---

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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, 2004



or



| ̈ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ----------------------------------------------------------------------------------------



For the transition period from  to



---



EDUCATION FUNDING CAPITAL TRUST - IV

(Exact name of registrant as specified in its charter)



---



|                                               |  |                          |  |                                     
|---------------------------------------------- |  | ------------------------ |  | ------------------------------------
|DELAWARE                                       |  | 333-111959-01            |  | 51-6553467                          
|(State or other Jurisdiction of Incorporation) |  | (Commission File Number) |  | (I.R.S. employer Identification No.)



c/o U.S. Bank
National Association

CN-WN-06CT

425 Walnut Street, 6thFloor

Cincinnati, Ohio 45202

(Address of
principal executive offices)



(513) 632-2518

Registrants telephone number, including area code



---



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 whether the registrant is an
accelerated filer (as defined in Rule 12b-2 of the Act).    Yes ̈No  x



Documents are incorporated by
reference into this Form 10-K: None.



Indicate by check mark if
disclosure of delinquent filers pursuant to Item 405 of Regulations S-K (ss. 229.405 of this chapter) 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.    Yes ̈No  x



The Registrant does not have any voting stock, has not been involved in bankruptcy proceedings during the past five years and is not a corporate registrant.



This Annual Report on Form 10-K is filed in reliance upon certain no-action
letters issued by the Office of Chief Counsel, Division of Corporate Finance of the Securities and Exchange Commission relating to similar trusts stating that the Division will not object if periodic reports filed by such trusts pursuant to Sections
13 and 15(d) of the Securities and Exchange Act of 1934 are filed in the manner set forth in such letters. Accordingly, certain items have been omitted from or modified in this Annual Report.



---



---

PART I.



Item 1. Business.



Omitted.



Item 2. Properties.



The property of Education Funding Capital Trust  IV (the Trust) consists solely of education loans to students and parents of students made under the Federal Family Education Loan Program, funds collected in respect
thereof and monies on deposit in certain trust accounts together with rights to receive payments under certain swap transactions.



On an annual basis, the Trust is required to provide statements of compliance of its servicers and administrators. The Annual Statements of Compliance for
the Trust of the Master Servicer and the Administrator and the Independent Accountants reports regarding the activities of the Master Servicer and Administrator are attached as Exhibits 99.1, 99.2 and 99.3 hereto. Great Lakes Educational Loan
Services, Inc., and ACS Education Services, Inc. act as subservicers for the education loans owned by the Trust pursuant to subservicing agreements with the Master Servicer. See Exhibit 99.4, a Certificate of Great Lakes Educational Loan Services,
Inc., and Exhibit 99.5, a Certificate of ACS Education Services, Inc., as to the activities of the subservicers.



Item 3. Legal Proceedings.



None.



Item 4. Submission of Matters to a Vote of Security Holders.



None.



PART II.



Item
5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.



At December 31, 2004, there was one (1) registered holder of the Trusts Education Loan-Backed Notes (Notes), CEDE & Co., as nominee
of The Depository Trust Company (DTC). At December 31, 2004, there were approximately 35 persons registered on the books of DTC as record owners of the Notes. There is no established trading market for the Notes.



Item 6. Selected Financial Data.



Omitted.



Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.



Omitted.



---

Item 7A. Quantitative and Qualitative Disclosures About Market Risk



Omitted.



Item 8. Financial Statement and Supplementary Data.



Omitted.



Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.



None.



Item 9A. Controls and Procedures.



Omitted.



Item 10. Directors and Executive Officers of the Registrant.



Omitted.



Item 11. Executive Compensation.



Omitted.



PART III.



Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholders Matters.



At December 31, 2004,
the Notes issued by the Trust were registered in the name of CEDE and Co., as nominee of DTC. The books of DTC indicate that the direct participating institutions listed below are the only owners of in excess of five percent (5%) of the Notes issued
by the Trust. Only such participants, however, know the identity of the beneficial owners of the Notes.



