<PAGE>
                                                                     Exhibit 4.3

================================================================================

                   SERIES 2000 SUPPLEMENTAL INDENTURE OF TRUST

                                 by and between

                        NELNET STUDENT LOAN CORPORATION-2

                                       and

                           ZIONS FIRST NATIONAL BANK,
                                   as Trustee

                           Authorizing the Issuance of

                                 $1,000,000,000
                        NELNET Student Loan Corporation-2
                     Taxable Student Loan Asset-Backed Notes
                                   Series 2000

                            Dated as of June 1, 2000

================================================================================


<PAGE>


                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                                       Page
<S>                                                                                    <C>
                                    ARTICLE I

DEFINITIONS AND USE OF PHRASES......................................................      1

                                   ARTICLE II

       SERIES 2000 NOTE DETAILS, FORM OF SERIES 2000 NOTES, REDEMPTION OF
           SERIES 2000 NOTES AND USE OF PROCEEDS OF SERIES 2000 NOTES

Section 2.01.     Series 2000 Note Details..........................................      4
Section 2.02.     Redemption of the Series 2000 Notes...............................      6
Section 2.03.     Delivery of Series 2000 Notes.....................................      8
Section 2.04.     Trustee's Authentication Certificate..............................      8
Section 2.05.     Deposit of Series 2000 Note Proceeds..............................      9
Section 2.06.     Forms of Series 2000 Notes........................................      9

                                   ARTICLE III

                               GENERAL PROVISIONS

Section 3.01.     Date of Execution.................................................      9
Section 3.02.     Laws Governing....................................................      9
Section 3.03.     Severability......................................................      9
Section 3.04.     Exhibits..........................................................      9

                                   ARTICLE IV

APPLICABILITY OF INDENTURE..........................................................      9

APPENDIX A        CERTAIN TERMS AND PROVISIONS OF THE AUCTION RATE NOTES
EXHIBIT A-l       FORM OF SERIES 2000A SENIOR (ARCs)
EXHIBIT A-2       FORM OF SERIES 2000B SUBORDINATE (ARCs)
EXHIBIT B         SERIES 2000 CLOSING CASH FLOW PROJECTIONS
EXHIBIT C         NOTICE OF PAYMENT DEFAULT
EXHIBIT D         NOTICE OF CURE OF PAYMENT DEFAULT
EXHIBIT E         NOTICE OF PROPOSED CHANGE IN LENGTH OF ONE OR MORE AUCTION PERIODS
EXHIBIT F         NOTICE ESTABLISHING CHANGE IN LENGTH OF ONE OR MORE AUCTION PERIODS
EXHIBIT G         NOTICE OF CHANGE IN AUCTION DATE
</TABLE>


<PAGE>


                   SERIES 2000 SUPPLEMENTAL INDENTURE OF TRUST


         THIS SERIES 2000 SUPPLEMENTAL INDENTURE OF TRUST (this "Supplemental
Indenture") dated as of June 1, 2000, is by and between NELNET STUDENT LOAN
CORPORATION-2, a corporation duly organized and existing under the laws of the
State of Nevada (the "Issuer"), and ZIONS FIRST NATIONAL BANK, a national
banking association duly organized and operating under the laws of the United
States of America (together with its successors, the "Trustee"), as successor
trustee hereunder (all capitalized terms used in these preambles, recitals and
granting clauses shall have the same meanings assigned thereto in Article I
hereof);

                              W I T N E S S E T H:

         WHEREAS, the Issuer has previously entered into an Indenture of Trust
dated as of June 1, 2000 (the "Original Indenture," and together with this
Supplemental Indenture, the "Indenture"), between the Issuer and the Trustee;

         WHEREAS, the Issuer desires to enter into this Supplemental Indenture
in order to issue Notes pursuant to the terms of the Original Indenture,
including Section 2.08 thereof;

         WHEREAS, the Issuer represents that it is duly created as a corporation
under the laws of the State and that by proper action it has duly authorized the
issuance of $1,000,000,000 of its Taxable Student Loan Asset-Backed Notes,
Series 2000 consisting of two Classes, designated as Senior Class 2000A (the
"Series 2000A Notes") and Subordinate Class 2000B (the "Series 2000B Notes," and
together with the Series 2000A Notes, the "Series 2000 Notes"), and it has by
proper corporate action authorized the execution and delivery of this
Supplemental Indenture;

         WHEREAS, the Series 2000 Notes constitute Notes as defined in the
Indenture;

         WHEREAS, the Trustee has agreed to accept the trusts herein created
upon the terms herein set forth; and

         NOW, THEREFORE, it is mutually covenanted and agreed as follows:

                                    ARTICLE I

                         DEFINITIONS AND USE OF PHRASES

         All words and phrases defined in Article I of the Indenture shall have
the same meaning in this Supplemental Indenture, except as otherwise appears in
this Article. In addition, the following terms have the following meanings in
this Supplemental Indenture unless the context clearly requires otherwise:

         "Authorized Denominations" means $50,000 and any integral multiple
thereof.

         "Class 2000A-1 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-1
Auction Rate Notes.


<PAGE>


         "Class 2000A-2 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-2
Auction Rate Notes.

         "Class 2000A-3 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-3
Auction Rate Notes.

         "Class 2000A-4 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-4
Auction Rate Notes.

         "Class 2000A-5 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-5
Auction Rate Notes.

         "Class 2000A-6 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-6
Auction Rate Notes.

         "Class 2000A-7 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-7
Auction Rate Notes.

         "Class 2000A-8 Notes" means the $75,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-8
Auction Rate Notes.

         "Class 2000A-9 Notes" means the $75,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-9
Auction Rate Notes.

         "Class 2000A-10 Notes" means the $75,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-10
Auction Rate Notes.

         "Class 2000A-11 Notes" means the $75,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-11
Auction Rate Notes.

         "Class 2000A-12 Notes" means the $100,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-12
Auction Rate Notes.

         "Class 2000A-13 Notes" means the $100,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-13
Auction Rate Notes.

         "Class 2000A-14 Notes" means the $100,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-14
Auction Rate Notes.

         "Class 2000B-1 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Subordinate Class
2000B-1 Auction Rate Notes.

         "Date of Issuance" means, with respect to the Series 2000 Notes, June
1, 2000.

         "Rating Agency" means, collectively, Fitch IBCA, Inc., Standard &
Poor's Ratings Services and Moody's Investors Service, Inc.

         "Series 2000A Notes" means, collectively, the Class 2000A-1 Notes, the
Class 2000A-2 Notes, the Class 2000A-3 Notes, the Class 2000A-4 Notes, the Class
2000A-5 Notes, the Class

                                        2


<PAGE>


2000A-6 Notes, the Class 2000A-7 Notes, the Class 2000A-8 Notes, the Class
2000A-9 Notes, the Class 2000A-10 Notes, the Class 2000A-11 Notes, the Class
2000A-12 Notes, the Class A-13 Notes and the Class 2000 A-14 Notes.

         "Series 2000B Notes" means the Class 2000B-1 Notes.

         "Series 2000 Notes" means the NELNET Student Loan Corporation-2,
Taxable Student Loan Asset-Backed Notes, Series 2000 issued pursuant to the
Indenture and this Supplemental Indenture in the aggregate principal amount of
$1,000,000,000 consisting of the Series 2000A Notes and the Series 2000B Notes.

         "Series 2000 Reserve Fund Requirement" means 0.75% of the Notes
outstanding; provided, however, that so long as any Notes remain Outstanding
there shall be at least $500,000 on deposit in the Reserve Fund.

         "Servicer" means NELnet, Inc., a Nevada corporation, and their
successors and assigns.

         "Servicing Agreement" means, collectively, (i) the Servicing Agreement
dated as of June 1, 2000, as supplemented and amended from time to time, between
the Issuer and the Servicer, (ii) the Loan Subservicing Agreement dated as of
June 1, 2000, as supplemented and amended from time to time, between the
Servicer and UNIPAC Service Corporation, as subservicer and (iii) the Loan
Sub-Servicing Agreement dated as of June 1, 2000, as supplemented and amended
from time to time, between the Servicer and InTuition, Inc., as subservicer.

         "Subservicer" means, collectively, UNIPAC Service Corporation and
InTuition, Inc., and their successors and assigns.

         "Underwriter" means, collectively, PaineWebber Incorporated, Salomon
Smith Barney Inc., Banc of America Securities LLC, Merrill Lynch, Pierce, Fenner
& Smith Incorporated. J.P. Morgan Securities Inc. and Mellon Financial Markets,
Inc.

         Words importing the masculine gender include the feminine gender. Words
importing persons include firms, associations and corporations. Words importing
the singular number include the plural number and vice versa. Additional terms
are defined in the body of this Supplemental Indenture and the Appendices
hereto.

         In the event that any term or provision contained herein with respect
to the Series 2000 Notes shall conflict with or be inconsistent with any term or
provision contained in the Indenture, the terms and provisions of this
Supplemental Indenture shall govern.

                                        3


<PAGE>


                                   ARTICLE II

                            SERIES 2000 NOTE DETAILS,
                           FORM OF SERIES 2000 NOTES,
                         REDEMPTION OF SERIES 2000 NOTES
                    AND USE OF PROCEEDS OF SERIES 2000 NOTES

         SECTION 2.01. SERIES 2000 NOTE DETAILS.

                  (a)      The aggregate principal amount of the Series 2000
         Notes which may be initially authenticated and delivered under this
         Supplemental Indenture is limited to $1,000,000,000 except for Series
         2000 Notes authenticated and delivered upon transfer of, or in exchange
         for, or in lieu of Notes pursuant to Sections 2.03 and 2.04 of the
         Indenture. The Series 2000 Notes shall be issued in fifteen (15)
         separate subclasses (each a "subclass") consisting of $50,000,000 of
         Class 2000A-1 Notes, $50,000,000 of Class 2000A-2 Notes, $50,000,000 of
         Class 2000A-3 Notes, $50,000,000 of Class 2000A-4 Notes, $50,000,000 of
         Class 2000A-5 Notes, $50,000,000 of Class 2000A-6 Notes, $50,000,000 of
         Class 2000A-7 Notes, $75,000,000 of Class 2000A-8 Notes, $75,000,000 of
         Class 2000A-9 Notes, $75,000,000 of Class 2000A-10 Notes, $75,000,000
         of Class 2000A-11 Notes, $100,000,000 of Class 2000A-12 Notes,
         $100,000,000 of Class 2000A-13 Notes, $100,000,000 of Class 2000A-14
         Notes and $50,000,000 of Class 2000B-1 Notes. The Series 2000 Notes
         shall be issuable only as fully registered notes in the Authorized
         Denominations. The Series 2000 Notes of each subclass shall each be
         lettered "R" and shall be numbered separately from 1 upwards,
         respectively.

                  The Series 2000 Notes (collectively, the "Auction Rate Notes")
         shall be dated their Date of Issuance and shall bear interest from
         their Date of Issuance, payable on each Interest Payment Date (as
         defined in Appendix A to this Supplemental Indenture), except that
         Auction Rate Notes which are issued upon transfer, exchange or other
         replacement shall bear interest from the most recent Interest Payment
         Date to which interest has been paid, or if no interest has been paid,
         from the date of the Auction Rate Notes. The Series 2000 Notes shall
         mature on December 1, 2032. Interest on the Auction Rate Notes shall be
         computed on the basis of a 360-day year and actual days elapsed. The
         terms of and definitions related to the Auction Rate Notes are found in
         Article I hereof and Appendix A to this Supplemental Indenture.

                  The principal of the Series 2000 Notes due at its Stated
         Maturity or redemption in whole shall be payable at the Principal
         Office of the Trustee, or such other location as directed by the
         Trustee, or at the Principal Office of its successor in trust upon
         presentation and surrender of the Series 2000 Notes. Payment of
         interest and principal paid subject to a redemption on any Series 2000
         Note shall be made to the Registered Owner thereof by check or draft
         mailed on the Interest Payment Date by the Trustee to the Registered
         Owner at his address as it last appears on the registration books kept
         by the Trustee at the close of business on the Record Date for such
         interest payment date, but any such interest not so timely paid or duly
         provided for shall cease to be payable to the Registered Owner thereof
         at the close of business on the Record Date and shall be payable to the
         Registered Owner thereof at the close of business on a special record
         date

                                        4


<PAGE>


         (a "Special Record Date") for the payment of any such defaulted
         interest. Such Special Record Date shall be fixed by the Trustee
         whenever moneys become available for payment of the defaulted interest,
         and notice of such Special Record Date shall be given to the Registered
         Owners of the Series 2000 Notes not less than 10 days prior thereto by
         first-class mail to each such Registered Owner as shown on the
         Trustee's registration books on the date selected by the Trustee,
         stating the date of the Special Record Date and the date fixed for the
         payment of such defaulted interest. Payment of interest to the
         Securities Depository or its nominee shall, and at the written request
         addressed to the Trustee of any other Registered Owner owning at least
         $1,000,000 principal amount of the Series 2000 Notes, payments of
         interest shall, be paid by wire transfer within the United States to
         the bank account number filed no later than the Record Date or Special
         Record Date with the Trustee for such purpose. All payments on the
         Series 2000 Notes shall be made in lawful money of the United States of
         America.

                  (b)      Except as otherwise provided in this Section, the
         Series 2000 Notes in the form of one global note for each Stated
         Maturity date shall be registered in the name of the Securities
         Depository or its nominee and ownership thereof shall be maintained in
         book-entry form by the Securities Depository for the account of the
         Agent Members. Initially, each Series 2000 Note shall be registered in
         the name of CEDE & Co., as the nominee of The Depository Trust Company.
         Except as provided in subsection (d) of this Section, the Series 2000
         Notes may be transferred, in whole but not in part, only to the
         Securities Depository or a nominee of the Securities Depository or to
         a successor Securities Depository selected or approved by the Issuer
         or to a nominee of such successor Securities Depository. Each global
         note shall bear a legend substantially to the following effect: "Except
         as otherwise provided in the Indenture, this global note may be
         transferred, in whole but not in part, only to another nominee of the
         Securities Depository (as defined in the Indenture) or to a successor
         Securities Depository or to a nominee of a successor Securities
         Depository."

                  (c)      Except as otherwise provided herein, the Issuer and
         the Trustee shall have no responsibility or obligation with respect to
         (i) the accuracy of the records of the Securities Depository or any
         Agent Member with respect to any beneficial ownership interest in the
         Series 2000 Notes, (ii) the delivery to any Agent Member, beneficial
         owner of the Series 2000 Notes or other Person, other than the
         Securities Depository, of any notice with respect to the Series 2000
         Notes or (iii) the payment to any Agent Member, beneficial owner of the
         Series 2000 Notes or other Person, other than the Securities
         Depository, of any amount with respect to the principal of or interest
         on the Series 2000 Notes. So long as the certificates for the Series
         2000 Notes issued under this Supplemental Indenture are not issued
         pursuant to subsection (d) of this Section the Issuer and the Trustee
         may treat the Securities Depository as, and deem the Securities
         Depository to be, the absolute owner of the Series 2000 Notes for all
         purposes whatsoever, including, without limitation, (A) the payment of
         principal of and interest on such Series 2000 Notes, (B) giving notices
         of redemption and other matters with respect to such Series 2000 Notes
         and (C) registering transfers with respect to such Series 2000 Notes.
         In connection with any notice or other communication to be provided to
         the Registered Owners pursuant to this Supplemental Indenture by the
         Issuer or the Trustee with respect to any consent or other action to be
         taken by the Registered Owners, the

                                        5


<PAGE>


         Issuer or the Trustee, as the case may be, shall establish a record
         date for such consent or other action and, if the Securities Depository
         shall hold all of the Series 2000 Notes, give the Securities Depository
         notice of such record date not less than 15 calendar days in advance of
         such record date to the extent possible. Such notice to the Securities
         Depository shall be given only when the Securities Depository is the
         sole Registered Owner.

