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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 ScVbueV1Mp3B7b0SFbEaGv1JP3ZbyBLpni/BM4DfJjVwd9uhNbxXhGZdzl/vl+6S
 89DOBv+AHyAtyeeWra0yKQ==

<SEC-DOCUMENT>0001181431-03-025096.txt : 20031001
<SEC-HEADER>0001181431-03-025096.hdr.sgml : 20031001
<ACCEPTANCE-DATETIME>20031001172242
ACCESSION NUMBER:		0001181431-03-025096
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031001
FILED AS OF DATE:		20031001

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DEROSE ROBERT
		CENTRAL INDEX KEY:			0001221796

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29995
		FILM NUMBER:		03921557

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

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>rrd19603.xml
<DESCRIPTION>FORM 4/A
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4/A</documentType><periodOfReport>2003-10-01</periodOfReport><dateOfOriginalSubmission>2003-09-29</dateOfOriginalSubmission><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001103313</issuerCik>
        <issuerName>EDUCATION LENDING GROUP INC</issuerName>
        <issuerTradingSymbol>EDLG</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001221796</rptOwnerCik>
            <rptOwnerName>DEROSE ROBERT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>SUITE 210, 12760 HIGH BLUFF DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92130</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther><officerTitle>Chairman and CEO</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock, $.001 par value per share</value></securityTitle><transactionDate><value>2003-10-01</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F2"/></transactionCoding><transactionAmounts><transactionShares><value>0</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1034000</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnershi
p><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>By deRose Family Trust</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><footnotes><footnote id="F1">Mr. deRose also owns 15,000 shares of common stock indirectly by a Non-Profit Foundation, 10,000 shares of common stock indirectly by an IRA and 40,000 shares of common stock indirectly by Trust.</footnote><footnote id="F2">Correction to previously reported transaction.</footnote></footnotes><remarks>The purpose of this Amendment is to correct an erroneously reported exercise of stock options by Mr. deRose on September 25, 2003. Mr deRose directly owns 200,000 options (right to buy common stock) that are currently exercisable.</remarks><ownerSignature><signatureName>/s/ Robert deRose</signatureName><signatureDate>2003-10-01</signatureDate></ownerSignature></ownershipDocument>



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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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