SCHEDULE 2
												Sheet 1
SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY
ENTERPRISE FUND
STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS BY ACCOUNTS
YEAR ENDED JUNE 30, 1999
		Required by Bond Indentures						Guarantee		Federal Student
		Sinking		Debt Reserve		Loan		Agency Operating		Loan Reserve
		Account		Account		Account		Account		Account		Total
Operating Revenue:
United States Department of Education:
Administrative Cost Allowance	$		$		$		$	258,812	$	603,523	$	862,335
Loan Processing and Issuance Fee								377,279				377,279
Account Maintenance Fee								1,177,090				1,177,090
Supplemental Preclaims Assistance Income										301,266		301,266
Default Aversion Fee Income								1,479,043				1,479,043
Retention on Default Collections								908,568		260,625		1,169,193
Insurance Premiums										974,225		974,225
Income from South Carolina Student Loan Corporation:
Subsidized Interest		3,517,765										3,517,765
Special Allowance		4,097,885										4,097,885
Non-Subsidized Interest		23,725,825										23,725,825
Late Charges		356,242										356,242
Miscellaneous Payments of Student Loans		190										190
Investment Income		6,622,228				41,648		46,138		1,077,054		7,787,068
Net Increase (Decrease) in the Fair Value of Investments		(93,596)		(146,744)		(156,667)		20,801		(289,616)		(665,822)
Total Operating Revenue	$	38,226,539	$	(146,744)	$	(115,019)	$	4,267,731	$	2,927,077	$	45,159,584
Operating Expenses:
Personnel	$		$		$		$	1,177,248	$	332,113	$	1,509,361
Contractual Services								163,216		66,436		229,652
General Operating								302,932		174,127		477,059
South Carolina Student Loan Corporation for Operations						5,368,495				(185,903)		5,182,592
												SCHEDULE 2
												Sheet 2
SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY
ENTERPRISE FUND
STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS BY ACCOUNTS
YEAR ENDED JUNE 30, 1999
		Required by Bond Indentures						Guarantee		Federal Student
		Sinking		Debt Reserve		Loan		Agency Operating		Loan Reserve
		Account		Account		Account		Account		Account		Total
Operating Expenses:
Bond Interest Expense	$	532,743	$	17,816,705	$		$		$		$	18,349,448
Amortization - Deferred Cost of Bond Issuance						118,732						118,732
Default Aversion Fee Expense										1,479,044		1,479,044
Other Fees		940,146				440,405		10,151		231,029		1,621,731
Total Operating Expenses	$	1,472,889	$	17,816,705	$	5,927,632	$	1,653,547	$	2,096,846	$	28,967,619
Operating Income (Loss)	$	36,753,650	$	(17,963,449)	$	(6,042,651)	$	2,614,184	$	830,231	$	16,191,965
Non-Operating Expenses:
Arbitrage Expense	$	-	$	(493,123)	$	-	$	-	$	-	$	(493,123)
Income (Loss) Before Transfers Between Accounts	$	36,753,650	$	(18,456,572)	$	(6,042,651)	$	2,614,184	$	830,231	$	15,698,842
Transfers Between Accounts:
Transfer In	$	104,341,709	$	55,185,828	$	88,210,657	$	220,370	$	13,005,859	$	260,964,423
Transfer (Out)		(154,249,966)		(39,347,195)		(67,367,262)						(260,964,423)
Total Transfers Between Accounts	$	(49,908,257)	$	15,838,633	$	20,843,395	$	220,370	$	13,005,859	$	-
Net Income (Loss)	$	(13,154,607)	$	(2,617,939)	$	14,800,744	$	2,834,554	$	13,836,090	$	15,698,842
Retained Earnings (Deficit), Beginning		(343,246,558)		26,515,985		416,742,013				7,430,984		107,442,424
Retained Earnings (Deficit), Ending	$	(356,401,165)	$	23,898,046	$	431,542,757	$	2,834,554	$	21,267,074	$	123,141,266