Exhibit 99.1

Annual Statement for SLC Student Loan Trust 2004-1 for the Year ended December 31, 2004

I. SLC TRUST 2004-01                 Deal Parameters

|  |     | Student Portfolio Characteristics                  | 11/23/2004           | Activity      | 12/31/2004          
|- | --- | -------------------------------------------------- | -------------------- | ------------- | --------------------
|A | i   | Portfolio Balance                                  | $1,462,052,963.26    | $8,876,106.81 | $1,453,176,856.45   
|  | ii  | Interest to be Capitalized                         | $       4,898,473.58 |               | $       4,877,337.87
|  | iii | Total Pool                                         | $1,466,951,436.84    |               | $1,458,054,194.32   
|  | iv  | Specified Reserve Account Balance                  | $       3,713,868.00 |               | $       3,721,579.88
|  | v   | Capitalized Interest Account Balance               | $       7,302,491.00 |               | $       7,317,756.55
|  | vi  | Total Adjusted Pool                                | $1,477,967,795.84    |               | $1,469,093,530.75   
|  |     |                                                    |                      |               |                     
|B | i   | Portfolio Balance as a Percent of Original Balance | 100.00%              |               | 99.39%              
|  | ii  | Weighted Average Coupon (WAC)                      | 4.255%               |               | 4.253%              
|  | iii | Weighted Average Remaining Term                    | 229.77               |               | 229.20              
|  | iv  | Number of Loans                                    | 99,239               |               | 98,948              
|  | v   | Number of Borrowers                                | 57,499               |               | 57,366              
|  | vi  | Average Outstanding Principal Balance              | $1,462,052,963.26    |               | $1,457,614,909.86   

|  |      | Notes    | CUSIP     | Spread  | Balance11/23/2004 | Pool Factor11/23/2004 | Balance01/15/2005 | Pool Factor01/15/2005
|- | ---- | -------- | --------- | ------- | ----------------- | --------------------- | ----------------- | ---------------------
|C | i    | A1 Notes | 784423AA3 | -0.020% | $119,450,000.00   | 1.0000000000          | $119,450,000.00   | 1.0000000000         
|  | ii   | A2 Notes | 784423AB1 | 0.010%  | $247,050,000.00   | 1.0000000000          | $247,050,000.00   | 1.0000000000         
|  | iii  | A3 Notes | 784423AC9 | 0.060%  | $153,500,000.00   | 1.0000000000          | $153,500,000.00   | 1.0000000000         
|  | iv   | A4 Notes | 784423AD7 | 0.110%  | $269,200,000.00   | 1.0000000000          | $269,200,000.00   | 1.0000000000         
|  | v    | A5 Notes | 784423AE5 | 0.130%  | $230,800,000.00   | 1.0000000000          | $230,800,000.00   | 1.0000000000         
|  | vi   | A6 Notes | 784423AF2 | 0.160%  | $130,000,000.00   | 1.0000000000          | $130,000,000.00   | 1.0000000000         
|  | vii  | A7 Notes | 784423AG0 | 0.230%  | $290,980,000.00   | 1.0000000000          | $290,980,000.00   | 1.0000000000         
|  | viii | B  Notes | 784423AH8 | 0.290%  | $  44,567,000.00  | 1.0000000000          | $  44,567,000.00  | 1.0000000000         

| |  | Total NotesParity |  |  | $1,485,547,000.0099.49% |  | $1,485,547,000.0098.89% | 
| |  | ----------------- |  |  | ----------------------- |  | ----------------------- | 

|  |     | Reserve Account                    | 11/23/2004    | Activity          | 01/15/2005   
|- | --- | ---------------------------------- | ------------- | ----------------- | -------------
|D | i   | Required Reserve Acc Deposit (%)   | 0.25%         |                   | 0.25%        
|  | ii  | Reserve Acct Initial Deposit ($)   | $3,713,868.00 | $               - | $3,713,868.00
|  | iii | Specified Reserve Acct Balance ($) | $3,713,868.00 | $  7,711.88       | $3,721,579.88
|  | iv  | Reserve Account Floor Balance ($)  | $2,250,000.00 | $               - | $2,250,000.00
|  | v   | Current Reserve Acct Balance ($)   | $3,713,868.00 | $  7,711.88       | $3,721,579.88

|  |   | Capitalized Interest Account         | 11/23/2004    | Activity   | 01/15/2005   
|- | - | ------------------------------------ | ------------- | ---------- | -------------
|E | i | Capitalized Interest Account Balance | $7,302,491.00 | $15,265.55 | $7,317,756.55

