Exhibit 20.1

Higher Education Funding I

For the Monthly Calculation Date – June 27, 2005
Current Collection Period – May 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 Monthly Calculation Date — 06/27/05

Current Collection Period — May 2005


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

Collection period payment activity
Principal	$	14,688,062		$	13,968,872		$	14,589,890
Interest		3,263,797			3,598,739			3,705,934
Fees		12,887			15,290			14,852

Subtotal		17,964,746			17,582,902			18,310,675
Prior period undistributed collections		1,067,183			7,031,636			14,241,114
Prior period collections deposited by the Servicer in the current period		1,201,976			1,179,476			1,574,212
Current period collections deposited by the Servicer in the subsequent period		(1,179,476	)		(1,574,212	)		(1,594,116	)

Total cash remitted by the Servicers during the current collection period		19,054,429			24,219,802			32,531,884

Other Deposits
Amounts transferred from the acquisition account		—			—			—
Amounts transferred from the administration account		—			—			—
Amounts transferred from the borrower benefits account		20,713			42,500			4,917
Amounts transferred from the reserve account		—			562,500			—
SAP and subsidy payments received		—			5,689,002			—
Interest earnings on trust accounts		33,835			221,870			191,359

Total cash deposits		19,108,977			30,735,675			32,728,161


Total cash distributions		(12,077,341	)		(16,494,561	)		(24,701,519	)


Account Balance at the end of the Collection Period	$	7,031,636		$	14,241,114		$	8,026,642


Servicer deposits between the end of the collection period and the cut-off date		9,462,925			10,460,406			11,782,179


Account Balance as of the cut-off date	$	16,494,561		$	24,701,519		$	19,808,821


	Distributions		Distributions		Distributions
	3/28/05		4/25/05		6/27/05
First, to the U.S. Department of Education	$	1,564,854	$	1,562,787	$	1,554,372

Second, to the administration account for certain costs and expenses		389,533		396,308		366,372

Third, to the interest account for payment of interest on Senior Notes		4,039,831		6,406,885		4,088,720

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

Fifth, to the interest account for payment of interest on Sub. Notes		400,822		398,904		398,521

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		10,099,521		15,936,636		13,400,836


Total Distributions	$	16,494,561	$	24,701,519	$	19,808,821

Page 1 of 4

Higher Education Funding I

For the Monthly Calculation Date — 06/27/05

Current Collection Period — May 2005


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

Senior FRN:
A-1	$	242,000,000	$	242,000,000	$	1,503,664	$	—	$	242,000,000		1.0000
A-2		269,000,000		269,000,000		1,711,180		—		269,000,000		1.0000
A-3		217,000,000		217,000,000		1,394,137		—		217,000,000		1.0000
A-4		171,000,000		171,000,000		1,102,216		—		171,000,000		1.0000
A-5		101,000,000		101,000,000		655,281		—		101,000,000		1.0000

Subtotal		1,000,000,000		1,000,000,000		6,366,478		—		1,000,000,000		1.0000
Senior ARN:
A-1		50,000,000		50,000,000		118,904		—		50,000,000		1.0000
A-2		50,000,000		50,000,000		121,205		—		50,000,000		1.0000
A-3		50,000,000		50,000,000		245,479		—		50,000,000		1.0000
A-4		50,000,000		50,000,000		127,726		—		50,000,000		1.0000
A-5		75,000,000		75,000,000		181,233		—		75,000,000		1.0000
A-6		50,000,000		50,000,000		118,904		—		50,000,000		1.0000
A-7		75,000,000		75,000,000		181,808		—		75,000,000		1.0000
A-8		75,000,000		75,000,000		181,808		—		75,000,000		1.0000
A-9		50,000,000		50,000,000		127,342		—		50,000,000		1.0000
A-10		75,000,000		75,000,000		187,562		—		75,000,000		1.0000
A-11		75,000,000		—		—		—		—		0.0000
A-12		50,000,000		50,000,000		124,274		—		50,000,000		1.0000
A-13		50,000,000		50,000,000		121,205		—		50,000,000		1.0000
A-14		75,000,000		75,000,000		189,288		—		75,000,000		1.0000
A-15		50,000,000		50,000,000		102,740		—		50,000,000		1.0000

Subtotal		900,000,000		825,000,000		2,129,479		—		825,000,000		0.9167
Subordinate ARN:
B-1		50,000,000		50,000,000		130,411		—		50,000,000		1.0000
B-2		50,000,000		50,000,000		130,411		—		50,000,000		1.0000

