TEXT - Fitch takes rating actions on 3 Nelnet Student Loan Trusts

Wed Feb 6, 2013 2:14pm EST

Feb 6 - Fitch Ratings has taken various rating actions on the senior and
subordinate student loan notes issued by Nelnet Student Loan Trust 2004-3,
2005-2, and 2005-3.  All outstanding senior notes of the three trusts have been
affirmed at 'AAAsf,' and all outstanding subordinate notes of the three trusts
have been upgraded to 'AA-sf.' The Rating Outlooks for the 'AAAsf' notes, which
are tied to the sovereign rating of the U.S. government, remain Negative. The
Rating Outlooks for the subordinate notes have been revised to Positive from
Stable.

Fitch affirms the ratings on the senior notes based on the sufficient level of 
credit enhancement to cover the applicable risk factor stresses. Credit 
enhancement for the senior notes consists of overcollateralization, projected 
minimum excess spread, and subordination provided by the class B notes.

The subordinate notes of the three trusts are upgraded due to the fact that all 
three trusts have now dropped below a 40% pool factor, resulting in the Reserve 
Account being excluded from Nelnet's parity calculation. This has allowed 
overcollateralization to build to a sufficient level to cover the applicable 
risk factor stresses. The Outlooks for the subordinate notes have been revised 
to Positive from Stable because overcollateralization will continue to build as 
the notes pay down.

Fitch used its 'Global Structured Finance Rating Criteria' and 'Rating U.S. 
Federal Family Education Loan Program Student Loan ABS' to review the ratings. 

Fitch has taken the following rating actions: 

Nelnet Student Loan Trust 2004-3:

--A-4 affirmed at 'AAAsf'; Outlook Negative;
--A-5 affirmed at 'AAAsf'; Outlook Negative;
--B upgraded to 'AA-sf' from 'Asf'; Outlook revised to Positive from Stable.

Nelnet Student Loan Trust 2005-2:
--A-4 affirmed at 'AAAsf'; Outlook Negative;
--A-5 affirmed at 'AAAsf'; Outlook Negative;
--B upgraded to 'AA-sf' from 'BBBsf'; Outlook revised to Positive from Stable.

Nelnet Student Loan Trust 2005-3:
--A-4 affirmed at 'AAAsf'; Outlook Negative;
--A-5 affirmed at 'AAAsf'; Outlook Negative;
--B upgraded to 'AA-sf' from 'BBBsf'; Outlook revised to Positive from Stable.
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