Exhibit 20.1

Higher Education Funding I

For the Distribution Date – May 25, 2005
Current Collection Period – April 2005

Pursuant to section 1(a)(i)(K) of the Administration Agreement, the following has been prepared by the issuer administrator. The information shown below has not been independently verified; however, it is believed to be accurate to the best of the issuer’s knowledge.

Higher Education Funding I
For the Distribution Date — 05/25/05
Current Collection Period — April 2005


Collection Account Activity	Prior Month (M-2)			Prior Month (M-1)			Current Month (M)


Collection period payment activity
Principal	$	9,054,036		$	14,688,062		$	13,968,872
Interest		1,738,946			3,263,797			3,598,739
Fees		8,307			12,887			15,290

Subtotal		10,801,289			17,964,746			17,582,902
Prior period undistributed collections		2,162,725			1,067,183			7,031,636
Prior period collections deposited by the Servicer in the current period		92,103			1,201,976			1,179,476
Current period collections deposited by the Servicer in the subsequent period		(1,201,976	)		(1,179,476	)		(1,574,212	)

Total cash remitted by the Servicers during the current collection period		11,854,141			19,054,429			24,219,802

Other Deposits
Amounts transferred from the acquisition account		—			—			—
Amounts transferred from the administration account		—			—			—
Amounts transferred from the borrower benefits account		122,548			20,713			42,500
Amounts transferred from the reserve account		—			—			562,500
Special allowance payments received		219,429			—			4,144,131
Subsidy payments received		398,200			—			1,544,871
Interest earnings on trust accounts		26,833			33,835			221,870

Total cash deposits		12,621,152			19,108,976			30,735,674


Total cash distributions		(11,553,970	)		(12,077,341	)		(16,494,561	)


Account Balance at the end of the Collection Period	$	1,067,183		$	7,031,636		$	14,241,113


Servicer deposits between the end of the collection period and the cut-off date		11,010,158			9,462,925			10,460,406


Account Balance as of the cut-off date	$	12,077,341		$	16,494,561		$	24,701,519


	Distributions		Distributions		Distributions
	3/28/05		4/25/05		5/25/05


First, to the U.S. Department of Education	$	839,564	$	1,564,854	$	1,562,787

Second, to the administration account for certain costs and expenses		317,247		389,533		396,308

Third, to the interest account for payment of interest on Senior Notes		6,208,045		4,039,831		6,406,885

Fourth, to the principal account for payment of principal on Senior Notes		—		—		—

Fifth, to the interest account for payment of interest on Sub. Notes		359,014		400,822		398,904

Sixth, to the principal account for payment of principal on Sub. Notes		—		—		—

Seventh, to the reserve account to achieve defined requirement		—		—		—

Eighth, to the retirement account for principal on Amortizing Senior Notes		—		—		—

Ninth, to the retirement account for principal on Amortizing Sub. Notes		—		—		—

Tenth, to the interest account for payment of interest on Junior Notes		—		—		—

Eleventh, to the principal account for payment of principal on Junior Notes		—		—		—

Twelfth, other payments as may be set forth in the Supplemental Indenture		—		—		—

Thirteenth, to the acquisition account for acquisition of additional receivables		—		—		—

Fourteenth, to the interest account for payment of carry-over amounts on Senior Notes		—		—		—

Fifteenth, to the interest account for payment of carry-over amounts on Sub. Notes		—		—		—

Sixteenth, to the interest account for payment of carry-over amounts on Junior Notes		—		—		—

Seventeenth, to the interest account for swap termination payments on Senior Notes		—		—		—

Eighteenth, to the interest account for swap termination payments on Sub. Notes		—		—		—

Nineteenth, to the interest account for swap termination payments on Junior Notes		—		—		—

Twentieth, to the credit of the retirement account		—		—		—

Twenty-first, excess to the surplus fund		4,353,471		10,099,521		15,936,636


Total Distributions	$	12,077,341	$	16,494,561	$	24,701,519

Page 1 of 5

Higher Education Funding I
For the Distribution Date — 05/25/05
Current Collection Period — April 2005


Notes Balances	Original Balance		Beginning Balance		Interest Paid		Change		Ending Balance		Current Factor

Senior FRN:
A-1	$	242,000,000	$	242,000,000	$	—	$	—	$	242,000,000		1.0000
A-2		269,000,000		269,000,000		—		—		269,000,000		1.0000
A-3		217,000,000		217,000,000		—		—		217,000,000		1.0000
A-4		171,000,000		171,000,000		—		—		171,000,000		1.0000
A-5		101,000,000		101,000,000		—		—		101,000,000		1.0000

