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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 NGGEYg5KhS8Ua/CTz+bkfR7X+rVxwLjc47+kzdjR8bKC54pPVSiwQ/BNeDr/h59T
 H8REX1roZfQt7e+cebYFUg==

<SEC-DOCUMENT>0000891092-05-000352.txt : 20050218
<SEC-HEADER>0000891092-05-000352.hdr.sgml : 20050218
<ACCEPTANCE-DATETIME>20050218170456
ACCESSION NUMBER:		0000891092-05-000352
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050214
FILED AS OF DATE:		20050218
DATE AS OF CHANGE:		20050218

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EDUCATION LENDING GROUP INC
		CENTRAL INDEX KEY:			0001103313
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		IRS NUMBER:				330851387
		STATE OF INCORPORATION:			DE

	BUSINESS ADDRESS:	
		STREET 1:		12760 HIGH BLUFF DRIVE
		STREET 2:		SUITE 210
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		8586176080

	MAIL ADDRESS:	
		STREET 1:		12760 HIGH BLUFF DRIVE
		STREET 2:		SUITE 210
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIRECT III MARKETING INC
		DATE OF NAME CHANGE:	20000316

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CIT ELG CORP
		CENTRAL INDEX KEY:			0001313753
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-69842
		FILM NUMBER:		05628278

	BUSINESS ADDRESS:	
		STREET 1:		1 CIT DRIVE
		CITY:			LIVINGSTON
		STATE:			NJ
		ZIP:			07039
		BUSINESS PHONE:		(973) 740-5000

	MAIL ADDRESS:	
		STREET 1:		1 CIT DRIVE
		CITY:			LIVINGSTON
		STATE:			NJ
		ZIP:			07039

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CIT GROUP INC
		CENTRAL INDEX KEY:			0001171825
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE LESSORS [6172]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-69842
		FILM NUMBER:		05628279

	BUSINESS ADDRESS:	
		STREET 1:		1 CIT DRIVE
		CITY:			LIVINGSTON
		STATE:			NJ
		ZIP:			07039
		BUSINESS PHONE:		9737405000

	MAIL ADDRESS:	
		STREET 1:		1 CIT DRIVE
		CITY:			LIVINGSTON
		STATE:			NJ
		ZIP:			07039

	FORMER NAME:	
		FORMER CONFORMED NAME:	CIT GROUP INC DEL
		DATE OF NAME CHANGE:	20020422
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>e20493_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2005-02-14</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001103313</issuerCik>
        <issuerName>EDUCATION LENDING GROUP INC</issuerName>
        <issuerTradingSymbol>ELDG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001313753</rptOwnerCik>
            <rptOwnerName>CIT ELG CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1 CIT DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LIVINGSTON</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07039</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001171825</rptOwnerCik>
            <rptOwnerName>CIT GROUP INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1 CIT DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LIVINGSTON</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07039</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.001 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17342624</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.001 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17342624</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Owned indirectly by CIT Group Inc. through its wholly owned subsidiary CIT ELG Corporation.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to the offer by CIT ELG Corporation, a Delaware corporation (&quot;Purchaser&quot;) and a wholly owned subsidiary of CIT Group
Inc., a Delaware corporation (&quot;Parent&quot;), to purchase all outstanding shares of common stock, par value $0.001 per share, of
Education Lending Group, Inc., a Delaware corporation (the &quot;Company&quot;), including the associated preferred share purchase
rights issued pursuant to the Rights Agreement, dated January 4, 2005, between the Company and American Stock Transfer &amp;
Trust Company, as rights agent (together, the &quot;Shares&quot;  ), at a purchase price of $19.05 per Share, net to the seller in
cash, on February 14, 2005, Purchaser acquired 17,342,624 Shares, representing approximately 96% of Company's outstanding
Shares. On February 17, 2005, Parent completed the acquisition of the Company through a merger of Purchaser with and into the
Company, with the Company as the surviving corporation.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ James P. Shanahan, Senior Vice President and Assistant Secretary of CIT ELG Corporation and CIT Group Inc.</signatureName>
        <signatureDate>2005-02-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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