Document:

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                                                                    EXHIBIT 10.1

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          AMENDMENT NO. 1 TO 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 December 1, 2000

                         ----------------------------
<PAGE>

           AMENDMENT NO. 1 TO SERVICING AND ADMINISTRATION AGREEMENT

          THIS AMENDMENT NO. 1 TO SERVICING AND ADMINISTRATION AGREEMENT,
entered into as of the 1st day of December, 2000, 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 under the Original
Servicing and Administration Agreement hereinafter defined, the "Servicer,"and,
in its capacity as administrator under the Original Servicing and Administration
Agreement, 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 Issuer, the Trustee and SAF, as Servicer and
Administrator, have previously entered into a Servicing and Administration
Agreement, dated as of December 1, 1999 (the "Original Servicing and
Administration Agreement"); and

          WHEREAS, the parties desire to amend the Original Servicing and
Administration Agreement to, among other things, modify certain provisions;

          NOW, THEREFORE, the parties hereto, intending to be legally bound
hereby and in consideration of the premises, DO HEREBY AGREE as follows:

          Section 1. Amendment of Section 18. Section 18 of the Original
                     -----------------------
Servicing and Administration Agreement is hereby amended to read as follows:

               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 .0875%
          of the outstanding principal balance of all Financed Student Loans as
          of the last day of the immediately preceding month; provided, however,
          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
<PAGE>

          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:

                    (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

                                      -2-
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          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.

          Section 2.  Ratification. Except as amended by Section 1 hereof, the
                      ------------
Original Servicing and Administration Agreement is in all respects fully
ratified and confirmed.

          Section 3.  Effective Date. This Amendment No. 1 to Servicing and
                      --------------
Administration Agreement shall be effective as of the date first above written.

          Section 4.  Severability. In case one or more of the provisions of
                      ------------
this Amendment No. 1 to Servicing and Administration Agreement shall, for any
reason, be held to be illegal or invalid, such illegality or invalidity shall
not affect any other provisions hereof, and this Amendment No. 1 to Servicing
and Administration Agreement shall be construed and enforced as if such illegal
or invalid provisions had not been contained herein.

          Section 5.  Counterparts. This Amendment No. 1 to Servicing and
                      ------------
Administration Agreement may be executed in several counterparts, each of which
shall be an original and all of which together shall constitute one instrument.

                                      -3-
<PAGE>

          IN WITNESS WHEREOF, the parties have hereunto set their hands by their
officers thereunto duly authorized and executed this Amendment No. 1 to
Servicing and Administration Agreement as of the day and year first above
written.

                                             EDUCATION LOANS INCORPORATED

                                             By: /s/ A. Norgrin Sanderson
                                                 -------------------------------
                                                        President

                                             STUDENT LOAN FINANCE
                                              CORPORATION, as Servicer and
                                              Administrator

                                             By: /s/ A. Norgrin Sanderson
                                                 -------------------------------
                                                        President

                                             U.S. BANK NATIONAL ASSOCIATION,
                                              as Trustee

                                             By: /s/ Thomas Steele
                                                 -------------------------------
                                                Its Trust Officer
                                                    ----------------------------

                                      -4-<PAGE>

                                                                    EXHIBIT 10.3

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                              TRANSFER AGREEMENT

                                     from

                              GOAL FUNDING, INC.

                                      and

                        U.S. BANK NATIONAL ASSOCIATION,
                                  as Trustee

                                      to

                        U.S. BANK NATIONAL ASSOCIATION,
                                  as Trustee

                                      and

                         EDUCATION LOANS INCORPORATED

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

                         Dated as of December 1, 2000

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

================================================================================
<PAGE>

          GOAL FUNDING, INC., a Delaware corporation ("GOAL Funding"), and U.S.
BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the
"Warehouse Trustee" and, together with GOAL Funding, the "Transferors") under
the Indenture, dated as of May 1, 1999 (the "Warehouse Indenture"), among GOAL
Funding, Kitty Hawk Funding Corporation, the financial institutions named
therein, NationsBank, N.A., AMBAC Assurance Corporation and the Warehouse
Trustee, in consideration of the payment (a) to the Transferors of
$97,433,723.20 (which amount is equal to the principal balance of, plus accrued
and unpaid interest and special allowance payments on, the Assigned Student
Loans, as hereinafter defined, as of the effective date of this Agreement), and
(b) to Student Loan Finance Corporation ("SLFC") of $575,030 (to reimburse SLFC
for amounts contributed by SLFC to GOAL Funding to enable the Transferors to pay
the premium portion of the purchase price of the Assigned Student Loans, as
hereinafter defined, constituting FFELP Loans) receipt of which is hereby
acknowledged, hereby assign, transfer and convey, subject to the following
paragraph, to U.S. BANK NATIONAL ASSOCIATION, as trustee (the "Note Trustee")
under the Indenture of Trust, dated as of December 1, 1999 (as amended and
supplemented, including by a First Supplemental Indenture of Trust, dated as of
December 1, 1999, and a Second Supplemental Indenture of Trust, dated as of
December 1, 2000, the "Note Indenture"), between Education Loans Incorporated, a
Delaware corporation (the "Corporation"), and the Note Trustee, and to the
Corporation, as their interests may appear, without recourse, all right, title
and interest in, to and under (1) each of the Student Loans (as defined in the
Note Indenture), including any evidences of indebtedness and all related
documentation, identified in the list attached hereto as Exhibit A (the
"Assigned Student Loans"), and by this reference made a part hereof, each of
which was acquired with moneys available therefor under the Warehouse Indenture,
either through the origination thereof on behalf of GOAL Funding or through the
purchase thereof by GOAL Funding pursuant to the Student Loan Purchase
Agreements identified in the list attached hereto as Exhibit B (the "Student
Loan Purchase Agreements"), together with accrued and unpaid borrower interest,
federal interest subsidy payments and Special Allowance Payments thereon, (2)
the Student Loan Purchase Agreements, to the extent they relate to the Assigned
Student Loans, (3) all rights and remedies of the Transferors under all of the
foregoing, including the right to enforce the same in the same manner and to the
same extent as the Transferors might do but for the execution and delivery of
this Transfer Agreement, (4) $537,541.64 from amounts on deposit in the
Guarantee Account established under the Warehouse Indenture, such amount having
been transferred on the date hereof to the Note Trustee for deposit in the
Alternative Loan Guarantee Fund established under the Note Indenture, and (5)
all proceeds of any of the foregoing.

