SCHEDULE 3
												Sheet 1
SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY
ENTERPRISE FUND
STATEMENT OF CASH FLOWS 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
Cash Flows from Operating Activities:
Operating Income (Loss)	$	36,753,650	$	(17,963,449)	$	(6,042,651)	$	2,614,184	$	830,231	$	16,191,965
Adjustments to Reconcile Operating Income
(Loss) to Net Cash Provided By (Used in) Operating Activities:
Finance Loan Advances to South Carolina Student Loan
Corporation for Student Loans						(110,856,367)						(110,856,367)
Finance Loan Payments Received from South Carolina
Student Loan Corporation						76,657,285						76,657,285
Payments Received on FISL Loans		3,084										3,084
Purchase of Student Loans Under Loan Guarantees										(14,345,137)		(14,345,137)
Payments Received from US Department of Education Under
Federal Reinsurance Program										12,581,787		12,581,787
Amortization of Cost of Bond Issuance						118,732						118,732
Amortization of Deferred Amount of Refunding - Interest Expense		154,572										154,572
Amortization of Premiums and Discounts on Bonds Payable -
Interest Expense		378,172										378,172
Investment Income (Investing Activities Category)		(6,622,228)				(41,649)		(46,138)		(1,077,054)		(7,787,069)
Depreciation Expense										45,327		45,327
Net (Increase) Decrease in Fair Value of Invesmtents Reported
as Cash Equivalents (Investing Activities Category)		93,596		146,744		156,667		(20,801)		289,616		665,822
Bond Interest Expense (Noncapital Financing Activities Category)				17,816,705								17,816,705
Changes in Assets and Liabilities:
Increase in Prepaid Expense						(50,180)						(50,180)
Decrease in Due from South Carolina Student Loan Corporation		(340,971)										(340,971)
Decrease in Administrative Cost Allowance Receivable						832,856						832,856
Increase in Loan Processing and Issuance Fee Receivable								(150,040)				(150,040)
Increase in Default Aversion Fee Receivable								(1,479,043)				(1,479,043)
Increase in Due from Other Funds		(39,954)				(347,352)						(387,306)
Increase in Miscellaneous Receivables		(6,265)				(83,878)						(90,143)
Increase (Decrease) in Accounts Payable		7,203				(52,449)				(890)		(46,136)
Increase in Compensated Absences Liability						14,804						14,804
Increase in Due to Other Funds								387,306				387,306
Increase in Default Aversion Fee Payable										1,479,043		1,479,043
Increase in Due to South Carolina Student Loan Corporation		2,636,209						83,879		307		2,720,395
Net Cash Provided by (Used in) Operating Activities	$	33,017,068	$         -	-	$	(39,694,182)	$	1,389,347	$	(196,770)	$	(5,484,537)
												SCHEDULE 3
												Sheet 2
SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY
ENTERPRISE FUND
STATEMENT OF CASH FLOWS 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		Account		Total
Cash Flows from Noncapital Financing Activities (Continued):
Proceeds from Issuing Revenue Bonds For Student Loans	$	67,300,000	$		$		$		$		$	67,300,000
Transfer of Bonds Payable to Debt Service Accounts		(53,340,000)										(53,340,000)
Transfer of Cost of Issuance to Deferred Amount of Refunding		(170,488)				170,488
Payment of Bond Premium		(339,865)										(339,865)
Payment of Bond Call Premium		(275,400)										(275,400)
Repayment of Revenue Bonds				(44,840,000)								(44,840,000)
Transfer to Current Bonds Payable from Sinking Account				53,340,000								53,340,000
Cost of Bond Issuance						(82,954)						(82,954)
Operating Transfers:
In from Other Accounts		104,341,709		55,185,828		88,210,657		220,370		13,005,859		260,964,423
Out to Other Accounts		(154,249,966)		(39,347,195)		(67,367,262)						(260,964,423)
Interest Paid on Revenue Bonds				(18,268,675)								(18,268,675)
Net Cash Provided by (Used in) Noncapital Financing Activities	$	(36,734,010)	$	6,069,958	$	20,930,929	$	220,370	$	13,005,859	$	3,493,106
Cash Flows from Capital and Related Financing Activities:
Purchase of Fixed Assets	$		$		$		$	(24,105)	$	(251,940)	$	(276,045)
Net Cash (Used in) Capital and Related Financing Activities	$	-	$	-	$	-	$	(24,105)	$	(251,940)	$	(276,045)
Cash Flows from Investing Activities:
Interest Received on Investment Securities	$	6,701,321	$		$	165,923	$	34,876	$	929,458	$	7,831,578
Proceeds from Sale and Maturities of Investments				3,380,602		5,315,821				1,263,327		9,959,750
Purchase of Investments				(5,862,411)						(2,553,383)		(8,415,794)
Net Increase (Decrease) in Fair Value of Investments Reported as
Cash Equivalents		(93,596)		(146,744)		(156,667)		20,801		(289,617)		(665,823)
Net Cash Provided by (Used in) Investing Activities	$	6,607,725	$	(2,628,553)	$	5,325,077	$	55,677	$	(650,215)	$	8,709,711
Net Increase (Decrease) in Cash and Cash Equivalents	$	2,890,783	$	3,441,405	$	(13,438,176)	$	1,641,289	$	11,906,934	$	6,442,235
Cash and Cash Equivalents:
Beginning		17,775,648		19,650,438		81,885,207				4,328,098		123,639,391
Ending	$	20,666,431	$	23,091,843	$	68,447,031	$	1,641,289	$	16,235,032	$	130,081,626
												SCHEDULE 3
												Sheet 3
SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY
ENTERPRISE FUND
STATEMENT OF CASH FLOWS 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		Account		Total
Supplemental Disclosures of Cash Flow Information:
Interest Collected on Finance and FISL Loans - Operating Activities	$	26,902,619	$	-	$	-	$	-	$	-	$	26,902,619
Supplemental Disclosures of Non-Cash Transactions:
Rebate Liability Related to Non-Operating Arbitrage Rebate
Expense - Non-Capital Financing Activity	$	-	$	493,123	$	-	$	-	$	-	$	493,123
Amortization of Deferred Cost of Issuance of Bonds - Operating
Activity	$	-	$	-	$	170,488	$	-	$	-	$	170,488
Amortization of Deferred Amount of Debt Refunding - Operating
Activity	$	445,888	$	-	$	-	$	-	$	-	$	445,888