Exhibit 99.1

Education Funding Capital Trust-I

Statements to Noteholders

October 31, 2003

(per Section 11.04)

Payments on each Series of Notes during the month ended:				October 31, 2003

	Principal	Interest		Carryover Interest
Series 2002A-1	—	66,500.00		—
Series 2002A-2	—	132,897.33		—
Series 2002A-3	—	66,383.33		—
Series 2002A-4	—	61,170.67		—
Series 2002A-5	—	111,871.67		—
Series 2002A-6	—	57,750.00		—
Series 2002A-7	—	58,006.67		—
Series 2002A-8	8,000,000.00	49,622.22		—
Series 2002A-9	7,000,000.00	70,980.00		—
Series 2002A-10	—	89,951.56		—
Series 2002A-11	—	64,158.89		—
Series 2002A-12	—	60,106.67		—
Series 2002A-13	—	67,340.00		—
Series 2002B-1	—	31,453.33		—
Series 2002B-2	—	29,866.67		—

	15,000,000.00	1,018,059.01		—


Information on Each Series of Notes as of:				October 31, 2003

	Outstanding Principal	Auction Rate		Carryover Interest
Series 2002A-1	75,000,000.00	1.13	%	—
Series 2002A-2	73,650,000.00	1.14	%	—
Series 2002A-3	75,000,000.00	1.13	%	—
Series 2002A-4	67,800,000.00	1.12	%	—
Series 2002A-5	64,500,000.00	1.10	%	—
Series 2002A-6	66,000,000.00	1.10	%	—
Series 2002A-7	66,000,000.00	1.12	%	—
Series 2002A-8	50,000,000.00	1.13	%	—
Series 2002A-9	71,000,000.00	1.13	%	—
Series 2002A-10	49,850,000.00	1.14	%	—
Series 2002A-11	73,000,000.00	1.11	%	—
Series 2002A-12	69,000,000.00	1.13	%	—
Series 2002A-13	78,000,000.00	1.12	%	—
Series 2002B-1	33,700,000.00	1.25	%	—
Series 2002B-2	32,000,000.00	1.25	%	—

	944,500,000.00			—

Education Funding Capital Trust-I

Statements to Noteholders

October 31, 2003

(per Section 11.04)

Value of the Trust Estate as of:			October 31, 2003

Principal Balance of Financed Student Loans			892,896,313.08
Accrued Interest on Financed Student Loans			7,292,687.20
Cash and Investment Balance			33,237,672.67
Accrued Interest on Cash and Investments			31,331.66

			933,458,004.61

Accrued Interest and Fees with respect to the Notes			493,399.73

Parity Percentage			98.78	%

Senior Parity Percentage			106.16	%


Rollforward of Indenture Funds during month ended:			October 31, 2003

	Acquisition Fund	Reserve Fund	Capitalized Interest Fund
Beginning Balance	—	4,922,500.00	20,689,869.34
Withdrawals	—	—	—
Deposits		—	—

Ending Balance	—	4,922,500.00	20,689,869.34


Amounts allocated during month ended:			October 31, 2003

Servicing fees			168,717.27
Administration fee			37,669.00
Auction agent fee			8,925.00
Broker dealer fee			223,124.99
Calculation agent fee			—
Trustee fee			—

			438,436.26


Activity on Financed Student Loans during month ended:			October 31, 2003

Recoveries of Principal			7,109,686.01

Recoveries of Interest			3,858,771.39

Acquisitions of Financed Student Loans			—

Sales of Financed Student Loans			—

Initial federal reimbursement claims			814,714.88

Rejected federal reimbursement claims			—

Education Funding Capital Trust-I

Statements to Noteholders

Portfolio Statistics

October 31, 2003

(per Section 11.04)

CEL: Consumer Education Loans (non-federally guaranteed loans)

EDUCATION FUNDING CAPITAL TRUST I 8-K