EDUCATION FUNDING CAPITAL TRUST  IV



CUSIP 28140VAA1 $170,000,000



|                                                       |  |                                                                     |  |                                           |             |                  |      |  
|------------------------------------------------------ |  | ------------------------------------------------------------------- |  | ----------------------------------------- | ----------- | ---------------- | ---- | -
|Title of Class                                         |  | Name and Address of Beneficial
Owner                                |  | Amount and Nature of Beneficial Ownership |             | Percent of Class |     
|LIBOR Rate Education Loan Backed Notes, Series 2004A-1 |  | BGI/IBT CO 980 9thStreet, 6thFloor Sacramento, CA 95814             |  | $                                         | 112,000,000 |                  | 65.8 | %
|                                                       |  |                                                                     | 
|                                                       |  | Mellon Trust 525 William Penn Place Suite 3418 Pittsburgh, PA 15259 |  | $                                         | 40,000,000  |                  | 23.5 | %



---

CUSIP 28140VAB9 $390,000,000



|                                                       |  |                                                                                     |  |                                          |             |                  |      |  
|------------------------------------------------------ |  | ----------------------------------------------------------------------------------- |  | ---------------------------------------- | ----------- | ---------------- | ---- | -
|Title of Class                                         |  | Name and Address of Beneficial
Owner                                                |  | Amount and Natureof Beneficial Ownership |             | Percent of Class |     
|LIBOR Rate Education Loan Backed Notes, Series 2004A-2 |  | Bank of New York One Wall Street New York, NY 10286                                 |  | $                                        | 243,000,000 |                  | 62.3 | %
|                                                       |  |                                                                                     | 
|                                                       |  | JPMCBNA 14201 Dallas Parkway Dallas, TX 75254                                       |  | $                                        | 36,000,000  |                  | 9.2  | %
|                                                       |  |                                                                                     | 
|                                                       |  | Bank One Trust 340 South Cleveland Ave Building 350 Columbus, OH 43240              |  | $                                        | 20,000,000  |                  | 5.1  | %
|                                                       |  |                                                                                     | 
|                                                       |  | SSB&T 1776 Heritage Drive Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171 |  | $                                        | 30,000,000  |                  | 7.7  | %
|                                                       |  |                                                                                     | 
|                                                       |  | Citibank 3800 Citibank Center B3-15 Tampa, FL 33610                                 |  | $                                        | 61,000,000  |                  | 15.6 | %



CUSIP 28140VAC7 $100,000,000



|                                                       |  |                                                     |  |                                          |            |                  |      |  
|------------------------------------------------------ |  | --------------------------------------------------- |  | ---------------------------------------- | ---------- | ---------------- | ---- | -
|Title of Class                                         |  | Name and Address of Beneficial
Owner                |  | Amount and Natureof Beneficial Ownership |            | Percent of Class |     
|LIBOR Rate Education Loan Backed Notes, Series 2004A-3 |  | Bank of New York One Wall Street New York, NY 10286 |  | $                                        | 94,000,000 |                  | 94.0 | %
|                                                       |  |                                                     | 
|                                                       |  | JPMCBNA 14201 Dallas Parkway Dallas, TX 75254       |  | $                                        | 6,000,000  |                  | 6.0  | %



---

CUSIP 28140VAD5 $100,000,000



|                                                         |  |                                                                     |  |                                          |            |                  |      |  
|-------------------------------------------------------- |  | ------------------------------------------------------------------- |  | ---------------------------------------- | ---------- | ---------------- | ---- | -
|Title of Class                                           |  | Name and Address of Beneficial
Owner                                |  | Amount and Natureof Beneficial Ownership |            | Percent of Class |     
|Auction Rate Education Loan Backed Notes, Series 2004A-4 |  | Bank of New York One Wall Street New York, NY 10286                 |  | $                                        | 10,000,000 |                  | 10.0 | %
|                                                         |  |                                                                     | 
|                                                         |  | Mellon Trust 525 William Penn Place Suite 3418 Pittsburgh, PA 15259 |  | $                                        | 35,000,000 |                  | 35.0 | %
|                                                         |  |                                                                     | 
|                                                         |  | Citigroup 333 West 34thStreet New York, NY
10001                    |  | $                                        | 35,000,000 |                  | 35.0 | %
|                                                         |  |                                                                     | 
|                                                         |  | JPMCBNA 14201 Dallas Parkway Dallas, TX 75254                       |  | $                                        | 20,000,000 |                  | 20.0 | %



