Document:

<PAGE>

                                                                     Exhibit 4.4

                            Broker-Dealer Agreement dated as of February 1, 2004

                             BROKER-DEALER AGREEMENT

                                     BETWEEN

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                AS AUCTION AGENT

                                       AND

                             RBC DAIN RAUSCHER INC.,
                                AS BROKER-DEALER

                          DATED AS OF FEBRUARY 1, 2004

                                   RELATING TO

                          EDUCATION LOANS INCORPORATED
                         STUDENT LOAN ASSET-BACKED NOTES
                    SENIOR SERIES 2004-A1, A2, A3, A4 AND A5
                                       AND
                           SUBORDINATE SERIES 2004-B1

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

                             BROKER-DEALER AGREEMENT

          This BROKER-DEALER AGREEMENT (the "Broker Dealer Agreement"), dated as
of February 1, 2004, is by and between DEUTSCHE BANK TRUST COMPANY AMERICAS, a
New York banking corporation (together with its successors and assigns, the
"Auction Agent"), pursuant to authority granted to it in the Auction Agent
Agreement, defined below, acting not in its individual capacity, but solely as
agent for Education Loans Incorporated (the "Corporation"), a Delaware
corporation and RBC DAIN RAUSCHER INC. (together with its respective successors
and assigns, the "Broker-Dealer").

                                    RECITALS

          The Corporation proposes to cause the Trustee, defined below, to
authenticate and deliver $83,900,000 aggregate principal amount of its Student
Loan Asset-Backed Notes, Senior Series 2004-A1 (the "Series 2004-A1 Notes"),
$83,900,000 aggregate principal amount of its Student Loan Asset-Backed Notes,
Senior Series 2004-A2 (the "Series 2004-A2 Notes"), $83,900,000 aggregate
principal amount of its Student Loan Asset-Backed Notes, Senior Series 2004-A3
(the "Series 2004-A3 Notes"), $83,900,000 aggregate principal amount of its
Student Loan Asset-Backed Notes, Senior Series 2004-A4 (the "Series 2004-A4
Notes"), $83,900,000 aggregate principal amount of its Student Loan Asset-Backed
Notes, Senior Series 2004-A5 (the "Series 2004-A5 Notes," and together with the
Series 2004-A1 Notes, the Series 2004-A2 Notes, with the Series 2004-A3 Notes
and the Series 2004-A4 Notes, the "Series 2004-1 Senior Notes"), and $42,500,000
aggregate principal amount of its Student Loan Asset-Backed Notes, Subordinate
Series 2004-B1 (the "Series 2004-B1 Notes," and together with the Series 2004-1
Senior Notes, the "Series 2004-1 Notes"). The Series 2004-1 Notes are being
issued under the First Supplemental Indenture of Trust, dated as of February 1,
2004 (the "First Supplemental Indenture"), executed in accordance with the
Indenture of Trust, dated as of February 1, 2004 (the "Indenture"), each between
the Corporation and U.S. Bank National Association (together with its successors
and assigns, the "Trustee"). The Series 2004-1 Notes are being issued as
adjustable rate securities.

          The First Supplemental Indenture provides that the Series 2004-1 Note
Auction Rate for each Interest Period after the Initial Interest Period shall
equal the lesser of the Net Loan Rate and the Auction Rate, but in no event
shall exceed 18% per annum with respect to the Series 2004-1 Notes.

          Pursuant to Section 2.9(a) of the Auction Agent Agreement, dated as of
February 1, 2004, among the Trustee, the Auction Agent and the Corporation (the
"Auction Agent Agreement"), the Trustee has directed the Auction Agent to
execute and deliver this Broker-Dealer Agreement.

          The Auction Procedures require the participation of one or more
Broker-Dealers.

          NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Auction Agent, as agent of the Corporation,
and the Broker-Dealer agree as follows:

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

          Section 1.  Definitions and Rules of Construction
                      -------------------------------------

          1.1.  Terms Defined by Reference to the First Supplemental Indenture
                --------------------------------------------------------------

          Capitalized terms used herein and not otherwise defined herein shall
have the meanings given such terms in the First Supplemental Indenture.

          1.2.  Terms Defined Herein
                --------------------

          As used herein and in the Settlement Procedures, defined below, the
following terms shall have the following meanings, unless the context otherwise
requires:

          "Applicable Series 2004-1 Note Auction Rate" shall mean the Series
2004-1 Note Auction Rate as defined in the First Supplemental Indenture.

          "Authorized Officer" shall mean, with respect to the Auction Agent,
each Managing Director, Vice President, Assistant Vice President, and Associate
assigned to its Trust and Securities Services and every other officer or
employee of the Auction Agent designated as an "Authorized Officer" for purposes
of this Agreement in a communication to the Broker-Dealer.

          "Broker-Dealer Officer" shall mean each officer or employee of the
Broker-Dealer designated as a "Broker-Dealer Officer" for purposes of this
Broker-Dealer Agreement in a communication to the Auction Agent.

          "Beneficial Owner" shall mean a beneficial owner of any of the Series
2004-1 Notes.

          "Notice of Failure to Deliver or Make Payment" shall mean a notice
substantially in the form of Exhibit D hereto.

          "Notice of Transfer" shall mean a notice substantially in the form of
Exhibit C hereto.

          "Order Form" shall mean the form to be submitted by any Broker-Dealer
on or prior to any Auction Date substantially in the form of Exhibit B hereto.

          "Settlement Procedures" shall mean the Settlement Procedures attached
hereto as Exhibit A.

          1.3.  Rules of Construction
                ---------------------

          Unless the context or use indicate another or different meaning or
intent, the following rules shall apply to the construction of this Agreement;

          (a)   Words importing the singular number shall include the plural
number and vice versa.

                                       -2-

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

          (b)   The captions and headings herein are solely for convenience of
reference and shall not constitute a part of this Agreement nor, shall they
affect its meaning, construction or effect.

          (c)   The words "hereof," "herein," "hereto," and other words of
similar import refer to this Broker-Dealer Agreement as a whole.

          (d)   All references herein to a particular time of day shall be to
New York City time.

          (e)   The rights and duties of the Broker-Dealer and the Auction Agent
under this Broker-Dealer Agreement shall apply to all series of the Series
2004-1 Notes, but separately. References to "Series 2004-1 Notes," unless the
context clearly contemplates a reference to all Series 2004-1 Notes, shall refer
only to the Series 2004-A1 Notes as to rights and duties regarding Series
2004-A1 Notes; only to the Series 2004-A2 Notes as to rights and duties
regarding Series 2004-A2 Notes; only to the Series 2004-A3 Notes as to rights
and duties regarding Series 2004-A3 Notes; only to the Series 2004-A4 Notes as
to rights and duties regarding Series 2004-A4 Notes; only to the Series 2004-A5
Notes as to rights and duties regarding Series 2004-A5 Notes; and only to the
Series 2004-B1 Notes as to rights and duties regarding Series 2004-B1 Notes.

          Section 2.  The Auction
                      -----------

          2.1.  Incorporation by Reference of Auction Procedures and Settlement
                ---------------------------------------------------------------
                Procedures
                ----------

          (a)   On each Auction Date, the provisions of the Auction Procedures
will be followed by the Auction Agent for the purpose of determining the
Applicable Series 2004-1 Note Auction Rate for each Auction Period after the
Initial Interest Period. Each periodic operation of such procedures is
hereinafter referred to as an "Auction".

          (b)   All of the provisions contained in the Auction Procedures and
the Settlement Procedures are incorporated herein by reference in their entirety
and shall be deemed to be a part of this Broker-Dealer Agreement to the same
extent as if such provisions were fully set forth herein.

          (c)   The Broker-Dealer and other Broker-Dealers may participate in
Auctions for their own accounts.

          2.2.  Preparation for Each Auction
                ----------------------------

          (a)   Not later than 9:30 A.M. on each Auction Date for the Series
2004-1 Notes, the Auction Agent shall advise the Broker-Dealer by telephone of
the All Hold Rate, the Maximum Auction Rate, the Net Loan Rate and the One-month
LIBOR or the Three-month LIBOR, as the case may be.

          (b)   If the Auction Date for any Auction shall be changed after the
Auction Agent has given notice of such Auction Date pursuant to clause (vii) of
paragraph (a) of the

                                       -3-

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

Settlement Procedures, the Auction Agent, by telephone (confirmed in writing),
telecopy or such other means as the Auction Agent deems practicable, shall give
notice of such change to the Broker-Dealer not later than the earlier of 9:15
A.M. on the new Auction Date and 9:15 A.M. on the old Auction Date. Thereafter,
the Broker-Dealer shall use its best efforts to promptly notify its customers
who are Existing Holders of such change in the Auction Date.

          (c)   From time to time upon request of the Auction Agent pursuant to
Section 2.2(d) of the Auction Agent Agreement, the Broker-Dealer shall provide
the Auction Agent with a statement of the aggregate amount of each series of
Series 2004-1 Notes held by the Broker-Dealer as an Existing Holder for its own
account or otherwise, as well as with a list of the Broker-Dealer's customers
that the Broker-Dealer believes are Existing Holders of either series of the
Series 2004-1 Notes (listed by series) and the aggregate principal amount of
each series of Series 2004-1 Notes beneficially owned by each such customer.
Except as permitted by Section 2.10 of the Auction Agent Agreement, the Auction
Agent shall keep confidential any such information and shall not disclose any
such information so provided to any person other than the Broker-Dealer, the
Issuer and the Trustee, provided that the Auction Agent reserves the right to
disclose any such information if it is advised by its counsel that its failure
to do so would be unlawful or would expose the Auction Agent to liability, loss,
claim or damage for which the Auction Agent has not previously received
indemnity reasonably satisfactory to it. The Auction Agent shall notify the
Broker-Dealer, the Corporation and the Trustee promptly upon receipt of any
request or demand to disclose such information and shall cooperate with any
party seeking a protective order or similar relief.

          (d)   The Auction Agent shall send by telecopy or other means a copy
of any Notice of Series 2004-1 Notes Outstanding received from the Trustee to
the Broker-Dealer in accordance with Section 4.3 hereof.

          2.3.  Auction Schedule: Method of Submission of Orders
                ------------------------------------------------

          (a)   The Auction Agent shall conduct Auctions for the Series 2004-1
Notes in accordance with the schedule set forth below. Such schedule may be
changed by the Auction Agent with the consent of the Trustee and the Market
Agent, which consent shall not be unreasonably withheld or delayed. The Auction
Agent shall give written notice of any such change to the Broker-Dealer. Such
notice shall be given prior to the close of business on the Business Day next
preceding the first Auction Date on which any such change shall be effective.

By 9:30 A.M.                  The Auction Agent advises the Trustee and the
                              Broker-Dealers of the Maximum Auction Rate, the
                              All Hold Rate, the Net Loan Rate and the One-month
                              LIBOR or the Three-month LIBOR, as the case may
                              be, to be used in determining the Auction Rate
                              under the Auction Procedures, the First
                              Supplemental Indenture and the Auction Agent
                              Agreement.

                                       -4-

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

9:30 A.M. - 12:30 P.M         The Auction Agent assembles information
                              communicated to it by Broker-Dealers as provided
                              in Section 4(c)(i) of the First Supplemental
                              Indenture. The Submission Deadline is 12:30 P.M.

Not earlier than 12:30 P.M.   The Auction Agent makes determinations pursuant to
                              Section 4(c)(i) of the First Supplemental
                              Indenture. Submitted Bids and Submitted Sell
                              Orders are accepted and rejected in whole or in
                              part and Series 2004-1 Notes allocated as provided
                              in Section 4(d) of the First Supplemental
                              Indenture.

By approximately              The Auction Agent advises the Trustee and the
3:00 P.M.*                    Broker-Dealers of the results of the Auction as
4:00 P.M.**                   provided in Section 4(c)(ii) of the First
                              Supplemental Indenture. The Auction Agent gives
                              notice of Auction results as set forth in Section
                              2.4(a) hereof.

*If the Series 2004-1 Note Auction Rate is the Auction Rate.

**If the Series 2004-1 Note Auction Rate is the Net Loan Rate.

          (b)   The Broker-Dealer agrees to contact Potential Holders on or
prior to each Auction Date for the purposes of participating in the Auction on
such Auction Date.

          (c)   The Broker-Dealer shall submit Orders to the Auction Agent in
writing by delivering an Order Form. The Broker-Dealer shall submit separate
Orders to the Auction Agent for each Potential Holder or Existing Holder on
whose behalf the Broker-Dealer is submitting an Order and shall not net or
aggregate the Orders of different Potential Holders or Existing Holders on whose
behalf the Broker-Dealer is submitting Orders.

          (d)   The Broker-Dealer shall deliver to the Auction Agent (i) a
Notice of Transfer with respect to any transfer of Series 2004-1 Notes made
through the Broker-Dealer by an Existing Holder to another person other than
pursuant to an Auction, and (ii) a Notice of Failure to Deliver or Make Payment
with respect to the failure of any Series 2004-1 Notes to be transferred to or
payment to be made by any person that purchased or sold Series 2004-1 Notes
through the Broker-Dealer pursuant to a prior Auction. The Auction Agent is not
required to accept any notice delivered pursuant to clauses (i) or (ii) of this
subparagraph (d) with respect to an Auction unless it is received by the Auction
Agent by 3:00 P.M. on the Business Day next preceding such Auction Date.

          (e)   The Broker-Dealer agrees to handle its customers' Orders in
accordance with its duties under applicable securities laws and rules.

                                       -5-

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

          2.4.  Notices
                -------

          (a)   On each Auction Date, the Auction Agent shall notify the
Broker-Dealer by telephone of the results of the Auction as set forth in
paragraph (a) of the Settlement Procedures. The Auction Agent shall by 10:30
A.M. on the Business Day next succeeding such Auction Date if previously
requested by the Broker-Dealer notify the Broker-Dealer in writing of the
disposition of all Orders submitted by the Broker-Dealer in the Auction held on
such Auction Date.

          (b)   The Broker-Dealer shall notify each Existing Holder or Potential
Holder on whose behalf the Broker-Dealer has submitted an Order as set forth in
paragraph (b) of the Settlement Procedures and take such other action as is
required by the Broker-Dealer pursuant to the Settlement Procedures.