                  (d)      If at any time the Securities Depository notifies the
         Issuer and the Trustee that it is unwilling or unable to continue as
         Securities Depository with respect to any or all of the Series 2000
         Notes or if at any time the Securities Depository shall no longer be
         registered or in good standing under the Securities Exchange Act or
         other applicable statute or regulation and a successor Securities
         Depository is not appointed by the Issuer within 90 days after the
         Issuer receives notice or becomes aware of such condition, as the case
         may be, subsections (b) and (c) of this Section shall no longer be
         applicable and the Issuer shall execute and the Trustee shall
         authenticate and deliver certificates representing the Series 2000
         Notes as provided below. In addition, the Issuer may determine at any
         time that the Series 2000 Notes shall no longer be represented by
         global certificates and that the provisions of subsections (b) and (c)
         of this Section shall no longer apply to the Series 2000 Notes. In such
         event, the Issuer shall execute and the Trustee shall authenticate and
         deliver certificates representing the Series 2000 Notes as provided
         below. Certificates for the Series 2000 Notes issued in exchange for a
         global certificate pursuant to this subsection shall be registered in
         such names and authorized denominations as the Securities Depository,
         pursuant to instructions from the Agent Members or otherwise, shall
         instruct in writing to the Issuer and the Trustee, and upon which
         written instructions the Trustee may rely without investigation. The
         Trustee shall promptly deliver such certificates representing the
         Series 2000 Notes to the Persons in whose names such Notes are so
         registered.

         SECTION 2.02. REDEMPTION OF THE SERIES 2000 NOTES.

                  (a)      MANDATORY REDEMPTION. Subject to the provisions of
         Section 2.02(d) hereof, the Series 2000 Notes are subject to mandatory
         redemption (a) in whole or in part, on the first Interest Payment Date
         after December 1, 2000, at a redemption price equal to the principal
         amount thereof plus interest accrued, if any, to the date of redemption
         thereof from moneys deposited in the Acquisition Fund on the Date of
         Issuance which have not been used to finance Eligible Loans by December
         1, 2000 and (b) at the direction of the Issuer, in whole or in part, on
         any Interest Payment Date, at a redemption price equal to the principal
         amount thereof plus interest accrued, if any, to the date of redemption
         thereof from moneys representing Recoveries of Principal deposited in
         the Acquisition Fund after June 1, 2003, unless such date can be
         extended without affecting the Rating on any of the Notes, as evidenced
         by a Rating Confirmation.

                  (b)      OPTIONAL REDEMPTIONS AND OPTIONAL PURCHASE.

                           (i)      Optional Redemption of Series 2000 Notes.
                  Subject to the provisions of Section 2.02(d) hereof, the
                  Series 2000 Notes are subject to redemption at the option of
                  the Issuer, from funds received by the Trustee

                                        6
<PAGE>

                  constituting interest on Financed Eligible Loans remaining in
                  the Revenue Fund after all other prior required payments have
                  been made from the Revenue Fund, in whole or in part, on any
                  Interest Payment Date, at a redemption price equal to the
                  principal amount thereof being redeemed, plus interest
                  accrued, if any, to the date of redemption.

                           (ii)     Extraordinary Optional Redemption of Series
                  2000 Notes. Subject to the provisions of Section 2.02(d)
                  hereof, the Series 2000 Notes shall also be subject to
                  extraordinary optional redemption, at the option of the
                  Issuer, from any unallocated and available moneys in the Trust
                  Estate, at a redemption price equal to the principal amount of
                  the Series 2000 Notes being redeemed, plus accrued interest to
                  the date of redemption, without premium in whole or in part on
                  any Interest Payment Date, if the Issuer reasonably determines
                  that it is unable to acquire Financed Eligible Loans, that the
                  rate of return on Financed Eligible Loans has materially
                  decreased, or that the costs of administering the Trust Estate
                  have placed unreasonable burdens upon the ability of the
                  Issuer to perform its obligations under the Indenture.

                           (iii)    Optional Purchase of Series 2000 Notes.
                  Subject to the provisions of Section 2.02(d) hereof, the
                  Issuer may purchase or cause to be purchased all of the Series
                  2000 Notes on any Interest Payment Date on which the aggregate
                  current principal balance of the Series 2000 Notes shall be
                  less than or equal to 20% of the initial aggregate principal
                  balance of the Series 2000 Notes on their Date of Issuance, at
                  a purchase price equal to the aggregate current principal
                  balance of such Series 2000 Notes, plus accrued interest on
                  the Series 2000 Notes through the day preceding the Interest
                  Payment Date on which the purchase occurs. The amount
                  deposited pursuant to this subsection (iv) shall be paid to
                  the Registered Owners on the related Interest Payment Date
                  following the date of such deposit. All Series 2000 Notes
                  which are purchased pursuant to this subsection (iv) shall be
                  delivered by the Issuer upon such purchase to, and be canceled
                  by, the Trustee and be disposed of in a manner satisfactory to
                  the Trustee and the Issuer.

                  (c)      NOTICE OF REDEMPTION AND PURCHASE. The Trustee shall
         cause notice of any redemption or purchase to be given by mailing a
         copy of the notice by first-class mail to the Registered Owner of any
         Series 2000 Notes, and the Auction Agent, designated for redemption or
         purchase in whole or in part, at their address as the same shall last
         appear upon the registration books, in each case not less than 15 days
         poor to the redemption or purchase date; provided, however, that
         failure to give such notice, or any defect therein, shall not affect
         the validity of any proceedings for the redemption or purchase date of
         such Series 2000 Notes for which no such failure or defect occurs.

                  (d)      PARTIAL REDEMPTION.

                           (i)      If less than all of the Series 2000 Notes
                  are to be redeemed pursuant to Section 2.02(a) or 2.02(b)
                  hereof, the subclass of Series 2000 Notes to be redeemed shall
                  be redeemed as directed by an Issuer Order. If less than all
                  of

                                        7

<PAGE>

                  the Series 2000 Notes of any Stated Maturity of any subclass
                  of the Series 2000 Notes are to be redeemed, the Series 2000
                  Notes of the same Stated Maturity to be redeemed shall be
                  selected by lot in such manner as the Trustee shall determine.
                  Notwithstanding the foregoing, Class 2000B-1 Notes shall only
                  be redeemed if after the redemption of such Class 2000B-1
                  Notes, the Aggregate Market Value of the Trust Estate will
                  equal at least 105% of the aggregate principal amount of all
                  Notes Outstanding.

                           (ii)     In case a Series 2000 Note is of a
                  denomination larger than an Authorized Denomination, a portion
                  of such Note (in an Authorized Denomination) may be redeemed.
                  Upon surrender of any Series 2000 Note for redemption in part
                  only, the Issuer shall execute and the Trustee shall
                  authenticate and deliver to the Registered Owner thereof, the
                  cost of which shall be paid by the Issuer, a new Series 2000
                  Note or Series 2000 Notes of the same series, maturity and of
                  authorized denominations, in an aggregate principal amount
                  equal to the unredeemed portion of the Series 2000 Note
                  surrendered.

         SECTION 2.03. DELIVERY OF SERIES 2000 NOTES. Upon the execution and
delivery of this Supplemental Indenture, the Issuer shall execute and deliver to
the Trustee and the Trustee shall authenticate the Series 2000 Notes and deliver
them to The Depository Trust Company and as hereinafter in this Section
provided.

         Prior to the delivery by the Trustee of any of the Series 2000 Notes,
there shall have been filed with or delivered to the Trustee the following:

                  (a)      A resolution duly adopted by the Issuer, certified by
         the Secretary or other Authorized Officer thereof, authorizing the
         execution and delivery of this Supplemental Indenture and the issuance
         of the Series 2000 Notes.

                  (b)      Duly executed copies of this Supplemental Indenture
         and a copy of the Indenture.

                  (c)      Rating letters from each Rating Agency pursuant to
         Section 2.08(b)(ii) of the Original Indenture.

                  (d)      An opinion of Note Counsel pursuant to Section
         2.08(b)(iii) of the Original Indenture.

         SECTION 2.04. TRUSTEE'S AUTHENTICATION CERTIFICATE. The Trustee's
authentication certificate upon the Series 2000 Notes shall be substantially in
the forms provided in Exhibits A-l and A-2 hereof. No Series 2000 Note shall be
secured hereby or entitled to the benefit hereof, or shall be valid or
obligatory for any purpose, unless a certificate of authentication,
substantially in such form, has been duly executed by the Trustee; and such
certificate of the Trustee upon any Series 2000 Note shall be conclusive
evidence and the only competent evidence that such Bond has been authenticated
and delivered hereunder. The Trustee's certificate of authentication shall be
deemed to have been duly executed by it if manually signed by an authorized
officer of the Trustee, but it shall not be necessary that the

                                       8

<PAGE>

same person sign the certificate of authentication on all of the Series 2000
Notes issued hereunder.

         SECTION 2.05. DEPOSIT OF SERIES 2000 NOTE PROCEEDS. Upon the issuance
and delivery of the Series 2000 Notes, the Trustee shall deposit the net
proceeds thereof (i.e., net of Underwriters' discount and a management fee of
$3,250,000):

                  (a)      an amount equal to $986,190,000 shall be deposited to
         the Acquisition Fund;

                  (b)      an amount equal to $3,060,000 shall be deposited to
         the Revenue Fund; and

                  (c)      an amount equal to $7,500,000 shall be deposited to
         the Reserve Fund.

         SECTION 2.06. FORMS OF SERIES 2000 NOTES. The Series 2000 Notes shall
be in substantially the form set forth in Exhibit A-1 and A-2 hereto, each with
such variations, omissions and insertions as may be necessary.

                                   ARTICLE III

                               GENERAL PROVISIONS

         SECTION 3.01. DATE OF EXECUTION. Although this Supplemental Indenture
for convenience and for the purpose of reference is dated as of June 1, 2000.

         SECTION 3.02. LAWS GOVERNING. It is the intent of the parties hereto
that this Supplemental Indenture shall in all respects be governed by the laws
of the State.

         SECTION 3.03. SEVERABILITY. Of any covenant, agreement, waiver, or part
thereof in this Supplemental Indenture contained be forbidden by any pertinent
law or under any pertinent law be effective to render this Supplemental
Indenture invalid or unenforceable or to impair the lien hereof, then each such
covenant, agreement, waiver, or part thereof shall itself be and is
hereby declared to be wholly ineffective, and this Supplemental Indenture shall
be construed as if the same were not included herein.

         SECTION 3.04. EXHIBITS. The terms of the Exhibits attached to this
Supplemental Indenture are incorporated herein in all particulars.

                                   ARTICLE IV

                           APPLICABILITY OF INDENTURE

         The provisions of the Indenture are hereby ratified, approved and
confirmed, except as otherwise expressly modified by this Supplemental
Indenture. The representations, warranties and covenants contained in the
Indenture (except as expressly modified herein) are hereby reaffirmed with the
same force and effect as if fully set forth herein and made again as of the date
hereof.

                                        9

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this Supplemental Indenture
to be executed in its corporate name and behalf by the Secretary, and the
Trustee, to evidence its acceptance of the trusts hereby created, has caused
this Supplemental Indenture to be executed in its corporate name and behalf, all
in multiple counterparts, each of which shall be deemed an original, and the
Issuer and the Trustee have caused this Supplemental Indenture to be dated as of
the date herein above first shown, although actually executed on the dates shown
in the acknowledgments hereafter appearing.

                                    NELNET STUDENT LOAN
                                    CORPORATION-2

                                    By /s/ Stephen F. Butterfield
                                       ----------------------------------------
                                       Stephen F. Butterfield
                                       President

                                    ZIONS FIRST NATIONAL BANK, as Trustee

                                    By /s/ David W. Bata
                                       ----------------------------------------
                                       David W. Bata
                                       Vice President

                                       10

<PAGE>

                                   APPENDIX A

                         CERTAIN TERMS AND PROVISIONS OF
                             THE AUCTION RATE NOTES

                                    ARTICLE I

                                   DEFINITIONS

         Except as provided below in this Section, all terms which are defined
in Article I of the Indenture and Article I of this Supplemental Indenture shall
have the same meanings, respectively, in this Appendix A as such terms are given
in the Indenture and Article I of this Supplemental Indenture. In addition, the
following terms shall have the following respective meanings:

         "All Hold Rate" means the Applicable LIBOR Rate less .20%; provided
that in no event shall the applicable All Hold Rate be greater than the
applicable Maximum Rate.

         "Applicable LIBOR Rate" means, (a) for Auction Periods of 35 days or
less, One-Month LIBOR, (b) for Auction Periods of more than 35 days but less
than 91 days, Three-Month LIBOR, (c) for Auction Periods of more than 90 days
but less than 181 days, Six-Month LIBOR, and (d) for Auction Periods of more
than 180 days, One-Year LIBOR.

         "Auction" means the implementation of the Auction Procedures on an
Auction Date.

         "Auction Agent" means the Initial Auction Agent under the Initial
Auction Agent Agreement unless and until a Substitute Auction Agent Agreement
becomes effective, after which "Auction Agent" shall mean the Substitute Auction
Agent.

         "Auction Agent Agreement" means the Initial Auction Agent Agreement
unless and until a Substitute Auction Agent Agreement is entered into, after
which "Auction Agent Agreement" shall mean such Substitute Auction Agent
Agreement.

         "Auction Agent Fee" has the meaning set forth in the Auction Agent
Agreement.

         "Auction Date" means, initially, June 14, 2000 with respect to the
Class 2000A-1 Notes, June 27, 2000 with respect to the Class 2000A-2 Notes, July
5, 2000 with respect to the Class 2000A-3 Notes, July 11, 2000 with respect to
the Class 2000A-4 Notes, July 18, 2000 with respect to the Class 2000A-5 Notes,
June 19, 2000 with respect to the Class 2000A-6 Notes, June 26, 2000 with
respect to the Class 2000A-7 Notes, June 27, 2000 with respect to the Class
2000A-8 Notes, July 5, 2000 with respect to the Class 2000A-9 Notes, July 11,
2000 with respect to the Class 2000A-10 Notes, July 18, 2000 with respect to the
Class 2000A-11 Notes, July 10, 2000 with respect to the Class 2000A-12 Notes,
July 17, 2000 with respect to the Class 2000A-13 Notes, June 29, 2000 with
respect to the Class 2000A-14 Notes and June 26, 2000 with respect to the Class
2000B-1 Notes, and thereafter, the Business Day immediately preceding the first
day of each Auction Period for each respective Subclass, other than:

<PAGE>

                  (a)      each Auction Period commencing after the ownership of
         the applicable Auction Rate Notes is no longer maintained in Book-entry
         Form by the Securities Depository;

                  (b)      each Auction Period commencing after and during the
         continuance of a Payment Default; or

                  (c)      each Auction Period commencing less than two Business
         Days after the cure or waiver of a Payment Default.

Notwithstanding the foregoing, the Auction Date for one or more Auction Periods
may be changed pursuant to Section 2.02(h) of this Appendix A.

         "Auction Rate Notes" means, collectively, the Series 2000 Notes.

         "Auction Note Interest Rate" means each variable rate of interest per
annum borne by an Auction Rate Note for each Auction Period and determined in
accordance with the provisions of Sections 2.01 and 2.02 of this Appendix A;
provided, however, that in the event of a Payment Default, the Auction Note
Interest Rate shall equal the applicable Non-Payment Rate; provided, further,
however that such Auction Note Interest Rate shall in no event exceed the lesser
of the Net Loan Rate and the Maximum Rate.

