<PAGE>

                                                                    EXHIBIT 10.5

                AMENDED AND RESTATED AFFILIATE SERVICING ADDENDUM

     THIS AMENDED AND RESTATED AFFILIATE SERVICING ADDENDUM is made as of the
1/st/ day of April, 2003 (the "Affiliate Servicing Addendum"), by and among ACS
EDUCATION SERVICES, INC. ("ACS"), EDUCATION LENDING SERVICES, INC. ("ELS"),
EDUCATION FUNDING CAPITAL TRUST II ("Affiliate") and FIFTH THIRD BANK as the
eligible lender trustee on behalf of the Affiliate ("Affiliate Eligible Lender
Trustee").

     This Amended and Restated Affiliate Servicing Addendum (this "Affiliate
Servicing Addendum") is an addendum to that certain Servicing Agreement among
ACS, ELS and Fifth Third Bank as eligible lender trustee on behalf of ELS (the
"ELS ELT") dated as of October 1, 2002, including all amendments, addenda,
attachments, exhibits and schedules thereto (herein the "Servicing Agreement").

     Capitalized terms used in this Affiliate Servicing Addendum without
definitions shall have the meanings ascribed to such terms in the Servicing
Agreement.

     WHEREAS, ACS, ELS, the Affiliate and the Affiliate Eligible Lender Trustee
previously entered into that certain Affiliate Servicing Addendum dated as of
March 19, 2003 (the "Original Addendum").

     WHEREAS, ACS, ELS, the Affiliate and the Affiliate Eligible Lender Trustee
have agreed to amend and restate the Original Addendum.

     WHEREAS, ELS desires ACS to provide the services set forth in the Servicing
Agreement for the Affiliate and the Affiliate Eligible Lender Trustee; and

     WHEREAS, ACS agrees to provide the services set forth in the Servicing
Agreement with respect to student loans owned by the Affiliate and held by the
Affiliate Eligible Lender Trustee acting on its behalf under the terms of the
Servicing Agreement and this Affiliate Servicing Addendum.

     NOW, THEREFORE, in consideration of the mutual promises contained herein
and other valuable consideration, and intending to be legally bound, ACS, ELS,
Affiliate and Affiliate Eligible Lender Trustee agree that the terms of the
Original Addendum are hereby amended and restated to replace the provisions
thereof in their entirety as follows:

     (1) ACS and ELS agree to amend the existing Servicing Agreement by adding
this Affiliate Servicing Addendum to the Agreement. For purposes of construing
the Servicing Agreement in order to carry out the intention of this Affiliate
Servicing Addendum, (i) each reference to LENDER in the Servicing Agreement
shall mean the Affiliate and; (ii) each

<PAGE>

reference to the Eligible Lender Trustee in the Servicing Agreement shall mean
the Affiliate Eligible Lender Trustee.

     (2) ACS agrees to perform its duties and obligations for the Affiliate and
the Affiliate Eligible Lender Trustee in accordance with the terms and
conditions set forth in the Servicing Agreement, as amended, for student loans
owned by the Affiliate and held by the Affiliate Eligible Lender Trustee. ELS,
Affiliate and Affiliate's Eligible Lender Trustee agree to perform their
respective duties and obligations in accordance with the terms and conditions
set forth in the Servicing Agreement, as amended.

     (3) ELS shall be responsible for and agrees to pay all fees due to ACS for
services rendered to the Affiliate and the Affiliate Eligible Lender Trustee by
ACS under the Servicing Agreement with respect to the student loans owned by the
Affiliate. ACS shall not be required to separately bill Affiliate and Affiliate
Eligible Lender Trustee, but shall bill ELS directly for services provided
hereunder to Affiliate and Affiliate Eligible Lender Trustee. In addition, ELS
shall be responsible for all aspects of the relationship, support services, and
interface with Affiliate, it being understood that ACS shall have no obligation
to deal with Affiliate directly with respect to loan servicing or related
issues, and ACS shall be entitled to rely on any instructions given by ELS on
behalf of Affiliate.

     (4) Notwithstanding Section (1) above, ELS, rather than Affiliate or
Affiliate Eligible Lender Trustee, shall have the right to terminate the
Servicing Agreement with respect to the services provided to the Affiliate and
the Affiliate Eligible Lender Trustee on the terms and conditions set forth in
the Servicing Agreement.

     (5) All notices or other communications by one of the parties hereto to the
Affiliate shall be addressed as follows: Education Funding Capital Trust II c/o
Education Lending Group, Inc. 12760 High Bluff Drive, Suite 210, San Diego,
California 92130, Attention: Douglas L. Feist; and to the Affiliate Eligible
Lender Trustee as follows: Fifth Third Bank 38 Fountain Square Plaza, MD 10AT60,
Cincinnati, Ohio 45263 Attention: Brain Gardner, or such other address as may be
indicated from time to time by such party.

     (6) This Affiliate Servicing Addendum shall be effective as of the first
date written above.

     (7) This Affiliate Servicing Addendum may be simultaneously executed in
several counterparts, each of which shall be an original and all of which shall
constitute one and the same instrument.

     (8) By signing this Affiliate Servicing Addendum, each party certifies that
it has the power and authority to execute and deliver this Affiliate Servicing
Addendum and to carry out its terms and the terms of the Servicing Agreement,
and the execution, delivery and performance of this Affiliate Servicing Addendum
has been duly authorized by each respective entity.

     (9) ACS agrees to deliver, upon request of the Indenture Trustee (as
defined below), to the Indenture Trustee, any reports prepared by ACS pursuant
to the Servicing Agreement with respect to the Affiliate. For purposes of this
paragraph, "Indenture Trustee" shall mean Fifth Third Bank or any successor
Indenture Trustee under that certain Indenture of Trust dated April

<PAGE>

1, 2003 among the Affiliate, the Affiliate Eligible Lender Trustee and Fifth
Third Bank as Indenture Trustee.

     IN WITNESS WHEREOF, the parties hereto caused this instrument to be duly
executed as of the month, day and the year of this Affiliate Servicing Addendum.

                                      ACS EDUCATION SERVICES, INC.
                                      as Servicer


                                      By:    /s/Steven E. Snyder
                                         ---------------------------------------
                                      Name:  Steven E. Snyder
                                           -------------------------------------
                                      Title: Managing Director
                                            ------------------------------------


                                      EDUCATION LENDING SERVICES, INC.


                                      By:    /s/ Perry D. Moore
                                         ---------------------------------------
                                      Name:  Perry D. Moore
                                      Title: Senior Vice President - Finance


                                      EDUCATION FUNDING CAPITAL TRUST II
                                      by Fifth Third Bank, not in its individual
                                      capacity but solely as Co-Owner Trustee


                                      By:    /s/ Brian J. Gardner
                                          --------------------------------------
                                      Name:  Brian J. Gardner
                                      Title: Assistant Vice President and
                                             Senior Trust Officer


                                      FIFTH THIRD BANK, as Affiliate Eligible
                                      Lender Trustee


                                      By:    /s/ Brian J. Gardner
                                         ---------------------------------------
                                      Name:  Brian J. Gardner
                                      Title: Assistant Vice President and Senior
                                             Trust Officer