          (c)   The Auction Agent shall deliver to the Broker-Dealer all notices
and certificates that the Auction Agent is required to deliver to the
Broker-Dealer pursuant to Section 2 of the Auction Agent Agreement at the times
and in the manner set forth in the Auction Agent Agreement.

          2.5.  Service Charge to Be Paid to the Broker-Dealer
                ----------------------------------------------

          With respect to each series of the Series 2004-1 Notes, not later than
2:00 P.M. on each Interest Payment Date relating to such series, with respect to
the Interest Period commencing on such Interest Payment Date, the Auction Agent
shall pay to the Broker-Dealer a fee, from monies received from the Trustee, in
an amount in cash equal to the product of (i) the Broker-Dealer Fee Rate times
(ii) a fraction, the numerator of which is the number of days in such Interest
Period and the denominator of which is 360, times (iii) the aggregate principal
amount of Series 2004-1 Notes of such series that will be outstanding at the
close of business on such Interest Payment Date.

          2.6.  Settlement
                ----------

          (a)   If any Existing Holder on whose behalf the Broker-Dealer has
submitted a Bid or Sell Order for Series 2004-1 Notes that was accepted in whole
or in part fails to instruct its Participant to deliver the Series 2004-1 Notes
subject to such Bid or Sell Order against payment therefor, the Broker-Dealer
shall instruct such Participant to deliver such Series 2004-1 Notes against
payment therefor and the Broker-Dealer may deliver to the Potential Holder on
whose behalf the Broker-Dealer submitted a Bid that was accepted in whole or in
part, a principal amount of the Series 2004-1 Notes that is less than the
principal amount of the Series 2004-1 Notes specified in such Bid to be
purchased by such Potential Holder. Notwithstanding the foregoing terms of this
Section, any delivery or nondelivery of Series 2004-1 Notes that represents any
departure from the results of an Auction, as determined by the Auction Agent,
shall be of no effect unless and until the Auction Agent shall have been
notified of such delivery or non-delivery in accordance with the terms of
Section 2.3(d) hereof. The Auction Agent shall have no duty or liability with
respect to enforcement of this Section 2.6(a).

          (b)   Neither the Auction Agent, the Trustee, nor the Corporation
shall have any responsibility or liability with respect to the failure of an
Existing Holder, a Potential Holder or

                                       -6-

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

its respective Participant to deliver Series 2004-1 Notes or to pay for Series
2004-1 Notes sold or purchased pursuant to the Auction Procedures or otherwise.
The Auction Agent shall have no responsibility for any adjustment to the fees
paid pursuant to Section 2.5 hereof as a result of any failure described in this
Section 2.6(b).

          Section 3.  The Auction Agent
                      -----------------

          3.1.  Duties and Responsibilities
                ---------------------------

          (a)   The Auction Agent is acting hereunder solely as agent for the
Corporation and owes no fiduciary duties to any person by reason of this
Broker-Dealer Agreement.

          (b)   The Auction Agent undertakes to perform such duties and only
such duties as are specifically set forth in this Broker-Dealer Agreement, and
no implied covenants or obligations shall be read into this Broker-Dealer
Agreement against the Auction Agent.

          (c)   In the absence of bad faith or negligence on its part, the
Auction Agent shall not be liable for any action taken, suffered, or omitted or
for any error of judgment made by it in the performance of its duties under this
Broker-Dealer Agreement. The Auction Agent shall not be liable for any error of
judgment made in good faith unless the Auction Agent shall have been negligent
in ascertaining (or failing to ascertain) the pertinent facts.

          3.2.  Rights of the Auction Agent
                ---------------------------

          (a)   The Auction Agent may conclusively rely and shall be fully
protected in acting or refraining from acting upon any communication authorized
by this Broker-Dealer Agreement and upon any written instruction, notice
request, direction, consent report, certificate, share certificate or other
instrument, paper or document reasonably believed by it to be genuine. The
Auction Agent shall not be liable for acting upon any telephone communication
authorized by this Broker-Dealer Agreement which the Auction Agent believes in
good faith to have been given by the Trustee, a Broker-Dealer or the
Corporation. The Auction Agent may record telephone communications with the
Broker-Dealers.

          (b)   The Auction Agent may consult with counsel of its own choice,
and the advice of such counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon.

          (c)   The Auction Agent shall not be required to advance, expend or
risk its own funds or otherwise incur or become exposed to financial liability
in the performance of its duties hereunder.

          (d)   The Auction Agent may perform its duties and exercise its rights
hereunder either directly or by or through agents or attorneys and shall not be
responsible for any willful misconduct or negligence on the part of any agent or
attorney appointed by it with due care hereunder.

                                       -7-

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

          3.3.  The Auction Agent's Disclaimer
                ------------------------------

          The Auction Agent makes no representation as to the correctness,
validity, adequacy or accuracy of the recitals in or the adequacy or validity of
this Broker-Dealer Agreement, the Auction Agent Agreement or the validity or
adequacy of the Series 2004-1 Notes.

          Section 4.  Miscellaneous
                      -------------

          4.1.  Termination
                -----------

          Any party may terminate this Broker-Dealer Agreement at any time upon
five days' prior notice to the other party; provided, however, that if the
Broker-Dealer is RBC Dain Rauscher Inc., neither the Broker-Dealer nor the
Auction Agent may terminate this Broker-Dealer Agreement without first obtaining
the prior written consent of the Trustee and the Corporation of such
termination, which consent shall not be unreasonably withheld or delayed. For so
long as the Auction Agent Agreement is effective and if RBC Dain Rauscher Inc.
is the sole Broker-Dealer, any termination of this Broker-Dealer Agreement shall
not be effective unless and until a successor, or substitute Broker-Dealer
Agreement becomes effective. This Broker-Dealer Agreement shall automatically
terminate upon the delivery of certificates representing the Series 2004-1 Notes
pursuant to Section 17 of the First Supplemental Indenture or upon termination
of the Auction Agent Agreement.

          4.2.  Participant
                -----------

          The Broker-Dealer is, and shall remain for the term of this
Broker-Dealer Agreement, a member of, or Participant in, the Depository (or an
affiliate of such a member or Participant).

          4.3.  Communications
                --------------

          Except for (i) communications authorized to be made by telephone
pursuant to this Broker-Dealer Agreement or the Auction Procedures and (ii)
communications in connection with the Auctions (other than those expressly
required to be in writing), all notices, requests and other communications to
any party hereunder shall be in writing (including facsimile or similar writing)
and shall be given to such party, addressed to it, or its address or facsimile
number set forth below:

                                       -8-

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

If to the Broker-Dealer, addressed:     RBC Dain Rauscher Inc.
                                        1211 Avenue of the Americas
                                        Suite 3102
                                        New York, New York 10036
                                        Attention: Craig W. Laraia,
                                                   Short-Term Desk
                                        Telephone No.: (212) 703-6233
                                        Facsimile No.: (212) 703-8600

If to the Auction Agent, addressed:     Deutsche Bank Trust Company Americas
                                        60 Wall Street
                                        27/th/ Floor
                                        New York, New York 10005
                                        Attention: Auction Rate Securities
                                        Telephone No.: (212) 250-6645
                                        Facsimile No.: (212) 797-8600

If to the Trustee, addressed:           U.S. Bank National Association
                                        EP-MN-WS3D
                                        60 Livingston Avenue
                                        St. Paul, Minnesota 55107-2292
                                        Attention: Corporate Trust Department
                                        Telephone: (651) 495-3907
                                        Facsimile: (651) 495-8096

If to the Corporation, addressed:       Education Loans Incorporated
                                        105 First Avenue Southwest
                                        Aberdeen, South Dakota 57401
                                        Attention: President
                                        Telephone: (605) 622-4590
                                        Facsimile: (605) 622-4547

or such other address or facsimile number as such party may hereafter specify
for such purpose by notice to the other party. Each such notice, request or
communication shall be effective when delivered at the address specified herein.
Communications shall be given on behalf of the Broker-Dealer by a Broker-Dealer
Officer and on behalf of the Auction Agent by an Authorized Officer of the
Auction Agent. The Broker-Dealer may record telephone communications with the
Auction Agent.

          4.4.  Entire Agreement
                ----------------

          This Broker-Dealer Agreement contains the entire agreement between the
parties relating to the subject matter hereof, and there are not other
representations, endorsements, promises, agreements or understandings, oral,
written or inferred, between the parties relating to the subject matter hereof.

                                       -9-

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

          4.5.  Benefits
                --------

          Nothing in this Broker-Dealer Agreement, express or implied, shall
give to any person, other than the Auction Agent, the Corporation, the
Broker-Dealer and their respective successors and assigns, any benefit of any
legal or equitable right, remedy or claim under this Broker-Dealer Agreement.

          4.6.  Amendment; Waiver
                -----------------

          (a)   This Broker-Dealer Agreement shall not be deemed or construed to
be modified, amended, rescinded, canceled or waived, in whole or in part, except
by a written instrument signed by a duly authorized representative of the
parties hereto. This Broker-Dealer Agreement may not be amended without first
obtaining the prior written consent of the Corporation.

          (b)   Failure of either party to this Broker-Dealer Agreement to
exercise any right or remedy hereunder in the event of a breach of this
Broker-Dealer Agreement by the other party shall not constitute a waiver of any
such right or remedy with respect to any subsequent breach.

          4.7.  Successors and Assigns
                ----------------------

          This Broker-Dealer Agreement shall be binding upon, inure to the
benefit of, and be enforceable by, the parties hereto and their respective
successors and assigns.

          4.8.  Severability
                ------------

          If any clause, provision or section of this Broker-Dealer Agreement
shall be ruled invalid or unenforceable by any court of competent jurisdiction,
the invalidity or unenforceability of such clause, provision or section shall
not affect any remaining clause, provision or sections hereof.

          4.9.  Execution in Counterparts
                -------------------------

          This Broker-Dealer Agreement may be executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and
the same instrument.

          4.10. Governing Law
                -------------

          This Broker-Dealer Agreement shall be governed by and construed in
accordance with the laws of the State of New York.

          [The remainder of this page is intentionally left blank.]

                                      -10-

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

          In Witness Whereof, the parties hereto have caused this Broker-Dealer
Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first above written.

                                          DEUTSCHE BANK TRUST COMPANY AMERICAS
                                          as Auction Agent

                                          By:  /s/ Lisa McDermid
                                               ---------------------------------
                                               Title: Assistant Vice President

                                          RBC DAIN RAUSCHER INC.,
                                          as Broker-Dealer

                                          By:  /s/ Harry Apfel
                                               ---------------------------------
                                               Title: Managing Director

Pursuant to and in accordance with
Section 9 of the First Supplemental
Indenture and Section 2.9 of the
Auction Agent Agreement (defined
above), the undersigned consents to
the execution of the above
Broker-Dealer Agreement.

U.S. BANK NATIONAL ASSOCIATION,
as Trustee

By  /s/ Cynthia S. Woodward
  ------------------------------------
Title: Vice President

                                      -11-

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

                      EXHIBIT A TO BROKER-DEALER AGREEMENT

                              SETTLEMENT PROCEDURES

          If not otherwise defined herein, capitalized terms used herein shall
have the meanings given such terms in Article 1 of the First Supplemental
Indenture. These Settlement Procedures shall apply separately for each series of
Series 2004-1 Notes.

          (a)   Not later than (1) 3:00 P.M., if the Series 2004-1 Note Auction
Rate is the Auction Rate or (2) 4:00 p.m. if the Series 2004-1 Note Auction Rate
is the Net Loan Rate, on each Auction Date, the Auction Agent shall notify by
telephone each Broker-Dealer that participated in the Auction held on such
Auction Date and submitted an Order on behalf of an Existing Holder or Potential
Holder of:

                (i)   the Series 2004-1 Note Auction Rate fixed for the next
                      Interest Period;

                (ii)  whether there were Sufficient Bids in such Auction;

                (iii) if such Broker-Dealer submitted Bids or Sell Orders on
                      behalf of an Existing Holder (a "Seller's Broker-Dealer"),
                      whether such Bid or Sell Order was accepted or rejected,
                      in whole or in part, and the principal amount of Series
                      2004-1 Notes, if any, to be sold by such Existing Holder;

                (iv)  if such Broker-Dealer submitted a Bid on behalf of a
                      Potential Holder (a "Buyer's Broker-Dealer"), whether such
                      Bid was accepted or rejected, in whole or in part, and the
                      principal amount of Series 2004-1 Notes, if any, to be
                      purchased by such Potential Holder;

                (v)   if the aggregate amount of Series 2004-1 Notes to be sold
                      by all Existing Holders on whose behalf such Seller's
                      Broker-Dealer submitted Bids or Sell Orders exceeds the
                      aggregate principal amount of Series 2004-1 Notes to be
                      purchased by all Potential Holders on whose behalf such
                      Broker-Dealer submitted a Bid, the name or names of one or
                      more Buyer's Broker-Dealers (and the name of the
                      Participant, if any, of each such Buyer's Broker-Dealer)
                      acting for one or more purchasers of such excess principal
                      amount of Series 2004-1 Notes and the principal amount of
                      Series 2004-1 Notes to be purchased from one or more
                      Existing Holders on whose behalf such Seller's
                      Broker-Dealer acted by one or more Potential Holders on
                      whose behalf each of such Buyer's Broker-Dealers acted;

                (vi)  if the principal amount of Series 2004-1 Notes to be
                      purchased by all Potential Holders on whose behalf such
                      Buyer's Broker-Dealer submitted a Bid exceeds the amount
                      of Series 2004-1 Notes to be

                                       A-1

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

                      sold by all Existing Holders on whose behalf such
                      Broker-Dealer submitted a Bid or a Sell Order, the name or
                      names of one or more Seller's Broker-Dealers (and the name
                      of the Participant, if any, of each such Seller's
                      Broker-Dealer) acting for one or more sellers of such
                      excess principal amount of Series 2004-1 Notes and the
                      principal amount of Series 2004-1 Notes to be sold to one
                      or more Potential Holders on whose behalf such Buyer's
                      Broker-Dealer acted by one or more Existing Holders on
                      whose behalf each of such Seller's Broker-Dealers acted;
                      and

                (vii) the Auction Date for the next succeeding Auction.

