Nelnet Completes Initial Placement Through Straight-A Funding

LINCOLN, Neb., May 27 /PRNewswire-FirstCall/ -- Nelnet, Inc. (NYSE: NNI)
announced today that it completed its initial placement of federal student
loans under the U.S. Department of Education-sponsored conduit called
Straight-A Funding, LLC (the Conduit). Nelnet's $637 million placement will
settle on June 4, 2009.

Completion of the initial transaction will reduce the amount of student loans
in Nelnet's federal student loan warehouse facility by approximately $570
million. Approximately $275 million of loans remain in the company's warehouse
facility that are also eligible for the Conduit. Nelnet expects that the
remaining amount of loans eligible for the Conduit will be removed from the
warehouse facility over time as the Conduit increases in size.

The Conduit provides five-year financing for federal Stafford and PLUS loans
first disbursed from October 1, 2003 to June 30, 2009. The Conduit is
supported by a liquidity facility provided by the Federal Financing Bank and
an ultimate backstop purchase of the financed student loans by the Department
of Education. The company expects the total cost of funding, on average, to be
approximately equal to the 3-month LIBOR rate plus 0 to 10 basis points.

For more than 30 years, Nelnet has been helping families plan, prepare, and
pay for their education. Additional information is available at
http://www.nelnet.com.

Information contained or incorporated in this press release, other than
historical information, may be considered forward looking in nature and is
subject to various risks, uncertainties, and assumptions. Should one or more
of these risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those anticipated,
estimated, or expected. Among the key factors that may have a direct bearing
on the company's operating results, performance, or financial condition
expressed or implied by the forward-looking statements are changes in terms of
student loans and the educational credit marketplace, changes in the demand
for educational financing or in financing preferences of educational
institutions, students and their families, or changes in the general interest
rate environment and in the securitization markets for education loans.

(code #: nnig)

SOURCE Nelnet, Inc.

Media, Ben Kiser, +1-402-458-3024, or Investors, Phil Morgan, +1-402-458-3038,
both of Nelnet, Inc.