<PAGE>

                                                                    Exhibit 10.3

================================================================================

                               TRANSFER AGREEMENT

                                      from

                             GOAL FUNDING II, INC.

                                      and

                        U.S. BANK NATIONAL ASSOCIATION,
                                   as Trustee

                                       to

                        U.S. BANK NATIONAL ASSOCIATION,
                                   as Trustee

                                      and

                          EDUCATION LOANS INCORPORATED

                          ----------------------------

                          Dated as of February 1, 2004

                          ----------------------------

================================================================================

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     GOAL FUNDING II, INC., a Delaware corporation ("GOAL Funding II"), and U.S.
BANK NATIONAL ASSOCIATION, a national banking association, as indenture trustee
and eligible lender trustee (the "GOAL Funding II Trustee" and, together with
GOAL Funding II, the "Transferors") under the Indenture, dated as of January 30,
2003 (as amended, the "GOAL Funding II Indenture"), among GOAL Funding II,
Citicorp North America, Inc., as agent, the financial institutions named
therein, as lenders, Student Loan Finance Corporation ("SLFC"), as master
servicer, and the GOAL Funding II Trustee, in consideration of the payment (i)
to the Transferors of $318,845,747.81 (which amount is equal to the outstanding
principal balance of such Assigned Student Loans (as hereinafter defined), plus
accrued and unpaid interest and Special Allowance Payments thereon, as of the
effective date of this Agreement), and (ii) to SLFC of $4,231,635.58 (to
reimburse SLFC for amounts contributed by SLFC to GOAL Funding II to enable the
Transferors to pay the premium portion of the purchase price of the Assigned
Student Loans, as hereinafter defined, constituting FFELP Loans) receipt of
which is hereby acknowledged, hereby (a) assign, transfer and convey, subject to
the following paragraph, to U.S. BANK NATIONAL ASSOCIATION, as trustee (the
"Note Trustee") under the Indenture of Trust, dated as of February 1, 2004 (as
amended and supplemented, including by a First Supplemental Indenture of Trust,
dated as of February 1, 2004, the "Note Indenture"), between Education Loans
Incorporated, a Delaware corporation (the "Corporation"), and the Note Trustee,
and to the Corporation, as their interests may appear, without recourse, all
right, title and interest in, to and under, and (b) in the case of the GOAL
Funding II Trustee, releases all right, interest, lien or claim of any kind that
the GOAL Funding II Trustee may have under the GOAL Funding II Indenture with
respect to: (1) each of the Student Loans (as defined in the Note Indenture),
including any evidences of indebtedness and all related documentation,
identified in the list attached hereto as Exhibit A (the "Assigned Student
Loans"), and by this reference made a part hereof, each of which was acquired
with moneys available therefor under the GOAL Funding II Indenture, either
through the origination thereof on behalf of GOAL Funding II or through the
purchase thereof by or behalf of GOAL Funding II pursuant to the Student Loan
Purchase Agreements identified in the list attached hereto as Exhibit B (the
"Student Loan Purchase Agreements"), together with accrued and unpaid borrower
interest, federal interest subsidy payments and Special Allowance Payments
thereon, (2) the Student Loan Purchase Agreements, to the extent they relate to
the Assigned Student Loans, (3) all rights and remedies of the Transferors under
all of the foregoing, including the right to enforce the same in the same manner
and to the same extent as the Transferors might do but for the execution and
delivery of this Transfer Agreement, (4) $1,261,996.56 from amounts on deposit
in the Guarantee Subaccount established under the GOAL Funding II Indenture,
such amount having been transferred on the date hereof to the Note Trustee for
deposit in the Alternative Loan Guarantee Fund established under the Note
Indenture, and (5) all proceeds of any of the foregoing.