          (b)   On each Auction Date, each Broker-Dealer that submitted an Order
on behalf of any Existing Holder or Potential Holder shall:

                (i)   advise each Existing Holder and Potential Holder on whose
                      behalf such Broker-Dealer submitted a Bid or Sell Order in
                      the Auction on such Auction Date whether such Bid or Sell
                      Order was accepted or rejected, in whole or in part;

                (ii)  in the case of a Broker-Dealer that is a Buyer's
                      Broker-Dealer, advise each Potential Holder on whose
                      behalf such Buyer's Broker-Dealer submitted a Bid that was
                      accepted, in whole or in part, to instruct such Potential
                      Holder's Participant to pay such Buyer's Broker-Dealer (or
                      its Participant) through the Depository the amount
                      necessary to purchase the principal amount of Series
                      2004-1 Notes to be purchased pursuant to such Bid against
                      receipt of such Series 2004-1 Notes;

                (iii) in the case of a Broker-Dealer that is a Seller's
                      Broker-Dealer, instruct each Existing Holder on whose
                      behalf such Seller's Broker-Dealer submitted a Sell Order
                      that was accepted, in whole or in part, to instruct such
                      Existing Holder's Participant to deliver to such Seller's
                      Broker-Dealer (or its Participant) through the Depository
                      the principal amount of Series 2004-1 Notes to be sold
                      pursuant to such Order against payment therefor;

                (iv)  advise each Existing Holder on whose behalf such
                      Broker-Dealer submitted an Order and each Potential Holder
                      on whose behalf such Broker-Dealer submitted a Bid of the
                      Series 2004-1 Note Auction Rate for the next Series 2004-1
                      Note Interest Period;

                (v)   advise each Existing Holder on whose behalf such
                      Broker-Dealer submitted an Order of the next Auction Date,
                      including, without limitation, Existing Holders deemed to
                      have submitted Hold Orders pursuant to Section 4(b)(iii)
                      of the First Supplemental Indenture; and

                                       A-2

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

                (vi)  advise each Potential Holder on whose behalf such
                      Broker-Dealer submitted a Bid that was accepted, in whole
                      or in part, of the next Auction Date.

          (c)   On the basis of the information provided to it pursuant to
paragraph (a) above, each Broker-Dealer that submitted a Bid or Sell Order in an
Auction is required to allocate any funds received by it in connection with such
Auction pursuant to paragraph (b) (ii) above, and any Series 2004-1 Notes
received by it in connection with such Auction pursuant to paragraph (b) (iii)
above among the Potential Holders, if any, on whose behalf such Broker-Dealer
submitted Bids, the Existing Holders, if any, on whose behalf such Broker-Dealer
submitted Bids or Sell Orders in such Auction, and any Broker-Dealers identified
to it by the Auction Agent following such Auction pursuant to paragraph (a) (v)
or (a) (vi) above.

          (d)   On each Auction Date:

                (i)   each Potential Holder and Existing Holder with an Order in
                      the Auction on such Auction Date shall instruct its
                      Participant as provided in (b) (ii) or (b)(iii) above, as
                      the case may be;

                (ii)  each Seller's Broker-Dealer that is not a Participant of
                      the Depository shall instruct its Participant to deliver
                      such Series 2004-1 Notes through the Depository to a
                      Buyer's Broker-Dealer (or its Participant) identified to
                      such Seller's Broker-Dealer pursuant to (a) (v) above
                      against payment therefor; and

                (iii) each Buyer's Broker-Dealer that is not a Participant in
                      the Depository shall instruct its Participant to pay
                      through the Depository to a Seller's Broker-Dealer (or its
                      Participant) identified following such Auction pursuant to
                      (a) (vi) above the amount necessary to purchase the Series
                      2004-1 Notes to be purchased pursuant to (b) (ii) above
                      against receipt of such Series 2004-1 Notes.

          (e)   On the Business Day following each Auction Date:

                (i)   each Participant for a Bidder in the Auction on such
                      Auction Date referred to in (d) (i) above shall instruct
                      the Depository to execute the transactions described under
                      (b) (ii) or (b) (iii) above for such Auction, and the
                      Depository shall execute such transactions;

                (ii)  each Seller's Broker-Dealer or its Participant shall
                      instruct the Depository to execute the transactions
                      described in (d)(ii) above for such Auction, and the
                      Depository shall execute such transactions; and

                (iii) each Buyer's Broker-Dealer or its Participant shall
                      instruct the Depository to execute the transactions
                      described in (d) (iii) above

                                       A-3

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

                      for such Auction, and the Depository shall execute such
                      transactions.

          (f)   If an Existing Holder selling Series 2004-1 Notes in an Auction
fails to deliver such Series 2004-1 Notes (by authorized book-entry), a
Broker-Dealer may deliver to the Potential Holder on behalf of which it
submitted a Bid that was accepted a principal amount of Series 2004-1 Notes that
is less than the principal amount of Series 2004-1 Notes that otherwise was to
be purchased by such Potential Holder. In such event, the principal amount of
Series 2004-1 Notes to be so delivered shall be determined solely by such
Broker-Dealer, but only in Authorized Denominations. Delivery of such lesser
principal amount of Series 2004-1 Notes shall constitute good delivery.
Notwithstanding the foregoing terms of this paragraph (f), any delivery or
nondelivery of Series 2004-1 Notes which shall represent any departure from the
results of an Auction, as determined by the Auction Agent, shall be of no effect
unless and until the Auction Agent shall have been notified of such delivery or
nondelivery in accordance with the provisions of the Auction Agent Agreement and
the Broker-Dealer Agreements. Neither the Trustee nor the Auction Agent will
have any responsibility or liability with respect to the failure of a Potential
Holder, Existing Holder or their respective Broker-Dealer or Participant to
deliver the principal amount of Series 2004-1 Notes or to pay for the Series
2004-1 Notes purchased or sold pursuant to an Auction or otherwise.

                                       A-4

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

                      EXHIBIT B TO BROKER-DEALER AGREEMENT

                          EDUCATION LOANS INCORPORATED
                         STUDENT LOAN ASSET-BACKED NOTES
                             [SENIOR SERIES 2004-A1]
                             [SENIOR SERIES 2004-A2]
                             [SENIOR SERIES 2004-A3]
                             [SENIOR SERIES 2004-A4]
                             [SENIOR SERIES 2004-A5]
                          [SUBORDINATE SERIES 2004-B1]

                                   ORDER FORM

                                                         AUCTION DATE___________
                                                         ISSUE__________________
                                                         SERIES_________________

          The undersigned Broker-Dealer submits the following orders on behalf
of the Bidder(s) indicated below:

                                  PRINCIPAL AMOUNT
                                 OF NOTES ($50,000
         EXISTING HOLDER            OR MULTIPLES)              BID RATE
     -----------------------   -----------------------   -----------------------

1.
     -----------------------   -----------------------   -----------------------
2.
     -----------------------   -----------------------   -----------------------
3.
     -----------------------   -----------------------   -----------------------
4.
     -----------------------   -----------------------   -----------------------
5.
     -----------------------   -----------------------   -----------------------
6.
     -----------------------   -----------------------   -----------------------
7.
     -----------------------   -----------------------   -----------------------
8.
     -----------------------   -----------------------   -----------------------
9.
     -----------------------   -----------------------   -----------------------
10.
     -----------------------   -----------------------   -----------------------

*Existing Holders may be described by name or other reference as determined in
the sole discretion of the Broker-Dealer.

                                       B-1

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

                          EDUCATION LOANS INCORPORATED

                         STUDENT LOAN ASSET-BACKED NOTES
                             [SENIOR SERIES 2004-A1]
                             [SENIOR SERIES 2004-A2]
                             [SENIOR SERIES 2004-A3]
                             [SENIOR SERIES 2004-A4]
                             [SENIOR SERIES 2004-A5]
                          [SUBORDINATE SERIES 2004-B1]

                            BIDS BY POTENTIAL HOLDERS

                                  PRINCIPAL AMOUNT
                                 OF NOTES ($50,000
         EXISTING HOLDER            OR MULTIPLES)              BID RATE
     -----------------------   -----------------------   -----------------------

1.
     -----------------------   -----------------------   -----------------------
2.
     -----------------------   -----------------------   -----------------------
3.
     -----------------------   -----------------------   -----------------------
4.
     -----------------------   -----------------------   -----------------------
5.
     -----------------------   -----------------------   -----------------------
6.
     -----------------------   -----------------------   -----------------------
7.
     -----------------------   -----------------------   -----------------------
8.
     -----------------------   -----------------------   -----------------------
9.
     -----------------------   -----------------------   -----------------------
10.
     -----------------------   -----------------------   -----------------------
11.
     -----------------------   -----------------------   -----------------------
12.
     -----------------------   -----------------------   -----------------------
13.
     -----------------------   -----------------------   -----------------------
14.
     -----------------------   -----------------------   -----------------------
15.
     -----------------------   -----------------------   -----------------------

               NOTES:

     1.   If one or more Orders covering in the aggregate more than the
          outstanding principal amount of Series 2004-1 Notes held by any
          Existing Holder are submitted, such Orders shall be considered valid
          in the order of priority set forth in the Auction Procedures.

     2.   A Hold or Sell Order may be placed only by an Existing Holder covering
          a principal amount of Series 2004-1 Notes not greater than the
          principal amount currently held by such Existing Holder.

     3.   Potential Holders may only make Bids, each of which must specify a
          rate. If more than one Bid is submitted on behalf of any Potential
          Holder, each Bid submitted shall be a separate Bid with the rate
          specified herein.

                                       B-2

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

     4.   Bids may contain no more than three figures to the right of the
          decimal point (.001 of 1%).

     5.   An order must be submitted in principal amounts of $50,000 or integral
          multiples thereof.

*Potential Holders may be described by name or other reference as determined in
the sole discretion of the Broker-Dealer.

                                       B-3

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

NAME OF BROKER-DEALER:
                       ---------------------------------------------------------

AUTHORIZED SIGNATURE:
                      ----------------------------------------------------------

TOTAL NUMBER OF ORDERS ON THIS ORDER FORM:
                                           -------------------------------------

Submit to:     Deutsche Bank Trust Company Americas
               60 Wall Street
               27/th/ Floor
               New York, New York 10005
               Attention: Auction Rate Securities
               Telephone No.: (212) 250-6645
               Facsimile No.: (212) 797-8600

                                       B-4

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

                      EXHIBIT C TO BROKER-DEALER AGREEMENT

                          EDUCATION LOANS INCORPORATED
                         STUDENT LOAN ASSET-BACKED NOTES
                             [SENIOR SERIES 2004-A1]
                             [SENIOR SERIES 2004-A2]
                             [SENIOR SERIES 2004-A3]
                             [SENIOR SERIES 2004-A4]
                             [SENIOR SERIES 2004-A5]
                          [SUBORDINATE SERIES 2004-B1]

                    (TO BE USED ONLY FOR TRANSFERS MADE OTHER
                          THAN PURSUANT TO AN AUCTION)

We are (check one)

_____________the Existing Holder indicated below*; or

______________the Broker-Dealer for such Existing Holder; or

______________the Participant for such Existing Holder.

We hereby notify you that such Existing Holder has transferred $_________ (must
be in units of $50,000) of [Senior Series 2004-A1 Notes] [Senior Series 2004-A2
Notes] [Senior Series 2004-A3 Notes] [Senior Series 2004-A4 Notes] [Senior
Series 2004-A5 Notes] [Subordinate Series 2004-B1 Notes] to

                                        ----------------------------------------
                                        (Existing Holder)

                                        ----------------------------------------
                                        (Name of Broker-Dealer)

                                        ----------------------------------------
                                        (Name of Participant)

                                        By:
                                           -------------------------------------
                                        Printed Name:
                                                     ---------------------------
                                        Title:
                                              ----------------------------------

*Existing Holders may be described by name or other reference as determined in
the sole discretion of the Broker-Dealer.

                                       C-1

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

                      EXHIBIT D TO BROKER-DEALER AGREEMENT

                          EDUCATION LOANS INCORPORATED
                         STUDENT LOAN ASSET-BACKED NOTES
                             [SENIOR SERIES 2004-A1]
                             [SENIOR SERIES 2004-A2]
                             [SENIOR SERIES 2004-A3]
                             [SENIOR SERIES 2004-A4]
                             [SENIOR SERIES 2004-A5]
                          [SUBORDINATE SERIES 2004-B1]

                 NOTICE OF A FAILURE TO DELIVER OR MAKE PAYMENT

COMPLETE EITHER I OR II.
------------------------

     I.   We are a Broker-Dealer for * (the "Purchaser"), which purchased
          $_________ (must be in units of $50,000) of the [Senior Series 2004-A1
          Notes] [Senior Series 2004-A2 Notes] [Senior Series 2004-A3 Notes]
          [Senior Series 2004-A4 Notes] [Senior Series 2004-A5 Notes]
          [Subordinate Series 2004-B1 Notes] in the Auction held on
          _____________________ from the seller of such [Senior Series 2004-A1
          Notes] [Senior Series 2004-A2 Notes] [Senior Series 2004-A3 Notes]
          [Senior Series 2004-A4 Notes] [Senior Series 2004-A5 Notes]
          [Subordinate Series 2004-B1 Notes].

     II.  We are a Broker-Dealer for * (the "Seller"), which sold $___________
          (must be in units of $50,000) of the [Senior Series 2004-A1 Notes]
          [Senior Series 2004-A2 Notes] [Senior Series 2004-A3 Notes] [Senior
          Series 2004-A4 Notes] [Senior Series 2004-A5 Notes] [Subordinate
          Series 2004-B1 Notes] in the Auction held on ___________________ to
          the purchaser of such [Senior Series 2004-A1 Notes] [Senior Series
          2004-A2 Notes] [Senior Series 2004-A3 Notes] [Senior Series 2004-A4
          Notes] [Senior Series 2004-A5 Notes] [Subordinate Series 2004-B1
          Notes].

We hereby notify you that (check one)

_______________     the Seller failed to deliver such [Senior Series 2004-A1
                    Notes] [Senior Series 2004-A2 Notes] [Senior Series 2004-A3
                    Notes] [Senior Series 2004-A4 Notes] [Senior Series 2004-A5
                    Notes] [Subordinate Series 2004-B1 Notes] to the Purchaser.

