Item 1. Business.
Not Applicable.
Item 2.
Item 2. Properties.
The property in the trust consists solely of a pool of education loans to students and parents of students and are either guaranteed by the Great Lakes Higher Education Authority Corporation or the Massachusetts Higher Education Assistance Corporation now doing business as American Student Assistance, and are reinsured by the United States Department of Education. All funds collected in respect thereof are on deposit in certain trust accounts. For more information regarding the property of the Trust, see the Subservicer's Annual Statement as to Compliance provided by Great Lakes Education Loan Services, Inc. as a subservicer of the Trust, dated as of December 31, 2003, which is attached hereto as Exhibit 99.1, the Subservicer's Annual Statement as to Compliance provided by ACS Education Services, Inc. ("ACS") as a subservicer of the Trust, dated as of December 31, 2003, which is attached hereto as Exhibit 99.3, and the Annual Statement as to Compliance provided by GMAC Commercial Holding Capital Corp., as the Administrator of the Trust, dated as of February 25, 2004, which is attached hereto as Exhibit 99.5.
The Registrant's sub-servicing agreement with ACS Education Services, Inc. was entered into as of April 1, 2003. The loans sampled in connection with KPMG LLP's attestation report, related to the assertions of ACS's management, included only those loans included in the ED Form 799/LaRS reports submitted by ACS during ACS's fiscal year ended June 30, 2003. Therefore, none of the Registrant's education loans were included in KPMG LLP's sample in connection with the issuance of its report dated August 28, 2003, which is attached hereto as Exhibit 99.4.
Item 3.
Item 3. Legal Proceedings.
The Registrant knows of no material legal proceedings involving the Registrant or the Trust or its property.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
No matters were submitted to Noteholders for a vote or for consent during the fiscal year covered by this Annual Report.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
(a)There is no established public trading market for the Notes.
(b)Records provided to the Trust by the DTC and the Trustee indicate that as of December 31, 2003, the number of holders of record for each class of Notes were as follows:
(c)Not Applicable.
Item 6.
Item 6. Selected Financial Data.
Not Applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations.
Not Applicable.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Not Applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
There have been no changes in, or disagreements with, the Co-Registrant's accountants.
Item 9A.
Item 9A. Controls and Procedures
Not Applicable.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11.
Item 11. Executive Compensation.
Not Applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
(a)As of December 31, 2003, all of the outstanding Notes were registered in the name of CEDE & Co., nominee of DTC.
(b)Not Applicable.
(c)Not Applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions.
Neither GMAC ELF LLC (the "Depositor") nor the Trust knows of any transaction or series of transactions to which any of the Depositor, the Trust or the Servicer, in each of their respective capacities, is a party with any holder of the Notes who owns of record or beneficially more than five percent of the Notes.
Item 14.
Item 14. Principal Accountant Fees and Services.
Not applicable.
PART IV
Item 15.
Item 15. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a)Exhibits
31.1
Rule 15d-14(e) Certification.
99.1
Subservicer's Annual Statement as to Compliance, Great Lakes Education Loan Services, Inc., dated as of December 31, 2003.
99.2
Report of Ernst & Young LLP, Independent Accountants, regarding the Great Lakes Education Loan Services, Inc. Subservicing Report.
99.3
Subservicer's Annual Statement as to Compliance, ACS Education Services, Inc., dated as of December 31, 2003.
99.4
Report of KPMG LLP, Independent Accountants, regarding the ACS Education Services, Inc. Subservicing Report.
99.5
Administrator's Annual Statement as to Compliance, GMAC Commercial Holding Capital Corp., dated as of February 25, 2004.
(b)Reports on Form 8-K filed during the last quarter of 2003:
Form 8-K, dated October 15, 2003, reporting under Items 5 and 7 thereof, the distribution of the monthly Statement to Noteholders.
Form 8-K, dated November 14, 2003, reporting under Items 5 and 7 thereof, the distribution of the monthly Statement to Noteholders.
Form 8-K, dated December 4, 2003, reporting under Items 5 and 7 thereof, the filing of the Prospectus Supplement dated December 4, 2003.
Form 8-K dated December 15, 2003, reporting under Items 5 and 7 thereof, the distribution of the monthly Statement to Noteholders.
(c)Not Applicable.
(d)Not Applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Co-Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GMAC EDUCATION LOAN FUNDING TRUST-I
By:
GMAC ELF LLC, as attorney-in-fact of the Co-Registrant
Date: March 25, 2004
By:
/s/ RONALD W. PAGE Ronald W. Page,
Vice President
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Co-Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to Noteholders during the period covered by this Annual Report on Form 10-K and the Registrant does not intend to furnish such materials to Noteholders subsequent to the filing of this report.
Exhibit Index
31.1
Rule 15d-14(e) Certification.
99.1
Subservicer's Annual Statement as to Compliance, Great Lakes Education Loan Services, Inc., dated as of December 31, 2003.
99.2
Report of Ernst & Young LLP, Independent Accountants, regarding the Great Lakes Education Loan Services, Inc. Subservicing Report.
99.3
Subservicer's Annual Statement as to Compliance, ACS Education Services, Inc., dated as of December 31, 2003.
99.4
Report of KPMG LLP, Independent Accountants, regarding the ACS Education Services, Inc. Subservicing Report.
99.5
Administrator's Annual Statement as to Compliance, GMAC Commercial Holding Capital Corp., dated as of February 25, 2004.
PART I
Item 1. Business.
Item 2. Properties.
Item 3. Legal Proceedings.
Item 4. Submission of Matters to a Vote of Security Holders.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
Item 6. Selected Financial Data.
Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Item 8. Financial Statements and Supplementary Data.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Item 9A. Controls and Procedures
PART III
Item 10. Directors and Executive Officers of the Registrant.
Item 11. Executive Compensation.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Item 13. Certain Relationships and Related Transactions.
Item 14. Principal Accountant Fees and Services.
PART IV
Item 15. Exhibits, Financial Statement Schedules and Reports on Form 8-K
SIGNATURES
Exhibit Index