          It is hereby acknowledged that the foregoing transfer and assignment
is being made pursuant to, and subject to the provisions of, Section 5.1 of the
Note Indenture, which provides that the Note Trustee shall be the legal owner of
all student loans financed under the Note Indenture (which includes the Assigned
Student Loans) for all purposes of the Higher Education Act and each Guarantee
Program and Alternative Loan Program (as such terms are defined in the Note
Indenture), but that the Note Trustee shall so hold such financed student loans
(including the Assigned Student Loans) in its capacity as trustee of an express
trust created pursuant to the Note Indenture and, in such capacity, shall be
acting on behalf of the Corporation, as the beneficial owner of such financed
student loans
<PAGE>

(including the Assigned Student Loans), as well as the Holders of the Notes and
all Other Beneficiaries, as their interests may appear.

          To the extent required by the Higher Education Act and the Guarantee
Program regulations or the Alternative Loan Program, the Transferors agree to
notify, or cause to be notified, each borrower under each Assigned Student Loan
of the assignment and transfer to the Trustee (but for the account and on behalf
of the Corporation) of the Transferors' interest in such Assigned 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 Corporation may waive this requirement if the
notice is or has been sent by the Servicer on behalf of the Transferors.

          If either of the Transferors is the recipient of any funds, from
whatever source received, which constitute payment of principal with respect to
any Assigned Student Loan, or accrued and unpaid borrower interest, federal
interest subsidy payments and Special Allowance Payments thereon as of the date
of this Agreement, or accrued interest or Special Allowance Payments accrued
thereon for any period subsequent to the date of this Agreement, such Transferor
shall promptly remit, or cause to be remitted, all such funds to the Servicer or
in such manner as the Trustee may otherwise direct.

          Each of the Corporation and the Note Trustee, by entering into this
Agreement, covenants and agrees that it will not at any time institute against
GOAL Funding, or join in any institution against GOAL Funding 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.

          Each of the Transferors, by entering into this Agreement, covenants
and agrees that it will not at any time institute against the Corporation, or
join in any institution against the Corporation 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.

          The Transferors further agree to individually endorse any of the
above-described Assigned Student Loans or any documents related thereto payable
to the Note Trustee upon the request of the Note Trustee for any reason,
including, without limitation, the default of any maker of any of the Assigned
Student Loans described hereinabove or assigned hereunder, and the default of
the Corporation under the Note Indenture.

          All terms capitalized but not defined herein shall have the meaning
ascribed thereto in the Note Indenture.

                                      -2-
<PAGE>

          This Transfer Agreement shall be governed by, and construed in
accordance with, the laws of the State of South Dakota.

          This transfer and assignment shall be effective the 5th day of
December, 2000.

                                             GOAL FUNDING, INC

                                             By: /s/ A. Norgrin Sanderson
                                                 -------------------------------
                                                           President

                                             U.S. BANK NATIONAL ASSOCIATION,
                                              as Warehouse Trustee

                                             By: /s/ Thomas Steele
                                                 -------------------------------
                                                          Trust Officer

          The undersigned, as Note Trustee, hereby accepts the above Transfer
Agreement and acknowledges receipt of the Assigned Student Loans (including any
evidences of indebtedness and all related documentation), the Student Loan
Purchase Agreements and the $97,433,723.20 described above.

          Dated this 5th day of December, 2000.

                                             U.S. BANK NATIONAL ASSOCIATION,
                                              as Note Trustee

                                             By: /s/ Thomas Steele
                                                 -------------------------------
                                                          Trust Officer

                                      -3-
<PAGE>

          The Corporation hereby accepts the above Transfer Agreement.

          Dated this 5th day of December, 2000.

                                                  EDUCATION LOANS INCORPORATED

                                                  By: /s/ A. Norgrin Sanderson
                                                      --------------------------
                                                              President

                                      -4-
<PAGE>

                                   EXHIBIT A
                                   ---------

                       [List of Assigned Student Loans]

                [Computer Disks and Paper Supplement Attached]

                                      A-1
<PAGE>

                                   EXHIBIT B
                                   ---------

                  [List of Student Loan Purchase Agreements]

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