_______________     the Purchaser failed to make payment to the Seller upon
                    delivery of such [Senior Series 2004-A1 Notes] [Senior
                    Series 2004-A2 Notes] [Senior Series 2004-A3 Notes] [Senior
                    Series 2004-A4 Notes] [Senior Series 2004-A5 Notes]
                    [Subordinate Series 2004-B1 Notes].

                                       D-1

<PAGE>

                            Broker-Dealer Agreement dated as of February 1, 2004

*may be described by name or other reference as determined in the sole
discretion of the Broker-Dealer.

                                        (Name of Broker-Dealer)

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                       D-2<PAGE>

                                                                    Exhibit 10.1

                     SERVICING AND ADMINISTRATION AGREEMENT

                                      among

                          EDUCATION LOANS INCORPORATED,
                                    as Issuer

                        STUDENT LOAN FINANCE CORPORATION,
                          as Servicer and Administrator

                                       and

                         U.S. BANK NATIONAL ASSOCIATION,
                                   as Trustee

                          ----------------------------

                          Dated as of February 1, 2004

                          ----------------------------

<PAGE>

                     SERVICING AND ADMINISTRATION AGREEMENT

     THIS SERVICING AND ADMINISTRATION AGREEMENT (the "Agreement") entered into
as of the 1st day of February, 2004 by and among Student Loan Finance
Corporation, a corporation organized under the laws of the State of South Dakota
("SLFC," and, in its capacity as servicer hereunder, the "Servicer," and, in its
capacity as administrator hereunder, the "Administrator"), Education Loans
Incorporated, a corporation organized under the laws of the State of Delaware
(the "Issuer"), and U.S. Bank National Association, a national banking
association headquartered in Minneapolis, Minnesota, in its capacity as trustee
under the Indenture hereinafter referred to (the "Trustee").

                               W I T N E S E T H:

     WHEREAS, the Servicer services student loans ("Student Loans") which have
been (1) guaranteed under a guaranty program established by a state or a private
nonprofit corporation pursuant to the requirements of the Higher Education Act
of 1965, as amended from time to time, and the rules and regulations promulgated
thereunder (the "Higher Education Act")(such Student Loans being herein referred
to as "FFELP Loans"), or (2) have been originated under certain loan programs
(the "Alternative Loan Programs") established by SLFC to make amounts available
for the post-secondary education of eligible students in excess of the amounts
available through FFELP Loans (such Student Loans being herein referred to as
"Alternative Loans"); and

     WHEREAS, SLFC has established its Student Loan Purchase Program pursuant to
which it acquires or causes the acquisition of certain Student Loans from
lenders ("Lenders") eligible to originate or hold such Student Loans under the
Higher Education Act or under an Alternative Loan Program, as applicable; and

     WHEREAS, pursuant to SLFC's Student Loan Purchase Program, the Issuer has
entered into or will enter into Student Loan Purchase Agreements ("Issuer
Student Loan Purchase Agreements") (1) with certain Lenders pursuant to which
the Issuer agrees to cause the purchase of FFELP Loans by the Trustee (for the
account and on behalf of the Issuer) from such Lenders, and (2) with SLFC
pursuant to which the Issuer has agreed to cause the purchase of Alternative
Loans by the Trustee (for the account and on behalf of the Issuer) from SLFC;
and

     WHEREAS, pursuant to SLFC's Student Loan Purchase Program, GOAL Funding,
Inc., a Delaware corporation ("GOAL Funding I"), has entered into or will enter
into Student Loan Purchase Agreements ("GOAL Funding I Student Loan Purchase
Agreements") (1) with certain Lenders pursuant to which GOAL Funding I agrees to
cause the purchase of FFELP Loans by U.S. Bank National Association, as trustee
for GOAL Funding I (in such capacity, the "GOAL Funding I Trustee") (for the
account and on behalf of GOAL Funding I) from such Lenders, and (2) with SLFC
pursuant to which GOAL Funding I has agreed to cause the purchase of Alternative
Loans by the GOAL Funding I Trustee (for the account and on behalf of GOAL
Funding I) from SLFC; and

     WHEREAS, SLFC, as servicer and administrator (in such capacities, the "GOAL
Funding I Servicer"), has, pursuant to a servicing and administration agreement
with GOAL Funding I and the GOAL Funding I Trustee (the "GOAL Funding I
Servicing Agreement"),

                                        1

<PAGE>

agreed to service the Student Loans originated on behalf of GOAL Funding I or
purchased by GOAL Funding I under the GOAL Funding I Student Loan Purchase
Agreements while such Student Loans are pledged under GOAL Funding I's warehouse
financing; and

     WHEREAS, the Issuer will enter into Transfer Agreements ("GOAL Fuding I
Transfer Agreements") with the Trustee, GOAL Funding I and the GOAL Funding I
Trustee, pursuant to which the Issuer will purchase from GOAL Funding I FFELP
Loans and Alternative Loans previously originated on behalf of GOAL Funding I or
purchased pursuant to GOAL Funding I Student Loan Purchase Agreements ("GOAL
Funding I Student Loans") and will be assigned all right, title and interest of
GOAL Funding I in such agreements with respect to the Student Loans so sold; and

     WHEREAS, pursuant to SLFC's Student Loan Purchase Program, GOAL Funding II,
Inc., a Delaware corporation ("GOAL Funding II" and, together with GOAL Funding
I, collectively "GOAL Funding"), has entered into or will enter into Student
Loan Purchase Agreements ("GOAL Funding II Student Loan Purchase Agreements"
and, together with the GOAL Funding I Student Loan Purchase Agreements,
collectively the "GOAL Funding Student Loan Purchase Agreements," and, together
with the Issuer Student Loan Purchase Agreements and the GOAL Funding I Student
Loan Purchase Agreements, collectively the "Student Loan Purchase Agreements")
(1) with certain Lenders pursuant to which GOAL Funding II agrees to cause the
purchase of FFELP Loans by U.S. Bank National Association, as trustee for GOAL
Funding II (in such capacity, the "GOAL Funding II Trustee" and, together with
the GOAL Funding I Trustee, collectively the "GOAL Funding Trustees") (for the
account and on behalf of GOAL Funding II) from such Lenders, and (2) with SLFC
pursuant to which GOAL Funding II has agreed to cause the purchase of
Alternative Loans by the GOAL Funding II Trustee (for the account and on behalf
of GOAL Funding II) from SLFC; and

     WHEREAS, SLFC, as servicer and administrator (in such capacities, the "GOAL
Funding II Servicer"), has, pursuant to a servicing and administration agreement
with GOAL Funding II and the GOAL Funding II Trustee (the "GOAL Funding II
Servicing Agreement" and, together with the GOAL Funding I Servicing Agreement,
collectively the "GOAL Funding Servicing Agreements"), agreed to service the
Student Loans originated on behalf of GOAL Funding II or purchased by GOAL
Funding II under the GOAL Funding II Student Loan Purchase Agreements while such
Student Loans are pledged under GOAL Funding II's warehouse financing; and

     WHEREAS, the Issuer will enter into Transfer Agreements ("GOAL Funding II
Transfer Agreements" and, together with the GOAL Funding I Transfer Agreements,
collectively the "GOAL Funding Transfer Agreements") with the Trustee, GOAL
Funding II and the GOAL Funding II Trustee, pursuant to which the Issuer will
purchase from GOAL Funding II FFELP Loans and Alternative Loans previously
originated on behalf of GOAL Funding II or purchased pursuant to GOAL Funding II
Student Loan Purchase Agreements ("GOAL Funding II Student Loans" and, together
with the GOAL Funding I Student Loans, collectively the "GOAL Funding Student
Loans") and will be assigned all right, title and interest of GOAL Funding II in
such agreements with respect to the Student Loans so sold; and

                                        2

<PAGE>

     WHEREAS, under certain circumstances, the Issuer also will cause the
origination of Student Loans by the Trustee (for the account and on behalf of
the Issuer) (Student Loans purchased or originated under the Indenture
hereinafter described are herein referred to as "Financed Student Loans"); and

     WHEREAS, the Issuer initially will obtain funds necessary to originate and
purchase Student Loans through the issuance, pursuant to an Indenture of Trust,
dated as of February 1, 2004 (as amended or supplemented, the "Indenture"),
between the Issuer and the Trustee, as Trustee, of its Student Loan Asset-Backed
Notes, Senior Series 2004-A1, A2, A3, A4 and A5 and Subordinate Series 2004-B1
(the "Series 2004-1 Notes," and, together with any additional notes issued under
the Indenture, the "Notes"); and

     WHEREAS, the principal of and interest on the Notes is to be paid from
repayment of Financed Student Loans and other trust assets pledged under the
Indenture; and

     WHEREAS, the Issuer wishes to provide for the origination, acquisition and
servicing of the Financed Student Loans in the manner provided in the Student
Loan Purchase Agreements and the Indenture; and

     WHEREAS, copies of (i) the executed Student Loan Purchase Agreements, (ii)
the executed Transfer Agreements and (iii) the Indenture have been or will be
furnished to the Servicer; and

     WHEREAS, the Issuer wishes to retain the Servicer to provide services in
connection with the origination, acquisition, servicing and collection of the
Financed Student Loans in accordance with the requirements of the Higher
Education Act, the Guarantee Program, the Alternative Loan Programs, the Student
Loan Purchase Agreements, the Transfer Agreements and the Indenture, and the
Servicer is willing to undertake such obligations on the terms hereinafter
specified; and

     WHEREAS, the Issuer wishes to retain the Administrator to perform other
administrative requirements on behalf of the Issuer, including those required to
allow the Issuer to satisfy certain requirements under the Indenture;

     NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the parties hereto agree as follows:

     1.   Term. The term of this Agreement shall commence as of the date hereof
and shall continue for so long as any of the Notes shall remain Outstanding,
unless this Agreement is terminated in accordance with the terms hereof.

     2.   Definitions. In addition to terms elsewhere defined in this Agreement,
and except as otherwise provided herein or as the context may otherwise require
or suggest, initially capitalized terms used herein shall have the meanings
assigned thereto in the Indenture, or if not defined therein, in the Student
Loan Purchase Agreements. Any reference in this Agreement to GOAL Funding shall
be to GOAL Funding I or GOAL Funding II or both, as applicable, and any
reference in this Agreement to GOAL Funding Student Loan Purchase Agreement,
GOAL Funding Trustee, GOAL Funding Servicing Agreement, GOAL Funding Transfer
Agreement or

                                       3

<PAGE>

GOAL Funding Student Loans shall be to such agreements, trustee or loans of GOAL
Funding I or GOAL Funding II or both, as applicable.

     3.   Agreement to Provide Services with respect to Financed Student Loans;
Cooperation.

     a.   The Servicer shall provide services to the Issuer in connection with
          the origination and acquisition of Student Loans to be Financed in
          accordance with this Agreement. The Servicer shall commence servicing
          the Financed Student Loans as of the day they are Financed and shall
          service the Financed Student Loans in accordance with this Agreement.
          The Servicer may perform all or part of its origination, acquisition,
          and servicing activities hereunder through a subcontractor. The
          Servicer shall perform or shall cause its subcontractor to perform all
          services hereunder in compliance with the Higher Education Act,
          applicable requirements of each Guarantee Agency and each Alternative
          Loan Program and all other applicable federal, state and local laws
          and regulations. The Servicer shall be responsible for the performance
          of its obligations hereunder, whether such obligations are performed
          by the Servicer or by its subcontractor, and the Servicer shall be
          responsible for any fees and payments required by the subcontractor. A
          subcontractor shall agree to reasonable audits, examinations and
          inspections with respect to the performance of its activities on
          behalf of the Servicer. The Servicer shall provide the Issuer and the
          Trustee with prior written notice of any subcontractor relationship
          (other than the existing relationships with Educational Assistance
          Service Company, Inc. and Great Lakes Educational Loan Services,
          Inc.). No such subcontractor relationship (other than the existing
          relationships with Educational Assistance Service Company, Inc. and
          Great Lakes Educational Loan Services, Inc.) shall be entered into
          unless the Trustee has received written confirmation from each Rating
          Agency that such relationship will not result in the reduction or
          withdrawal of the rating on any Note.

     b.   The Issuer and the Trustee shall, in accordance with the provisions of
          the Indenture, cooperate with the Servicer in delivering or causing to
          be delivered Financed Student Loans to the Servicer for origination,
          acquisition and servicing in accordance with this Agreement.

     4.   Acquisition Process. The Issuer, the Trustee and the Servicer agree
that:

     a.   Unless and until otherwise directed in writing by the Issuer, the
          Servicer shall provide to the Trustee all certificates and directions
          required to be delivered by the Issuer to the Trustee under the
          Indenture in connection with the Financing through acquisition of
          Eligible Loans and Student Loans thereunder.

     b.   (1) Pursuant to the Issuer Student Loan Purchase Agreements, the
          Servicer will, on behalf of the Issuer and the Trustee, require that
          each Lender (in the case of FFELP Loans) or SLFC (in the case of
          Alternative Loans) transfer to the Servicer or the Servicer's bailee
          (or, in the case of the promissory notes relating to Alternative
          Loans, to the Trustee or a custodian designated by the Trustee or, to

                                       4

<PAGE>

          the extent not required under the Indenture to be transferred to the
          Trustee, to the Servicer or the Servicer's Bailee), on or before each
          applicable Loan Purchase Date, physical custody and possession of
          documentation and information relating to Student Loans scheduled to
          be sold to the Trustee on behalf of the Issuer on each such Loan
          Purchase Date. Such documentation and information so transferred will
          include (i) the documents described in Exhibit A (in the case of
          Issuer Student Loan Purchase Agreements relating to Alternative Loans)
          or Exhibit B (in the case of Issuer Student Loan Purchase Agreements
          relating to FFELP Loans) attached to the Issuer Student Loan Purchase
          Agreements (the "Loan Documents"), and (ii) such additional
          documentation or information relating to the Student Loans as the
          Servicer shall reasonably require for the purpose of allowing the
          Student Loans to be properly serviced by the Servicer.

