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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IyzAe84ztrXUsT+4S6EpyI6Mi/sKZyU90CdvSzqPn8BwU3bBs2KBh6PE7Pg3WjbK
 nr/HroHdaDCxUXtwOsMsHw==

<SEC-DOCUMENT>0001181431-03-027516.txt : 20031024
<SEC-HEADER>0001181431-03-027516.hdr.sgml : 20031024
<ACCEPTANCE-DATETIME>20031024152109
ACCESSION NUMBER:		0001181431-03-027516
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031023
FILED AS OF DATE:		20031024

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SHAUT MICHAEL H
		CENTRAL INDEX KEY:			0001221764

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29995
		FILM NUMBER:		03956417

	MAIL ADDRESS:	
		STREET 1:		16090 PARKLAND DRIVE
		CITY:			SHAKER HEIGHTS
		STATE:			OH
		ZIP:			44120

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
<SEQUENCE>1
<FILENAME>rrd20908.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-10-23</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001103313</issuerCik>
        <issuerName>EDUCATION LENDING GROUP INC</issuerName>
        <issuerTradingSymbol>EDLG</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001221764</rptOwnerCik>
            <rptOwnerName>SHAUT MICHAEL H</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>0</isTenPercentOwner><isOther>0</isOther><officerTitle>President and COO</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock, $.001 par value per share</value></securityTitle><transactionDate><value>2003-10-23</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>500</value></transactionShares><transactionPricePerShare><value>10.21</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>484000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirect
Ownership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Stock, $.001 par value per share</value></securityTitle><transactionDate><value>2003-10-24</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>500</value></transactionShares><transactionPricePerShare><value>9.78</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>483500</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><footnotes><footnote id="F1">Mr. Shaut is selling these securities purs
uant to a 10b-5(1) plan currently in place with his broker. Mr. Shaut entered this arrangement for tax planning purposes.</footnote></footnotes><ownerSignature><signatureName>/s/ Michael H. Shaut</signatureName><signatureDate>2003-10-24</signatureDate></ownerSignature></ownershipDocument>



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