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 2004 - C & D

Report for the Month Ended May 31, 2005

I.	Noteholder Information

A.	Identification of Notes


Series	Description	Cusip #	Due Date
2004-C1	Senior Auction Rate Notes	280907 BM 7	December 1, 2036
2004-C2	Senior Auction Rate Notes	280907 BN 5	December 1, 2036
2004-C3	Senior Auction Rate Notes	280907 BP 0	December 1, 2036
2004-C4	Senior Auction Rate Notes	280907 BQ 8	December 1, 2036
2004-C5	Senior Auction Rate Notes	280907 BR 6	December 1, 2036
2004-D	Subordinate Auction Rate Notes	280907 BS 4	December 1, 2036

B.	Notification of Redemption Call of Notes


Series	Description	Call Date	Cusip #	Principal Amount
2004-C5	Senior Auction Rate Notes	June 28, 2005	280907 BR 6	$	5,850,000
2004-D	Subordinate Auction Rate Notes	July 6, 2005	280907 BS 4		550,000
2004-C4	Senior Auction Rate Notes	July 21, 2005	280907 BQ 8		6,900,000

C.	Principal Outstanding - May, 2005


Series	Principal Outstanding, Start of Month		Principal Borrowed During Month		Principal Payments During Month			Principal Outstanding, End of Month
2004-C1	$	67,150,000.00	$	0.00	$	0.00		$	67,150,000.00
2004-C2		71,100,000.00		0.00		0.00			71,100,000.00
2004-C3		54,700,000.00		0.00		0.00			54,700,000.00
2004-C4		78,300,000.00		0.00		(7,350,000.00	)		70,950,000.00
2004-C5		78,300,000.00		0.00		0.00			78,300,000.00
2004-D		35,850,000.00		0.00		(700,000.00	)		35,150,000.00

Totals	$	385,400,000.00	$	0.00	$	(8,050,000.00	)	$	377,350,000.00

D.	Accrued Interest Outstanding - May, 2005


Series	Accrued Interest Outstanding, Start of Month		Interest Accrued During Month		Interest Payments During Month		Accrued Interest Outstanding, End of Month		Interest Rate As Of End Of Month
2004-C1	$	110,573.82	$	181,640.69	$	162,950.67	$	129,263.84	3.15	%
2004-C2		105,089.75		193,214.25		173,089.00		125,215.00	3.17	%
2004-C3		56,523.33		147,614.03		131,887.78		72,249.58	3.17	%
2004-C4		20,488.50		207,631.50		191,226.00		36,894.00	3.12	%
2004-C5		186,615.00		213,084.75		392,805.00		6,894.75	3.17	%
2004-D		62,737.50		101,902.80		97,591.67		67,048.63	3.27	%

Totals	$	542,027.90	$	1,045,088.02	$	1,149,550.12	$	437,565.80

E.	Net Loan Rates for Next Interest Period


Series	Interest Period Starting Date	Net Loan Rate
2004-C1	05-Jul-05	5.29	%
2004-C2	07-Jul-05	5.24	%
2004-C3	12-Jul-05	5.20	%
2004-C4	21-Jul-05	5.19	%
2004-C5	28-Jun-05	4.95	%
2004-D	06-Jul-05	5.04	%

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F.	Noteholders’ Carry-Over Amounts - May, 2005


Series	Carry-Over Amounts, Start of Month		Additions During Month		Payments During Month		Carry-Over Amounts, End of Month
2004-C1	$	0.00	$	0.00	$	0.00	$	0.00
2004-C2		0.00		0.00		0.00		0.00
2004-C3		0.00		0.00		0.00		0.00
2004-C4		0.00		0.00		0.00		0.00
2004-C5		0.00		0.00		0.00		0.00
2004-D		0.00		0.00		0.00		0.00

Totals	$	0.00	$	0.00	$	0.00	$	0.00

G.	Noteholders’ Accrued Interest on Carry-Over Amounts - May, 2005


Series	Accrued Interest, Start of Month		Interest Accrued During Month		Interest Payments During Month		Accrued Interest, End of Month
2004-C1	$	0.00	$	0.00	$	0.00	$	0.00
2004-C2		0.00		0.00		0.00		0.00
2004-C3		0.00		0.00		0.00		0.00
2004-C4		0.00		0.00		0.00		0.00
2004-C5		0.00		0.00		0.00		0.00
2004-D		0.00		0.00		0.00		0.00

Totals	$	0.00	$	0.00	$	0.00	$	0.00

II.