II. SLC TRUST 2004-01                 Distributions

|Interest
|--------
|Class   
|A1      
|A2      
|A3      
|A4      
|A5      
|A6      
|A7      
|B       

|Total |  | $3,932,425.35 | $      - | $      - | $      - | $      - | $      - |  |  | 
|----- |  | ------------- | -------- | -------- | -------- | -------- | -------- |  |  | 

CURRENT LIBOR    2.329360%
        NEXT LIBOR    0.000000%

|Principal
|---------
|Class    
|A1       
|A2       
|A3       
|A4       
|A5       
|A6       
|A7       
|B        

|TOTAL |  | $                     - | $                     - | $                     - | 
|----- |  | ----------------------- | ----------------------- | ----------------------- | 

III. SLC TRUST 2004-01                 
Transactions from: 11/23/2004 through: 12/31/2004

|A | Student Loan Principal Activity          |                                          |             
|- | ---------------------------------------- | ---------------------------------------- | ------------
|  | i                                        | Regular Principal Collections            | $           
|  | ii                                       | Principal Collections from Guarantor     | $           
|  | iii                                      | Principal Reimbursements                 | $           
|  | iv                                       | Other System Adjustments                 | $           
|  | v                                        | Total Principal Collections              | $           
| 
|B | Student Loan Non-Cash Principal Activity |                                          |             
|  | i                                        | Other Adjustments                        | $           
|  | ii                                       | Capitalized Interest                     | $           
|  | iii                                      | Total Non-Cash Principal Activity        | $           
| 
|C | Total Student Loan Principal Activity    | $                                        | 8,876,106.81
| 
|D | Student Loan Interest Activity           |                                          |             
|  | i                                        | Regular Interest Collections             | $           
|  | ii                                       | Interest Claims Received from Guarantors | $           
|  | iii                                      | Collection Fees/Returned Items           | $           
|  | iv                                       | Late Fee Reimbursements                  | $           
|  | v                                        | Interest Reimbursements                  | $           
|  | vi                                       | Other System Adjustments                 | $           
|  | vii                                      | Special Allowance Payments               | $           
|  | viii                                     | Subsidy Payments                         | $           
|  | ix                                       | Total Interest Collections               | $           
| 
|E | Student Loan Non-Cash Interest Activity  |                                          |             
|  | i                                        | Interest Accrual Adjustments             | $           
|  | ii                                       | Capitalized Interest                     | $           
|  | iii                                      | Total Non-Cash Interest Adjustments      | $           
| 
|F | Total Student Loan Interest Activity     | $                                        | (387,100.83)
| 
|G | Realized Losses During Collection Period | $                                        | -           
|H | Cumulative Realized Losses to Date       | $                                        | -           

