X0202 4 2004-11-03 0 0001286686 COLLEGIATE FUNDING SERVICES INC CFSI 0001297190 Morrow J Barry COLLEGIATE FUNDING SERVICES 100 RIVERSIDE PARKWAY FREDERICKSBURG VA 22406 1 1 0 0 President & CEO Common Stock 2004-11-03 4 P 0 850 12.56 A 850 I See Footnote Common Stock 2004-11-03 4 P 0 455 12.59 A 1305 I See Footnote Common Stock 2004-11-03 4 P 0 100 12.58 A 1405 I See Footnote Common Stock 2004-11-03 4 P 0 95 12.60 A 1500 I See Footnote Common Stock 2004-11-03 4 P 0 300 12.99 A 1800 I See Footnote Common Stock 2004-11-03 4 P 0 200 13.00 A 2000 I See Footnote Such reported securities are owned through the Morrow Family Trust, U/A DTD 11-9-2001. Mr. Morrow and his spouse, Kendra Morrow, are trustees and retain investment and voting control over these securities. /s/ Charles J. Payne, attorney-in-fact 2004-11-03