         "Auction Period" means the Interest Period applicable to the Auction
Rate Notes during which time the Interest Rate is determined pursuant to Section
2.02(a) of this Appendix A, which Auction Period (after the Initial Period for
such Subclass) initially shall consist generally of seven days for the Class
2000A-1 Notes and 28 days for the Class 2000A-2 Notes, the Class 2000A-3 Notes,
the Class 2000A-4 Notes, the Class 2000A-5 Notes, the Class 2000A-6 Notes, the
Class 2000A-7 Notes, the Class 2000A-8 Notes, the Class 2000A-9 Notes, the Class
2000A-10 Notes, the Class 2000A-11 Notes, the Class 2000A-12 Notes, the Class
2000A-13 Notes, the Class 2000A-14 Notes and the Class 2000B-1 Notes, as the
same may be adjusted pursuant to Section 2.02(g) of this Appendix A.

         "Auction Period Adjustment" means an adjustment to the Auction Period
as provided in Section 2.02(g) of this Appendix A.

         "Auction Procedures'" means the procedures set forth in Section 2.02(a)
of this Appendix A by which the Auction Rate is determined.

         "Auction Rate" means the rate of interest per annum that results from
implementation of the Auction Procedures and is determined as described in
Section 2.02(a)(iii)(B) of this Appendix A.

         "Authorized Denominations" means $50,000 and any integral multiple
thereof.

         "Available Auction Rate Notes" has the meaning set forth in Section
2.02(a)(iii)(A)(l) of this Appendix A.

         "Bid" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

                                      A-1-2

<PAGE>

         "Bid Auction Rate" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.

         "Bidder" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

         "Bond Equivalent Yield" means, in respect of any security the rate for
which is quoted in The Wall Street Journal on a bank discount basis, the "bond
equivalent yield" (expressed as a percentage) for such security which appears on
Telerate's United States Treasury and Money Market Composite Page 0223, rounded
up to the nearest one one-hundredth of one percent.

         "Book-entry Form" or "Book-entry System" means a form or system under
which (a) the beneficial right to principal and interest may be transferred only
through a book entry, (b) physical securities in registered form are issued only
to a Securities Depository or its nominee as registered owner, with the
securities "immobilized" to the custody of the Securities Depository, and (c)
the book entry is the record that identifies the owners of beneficial interests
in that principal and interest.

         "Broker-Dealer" means, collectively, PaineWebber Incorporated, Salomon
Smith Barney Inc., Banc of America Securities LLC and Merrill Lynch, Pierce,
Fenner & Smith Incorporated or any other broker or dealer (each as defined in
the Securities Exchange Act of 1934, as amended), commercial bank or other
entity permitted by law to perform the functions required of a Broker-Dealer set
forth in the Auction Procedures that (a) is a Participant (or an affiliate of a
Participant), (b) has been appointed as such by the Issuer pursuant to Section
2.02(f) of this Appendix A, and (c) has entered into a Broker-Dealer Agreement
that is in effect on the date of reference.

         "Broker-Dealer Agreement" means each agreement between the Auction
Agent and a Broker-Dealer, and approved by the Issuer, pursuant to which the
Broker-Dealer agrees to participate in Auctions as set forth in the Auction
Procedures, as from time to time amended or supplemented. Each Broker-Dealer
Agreement shall be in substantially the form of the Broker-Dealer Agreements,
each dated as of June 1, 2000, among the Issuer, Bankers Trust Company, as
Auction Agent, and the Broker-Dealers.

         "Broker-Dealer Fee" has the meaning set forth in the Auction Agent
Agreement.

         "Broker-Dealer Fee Rate" has the meaning set forth in the Auction Agent
Agreement.

         "Business Day" means any day other than April 14 and 15, December 30
and 31, a Saturday, Sunday, holiday or day on which banks located in the City of
New York, New York, or the New York Stock Exchange, the Trustee or the Auction
Agent, are authorized or permitted by law or executive order to close or such
other date as may be agreed to in writing by the Auction Agent, the
Broker-Dealers and the Issuer.

         "Carry-over Amount" means the excess, if any, of (a) the amount of
interest on an Auction Rate Note that would have accrued with respect to the
related Interest Period at the applicable Auction Rate over (b) the amount of
interest on such Auction Rate Note actually accrued with respect to such Auction
Rate Note with respect to such Interest Period based on the Net Loan Rate,
together with the unreduced portion of any such excess from prior Interest

                                      A-l-3

<PAGE>

Periods; provided that any reference to "principal" or "interest" in the
Supplemental Indenture and in this Appendix A and the Auction Rate Notes shall
not include within the meanings of such words any Carry-over Amount or any
interest accrued on any Carry-over Amount.

         "Closing Date" means the Date of Issuance of the Auction Rate Notes
(June 1, 2000).

         "Commercial Paper Dealer" means PaineWebber Incorporated., its
successors and assigns, and any other commercial paper dealer appointed pursuant
to Section 2.02(c) of this Appendix A.

         "Effective Interest Rate" means, with respect to any Financed Eligible
Loan, the interest rate per annum payable by the borrower as of the last day of
the calendar quarter borne by such Financed Eligible Loan after giving effect to
any reduction in such interest rate pursuant to borrower incentives, (a) less
all accrued rebate fees on such Financed Eligible Loan constituting
Consolidation Loans paid during such calendar quarter expressed as a percentage
per annum and (b) plus all accrued Interest Benefit Payments and Special
Allowance Payments applicable to such Financed Eligible Loan during such
calendar quarter expressed as a percentage per annum.

         "Eligible Carry-over Make-Up Amount" means, with respect to each
Interest Period relating to the Auction Rate Notes as to which, as of the first
day of such Interest Period, there is any unpaid Carry-over Amount, an amount
equal to the lesser of (a) interest computed on the principal balance of the
Auction Rate Notes in respect to such Interest Period at a per annum rate equal
to the excess, if any, of the Net Loan Rate over the Auction Rate, together with
the unreduced portion of any such excess from prior Interest Periods and (b) the
aggregate Carry-over Amount remaining unpaid as of the first day of such
Interest Period together with interest accrued and unpaid thereon through the
end of such Interest Period.

         "Existing Owner" means (a) with respect to and for the purpose of
dealing with the Auction Agent in connection with an Auction, a Person who is a
Broker-Dealer listed in the Existing Owner Registry at the close of business on
the Business Day immediately preceding the Auction Date for such Auction and (b)
with respect to and for the purpose of dealing with the Broker-Dealer in
connection with an Auction, a Person who is a beneficial owner of Auction Rate
Notes.

         "Existing Owner Registry" means the registry of Persons who are owners
of the Auction Rate Notes, maintained by the Auction Agent as provided in the
Auction Agent Agreement.

         "Hold Order" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

         "Initial Auction Agent" means Bankers Trust Company, a New York banking
corporation, its successors and assigns.

         "Initial Auction Agent Agreement" means, collectively, the Auction
Agent Agreement dated as of June 1, 2000, by and among the Issuer, the Trustee
and the Initial Auction Agent, including any amendment thereof or supplement
thereto.

                                      A-1-4

<PAGE>

         "Initial Period" means, as to Auction Rate Notes, the period commencing
on the Closing Date and continuing through the day immediately preceding the
Initial Rate Adjustment Date for such Auction Rate Notes.

         "Initial Rate" means 6.620% for the Class 2000A-1 Notes, 6.650% for the
Class 2000A-2 Notes, 6.650% for the Class 2000A-3 Notes, 6.650% for the Class
2000A-4 Notes, 6.650% for the Class 2000A-5 Notes, 6.650% for the Class 2000A-6
Notes, 6.650% for the Class 2000A-7 Notes, 6.649% for the Class 2000A-8 Notes,
6.670% for the Class 2000A-9 Notes, 6.670% for the Class 2000A-10 Notes, 6.670%
for the Class 2000A-11 Notes, 6.700% for the Class 2000A-12 Notes, 6.700% for
the Class 2000A-13 Notes, 6.610% for the Class 2000A-14 Notes and 6.750% for the
Class 2000B-1 Notes.

         "Initial Rate Adjustment Date" means, with respect to the Class 2000A-1
Notes, June 15, 2000; with respect to the Class 2000A-2 Notes, June 28, 2000;
with respect to the Class 2000A-3 Notes, July 6, 2000; with respect to the Class
2000A-4 Notes, July 12, 2000; with respect to the Class 2000A-5 Notes, July 19,
2000; with respect to the Class 2000A-6 Notes, June 20, 2000; with respect to
the Class 2000A-7 Notes, June 27, 2000; with respect to the Class 2000A-8 Notes,
June 28, 2000; with respect to the Class 2000A-9 Notes, July 6, 2000; with
respect to the Class 2000A-10 Notes, July 12, 2000; with respect to the Class
2000A-11 Notes, July 19, 2000; with respect to the Class 2000A-12 Notes, July
11, 2000; with respect to the Class 2000A-13 Notes, July 18, 2000; with respect
to the Class 2000A-14 Notes, June 30, 2000; and with respect to the Class
2000B-1 Notes, June 27, 2000.

         "Interest Payment Date" means (a) so long as the Auction Rate Notes
bear interest at an Auction Note Interest Rate for an Interest Period of not
greater than 180 days, the Business Day immediately following the expiration of
the Initial Period for such Subclass, and each related Auction Period thereafter
and (b) if and for so long as the Auction Rate Notes bear interest at an Auction
Note Interest Rate for an Interest Period of greater than 180 days, each January
1 and June 1.

         "Interest Period" means, with respect to the Auction Rate Notes, the
Initial Period and each period commencing on an Interest Rate Adjustment Date
for such Subclass and ending on the day before (a) the next Interest Rate
Adjustment Date for such Subclass or (b) the Stated Maturity of such Subclass,
as applicable.

         "Interest Rate Adjustment Date" means the date on which an Auction Note
Interest Rate is effective, and means, with respect to the Auction Rate Notes,
the date of commencement of each Auction Period.

         "Interest Rate Determination Date" means, with respect to the Auction
Rate Notes, the Auction Date, or if no Auction Date is applicable to such
Subclass, the Business Day immediately preceding the date of commencement of an
Auction Period.

         "Maximum Rate" means the least of (a) either (i) the Applicable LIBOR
Rate plus 1.50% (if the ratings assigned by the Rating Agency to the Auction
Rate Notes are "Aa3" and "AA-," respectively, or better) or (ii) the Applicable
LIBOR Rate plus 2.50% (if any one of the ratings assigned by the Rating Agency
to the Auction Rate Notes is less than "Aa3" or "AA-,"

                                      A-l-5

<PAGE>

respectively), (b) 18% and (c) the highest rate the Issuer may legally pay, from
time to time, as interest on the Auction Rate Notes. For purposes of the Auction
Agent and the Auction Procedures, the ratings referred to in this definition
shall be the last ratings of which the Auction Agent has been given written
notice pursuant to the Auction Agent Agreement.

         "Net Loan Rate" means, respect to any Interest Period applicable to the
Auction Rate Notes, the greater of (a) the rate of interest per annum (rounded
to the next highest one one-hundredth of one percent) equal to the applicable
United States Treasury Security Rate plus 1.50% or (b) the rate of interest per
annum (rounded to the next highest one-hundredth of one percent) equal to (i)
the weighted average Effective Interest Rate of the Financed Eligible Loans for
the calendar quarter immediately preceding such Interest Period, as determined
by the Issuer on the last day of such calendar quarter, less (ii) the Program
Expense Percentage, as determined by the Issuer on the last day of each calendar
year. In making the determinations in (b)(i) and (ii) of this definition of "Net
Loan Rate," the Issuer shall take into account as an increase to such Net Loan
Rate the receipt of any Reciprocal Payment and as a decrease to any Issuer
Derivative Payment. The determinations made by the Issuer in (b)(i) and (ii) of
this definition of "Net Loan Rate" shall be given in writing to the Auction
Agent, the Trustee and the Broker-Dealers immediately upon their respective
calculation dates.

         "Non-Payment Rate" means One-Month LIBOR plus 1.50%.

         "One-Month LIBOR," "Three-Month LIBOR," "Six-Month LIBOR" or "One-Year
LIBOR," means the offered rate, as determined by the Auction Agent or Trustee,
as applicable, of the Applicable LIBOR Based Rate for United States dollar
deposits which appears on Telerate Page 3750, as reported by Bloomberg Financial
Markets Commodities News (or such other page as may replace Telerate Page 3750
for the purpose of displaying comparable rates) as of approximately 11:00 a.m.,
London time, on the LIBOR Determination Date; provided, that if on any
calculation date, no rate appears on Telerate Page 3750 as specified above, the
Auction Agent or Trustee, as applicable, shall determine the arithmetic mean of
the offered quotations of four major banks in the London interbank market, for
deposits in United States dollars for the respective periods specified above to
the banks in the London interbank market as of approximately 11:00 a.m., London
time, on such calculation date and in a principal amount of not less than
$1,000,000 that is representative of a single transaction in such market and at
such time, unless fewer than two such quotations are provided, in which case,
the Applicable LIBOR Based Rate shall be the arithmetic mean of the offered
quotations that leading banks in New York City selected by the Auction Agent or
Trustee, as applicable, are quoting on the relevant LIBOR Determination Date for
loans in United States dollars to leading European banks in a principal amount
of not less than $1,000,000 that is representative of a single transaction in
such market at such time. All percentages resulting from such calculations shall
be rounded upwards, if necessary, to the nearest one-hundredth of one percent.

         "Order" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

         "Payment Default" means, with respect to the Auction Rate Notes, (a) a
default in the due and punctual payment of any installment of interest on such
Auction Rate Notes, or (b) a default in the due and punctual payment of any
interest on and principal of such Auction Rate Notes at their maturity.

                                      A-1-6


<PAGE>


         "Potential Owner" means any Person (including an Existing Owner that is
(a) a Broker-Dealer when dealing with the Auction Agent and (b) a potential
beneficial owner when dealing with a Broker-Dealer) who may be interested in
acquiring Auction Rate Notes (or, in the case of an Existing Owner thereof, an
additional principal amount of Auction Rate Notes).

         "Program Expense Percentage" means, the percentage that all Program
Expenses estimated for the next 12 months represent of the principal amount of
the Notes, which as of June 1, 2000 is 1.05%, and which the Issuer shall
calculate annually on the last day of each calendar year. Any adjustment in the
Program Expense Percentage shall be effective beginning on the first Interest
Rate Determination Date following each such calculation.

         "PSA" means the Public Securities Association, its successors and
assigns.

         "Quarterly Average Auction Rate" means the simple average of the
Auction Rates for the Auction Dates preceding the current Auction Date by 91
days or less, including the current Auction Date.

         "Quarterly Average T-Bill Rate" means the simple average of the Bond
Equivalent Yields of 91-day Treasury bills auctioned in the 91 days preceding
(but not including) the current Auction Date.

         "Regular Record Date" means the Business Day next preceding the
applicable Auction Date.

         "S&P" means Standard & Poor's Ratings Services, a Division of The
McGraw-Hill Companies, Inc., its successors and assigns.

         "Sell Order" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

         "Submission Deadline" means 1:00 p.m., eastern time, on any Auction
Date or such other time on any Auction Date by which Broker-Dealers are required
to submit Orders to the Auction Agent as specified by the Auction Agent from
time to time.

         "Submitted Bid" has the meaning set forth in Section 2.02(a)(iii)(A) of
this Appendix A.

         "Submitted Hold Order" has the meaning set forth in Section 2.02(a)
(iii)(A) of this Appendix A.

         "Submitted Order" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.

         "Submitted Sell Order" has the meaning set forth in Section 2.02(a)
(iii)(A) of this Appendix A.

         "Substitute Auction Agent" means the Person with whom the Issuer and
the Trustee enter into a Substitute Auction Agent Agreement.