          (2) Pursuant to the Transfer Agreements, the Servicer will, on behalf
          of the Issuer and the Trustee, require that GOAL Funding transfer, or
          cause to be transferred, to the Servicer or the Servicer's bailee (or,
          in the case of the promissory notes relating to Alternative Loans, to
          the Trustee or a custodian designated by the Trustee or, to the extent
          not required under the Indenture to be transferred to the Trustee, to
          the Servicer or the Servicer's Bailee), on or before each applicable
          Loan Purchase Date (which term, as used in this Agreement with respect
          to the purchase of Financed GOAL Funding Student Loans, means the date
          of purchase of such loans under the applicable Transfer Agreement),
          physical custody and possession of documentation and information
          relating to Student Loans scheduled to be sold to the Trustee on
          behalf of the Issuer on each such Loan Purchase Date. Such
          documentation and information so transferred will include (i) the
          documents described in Exhibit A (in the case of GOAL Funding Student
          Loan Purchase Agreements relating to Alternative Loans) or Exhibit B
          (in the case of GOAL Funding Student Loan Purchase Agreements relating
          to FFELP Loans) attached to the GOAL Funding Student Loan Purchase
          Agreements (the "Loan Documents"), and (ii) such additional
          documentation or information relating to the Student Loans as the
          Servicer shall reasonably require for the purpose of allowing the
          Student Loans to be properly serviced by the Servicer.

     c.   Within a reasonable period after delivery to the Servicer (but in no
          event longer than 10 Business Days unless otherwise expressly agreed)
          of the documentation and information relating to the Student Loans
          identified in Section 4(b) above, the Servicer shall (i) establish and
          maintain all records delivered to the Servicer with respect to each
          Financed Student Loan, and complete records of the Servicer's
          servicing of the Financed Student Loan from the date such servicing
          commenced, (ii) maintain possession of the loan documents described in
          Section 6(p) and (r) hereof that it receives as required hereunder,
          and (iii) image, microfilm or otherwise reproduce such documents and
          cause such reproductions to be stored at a separate location.

     d.   In the course of establishing the records relating to each Financed
          Student Loan as described in Section 4(c) hereof, the Servicer shall
          make note of any item which comes to the attention of the Servicer
          during the establishment process (it being

                                       5

<PAGE>

          understood that the Servicer will not be conducting a complete file
          and note examination of each Student Loan to be Financed) which would
          make it appear that any Student Loan has not been properly originated,
          disbursed and documented or has not had due diligence exercised with
          respect thereto, in the origination, disbursement, administration,
          servicing and collection thereof, in accordance with the requirements
          of the Higher Education Act, the Guarantee Program or Alternative Loan
          Program, as appropriate, and the applicable Student Loan Purchase
          Agreement. The Servicer shall give Lenders (in the case of FFELP
          Loans) or SLFC (in the case of Alternative Loans), as appropriate, a
          reasonable opportunity (but in no event longer than 30 days or such
          greater period of time as the Trustee shall consent to in writing) to
          correct any exceptions or problems identified by the Servicer and to
          provide such documentation and information to the Servicer as shall be
          necessary to correct such exceptions or problems. Except as otherwise
          permitted under the Indenture, if such exceptions or problems are not
          corrected, the Servicer shall return to the Lenders (in the case of
          FFELP Loans) or SLFC (in the case of Alternative Loans), as
          appropriate, in accordance with procedures and under the conditions
          specified in the sections of the Student Loan Purchase Agreements
          relating to the rejection or repurchase of Student Loans, any
          documents and information related to Student Loans which have
          exceptions or problems resulting in such loans not being Eligible
          Loans.

     e.   The Servicer shall (i) establish a course of communication with each
          Lender (in the case of FFELP Loans), SLFC (in the case of Alternative
          Loans) and the GOAL Funding Servicer (in the case of Financed GOAL
          Funding Student Loans) sufficient to ensure that the Servicer receives
          notice from each Lender, SLFC and the GOAL Funding Servicer of all
          transactions with respect to each Student Loan prior to the required
          time of delivery by the Servicer to the Trustee of the documents
          required by Section 4(a) hereof, and (ii) load all information
          necessary for servicing Financed Student Loans into its servicing
          system so that servicing and collection of Financed Student Loans on
          the basis of "simple interest" can commence as of the Loan Purchase
          Date or purchase date as required by Section 3 hereof. If interest has
          been collected on any Student Loan to be purchased by the Trustee (for
          the account and on behalf of the Issuer) on the basis of the "rule of
          78's," the Servicer shall cause the Lender (in the case of FFELP
          Loans), SLFC (in the case of Alternative Loans) or GOAL Funding or the
          GOAL Funding Servicer (in the case of Financed GOAL Funding Student
          Loans) wishing to sell such loan to convert the remaining repayment
          schedule for each such Student Loan so that it may be collected on the
          basis of "simple interest."

     f.   The Issuer and the Trustee shall promptly after each Loan Purchase
          Date, upon request by the Servicer, provide to the Servicer any
          additional documentation or information related to the Financed
          Student Loans which either of them may have in their possession or may
          reasonably be able to obtain.

     g.   The Servicer shall, promptly after each Loan Purchase Date, notify the
          Borrower under each Financed Student Loan purchased on such Loan
          Purchase Date of the assignment and transfer to the Trustee (for the
          account and on behalf of the

                                       6

<PAGE>

          Issuer) of the Lender's (in the case of FFELP Loans), SLFC's (in the
          case of Alternative Loans) or GOAL Funding's (in the case of Financed
          GOAL Funding Student Loans) interest in each such Financed Student
          Loan and shall direct each such Borrower thereafter to make all
          payments on such Financed Student Loan directly to the Servicer until
          otherwise notified by the Trustee. If a Financed Student Loan has been
          converted from repayment under the rule of 78's to repayment under the
          simple interest method, as required by Section 4(e) hereof, the Lender
          (in the case of FFELP Loans), SLFC (in the case of Alternative Loans)
          or GOAL Funding or the GOAL Funding Servicer (in the case of Financed
          GOAL Funding Student Loans) shall notify the Borrower and shall obtain
          the written consent of the Borrower and take whatever additional
          action may be necessary to effect such conversion of repayment method
          in accordance with applicable legal requirements. Each Borrower
          notification shall include any information required to be included by
          the Higher Education Act and the requirements of the Guarantee Agency
          or Alternative Loan Program, as appropriate.

     h.   The assignment of each Financed FFELP Loan to the Trustee (for the
          account and on behalf of the Issuer) shall be reported by the Servicer
          promptly after each applicable Loan Purchase Date to the Secretary of
          Education and/or the Guarantee Agency, as appropriate, and the
          Trustee, by a properly completed Loan Transfer Report in the form
          required by the Secretary of Education and/or the Guarantee Agency.

     i.   If the Servicer at any time becomes aware of an event which would (i)
          allow the Issuer to reject a Student Loan under the applicable Student
          Loan Purchase Agreement, or (ii) allow the Issuer to require a Lender
          (in the case of FFELP Loans) or SLFC (in the case of Alternative
          Loans) to repurchase a Financed Eligible Loan or Financed Student Loan
          or to substitute an Eligible Loan under the applicable Student Loan
          Purchase Agreement, then the Servicer shall so notify the Issuer. If
          the Servicer or the Issuer determine that such a Student Loan should
          be rejected or repurchased, the Trustee shall take such action as
          shall be necessary to allow the Issuer and the Trustee to enforce
          their respective rights under the applicable Student Loan Purchase
          Agreement.

     5.   Origination Process. The Issuer, the Trustee and the Servicer agree
that:

     a.   Unless and until otherwise directed in writing by the Issuer, the
          Servicer shall provide to the Trustee all certificates and directions
          required to be delivered by the Issuer to the Trustee under the
          Indenture in connection with the Financing through origination of
          Eligible Loans and Student Loans thereunder.

     b.   The Servicer shall provide disbursement and origination services in
          connection with the origination and disbursement of Eligible Loans
          under the Indenture. The Servicer shall perform all services and
          duties customary to the origination and disbursement of Student Loans
          in accordance with generally accepted industry standards and practices
          and in compliance with the Higher Education Act,

                                       7

<PAGE>

          applicable requirements of the Guarantor and each Alternative Loan
          Program and all other applicable federal, state and local laws and
          regulations.

     6.   Servicing. The Servicer agrees that each of the Financed Student
Loans, while held under the Indenture, shall be serviced by it in accordance
with the procedures established in the Higher Education Act, the Guarantee
Program regulations and, where applicable, each Alternative Loan Program.
Additionally, the Servicer shall perform at least the following minimum duties,
obligations and functions in connection with its servicing of such Financed
Student Loans:

     a.   Maintain a complete and separate file concerning each Financed Student
          Loan, which file (i) shall include, without limitation, the Loan
          Documents, and at least the following information relating to each of
          the Financed Student Loans: name and social security number of
          Eligible Borrower, actual or estimated graduation date of the student,
          payment status, days delinquent, number of payments made, next payment
          due date, date of last payment received, total amount disbursed,
          beginning of deferments and forbearances, and ending of deferments and
          forbearances; and (ii) shall be maintained in a manner sufficient to
          allow separate identification of the Financed Student Loans securing
          the Notes from other loans serviced or owned by the Servicer
          (including those owned by or on behalf of the Issuer).

     b.   Take all steps necessary to maintain the Guarantee coverage on each
          Financed FFELP Loan in full force and effect at all times.

     c.   Exercise reasonable discretion in approving borrower requests for
          forbearance (as permitted under the Higher Education Act and the
          Guarantee Program regulations or the applicable Alternative Loan
          Program, as appropriate) where such approval will not adversely affect
          the financial viability of the Issuer and will not violate the
          covenants set forth in the Indenture.

     d.   Exercise due diligence (within the meaning of the Higher Education
          Act, the Guarantee Program regulations and the Alternative Loan
          Programs) in the servicing, administration and collection of all
          Financed Student Loans.

     e.   Attempt to collect or cause to be collected all payment of principal
          and interest, Special Allowance Payments, and Guarantee payments with
          respect to each Financed Student Loan and, with respect thereto, (A)
          (i) cause all interest subsidy payments and Special Allowance Payments
          to be forwarded by the Secretary of Education directly to the Trustee
          for immediate deposit into the appropriate Fund or Account under the
          Indenture and (ii) deposit all other such payments within two (2)
          Business Days of receipt thereof by the Servicer into the Revenue Fund
          established under the Indenture. Upon submission by the Servicer to
          the Secretary of Education of a billing for interest subsidy payments
          or Special Allowance Payments, the Servicer shall, upon request,
          provide to the Trustee and the Issuer a written statement indicating
          (a) the amount billed for interest subsidy payments and (b) the
          principal amount in each Special Allowance Payment

                                       8

<PAGE>

          category for which the billing is submitted, for use by the Trustee
          and the Issuer in verifying amounts billed for and received with
          respect thereto from the Secretary of Education. In the event of
          discrepancies or disputes with the Secretary of Education, the
          Servicer shall be responsible for representing the interests of the
          Issuer and the Trustee in effecting a settlement with the Secretary of
          Education of such discrepancies or disputes. The Servicer shall direct
          the transfer from time to time of the balances in the Revenue Fund for
          transfer to the appropriate Fund or Account under the Indenture. On or
          before the date of any transfer, the Servicer shall deliver by
          facsimile, hand or mail by U.S. express mail (or other substantially
          equivalent means acceptable to the Trustee) a statement to the Trustee
          indicating the portion of the payments transferred on such date which
          represents (x) principal payments from any source with respect to
          Financed Student Loans, and (y) interest payments from any source with
          respect to Financed Student Loans.

     f.   Retain summary records of all contacts, follow-ups and collection
          efforts (showing at least the date and subject of each communication
          with the Borrower or endorser for collection of each delinquent
          Financed Student Loan) and records of all correspondence (including,
          without limitation, changes for which records are required to be
          maintained by the Higher Education Act, the Guarantee Program
          regulations and, where applicable, each Alternative Loan Program)
          relating to each Financed Student Loan.

     g.   Prepare and maintain all appropriate accounting records with respect
          to all transactions related to each Financed Student Loan, including,
          but not limited to, accounting for all payments of principal,
          interest, and Guarantee payments with respect to each Financed Student
          Loan and Special Allowance Payments relating to all Financed FFELP
          Loans.

     h.   Handle the processing of all adjustments including, without
          limitation, forbearances, reinstatements, deferments, refunds and
          loans paid in full.

     i.   Handle the processing of all address changes and the updating of the
          address records accordingly.

     j.   In the case of defaulted Financed FFELP Loans, take all steps
          necessary to file and prove a claim for loss with the Secretary of
          Education or the Guarantee Agency, as the case may be and as required,
          and assume responsibility for all necessary communication and contact
          with the Secretary of Education or the Guarantee Agency, as the case
          may be and as required, to recover on such defaulted Financed FFELP
          Loans within the time required by the Higher Education Act and the
          requirements of the Guarantee Agency. In the case of defaulted
          Financed Alternative Loans, take all steps necessary to recover on
          such defaulted Financed Alternatives Loans in accordance with the
          requirements of the applicable Alternative Loan Program.

                                       9

<PAGE>

     k.   In the case of a claim for loss being denied by the Secretary of
          Education or the Guarantee Agency, as the case may be, under
          circumstances resulting in a Lender being required by a Student Loan
          Purchase Agreement to repurchase a Financed FFELP Loan, take such
          action as shall be necessary to allow the Issuer or the Trustee to
          cause such Lender to repurchase such Financed FFELP Loan or to
          substitute a different Eligible Loan in accordance with the
          requirements of the applicable Student Loan Purchase Agreement.

     l.   Prepare and file with the Secretary of Education or the Guarantee
          Agency, as the case may be and as required, a Lender's manifest of
          Financed FFELP Loans on all new accounts, accounts paid in full and
          accounts converted to a repayment basis.

     m.   Prepare and furnish to the Issuer and the Trustee by the l0th day of
          each month the following reports with respect to activity concerning
          each Financed Student Loan during the preceding month:

          (1)  upon request, computer generated reports showing, in reasonable
               detail, all transactions during such preceding month concerning
               each Financed Student Loan serviced by the Servicer;

          (2)  upon request, a report showing the unpaid principal balance of
               each Financed Student Loan as of the last day of such preceding
               month;

          (3)  upon request, with respect to Financed Student Loans in
               repayment, a delinquency report or reports showing all accounts
               past due as of the last day of such preceding month in categories
               of 0-30 days, 31-60 days, 61-90 days, 91-120 days, 121-150 days,
               151-180 days, 181-270 days and over 270 days;

          (4)  upon request, a report of Financed Student Loans paid in full
               during such preceding month;

          (5)  a report specifying the number of and the aggregate unpaid
               principal amount of claims made during such preceding month on
               defaulted Financed Student Loans and during the then current
               fiscal year of the Issuer and the number and aggregate amount of
               such claims which were rejected by the Guarantee Agency, if any,
               during such month and during the then current fiscal year of the
               Issuer, the number and aggregate unpaid principal amount of
               Financed Student Loans being serviced by the Servicer as of the
               last day of such preceding month, and the aggregate unpaid
               principal amount of defaulted Financed Student Loans as of the
               last day of such preceding month; and

          (6)  copies of all formal reports filed by the Servicer with respect
               to Financed Student Loans with any person or entity and such
               other reports which are available to the Servicer and which may
               be reasonably requested from time to time by the Issuer or the
               Trustee.

