Exhibit 99.1

Education Funding Capital Trust-IV

Statements to Noteholders

July 31, 2004

(per Section 11.04)


Payments on each Series of Notes during the month ended:			July 31, 2004
	Principal	Interest	Carryover Interest
Series 2004A-1	—	—	—
Series 2004A-2	—	—	—
Series 2004A-3	—	—	—
Series 2004A-4	—	100,000.00	—
Series 2004A-5	—	112,777.78	—
Series 2004A-6	—	106,400.00	—
Series 2004B-1	—	62,222.22	—

	—	381,400.00	—


Information on Each Series of Notes as of:					July 31, 2004
	Outstanding Principal	Pool Factor	Effective Interest Rate		Carryover Interest
LIBOR Floaters (3-month LIBOR):
Series 2004A-1	170,000,000.00	1.0000000	1.38000	%	N/A
Series 2004A-2	390,000,000.00	1.0000000	1.50000	%	N/A
Series 2004A-3	100,000,000.00	1.0000000	1.53000	%	N/A
Auction Rate Notes (28-day ARS):
Series 2004A-4	100,000,000.00	1.0000000	1.52000	%	—
Series 2004A-5	100,000,000.00	1.0000000	1.55000	%	—
Series 2004A-6	90,000,000.00	1.0000000	1.62000	%	—
Series 2004B-1	50,000,000.00	1.0000000	1.70000	%	—

	1,000,000,000.00				—

Education Funding Capital Trust-IV

Statements to Noteholders

July 31, 2004

(per Section 11.04)


Value of the Trust Estate as of:	July 31, 2004
Principal Balance of Financed Student Loans	946,090,580.69
Accrued Interest on Financed Student Loans	4,884,849.35
Cash and Investment Balance	27,218,542.12
Accrued Interest on Cash and Investments	44,910.53

	978,238,882.69

Accrued Interest and Fees with respect to the Notes	2,449,327.33

Pool Balance	946,090,580.69

Parity Percentage	97.58	%

Senior Parity Percentage	102.71	%


Rollforward of Indenture Funds during month ended:								July 31, 2004
	Distribution Account		Collection Account		Acquisition Account		Reserve Account	Capitalized Interest Account
Beginning Balance	2,867,213.41		4,697,989.19		35,441,029.00		10,000,000.00	5,000,000.00
Withdrawals	(1,397,716.98	)	(4,949,909.98	)	(35,310,029.00	)	—	—
Deposits	2,349,909.98		9,111,885.26		—		—	—

Ending Balance	3,819,406.41		8,859,964.47		131,000.00		10,000,000.00	5,000,000.00


Amounts allocated during month ended:		July 31, 2004
Servicing fees		145,066.51
Administration fee		—
Auction agent fee		2,560.70
Broker dealer fee		64,017.52
Calculation agent fee		—
Trustee fee		666.66

		212,311.39


Activity on Financed Student Loans during month ended:		July 31, 2004
Recoveries of Principal		4,706,325.67

Recoveries of Interest		2,035,654.00

Acquisitions of Financed Student Loans		—

Sales of Financed Student Loans		—

Initial federal reimbursement claims		130,389.96

Rejected federal reimbursement claims		—

Education Funding Capital Trust-IV

Statements to Noteholders

Portfolio Statistics

July 31, 2004

(per Section 11.04)

EDUCATION FUNDING CAPITAL TRUST-IV 8-K