 8,736,924.98 8.2%
Pennsylvania Higher Education Assistance
Agency..................................... 4,463,448.09 4.2%
Great Lakes Higher Education Corporation.... 4,262,695.80 4.0%
Other Guarantee Agencies.................... 1,970,606.08 1.8%
Alternative Loans Non-Guaranteed............ 29,489,589.57 27.6%
-----------------------------
Total....................................... $106,932,346.99 100.0%
=============================
I. Fees and Expenses Accrued For / Through September, 2000
For The 9
Months Ended
September, 2000 Sept. 30, 2000
--------------------------------------
Servicing Fees.................... $93,565.80 $822,519.80
Indenture Trustee Fees............ 2,631.30 23,681.36
Broker / Dealer Fees.............. 26,312.50 206,114.57
Auction Agent Fees................ 2,105.00 19,225.68
Other Permitted Expenses.......... 0.00 210.00
--------------------------------------
Total............................. $124,614.60 $1,071,751.41
======================================
J. Ratio of Assets to Liabilities as of September 30, 2000
Amount
----------------
Total Indenture Assets......................... $126,110,617.50
Total Indenture Liabilities.................... 126,646,911.98
----------------
Ratio.......................................... 99.58%
================
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