**EXHIBIT 99.3**

**Report of Independent Accountants**

To: CIT Education Loan Trust 2005-1 and

The Bank of New York as Indenture Trustee 

We have examined management’s assertions related to CIT Group Inc.’s wholly-owned subsidiary Education Lending Services, Inc.’s (the “Company”) compliance with Sections 3, 4, 5, 6 and 7 of theAdministration Agreement, dated as of June 1, 2005, between CIT Education Loan Trust 2005-1, as Issuer, and Education Lending Services, Inc., as Administrator (the “Administration Agreement”), and with Sections 2, 4, 5 and 7 of theMaster Servicing Agreement, dated as of June 1, 2005 among Education Lending Services, Inc., as Master Servicer, CIT Education Loan Trust 2005-1, as Issuer, and The Bank of New York, as Eligible Lender Trustee for the Issuer (the“Servicing Agreement”), for the year ended December 31, 2005 included in the accompanying management assertion (see Exhibit I). Management is responsible for the Company’s compliance with those requirements. Our responsibility isto express an opinion on management’s assertion about the Company’s compliance based on our examination. 

Our examination was conducted inaccordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the requirements and performing suchother procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company’s compliance with specifiedrequirements. 

In our opinion, management’s assertion that the Company complied with the aforementioned requirements during the year endedDecember 31, 2005, except as noted in Exhibit I, is fairly stated, in all material respects. 

**/s/ PricewaterhouseCoopers LLP**

March 28, 2006 

Exhibit 1 

**Management’s Assertion Concerning Compliance**

**with the Requirements of the AdministrationAgreement and the Servicing Agreement**

March 28, 2006 

As of and for the year ended December 31, 2005, CIT Group Inc.’s wholly-owned subsidiary Education Lending Services, Inc. (the “Company”) hascomplied in all material respects with the requirements set forth in Sections 3, 4, 5, 6 and 7 of the Administration Agreement, dated as of June 1, 2005, between CIT Education Loan Trust 2005-1, as Issuer, and Education Lending Services, Inc.,as Administrator (the “Administration Agreement”), and with Sections 2, 4, 5 and 7 of the Master Servicing Agreement, dated as of June 1, 2005 among Education Lending Services, Inc., as Master Servicer, CIT Education Loan Trust2005-1, as Issuer and The Bank of New York as Eligible Lender Trustee on behalf of the Issuer (the “Servicing Agreement”). During the year ended December 31, 2005, an instance of noncompliance with Section 4(24) of the Servicing Agreementwas noted as follows: 

*Servicing Agreement Section 4 (24): “When a Student Loan becomes due for repayment, prepare a payment schedule and disclosurestatement and mail it to the borrower for signature(s). Prior to the first payment due date, repayment coupons will be prepared and sent to the borrowers.”* The Company did not require borrowers to sign and return the payment schedules anddisclosure statements that it mails to them, noting that its mailings comply with the requirements of the Higher Education Act (Guidance in 34 CFR 682.205) which does not include the requirement to obtain a signature. 

Management of the Company, as Administrator, is responsible for compliance with Sections 3, 4, 5, 6 and 7 of the Administration Agreement, and management of the Company,as the Master Servicer, is responsible for compliance with Sections 2, 4, 5 and 7 of the Servicing Agreement. 

Management has performed an evaluation ofthe Company’s compliance with Sections 3, 4, 5, 6 and 7 of the Administration Agreement, and sections 2, 4, 5 and 7 of the Servicing Agreement, for the year ended December 31, 2005. Based upon this evaluation, management believes that, forthe year ended December 31, 2005, the Company, as Administrator, was materially in compliance with Sections 3, 4, 5, 6 and 7 of the Administration Agreement, and the Company, as Master Servicer, was materially in compliance with Sections 2, 4,5 and 7 of the Servicing Agreement. 

 

/s/ Michael H. Shaut
Michael H. Shaut,President
/s/ Douglas L. Feist
Douglas L. Feist,Sr. EVP and CAO
/s/ Perry D. Moore
Perry D. Moore,EVP and CFO