                                      A-1-7


<PAGE>


         "Substitute Auction Agent Agreement" means an auction agent agreement
containing terms substantially similar to the terms of the Initial Auction Agent
Agreement, whereby a Person having the qualifications required by Section
2.02(e) of this Appendix A agrees with the Trustee and the Issuer to perform the
duties of the Auction Agent under this Appendix A.

         "Sufficient Bids" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.

         "United States Treasury Security Rate" means, for purposes of
calculating the Net Loan Rate applicable to the Auction Rate Notes, that rate of
interest per annum equal to the Bond Equivalent Yield on the applicable United
States Treasury securities sold at the last auction thereof that immediately
precedes the Interest Rate Adjustment Date for the Auction Rate Notes.

         "Variable Rate" means the variable rate of interest per annum,
including the Initial Rate, borne by each Subclass of Auction Rate Notes during
the Initial Period for such Subclass, and each Interest Period thereafter as
such rate of interest is determined in accordance with the provisions of Article
II of this Appendix A.

                                   ARTICLE II

                               TERMS AND ISSUANCE

         SECTION 2.01. AUCTION RATE AND CARRY-OVER AMOUNTS. During the Initial
Period, the Auction Rate Notes shall bear interest at the Initial Rate for such
Subclass. Thereafter, and except with respect to an Auction Period Adjustment,
the Auction Rate Notes shall bear interest at an Auction Note Interest Rate
based on a 7-day or 28-day Auction Period for the Auction Rate Notes, as
determined pursuant to this Section 2.01 and Section 2.02 of this Appendix A.

         For the Auction Rate Notes during the Initial Period and each Auction
Period thereafter, interest at the applicable Auction Rate Notes Interest Rate
shall accrue daily and shall be computed for the actual number of days elapsed
on the basis of a year consisting of 360 days.

         The Auction Note Interest Rate to be borne by the Auction Rate Notes
after such Initial Period for each Auction Period until an Auction Period
Adjustment, if any, shall be determined as described below. Each such Auction
Period after the Initial Period shall commence on and include the day following
the expiration of the immediately preceding Auction Period and terminate on and
include the (i) third Business Day of the following week in the case of the
Class 2000A-1 Notes, (ii) second Business Day of the following fourth week in
the case of the Class 2000A-2 Notes, the Class 2000A-3 Notes, the Class 2000A-4
Notes, the Class 2000A-5 Notes, the Class 2000A-8 Notes, the Class 2000A-9
Notes, the Class 2000A-10 Notes and the Class 2000A-11 Notes, (iii) first
Business Day of the following fourth week in the case of the Class 2000A-6
Notes, the Class 2000A-7 Notes, the Class 2000A-12 Notes, the Class 2000A-13
Notes and the Class 2000B-1 Notes and (iv) third Business Day of the following
fourth week in the case of the Class 2000A-14 Notes; provided, however, that in
the case of the Auction Period that immediately follows the Initial Period for
the Auction Rate Notes, such Auction Period shall commence on the Initial Rate
Adjustment Date. The Auction Note Interest Rate of the Auction Rate Notes for
each Auction Period shall be the Auction Rate in effect for such Auction Period
as determined in accordance with Section 2.02(a) of this Appendix A; provided
that if, on any Interest Rate Determination Date, an Auction is not held for any
reason, then the Auction Note

                                      A-1-8


<PAGE>


Interest Rate on such Auction Rate Notes for the next succeeding Auction Period
shall be the applicable Maximum Rate.

         Notwithstanding the foregoing:

                  (a)      if the ownership of an Auction Rate Note is no longer
         maintained in Book-entry Form, the Auction Note Interest Rate on the
         Auction Rate Notes for any Interest Period commencing after the
         delivery of certificates representing Auction Rate Notes pursuant to
         this Supplemental Indenture shall equal the lesser of (i) the Maximum
         Rate and (ii) the Net Loan Rate on the Business Day immediately
         preceding the first day of such subsequent Interest Period; or

                  (b)      if a Payment Default shall have occurred, the Auction
         Note Interest Rate on the Auction Rate Notes for the Interest Period
         commencing on or immediately after such Payment Default, and for each
         Interest Period thereafter, to and including the Interest Period, if
         any, during which, or commencing less than two Business Days after,
         such Payment Default is cured, shall equal the applicable Non-Payment
         Rate on the first day of each such Interest Period.

         In accordance with Section 2.02(a)(iii)(B) and (C) of this Appendix A,
the Auction Agent shall promptly give written notice to the Trustee and the
Issuer of each Auction Note Interest Rate (unless the Auction Note Interest Rate
is the applicable Non-Payment Rate) and the Maximum Rate when such rate is not
the Auction Note Interest Rate, applicable to the Auction Rate Notes. The
Trustee shall notify the Registered Owners and the Issuer of Auction Rate Notes
of the applicable Auction Note Interest Rate applicable to such Auction Rate
Notes for each Auction Period not later than the third Business Day of such
Auction Period. Notwithstanding any other provision of the Auction Rate Notes or
this Supplemental Indenture and except for the occurrence of a Payment Default,
interest payable on the Auction Rate Notes for an Auction Period shall never
exceed for such Auction Period the amount of interest payable at the applicable
Maximum Rate in effect for such Auction Period.

         If the Auction Rate for the Auction Rate Notes is greater than the Net
Loan Rate, then the Variable Rate applicable to such Auction Rate Notes for that
Interest Period will be the Net Loan Rate. If the Variable Rate applicable to
such Auction Rate Notes for any Interest Period is the Net Loan Rate, the
Trustee shall determine the Carry-over Amount, if any, with respect to such
Auction Rate Notes for such Interest Period. Such Carry-over Amount shall bear
interest calculated at a rate equal to One-Month LIBOR (as determined by the
Auction Agent, provided the Trustee has received notice of One-Month LIBOR from
the Auction Agent, and if the Trustee shall not have received such notice from
the Auction Agent, then as determined by the Trustee) from the Interest Payment
Date for the Interest Period with respect to which such Carry-over Amount was
calculated, until paid. Any payment in respect of Carry-over Amount shall be
applied, first, to any accrued interest payable thereon and, second, in
reduction of such Carry-over Amount. For purposes of this Supplemental Indenture
and this Appendix A, any reference to "principal" or "interest" herein shall not
include within the meaning of such words Carry-over Amount or any interest
accrued on any such Carry-over Amount. Such Carry-over Amount shall be
separately calculated for each Auction Rate Note by the Trustee during such
Interest Period in sufficient time for the Trustee to give notice to each
Registered Owner of such Carry-over

                                      A-1-9


<PAGE>


Amount as required in the next succeeding sentence. Not less than four days
before the Interest Payment Date for an Interest Period with respect to which
such Carry-over Amount has been calculated by the Trustee, the Trustee shall
give written notice to each Registered Owner the Auction Agent and the Issuer of
the Carry-over Amount applicable to each Registered Owner's Auction Rate Note,
which written notice may accompany the payment of interest by check made to each
such Registered Owner on such Interest Payment Date or otherwise shall be mailed
on such Interest Payment Date by first-class mail, postage prepaid, to each such
Registered Owner at such Registered Owner's address as it appears on the
registration records maintained by the Registrar. Such notice shall state, in
addition to such Carry-over Amount, that, unless and until an Auction Rate Note
has been redeemed (other than by optional redemption), after which all accrued
Carry-over Amounts (and all accrued interest thereon) that remains unpaid shall
be canceled and no Carry-over Amount (and interest accrued thereon) shall be
paid with respect to an Auction Rate Note, (a) the Carry-over Amount (and
interest accrued thereon calculated at a rate equal to One-Month LIBOR) shall be
paid by the Trustee on an Auction Rate Note on the earliest of (i) the date of
defeasance of the Auction Rate Notes or (ii) the first occurring Interest
Payment Date (or on the date of any such optional redemption) if and to the
extent that (A) the Eligible Carry-over Make-Up Amount with respect to such
subsequent Interest Period is greater than zero, and (B) moneys are available
pursuant to the terms of the Indenture in an amount sufficient to pay all or a
portion of such Carry-over Amount (and interest accrued thereon), and (b)
interest shall accrue on the Carry-over Amount at a rate equal to One-Month
LIBOR until such Carry-over Amount is paid in full or is cancelled.

         The Carry-over Amount (and interest accrued thereon) for Auction Rate
Notes shall be paid by the Trustee on Outstanding Auction Rate Notes on the
earliest of (a) the date of defeasance of any of the Auction Rate Notes or (b)
the first occurring Interest Payment Date if and to the extent that (i) the
Eligible Carry-over Make-Up Amount with respect to such Interest Period is
greater than zero, and (ii) on such Interest Payment Date there are sufficient
moneys in the Revenue Fund to pay all interest due on the Auction Rate Notes on
such Interest Payment Date. Any Carry-over Amount (and any interest accrued
thereon) on any Auction Rate Note which is due and payable on an Interest
Payment Date, which Auction Rate Note is to be redeemed (other than by optional
redemption) on said Interest Payment Date, shall be paid to the Registered Owner
thereof on said Interest Payment Date to the extent that moneys are available
therefor in accordance with the provisions of this Appendix A; provided,
however, that any Carry-over Amount (and any interest accrued thereon) which is
not yet due and payable on said Interest Payment Date shall be cancelled with
respect to said Auction Rate Note that is to be redeemed (other than by optional
redemption) on said Interest Payment Date and shall not be paid on any
succeeding Interest Payment Date. To the extent that any portion of the
Carry-over Amount (and any interest accrued thereon) remains unpaid after
payment of a portion thereof, such unpaid portion shall be paid in whole or in
part as required hereunder until fully paid by the Trustee on the earliest of
(a) the date of defeasance of any of the Auction Rate Notes or (b) the next
occurring Interest Payment Date or Dates, as necessary, if and to the extent
that the conditions in the second preceding sentence are satisfied. On any
Interest Payment Date on which the Trustee pays only a portion of the Carry-over
Amount (and any interest accrued thereon) on Auction Rate Notes, the Trustee
shall give written notice in the manner set forth in the immediately preceding
paragraph to the Registered Owner of such Auction Rate Note receiving such
partial payment of the Carry-over Amount remaining unpaid on such Auction Rate
Note.

                                     A-1-10


<PAGE>


         The Interest Payment Date or other date on which such Carry-over Amount
(or any interest accrued thereon) for Auction Rate Notes shall be paid shall be
determined by the Trustee in accordance with the provisions of the immediately
preceding paragraph, and the Trustee shall make payment of the Carry-over Amount
(and any interest accrued thereon) in the same manner as, and from the same Fund
from which, it pays interest on the Auction Rate Notes on an Interest Payment
Date. Any payment of Carry-over Amounts (and interest accrued thereon) shall
reduce the amount of Eligible Carry-Over Make-Up Amount.

         In the event that the Auction Agent no longer determines, or fails to
determine, when required, the Auction Note Interest Rate with respect to Auction
Rate Notes, or, if for any reason such manner of determination shall be held to
be invalid or unenforceable, the Auction Note Interest Rate for the next
succeeding Interest Period, which Interest Period shall be an Auction Period,
for Auction Rate Notes shall be the applicable Maximum Rate as determined by the
Auction Agent for such next succeeding Auction Period, and if the Auction Agent
shall fail or refuse to determine the Maximum Rate, the Maximum Rate shall be
determined by the securities dealer appointed by the Issuer capable of making
such a determination in accordance with the provisions of this Appendix A and
written notice of such determination shall be given by such securities dealer to
the Trustee.

         SECTION 2.02. AUCTION RATE.

                  (a)      DETERMINING THE AUCTION RATE. By purchasing Auction
         Rate Notes, whether in an Auction or otherwise, each purchaser of the
         Auction Rate Notes, or its Broker-Dealer, must agree and shall be
         deemed by such purchase to have agreed (x) to participate in Auctions
         on the terms described herein, (y) to have its beneficial ownership of
         the Auction Rate Notes maintained at all times in Book-entry Form for
         the account of its Participant, which in turn will maintain records of
         such beneficial ownership and (z) to authorize such Participant to
         disclose to the Auction Agent such information with respect to such
         beneficial ownership as the Auction Agent may request.

                  So long as the ownership of Auction Rate Notes is maintained
         in Book-entry Form by the Securities Depository, an Existing Owner may
         sell, transfer or otherwise dispose of Auction Rate Notes only pursuant
         to a Bid or Sell Order placed in an Auction or otherwise sell, transfer
         or dispose of Auction Rate Notes through a Broker-Dealer, provided
         that, in the case of all transfers other than pursuant to Auctions,
         such Existing Owner, its Broker-Dealer or its Participant advises the
         Auction Agent of such transfer. Auctions shall be conducted on each
         Auction Date, if there is an Auction Agent on such Auction Date, in the
         following manner:

                  (i)      (A)      Prior to the Submission Deadline on each
                           Auction Date;

                                    (1)      each Existing Owner of Auction Rate
                           Notes may submit to a Broker-Dealer by telephone or
                           otherwise any information as to:

                                             a.       the principal amount of
                                    Outstanding Auction Rate Notes, if any,
                                    owned by such Existing Owner which

                                     A-1-11


<PAGE>


                                    such Existing Owner desires to continue to
                                    own without regard to the Auction Note
                                    Interest Rate for the next succeeding
                                    Auction Period;

                                             b.       the principal amount of
                                    Outstanding Auction Rate Notes, if any,
                                    which such Existing Owner offers to sell if
                                    the Auction Note Interest Rate for the next
                                    succeeding Auction Period shall be less than
                                    the rate per annum specified by such
                                    Existing Owner; and/or

                                             c.       the principal amount of
                                    Outstanding Auction Rate Notes, if any,
                                    owned by such Existing Owner which such
                                    Existing Owner offers to sell without regard
                                    to the Auction Note Interest Rate for the
                                    next succeeding Auction Period;

                                    and

                                    (2)      one or more Broker-Dealers may
                           contact Potential Owners to determine the principal
                           amount of Auction Rate Notes which each Potential
                           Owner offers to purchase, if the Auction Note
                           Interest Rate for the next succeeding Auction Period
                           shall not be less than the rate per annum specified
                           by such Potential Owner.

                           The statement of an Existing Owner or a Potential
                  Owner referred to in (1) or (2) of this paragraph (A) is
                  herein referred to as an "Order," and each Existing Owner and
                  each Potential Owner placing an Order is herein referred to as
                  a "Bidder"; an Order described in clause (1)a is herein
                  referred to as a "Hold Order"; an Order described in clauses
                  (1)b and (2) is herein referred to as a "Bid"; and an Order
                  described in clause (1)c is herein referred to as a "Sell
                  Order."

                           (B)      (1)      Subject to the provisions of
                           Section 2.02(a)(ii) of this Appendix A, a Bid by an
                           Existing Owner shall constitute an irrevocable offer
                           to sell:

                                             a.       the principal amount of
                                    Outstanding Auction Rate Notes specified in
                                    such Bid if the Auction Note Interest Rate
                                    determined as provided in this Section
                                    2.02(a) shall be less than the rate
                                    specified therein; or

                                             b.       such principal amount, or
                                    a lesser principal amount of Outstanding
                                    Auction Rate Notes to be determined as set
                                    forth in Section 2.02(a)(iv)(A)(4) of this
                                    Appendix A, if the Auction Note Interest
                                    Rate determined as provided in this Section
                                    2.02(a) shall be equal to the rate specified
                                    therein; or

                                     A-1-12


<PAGE>


                                             c.       such principal amount, or
                                    a lesser principal amount of Outstanding
                                    Auction Rate Notes to be determined as set
                                    forth in Section 2.02(a)(iv)(B)(3) of this
                                    Appendix A, if the rate specified therein
                                    shall be higher than the applicable Maximum
                                    Rate and Sufficient Bids have not been made.

