Exhibit 99.1

Education Funding Capital Trust-I

Statements to Noteholders

June 30, 2003

(per Section 11.04)

Payments on each Series of Notes during the month ended:				June 30, 2003

	Principal	Interest		Carryover Interest
Series 2002A-1	—	78,750.00		—
Series 2002A-2	—	77,332.50		—
Series 2002A-3	—	77,583.33		—
Series 2002A-4	—	1,113,991.67		—
Series 2002A-5	—	65,216.67		—
Series 2002A-6	—	66,733.33		—
Series 2002A-7	—	66,733.33		—
Series 2002A-8	—	80,686.67		—
Series 2002A-9	—	78,866.67		—
Series 2002A-10	—	51,567.06		—
Series 2002A-11	—	81,900.00		—
Series 2002A-12	9,000,000.00	79,473.33		—
Series 2002A-13	—	79,473.33		—
Series 2002B-1	—	38,006.11		—
Series 2002B-2	—	36,088.89		—

	9,000,000.00	2,072,402.89		—


Information on Each Series of Notes as of:				June 30, 2003

	Outstanding Principal	Auction Rate		Carryover Interest
Series 2002A-1	75,000,000.00	1.32	%	—
Series 2002A-2	73,650,000.00	1.38	%	—
Series 2002A-3	75,000,000.00	1.20	%	—
Series 2002A-4	67,800,000.00	3.25	%	—
Series 2002A-5	64,500,000.00	1.28	%	—
Series 2002A-6	66,000,000.00	1.14	%	—
Series 2002A-7	66,000,000.00	1.15	%	—
Series 2002A-8	78,000,000.00	1.33	%	—
Series 2002A-9	78,000,000.00	1.31	%	—
Series 2002A-10	49,850,000.00	1.28	%	—
Series 2002A-11	78,000,000.00	1.25	%	—
Series 2002A-12	69,000,000.00	1.18	%	—
Series 2002A-13	78,000,000.00	1.17	%	—
Series 2002B-1	33,700,000.00	1.30	%	—
Series 2002B-2	32,000,000.00	1.25	%	—

	984,500,000.00			—

Education Funding Capital Trust-I

Statements to Noteholders

June 30, 2003

(per Section 11.04)

Value of the Trust Estate as of:			June 30, 2003

Principal Balance of Financed Student Loans			926,264,142.24
Accrued Interest on Financed Student Loans			7,833,478.36
Cash and Investment Balance			34,486,997.32
Accrued Interest on Cash and Investments			34,804.31

			968,619,422.23

Accrued Interest and Fees with respect to the Notes			777,995.94

Parity Percentage			98.31	%

Senior Parity Percentage			105.34	%


Rollforward of Indenture Funds during month ended:			June 30, 2003

	Acquisition Fund	Reserve Fund	Capitalized Interest Fund
Beginning Balance	—	5,115,000.00	20,689,869.34
Withdrawals	—	—	—
Deposits		—	—

Ending Balance	—	5,115,000.00	20,689,869.34


Amounts allocated during month ended:			June 30, 2003

Servicing fees			178,822.69
Administration fee			38,976.36
Auction agent fee			8,141.56
Broker dealer fee			203,538.90
Calculation agent fee			—
Trustee fee			—

			429,479.51


Activity on Financed Student Loans during month ended:			June 30, 2003

Recoveries of Principal			4,176,354.80

Recoveries of Interest			3,061,546.30

Acquisitions of Financed Student Loans			—

Sales of Financed Student Loans			—

Initial federal reimbursement claims			1,056,846.00

Rejected federal reimbursement claims			—

Education Funding Capital Trust-I

Statements to Noteholders

Portfolio Statistics

June 30, 2003

(per Section 11.04)

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

EDUCATION FUNDING CAPITAL TRUST I 8-K