Subtotal		100,000,000		100,000,000		260,822		—		100,000,000		1.0000


Total	$	2,000,000,000	$	1,925,000,000	$	8,756,779	$	—	$	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	$	956,661,730		$	949,404,161		$	823,483,549		$	1,772,887,711		$	(2,252,054	)	$	1,770,635,657
Loans Purchased		1,002,324			837,244,519			(827,049,661	)		10,194,857			(8,156,287	)		2,038,570
Loans Repurchased		—			—			—			—			—			—
Loans Sold		—			—			—			—			—			—
Loans Repaid		(9,054,036	)		(14,688,062	)		719,189			(13,968,872	)		(621,017	)		(14,589,890	)
Capitalized Interest		737,782			892,507			600,832			1,493,340			(3,525	)		1,489,814
Servicer Adjustments		56,362			34,585			(5,964	)		28,621			(3,003	)		25,618

Ending Balance	$	949,404,161		$	1,772,887,711		$	(2,252,054	)	$	1,770,635,657		$	(11,035,887	)	$	1,759,599,770

Accrued Interest		10,197,236			16,239,770			(247,652	)		15,992,118			1,369,773			17,361,890
Servicer Payments Due		1,201,976			1,179,666			394,546			1,574,212			19,904			1,594,116
Trust Cash Accounts		26,396,406			96,184,188			7,327,413			103,511,601			5,486,436			108,998,037

Total Assets	$	987,199,778		$	1,886,491,334		$	5,222,253		$	1,891,713,587		$	(4,159,774	)	$	1,887,553,813

Senior Notes	$	900,000,000		$	1,825,000,000		$	—		$	1,825,000,000		$	—		$	1,825,000,000
Subordinate Notes		100,000,000			100,000,000			—			100,000,000			—			100,000,000
Accrued Expenses		4,200,958			9,141,317			1,085,617			10,226,934			(2,121,865	)		8,105,068

Total Liabilities	$	1,004,200,958		$	1,934,141,317		$	1,085,617		$	1,935,226,934		$	(2,121,865	)	$	1,933,105,068

Selected Statistics:
Parity Trigger (a)		98.30	%		97.52	%		0.21	%		97.74	%		-0.11	%		97.63	%
Parity Trigger (aaa)		109.22	%		102.87	%		0.23	%		103.10	%		-0.11	%		102.98	%
Subordinate %		10.00	%		5.19	%		0.00	%		5.19	%		0.00	%		5.19	%
WA Coupon		4.25	%		4.41	%		0.00	%		4.41	%		0.00	%		4.41	%
Average Balance	$	38,523		$	38,900		$	243		$	39,143		$	31		$	39,174
WA Rem. Mo.		288.7			290.3			(0.4	)		289.9			(0.6	)		289.3
Number of Loans		24,645			45,575			(340	)		45,235			(317	)		44,918


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	$	15,000,000	$	(562,500	)	$	14,437,500	$	—		$	14,437,500
Acquisition acct.		511,626		47,541,125		(10,504,703	)		37,036,422		(2,113,862	)		34,922,560
Collection acct.		1,067,183		7,031,636		7,209,478			14,241,113		(6,214,472	)		8,026,641
Principal acct.		—		—		—			—		—			—
Retirement acct.		—		—		—			—		—			—
Surplus acct.		13,116,639		17,470,110		10,099,521			27,569,632		15,936,636			43,506,267

Subtotal		22,195,448		87,042,871		6,241,796			93,284,667		7,608,302			100,892,969
Accrued Expenses:
Admin.acct.		293,569		1,553,794		(584,934	)		968,860		(144,658	)		824,202
Interest acct.		2,771,575		6,566,675		2,117,337			8,684,012		(1,950,991	)		6,733,022
Benefits acct.		1,135,814		1,020,848		(446,786	)		574,062		(26,217	)		547,845

Subtotal		4,200,958		9,141,317		1,085,617			10,226,934		(2,121,865	)		8,105,068

Total	$	26,396,406	$	96,184,188	$	7,327,413		$	103,511,601	$	5,486,436		$	108,998,037

Page 2 of 4

Higher Education Funding I

For the Monthly Calculation Date — 06/27/05

Current Collection Period — May 2005


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


Beginning Balance	$	113,508		$	48,892	$	2,954,590		$	3,003,482		$	1,399,919		$	4,403,401
Filed During Period		501,625			2,663,837		(708,792	)		1,955,045			(616,013	)		1,339,032
Paid During Period		(566,242	)		290,753		(845,880	)		(555,127	)		(2,483,747	)		(3,038,874	)
Administrative Rejects		—			—		—			—			—			—
Net Rejects		—			—		—			—			—			—


Total	$	48,892		$	3,003,482	$	1,399,919		$	4,403,401		$	(1,699,842	)	$	2,703,559


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

(current month)
4-Year		3.35	%	$	140,883		0.01	%		3		0.01	%	$	46,961
2-Year		2.77	%		12,563		0.00	%		18		0.04	%		698
Proprietary		0.00	%		—		0.00	%		—		0.00	%		—
Graduate		3.44	%		379,751		0.02	%		32		0.07	%		11,867
Other/Unknown		4.41	%		1,759,066,573		99.97	%		44,865		99.88	%		39,208


