Item 1.
BUSINESS.
Education Loans Incorporated (the “Company”) is a bankruptcy remote, limited purpose Delaware corporation and a wholly owned subsidiary of Student Loan Finance Corporation, a South Dakota corporation. The sole purpose of the Company is restricted to financing, originating, owning, selling and managing Student Loans, as described in the Company’s Prospectus dated June 1, 2005 (for its Student Loan Asset-Backed Notes, Series 2005-1A and 2005-1B) and the related Registration Statement on Form S-3 (File No. 333-110741 and 333-117396).
Item 1A.
Item 1A.
RISK FACTORS.
As the Company is an asset-backed issuer, a response to Item 1A is omitted pursuant to General Instruction J1(b) of the General Instructions to Form 10-K.
Item 1B.
Item 1B.
UNRESOLVED STAFF MATTERS.
None.
Item 2.
Item 2.
PROPERTIES.
Not Applicable.
Item 3.
Item 3.
LEGAL PROCEEDINGS.
Not Applicable.
Item 4.
Item 4.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not Applicable.
PART II
Item 5.
Item 5.
MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
As of March 29, 2006, there was one holder of the securities. See also Item 12, Security Ownership of Certain Beneficial Owners and Management. There was no principal market in which the securities traded.
Item 6.
Item 6.
SELECTED FINANCIAL DATA.
Not Applicable.
Item 7.
Item 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Not Applicable.
Item 7A.
Item 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not Applicable.
Item 8.
Item 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Not Applicable.
Item 9.
Item 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS IN ACCOUNTING AND FINANCIAL DISCLOSURE.
Not Applicable.
Item 9A.
Item 9A.
CONTROLS AND PROCEDURES.
Not Applicable.
Item 9B.
Item 9B.
OTHER INFORMATION
Not Applicable.
PART III
Item 10.
Item 10.
DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Not Applicable.
Item 11.
Item 11.
EXECUTIVE COMPENSATION.
Not Applicable.
Item 12.
Item 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
All of the outstanding stock of the Company is owned by Student Loan Finance Corporation, a South Dakota corporation.
Item 13.
Item 13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
Not Applicable.
Item 14.
Item 14.
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not Applicable.
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
EXHIBIT INDEX