                                       10

<PAGE>

     n.   With respect to Financed Student Loans in repayment, prepare and
          furnish to the Issuer and the Trustee upon request, copies of all file
          updates and transactions listings, including, without limitation,
          credits applied, Financed Student Loans paid and exceptions listings.

     o.   Identify on the servicing system the Notes as the source of financing
          for each such Financed Student Loan.

     p.   Maintain a duplicate or copy of the file or record (which may be on
          microfilm or computer tape) pertaining to each Financed Student Loan
          at a location separate and apart from that at which the original of
          such file is maintained (such duplicate file to include, without
          limitation, a copy of each loan application, interim and payout
          note(s) if applicable, Guarantee Agreement, disclosure statement and
          Secretary of Education Loan Transfer Statement, where applicable).

     q.   Maintain the original promissory note pertaining to each Financed
          Student Loan (other than Financed Alternative Loans held by the
          Trustee or a custodian designated by the Trustee) to be maintained in
          secure storage facilities to protect, to the extent reasonable and
          possible under the circumstances, such original file concerning such
          Financed Student Loan.

     r.   Obtain and maintain imaged or microfilm copies and/or back-up computer
          tapes (but in any case a copy of the promissory note relating to each
          Financed Student Loan) at a separate location adequate to ensure
          against loss or damage to the files pertaining to the Financed Student
          Loans by reason of any casualty or theft; obtain and maintain in force
          adequate insurance for loss or damage to the file pertaining to the
          Financed Student Loans by reason of any casualty or theft; and the
          Servicer shall be liable for any costs associated with, or loss to the
          Issuer resulting from, the reconstruction of data related to the
          Financed Student Loans in the event of natural disaster or the
          malfunction of any computer systems.

     s.   Maintain in force fidelity bonds upon all personnel of the Servicer
          insuring against any loss of money or other property which the
          Trustee, the Issuer or the Servicer might suffer as a consequence of
          any fraudulent or dishonest act of such personnel, in an amount
          required by any supervisory agency of federal or state government
          having jurisdiction, but if not so required, then in an amount equal
          to at least the Servicer's current coverage amounts and deductibles
          (as evidenced by the insurance certificate delivered to the Issuer
          herewith) or such lesser amount as shall be in writing determined from
          time to time by the Issuer, with the approval of the Trustee, to be
          sufficient.

     t.   Answer all lawful inquiries received by the Servicer from Lenders (in
          the case of FFELP Loans), SLFC (in the case of Alternative Loans), the
          GOAL Funding Servicer (in the case of Financed GOAL Funding Student
          Loans), Borrowers, Eligible Institutions, the Secretary of Education,
          the Guarantee Agency, the Issuer or the Trustee pertaining to Financed
          Student Loans, school status or refunds, and cooperate to the extent
          necessary to gather the information needed to answer such

                                       11

<PAGE>

          inquiries; provided, however, that such inquiries may be referred to
          the Eligible Institution which a student attended or is attending, if
          necessary, and the Servicer shall have no responsibility with respect
          to disputes between a Borrower and such Eligible institution regarding
          tuition or registration.

     u.   Any communication received by the Servicer which is in the nature of a
          complaint, shall be immediately answered by the Servicer.

     v.   File with the Secretary of Education in an accurate, timely and
          complete manner "Lender's Interest and Special Allowance Request and
          Report (LaRS)", or such other form or request for payment directly to
          the Trustee of interest subsidy payments and Special Allowance
          Payments as the Secretary of Education may require, from time to time
          but in no event later than fifteen (15) Business Days after the end of
          each calendar quarter.

In addition, the Servicer agrees that it will, for the fees specified in Section
18 hereof, perform all servicing obligations relating to Financed Student Loans
required of the Issuer or the Trustee, or which the Issuer or the Trustee is
required to cause the Servicer to perform.

     7.   Due Diligence. The Servicer agrees that in discharging its obligations
hereunder it shall:

     a.   Exercise due diligence in the origination, disbursement,
          administration, servicing and collection of all Financed Student Loans
          as the term "due diligence" is used in the Higher Education Act and
          the Guarantee Program regulations;

     b.   Exercise reasonable care and diligence in the origination,
          disbursement, acquisition, administration and collection of all
          Financed Student Loans;

     c.   Attempt to collect or cause to be collected the Financed Student Loans
          in a competent, diligent and orderly fashion, and in a manner
          substantially in accordance with the requirements of the Higher
          Education Act, the Secretary-of Education, the Guarantee Agency, the
          Indenture (including specifically but without limitation the
          provisions of Sections 5.5 through 5.8 of the Indenture), the
          Alternative Loan Programs, the Student Loan Purchase Agreements and
          each applicable Federal Reimbursement Contract and Guarantee
          Agreement; and

     d.   Exercise reasonable prudence in those aspects of the administration of
          the Program which are within its area of responsibility.

     8.   Liaison with Lenders, SLFC, GOAL Funding, Eligible Institutions and
Other Parties. The Servicer shall maintain one or more toll-free WATS telephone
lines to provide telephone access to its Student Loan servicing office in
Aberdeen, South Dakota, by the Issuer, the Trustee, Lenders, SLFC, GOAL Funding,
Borrowers and Eligible Institutions. The applicable numbers for such telephone
lines shall be provided in writing to the Issuer and the Trustee and to each
Borrower. The Issuer, the Trustee and each such Borrower shall be promptly
advised in writing of each change to such telephone number.

                                       12

<PAGE>

     9.   Right of Inspection; Availability of Records; Audits.

     a.   Subject to any restrictions of applicable law, the Issuer, the
          Trustee, each Guarantee Agency, the Secretary or any successor
          thereto, the Comptroller of the Currency and/or any governmental
          agency having jurisdiction over the Issuer or the Trustee (and, in
          each case, such entities' representatives) (any such entity being
          referred to herein as the "Examiner"), shall have the right, at any
          time and from time to time, during normal business hours, and upon
          reasonable notice to the Servicer (which may be less than 5 days), to
          examine and audit any and all of the Servicer's records or accounts
          pertaining to any Financed Student Loan. Under the preceding sentence,
          the Examiner shall have the right to examine and make copies of any
          documents related to Financed Student Loans and to interview personnel
          involved in the servicing. Subject to any access restrictions in any
          agreement for provision of computer or data processing equipment or
          related services, the Servicer shall make available to the Examiner
          without charge all manuals, forms, files and descriptions of the
          software necessary to enable the Examiner to interpret and analyze the
          information and reports produced by the system, it being understood
          that the Servicer shall retain all title, rights and interest thereto
          and therein.

     b.   The Issuer and the Trustee shall each have the right to require the
          Servicer to furnish such documents as it in its sole discretion from
          time to time deems necessary to determine that the Servicer has
          complied with the provisions of this Agreement, the Student Loan
          Purchase Agreements and the Indenture, including, without limitation,
          Sections 5.5 through 5.8 of the Indenture.

     c.   If and to the extent required by the Higher Education Act and the
          Guarantee Program regulations, the Servicer shall cause to have
          prepared and shall submit to the Secretary of Education and the
          Guarantee Agencies on or before the respective due dates thereof:

          (1)  any third-party servicer compliance audits and audited financial
               statements required under the Higher Education Act and the
               Guarantee Program regulations relating to the Servicer and its
               servicing of Financed FFELP Loans; and

          (2)  any lender compliance audits required under the Higher Education
               Act and the Guarantee Program regulations relating to the Trustee
               (as the holder of the Financed FFELP Loans) and the Financed
               FFELP Loans.

               The Servicer shall provide to the Issuer and the Trustee promptly
               after it becomes available (and in no event later than 10
               Business Days) a copy of each such audit and any other audit or
               report required by the Secretary of Education, any Guaranty
               Agency or other third party in connection with the Servicer's
               activities in originating, acquiring and servicing the Financed
               FFELP Loans.

                                       13

<PAGE>

     d.   The Servicer shall provide to the Issuer and the Trustee copies of its
          annual third party (SAS70) audit reports, if such reports are
          prepared, promptly following the Servicer's receipt thereof.

     e.   The Servicer shall provide to the Issuer and the Trustee its annual
          financial statements, audited by a firm of independent certified
          public accountants, within one hundred twenty (120) days of the end of
          each fiscal year of the Servicer; and its quarterly unaudited
          financial statements, within forty-five (45) days of the end of each
          fiscal quarter of the Servicer.

     f.   If reports are not prepared and submitted under Section 9(c) hereof or
          if the Trustee determines it is necessary as part of a request under
          Section 9(b) hereof, upon the request of the Trustee or the Issuer,
          the Servicer shall undergo an annual audit, examination and review
          conducted by a firm of independent public accountants with experience
          in auditing student loan program operations under the Higher Education
          Act, independently selected by the Issuer (or the Trustee if the
          Issuer fails to make such selection), of its systems, programs,
          procedures, services and operations to determine the Servicer's
          compliance with this Agreement. If any such audit, examination and
          review shall indicate to the Issuer or the Trustee that the Servicer
          is not in material compliance with its obligations under this
          Agreement, this Agreement may be terminated by the Issuer or the
          Trustee on the basis of Section 11(a)(3) hereof (an audit, examination
          or review under this subsection, however, is not required for a
          termination under Section 11(a)(3)).

     g.   The costs of audits and reports prepared under subsections (c) through
          (f) above shall be paid by the Servicer.

     10.  Amendments; Benefits; Termination. This Agreement (a) may be amended,
supplemented or modified only by written instrument duly executed by all parties
hereto and only upon the receipt of a written certificate from the Issuer and
the Trustee that such amendment, supplement or modification will not deprive any
Holder of the Notes in any material respect of the security afforded by this
Agreement, (b) shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors and assigns, and (c) except as
provided in Section 11 hereof, may not be terminated (except for cause) or
assigned by any party hereto without the prior written consent of the other
parties hereto; provided that the Trustee may make an assignment to its
successor as trustee under the Indenture if the Trustee shall cease serving as
trustee under the Indenture.

     11.  Termination.

     a.   This Agreement shall terminate with respect to the Servicer (in the
          case of any of the following events relating solely to the Servicer)
          or the Administrator (in the case of any of the following events
          relating solely to the Administrator) or both (in the case of any of
          the following events relating to both the Servicer and the
          Administrator):

                                       14

<PAGE>

          (1)  upon the expiration of the term stated in Section 1 hereof;

          (2)  if the Servicer or the Administrator shall:

               (a)  admit in writing its inability to pay its debts generally as
                    they become due;

               (b)  consent to the appointment of a custodian (as that term is
                    defined in the federal Bankruptcy Code) for or assignment to
                    a custodian of the whole or any substantial part of the
                    property of the Servicer or the Administrator, as the case
                    may be, or f ail to stay, set aside or vacate within sixty
                    (60) days from the date of entry thereof any order or decree
                    entered by a court of competent jurisdiction ordering such
                    appointment or assignment;

               (c)  commence any proceeding or file a petition under the
                    provisions of the federal Bankruptcy Code for liquidation,
                    reorganization or adjustment of debts, or under any
                    insolvency law or other statute or law providing for the
                    modification or adjustment of the rights of creditors, or
                    fail to stay, set aside or vacate within sixty (60) days
                    from the date of entry thereof any order or decree entered
                    by a court of competent jurisdiction pursuant to an
                    involuntary proceeding, whether under federal or state law,
                    providing for liquidation or reorganization of the Servicer
                    or the Administrator, as the case may be, or modification or
                    adjustment of the rights of creditors; or

               (d)  contest in writing the validity or enforceability of this
                    Agreement as a whole or deny in writing that this Agreement
                    as a whole is binding upon the Servicer or the
                    Administrator, as the case may be;

          (3)  upon written notice by the Issuer or the Trustee to the Servicer
               or the Administrator, as applicable, if the Servicer or the
               Administrator materially breaches its obligations, or any
               representation or warranty, under this Agreement or upon written
               notice by the Issuer or the Trustee to the Servicer on the basis
               of Section 9(f) hereof; or

          (4)  upon written notice by the Issuer or the Trustee to the Servicer,
               if at any time the Guarantee Agency or the Department of
               Education has issued a notice of suspension or termination
               against the Servicer, or has suspended or terminated the payment
               of all claims with respect to Financed FFELP Loans or, in the
               case of the Department of Education, all Special Allowance
               Payments or interest benefit payments with respect to Financed
               FFELP Loans as a result of actions or omissions of the Servicer
               (it being understood that the cessation of less than all such
               claims or payments may constitute a breach under Section 11(a)(3)
               hereof).

                                       15

<PAGE>

          Notwithstanding the foregoing, any termination pursuant to clauses (3)
          or (4) of this subsection (a) will be subject to the following
          conditions. If such breach under clause (3) or suspension or
          termination under clause (4) is capable of being cured within ninety
          (90) days without, in the judgment of the Trustee, adversely affecting
          the security provided to the Noteholders by the Financed Student Loans
          and the related Guarantee payments, Special Allowance Payments and
          interest subsidy payments, the Servicer or the Administrator, as the
          case may be, shall have the right to cure such breach, within ninety
          (90) days of the date the Servicer or the Administrator, as the case
          may be, learns of such breach or receives notice of such breach from
          the Issuer or the Trustee, prior to such termination. If such breach
          is not capable of being cured in the manner specified above, no
          termination pursuant to clause (3) or (4) shall occur if, in the
          judgment of the Trustee, such breach or suspension or termination will
          not adversely affect the security provided the Noteholders by the
          Financed Student Loans and any related Guarantee, Special Allowance
          Payments and interest subsidy payments.