Subtotal		1,000,000,000		1,000,000,000		—		—		1,000,000,000		1.0000
Senior ARN:
A-1		50,000,000		50,000,000		122,740		—		50,000,000		1.0000
A-2		50,000,000		50,000,000		124,658		—		50,000,000		1.0000
A-3		50,000,000		50,000,000		108,548		—		50,000,000		1.0000
A-4		50,000,000		50,000,000		109,699		—		50,000,000		1.0000
A-5		75,000,000		75,000,000		173,753		—		75,000,000		1.0000
A-6		50,000,000		50,000,000		122,740		—		50,000,000		1.0000
A-7		75,000,000		75,000,000		186,986		—		75,000,000		1.0000
A-8		75,000,000		75,000,000		188,712		—		75,000,000		1.0000
A-9		50,000,000		50,000,000		109,699		—		50,000,000		1.0000
A-10		75,000,000		75,000,000		170,877		—		75,000,000		1.0000
A-11		75,000,000		—		—		—		—		0.0000
A-12		50,000,000		50,000,000		113,918		—		50,000,000		1.0000
A-13		50,000,000		50,000,000		125,808		—		50,000,000		1.0000
A-14		75,000,000		75,000,000		167,425		—		75,000,000		1.0000
A-15		50,000,000		50,000,000		134,137		—		50,000,000		1.0000

Subtotal		900,000,000		825,000,000		1,959,699		—		825,000,000		0.9167
Subordinate ARN:
B-1		50,000,000		50,000,000		120,055		—		50,000,000		1.0000
B-2		50,000,000		50,000,000		243,562		—		50,000,000		1.0000

Subtotal		100,000,000		100,000,000		363,616		—		100,000,000		1.0000


Total	$	2,000,000,000	$	1,925,000,000	$	2,323,315	$	—	$	1,925,000,000		0.9625


Portfolio Overview	Prior Month (M-3)			Prior Month (M-2)			Change			Prior Month (M-1)			Change			Current Month (M)


Beginning Balance	$	957,336,136		$	956,661,730		$	(7,257,568	)	$	949,404,161		$	823,483,549		$	1,772,887,711
Loans Purchased		6,288,515			1,002,324			836,242,194			837,244,519			(827,049,661	)		10,194,857
Loans Repurchased		—			—			—			—			—			—
Loans Sold		—			—			—			—			—			—
Loans Repaid		(7,470,337	)		(9,054,036	)		(5,634,026	)		(14,688,062	)		719,189			(13,968,872	)
Capitalized Interest		490,517			737,782			154,725			892,507			600,832			1,493,340
Servicer Adjustments		16,900			56,362			(21,777	)		34,585			(5,964	)		28,621

Ending Balance	$	956,661,730		$	949,404,161		$	823,483,549		$	1,772,887,711		$	(2,252,054	)	$	1,770,635,657

Accrued Interest		10,915,487			10,197,236			6,042,534			16,239,770			(247,652	)		15,992,118
Servicer Payments Due		178,899			1,201,976			(22,310	)		1,179,666			394,546			1,574,212
Trust Cash Accounts		19,825,930			26,396,406			69,787,782			96,184,188			7,327,413			103,511,601

Total Assets	$	987,582,046		$	987,199,778		$	899,291,555		$	1,886,491,334		$	5,222,253		$	1,891,713,587

Senior Notes	$	900,000,000		$	900,000,000		$	925,000,000		$	1,825,000,000		$	—		$	1,825,000,000
Subordinate Notes		100,000,000			100,000,000			—			100,000,000			—			100,000,000
Accrued Expenses		3,422,320			4,200,958			4,940,359			9,141,317			1,085,617			10,226,934

Total Liabilities	$	1,003,422,320		$	1,004,200,958		$	929,940,359		$	1,934,141,317		$	1,085,617		$	1,935,226,934

Selected Statistics:
Parity Trigger (a)		98.42	%		98.30	%		-0.78	%		97.52	%		0.21	%		97.74	%
Parity Trigger (aaa)		109.35	%		109.22	%		-6.35	%		102.87	%		0.23	%		103.10	%
Subordinate %		10.00	%		10.00	%		-4.81	%		5.19	%		0.00	%		5.19	%
WA Coupon		4.25	%		4.25	%		0.16	%		4.41	%		0.00	%		4.41	%
Average Balance	$	38,425		$	38,523		$	377		$	38,900		$	243		$	39,143
WA Rem. Mo.		289.3			288.7			1.6			290.3			(0.4	)		289.9
Number of Loans		24,897			24,645			20,930			45,575			(340	)		45,235


