Exhibit 99.1

GCO Education Loan Funding Trust - I

Statements to Noteholders

For the period ending March 31, 2005

Pursuant to Article 12.04 of the Indenture of Trust, the following is provided to the trustee by the issuer. The information shown in this Statement has not been independently verified, however, it is believed that the information is accurate to the best of the issuer’s knowledge. In some circumstances, certain expenses have been accrued.

12.04 (a) the amount of payments with respect to each series of Notes paid with respect to principal during the

preceding month;

Class	Principal Reduction
A-1AR Notes	$	—
A-2AR Notes	2,800,000
A-3AR Notes	—
B-1AR Notes	—
A-1L Notes	—
A-4AR Notes	—
A-5AR Notes	—
B-2AR Notes	—
A-2L Notes	—
A-3L Notes	—
A-6AR Notes	—
B-3AR Notes	—
	$	2,800,000

12.04 (b) the amount of payments with respect to each series of Notes paid with respect to interest during the preceding month;

Class	Interest Paid
A-1AR Notes	$	112,587
A-2AR Notes	310,540
A-3AR Notes	105,000
B-1AR Notes	59,889
A-1L Notes	—
A-4AR Notes	64,711
A-5AR Notes	123,667
B-2AR Notes	17,111
A-2L Notes	—
A-3L Notes	—
A-6AR Notes	—
B-3AR Notes	—
	$	793,505

12.04 (c) the amount of the payments allocable to any interest that was carried over together with the amount of any remaining outstanding interest that was carried over;

Interest Carryover

—

12.04 (d) the principal balance of Financed Student Loans as of the close of business on the last day of the preceding month;

Principal Balance of Financed Student Loans

755,574,163

12.04 (e) the aggregate outstanding principal amount of the Notes of each series as of the close of business on the last day of the preceding month, after giving effect to payments allocated to principal reported under paragraph (a) above;

Class	Balance
A-1AR Notes	$	55,250,000
A-2AR Notes	72,250,000
A-3AR Notes	50,000,000
B-1AR Notes	14,000,000
A-1L Notes	83,524,000
A-4AR Notes	32,000,000
A-5AR Notes	60,000,000
B-2AR Notes	8,000,000
A-2L Notes	140,000,000
A-3L Notes	235,000,000
A-6AR Notes	100,000,000
B-3AR Notes	25,000,000
	$	875,024,000

12.04 (f) the interest rate for any series of variable rate Notes, indicating how such interest rate is calculated;

Class	Rate
A-1AR Notes	3.080	%
A-2AR Notes	3.250	%
A-3AR Notes	3.300	%
B-1AR Notes	3.350	%
A-1L Notes	2.873	%
A-4AR Notes	2.990	%
A-5AR Notes	2.760	%
B-2AR Notes	3.050	%
A-2L Notes	2.972	%
A-3L Notes	3.022	%
A-6AR Notes	2.950	%
B-3AR Notes	3.050	%

12.04 (g) the amount of the servicing fees allocated to the Servicer as of the close of business on the last day of

the preceding month;

Servicing fees		Fees paid
Master servicing fees		2,500
Sub-servicing fees		72,334

12.04 (h) the amount of the Administration Fee, any auction agent fees, market agent fees, calculation agent fees, broker-dealer fees, if any, fees paid to the Delaware Trustee, the Indenture Trustee and the Eligible Lender Trustee, all allocated as of the close of business on the last day of the preceding month;

Program Expenses		Fees Paid
Administration fee		2,500
Auction agent fees		—
Market agent fees (not applicable)		—
Calculation agent fees (not applicable)		—
Broker-dealer fees		73,451
Fees paid to Delaware Trustee		—
Fees paid to Indenture Trustee/Eligible Lender Trustee		—

12.04 (i) the amount of the Recoveries of Principal and interest received during the preceding month relating to Financed Student Loans;

Recoveries

4,872,107

1,326,543

6,198,650

Of the total amount recovered above, $599,177.09 was in-transit as of 03-31-05, and was received in early April.

12.04 (j) the amount of the payment attributable to amounts in the Reserve Fund, the amount of any other withdrawals from the Reserve Fund and the balance of the Reserve Fund as of the close of business on the last day of the preceding month;

	Balance		Withdrawals
Reserve Fund	$	9,200,000	—

Acquisition Fund:

12.04 (k) the portion, if any, of the payments attributable to amounts on deposit in the Acquisition Fund;

		$	73,010,292
Total		$	73,010,292

12.04 (l) the aggregate amount, if any, paid by the Indenture Trustee to acquire Student Loans from amounts on deposit in the Acquisition Fund during the preceding month;

401,820,478

12.04 (m) the amount remaining in the Acquisition Fund that has not been used to acquire Student Loans and is being transferred to the Revenue Fund;

—

12.04 (n) the aggregate amount, if any, paid for Financed Student Loans purchased from the Trust during the preceding month;

Loans Sold From the Trust

—

12.04 (o) the number and principal amount of Financed Student Loans, as of the close of business on the last day of the preceding month, that are (i) 0 to 30 days delinquent, (ii) 31 to 60 days delinquent, (iii) 61 to 90 days delinquent, (iv) 91 to 120 days delinquent, (v) greater than 120 days delinquent and (vi) for which claims have been filed with the appropriate Guarantee Agency and which are awaiting payment;

Delinquencies	Number	Principal
0 - 30 days *	278	$	8,121,783
31 - 60 days	324	10,743,839
61 - 90 days	171	5,852,173
91 - 120 days	81	2,777,529
Over 120 days	161	5,783,762
Claims filed	21	720,223
	1,036	$	33,999,310

* One subservicer does not provide information on delinquent loans that may fall in the 0 - 30 day catergory.

12.04 (p) the Value of the Trust Estate and the Outstanding principal amount of the Notes as of the close of business on the last day of the preceding month; and

Value of the Trust Estate	Balance		Accrued Interest		Total
Revenue Fund (Including Capitalized Interest Account)	$	12,995,517	$	18,659	$	13,014,176
Reserve Fund	9,200,000		15,874		9,215,874
Acquisition Fund	73,010,292		95,931		73,106,223
Redemption Fund	44,371		79		44,450
Student Loan Receivable	755,574,163		6,423,732		761,997,894
Total	$	850,824,343	$	6,554,274	$	857,378,617

Class	Balance		Accrued Interest		Total
A-1AR Notes	$	55,250,000	$	42,543	$	55,292,543
A-2AR Notes	72,250,000		13,045		72,263,045
A-3AR Notes	50,000,000		—		50,000,000
B-1AR Notes	14,000,000		2,606		14,002,606
A-1L Notes	83,524,000		226,643		83,750,643
A-4AR Notes	32,000,000		45,182		32,045,182
A-5AR Notes	60,000,000		110,400		60,110,400
B-2AR Notes	8,000,000		11,522		8,011,522
A-2L Notes	140,000,000		184,941		140,184,941
A-3L Notes	235,000,000		315,658		235,315,658
A-6AR Notes	100,000,000		131,111		100,131,111
B-3AR Notes	25,000,000		33,889		25,033,889
	$	875,024,000	$	1,117,540	$	876,141,540

12.04 (q) the number and percentage by dollar amount of (i) rejected federal reimbursement claims for Financed

Student Loans, (ii) Financed Student Loans in forbearance, and (iii) Financed Student Loans in deferment.

	Number	Principal		%
Rejected federal reimbursement claims	—	$	—	0.00	%
Financed Student Loans in forbearance	1,495	66,201,491		8.76	%
Financed Student Loans in deferment	2,839	100,185,255		13.26	%

GCO Education Loan Funding Trust-I 8-K