Exhibit 99.1

Education Funding Capital Trust-II

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 2003A-1	—	—	—
Series 2003A-2	—	—	—
Series 2003A-3	—	—	—
Series 2003A-4	—	68,250.00	—
Series 2003A-5	—	68,875.00	—
Series 2003A-6	—	88,666.67	—
Series 2003A-7	—	173,444.44	—
Series 2003A-8	—	87,888.89	—
Series 2003B-1	—	45,500.00	—

	—	532,625.00	—

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

	Outstanding Principal	Pool Factor	Effective Interest Rate		Carryover Interest
LIBOR Floaters (3-month LIBOR):
Series 2003A-1	63,891,638.57	0.7986455	1.19000	%	N/A
Series 2003A-2	144,000,000.00	1.0000000	1.24000	%	N/A
Series 2003A-3	276,000,000.00	1.0000000	1.44000	%	N/A
Auction Rate Notes (28-day ARS):
Series 2003A-4	75,000,000.00	1.0000000	1.14000	%	—
Series 2003A-5	75,000,000.00	1.0000000	1.12000	%	—
Series 2003A-6	100,000,000.00	1.0000000	1.12000	%	—
Series 2003A-7	100,000,000.00	1.0000000	1.13000	%	—
Series 2003A-8	100,000,000.00	1.0000000	1.13000	%	—
Series 2003B-1	50,000,000.00	1.0000000	1.20000	%	—

	983,891,638.57				—

Education Funding Capital Trust-II

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	917,412,330.07
Accrued Interest on Financed Student Loans	6,544,138.87
Cash and Investment Balance	42,955,787.60
Accrued Interest on Cash and Investments	30,591.74

	966,942,848.28

Accrued Interest and Fees with respect to the Notes	1,057,775.84

Pool Balance	917,412,330.07

Parity Percentage	98.17	%

Senior Parity Percentage	103.43	%

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

	Distribution Account		Acquisition Account		Reserve Account	Capitalized Interest Account
Beginning Balance	1,065,155.87		(0.00	)	10,000,000.00	7,983,299.77
Withdrawals	(1,699,051.42	)	—		—	—
Deposits	2,218,035.34		—		—	—

Ending Balance	1,584,139.79		(0.00	)	10,000,000.00	7,983,299.77

Amounts allocated during month ended:		October 31, 2003

Servicing fees		184,222.67
Administration fee		38,505.09
Auction agent fee		4,687.50
Broker dealer fee		117,187.49
Calculation agent fee		—
Trustee fee		—

		344,602.75

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

Recoveries of Principal		5,000,562.01

Recoveries of Interest		3,356,704.75

Acquisitions of Financed Student Loans		—

Sales of Financed Student Loans		—

Initial federal reimbursement claims		210,832.87

Rejected federal reimbursement claims		—

Education Funding Capital Trust-II

Statements to Noteholders

Portfolio Statistics

October 31, 2003

(per Section 11.04)

EDUCATION CAPITAL I LLC 8-K