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Execution Copy AMENDMENT NO. 4 TO CREDIT AGREEMENT This AMENDMENT NO.4 (this
"Amendment") is entered into as of February 13,2015, by and among NELNET, INC.
(the "Borrower"), the Lenders (as defined in the Credit Agreement defined below)
signatory hereto and U.S. BANK NATIONAL ASSOCIATION, as Agent for the Lenders
(in such capacity, the "Agent"). Capitalized terms used herein but not now
defined herein shall have the meaning given such terms in the Credit Agreement
(as defined below). WHEREAS, the Borrower, the Lenders and the Agent are party
to that certain Credit Agreement, dated as of February 17, 2012, as amended by
Amendment No.1 to Credit Agreement, dated as of March 16, 2012, Amendment No.2
to Credit Agreement, dated as of March 28, 2013 and Amendment No. 3 to Credit
Agreement, dated as of June 30, 2014 (collectively, the "Credit Agreement");
WHEREAS, the Borrower has requested that certain clarifications be made to the
Credit Agreement; and WHEREAS, the Lenders have agreed to amend the Credit
Agreement on the terms and conditions set forth herein. NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree to amend the Credit Agreement as follows:
SECTION 1. Amendments to Credit Agreement. The Credit Agreement is hereby
amended in the following respects: (a) Section 6.01 of the Credit Agreement is
hereby amended by deleting the "and" following clause (b), replacing the period
at the end of clause (c) with a semi-colon, replacing the period at the end of
clause (d) with "and" and adding new clause (e) at the end thereof as follows:
(e) other Recourse Indebtedness in connection with sales of private student
loans previously treated as asset sales with respect to which the Borrower or
any of its Subsidiaries has an obligation to purchase any such private student
loans that become delinquent, provided the aggregate outstanding balance of such
private student loans sold pursuant to such ACTIVE 205346431 Y.7

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terms does not exceed $155,300,000 as of December 31, 2014 with such maximum
amount reducing automatically when and as such private student loans are repaid
or repurchased by the Borrower or one of its Subsidiaries by an amount equal to
the amount of such repayment or purchase. (b) Section 6.02 of the Credit
Agreement is hereby amended by redesignating the clause currently identified as
(e) as new clause (f) and adding a new clause (e) immediately prior thereto
reading as follows: (e) Liens granted by the Borrower or one or more of its
Subsidiaries to secure the Indebtedness described in Section 6.01(e); and
SECTION 2. Conditions of Effectiveness. This Amendment will become effective
retroactively as of December 31, 2014 (the "Effective Date") when, and only
when, the Agent has received counterparts of this Amendment executed by the
Borrower and the Required Lenders. SECTION 3. Representations and Warranties.
The Borrower hereby represents and warrants as follows: (a) This Amendment and
the Credit Agreement, as amended by this Amendment, constitute legal, valid and
binding obligations of such party enforceable against such party in accordance
with their terms, except as enforceability may be limited by bankruptcy,
insolvency or similar laws affecting the enforcement of creditors' rights
generally and general equitable principles; and (b) As of the date hereof, and
giving effect to the terms of this Amendment, there exists no Default or Event
of Default and the representations and warranties contained in Article III of
the Credit Agreement, as amended hereby, are true and correct in all material
respects. SECTION 4. Reference to and the Effect on the Agreement. (a) On and
after the Effective Date of this Amendment, and for any relevant prior dates,
each reference in the Credit Agreement to "this Agreement", "hereunder",
"hereof', "herein" or words of like import referring to the Credit Agreement and
each reference to the Credit Agreement in any certificate delivered in
connection therewith, shall mean and be a reference to the Credit Agreement as
amended hereby. (b) Each of the parties hereto hereby agrees that, except as
specifically amended above, the Credit Agreement is hereby ratified and
confirmed and shall continue to be in full force and effect and enforceable,
except as such enforcement may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws relating to or limiting creditors' rights
generally and general equitable principles. ACTIVE 205346431 v. 7