                                    (2)      Subject to the provisions of
                           Section 2.02(a)(ii) of this Appendix A, a Sell Order
                           by an Existing Owner shall constitute an irrevocable
                           offer to sell:

                                             a.       the principal amount of
                                    Outstanding Auction Rate Notes specified in
                                    such Sell Order; or

                                             b.       such principal amount, or
                                    a lesser principal amount of Outstanding
                                    Auction Rate Notes set forth in Section
                                    2.02(a)(iv)(B)(3) of this Appendix A, if
                                    Sufficient Bids have not been made.

                                    (3)      Subject to the provisions of
                           Section 2.02(a)(ii) of this Appendix A, a Bid by a
                           Potential Owner shall constitute an irrevocable offer
                           to purchase:

                                             a.       the principal amount of
                                    Outstanding Auction Rate Notes specified in
                                    such Bid if the Auction Note Interest Rate
                                    determined as provided in this Section
                                    2.02(a) shall be higher than the rate
                                    specified in such Bid; or

                                             b.       such principal amount, or
                                    a lesser principal amount of Outstanding
                                    Auction Rate Notes set forth in Section
                                    2.02(a)(iv)(A)(5) of this Appendix A, if the
                                    Auction Note Interest Rate determined as
                                    provided in this Section 2.02(a) shall be
                                    equal to the rate specified in such Bid.

                  (ii)     (A)      Each Broker-Dealer shall submit in writing
                  to the Auction Agent prior to the Submission Deadline on each
                  Auction Date all Orders obtained by such Broker-Dealer and
                  shall specify with respect to each such Order:

                                    (1)      the name of the Bidder placing such
                           Order;

                                    (2)      the aggregate principal amount of
                           Auction Rate Notes that are the subject of such
                           Order;

                                     A-1-13


<PAGE>


                                    (3)      to the extent that such Bidder is
                           an Existing Owner:

                                             a.       the principal amount of
                                    Auction Rate Notes, if any, subject to any
                                    Hold Order placed by such Existing Owner;

                                             b.       the principal amount of
                                    Auction Rate Notes, if any, subject to any
                                    Bid placed by such Existing Owner and the
                                    rate specified in such Bid; and

                                             c.       the principal amount of
                                    Auction Rate Notes, if any, subject to any
                                    Sell Order placed by such Existing Owner;

                                    and

                                    (4)      to the extent such Bidder is a
                           Potential Owner, the rate specified in such Potential
                           Owner's Bid.

                           (B)      If any rate specified in any Bid contains
                  more than three figures to the right of the decimal point, the
                  Auction Agent shall round such rate up to the next higher one
                  thousandth of 1%.

                           (C)      If an Order or Orders covering all
                  Outstanding Auction Rate Notes owned by an Existing Owner is
                  not submitted to the Auction Agent prior to the Submission
                  Deadline, the Auction Agent shall deem a Hold Order to have
                  been submitted on behalf of such Existing Owner covering the
                  principal amount of Outstanding Auction Rate Notes owned by
                  such Existing Owner and not subject to an Order submitted to
                  the Auction Agent.

                           (D)      Neither the Issuer, the Trustee nor the
                  Auction Agent shall be responsible for any failure of a
                  Broker-Dealer to submit an Order to the Auction Agent on
                  behalf of any Existing Owner or Potential Owner.

                           (E)      If any Existing Owner submits through a
                  Broker-Dealer to the Auction Agent one or more Orders covering
                  in the aggregate more than the principal amount of Outstanding
                  Auction Rate Notes owned by such Existing Owner, such Orders
                  shall be considered valid as follows and in the following
                  order of priority:

                                    (1)      All Hold Orders shall be considered
                           valid, but only up to the aggregate principal amount
                           of Outstanding Auction Rate Notes owned by such
                           Existing Owner, and if the aggregate principal amount
                           of Auction Rate Notes subject to such Hold Orders
                           exceeds the aggregate principal amount of Auction
                           Rate Notes owned by such Existing Owner, the
                           aggregate principal amount of Auction Rate Notes
                           subject to each such Hold Order

                                     A-1-14
<PAGE>

                           shall be reduced pro rata so that the aggregate
                           principal amount of Auction Rate Notes subject to
                           such Hold Order equals the aggregate principal amount
                           of Outstanding Auction Rate Notes owned by such
                           Existing Owner.

                                    (2)      a.       Any Bid shall be
                                    considered valid up to an amount equal to
                                    the excess of the principal amount of
                                    Outstanding Auction Rate Notes owned by such
                                    Existing Owner over the aggregate principal
                                    amount of Auction Rate Notes subject to any
                                    Hold Order referred to in clause (A) of this
                                    paragraph (v);

                                             b.       subject to subclause (1)
                                    of this clause (B), if more than one Bid
                                    with the same rate is submitted on behalf of
                                    such Existing Owner and the aggregate
                                    principal amount of Outstanding Auction Rate
                                    Notes subject to such Bids is greater than
                                    such excess, such Bids shall be considered
                                    valid up to an amount equal to such excess;

                                             c.       subject to subclauses (1)
                                    and (2) of this clause (B), if more than one
                                    Bid with different rates are submitted on
                                    behalf of such Existing Owner, such Bids
                                    shall be considered valid first in the
                                    ascending order of their respective rates
                                    until the highest rate is reached at which
                                    such excess exists and then at such rate up
                                    to the amount of such excess; and

                                             d.       in any such event, the
                                    amount of Outstanding Auction Rate Notes, if
                                    any. subject to Bids not valid under this
                                    clause (B) shall be treated as the subject
                                    of a Bid by a Potential Owner at the rate
                                    therein specified; and

                                    (3)      All Sell Orders shall be considered
                           valid up to an amount equal to the excess of the
                           principal amount of Outstanding Auction Rate Notes
                           owned by such Existing Owner over the aggregate
                           principal amount of Auction Rate Notes subject to
                           Hold Orders referred to in clause (1) of this
                           paragraph (v) and valid Bids referred to in clause
                           (2) of this paragraph (E).

                           (F)      If more than one Bid for Auction Rate Notes
                  is submitted on behalf of any Potential Owner, each Bid
                  submitted shall be a separate Bid with the rate and principal
                  amount therein specified.

                           (G)      An Existing Owner that offers to purchase
                  additional Auction Rate Notes is, for purposes of such offer,
                  treated as a Potential Owner.

                                     A-1-15

<PAGE>

                           (H)      Any Bid or Sell Order submitted by an
                  Existing Owner covering an aggregate principal amount of
                  Auction Rate Notes not equal to an Authorized Denomination
                  shall be rejected and shall be deemed a Hold Order. Any Bid
                  submitted by a Potential Owner covering an aggregate principal
                  amount of Auction Rate Notes not equal to an Authorized
                  Denomination shall be rejected.

                           (I)      Any Bid specifying a rate higher than the
                  applicable Maximum Rate will (l)be treated as a Sell Order if
                  submitted by an Existing Owner and (2) not be accepted if
                  submitted by a Potential Owner.

                           (J)      Any Order submitted in an Auction by a
                  Broker-Dealer to the Auction Agent prior to the Submission
                  Deadline on any Auction Date shall be irrevocable.

                  (iii)    (A)      Not earlier than the Submission Deadline on
                  each Auction Date, the Auction Agent shall assemble all valid
                  Orders submitted or deemed submitted to it by the
                  Broker-Dealers (each such Order as submitted or deemed
                  submitted by a Broker-Dealer being herein referred to
                  individually as a "Submitted Hold Order," a "Submitted Bid" or
                  a "Submitted Sell Order," as the case may be, or as a
                  "Submitted Order," and collectively as "Submitted Hold
                  Orders," "Submitted Bids" or "Submitted Sell Orders," as the
                  case may be, or as "Submitted Orders") and shall determine:

                                    (1)      the excess of the total principal
                           amount of Outstanding Auction Rate Notes over the sum
                           of the aggregate principal amount of Outstanding
                           Auction Rate Notes subject to Submitted Hold Orders
                           (such excess being herein referred to as the
                           "Available Auction Rate Notes"), and

                                    (2)      from the Submitted Orders whether:

                                             a.       the aggregate principal
                                    amount of Outstanding Auction Rate Notes
                                    subject to Submitted Bids by Potential
                                    Owners specifying one or more rates equal to
                                    or lower than the applicable Maximum Rate;

                           exceeds or is equal to the sum of:

                                             b.       the aggregate principal
                                    amount of Outstanding Auction Rate Notes
                                    subject to Submitted Bids by Existing Owners
                                    specifying one or more rates higher than the
                                    applicable Maximum Rate; and

                                             c.       the aggregate principal
                                    amount of Outstanding Auction Rate Notes
                                    subject to Submitted Sell Orders;

                                     A-1-16

<PAGE>

                           (in the event such excess or such equality exists,
                           other than because all of the Outstanding Auction
                           Rate Notes are subject to Submitted Hold Orders, such
                           Submitted Bids described in subclause a. above shall
                           be referred to collectively as "Sufficient Bids");
                           and

                                    (3)      if Sufficient Bids exist, the Bid
                           Auction Rate, which shall be the lowest rate
                           specified in such Submitted Bids such that if:

                                             a.       (x) each Submitted Bid
                                    from Existing Owners specifying such lowest
                                    rate and (y) all other Submitted Bids from
                                    Existing Owners specifying lower rates were
                                    rejected, thus entitling such Existing
                                    Owners to continue to own the principal
                                    amount of Auction Rate Notes subject to such
                                    Submitted Bids; and

                                             b.       (x) each such Submitted
                                    Bid from Potential Owners specifying such
                                    lowest rate and (y) all other Submitted Bids
                                    from Potential Owners specifying lower rates
                                    were accepted;

                           the result would be that such Existing Owners
                           described in subclause a. above would continue to own
                           an aggregate principal amount of Outstanding Auction
                           Rate Notes which, when added to the aggregate
                           principal amount of Outstanding Auction Rate Notes to
                           be purchased by such Potential Owners described in
                           subclause b. above, would equal not less than the
                           Available Auction Rate Notes.

                           (B)      Promptly after the Auction Agent has made
                  the determinations pursuant to Section 2.02(a)(iii)(A) of this
                  Appendix A, the Auction Agent shall advise the Trustee, the
                  Broker-Dealers and the Issuer of the Net Loan Rate, Maximum
                  Rate and the All Hold Rate and the components thereof on the
                  Auction Date and, based on such determinations, the Auction
                  Rate for the next succeeding Interest Period as follows:

                                    (1)      if Sufficient Bids exist, that the
                           Auction Rate for the next succeeding Interest Period
                           shall be equal to the Bid Auction Rate so determined;

                                    (2)      if Sufficient Bids do not exist
                           (other than because all of the Outstanding Auction
                           Rate Notes are subject to Submitted Hold Orders),
                           that the Auction Rate for the next succeeding
                           Interest Period shall be equal to the applicable
                           Maximum Rate; or

                                     A-1-17

<PAGE>

                                    (3)      if all Outstanding Auction Rate
                           Notes are subject to Submitted Hold Orders, that the
                           Auction Rate for the next succeeding Interest Period
                           shall be equal to the applicable All Hold Rate.

                           (C)      Promptly after the Auction Agent has
                  determined the Auction Rate, the Auction Agent shall determine
                  and advise the Trustee of the Auction Note Interest Rate,
                  which rate shall be the lesser of (x) the Auction Rate and (y)
                  the Net Loan Rate; provided, however, that in no event shall
                  the Auction Note Interest Rate exceed the applicable Maximum
                  Rate.

                  (iv)     Existing Owners shall continue to own the principal
         amount of Auction Rate Notes that are subject to Submitted Hold Orders.
         If the Net Loan Rate is equal to or greater than the Bid Auction Rate
         and if Sufficient Bids have been received by the Auction Agent, the Bid
         Auction Rate will be the Auction Note Interest Rate, and Submitted Bids
         and Submitted Sell Orders will be accepted or rejected and the Auction
         Agent will take such other action as described below in subparagraph
         (A).

                  If the Net Loan Rate is less than the Auction Rate, the Net
         Loan Rate will be the Auction Note Interest Rate. If the Auction Rate
         and the Net Loan Rate are both greater than the applicable Maximum
         Rate, the Auction Note Interest Rate shall be equal to the applicable
         Maximum Rate. If the Auction Agent has not received Sufficient Bids
         (other than because all of the Outstanding Auction Rate Notes are
         subject to Submitted Hold Orders), the Auction Note Interest Rate will
         be the lesser of the Net Loan Rate and the applicable Maximum Rate. In
         any of the cases described above, Submitted Orders will be accepted or
         rejected and the Auction Agent will take such other action as described
         below in subparagraph (B).

                           (A)      If Sufficient Bids have been made and the
                  Net Loan Rate is equal to or greater than the Bid Auction
                  Rate, and if the applicable Maximum Rate does not apply (in
                  which case the Auction Note Interest Rate shall be the Bid
                  Auction Rate), all Submitted Sell Orders shall be accepted
                  and, subject to the provisions of clauses (4) and (5) of this
                  Section 2.02(a)(iv), Submitted Bids shall be accepted or
                  rejected as follows in the following order of priority, and
                  all other Submitted Bids shall be rejected:

                                    (1)      Existing Owners' Submitted Bids
                           specifying any rate that is higher than the Auction
                           Note Interest Rate shall be accepted, thus requiring
                           each such Existing Owner to sell the aggregate
                           principal amount of Auction Rate Notes subject to
                           such Submitted Bids;

                                     A-1-18

<PAGE>

                                    (2)      Existing Owners' Submitted Bids
                           specifying any rate that is lower than the Auction
                           Note Interest Rate shall be rejected, thus entitling
                           each such Existing Owner to continue to own the
                           aggregate principal amount of Auction Rate Notes
                           subject to such Submitted Bids;

                                    (3)      Potential Owners' Submitted Bids
                           specifying any rate that is lower than the Auction
                           Note Interest Rate shall be accepted;

                                    (4)      Each Existing Owners' Submitted Bid
                           specifying a rate that is equal to the Auction Note
                           Interest Rate shall be rejected, thus entitling such
                           Existing Owner to continue to own the aggregate
                           principal amount of Auction Rate Notes subject to
                           such Submitted Bid, unless the aggregate principal
                           amount of Outstanding Auction Rate Notes subject to
                           all such Submitted Bids shall be greater than the
                           principal amount of Auction Rate Notes (the
                           "remaining principal amount") equal to the excess of
                           the Available Auction Rate Notes over the aggregate
                           principal amount of Auction Rate Notes subject to
                           Submitted Bids described in clauses (2) and (3) of
                           this Section 2.02(a)(iv)(D)(l), in which event such
                           Submitted Bid of such Existing Owner shall be
                           rejected in part, and such Existing Owner shall be
                           entitled to continue to own the principal amount of
                           Auction Rate Notes subject to such Submitted Bid, but
                           only in an amount equal to the aggregate principal
                           amount of Auction Rate Notes obtained by multiplying
                           the remaining principal amount by a fraction, the
                           numerator of which shall be the principal amount of
                           Outstanding Auction Rate Notes owned by such Existing
                           Owner subject to such Submitted Bid and the
                           denominator of which shall be the sum of the
                           principal amount of Outstanding Auction Rate Notes
                           subject to such Submitted Bids made by all such
                           Existing Owners that specified a rate equal to the
                           Auction Note Interest Rate, subject to the provisions
                           of Section 2.02(a)(iv)(D) of this Appendix A; and

                                    (5)      Each Potential Owner's Submitted
                           Bid specifying a rate that is equal to the Auction
                           Note Interest Rate shall be accepted, but only in an
                           amount equal to the principal amount of Auction Rate
                           Notes obtained by multiplying the excess of the
                           aggregate principal amount of Available Auction Rate
                           Notes over the aggregate principal amount of Auction
                           Rate Notes subject to Submitted Bids described in
                           clauses (2), (3) and (4) of this Section
                           2.02(a)(iv)(A) by a fraction the numerator of which
                           shall be the aggregate principal amount of
                           Outstanding Auction Rate Notes subject to such
                           Submitted Bid and the denominator of which shall be
                           the sum of the principal amount of Outstanding
                           Auction Rate Notes subject to Submitted Bids made by
                           all such Potential

                                     A-1-19

<PAGE>

                           Owners that specified a rate equal to the Auction
                           Note Interest Rate, subject to the provisions of
                           Section 2.02(a)(iv)(D) of this Appendix A.

