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Education Loans Incorporated Announces Second Extension of Deadline for its Tender and Exchange Offer

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ABERDEEN, S.D.--(BUSINESS WIRE)--

Education Loans Incorporated (the “Company”) announced today that it has extended for a second time the tender deadline for its offer for outstanding series of its Tax Exempt Fixed Rate Student Loan-Backed Callable Notes; Senior Series 1998-1F ($205,000 tendered), Tax Exempt Fixed Rate Student Loan-Backed Callable Notes, Subordinate Series 1998-1K ($9,210,000 tendered); Tax Exempt Auction Rate Student Loan Asset-Backed Callable Notes, Senior Series 1998-1D (none tendered), Taxable Auction Rate Student Loan Asset-Backed Callable Notes, Senior Series 1998-1H ($44,400,000 tendered); Student Loan Asset-Backed Notes, Senior Series 1999-1A ($36,300,000 tendered); Student Loan Asset-Backed Notes, Senior Series 2001-1 ($54,250,00 tendered); Student Loan Asset- Backed Notes, Senior Series 2002-1($93,950,000 tendered); Student Loan Asset-Backed Notes, Senior Series 2003-1 ($45,550,00 tendered); Student Loan Asset-Backed Notes, Senior Series 2004-1($70,350,000 tendered); Student Loan Asset-Backed Notes, Senior Series 2004-C ($105,300,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 1999-1C ($4,100,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 2001-1C ($17,100,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 2002-1C ($20,250,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 2003-1D($12,650,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 2004-B1($13,500,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 2004-D ($11,100,000 tendered) (such series are collectively referred to as the “Notes”).

The terms and conditions of the tender and exchange offers are described in the Tender and Exchange Offer Statement dated as of October 4, 2012 and the related Letter of Transmittal that were previously transmitted to eligible holders of the Notes.

The tender deadline is being extended from 5:00 p.m. New York City time on November 2, 2012 to 5:00 p.m. New York City time on November 5, 2012. If the conditions to the tender and exchange offer are satisfied, the expected acceptance and settlement date for the tender and exchange offer would be the second business day following the new expiration time, Wednesday, November 7, 2012.

RBC Capital markets, LLC is acting as the Exchange Offer Dealer Manager and Dougherty & Company LLC is acting as the Cash Tender Offer Dealer Manager. The Depositary and Exchange Agent for the offers is Wells Fargo Bank, National Association. Any questions or requests for assistance may be directed to the Dealer Managers at the addresses and telephone numbers set forth herein.

This announcement is neither an offer to purchase nor the solicitation of an offer to sell any of the securities described herein, nor shall there be any offer or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The tender and exchange offer is made solely pursuant to the Tender and Exchange Offer Statement dated October 4, 2012 and the related Letter of Transmittal.

The Dealer Managers for the Offer are:

The Cash Tender Offer Dealer Manager for the Cash Tender Offer is:
Dougherty & Company LLC
90 South Seventh Street, Suite 4300
Minneapolis, MN 55402
Attn: EdLinc Exchange Offer
Telephone: (612) 317-2174




The Exchange Offer Dealer Manager for the Exchange Offer is:
RBC Capital Markets, LLC
Three World Financial Center
200 Vesey Street, 8th Floor
New York, NY 10281
Attn: EdLinc Exchange Offer
Telephone: (212) 618-5640





Education Loans Incorporated
Steve Kohles, 605-622-4593

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