Fund Information

A.	Reserve Fund - May, 2005


	Amount
Balance, Start of Month	$	5,781,000.00
Additions During Month		0.00
Less Withdrawals During Month		(120,750.00	)

Balance, End of Month	$	5,660,250.00

B.	Capitalized Interest Account - May, 2005


	Amount
Balance, Start of Month	$	0.00
Additions During Month		0.00
Less Withdrawals During Month		0.00

Balance, End of Month	$	0.00

C.	Acquisition Account - May, 2005


				Amount
Balance, Start of Month				$	167,750.62
Additions During Month:
Acquisition Funds from Note Issuance					0.00
Recycling from Surplus Funds					0.00
Less Withdrawals for Initial Purchase of Eligible Loans:
Total Principal Acquired					0.00
Accrued Income					0.00
Premiums and Related Acquisition Costs					0.00
Redemption of Debt — Call of Unused Proceeds					0.00
Less Withdrawals for Eligible Loans:
Total Principal Acquired	$	(4,625.00	)
Accrued Interest Acquired		0.00
Origination Fees Charged		0.00
Premiums and Related Acquisition Costs		(80.94	)

Net Costs of Loans Acquired					(4,705.94	)

Balance, End of Month				$	163,044.68

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D.	Alternative Loan Guarantee Account - May, 2005


	Amount
Balance, Start of Month	$	2,066,636.13
Additions During Month (Initial Purchase of Student Loans)		0.00
Guarantee Fees Received (Refunded) During Month		(1,295.04	)
Interest Received During Month		4,007.23
Other Additions (Transfers) During Month		72.80
Less Withdrawals During Month for Default Payments		(21,080.04	)

Balance, End of Month	$	2,048,341.08

E.	Revenue Fund Income Account - May, 2005


	Amount
Balance, Start of Month	$	6,794,439.97
Student Loan Collections		6,978,252.35
Investment Earnings Received		41,547.33
Government Interest and Special Allowance Received		1,398,091.75
Sweep of Student Loan Collections From Prior Month		(7,606,892.49	)

Balance, End of Month	$	7,605,438.91

F.	Surplus Account - May, 2005


	Amount
Balance, Start of Month	$	7,958,546.03
Transfers In		6,275,358.46
Transfers Out		(12,380,546.05	)
Other Changes During Month		0.00

Balance, End of Month	$	1,853,358.44

III.

Student Loan Information

A.	Student Loan Principal Outstanding - May, 2005


	Amount
Balance, Start of Month	$	351,141,687.63
Transfers		0.00
Loans Purchased / Originated		4,625.00
Capitalized Interest		310,296.44
Less Principal Payments Received		(6,717,069.59	)
Less Defaulted Alternative Loans Transferred to Guarantee Fund		(20,302.01	)
Less Sale of Loans		0.00
Other Increases (Decreases)		(7,831.96	)

Balance, End of Month	$	344,711,405.51

B.	Composition of Student Loan Portfolio as of May 31, 2005


	Amount
Aggregate Outstanding Principal Balance	$	344,711,405.51
Number of Borrowers		46,800
Average Outstanding Principal Balance Per Borrower	$	7,366
Number of Loans (Promissory Notes)		98,417
Average Outstanding Principal Balance Per Loan	$	3,503
Weighted Average Interest Rate		4.23	%

C.	Distribution of Student Loan Portfolio by Loan Type as of May 31, 2005


Loan Type	Outstanding Principal Balance		Percent
Stafford - Subsidized	$	93,302,857.04	27.1	%
Stafford - Unsubsidized		71,472,416.28	20.7	%
Stafford - Nonsubsidized		1,433.86	0.0	%
PLUS		26,904,076.87	7.8	%
SLS		48,822.84	0.0	%
Consolidation		114,159,467.74	33.1	%
Alternative		38,822,330.88	11.3	%

Total	$	344,711,405.51	100.0	%

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D.	Distribution of Student Loan Portfolio by Interest Rate as of May 31, 2005


Interest Rate	Outstanding Principal Balance		Percent
Less Than 3.00%	$	89,849,296.36	26.1	%
3.00% to 3.49%		70,870,957.83	20.6	%
3.50% to 3.99%		25,924,809.26	7.5	%
4.00% to 4.49%		65,335,993.55	19.0	%
4.50% to 4.99%		9,165,251.14	2.7	%
5.00% to 5.49%		18,508,796.31	5.4	%
5.50% to 5.99%		3,215,006.17	0.9	%
6.00% to 6.49%		16,101,985.81	4.7	%
6.50% to 6.99%		17,258,478.16	5.0	%
7.00% to 7.49%		2,468,364.58	0.7	%
7.50% to 7.99%		8,304,766.26	2.4	%
8.00% to 8.49%		10,554,474.70	3.1	%
8.50% or Greater		7,153,225.38	2.1	%