                           (B)      If Sufficient Bids have not been made (other
                  than because all of the Outstanding Auction Rate Notes are
                  subject to submitted Hold Orders), or if the Net Loan Rate is
                  less than the Bid Auction Rate (in which case the Auction Note
                  Interest Rate shall be the Net Loan Rate) or if applicable
                  Maximum Rate applies, subject to the provisions of Section
                  2.02(a)(iv)(D) of this Appendix A, Submitted Orders shall be
                  accepted or rejected as follows in the following order of
                  priority and all other Submitted Bids shall be rejected:

                                    (1)      Existing Owners' Submitted Bids
                           specifying any rate that is equal to or lower than
                           the Auction Note Interest Rate shall be rejected,
                           thus entitling such Existing Owners to continue to
                           own the aggregate principal amount of Auction Rate
                           Notes subject to such Submitted Bids;

                                    (2)      Potential Owners' Submitted Bids
                           specifying (x) any rate that is equal to or lower
                           than the Auction Note Interest Rate shall be accepted
                           and (y) any rate that is higher than the Auction
                           Note Interest Rate shall be rejected; and

                                    (3)      each Existing Owner's Submitted Bid
                           specifying any rate that is higher than the Auction
                           Note Interest Rate and the Submitted Sell Order of
                           each Existing Owner shall be accepted, thus entitling
                           each Existing Owner that submitted any such Submitted
                           Bid or Submitted Sell Order to sell the Auction Rate
                           Notes subject to such Submitted Bid or Submitted Sell
                           Order, but in both cases only in an amount equal to
                           the aggregate principal amount of Auction Rate Notes
                           obtained by multiplying the aggregate principal
                           amount of Auction Rate Notes subject to Submitted
                           Bids described in clause (2)(x) of this Section
                           2.02(a)(iv)(B) by a fraction the numerator of which
                           shall be the aggregate principal amount of
                           Outstanding Auction Rate Notes owned by such Existing
                           Owner subject to such submitted Bid or Submitted Sell
                           Order and the denominator of which shall be the
                           aggregate principal amount of Outstanding Auction
                           Rate Notes subject to all such Submitted Bids and
                           Submitted Sell Orders.

                           (C)      If all Auction Rate Notes are subject to
                  Submitted Hold Orders, all Submitted Bids shall be rejected.

                           (D)      If. as a result of the procedures described
                  in paragraph (A) or (B) of this Section 2.02(a)(iv), any
                  Existing Owner would be entitled or required to sell, or any
                  Potential Owner would be entitled or required to

                                     A-1-20

<PAGE>

                  purchase, a principal amount of Auction Rate Notes that is not
                  equal to an Authorized Denomination, the Auction Agent shall,
                  in such manner as in its sole discretion it shall determine,
                  round up or down the principal amount of Auction Rate Notes to
                  be purchased or sold by any Existing Owner or Potential Owner
                  so that the principal amount of Auction Rate Notes purchased
                  or sold by each Existing Owner or Potential Owner shall be
                  equal to an Authorized Denomination.

                           (E)      If, as a result of the procedures described
                  in paragraph (B) of this Section 2.02(a)(iv), any Potential
                  Owner would be entitled or required to purchase less than an
                  Authorized Denomination of Auction Rate Notes, the Auction
                  Agent shall, in such manner as in its sole discretion it shall
                  determine, allocate Auction Rate Notes for purchase among
                  Potential Owners so that only Auction Rate Notes in Authorized
                  Denominations are purchased by any Potential Owner, even if
                  such allocation results in one or more of such Potential
                  Owners not purchasing any Auction Rate Notes.

                  (v)      Based on the result of each Auction, the Auction
         Agent shall determine the aggregate principal amount of Auction Rate
         Notes to be purchased and the aggregate principal amount of Auction
         Rate Notes to be sold by Potential Owners and Existing Owners on whose
         behalf each Broker-Dealer submitted Bids or Sell Orders and, with
         respect to each Broker-Dealer, to the extent that such aggregate
         principal amount of Auction Rate Notes to be sold differs from such
         aggregate principal amount of Auction Rate Notes to be purchased,
         determine to which other Broker-Dealer or Broker-Dealers acting for one
         or more purchasers such Broker-Dealer shall deliver, or from which
         other Broker-Dealer or Broker-Dealers acting for one or more sellers
         such Broker-Dealer shall receive, as the case may be, Auction Rate
         Notes.

                  (vi)     Any calculation by the Auction Agent or the Trustee,
         as applicable, of the Auction Note Interest Rate, the Maximum Rate, the
         All Hold Rate, the Net Loan Rate and the Non-Payment Rate shall, in the
         absence of manifest error, be binding on all other parties.

                  (vii)    Notwithstanding anything in this Appendix A to the
         contrary, (A) no Auction for the Auction Rate Notes for an Auction
         Period of less than 180 days will be held on any Auction Date hereunder
         on which there are insufficient moneys in the Revenue Fund to pay, or
         otherwise held by the Trustee under the Indenture and available to pay,
         the principal of and interest due on the Auction Rate Notes on the
         Interest Payment Date immediately following such Auction Date, and (B)
         no Auction will be held on any Auction Date hereunder during the
         continuance of a Payment Default. The Trustee shall promptly notify the
         Auction Agent of any such occurrence.

                                     A-1-21

<PAGE>

         (b)      APPLICATION OF INTEREST PAYMENTS FOR THE AUCTION RATE NOTES.

                  (i)      The Trustee shall determine not later than 2:00 p.m.,
         eastern time, on the Business Day next succeeding an Interest Payment
         Date, whether a Payment Default has occurred. If a Payment Default has
         occurred, the Trustee shall, not later than 2:15 p.m., eastern time, on
         such Business Day, send a notice thereof in substantially the form of
         Exhibit C attached hereto to the Auction Agent by telecopy or similar
         means and, if such Payment Default is cured, the Trustee shall
         immediately send a notice in substantially the form of Exhibit D
         attached hereto to the Auction Agent by telecopy or similar means.

                  (ii)     Not later than 2:00 p.m., eastern time, on each
         anniversary of the Closing Date, the Trustee shall pay to the Auction
         Agent, in immediately available funds out of amounts in the Revenue
         Fund, an amount equal to the Auction Agent Fee as set forth in the
         Auction Agent Agreement. Not later than 2:00 p.m., eastern time, on
         each Auction Date, the Trustee shall pay to the Auction Agent, in
         immediately available funds out of amounts in the Revenue Fund, an
         amount equal to the Broker-Dealer Fee as calculated in the Auction
         Agent Agreement. The Trustee shall, from time to time at the request of
         the Auction Agent and at the direction of an Authorized Officer,
         reimburse the Auction Agent for its reasonable expenses as provided in
         the Auction Agent Agreement, such expenses to be paid out of amounts in
         the Revenue Fund.

         (c) CALCULATION OF MAXIMUM RATE, ALL HOLD RATE, NET LOAN RATE,
APPLICABLE LIBOR RATE, AND NON-PAYMENT RATE. The Auction Agent shall calculate
the applicable Maximum Rate, Net Loan Rate, Applicable LIBOR Rate, and All Hold
Rate, as the case may be, on each Auction Date and shall notify the Trustee and
the Broker-Dealers of the applicable Maximum Rate, Net Loan Rate, Applicable
LIBOR Rate, and All Hold Rate, as the case may be, as provided in the Auction
Agent Agreement; provided, that if the ownership of the Auction Rate Notes is no
longer maintained in Book-entry Form, or if a Payment Default has occurred, then
the Trustee shall determine the applicable Maximum Rate, Net Loan Rate,
Applicable LIBOR Rate, All Hold Rate and Non-Payment Rate for each such Interest
Period. If the ownership of the Auction Rate Notes is no longer maintained in
Book-entry Form by the Securities Depository, the Trustee shall calculate the
applicable Maximum Rate and the Net Loan Rate on the Business Day immediately
preceding the first day of each Interest Period after the delivery of
certificates representing the Auction Rate Notes pursuant to the Indenture. If a
Payment Default shall have occurred, the Trustee shall calculate the Non-Payment
Rate on the Interest Rate Determination Date for (i) each Interest Period
commencing after the occurrence and during the continuance of such Payment
Default and (ii) any Interest Period commencing less than two Business Days
after the cure of any Payment Default. The determination by the Trustee or the
Auction Agent, as the case may be, of the applicable Maximum Rate, Net Loan
Rate, Applicable LIBOR Rate, All Hold Rate and Non-Payment Rate shall (in the
absence of manifest error) be final and binding upon all parties. If calculated
or determined by the Auction Agent, the Auction Agent shall promptly advise the
Trustee of the applicable Maximum Rate, Net Loan Rate, Applicable LIBOR Rate,
and All Hold Rate.

                                     A-1-22

<PAGE>

         (d)      NOTIFICATION OF RATES, AMOUNTS AND PAYMENT DATES.

                  (i)      By 12:00 noon, eastern time, on the Business Day
         following each Regular Record Date, the Trustee shall determine the
         aggregate amounts of interest distributable on the next succeeding
         Interest Payment Date to the beneficial owners of Auction Rate Notes.

                  (ii)     At least four days prior to any Interest Payment
         Date, the Trustee shall:

                           (A)      confirm with the Auction Agent, so long as
                  no Payment Default has occurred and is continuing and the
                  ownership of the Auction Rate Notes is maintained in
                  Book-entry Form by the Securities Depository, (l)the date of
                  such next Interest Payment Date and (2) the amount payable to
                  the Auction Agent on the Auction Date pursuant to Section
                  2.02(b)(ii) of this Appendix A;

                           (B)      pursuant to Section 2.01 of this Appendix A,
                  advise the Registered Owners of a Subclass of Auction Rate
                  Notes of any Carry-over Amount accruing on such Auction Rate
                  Notes; and

                           (C)      advise the Securities Depository, so long as
                  the ownership of the Auction Rate Notes is maintained in
                  Book-entry Form by the Securities Depository, upon request, of
                  the aggregate amount of interest distributable on such next
                  Interest Payment Date to the beneficial owners of each
                  Subclass of the Auction Rate Notes.

         If any day scheduled to be an Interest Payment Date shall be changed
after the Trustee shall have given the notice or confirmation referred to in
clause (i) of the preceding sentence, the Trustee shall, not later than 11:15
a.m.. eastern time, on the Business Day next preceding the earlier of the new
Interest Payment Date or the old Interest Payment Date, by such means as the
Trustee deems practicable, give notice of such change to the Auction Agent, so
long as no Payment Default has occurred and is continuing and the ownership of
the Auction Rate Notes is maintained in Book-entry Form by the Securities
Depository.

         (e)      AUCTION AGENT.

                  (i)      Bankers Trust Company is hereby appointed as Initial
         Auction Agent to serve as agent for the Issuer in connection with
         Auctions. The Trustee and the Issuer will, and the Trustee is hereby
         directed to, enter into the Initial Auction Agent Agreement with
         Bankers Trust Company, as the Initial Auction Agent. Any Substitute
         Auction Agent shall be (A) a bank, national banking association or
         trust company duly organized under the laws of the United States of
         America or any state or territory thereof having its principal place of
         business in the Borough of Manhattan, New York, or such other location
         as approved by the Trustee in writing and having a combined capital
         stock or surplus of at least $50,000,000, or (B) a member of the
         National Association of Securities Dealers,

                                     A-1-23

<PAGE>

         Inc., having a capitalization of at least $50,000,000, and, in either
         case, authorized by law to perform all the duties imposed upon it
         hereunder and under the Auction Agent Agreement. The Auction Agent may
         at any time resign and be discharged of the duties and obligations
         created by this Appendix A by giving at least 90 days' notice to the
         Trustee, each Broker-Dealer and the Issuer. The Auction Agent may be
         removed at any time by the Trustee upon the written direction of an
         Authorized Officer or the Registered Owners of 51% of the aggregate
         principal amount of the Auction Rate Notes then Outstanding, and if by
         such Registered Owners, by an instrument signed by such Registered
         Owners or their attorneys and filed with the Auction Agent, the Issuer
         and the Trustee upon at least 90 days' written notice. Neither
         resignation nor removal of the Auction Agent pursuant to the preceding
         two sentences shall be effective until and unless a Substitute Auction
         Agent has been appointed and has accepted such appointment. If required
         by the Issuer, a Substitute Auction Agent Agreement shall be entered
         into with a Substitute Auction Agent. Notwithstanding the foregoing,
         the Auction Agent may terminate the Auction Agent Agreement if, within
         25 days after notifying the Trustee, each Broker-Dealer and the Issuer
         in writing that it has not received payment of any Auction Agent Fee
         due it in accordance with the terms of the Auction Agent Agreement, the
         Auction Agent does not receive such payment.

                  (ii)     If the Auction Agent shall resign or be removed or be
         dissolved, or if the property or affairs of the Auction Agent shall be
         taken under the control of any state or federal court or administrative
         body because of bankruptcy or insolvency, or for any other reason, the
         Trustee at the direction of an Authorized Officer, shall use its best
         efforts to appoint a Substitute Auction Agent.

                  (iii)    The Auction Agent is acting as agent for the Issuer
         in connection with Auctions. In the absence of bad faith, negligent
         failure to act or negligence on its part, the Auction Agent shall not
         be liable for any action taken, suffered or omitted or any error of
         judgment made by it in the performance of its duties under the Auction
         Agent Agreement and shall not be liable for any error of judgment made
         in good faith unless the Auction Agent shall have been negligent in
         ascertaining (or failing to ascertain) the pertinent facts.

         (f)      BROKER-DEALERS.

                  (i)      The Auction Agent will enter into Broker-Dealer
         Agreements with PaineWebber Incorporated, Salomon Smith Barney Inc.,
         Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner &
         Smith Incorporated, as the initial Broker-Dealers. An Authorized
         Officer may, from time to time, approve one or more additional persons
         to serve as Broker-Dealers under Broker-Dealer Agreements and shall be
         responsible for providing such Broker-Dealer Agreements to the Trustee
         and the Auction Agent.

                                     A-1-24

<PAGE>

                  (ii)     Any Broker-Dealer may be removed at any time, at the
         request of an Authorized Officer, but there shall, at all times, be at
         least one Broker-Dealer appointed and acting as such.

         (g)      CHANGES IN AUCTION PERIOD OR PERIODS AND CERTAIN PERCENTAGES.

                  (i)      While any of the Auction Rate Notes are Outstanding,
         the Issuer may, from time to time, change the length of one or more
         Auction Periods (an "Auction Period Adjustment"), in order to conform
         with then current market practice with respect to similar securities or
         to accommodate economic and financial factors that may affect or be
         relevant to the length of the Auction Period and the interest rate
         borne by the Auction Rate Notes. The Issuer shall not initiate an
         Auction Period Adjustment unless it shall have received the written
         consent of the applicable Broker-Dealer, which consent shall not be
         unreasonably withheld, not later than nine days prior to the Auction
         Date for such Auction Period. The Issuer shall initiate the Auction
         Period Adjustment by giving written notice by Issuer Order to the
         Trustee, the Auction Agent, the applicable Broker-Dealer, each Rating
         Agency and the Securities Depository in substantially the form of, or
         containing substantially the information contained in, Exhibit E
         attached hereto at least 10 days prior to the Auction Date for such
         Auction Period.