Trust Cash Accounts	Prior Month (M-3)		Prior Month (M-2)		Change			Prior Month (M-1)		Change			Current Month (M)

Restricted Cash:
Reserve acct.	$	7,500,000	$	7,500,000	$	7,500,000		$	15,000,000	$	(562,500	)	$	14,437,500
Acquisition acct.		1,535,447		511,626		47,029,499			47,541,125		(10,504,703	)		37,036,422
Collection acct.		1,766,717		1,067,183		5,964,453			7,031,636		7,209,478			14,241,113
Principal acct.		—		—		—			—		—			—
Retirement acct.		—		—		—			—		—			—
Surplus acct.		5,601,445		13,116,639		4,353,471			17,470,110		10,099,521			27,569,632

Subtotal		16,403,610		22,195,448		64,847,423			87,042,871		6,241,796			93,284,667
Accrued Expenses:
Admin. acct.		198,333		293,569		1,260,225			1,553,794		(584,934	)		968,860
Interest acct.		1,904,000		2,771,575		3,795,099			6,566,675		2,117,337			8,684,012
Benefits acct.		1,319,987		1,135,814		(114,966	)		1,020,848		(446,786	)		574,062

Subtotal		3,422,320		4,200,958		4,940,359			9,141,317		1,085,617			10,226,934

Total	$	19,825,930	$	26,396,406	$	69,787,782		$	96,184,188	$	7,327,413		$	103,511,601

Page 2 of 5

Higher Education Funding I
For the Distribution Date — 05/25/05
Current Collection Period — April 2005


Claims in process	Prior Month (M-3)			Prior Month (M-2)			Change			Prior Month (M-1)		Change			Current Month (M)

Beginning Balance	$	94,208		$	113,508		$	(64,616	)	$	48,892	$	2,954,590		$	3,003,482
Filed During Period		554,136			501,625			2,162,211			2,663,837		(708,792	)		1,955,045
Paid During Period		(534,836	)		(566,242	)		856,995			290,753		(845,880	)		(555,127	)
Administrative Rejects		—			—			—			—		—			—
Net Rejects		—			—			—			—		—			—


Total	$	113,508		$	48,892		$	2,954,590		$	3,003,482	$	1,399,919		$	4,403,401


Loans by School Type	WA Coupon			$ of Loans		Distribution			# of loans		Distribution			Avg. Loan Balance

(current month)
4-Year		3.42	%	$	152,816		0.01	%		18		0.04	%	$	8,490
2-Year		2.77	%		12,563		0.00	%		3		0.01	%		4,188
Proprietary		0.00	%		—		0.00	%		—		0.00	%		—
Graduate		3.51	%		417,312		0.02	%		34		0.08	%		12,274
Other/Unknown		4.41	%		1,770,052,967		99.97	%		45,180		99.88	%		39,178


Total		4.41	%	$	1,770,635,657		100.00	%		45,235		100.00	%	$	39,143


Loans by Status ($)	Prior Month (M-2)		Distribution			Prior Month (M-1)		Distribution			Current Month (M)		Distribution

In Repayment, days DQ
0-30	$	552,729,774		58.22	%	$	1,118,304,280		63.08	%	$	1,098,416,906		62.04	%
31-60		25,808,946		2.72	%		45,154,389		2.55	%		52,412,836		2.96	%
61-90		8,775,124		0.92	%		27,507,897		1.55	%		23,841,100		1.35	%
91-120		7,457,354		0.79	%		15,761,086		0.89	%		15,539,450		0.88	%
121-150		4,130,021		0.44	%		9,717,851		0.55	%		10,848,482		0.61	%
151-180		4,067,435		0.43	%		3,783,443		0.21	%		7,346,226		0.41	%
181-210		4,947,791		0.52	%		2,911,345		0.16	%		2,555,315		0.14	%
211-240		2,167,090		0.23	%		3,640,900		0.21	%		2,182,640		0.12	%
241-270		1,861,766		0.20	%		1,687,597		0.10	%		3,025,496		0.17	%
270+		4,620,060		0.49	%		2,362,249		0.13	%		1,532,228		0.09	%