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SECTION 5. H~adings. Section headings in this Amendment are included herein for
convenience only and do not constitute a part of this Amendment for any other
purpose. SECTION 6. Execution in Counterparts. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which taken together shall constitute but one and the
same agreement. Delivery of an executed counterpart of this Amendment by
facsimile, electronic mail, portable document format (PDF) or similar means
shall be effective as delivery of an original executed counterpart of this
Amendment. SECTION 7. Governing Law. The validity, construction and
enforceability of this Amendment shall be governed by the internal law of the
State of New York. [BALANCE OF PAGE INTENTIONALLY LEFT BLANK] SIGNATURE PAGES
FOLLOW ACT1VE 205346431 v.7

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective authorized signatories as of the date and year
first above written. NELNET, INC., Signature Page to Amendment No.4 to Credit
Agreement ACTIVE 205346431 v.6

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ACTIVE 205346431 v.5 U.S. BANK NATIONAL ASSOCIATION, as Administrative Agent and
a Lender Name: Danie Title: Relationship Manager Signature Page to Amendment
No.4 to Credit Agreement

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ACTIVE 205346431 v.7 WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
Signature Page to Amendment No.4 to Credit Agreement

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cmaoec, N.A., as a Lender Signature Page toAmendmenl No.4 to Credit Agreemenl
ACfIVE 205346431 v.5

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ACTIVE 205346431 v.7 ROYAL BANK OF CANADA, as a Lender Title: Authorized
Signatory

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ACTIVE 205346431 v.7 FIRST NATIONAL BANK OF OMAHA, as a Lender Signature Page to
Amendment No.4 to Credit Agreement

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ACTIVE 205346431 v.7 BANK OF MONTREAL, CHICAGO BRANCH, as a Lender By: ~ ___
Name: Karen Louie Title: Director Signature Page to Amendment No.4 to Credit
Agreement

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CONSENT AND REAFFIRMA nON Each of the undersigned hereby acknowledges receipt of
a copy of the foregoing Amendment No.4 entered into as of February __ ,2015, to
the Credit Agreement dated as of February 17,2012, as amended by that certain
Amendment No.1 to Credit Agreement dated as of March 16,2012 and that certain
Amendment No.2 to Credit Agreement dated as of March 28, 2013 and that certain
Amendment No.3 to Credit Agreement dated as of June 30, 2014 (collectively the
"Credit Agreement") among Nelnet, Inc. (the "Borrower"), the financial
institutions from time to time party thereto as lenders (the "Lenders") and U.S.
Bank National Association, in its individual capacity as a Lender and in its
capacity as the Administrative Agent (the "Ag~nt"), which Amendment No.4 is
dated as of June 30, 2014 (the "Amendment"). Capitalized terms used in this
Consent and Reaffirmation and not defined herein shall have the meanings given
to them in the Credit Agreement. Without in any way establishing a course of
dealing by the Agent or any Lender, each of the undersigned consents to the
Amendment and reaffirms the terms and conditions of the Guaranty executed by it
and acknowledges and agrees that such Guaranty remains in full force and effect
and is hereby reaffirmed, ratified and confirmed. All references to the Credit
Agreement contained in the above-referenced documents shall be references to the
Credit Agreement as so modified by the Amendment and as the same Credit
Agreement may from time to time hereafter be amended, modified or restated.
Dated: February _,2015 [BALANCE OF PAGE INTENTIONALLY LEFT BLANK] SIGNA TURE
PAGE FOLLOWS ACTIVE 20534643 J v.7

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IN WITNESS WHEREOF, each Initial Guarantor has caused this Consent and
Reaffirmation to be duly executed by it authorized officer as of the day and
year first above written. NATIONAL EDUCATION LOAN NETWORK, INC.~ ~By: Name: Mike
Dunlap Title: President NELNET BUSINESS SOLUTIONS, INC. BY:~& Name: Mike Dunlap
Title: Assistant Vice President NELNET DNERSIFIED SOLUTIONS, LLC. BY:~ b Name:
Mike Dunlap Title: Vice President and Manager NELNET ENROLLMENT SOLUTIONS, LLC
BY:~~ Name: Mike Dunlap Title: Manager ACTNE 205346431v.7

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