                  (ii)     Any such adjusted Auction Period shall not be less
         than 7 days nor more than 366 days.

                  (iii)    An Auction Period Adjustment shall take effect only
         if (A) the Trustee and the Auction Agent receive, by 11:00 a.m.,
         eastern time, on the Business Day before the Auction Date for the first
         such Auction Period, an Issuer Certificate in substantially the form
         attached as, or containing substantially the same information contained
         in, Exhibit F attached hereto, authorizing the Auction Period
         Adjustment specified in such certificate along with a copy of the
         written consent of the applicable Broker-Dealer and, (B) Sufficient
         Bids exist as of the Auction on the Auction Date for such first Auction
         Period. If the condition referred to in (A) above is not met, the
         applicable Auction Note Interest Rate for the next Auction Period shall
         be determined pursuant to the above provisions of this Section 2.02 and
         the Auction Period shall be the Auction Period determined without
         reference to the proposed change. If the condition referred to in (A)
         is met but the condition referred in (B) above is not met, the
         applicable Auction Note Interest Rate for the next Auction Period shall
         be the applicable Maximum Rate and the Auction Period shall be the
         Auction Period determined without reference to the proposed change.

                  In connection with any Auction Period Adjustment, the Auction
         Agent shall provide such further notice to such parties as is specified
         in Section 2.03 of the Auction Agent Agreement.

         (h)      CHANGES IN THE AUCTION DATE. The applicable Broker-Dealer,
with the written consent of an Authorized Officer and, if applicable, upon
receipt of the opinion of Note Counsel as required below, may specify an

                                     A-1-25

<PAGE>
         earlier Auction Date (but in no event more than five Business Days
         earlier) than the Auction Date that would otherwise be determined in
         accordance with the definition of "Auction Date" in Section 1.01 of
         this Appendix A with respect to one or more specified Auction Periods
         in order to conform with then current market practice with respect to
         similar securities or to accommodate economic and financial factors
         that may affect or be relevant to the day of the week constituting an
         Auction Date and the interest rate borne on the Auction Rate Notes. The
         applicable Broker-Dealer shall deliver a written request for consent to
         such change in the length of the Auction Date to the Issuer at least 14
         days prior to the effective date of such change. If the Issuer shall
         have delivered such written consent to the applicable Broker-Dealer,
         such Broker-Dealer shall provide notice of its determination to specify
         an earlier Auction Date for one or more Auction Periods by means of a
         written notice delivered at least 10 days prior to the proposed changed
         Auction Date to the Trustee, the Auction Agent, the Issuer, each Rating
         Agency and the Securities Depository. Such notice shall be
         substantially in the form of, or contain substantially the information
         contained in, Exhibit G attached hereto.

                  In connection with any change described in this Section
         2.02(h), the Auction Agent shall provide such further notice to such
         parties as is specified in Section 2.03 of the Auction Agent Agreement.

         Section 2.03. Additional Provisions Regarding the Interest Rates on the
Auction Rate Notes. The determination of a Variable Rate by the Auction Agent or
any other Person pursuant to the provisions of the applicable Section of this
Article II shall be conclusive and binding on the Registered Owners of the
Auction Rate Notes to which such Variable Rate applies, and the Issuer and the
Trustee may rely thereon for all purposes.

         In no event shall the cumulative amount of interest paid or payable on
the Auction Rate Notes (including interest calculated as provided herein, plus
any other amounts that constitute interest on the Auction Rate Notes under
applicable law, which are contracted for, charged, reserved, taken or received
pursuant to the Auction Rate Notes or related documents) calculated from the
Date of Closing of the Auction Rate Notes through any subsequent day during the
term of the Auction Rate Notes or otherwise prior to payment in full of the
Auction Rate Notes exceed the amount permitted by applicable law. If the
applicable law is ever judicially interpreted so as to render usurious any
amount called for under the Auction Rate Notes or related documents or otherwise
contracted for, charged, reserved, taken or received in connection with the
Auction Rate Notes, or if the redemption or acceleration of the maturity of the
Auction Rate Notes results in payment to or receipt by the Registered Owner or
any former Registered Owner of the Auction Rate Notes of any interest in excess
of that permitted by applicable law, then, notwithstanding any provision of the
Auction Rate Notes or related documents to the contrary, all excess amounts
theretofore paid or received with respect to the Auction Rate Notes shall be
credited on the principal balance of the Auction Rate Notes (or, if the Auction
Rate Notes have been paid or would thereby be paid in full, refunded by the
recipient thereof), and the provisions of the Auction Rate Notes and related
documents shall automatically and immediately be deemed reformed and the amounts
thereafter collectible hereunder and thereunder reduced, without the necessity
of the execution of any new document, so as to comply with the applicable law,
but so as to permit the recovery of the fullest amount otherwise called for
under the Auction Rate Notes and under the related documents.

                                     A-1-26

<PAGE>

                                   EXHIBIT A-1

                              FORM OF SENIOR NOTES

         EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS GLOBAL NOTE MAY BE
TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES
DEPOSITORY (AS DEFINED HEREIN) OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A
NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.

                        NELNET STUDENT LOAN CORPORATION-2
                     TAXABLE STUDENT LOAN ASSET-BACKED NOTE
SENIOR CLASS 2000A-|1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14]
                               AUCTION RATE NOTES

REGISTERED NO. R-____                                 REGISTERED $______________

 MATURITY DATE         INTEREST RATE     ORIGINAL ISSUE DATE          CUSIP NO.

December 1, 2032          Variable           June 1, 2000           ____________

PRINCIPAL SUM:________________________________________________AND 00/100 DOLLARS
REGISTERED OWNER: CEDE & CO.

         NELNET STUDENT LOAN CORPORATION-2, a corporation organized under the
corporation laws of the State of Nevada (the "Issuer," which term includes any
successor corporation under the Indenture of Trust, dated as of June 1, 2000 (as
amended, the "Original Indenture") and the Series 2000 Supplemental Indenture of
Trust dated as of June 1, 2000 (as amended, the "Series 2000 Supplemental
Indenture," and together with the Original Indenture, the "Indenture"), each
between the Issuer and Zions First National Bank, as trustee (the "Trustee,"
which term includes any successor trustee under the Indenture)) for value
received, hereby promises to pay to the Registered Owner (stated above) or
registered assigns, the Principal Sum of (stated above), but solely from the
revenues and receipts hereinafter specified and not otherwise, on the Maturity
Date specified above (subject to the right of prior redemption hereinafter
described), upon presentation and surrender of this note at the Principal Office
of the Trustee, as paying agent, trustee, authenticating agent and registrar for
the Notes, or a duly appointed successor paying agent, and to pay interest in
arrears on said Principal Sum, but solely from the revenues and receipts
hereinafter specified and not otherwise, to the Registered Owner hereof from the
most recent Interest Payment Date to which interest has been paid hereon, until
the payment of said principal sum in full.

         Any capitalized words and terms used as defined words and terms in this
note and not otherwise defined herein shall have the meanings given them in the
Indenture.

<PAGE>

         This note shall bear interest at an Auction Rate, all as determined in
Appendix A of the Series 2000 Supplemental Indenture.

         The principal of and interest on this note are payable in lawful money
of the United States of America. If the specified date for any payment of
principal or interest accrued to such specified date shall be a day other than a
Business Day then such payment may be made on the next succeeding Business Day,
with the same force and effect as if made on the specified date for such payment
without additional interest.

         Interest payable on this note shall be computed on the assumption that
each year contains 360 days and actual days elapsed.

         This note is one of a series of notes of the Issuer designated Taxable
Student Loan Asset-Backed Notes, Senior Class 2000A-[l][2][3][4][5][6][7][8][9]
[10][11][12][13][14] Auction Rate Notes, dated the Original Issue Date, in the
aggregate original principal amount of $___________________ (the "Class 2000A-
[1][2][3][4][5][6][7][8][9][10][11][12][13][14] Notes") which have been
authorized by the Issuer under a certain resolution, and issued by the Issuer
pursuant to the Indenture. The Issuer is, simultaneously with the Class 2000A-
[1][2][3][4][5][6][7][8][9][10]][11][12][13][14] Notes, issuing $_______________
of its Taxable Student Loan Asset-Backed Notes, Senior Class 2000A Notes in
fourteen subclasses (together with the Class 2000A-[1][2][3][4][5][6][7][8][9]
[10]][11][12][13][14] Notes, the "Class A Notes") and $50,000,000 of its Taxable
Student Loan Asset-Backed Notes, Senior Class 2000B-1 Notes (the "Class B
Notes"). The proceeds of such notes have been used by the Issuer, together with
other moneys of the Issuer, for the purpose of providing funds to finance the
acquisition of student loans, fund a reserve fund and to pay certain costs and
expenses in connection with the issuance of such notes. The Indenture provides
for the issuance of additional notes (the "Additional Notes") which may be
secured on a parity with or subordinate to the Class A Notes or the Class B
Notes as determined by the Issuer. The Class A Notes, the Class B Notes and any
Additional Notes are collectively referred to herein as the "Notes."

         MANDATORY REDEMPTION, OPTIONAL REDEMPTION AND EXTRAORDINARY REDEMPTION.
This note is subject to mandatory redemption, optional redemption and
extraordinary redemption, all as described in the Indenture.

         OPTIONAL PURCHASE. The Issuer may purchase or cause to be purchased all
of the Notes on any Interest Payment Date on which the aggregate current
principal balance of the Notes shall be less than or equal to 20% of the initial
aggregate principal balance of the Notes on the Date of Issuance, at a purchase
price equal to the aggregate current principal balance of such Notes, plus
accrued interest on the Notes through the day preceding the Interest Payment
Date on which the purchase occurs.

         NOTICE OF REDEMPTION OR PURCHASE. Notice of the call for redemption
shall be given by the Trustee by mailing a copy of the notice at least 15 days
prior to the redemption or purchase date to the Registered Owners of the Notes
to be redeemed in whole or in part at the address of such Registered Owner last
showing on the registration books. Failure to give such notice or any defect
therein shall not affect the validity of any proceedings for the redemption or
purchase of such Auction Rate Notes for which no such failure or defect occurs.
All Notes called for

                                      A-1-2

<PAGE>

redemption or purchase will cease to bear interest after the specified
redemption or purchase date, provided funds for their payment are on deposit at
the place of payment at the time. If less than all Notes are to be redeemed or
purchased, Notes shall be selected for redemption or purchase as provided in the
Indenture.

         The Indenture provides that the Issuer may enter into a derivative
product between the Issuer and a derivative provider (a "Reciprocal Payor"), as
originally executed and as amended or supplemented, or other interest rate hedge
agreement between the Issuer and a Reciprocal Payor, as originally executed and
as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer
pursuant to the applicable Derivative Product are referred to herein as "Issuer
Derivative Payments," and may be secured on a parity with any series of Bonds.

         The principal of and interest on the Class A Notes and any Additional
Notes issued on a parity with the Class A Notes and any Issuer Derivative
Payments secured on a parity with the Class A Notes are payable on a superior
basis to such payments on the Class B Notes and any Additional Notes issued on a
parity or subordinate to the Class B Notes; provided, however, that current
principal and interest may be paid on the Class B Notes and any Additional Notes
issued on a parity with the Class B Notes or subordinate to the Class B Notes if
all principal and interest payments due and owing at such time on the Class A
Notes and any Additional Notes issued on a parity with the Class A Notes and any
Issuer Derivative Payments secured on a parity with the Class A Notes have been
previously made or provided for as provided in the Indenture.

         Reference is hereby made to the Indenture, copies of which are on file
in the Principal Office of the Trustee, and to all of the provisions of which
any Registered Owner of this note by his acceptance hereof hereby assents, for
definitions of terms; the description of and the nature and extent of the
security for the Notes; the Issuer's student loan origination and acquisition
program; the revenues and other money pledged to the payment of the principal of
and interest on the Notes; the nature and extent and manner of enforcement of
the pledge; the conditions upon which the Indenture may be amended or
supplemented with or without the consent of the Registered Owners of the Notes
and any Reciprocal Payor; the rights and remedies of the Registered Owner hereof
with respect hereto and thereto, including the limitations upon the right of a
Registered Owner hereof to institute any suit, action, or proceeding in equity
or at law with respect hereto and thereto; the rights, duties, and obligations
of the Issuer and the Trustee thereunder; the terms and provisions upon which
the liens, pledges, charges, trusts, and covenants made therein may be
discharged at or prior to the stated maturity or earlier redemption of this
note, and this note thereafter shall no longer be secured by the Indenture or be
deemed to be Outstanding, as defined in the Indenture, thereunder; and for the
other terms and provisions thereof.

         THE NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM,
AND FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE.

         No recourse, either directly or indirectly, shall be had for the
payment of the principal of and interest on this note or any claim based hereon
or in respect hereof or of the Indenture, against the Trustee, or any
incorporator, director, officer, employee, or agent of the Issuer, nor against
the State of Nevada, or any official thereof, but the obligation to pay all
amounts required

                                      A-1-3

<PAGE>

by the Indenture securing this note and the obligation to do and perform the
covenants and acts required of the Issuer therein and herein shall be and remain
the responsibility and obligation of said Issuer, limited as herein set forth.

         Subject to the restrictions specified in the Indenture, this note is
transferable on the Note Register kept for that purpose by the Trustee, as
registrar, upon surrender of this note for transfer at the principal office of
the Trustee, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Trustee duly executed by, the Registered
Owner hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of the same series, Stated Maturity, of authorized denominations,
bearing interest at the same rate, and for the same aggregate principal amount
will be issued to the designated transferee or transferees. At the option of the
Registered Owner, any Note may be exchanged for other Notes in authorized
denominations upon surrender of the Note to be exchanged at the principal office
of the Trustee. Upon any such presentation for exchange, one or more new Notes
of the same series, Stated Maturity, in authorized denominations, bearing
interest at the same rate, and for the same aggregate principal amount as the
Note or Notes so surrendered will be issued to the Registered Owner of the Note
or Notes so surrendered; and the Note or Notes so surrendered shall thereupon be
cancelled by the Trustee.

         Notwithstanding the foregoing, so long as the ownership of the Notes is
maintained in book-entry form by The Depositor Trust Company (the "Securities
Depository") or a nominee thereof, this note may be transferred in whole but
not in part only to the Securities Depository or a nominee thereof or to a
successor Securities Depository or its nominee.

         The Issuer, the Trustee, and any agent of either of them shall treat
the Person in whose name this note is registered as the Registered Owner hereof
(a) on the record date for purposes of receiving timely payment of interest
hereon, and (b) on the date of surrender of this note for purposes of receiving
payment of principal hereof at its stated maturity and (c) for all other
purposes, whether or not this note is overdue, and neither the Issuer, the
Trustee, nor any such agent shall be affected by notice to the contrary.

         To the extent permitted by the Indenture, modifications or alterations
of the Indenture and any supplemental indenture may be made with the consent of
less than all of the Registered Owners of the Notes then outstanding or without
the consent of any of such Registered Owners (by reason of a change in the Act
or Regulation or to cure ambiguities or conflicts), but such modification or
alteration is not permitted to affect the maturity date, Stated Maturity,
amount, Interest Payment Date, or rate of interest on any outstanding Notes or
affect the rights of the Registered Owners of less than all of the Notes
outstanding.

         The Registered Owner hereof shall not have the right to demand payment
of this note or any interest hereon out of funds raised or to be raised by
taxation.

         Any capitalized term used herein and not otherwise defined herein shall
have the same meaning ascribed to such term in the herein defined Indenture
unless the context shall clearly indicate otherwise.

                                      A-1-4

<PAGE>

         It is hereby certified and recited that all acts and things required by
the laws of the State of Nevada to happen, exist, and be performed precedent to
and in the issuance of this note, and the passage of said resolution and the
execution of said Indenture, have happened, exist and have been performed as so
required.

