<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>3</documentType>
<periodOfReport>2002-01-01</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001103313</issuerCik>
        <issuerName>EDUCATION LENDING GROUP INC</issuerName>
        <issuerTradingSymbol>EDLG, OB</issuerTradingSymbol></issuer>
<reportingOwner>
<reportingOwnerId>
            <rptOwnerCik>0001221767</rptOwnerCik>
            <rptOwnerName>BALESTRI FABRIZIO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>Student Loan Xpress CEO</officerTitle>
<otherText></otherText></reportingOwnerRelationship></reportingOwner>
<nonDerivativeSecurity>
<securityTitle>
<value>Common Shares, $.001 per value per share</value></securityTitle>
<transactionAmounts>
<transactionShares>
<value>3000</value></transactionShares></transactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></nonDerivativeSecurity>
<derivativeSecurity>
<securityTitle>
<value>Stock Option (Right to Buy)</value></securityTitle>
<conversionOrExercisePrice>
<value>2.00</value></conversionOrExercisePrice>
<exerciseDate>
<value>2003-01-01</value></exerciseDate>
<expirationDate>
<value>2012-01-01</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>50000</value></underlyingSecurityShares></underlyingSecurity>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></derivativeSecurity>
<ownerSignature>
<signatureName>Fabrizio Balestri</signatureName>
<signatureDate>2003-05-29</signatureDate></ownerSignature></ownershipDocument>