Total		4.41	%	$	1,759,599,770		100.00	%		44,918		100.00	%	$	39,174


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

In Repayment, days DQ
0-30	$	1,118,304,280		63.08	%	$	1,098,416,906		62.04	%	$	1,089,650,686		61.93	%
31-60		45,154,389		2.55	%		52,412,836		2.96	%		50,007,710		2.84	%
61-90		27,507,897		1.55	%		23,841,100		1.35	%		26,740,300		1.52	%
91-120		15,761,086		0.89	%		15,539,450		0.88	%		15,692,014		0.89	%
121-150		9,717,851		0.55	%		10,848,482		0.61	%		11,122,896		0.63	%
151-180		3,783,443		0.21	%		7,346,226		0.41	%		7,837,889		0.45	%
181-210		2,911,345		0.16	%		2,555,315		0.14	%		5,974,263		0.34	%
211-240		3,640,900		0.21	%		2,182,640		0.12	%		2,084,141		0.12	%
241-270		1,687,597		0.10	%		3,025,496		0.17	%		1,681,933		0.10	%
270+		2,362,249		0.13	%		1,532,228		0.09	%		2,668,585		0.15	%

Total repayment	$	1,230,831,035		69.43	%	$	1,217,700,680		68.77	%	$	1,213,460,418		68.96	%
In School		267,788.00		0.02	%		275,976.00		0.02	%		260,908.00		0.01	%
Grace		42,019		0.00	%		16,519		0.00	%		31,587		0.00	%
Deferment		357,171,112		20.15	%		370,421,907		20.92	%		365,536,419		20.77	%
Forbearance		181,572,275		10.24	%		177,817,174		10.04	%		177,606,878		10.09	%
Claims in Process		3,003,482		0.17	%		4,403,401		0.25	%		2,703,559		0.15	%
Administrative Rejects		—		0.00	%		—		0.00	%		—		0.00	%
Net Rejects		—		0.00	%		—		0.00	%		—		0.00	%

Total	$	1,772,887,711		100.00	%	$	1,770,635,657		100.00	%	$	1,759,599,770		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		30,398		66.70	%		29,645		65.54	%		29,438		65.54	%
31-60		1,199		2.63	%		1,415		3.13	%		1,325		2.95	%
61-90		688		1.51	%		614		1.36	%		726		1.62	%
91-120		392		0.86	%		394		0.87	%		391		0.87	%
121-150		258		0.57	%		277		0.61	%		282		0.63	%
151-180		106		0.23	%		194		0.43	%		202		0.45	%
181-210		78		0.17	%		72		0.16	%		156		0.35	%
211-240		87		0.19	%		58		0.13	%		58		0.13	%
241-270		41		0.09	%		73		0.16	%		45		0.10	%
270+		69		0.15	%		45		0.10	%		66		0.15	%

Total repayment		33,316		73.10	%		32,787		72.48	%		32,689		72.77	%
In School		28		0.06	%		28		0.06	%		26		0.06	%
Grace		5		0.01	%		3		0.01	%		5		0.01	%
Deferment		8,220		18.04	%		8,512		18.82	%		8,293		18.46	%
Forbearance		3,926		8.61	%		3,786		8.37	%		3,826		8.52	%
Claims in Process		80		0.18	%		119		0.26	%		79		0.18	%
Administrative Rejects		—		0.00	%		—		0.00	%		—		0.00	%
Net Rejects		—		0.00	%		—		0.00	%		—		0.00	%

Total		45,575		100.00	%		45,235		100.00	%		44,918		100.00	%


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

(current month)
ASA		5.80	%	$	414,807,180		23.57	%		9,688		21.57	%	$	42,817
Great Lakes		3.98	%		1,344,792,590		76.43	%		35,230		78.43	%		38,172


Total		4.41	%	$	1,759,599,770		100.00	%		44,918		100.00	%	$	39,174


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

(current month)
ACS		5.80	%	$	414,807,180		23.57	%		9,688		21.57	%		100.00	%
Great Lakes		3.98	%		1,344,792,590		76.43	%		35,230		78.43	%		100.00	%


Total		4.41	%	$	1,759,599,770		100.00	%		44,918		100.00	%		100.00	%

Page 3 of 4

Higher Education Funding I

For the Monthly Calculation Date — 06/27/05

Current Collection Period — May 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		0.06	%	$	5,258
Unsubsidized Stafford		2.77	%		145,262		0.01	%		3		0.01	%		48,421
PLUS		4.17	%		240,701		0.01	%		22		0.05	%		10,941
Consolidation		4.41	%		1,759,066,573		99.97	%		44,865		99.88	%		39,208
Non-FFELP		0.00	%		—		0.00	%		—		0.00	%		—