Total repayment	$	616,565,360		64.94	%	$	1,230,831,035		69.43	%	$	1,217,700,680		68.77	%
In School		—		0.00	%		267,788.00		0.02	%		275,976.00		0.02	%
Grace		—		0.00	%		42,019		0.00	%		16,519		0.00	%
Deferment		231,282,231		24.36	%		357,171,112		20.15	%		370,421,907		20.92	%
Forbearance		101,507,679		10.69	%		181,572,275		10.24	%		177,817,174		10.04	%
Claims in Process		48,892		0.01	%		3,003,482		0.17	%		4,403,401		0.25	%
Administrative Rejects		—		0.00	%		—		0.00	%		—		0.00	%
Net Rejects		—		0.00	%		—		0.00	%		—		0.00	%

Total	$	949,404,161		100.00	%	$	1,772,887,711		100.00	%	$	1,770,635,657		100.00	%


Loans by Status (#)	Prior Month (M-2)		Distribution			Prior Month (M-1)		Distribution			Current Month (M)		Distribution

In Repayment, days DQ
0-30		15,212		61.72	%		30,398		66.70	%		29,645		65.54	%
31-60		693		2.81	%		1,199		2.63	%		1,415		3.13	%
61-90		241		0.98	%		688		1.51	%		614		1.36	%
91-120		199		0.81	%		392		0.86	%		394		0.87	%
121-150		112		0.45	%		258		0.57	%		277		0.61	%
151-180		112		0.45	%		106		0.23	%		194		0.43	%
181-210		125		0.51	%		78		0.17	%		72		0.16	%
211-240		54		0.22	%		87		0.19	%		58		0.13	%
241-270		62		0.25	%		41		0.09	%		73		0.16	%
270+		125		0.51	%		69		0.15	%		45		0.10	%

Total repayment		16,935		68.72	%		33,316		73.10	%		32,787		72.48	%
In School		—		0.00	%		28		0.06	%		28		0.06	%
Grace		—		0.00	%		5		0.01	%		3		0.01	%
Deferment		5,524		22.41	%		8,220		18.04	%		8,512		18.82	%
Forbearance		2,184		8.86	%		3,926		8.61	%		3,786		8.37	%
Claims in Process		2		0.01	%		80		0.18	%		119		0.26	%
Administrative Rejects		—		0.00	%		—		0.00	%		—		0.00	%
Net Rejects		—		0.00	%		—		0.00	%		—		0.00	%

Total		24,645		100.00	%		45,575		100.00	%		45,235		100.00	%


Loans by Guarantor	WA Coupon			$ of Loans		Distribution			# of Loans		Distribution			Avg. Loan Balance

(current month)
ASA		5.80	%	$	418,990,141		23.66	%		9,803		21.67	%	$	42,741
Great Lakes		3.98	%		1,351,645,516		76.34	%		35,432		78.33	%		38,148


Total		4.41	%	$	1,770,635,657		100.00	%		45,235		100.00	%	$	39,143


Loans by Servicer	WA Coupon			$ of Loans		Distribution			# of loans		Distribution			Default Guarantee

(current month)
ACS		5.80	%	$	418,990,141		23.66	%		9,803		21.67	%		100.00	%
Great Lakes		3.98	%		1,351,645,516		76.34	%		35,432		78.33	%		100.00	%


Total		4.41	%	$	1,770,635,657		100.00	%		45,235		100.00	%		100.00	%

Page 3 of 5

Higher Education Funding I
For the Distribution Date — 05/25/05
Current Collection Period — April 2005


Loans by Program	WA Coupon			$ of Loans		Distribution			# of loans		Distribution			Avg. Loan Balance

(current month)
Subsidized Stafford		2.77	%	$	147,233		0.01	%		28.00		0.06	%	$	5,258
Unsubsidized Stafford		2.77	%		145,262		0.01	%		3.00		0.01	%		48,421
PLUS		4.17	%		290,195		0.02	%		24.00		0.05	%		12,091
Consolidation		4.41	%		1,770,052,966		99.97	%		45,180		99.88	%		39,178
Non-FFELP		0.00	%		—		0.00	%		—		0.00	%		—


Total		4.41	%	$	1,770,635,657		100.00	%		45,235		100.00	%	$	39,143


Loans by APR	WA Coupon			$ of Loans		Distribution			# of loans		Distribution			Avg. Loan Balance

(current month)
<4%		3.24	%	$	939,530,538		53.06	%		25,698		56.81	%	$	36,560
4-5%		4.31	%		356,845,097		20.15	%		9,062		20.03	%		39,378
5-6%		5.40	%		125,146,237		7.07	%		2,728		6.03	%		45,875
6-7%		6.44	%		133,332,224		7.53	%		2,829		6.25	%		47,131
7-8%		7.48	%		101,811,294		5.75	%		2,246		4.97	%		45,330
8+%		8.18	%		113,970,268		6.44	%		2,672		5.91	%		42,654


