Student Loan Xpress Offers '$50K Sweepstakes' to Pay Off Student Loans

    SAN DIEGO, June 7 /PRNewswire-FirstCall/ -- If you're a graduate with
 student loans, getting free money to put toward your monthly payment would be
 an unexpected bonus.  Winning $50,000 to pay off your student loans might just
 make your year.
     That's what Student Loan Xpress, a subsidiary of Education Lending Group,
 Inc. (Nasdaq:   EDLG), is hoping with its "$50K Student Loan Payment
 Sweepstakes."  In the online sweepstakes, which Student Loan Xpress will host
 June 7 through Sept. 5, borrowers can enter weekly drawings to win one of two
 $200 prizes -- and also enter to win a $50,000 grand prize.  The sweepstakes
 is available at the Consolidation Assistance Program loan site of Student Loan
 Xpress, www.capsweeps.com.
     "Students just starting out after college have many expenses," said
 Fabrizio Balestri, president and CEO of Student Loan Xpress.  "By providing
 borrowers with a chance to win the funds to make their monthly payment, or to
 pay off their loans entirely, we hope to help make their post-graduate life
 that much easier."
     While at the site, student borrowers can learn about consolidating their
 student loans through Consolidation Assistance Program, which offers rates for
 new graduates as low as 1.625 percent -- the lowest rate in the history of the
 federal consolidation program.  "Now is definitely the time to consolidate,"
 Balestri said.  "With a low fixed rate and repayment options to fit any
 situation, a consolidation loan is often one of the best financial decisions a
 new graduate can make."
     Borrowers may enter the sweepstakes once daily, and they do not need to
 apply for a consolidation loan to enter.  For additional information and
 complete rules, go to www.capsweeps.com, or call 1-888-811-1845.
 
     ABOUT STUDENT LOAN XPRESS AND EDUCATION LENDING GROUP
     Student Loan Xpress, Inc., a subsidiary of Education Lending Group, Inc.
 (Nasdaq:   EDLG), is a national lender of Federal Stafford and Parent Loan For
 Undergraduate Students (PLUS) loans, and provides access to alternative
 (private) education loans, with a long-term commitment to students and
 families.  Based in San Diego, Student Loan Xpress utilizes Fifth Third Bank
 as its eligible lender trustee.  Student Loan Xpress is a registered trademark
 of Student Loan Xpress, Inc.  For more information, call 1-866-SLX-PRES or
 visit www.studentloanxpress.com.
 
     Education Lending Group is a specialty finance company principally engaged
 in providing student loan products, services and solutions to students,
 parents, schools and alumni associations.  Its business is focused on
 originating and purchasing guaranteed student loans through the Federal Family
 Education Loan Program (FFELP), including consolidation loans,
 Stafford loans and PLUS loans.  For more information, visit
 www.educationlendinggroup.com or call (858) 617-6080.
 
     This press release may include forward-looking statements within the
 meaning of Section 7A of the Securities Act of 1933, as amended, and Section
 21E of the Securities Exchange Act of 1934.  We have based these
 forward-looking statements on the Company's current expectations and
 projections about future events.  These forward-looking statements are subject
 to known and unknown risks, uncertainties and assumptions about us and the
 Company's affiliate companies, that may cause the Company's actual results,
 levels of activity, performance or achievements to be materially different
 from any future results, levels of activity, performance or achievements
 expressed or implied by such forward-looking statements.  In some cases, you
 can identify forward-looking statements by terminology such as "may," "will,"
 "should," "could," "would," "expect," "plan," "anticipate," "believe,"
 "estimate," "continue," or the negative of such terms or other similar
 expressions.  Factors that might cause or contribute to such a discrepancy
 include, but are not limited to, those identified in the Company's Securities
 and Exchange Commission filings, including the Company's 2003 Annual Report on
 Form 10-K, filed on March 12, 2004.  The discussion should be read in
 conjunction with the Company's Financial Statements and related Notes thereto
 included in the Company's Form 10-K and Form 10-Q filings.
 
 

SOURCE Education Lending Group, Inc.

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