Total		4.41	%	$	1,759,599,770		100.00	%		44,918		100.00	%	$	39,174


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

(current month)
<4%		3.28	%		1,005,453,965		57.14	%		25,583		56.95	%	$	39,302
4-5%		4.41	%		303,148,611		17.23	%		8,983		20.00	%		33,747
5-6%		5.60	%		116,982,246		6.65	%		2,683		5.97	%		43,601
6-7%		6.56	%		127,425,010		7.24	%		2,803		6.24	%		45,460
7-8%		7.64	%		115,791,571		6.58	%		2,225		4.95	%		52,041
8+%		8.24	%		90,798,367		5.16	%		2,641		5.88	%		34,380


Total		4.41	%	$	1,759,599,770		100.00	%		44,918		100.00	%	$	39,174


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

	(current month)												(prior month)
0-60	$	269,090		0.02	%		22		0.05	%	$	12,231	$	11,395
61-120		3,073,366		0.17	%		317		0.71	%		9,695		9,811
121-180		64,273,970		3.65	%		3,985		8.87	%		16,129		16,102
181-240		539,312,090		30.65	%		19,962		44.44	%		27,017		26,846
241-300		440,595,912		25.04	%		11,476		25.55	%		38,393		37,065
301-360		508,404,015		28.89	%		6,992		15.57	%		72,712		70,118
361+		203,671,326		11.57	%		2,164		4.82	%		94,118		93,243


Total	$	1,759,599,770		100.00	%		44,918		100.00	%	$	39,174	$	39,143


Note Interest Rates	2/25/05			3/28/05			4/25/05			5/25/05			6/27/05			6/27/05 Note Balance

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

Subtotal																	1,000,000,000
Senior ARN:
A-1		2.60	%		3.20	%		3.10	%		3.15	%		3.30	%	$	50,000,000
A-2		2.60	%		2.75	%		3.25	%		3.18	%		3.32	%		50,000,000
A-3		2.62	%		2.83	%		3.20	%		3.20	%		3.18	%		50,000,000
A-4		2.60	%		2.86	%		3.33	%		3.20	%		3.15	%		50,000,000
A-5		2.62	%		3.02	%		3.15	%		3.23	%		3.25	%		75,000,000
A-6		2.60	%		3.20	%		3.10	%		3.14	%		3.29	%		50,000,000
A-7		2.60	%		3.25	%		3.25	%		3.18	%		3.32	%		75,000,000
A-8		2.62	%		2.78	%		3.28	%		3.19	%		3.36	%		75,000,000
A-9		2.60	%		2.86	%		3.32	%		3.20	%		3.21	%		50,000,000
A-10		2.62	%		2.97	%		3.26	%		3.22	%		3.22	%		75,000,000
A-11		2.70	%		—			—			—			—			—
A-12		2.61	%		2.97	%		3.24	%		3.22	%		3.22	%		50,000,000
A-13		2.62	%		2.78	%		3.28	%		3.19	%		3.36	%		50,000,000
A-14		2.61	%		2.91	%		3.29	%		3.21	%		3.21	%		75,000,000
A-15		2.60	%		3.06	%		3.13	%		3.20	%		3.22	%		50,000,000

Subtotal																	825,000,000
Subordinate ARN:
B-1		2.74	%		3.13	%		3.40	%		3.40	%		3.42	%		50,000,000
B-2		2.73	%		2.90	%		3.45	%		3.40	%		3.57	%		50,000,000

Subtotal																	100,000,000


Total																$	1,925,000,000


Admin Acct. Accrual	2/25/05		3/28/05		4/25/05		5/25/05		Change			6/27/05

Servicing Fees	$	86,123	$	82,508	$	161,560	$	160,904	$	(4,369	)	$	156,535
Administration Fees		40,240		39,948		74,483		74,411		(434	)		73,976

Total	$	126,364	$	122,456	$	236,042	$	235,315	$	(4,804	)	$	230,511


Debt Service Accts	2/25/05		3/28/05		4/25/05		5/25/05		Change		6/27/05

Debt Service Cash:
Principal acct.	$	—	$	—	$	—	$	—	$	—	$	—
Retirement acct.		—		—		—		—		—		—
Interest acct.		2,771,575		7,305,414		9,587,985		483,397		8,578,372		9,061,769

Total	$	2,771,575	$	7,305,414	$	9,587,985	$	483,397	$	8,578,372	$	9,061,769


Investment Earnings	Prior Month (M-4)		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	$	9,726	$	281	$	10,007

Total	$	2,486	$	1,732	$	1,232	$	9,726	$	281	$	10,007

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CONSOLIDATION LOAN FUNDING II, LLC 8-K