---

CUSIP 28140VAE3 $100,000,000



|                                                         |  |                                                                     |  |                                          |            |                  |       |  
|-------------------------------------------------------- |  | ------------------------------------------------------------------- |  | ---------------------------------------- | ---------- | ---------------- | ----- | -
|Title of Class                                           |  | Name and Address of Beneficial
Owner                                |  | Amount and Natureof Beneficial Ownership |            | Percent of Class |      
|Auction Rate Education Loan Backed Notes, Series 2004A-5 |  | Citigroup 333W. 34thStreet New York, NY 10001                       |  | $                                        | 21,650,000 |                  | 21.65 | %
|                                                         |  |                                                                     | 
|                                                         |  | JPMCBNA 14201 Dallas Parkway Dallas, TX 75254                       |  | $                                        | 20,000,000 |                  | 20.0  | %
|                                                         |  |                                                                     | 
|                                                         |  | Mellon Trust 525 William Penn Place Suite 3418 Pittsburgh, PA 15259 |  | $                                        | 20,000,000 |                  | 20.0  | %
|                                                         |  |                                                                     | 
|                                                         |  | WBNA-MAIN 530 Walnut Street Philadelphia, PA 19101                  |  | $                                        | 20,000,000 |                  | 20.0  | %



CUSIP 28140VAF0 $90,000,000



|                                                         |  |                                                                     |  |                                          |            |                  |      |  
|-------------------------------------------------------- |  | ------------------------------------------------------------------- |  | ---------------------------------------- | ---------- | ---------------- | ---- | -
|Title of Class                                           |  | Name and Address of Beneficial
Owner                                |  | Amount and Natureof Beneficial Ownership |            | Percent of Class |     
|Auction Rate Education Loan Backed Notes, Series 2004A-6 |  | Citigroup 3800 Citibank Ctr B3-15 Tampa, FL 33610                   |  | $                                        | 13,200,000 |                  | 14.6 | %
|                                                         |  |                                                                     | 
|                                                         |  | Mellon Trust 525 William Penn Place Suite 3418 Pittsburgh, PA 15259 |  | $                                        | 17,200,000 |                  | 19.1 | %
|                                                         |  |                                                                     | 
|                                                         |  | Citigroup 333W. 34thStreet New York, NY 10001                       |  | $                                        | 19,600,000 |                  | 21.7 | %
|                                                         |  |                                                                     | 
|                                                         |  | SSB&T 1776 Heritage Drive Global Corporate Action Unit JAB 5NW      |  | $                                        | 10,000,000 |                  | 11.0 | %
|                                                         |  |                                                                     | 
|                                                         |  | JPMCBNA 14201 Dallas Parkway Dallas, TX 75254                       |  | $                                        | 30,000,000 |                  | 33.3 | %



---

CUSIP 28140VAG8 $50,000,000



|                                                         |  |                                                                     |  |                                          |            |                  |      |  
|-------------------------------------------------------- |  | ------------------------------------------------------------------- |  | ---------------------------------------- | ---------- | ---------------- | ---- | -
|Title of Class                                           |  | Name and Address of Beneficial
Owner                                |  | Amount and Natureof Beneficial Ownership |            | Percent of Class |     
|Auction Rate Education Loan Backed Notes, Series 2004B-1 |  | Citigroup 333W. 34thStreet New York, NY 10001                       |  | $                                        | 32,500,000 |                  | 65.0 | %
|                                                         |  |                                                                     | 
|                                                         |  | Bank of New York One Wall Street New York, NY 10286                 |  | $                                        | 5,000,000  |                  | 10.0 | %
|                                                         |  |                                                                     | 
|                                                         |  | Mellon Trust 525 William Penn Place Suite 3418 Pittsburgh, PA 15259 |  | $                                        | 2,500,000  |                  | 5.0  | %
|                                                         |  |                                                                     | 
|                                                         |  | Northern Trust 801 S. Canal C-IN Chicago, IL 60607                  |  | $                                        | 10,000,000 |                  | 20.0 | %



Item 13. Certain Relationships and
Related Transactions.