IV. SLC TRUST 2004-01                 
Collection Account Activity  11/23/2004 through 12/31/2004

|A | Principal Collections                     |                                          |              
|- | ----------------------------------------- | ---------------------------------------- | -------------
|  | i                                         | Principal Payments Received              | $            
|  | ii                                        | Principal Collections from Guarantor     | $            
|  | iii                                       | Consolidation Principal Payments         | $            
|  | iv                                        | Reimbursements by Seller                 | $            
|  | v                                         | Borrower Benefits Reimbursements         | $            
|  | vi                                        | Reimbursements by Servicer               | $            
|  | vii                                       | Re-purchased Principal                   | $            
|  | viii                                      | Total Principal Collections              | $            
| 
|B | Interest Collections                      |                                          |              
|  | i                                         | Interest Payments Received               | $            
|  | ii                                        | Interest Claims Received from Guarantors | $            
|  | iii                                       | Consolidation Interest Payments          | $            
|  | iv                                        | Reimbursements by Seller                 | $            
|  | v                                         | Borrower Benefits Reimbursements         | $            
|  | vi                                        | Reimbursements by Servicer               | $            
|  | vii                                       | Re-purchased Interest                    | $            
|  | viii                                      | Collection Fees/Returned Items           | $            
|  | ix                                        | Late Fees                                | $            
|  | x                                         | Total Interest Collections               | $            
| 
|C | Other Reimbursements                      | $                                        | -            
| 
|D | Reserves in Excess of Reserve Requirement | $                                        | (7,711.88)   
| 
|E | Interest Rate Cap Proceeds                | $                                        | -            
| 
|F | Trust Account Investment Income           | $                                        | 35,559.01    
| 
|G | Administrator Account Investment Income   | $                                        | -            
| 
|  | TOTAL FUNDS RECEIVED                      | $                                        | 14,569,699.92
|  | LESS FUNDS PREVIOUSLY REMITTED/SET ASIDE: |                                          |              
|  | iConsolidation Loan Rebate Fees           | $                                        | 2,564,895.23 
| 
| 
|H | TOTAL AVAILABLE FUNDS                     | $                                        | 12,004,804.69
| 
|I | Servicing Fees Due for Current Period     | $                                        | 771,096.52   
| 
|J | Carryover Servicing Fees Due              | $                                        | -            
| 
|K | Total Fees Due for Period                 | $                                        | 771,096.52   

V. SLC TRUST 2004-01                 Portfolio Characteristics

|                         | Weighted Avg Coupon | # of Loans | %        | Principal Amount | %       
|------------------------ | ------------------- | ---------- | -------- | ---------------- | --------
|STATUS                   | 11/23/04            | 12/31/04   | 11/23/04 | 12/31/04         | 11/23/04
|INTERIM                  |                     |            |          |                  |         
|In School                |                     |            |          |                  |         
|Current                  | 0.000%              | 0.000%     | 0        | 0                | 0.000%  
|Grace                    |                     |            |          |                  |         
|Current                  | 0.000%              | 0.000%     | 0        | 0                | 0.000%  
|TOTAL INTERIM            | 0.000%              | 0.000%     | 0        | 0                | 0.000%  
|                        
|REPAYMENT                |                     |            |          |                  |         
|Active                   |                     |            |          |                  |         
|Current                  | 4.219%              | 4.219%     | 75,990   | 75,466           | 76.573% 
|31-60 Days   Delinquent  | 4.485%              | 4.495%     | 1,849    | 1,893            | 1.863%  
|61-90 Days   Delinquent  | 4.479%              | 4.453%     | 856      | 1,010            | 0.863%  
|91-120 Days   Delinquent | 4.459%              | 4.432%     | 598      | 620              | 0.603%  
|> 120 Days   Delinquent  | 4.374%              | 4.415%     | 1,054    | 1,337            | 1.062%  
|                        
|Deferment                |                     |            |          |                  |         
|Current                  | 4.279%              | 4.282%     | 13,303   | 12,953           | 13.405% 
|                        
|Forbearance              |                     |            |          |                  |         
|Current                  | 4.446%              | 4.414%     | 5,587    | 5,649            | 5.630%  
|                        
|TOTAL REPAYMENT          | 4.255%              | 4.253%     | 99,237   | 98,928           | 99.998% 
|Claims in Process        | 3.625%              | 4.661%     | 2        | 20               | 0.002%  
|Aged Claims Rejected     | 0.000%              | 0.000%     | 0        | 0                | 0.000%  
|GRANDTOTAL               | 4.255%              | 4.253%     | 99,239   | 98,948           | 100.000%

VI. SLC TRUST 2004-01                 Payment History and CPRs

|DistributionDate | ActualPool Balances | LifeCPR* | Life Pct ofCLR
|---------------- | ------------------- | -------- | --------------
|04-Dec           | $ 1,460,750,857.76  | -3.17    | -56994.16     
|05-Jan           | $ 1,453,176,856.45  | -1.15    | -6906.45      

*  "Since Issued CPR" is based on the current period's ending pool balance
          calculated against the original pool balance and assuming cutoff date pool date.