     It is hereby acknowledged that the foregoing transfer and assignment is
being made pursuant to, and subject to the provisions of, Section 5.1 of the
Note Indenture, which provides that the Note Trustee shall be the legal owner of
all student loans financed under the Note Indenture (which includes the Assigned
Student Loans) for all purposes of the Higher Education Act and each Guarantee
Program and Alternative Loan Program (as such terms are defined in the Note
Indenture), but that the Note Trustee shall so hold such financed student loans
(including the Assigned Student Loans) in its capacity as trustee of an express
trust created pursuant to the Note Indenture and, in such capacity, shall be
acting on behalf of the Corporation, as the

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beneficial owner of such financed student loans (including the Assigned Student
Loans), as well as the Holders of the Notes and all Other Beneficiaries, as
their interests may appear.

     To the extent required by the Higher Education Act and the Guarantee
Program regulations or the Alternative Loan Program, the Transferors agree to
notify, or cause to be notified, each borrower under each Assigned Student Loan
of the assignment and transfer to the Trustee (but for the account and on behalf
of the Corporation) of the Transferors' interest in such Assigned Student Loan
and shall direct the borrower to make all payments thereon directly to the
Servicer until otherwise notified by the Trustee. To the extent permitted by the
Higher Education Act and the Guarantee Program regulations or the Alternative
Loan Program, as appropriate, the Corporation may waive this requirement if the
notice is or has been sent by the Servicer on behalf of the Transferors.

     If either of the Transferors is the recipient of any funds, from whatever
source received, which constitute payment of principal with respect to any
Assigned Student Loan, or accrued and unpaid borrower interest, federal interest
subsidy payments and Special Allowance Payments thereon as of the date of this
Agreement, or accrued interest or Special Allowance Payments accrued thereon for
any period subsequent to the date of this Agreement, such Transferor shall
promptly remit, or cause to be remitted, all such funds to the Servicer or in
such manner as the Trustee may otherwise direct.

     Each of the Corporation and the Note Trustee, by entering into this
Agreement, covenants and agrees that it will not at any time institute against
GOAL Funding II, or join in any institution against GOAL Funding II of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligation relating to this Agreement.

     Each of the Transferors, by entering into this Agreement, covenants and
agrees that it will not at any time institute against the Corporation, or join
in any institution against the Corporation of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States Federal or state bankruptcy or similar law in connection with
any obligation relating to this Agreement.

     The Transferors further agree to individually endorse any of the
above-described Assigned Student Loans or any documents related thereto payable
to the Note Trustee upon the request of the Note Trustee for any reason,
including, without limitation, the default of any maker of any of the Assigned
Student Loans described hereinabove or assigned hereunder, and the default of
the Corporation under the Note Indenture.

     All terms capitalized but not defined herein shall have the meaning
ascribed thereto in the Note Indenture.

     This Transfer Agreement shall be governed by, and construed in accordance
with, the laws of the State of South Dakota.

                                        2

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     This transfer and assignment shall be effective the 11/th/ day of February,
2004.

                                        GOAL FUNDING II, INC


                                        By:  /s/ Michael A. Gort
                                             -----------------------------------
                                                    President

                                        U.S. BANK NATIONAL ASSOCIATION,
                                         as GOAL Funding II Trustee


                                        By:  /s/ Cynthia S. Woodward
                                             -----------------------------------
                                                   Vice President

     The undersigned, as Note Trustee, hereby accepts the above Transfer
Agreement and acknowledges receipt of the Assigned Student Loans (including any
evidences of indebtedness and all related documentation), the Student Loan
Purchase Agreements and the $4,231,635.58 described above.

     Dated this 11/th/ day of February, 2004.

                                        U.S. BANK NATIONAL ASSOCIATION,
                                         as Note Trustee


                                        By:  /s/ Cynthia S. Woodward
                                             -----------------------------------
                                                    Vice President

     The Corporation hereby accepts the above Transfer Agreement.

     Dated this 11/th/ day of February, 2004.

                                        EDUCATION LOANS INCORPORATED


                                        By:  /s/ Michael A. Gort
                                             -----------------------------------
                                                   President

                                        3

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                                   EXHIBIT A
                                   ---------

                        [List of Assigned Student Loans]

                 [Computer Disks and Paper Supplement Attached]


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                                   EXHIBIT B
                                   ---------

                   [List of Student Loan Purchase Agreements]