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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, 1999 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, 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.

         As of December 31, 1999, the Trust had 6 holders of record of the
         Student Loan Asset-Backed Notes, Series 1999-1, computed in accordance
         with Rule 12g5-1 under the Securities Exchange Act of 1934, as amended.

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 29, 2000

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                                  EXHIBIT INDEX



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