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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K



(Mark One)

     X    Annual Report pursuant to Section 13 or 15(d) of the Securities
   -----  Exchange Act of 1934 for the fiscal year ended December 31, 2001 or

          Transition report pursuant to Section 13 or 15(d) of the Securities
   -----  Exchange Act of 1934 for the transition period from ________________
          to ________________

Commission file number: 333-85963

Exact name of Registrant as specified in its charter: Education Loans
Incorporated

State or other jurisdiction of incorporation or organization: Delaware

I. R. S. Employer Identification No.: 91-1819974

Address of principal executive offices: 105 First Avenue Southwest, Aberdeen, SD
57401

Registrant's telephone number, including area code: (605) 622-4400

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

     Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. Yes   X   No
                                               ---       ---

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]


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PART I

Item 1.   BUSINESS.

          Education Loans Incorporated (the "Company") is a bankruptcy remote,
          limited purpose Delaware corporation and a wholly owned subsidiary of
          Student Loan Finance Corporation, a South Dakota corporation. The sole
          purpose of the company is restricted to financing, originating,
          owning, selling and managing Student Loans, as described in the
          Company's Prospectus dated November 30, 1999 (for its Student Loan
          Asset-Backed Notes, Series 1999-1), the Company's Prospectus dated
          November 28, 2000 (for its Student Loan Asset-Backed Notes, Series
          2000-1), the Company's Prospectus dated July 23, 2001 (for its Student
          Loan Asset-Backed Notes, Series 2001-1) and the related Registration
          Statement on Form S-3 (File No. 333-85963).

Item 2.   PROPERTIES.

          Not Applicable.

Item 3.   LEGAL PROCEEDINGS.

          Not Applicable.

Item 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

          Not Applicable.


PART II

Item 5.   MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

          Not Applicable.

Item 6.   SELECTED FINANCIAL DATA.

          Not Applicable.

Item 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS.

          Not Applicable.

Item 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

          Not Applicable.



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Item 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS IN ACCOUNTING AND
          FINANCIAL DISCLOSURE.

          Not Applicable.


PART III

Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

          Not Applicable.

Item 11.  EXECUTIVE COMPENSATION.

          Not Applicable.

Item 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

          Not Applicable.

Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

          Not Applicable.


PART IV

Item 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

          (a)  The Report of Independent Auditors, delivered pursuant to Section
               21 of the Servicing Agreement dated as of December 1, 1999, is
               filed herewith.

          (b)  None.


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                   EDUCATION LOANS INCORPORATED


                                   By /s/ A. Norgrin Sanderson
                                      ------------------------------------
                                      President
                                      Date: March 19, 2002



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                                  EXHIBIT INDEX


     Item
     ----

     99.1      The Report of Independent Auditors, delivered pursuant to Section
               21 of the Servicing Agreement dated as of December 1, 1999.

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