Fitch Affirms 4 Classes from Nelnet Student Loan Trust 2003-2

NEW YORK--(Business Wire)--
Fitch Ratings has affirmed four classes of student loan
asset-backed notes issued by Nelnet Student Loan Trust 2003-2.

Overall, collateral performance for the trust has been consistent
with expectations from a net default and delinquency perspective.
Approximately 85% of the notes have floating rates equal to a
three-month London Interbank Offered Rate (LIBOR) plus a spread. The
remaining notes are taxable auction rate securities which are
currently earning interest at the maximum rate. The trust documents
define the maximum rate as the lesser of the 91-day + 1.25%, one-month
LIBOR + 1%, 75% of 'AA' Financial CP Rate, the Net Loan Rate and 17%.
The maximum rate definition limits the amount of interest the trust
can pay on the auction-rate notes.

Parity ratios, or the ratio of assets to liabilities, have
remained relatively stable despite auction failures causing bonds to
pay interest at the maximum rate. The total parity ratio for the trust
as of Sept. 30, 2008 was 101.45%.

Credit enhancement consists of excess spread, and a debt service
reserve fund. Additionally, the class A notes benefit from
subordination provided by the lower priority notes. The student loan
portfolio is serviced by Nelnet, Inc. which does not currently carry a
Fitch Seller/Servicer Rating.

The collateral supporting the bonds consists of federally
guaranteed loans originated under the Federal Family Education Loan
Program (FFELP). FFELP loans are guaranteed by an eligible guarantor
to at least 97% of principal and accrued interest, depending on loan
origination date.

Fitch has affirmed the ratings as follows:

Nelnet Student Loan Trust 2003-2

--Senior A-4 'AAA';

--Senior A-5 'AAA';

--Senior A-6 'AAA';

--Subordinate B '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
Emily Lee, +1-212-908-0667
Andrea Murad, +1-212-908-0896
Sandro Scenga, +1-212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com

Copyright Business Wire 2008