None.



Item 14. Principal Accounting Fees and Services.



Omitted.



---

PART IV.



Item 15. Exhibits, Financial Statement Schedules and Reports on Form 8-K.



(a)(3)Exhibits. The following documents are filed as exhibits to this Annual Report on Form 10-K:



|             |  |                                                                              
|------------ |  | -----------------------------------------------------------------------------
|Designation  |  | Description                                                                  
|Exhibit 99.1 |  | Annual Statement of Compliance of the Administrator                          
|             | 
|Exhibit 99.2 |  | Annual Statement of Compliance of the Master Servicer                        
|             | 
|Exhibit 99.3 |  | Annual Independent Certified Public Accountants Report                      
|             | 
|Exhibit 99.4 |  | Annual Statement of Compliance of Great Lakes Educational Loan Services, Inc.
|             | 
|Exhibit 99.5 |  | Annual Statement of Compliance of ACS Education Services, Inc.               
|             | 
|Exhibit 99.6 |  | Certification Pursuant to Rule 15d-14(d)                                     



| | (b) | Reports on Form 8-K. The Trust filed sixteen (16) Current Reports on Form 8-K with the Commission during the period covered by this report in connection with regularly
scheduled distributions by the Trust. Such reports were filed as follows (Items reported for each were Items 5 and 7):
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Date



| |  | May 26, 2004
| | - | ------------

| |  | June 15, 2004
| | - | -------------

| |  | June 30, 2004
| | - | -------------

| |  | July 1, 2004
| | - | ------------

| |  | July 15, 2004
| | - | -------------

| |  | July 30, 2004
| | - | -------------

| |  | August 13, 2004
| | - | ---------------

| |  | August 31, 2004
| | - | ---------------

| |  | September 15, 2004
| | - | ------------------

| |  | September 30, 2004
| | - | ------------------

| |  | October 15, 2004
| | - | ----------------

| |  | October 29, 2004
| | - | ----------------

| |  | November 15, 2004
| | - | -----------------

| |  | November 30, 2004
| | - | -----------------

| |  | December 15, 2004
| | - | -----------------

| |  | December 30, 2004
| | - | -----------------



---

SIGNATURES



Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.



|                      |  |                                      |  |                                                                                                       
|--------------------- |  | ------------------------------------ |  | ------------------------------------------------------------------------------------------------------
|Dated: March 29, 2005 |  | EDUCATION FUNDING CAPITAL TRUST  IV
|                      |  |                                     
|                      |  | By:                                  |  | EDUCATION LENDING SERVICES, INC. as Master Servicer,
on behalf of Education Funding Capital Trust  IV
|                      |  |                                     
|                      |  |                                      |  | /s/ Perry D. Moore                                                                                    
|                      |  | Name:                                |  | Perry D. Moore                                                                                        
|                      |  | Title:                               |  | Executive Vice President-Finance                                                                      



---

INDEX TO EXHIBITS



|              |  |                                                                              
|------------- |  | -----------------------------------------------------------------------------
|ExhibitNumber |  | Exhibit                                                                      
|99.1          |  | Annual Statement of Compliance of the Administrator                          
|              | 
|99.2          |  | Annual Statement of Compliance of the Master Servicer                        
|              | 
|99.3          |  | Annual Independent Certified Public Accountants Report                      
|              | 
|99.4          |  | Annual Statement of Compliance of Great Lakes Educational Loan Services, Inc.
|              | 
|99.5          |  | Annual Statement of Compliance of ACS Education Services, Inc.               
|              | 
|99.6          |  | Certification Pursuant to Rule 15d-14(d)