Total	$	344,711,405.51	100.0	%

E.	Distribution of Student Loan Portfolio by Borrower Payment Status as of May 31, 2005


Borrower Payment Status	Outstanding Principal Balance		Percent
School	$	57,858,696.53	16.8	%
Grace		28,151,632.78	8.2	%
Repayment		202,407,092.30	58.7	%
Deferment		41,704,998.37	12.1	%
Forbearance		14,588,985.53	4.2	%

Total	$	344,711,405.51	100.0	%

F.	Distribution of Student Loan Portfolio by Delinquency Status as of May 31, 2005


			Percent by Outstanding Balance
Delinquency Status	Outstanding Principal Balance		Excluding School/Grace Status Loans		All Loans in Portfolio
31 to 60 Days	$	7,772,873.05	3.0	%	2.3	%
61 to 90 Days		4,797,523.02	1.9	%	1.4	%
91 to 120 Days		2,679,296.53	1.0	%	0.8	%
121 to 180 Days		3,802,138.28	1.5	%	1.1	%
181 to 270 Days		3,859,865.58	1.5	%	1.1	%
Over 270 Days		1,030,145.39	0.4	%	0.3	%
Claims Filed, Not Yet Paid		890,082.14	0.3	%	0.3	%

Total	$	24,831,923.99	9.6	%	7.2	%

G.	Distribution of Student Loan Portfolio by Guarantee Status as of May 31, 2005


Guarantee Status	Outstanding Principal Balance		Percent
FFELP Loan Guaranteed 100%	$	1,008,964.44	0.3	%
FFELP Loan Guaranteed 98%		304,880,110.19	88.4	%
Alternative Loans Non-Guaranteed		38,822,330.88	11.3	%

Total	$	344,711,405.51	100.0	%

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H.	Distribution of Student Loan Portfolio by Guarantee Agency as of May 31, 2005


Guarantee Agency	Outstanding Principal Balance		Percent
Education Assistance Corporation	$	254,307,663.29	73.8	%
Great Lakes Higher Education Corporation		25,547,854.14	7.4	%
Student Loans of North Dakota		713,787.92	0.2	%
California Student Aid Commission		12,208,177.72	3.5	%
Educational Credit Management Corporation		1,498,059.85	0.4	%
Northwest Education Loan Association		3,780,574.98	1.1	%
National Student Loan Program		6,882,296.46	2.0	%
Pennsylvania Higher Education Assistance Agency		108,953.50	0.0	%
United Student Aid Funds, Inc		841,706.77	0.2	%
Other Guarantee Agencies		0.00	0.0	%
Alternative Loans Non-Guaranteed		38,822,330.88	11.3	%

Total	$	344,711,405.51	100.0	%

I.	Fees and Expenses Accrued For / Through May, 2005


	May, 2005		For The 5 Months Ended May 31, 2005
Servicing Fees	$	301,622.74	$	1,565,674.88
Treas Mgmt / Lockbox Fees		6,797.28		28,440.69
Indenture Trustee Fees		8,068.99		39,316.29
Broker / Dealer Fees		82,559.72		414,939.58
Auction Agent Fees		5,053.65		25,171.21
Other Permitted Expenses		0.00		0.00

Total	$	404,102.38	$	2,073,542.65

J.	Ratio of Assets to Liabilities as of May 31, 2005


	Amount
Assets
Reserve Funds	$	5,660,250.00
Capitalized Interest Accounts		0.00
Acquisition Accounts		163,044.68
Revenue Fund Income Accounts		7,605,438.91
Surplus Accounts		1,853,358.44
Other Investments		5,927,709.08
Borrower Repayment Account		0.00
Due from Subservicers		186,112.34
Student Loan Principal Outstanding		344,711,405.51
Unamortized Student Loan Acquisitions Costs		4,922,972.18
Accrued Earnings on Student Loans and Investments		5,823,853.51
Unamortized Cost of Debt Issuance		1,996,724.56
Other Assets		1,670.40

Total Indenture Assets	$	378,852,539.61

Liabilities
Notes Payable	$	377,350,000.00
Accrued Interest Payable		437,565.80
Accrued Liabilities		387,568.94

Total Indenture Liabilities	$	378,175,134.74

Ratio		100.18	%

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K.	Senior and Subordinate Percentages as of


	Amount
Aggregate Values	$	378,852,539.61

Senior Notes Outstanding Plus Accrued Interest		342,570,517.21

All Notes Outstanding Plus Accrued Interest		377,787,565.80

Dividend Prerequisites:
Senior Percentage (Requirement = 112%)		110.59	%

Subordinate Percentage (Requirement = 102%)		100.28	%

Available for Dividend - Excess (Shortage) Over Dividend Prerequisites	$	(6,490,777.51	)

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EDUCATION LOANS INC /DE 8-K