          Each of the Servicer and the Administrator agrees to promptly notify
          the Trustee, the Issuer and each Rating Agency of any occurrence or
          condition which constitutes (or which with the passage of time or the
          giving of notice or both would constitute) an event permitting the
          termination of this Agreement.

     b.   If this Agreement shall be terminated with respect to the Servicer
          under subsection (a), or if any Financed Student Loan is sold or
          otherwise transferred by the Trustee (for the account and on behalf of
          the Issuer) to another person, then any Financed Student Loans then
          being serviced hereunder (or the particular Financed Student Loans
          that are sold or otherwise transferred, as the case may be) shall be
          transferred by the Servicer to a servicing system of the Issuer, the
          Trustee or their designee and (i) the Servicer shall promptly provide
          the Issuer and the Trustee with every reasonable and necessary
          assistance, including data processing support, to timely transfer the
          Financed Student Loans and all promissory notes and all records
          related to the Financed Student Loans (including system records),
          together with all necessary or proper assignments, transfers and
          documents of authority, and (ii) the actual documented costs and
          expenses of such transfer and of the conversion by the replacement
          servicer of such Financed Student Loans to such replacement servicing
          system shall be paid by the Servicer if such termination is by the
          Issuer or the Trustee by reason of the occurrence of an event
          described in Section 11(a)(2), (3) or (4). There shall be no
          additional charge to the Issuer or the Trustee for the Servicer's
          handling of assignments and transfers of Financed Student Loans in the
          ordinary course.

     c.   If this Agreement shall be terminated with respect to the Servicer or
          the Administrator, or both, under subsection (a), the terminated party
          agrees that it shall continue to perform all its obligations under
          this Agreement until a successor servicer or administrator, as the
          case may be, has been appointed or until otherwise directed in writing
          by the Trustee.

                                       16

<PAGE>

     12.  Disposition of Files on Termination. Upon termination of this
Agreement with respect to the Servicer or the Administrator, all files and
information held by the Servicer or the Administrator, as the case may be, in
connection herewith (including computer information) will be turned over to the
Issuer or its designee in such form (which may include microfilm) as the Issuer
may reasonably request, upon reimbursement by the Issuer for reasonable costs,
except as otherwise specified in Section 11(b) above.

     13.  Servicer and Administrator Not Agents. Neither the Servicer nor the
Administrator is, nor shall they hold themselves out to be, the agent of the
Issuer or the Trustee except for the specific limited purposes set forth in this
Agreement. Except as set forth in this Agreement, the Issuer and the Trustee may
not direct the methods or means by which the Servicer or the Administrator shall
accomplish its duties under this Agreement.

     14.  Maintenance of Records.

     a.   The Servicer shall retain information and documentation pertaining to
          the Financed Student Loans (including, but not limited to, the
          information and documentation to be delivered to the Servicer in
          accordance with Section 3 hereof) which comes into the physical
          custody or possession of the Servicer as a result of this Agreement or
          by the servicing of the Financed Student Loans by the Servicer, unless
          and until the Trustee shall notify the Servicer in writing to the
          contrary, whereupon such physical custody and possession shall be
          transferred in the manner directed by the Trustee. Nevertheless, the
          Trustee shall retain possession of the original Student Loan Note with
          respect to each Alternative Loan and may elect to retain such other
          original documentation as it may, upon the advice of Counsel, consider
          necessary or advisable to protect its first security interest in the
          Financed Student Loans.

     b.   The Servicer shall maintain original documentation and system records
          for each Financed Student Loan, segregated from any other loans or
          assets of the Servicer or any other party and clearly labeled so as to
          identify the Financed Student Loans as property of the Trustee (for
          the account and on behalf of the Issuer) and as security for the
          Notes, provided that the Servicer may combine original documentation
          and system records for each consolidated serial loan so long as the
          Servicer does so in a manner which will ensure that each Financed
          Student Loan comprising such a consolidated serial loan may be
          separately identified and transferred or sold. The Servicer shall hold
          such documentation and records subject to this Agreement and the
          Indenture. From time to time the Servicer shall, upon request by the
          Trustee or the Issuer and the Trustee, submit such information and
          take such action as may be reasonably required by the Trustee or the
          Issuer and the Trustee, to assure that the Financed Student Loans are
          maintained in a proper and secure condition.

     c.   Except as required by law and permitted by Section 6(t) hereof, the
          Servicer shall maintain the confidentiality of the information
          provided hereunder and shall not disclose or in any way communicate
          such information to third parties without the express written consent
          of the Issuer and the Trustee. The Servicer shall provide

                                       17

<PAGE>

          a proper security system for access to original documents and to its
          computer system.

     d.   With respect to the original promissory note relating to each Financed
          Student Loan held by the Servicer or its bailee, the obligations of
          the Servicer shall be only to the Trustee during the time the Notes
          are Outstanding and the Issuer shall have no authority during the time
          the Notes are Outstanding to direct the Servicer in its activities
          with respect to such original promissory notes.

     15.  Representations, Warranties and Agreements. SLFC hereby represents,
warrants and agrees as follows:

     a.   SLFC is duly organized and validly existing as a corporation in good
          standing under the laws of the State of South Dakota and is duly
          qualified to conduct its business in good standing in the State of
          South Dakota and is qualified to do business in all other States where
          action by SLFC is required to carry out the obligations of the
          Servicer and the Administrator under this Agreement.

     b.   SLFC has the power and authority (corporate and other) to own its
          assets and carry on its business as now being conducted and to enter
          into, and perform in accordance with the terms of, this Agreement.

     c.   SLFC has, and its officers acting on its behalf have, full legal
          authority to engage in the transactions contemplated by this
          Agreement; the execution and delivery of this Agreement, the
          consummation of the transactions herein contemplated and compliance
          with the terms, conditions and provisions of this Agreement do not and
          will not conflict with or result in a breach of any of the terms,
          conditions or provisions of the articles of incorporation or bylaws of
          SLFC or any agreement or instrument to which SLFC is a party or by
          which it is bound, or constitute a default thereunder; SLFC is not a
          party to or bound by any agreement or instrument or subject to any
          charter or other corporate restriction or judgment, order, writ,
          injunction, decree, law, rule or regulation which may materially and
          adversely affect the ability of SLFC to perform its obligations under
          this Agreement, and this Agreement constitutes a valid and binding
          obligation of SLFC enforceable against it in accordance with its
          terms, and no consent, approval, license, exemption or authorization
          of, or filing or registration with, any government or governmental
          body (i) which has not been made or obtained is required in connection
          with the execution and delivery of this Agreement, and (ii) which has
          not been or will not be made or obtained is or will be required in
          connection with the consummation of the transactions herein
          contemplated.

     16.  Notification to Borrowers. The parties hereto acknowledge and agree
that each Student Loan Purchase Agreement provides that the Lender (in the case
of FFELP Loans) or SLFC (in the case of Alternative Loans), as the case may be,
which is a party thereto, and that each Transfer Agreement provides that GOAL
Funding, shall, to the extent required by the Higher Education Act and the
Guarantee Program regulations or the Alternative Loan Program, as appropriate,
notify, or cause to be notified, each Borrower under each Financed Student Loan

                                       18

<PAGE>

of the assignment and transfer to the Trustee (but for the account and on behalf
of the Issuer) of the Lender's, SLFC's or GOAL Funding's interest in such
Financed Student Loan and shall direct the Borrower to make all payments thereon
directly to the Servicer until otherwise notified by the Trustee. To the extent
permitted by the Higher Education Act and the Guarantee Program regulations or
the Alternative Loan Program, as appropriate, the Servicer may, on behalf of the
Issuer, waive this requirement of any Lender (in the case of FFELP Loans), SLFC
(in the case of Alternative Loans) or GOAL Funding (in the case of Financed GOAL
Funding Student Loans) if the notice is sent by the Servicer on behalf of such
Lender, SLFC or GOAL Funding.

     17.  Obligations to Forward Payments. The parties hereto acknowledge and
agree that each Student Loan Purchase Agreement provides that if the Lender (in
the case of FFELP Loans) or SLFC (in the case of Alternative Loans), as the case
may be, which is a party thereto, and that each Transfer Agreement provides that
if GOAL Funding, after any Loan Purchase Date, is the recipient of any funds,
from whatever source received, which constitute payment of principal, interest
or Special Allowance Payments accrued with respect to any Financed Student Loan
for any period subsequent to such Loan Purchase Date, such Lender, SLFC or GOAL
Funding shall promptly remit, or cause to be remitted, all such funds to the
Servicer or in such manner as the Trustee may otherwise direct. If any such
funds shall he received by the Trustee or by a person to whom the Trustee has
directed such funds to be remitted, the Trustee shall furnish the Servicer with
prompt advice as to the receipt thereof.

     18.  Fees; No Petition. Subject to the following paragraph, the Issuer
shall pay, or shall cause the Trustee to pay, from funds available for such
purpose under the Indenture, to the Servicer and the Administrator, for the
performance of the Servicer's and the Administrator's functions under this
Agreement, a monthly fee in an amount each month equal to .075% of the
outstanding principal balance of all Financed Student Loans as of the last day
of the immediately preceding month; provided that if, and for so long as, the
then-current total principal amount of Liquidated Alternative Loans exceeds 20%
of the aggregate principal amount, as of the date such Student Loans were
financed, of all Alternative Loans Financed under the Indenture, such monthly
servicing rate shall be reduced to .0583%; and further provided that such
monthly fee shall be reduced by an amount equal to the Administrative Expenses
incurred by the Issuer for employee compensation, subject to a maximum amount
for each calendar year of $50,000, unless the Servicer agrees to a higher
amount. Such fee shall be paid to the Servicer on a monthly basis within fifteen
(15) days of receipt by the Trustee of an itemized written monthly billing
statement from the Servicer. The Servicer shall promptly remit to the
Administrator its allocable portion (equal to one-fourth) of such fee. If the
Servicer or the Administrator believes that it is necessary to increase the
monthly fee payable hereunder, it shall provide a written request to the Issuer
and the Trustee of its need for an increase in such fee, together with all
information required under the Indenture for the Trustee to approve an increase
in the fees payable hereunder. Each of the Servicer and the Administrator
acknowledges that such fee shall not be increased unless the conditions for
increasing such fee under the Indenture have been satisfied.

     Notwithstanding the provisions of the preceding paragraph, 1/7th of the
monthly fee otherwise payable pursuant to such paragraph will be deferred (any
such fees herein referred to as "Deferred Fees") if and for so long as any Notes
are Outstanding and either of the following conditions (a "Fee Deferral
Condition") exist:

                                       19

<PAGE>

          (1)  as of the first Monthly Payment Date following a calendar
     quarter, (a) the TED Spread (as hereinafter defined) shall have been
     greater than 1% per annum for the preceding three (3) consecutive calendar
     quarters, and (b) the Trustee shall not have received, within five (5)
     Business Days after such Monthly Payment Date, a Corporation Certificate
     that, based on a Cash Flow Projection (a copy of which shall be provided to
     each Rating Agency), continuing to pay the full monthly fees hereunder will
     not materially adversely affect the Issuer's ability to pay Debt Service on
     the Outstanding Notes and Outstanding Other Obligations, Carry-Over Amounts
     (including accrued interest thereon) with respect to Outstanding Notes,
     Administrative Expenses or Note Fees or to make the required deposits to
     the credit of the Indemnification Fund; or

          (2)  as of the last day of the preceding month, the Subordinate
     Percentage is equal to or less than 96%.

     Any Deferred Fees will become payable at such time as the applicable Fee
Deferral Condition ceases to exist and will be paid at the rate of 1/12th of the
Deferred Fees for each of the following twelve (12) months, or at such other
rate as will not, based on a Cash Flow Projection (a copy of which shall be
provided to each Rating Agency), materially adversely affect the Issuer's
ability to pay Debt Service on the Outstanding Notes and Outstanding Other
Obligations, Carry-Over Amounts (including accrued interest thereon) with
respect to Outstanding Notes, Administrative Expenses or Note Fees or to make
the required deposits to the credit of the Indemnification Fund. As used in this
paragraph, "TED Spread" means, for any calendar quarter, the amount by which the
average of One-Month LIBOR for each Business Day during such quarter exceeds the
average of the bond equivalent yields of the 91-day U.S. Treasury Bills
auctioned during such calendar quarter. The Trustee shall determine the TED
Spread for each calendar quarter no later than the first Monthly Payment Date
following such calendar quarter. The Servicer shall determine the Subordinate
Percentage as of the end of each month and shall include such percentage in the
monthly report prepared and submitted to the Trustee in accordance with the
first sentence of Section 21(d) hereof.

     Each of the Servicer and the Administrator acknowledges that the Issuer and
the Trustee contemplate paying all fees payable under this Agreement solely from
funds available for such purpose in the Administration Fund created under the
Indenture, which funds are primarily dependent upon collection by the Servicer
and receipt by the Trustee of payments with respect to the Financed Student
Loans. Each of the Servicer and the Administrator covenants and agrees to
continue to be bound by the terms and provisions of this Agreement relating to
the Financed Student Loans in all respects, and to perform for a period of one
hundred twenty (120) days its obligations hereunder, regardless of the receipt
or non-receipt on a timely basis by it of any payments in respect of fees under
this Agreement.

     Each of the Servicer and the Administrator, by entering into this
Agreement, covenants and agrees that it will not at any time institute against
the Issuer, or join in any institution against the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligation relating to this Agreement.

                                       20

<PAGE>

     19.  Cooperation. Each party covenants and agrees to fully cooperate with
the other parties hereto to facilitate the transactions contemplated hereunder
and by the Student Loan Purchase Agreements and the Indenture.

     20.  Payment of Expenses. Each party to this Agreement shall pay its own
expenses incurred in connection with the preparation, execution and delivery of
this Agreement, including, but not limited to, the fees and expenses of legal
counsel.

