Education Loan Asset-Backed Trust I Announces Extension of Previously Announced Tender Offer for Its Student Loan Asset-Backed Auction Rate Notes

Education Loan Asset-Backed Trust I, a Delaware statutory trust ("ELAB"), has decided to extend the expiration date of its tender offer to purchase its outstanding Auction Rate Student Loan Asset-Backed Notes, Senior Series 2003-1A and 2003-2A and Auction Rate Student Loan Asset-Backed Notes, Subordinate Series 2003-1B and 2003-2B, to 11:59 p.m. (Eastern Time) on March 6, 2009, unless further extended or earlier terminated.

On January 23, 2009, ELAB distributed an offer to purchase, letter of transmittal and related documents in connection with its tender offer to purchase its auction rate notes for aggregate cash consideration not to exceed $40,000,000. The tender offer was originally set to expire at 11:59 p.m. (Eastern Time) on February 27, 2009. After discussions with the staff of the Securities and Exchange Commission regarding certain aspects of the disclosures contained in the tender offer documents, ELAB has incorporated various changes into a revised set of tender offer documents. As a result, ELAB has decided to extend the expiration date of the tender offer.

To date, a total of approximately $8,800,000 aggregate principal amount of auction rate notes have been tendered. Noteholders who have already tendered auction rate notes have the right to withdraw previously submitted tenders as provided in the amended offer to purchase and letter of transmittal.

This press release is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of an offer to sell any of the auction rate notes. The offer is only made pursuant to the terms of the amended offer to purchase. The amended offer to purchase contains important information that should be read carefully in its entirety before any decision is made to tender or not tender auction rate notes pursuant to the offer.

Global Bondholder Services Corporation is acting as the information agent and depositary. Noteholders or their representatives may submit any questions or requests for assistance to:

Global Bondholder Services Corporation
65 Broadway - Suite 723
New York, NY 10006
Attention: Corporate Actions
Telephone (banks and brokers): (212) 430-3774
Telephone (toll-free): (866) 470-3800

Forward-Looking Statements

Forward-looking statements in this release, such as the scheduled expiration of the offer, are based on current expectations. Forward-looking statements are made in this release and in certain of the publicly available information relating to the auction rate notes and ELAB, that are based on current expectations, estimates, beliefs, assumptions and projections.

Words such as "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements.

Forward-looking statements speak only as of the date made. There is no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date as of which they are made. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements included in this release or that may be made elsewhere from time to time by, or on behalf of, ELAB.

Media Contact
Goal Financial, LLC, 703-837-1633