EXHIBIT 99.3



Report of Independent Accountants



To: Education Funding Capital Trust-IV,

U.S. Bank National Association

as Co-Owner Trustee, and

Education Lending Services, Inc.



The following assertions relate to
Education Lending Services, Inc.s (the Company) compliance with Sections 3, 4, 5, 6 and 7 of the Administration Agreement, dated as of May 1, 2004, between Education Funding Capital Trust-IV, as Issuer, and Education Lending
Services, Inc., as Administrator (the Administration Agreement), and with Sections 2, 4, 5 and 7 of the Master Servicing Agreement, dated as of May 1, 2004 among Education Lending Services, Inc., as Master Servicer, Education Funding
Capital Trust-IV, as Issuer and Fifth Third Bank, as Eligible Lender Trustee for the Issuer (the Servicing Agreement), for the year ended December 31, 2004 included in the accompanying management assertion (see Exhibit I). Management is
responsible for the Companys compliance with those requirements. Our responsibility is to express an opinion on managements assertion about the Companys compliance based on our examination.



Our examination was made in accordance with attestation standards established by the American
Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Companys compliance with the requirements and performing such other procedures as we considered necessary in the circumstances.
We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Companys compliance with specified requirements.



In our opinion, managements assertion that the Company complied with the aforementioned
requirements as of and for the year ended December 31, 2004 is fairly stated, in all material respects.



/s/ PricewaterhouseCoopers LLP



March 28, 2005







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Exhibit 1



[Client Letterhead]



Managements Assertion on Compliance with the Requirements of the Administration Agreement and the Servicing Agreement



March 28, 2005



As of and for the year ended December 31, 2004, Education Lending Services, Inc. (the Company) has complied in all material respects with the requirements set
forth in Sections 3, 4, 5, 6 and 7 of the Administration Agreement, dated as of May 1, 2004, between Education Funding Capital Trust-IV, as Issuer, and Education Lending Services, Inc., as Administrator (the Administration Agreement),
and with Sections 2, 4, 5 and 7 of the Master Servicing Agreement, dated as of May 1, 2004 among Education Lending Services, Inc., as Master Servicer, Education Funding Capital Trust-IV, as Issuer, and Fifth Third Bank, as Eligible Lender Trustee on
behalf of the Issuer and U.S. Bank National Association as Indenture Trustee (the Servicing Agreement).



Management of the Company, as Administrator, is responsible for compliance with Sections 3, 4, 5, 6 and 7 of the Administration Agreement, and management of the Company,
as the Master Servicer, is responsible for compliance with Sections 2, 4, 5 and 7 of the Servicing Agreement.



Management has performed an evaluation of the Companys compliance with Sections 3, 4, 5, 6 and 7 of the Administration Agreement and with Sections 2, 4, 5 and 7 of the Servicing Agreement, for the year ended
December 31, 2004. Based upon this evaluation, management believes that, for the period ended December 31, 2004, the Company, as Administrator, was materially in compliance with Sections 3, 4, 5, 6 and 7 of the Administration Agreement and the
Company, as Master Servicer, was materially in compliance with Sections 2, 4, 5 and 7 of the Servicing Agreement.



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|                                                       
|-------------------------------------------------------
|/s/ Michael H. Shaut                                   
|Michael H. Shaut, President                            
|                                                       
|/s/ James G. Clark                                     
|James G. Clark, EVP and CFO                            
|                                                       
|/s/ Douglas L. FeistDouglas L. Feist, EVP and Secretary
|                                                       
|/s/ Perry D. MoorePerry D. Moore, EVP-Finance