Total		4.41	%	$	1,770,635,657		100.00	%		45,235		100.00	%	$	39,143



Remaining Term	$ of loans		Distribution			# of loans		Distribution			Avg. Loan Balance		Avg. Loan Balance

						(current month)							(prior month)
0-60	$	250,687		0.01	%		22		0.05	%	$	11,395	$	9,094
61-120		3,090,584		0.17	%		315		0.70	%		9,811		8,263
121-180		62,652,601		3.54	%		3,891		8.60	%		16,102		15,843
181-240		511,731,283		28.90	%		19,062		42.14	%		26,846		26,936
241-300		452,641,487		25.56	%		12,212		27.00	%		37,065		38,001
301-360		507,161,341		28.64	%		7,233		15.99	%		70,118		72,038
361+		233,107,675		13.17	%		2,500		5.53	%		93,243		93,199


Total	$	1,770,635,657		100.00	%		45,235		100.00	%	$	39,143	$	38,900

Page 4 of 5

Higher Education Funding I
For the Distribution Date — 05/25/05
Current Collection Period — April 2005


Note Interest Rates	2/25/05			3/28/05			4/25/05			5/25/05			5/25/05 Note Balance

Senior FRN:
A-1		N/A			2.94	%		2.94	%		3.32	%		242,000,000
A-2		N/A			3.01	%		3.01	%		3.39	%		269,000,000
A-3		N/A			3.04	%		3.04	%		3.42	%		217,000,000
A-4		N/A			3.05	%		3.05	%		3.43	%		171,000,000
A-5		N/A			3.07	%		3.07	%		3.45	%		101,000,000

Subtotal														1,000,000,000
Senior ARN:
A-1		2.60	%		3.20	%		3.10	%		3.15	%	$	50,000,000
A-2		2.60	%		2.75	%		3.25	%		3.18	%		50,000,000
A-3		2.62	%		2.83	%		3.20	%		3.20	%		50,000,000
A-4		2.60	%		2.86	%		3.33	%		3.20	%		50,000,000
A-5		2.62	%		3.02	%		3.15	%		3.23	%		75,000,000
A-6		2.60	%		3.20	%		3.10	%		3.14	%		50,000,000
A-7		2.60	%		3.25	%		3.25	%		3.18	%		75,000,000
A-8		2.62	%		2.78	%		3.28	%		3.19	%		75,000,000
A-9		2.60	%		2.86	%		3.32	%		3.20	%		50,000,000
A-10		2.62	%		2.97	%		3.26	%		3.22	%		75,000,000
A-11		2.70	%		—			—			—			—
A-12		2.61	%		2.97	%		3.24	%		3.22	%		50,000,000
A-13		2.62	%		2.78	%		3.28	%		3.19	%		50,000,000
A-14		2.61	%		2.91	%		3.29	%		3.21	%		75,000,000
A-15		2.60	%		3.06	%		3.13	%		3.20	%		50,000,000

Subtotal														825,000,000
Subordinate ARN:
B-1		2.74	%		3.13	%		3.40	%		3.40	%		50,000,000
B-2		2.73	%		2.90	%		3.45	%		3.40	%		50,000,000

Subtotal														100,000,000


Total													$	1,925,000,000


Admin Acct. Accrual	2/25/05		3/28/05		4/25/05		Change			5/25/05

Servicing Fees	$	86,123	$	82,508	$	161,560	$	(656	)	$	160,904
Administration Fees		40,240		39,948		74,483		(72	)		74,411


Total	$	126,364	$	122,456	$	236,042	$	(728	)	$	235,315


Debt Service Accts	2/25/05		3/28/05		4/25/05		Change			5/25/05

Debt Service Cash:
Principal acct.	$	—	$	—	$	—	$	—		$	—
Retirement acct.		—		—		—		—			—
Interest acct.		2,771,575		7,305,414		9,587,985		(9,104,587	)		483,397

Total	$	2,771,575	$	7,305,414	$	9,587,985	$	(9,104,587	)	$	483,397


Investment Earnings	Prior Month (M-3)		Prior Month (M-2)		Current Month (M-1)		Change		Current Month (M)

Restricted Cash:
Acquisition acct.	$	2,486	$	1,732	$	1,232	$	8,494	$	9,726

Total	$	2,486	$	1,732	$	1,232	$	8,494	$	9,726

Page 5 of 5

CONSOLIDATION LOAN FUNDING II, LLC 8-K