Fitch Affirms 87 and Upgrades 9 Classes from Nelnet FFELP Transactions

NEW YORK--(Business Wire)--Fitch Ratings affirms 87 classes and upgrades 9 classes from the
following Federal Family Education Loan Program (FFELP) student loan
asset-backed notes issued by Nelnet, Inc.

The collateral securing the debt includes only FFELP loans, which
are guaranteed by an eligible guarantor to at least 97% of principal
and accrued interest, depending on loan origination date. The loans
are also reinsured by the U.S. Department of Education up to the same
amounts.

Overall, collateral performance for all of the trusts has been
consistent with or better than expectations from a net default and
delinquency perspective. As a result, trust asset to liability or
parity ratios have increased due to positive levels of excess spread
generated.

Upgrades are based on the positive movement in credit enhancement
levels, which reflect each trust's ability to withstand defaults.

Nelnet Education Loan Network, Inc. is the master servicer and
Nelnet, Inc. is the subservicer for these transactions.

A Nebraska corporation, Nelnet, Inc. is a vertically integrated
education finance company with over $26 billion in total assets.
Headquartered in Lincoln, Nebraska, Nelnet originates, holds and
services student loans, principally FFELP student loans. Nelnet is one
of the largest holders and servicers of FFELP loans.

Fitch has taken the following rating actions for the following
Nelnet transactions:

NELF, Inc. 2003-1 Indenture of Trust

--Class A-4 affirmed at 'AAA';

--Class A-5 affirmed at 'AAA';

--Class A-6 affirmed at 'AAA';

--Class A-7 affirmed at 'AAA';

--Class A-8 affirmed at 'AAA';

--Class A-9 affirmed at 'AAA';

--Class A-10 affirmed at 'AAA';

--Class A-11 affirmed at 'AAA';

--Class A-12 affirmed at 'AAA';

--Class B-1 affirmed at 'AA';

--Class B-2 affirmed at 'AA'

NELF, Inc. 2004-1 Indenture of Trust

--Class A-1A affirmed at 'AAA';

--Class A-1B affirmed at 'AAA';

--Class A-2 affirmed at 'AAA';

--Class A-3 affirmed at 'AAA';

--Class B-1 upgraded to 'AAA' from 'AA-';

--Class B-2 upgraded to 'AAA' from 'AA-'.

NELF, Inc. 2004-2 Indenture of Trust

--Class A-2 affirmed at 'AAA';

--Class A-3 affirmed at 'AAA';

--Class A-4 affirmed at 'AAA';

--Class A-5a affirmed at 'AAA';

--Class A-5b affirmed at 'AAA';

--Class A-5c affirmed at 'AAA';

--Class B-1 upgraded to 'AAA' from 'AA'

--Class B-2 upgraded to 'AAA' from AA'.

Nelnet Student Loan Trust 2002-1

--Class A-2 affirmed at 'AAA'

--Class B affirmed at 'AAA'

Nelnet Student Loan Trust 2002-2

--Class A-4CP affirmed at 'AAA'

--Class A-4L affirmed at 'AAA'

--Class B affirmed at 'AAA'

Nelnet Student Loan Trust 2003-1

--Class A-4 affirmed at 'AAA'

--Class B affirmed at 'AAA'

Nelnet Student Loan Trust 2003-2

--Class A-4 affirmed at 'AAA'

--Class A-5 affirmed at 'AAA'

--Class A-6 affirmed at 'AAA'

--Class B affirmed at 'AAA'

Nelnet Student Loan Trust 2004-3

--Class A-3 affirmed at 'AAA';

--Class A-4 affirmed at 'AAA';

--Class A-5 affirmed at 'AAA';

--Class B affirmed at 'AAA'.

Nelnet Student Loan Trust 2004-4

--Class A-3 affirmed at 'AAA';

--Class A-4 affirmed at 'AAA';

--Class A-5 affirmed at 'AAA';

--Class B affirmed at 'AAA'.

Nelnet Student Loan Trust 2005-1

--Class A-2 affirmed at 'AAA';

--Class A-3 affirmed at 'AAA';

--Class A-4 affirmed at 'AAA';

--Class A-5 affirmed at 'AAA';

--Class B affirmed at 'AAA'.

Nelnet Student Loan Trust 2005-2

--Class A-2 affirmed at 'AAA';

--Class A-3 affirmed at 'AAA';

--Class A-4 affirmed at 'AAA';

--Class A-5 affirmed at 'AAA';

--Class B affirmed at 'AAA'.

Nelnet Student Loan Trust 2005-3

--Class A-2 affirmed at 'AAA';

--Class A-3 affirmed at 'AAA';

--Class A-4 affirmed at 'AAA';

--Class A-5 affirmed at 'AAA';

--Class B upgraded to 'AAA' from 'AA+'.

Nelnet Student Loan Trust 2005-4

--Class A-1 affirmed at 'AAA';

--Class A-2 affirmed at 'AAA';

--Class A-3 affirmed at 'AAA';

--Class A-4AR-1 affirmed at 'AAA';

--Class A-4AR-2 affirmed at 'AAA';

--Class A-4L affirmed at 'AAA';

--Class B affirmed at 'AAA'.

Nelnet Student Loan Trust 2006-1

--Class A-2 affirmed at 'AAA';

--Class A-3 affirmed at 'AAA';

--Class A-4 affirmed at 'AAA';

--Class A-5 affirmed at 'AAA';

--Class A-6 affirmed at 'AAA';

--Class B upgraded to 'AAA' from 'AA+'.

Nelnet Student Loan Trust 2006-2

--Class A-2 affirmed at 'AAA';

--Class A-3 affirmed at 'AAA';

--Class A-4 affirmed at 'AAA';

--Class A-5 affirmed at 'AAA';

--Class A-6 affirmed at 'AAA';

--Class A-7 affirmed at 'AAA';

--Class B affirmed at 'AA+'.

Nelnet Student Loan Trust 2006-3

--Class A-1 affirmed at 'AAA';

--Class A-2 affirmed at 'AAA';

--Class A-3 affirmed at 'AAA';

--Class A-4 affirmed at 'AAA';

--Class A-5 affirmed at 'AAA';

--Class A-6 affirmed at 'AAA';

--Class B affirmed at 'AA+'.

Nelnet Student Loan Corporation 1 - 1996 Indenture of Trust

--Class 1996B-3 upgraded to 'AA' from 'A';

--Class 1997B-4 upgraded to 'AA' from 'A';

--Class 1998A-12 affirmed at 'AAA';

--Class 1998B-5 upgraded to 'AA' from 'A';

--Class 1999A-13 affirmed at 'AAA';

--Class 1999A-14 affirmed at 'AAA';

--Class 1999A-15 affirmed at 'AAA';

--Class 1999A-16 affirmed at 'AAA'.

Fitch affirms the following classes of Nelnet transactions based
on the guarantee provided to them by MBIA (Insurer Financial Strength
rated 'AAA' by Fitch):

Nelnet Group Trust 1 - 2001 Trust Indenture

--SLIMS class affirmed at 'AAA'

NELF, Inc. 1998 Slims Trust

--SLIMS class affirmed at 'AAA'

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Pat Russo, +1-212-908-0792
Gary Santo, +1-212-908-0172
Andrea Murad, +1-212-908-0896
Sandro Scenga, +1-212-908-0278 (Media Relations)

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