     21.  Administrative Functions to be Performed by Servicer and
Administrator. The Issuer, the Trustee and the Servicer agree that the Servicer
shall perform the following administrative functions on behalf of the Issuer as
part of its responsibilities under this Agreement.

     a.   Provide all necessary personnel, facilities, equipment, forms and
          supplies for operating the Program in accordance with Sections 5. 5
          through 5.8 of the Indenture;

     b.   Disseminate information on the Program to Lenders and to student
          financial aid officers in Eligible Institutions and to other persons
          as necessary;

     c.   Maintain accurate and complete records on all aspects of the Program,
          which records shall be available for inspection at any time by any
          director or officer of the Issuer and by auditors employed by the
          Issuer; and

     d.   Prepare and submit to the Trustee on or before the 25th day of each
          month (and if such day is not a Business Day, on the next succeeding
          Business Day), the monthly reports required to be delivered to the
          Noteholders pursuant to Section 5.23 of the Indenture, the form of
          which is included as Exhibit A hereto. The Servicer also shall (i)
          determine the Net Loan Rate and notify the Trustee and the Auction
          Agent thereof at the times required by the Indenture, and (ii) prepare
          for filing, and provide such other assistance as is required by the
          Issuer to file, any other reports required to be filed by the Issuer
          under the Higher Education Act and any Alternative Loan Program.

     The Issuer, the Trustee and the Administrator agree that the Administrator
shall, on behalf of the Issuer and as part of its responsibilities under this
Agreement, cause the duties and responsibilities of the Issuer under the
Indenture to be performed, including, but not limited to, the actions set forth
below. The Administrator shall advise the Issuer when action by the Issuer is
necessary to comply with the Issuer's duties under the Indenture and the
agreements relating thereto. The Administrator shall prepare, or shall cause the
preparation by other appropriate persons of, all such documents, reports,
filings, instruments, certificates and opinions (other than those to be prepared
by the Servicer as part of its responsibilities under this Agreement) as it
shall be the duty of the Issuer to prepare, file or deliver pursuant to the
Indenture. In furtherance of the foregoing, the Administrator shall take all
appropriate action, including but not limited to, the following:

          1.   obtaining and preserving the Issuer's qualification to do
               business in each jurisdiction in which such qualification is or
               shall be necessary to protect

                                       21

<PAGE>

               the validity and enforceability of the Indenture, the Notes and
               each instrument and agreement included in the Trust Estate;

          2.   preparing all supplements, amendments, financing statements,
               continuation statements, instruments of further assurance and
               other instruments, in accordance with the relevant provisions of
               the Indenture, necessary to protect the Trust Estate;

          3.   arranging for the delivery of any opinions of counsel and
               certificates of officers of the Issuer and other statements
               required under the relevant provisions of the Indenture;

          4.   preparing and obtaining documents and instruments required for
               the release of the Issuer from its obligations under the
               Indenture;

          5.   monitoring the Issuer's obligations as to the satisfaction and
               discharge of the Indenture;

          6.   preparing, obtaining or filing the instruments and other
               documents required for the release of Trust Estate from the lien
               of the Indenture;

          7.   taking such actions as may be required of the Issuer under the
               Indenture upon the occurrence and continuance of a default or an
               Event of Default thereunder;

          8.   causing the directions of the Issuer to be carried out in
               connection with opening one or more accounts in the Issuer's
               name, preparing any orders of the Issuer and other documents
               required, and taking all other actions necessary, with respect to
               investment and reinvestment of funds in the Funds and Accounts
               established under the Indenture in accordance with the investment
               criteria and requirements of the Indenture and the investment
               policies adopted by the Issuer from time to time;

          9.   preparing or coordinating the obtaining of all documents required
               with respect to any requests by the Issuer of the Trustee to take
               any action under the Indenture;

          10.  preparing orders of the Issuer and obtaining all documents as
               necessary or required for the execution of any amendments or
               supplements to the Indenture;

          11.  preparing and delivering to the Trustee any agreements with
               respect to notice provisions; and

          12.  taking such actions as may be required of the Issuer under any
               agreement between the Issuer and other parties relating to the
               Indenture.

                                       22

<PAGE>

          13.  The Servicer, on behalf of itself and on behalf of the Issuer, as
               the case may be, shall provide all notices and perform all other
               activities required of the Servicer or of the Issuer to comply
               with the requirements of the Gramm-Leach-Bliley Act and
               regulations promulgated thereunder in connection with the
               origination, acquisition, holding and servicing of the Financed
               Student Loans and in connection with otherwise performing
               services hereunder.

     22.  Servicer as Bailee.

     a.   The Servicer, in holding Loan Documents relating to the Financed
          Student Loans, holds such Loan Documents as bailee for and on behalf
          of the Trustee.

     b.   No Loan Documents held by the Servicer on behalf of the Trustee
          hereunder shall be released or delivered to the Issuer or any other
          person (other than claim filings in the ordinary course with the
          Guaranty Agencies and sales or transfers permitted under the
          Indenture) without the prior written consent of the Trustee.

     c.   The Servicer shall maintain all Loan Documents in a manner which
          clearly identifies them as being held by the Servicer as bailee for
          and on behalf of the Trustee and not for or on behalf of the Issuer or
          any other person.

     d.   No assignment or purported assignment by the Issuer or any other
          person (other than the Trustee) of any Loan Documents held by the
          Servicer on behalf of the Trustee hereunder shall be recognized by the
          Servicer, and the Servicer shall provide immediate notice to the
          Trustee upon receiving notice of any such assignment or purported
          assignment.

     e.   The Servicer hereby represents, warrants and acknowledges that the
          Servicer, in serving as bailee under this Section, is acting
          exclusively as the bailee and agent of the Trustee, and not of the
          Issuer or any other person, with respect to the Loan Documents.

     f.   The Servicer hereby waives any lien which the Servicer might have
          pursuant to statute or otherwise available at law or in equity on the
          Financed Student Loans and the Loan Documents held by the Servicer on
          behalf of the Trustee hereunder, including all monies and proceeds
          derived therefrom or relating thereto.

     23.  Indemnification. The Servicer and the Administrator shall each
indemnify and hold harmless the Issuer and the Trustee from and against any
loss, cost, damage or expense, including reasonable attorney's fees, to the
extent that such loss, cost, damage or expense arises out of the failure of the
Servicer or the Administrator, as the case may be, to perform its obligations
under this Agreement. In addition, and without limiting the generality of the
foregoing, the Servicer and the Administrator shall each defend and indemnify
the Issuer and the Trustee against, and hold each harmless from, all claims,
losses, liabilities and expenses (including reasonable attorneys' fees) arising
from or in connection with:

                                       23

<PAGE>

     a.   any claim of infringement of any patent, trade secret, copyright,
          trademark, service mark, trade name or other proprietary right alleged
          to have occurred as a result of the performance of services hereunder
          by the Servicer or the Administrator, as the case may be; or

     b.   any claim by an employee of the Servicer or the Administrator, as the
          case may be, arising in consequence of, or relating to, the employee's
          employment by the Servicer or the Administrator, as applicable.

     24.  Miscellaneous.

     a.   Any material written communication received at any time by the Issuer
          or the Trustee with respect to a Financed Student Loan or the Borrower
          under such a Financed Student Loan shall be immediately transmitted by
          the Issuer or the Trustee, as the case may be, to the Servicer. Such
          communications shall include, but not be limited to, letters, notices
          of death or disability, adjudications of bankruptcy and like
          documents, and forms requesting forbearance, deferment of repayment or
          loan cancellations.

     b.   This Agreement shall be governed by the laws of the State of South
          Dakota.

     c.   All covenants and agreements herein contained shall extend to and be
          obligatory upon all successors and assigns of the respective parties
          hereto.

     d.   This Agreement may be executed in one or more counterparts, each of
          which shall be deemed an original and all of which shall be deemed to
          constitute but one and the same instrument.

     e.   If any provisions of this Agreement shall be held, or deemed to be, or
          shall, in fact, be inoperative or unenforceable as applied in any
          particular situation, such circumstance shall not have the effect of
          rendering any other provision or provisions herein contained invalid,
          inoperative or unenforceable to any extent whatsoever. The invalidity
          of any one or more phrases, sentences, clauses or paragraphs herein
          contained shall not affect the remaining portions of this Agreement or
          any part hereof.

     f.   All notices, requests, demands or other instruments which may or are
          required to be given by any party to another party, shall be in
          writing, and each shall be deemed to have been properly given when
          served personally on an officer of the party to which such notice is
          to be given, or upon expiration of a period of forty-eight (48) hours
          (excluding weekends and holidays) from and after the postmark thereof
          when mailed postage prepaid by registered or certified mail,
          requesting return receipt, addressed as follows:

               if intended for the Issuer:

                    Education Loans Incorporated
                    Suite 200

                                       24

<PAGE>

                    105 First Avenue Southwest
                    Aberdeen, South Dakota 57401
                    Attention: President

               if intended for the Trustee:

                    U.S. Bank National Association
                    EP-MN-WS3D
                    60 Livingston Avenue
                    St. Paul, Minnesota 55107-2292
                    Attention: Corporate Trust Department

               if intended for the Servicer or the Administrator:

                    Student Loan Finance Corporation
                    105 First Avenue Southwest
                    Aberdeen, South Dakota 57401
                    Attention: President

               Any party may change the address to which subsequent notices are
               to be sent to it by notice to the others given as aforesaid, but
               any such notice of change, if sent by mail, shall not be
               effective until the fifth business day after it is mailed.

     g.   This Agreement may not be terminated by any party hereto except in the
          manner and with the effect herein specifically provided.

     h.   Time is of the essence in this Agreement.

     i.   No remedy by the terms of this Agreement conferred upon or reserved to
          the Trustee or the Issuer is intended to be exclusive of any other
          remedy, but each and every such remedy shall be cumulative and in
          addition to every other remedy given under this Agreement or existing
          at law or in equity or by statute on or after the date of this
          Agreement, including, without limitation, the right to such equitable
          relief by way of injunction, mandatory or prohibitory, to prevent the
          breach or threatened breach of any of the provisions of this Agreement
          or to enforce the performance hereof.

     j.   This Agreement has been made and entered into not only for the benefit
          of the Issuer, the Trustee, the Servicer and the Administrator, but
          also for the benefit of all Noteholders, and its provisions may be
          enforced not only by the parties to this Agreement but also by each
          Noteholder in the manner and to the extent such Noteholders may
          enforce provisions of the Indenture. The Servicer specifically
          acknowledges the rights of the Trustee pursuant to Section 6.3 of the
          Indenture.

     k.   Any information required by this Agreement to be provided by the
          Servicer with respect to a Financed Student Loan may in the case of
          Financed Student Loans that have been consolidated be provided with
          respect to a consolidated Financed

                                       25

<PAGE>

          Student Loan, provided that such information at a minimum meets the
          requirements of the Secretary of Education and the Guarantee Agency,
          as the case may be, for the collection by the Trustee of interest
          subsidy payments, Special Allowance Payments, and claim payments, and
          provides sufficient information as requested by the Issuer to enable
          the Issuer to comply with any arbitrage requirements under the
          Internal Revenue Code of 1986, as amended, and the regulations
          thereunder.

     l.   SLFC specifically acknowledges that the Issuer will be making
          representations and warranties regarding the Student Loans to be
          Financed as part of the proposed public offering of the Notes based in
          part on the accuracy of SLFC's and warranties in this Agreement. SLFC
          agrees to cooperate with the Issuer and to furnish all information in
          its possession appropriate for inclusion in the Issuer's Prospectus.
          SLFC agrees to indemnify and save the Trustee, the Issuer and the
          underwriters for the Notes harmless of, from and against any and all
          loss, cost, damage or expense, including reasonable attorneys' fees,
          incurred by reason of any breach of SLFC's warranties or
          representations hereunder or any false or misleading representations
          of SLFC or any failure to disclose any matter which makes the
          warranties and representations herein misleading or any inaccuracy in
          any information furnished by SLFC in connection herewith.

     m.   It is hereby acknowledged and agreed that the Trustee will be serving
          as "Eligible Lender Trustee" under the Indenture and that (i) legal
          title to all Financed Student Loans constituting FFELP Loans will,
          pursuant to the applicable FFELP Loan Purchase Agreement, be
          transferred to the Trustee in such capacity for the benefit of the
          Issuer, and (ii) upon such transfer, the Trustee will be the legal
          owner and the Issuer will be the beneficial owner of such FFELP Loans.

     25.  Indemnification with respect to Prior Servicing. Pursuant to the
Series 2004-1 Transfer Agreements, (as such term is defined in the Indenture),
the Issuer and the Trustee have purchased or will purchase student loans
described therein (the "Initially Transferred Student Loans") from GOAL Funding
and the GOAL Funding Trustee, which Initially Transferred Student Loans were,
prior to such purchase, serviced by the Servicer under the GOAL Funding
Servicing Agreement. Pursuant to other Transfer Agreements to be entered into,
the Issuer and the Trustee will purchase student loans described therein (the
"Subsequent Transferred Student Loans") from GOAL Funding and the GOAL Funding
Trustee, which Subsequent Transferred Student Loans will, prior to such
purchase, have been serviced by the Servicer under the GOAL Funding Servicing
Agreement. The Servicer hereby agrees to indemnify and hold harmless the Issuer
and the Trustee from and against any loss, cost, damage or expense, including
reasonable attorney's fees, to the extent that such loss, cost, damage or
expense arises out of the failure of the Servicer to have performed its
obligations under the GOAL Funding Servicing Agreement.

                                       26

<PAGE>

     IN WITNESS WHEREOF, the parties have hereunto set their hands by their
officers thereunto duly authorized and executed this Agreement as of the day and
year first above written.

                                        EDUCATION LOANS INCORPORATED

                                        By: /s/ Michael A. Gort
                                            ------------------------------------
                                                   President

                                        STUDENT LOAN FINANCE CORPORATION,
                                         as Servicer and Administrator

                                        By: /s/ Michael A. Gort
                                            ------------------------------------
                                                   President

                                        U.S. BANK NATIONAL ASSOCIATION,
                                         as Trustee

                                        By: /s/ Cynthia S. Woodward
                                            ------------------------------------
                                        Its     Vice President
                                            ------------------------------------

                  [Signature Page for SLFC Servicing Agreement]

<PAGE>

                                                                       EXHIBIT A

Student Loan Finance Corporation
Monthly Statement Pursuant to Section 5.23 of the Indenture and Section 21 of
the Servicing and Administration Agreement (Unaudited)

Education Loans Incorporated
Student Loan Asset-Backed Notes
Report for the Month Ended _____________, ____ [sample for _____, 2004]

                                        1

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