                                      A-1-5

<PAGE>

         IN TESTIMONY WHEREOF, the Board of Directors of NELNET STUDENT LOAN
CORPORATION-2 has caused this note to be executed by the manual or facsimile
signatures of the President and Secretary of the Issuer all as of the Original
Issue Date.

                                              NELNET STUDENT LOAN CORPORATION-2

                                              By _______________________________
                                                 President

                                              By _______________________________
                                                 Secretary

                                     A-1-6

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

         This note is one of the Class 2000A-_ Notes designated therein and
described in the within-mentioned Indenture.

                                          ZIONS FIRST NATIONAL BANK, as Trustee

                                          By ___________________________________
                                             Authorized Signatory

Authentication Date:

_____________________________

                                      A-1-7

<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto ____________________(Social Security or other identifying
number____________________) the within note and all rights thereunder and hereby
irrevocably appoints____________________ attorney to transfer the within note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated:_________________________      SIGNED:____________________________________
                                     NOTICE: The signature on this Assignment
                                     must correspond with the name of the
                                     Registered Owner as it appears on the face
                                     of the within note in every particular.

Signature Guaranteed by:

________________________________
A Member of The New York Stock
Exchange or a State or National
Bank

                                      A-1-8

<PAGE>

                                   EXHIBIT A-2

                           FORM OF SUBORDINATE NOTES

         EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS GLOBAL NOTE MAY BE
TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES
DEPOSITORY (AS DEFINED HEREIN) OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A
NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.

                        NELNET STUDENT LOAN CORPORATION-2
                     TAXABLE STUDENT LOAN ASSET-BACKED NOTE
                            SUBORDINATE CLASS 2000B-1
                               AUCTION RATE NOTES

REGISTERED NO. R-l                                        REGISTERED $50,000,000

 MATURITY DATE       INTEREST RATE    ORIGINAL ISSUE DATE       CUSIP NO.
December 1,2032        Variable           June 1,2000         _____________

PRINCIPAL SUM: FIFTY MILLION AND 00/100 DOLLARS
REGISTERED OWNER: CEDE & CO.

         NELNET STUDENT LOAN CORPORATION-2, a corporation organized under the
corporation laws of the State of Nevada (the "Issuer," which term includes any
successor corporation under the Indenture of Trust, dated as of June 1, 2000 (as
amended, the "Original Indenture") and the Series 2000 Supplemental Indenture of
Trust dated as of June 1, 2000 (as amended, the "Series 2000 Supplemental
Indenture," and together with the Original Indenture, the "Indenture"), each
between the Issuer and Zions First National Bank, as trustee (the "Trustee,"
which term includes any successor trustee under the Indenture)) for value
received, hereby promises to pay to the Registered Owner (stated above) or
registered assigns, the Principal Sum of (stated above), but solely from the
revenues and receipts hereinafter specified and not otherwise, on the Maturity
Date specified above (subject to the right of prior redemption hereinafter
described), upon presentation and surrender of this note at the Principal Office
of the Trustee, as paying agent, trustee, authenticating agent and registrar for
the Notes, or a duly appointed successor paying agent, and to pay interest in
arrears on said Principal Sum, but solely from the revenues and receipts
hereinafter specified and not otherwise, to the Registered Owner hereof from the
most recent Interest Payment Date to which interest has been paid hereon, until
the payment of said principal sum in full.

         Any capitalized words and terms used as defined words and terms in this
note and not otherwise defined herein shall have the meanings given them in the
Indenture.

<PAGE>

         This note shall bear interest at an Auction Rate, all as determined in
Appendix A of the Series 2000 Supplemental Indenture.

         The principal of and interest on this note are payable in lawful money
of the United States of America. If the specified date for any payment of
principal or interest accrued to such specified date shall be a day other than a
Business Day then such payment may be made on the next succeeding Business Day,
with the same force and effect as if made on the specified date for such payment
without additional interest.

         Interest payable on this note shall be computed on the assumption that
each year contains 360 days and actual days elapsed.

         This note is one of a series of notes of the Issuer designated Taxable
Student Loan Asset-Backed Notes, Subordinate Class 2000B-1 Auction Rate Notes,
dated the Original Issue Date, in the aggregate original principal amount of
$50,000,000 (the "Class B Notes") which have been authorized by the Issuer under
a certain resolution, and issued by the Issuer pursuant to the Indenture. The
Issuer is, simultaneously with the Class B Notes, issuing $950,000,000 of its
Taxable Student Loan Asset-Backed Notes, Senior Class 2000A Notes in fourteen
subclasses (collectively, the "Class A Notes"). The proceeds of such notes have
been used by the Issuer, together with other moneys of the Issuer, for the
purpose of providing funds to finance the acquisition of student loans, fund a
reserve fund and to pay certain costs and expenses in connection with the
issuance of such notes. The Indenture provides for the issuance of additional
notes (the "Additional Notes") which may be secured on a parity with or
subordinate to the Class A Notes or the Class B Notes as determined by the
Issuer. The Class A Notes, the Class B Notes and any Additional Notes are
collectively referred to herein as the "Notes."

         MANDATORY REDEMPTION, OPTIONAL REDEMPTION AND EXTRAORDINARY REDEMPTION.
This note is subject to mandatory redemption, optional redemption and
extraordinary redemption, all as described in the Indenture.

         OPTIONAL PURCHASE. The Issuer may purchase or cause to be purchased all
of the Notes on any Interest Payment Date on which the aggregate current
principal balance of the Notes shall be less than or equal to 20% of the initial
aggregate principal balance of the Notes on the Date of Issuance, at a purchase
price equal to the aggregate current principal balance of such Notes, plus
accrued interest on the Notes through the day preceding the Interest Payment
Date on which the purchase occurs.

         NOTICE OF REDEMPTION OR PURCHASE. Notice of the call for redemption
shall be given by the Trustee by mailing a copy of the notice at least 15 days
prior to the redemption or purchase date to the Registered Owners of the Notes
to be redeemed in whole or in part at the address of such Registered Owner last
showing on the registration books. Failure to give such notice or any defect
therein shall not affect the validity of any proceedings for the redemption or
purchase of such Auction Rate Notes for which no such failure or defect occurs.
All Notes called for redemption or purchase will cease to bear interest after
the specified redemption or purchase date, provided funds for their payment are
on deposit at the place of payment at the time. If less than all Notes are to be
redeemed or purchased, Notes shall be selected for redemption or purchase as
provided in the Indenture.

                                      A-2-2

<PAGE>

         The Indenture provides that the Issuer may enter into a derivative
product between the Issuer and a derivative provider (a "Reciprocal Payor"), as
originally executed and as amended or supplemented, or other interest rate hedge
agreement between the Issuer and a Reciprocal Payor, as originally executed and
as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer
pursuant to the applicable Derivative Product are referred to herein as "Issuer
Derivative Payments," and may be secured on a parity with any series of Bonds.

         The principal of and interest on the Class A Notes and any Additional
Notes issued on a parity with the Class A Notes and any Issuer Derivative
Payments secured on a parity with the Class A Notes are payable on a superior
basis to such payments on the Class B Notes and any Additional Notes issued on a
parity or subordinate to the Class B Notes; provided, however, that current
principal and interest may be paid on the Class B Notes and any Additional Notes
issued on a parity with the Class B Notes or subordinate to the Class B Notes if
all principal and interest payments due and owing at such time on the Class A
Notes and any Additional Notes issued on a parity with the Class A Notes and any
Issuer Derivative Payments secured on a parity with the Class A Notes have been
previously made or provided for as provided in the Indenture.

         Reference is hereby made to the Indenture, copies of which are on file
in the Principal Office of the Trustee, and to all of the provisions of which
any Registered Owner of this note by his acceptance hereof hereby assents, for
definitions of terms; the description of and the nature and extent of the
security for the Notes; the Issuer's student loan origination and acquisition
program; the revenues and other money pledged to the payment of the principal of
and interest on the Notes; the nature and extent and manner of enforcement of
the pledge; the conditions upon which the Indenture may be amended or
supplemented with or without the consent of the Registered Owners of the Notes
and any Reciprocal Payor; the rights and remedies of the Registered Owner hereof
with respect hereto and thereto, including the limitations upon the right of a
Registered Owner hereof to institute any suit, action, or proceeding in equity
or at law with respect hereto and thereto; the rights, duties, and obligations
of the Issuer and the Trustee thereunder, the terms and provisions upon which
the liens, pledges, charges, trusts, and covenants made therein may be
discharged at or prior to the stated maturity or earlier redemption of this
note, and this note thereafter shall no longer be secured by the Indenture or be
deemed to be Outstanding, as defined in the Indenture, thereunder; and for the
other terms and provisions thereof.

         THE NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM,
AND FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE.

         No recourse, either directly or indirectly, shall be had for the
payment of the principal of and interest on this note or any claim based hereon
or in respect hereof or of the Indenture, against the Trustee, or any
incorporator, director, officer, employee, or agent of the Issuer, nor against
the State of Nevada, or any official thereof, but the obligation to pay all
amounts required by the Indenture securing this note and the obligation to do
and perform the covenants and acts required of the Issuer therein and herein
shall be and remain the responsibility and obligation of said Issuer, limited as
herein set forth.

                                      A-2-3

<PAGE>

         Subject to the restrictions specified in the Indenture, this note is
transferable on the Note Register kept for that purpose by the Trustee, as
registrar, upon surrender of this note for transfer at the principal office of
the Trustee, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Trustee duly executed by, the Registered
Owner hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of the same series, Stated Maturity, of authorized denominations,
bearing interest at the same rate, and for the same aggregate principal amount
will be issued to the designated transferee or transferees. At the option of the
Registered Owner, any Note may be exchanged for other Notes in authorized
denominations upon surrender of the Note to be exchanged at the principal office
of the Trustee. Upon any such presentation for exchange, one or more new Notes
of the same series, Stated Maturity, in authorized denominations, bearing
interest at the same rate, and for the same aggregate principal amount as the
Note or Notes so surrendered will be issued to the Registered Owner of the Note
or Notes so surrendered; and the Note or Notes so surrendered shall thereupon be
cancelled by the Trustee.

         Notwithstanding the foregoing, so long as the ownership of the Notes is
maintained in book-entry form by The Depository Trust Company (the "Securities
Depository") or a nominee thereof, this note may be transferred in whole but not
in part only to the Securities Depository or a nominee thereof or to a successor
Securities Depository or its nominee.

         The Issuer, the Trustee, and any agent of either of them shall treat
the Person in whose name this note is registered as the Registered Owner hereof
(a) on the record date for purposes of receiving timely payment of interest
hereon, and (b) on the date of surrender of this note for purposes of receiving
payment of principal hereof at its stated maturity and (c) for all other
purposes, whether or not this note is overdue, and neither the Issuer, the
Trustee, nor any such agent shall be affected by notice to the contrary.

         To the extent permitted by the Indenture, modifications or alterations
of the Indenture and any supplemental indenture may be made with the consent of
less than all of the Registered Owners of the Notes then outstanding or without
the consent of any of such Registered Owners (by reason of a change in the Act
or Regulation or to cure ambiguities or conflicts), but such modification or
alteration is not permitted to affect the maturity date, Stated Maturity,
amount, Interest Payment Date, or rate of interest on any outstanding Notes or
affect the rights of the Registered Owners of less than all of the Notes
outstanding.

         The Registered Owner hereof shall not have the right to demand payment
of this note or any interest hereon out of funds raised or to be raised by
taxation.

         Any capitalized term used herein and not otherwise defined herein shall
have the same meaning ascribed to such term in the herein defined Indenture
unless the context shall clearly indicate otherwise.

         It is hereby certified and recited that all acts and things required by
the laws of the State of Nevada to happen, exist, and be performed precedent to
and in the issuance of this note, and the passage of said resolution and the
execution of said Indenture, have happened, exist and have been performed as so
required.

                                      A-2-4

<PAGE>

         IN TESTIMONY WHEREOF, the Board of Directors of NELNET STUDENT LOAN
CORPORATION-2 has caused this note to be executed by the manual or facsimile
signatures of the President and Secretary of the Issuer all as of the Original
Issue Date.

                                               NELNET STUDENT LOAN CORPORATION-2

                                               By ______________________________
                                                  President

                                               By ______________________________
                                                  Secretary

                                      A-2-5

<PAGE>
                          CERTIFICATE OF AUTHENTICATION

         This note is one of the Class 2000B-1 Notes designated therein and
described in the within-mentioned Indenture.

                                           ZIONS FIRST NATIONAL BANK, as Trustee

                                           By __________________________________
                                              Authorized Signatory

Authentication Date:

______________________________

                                      A-2-6

<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto ______________________(Social Security or other identifying
number___________________) the within note and all rights thereunder and hereby
irrevocably appoints_____________________attorney to transfer the within note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated:__________________________     SIGNED:____________________________________
                                     NOTICE: The signature on this Assignment
                                     must correspond with the name of the
                                     Registered Owner as it appears on the face
                                     of the within note in every particular.

Signature Guaranteed by:

_______________________________
A Member of The New York Stock
Exchange or a State or National
Bank

                                      A-2-7

<PAGE>

                                    EXHIBIT B

                   SERIES 2000 CLOSING CASH FLOW PROJECTIONS

<PAGE>

                                                              CASH FLOW ANALYSIS

[EDUCATION LOAN GROUP LOGO]

$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-BILL

PAINEWEBBER INCORPORATED

MAY 30, 2000

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                       REPORT DESCRIPTION                           PAGE
------------------------------------------------------------------------
<S>                                                                 <C>
I.   Cash Flow Assumptions
      Summary of Assumptions ...................................      2
II.  Debt Issue Reports
      Sources & Uses of Funds ..................................     13
      Bond Redemption Summary ..................................     14
      Bond Fee Summary .........................................     16
III. Loan Portfolio Reports
      Loan Origination Summary .................................     20
      Loan Status Summary ......................................     28
      Loan Default Summary .....................................     44
      Loan Income Summary ......................................     60
      Loan Fee Summary .........................................     76
      Loan Statistical Summary .................................     92
IV.  Cash Flow Reports
      Fund Details for Each Fund ...............................    101
      Projected Cumulative Cash Flows ..........................    106
      Projected Asset Coverage .................................    108
</TABLE>

<PAGE>

                             I. CASH FLOW ASSUMPTIONS

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

                              CASH FLOW ASSUMPTIONS

                              CASH FLOW ASSUMPTIONS
                               A. ISSUE STRUCTURE

<TABLE>
<CAPTION>
                                     FIRST     FINAL       FIRST     INTEREST    DEBT        BASE        SPREAD OR   INTEREST
DESCRIPTION            AMOUNT      MATURITY   MATURITY   INTEREST   PAY. FREQ.   TYPE   INTEREST INDEX   % OF BASE     RATE
-----------------------------------------------------------------------------------------------------------------------------
<S>              <C>               <C>        <C>        <C>        <C>          <C>    <C>              <C>         <C>
2000 A (7 Day)   $    50,000,000   6/01/30    6/01/30    7/01/00    Monthly      ARC     91 day T-Bill     0.45%       5.45%
2000 A (28 Day)      900,000,000   6/01/30    6/01/30    7/01/00    Monthly      ARC     91 day T-Bill     0.55%       5.55%
2000 B-1              50,000,000   6/01/30    6/01/30    7/01/00    Monthly      ARC     91 Jay T-Bill     0.60%       5.60%
---------------------------------------------------------------------------------------------------------------------------
                 $ 1,000,000.000
---------------------------------------------------------------------------------------------------------------------------
</TABLE>

                              CASH FLOW ASSUMPTIONS

                                B. RELEVANT DATES

<TABLE>
<S>                               <C>
Cash Flow Start Date               6/01/00
First Reporting Date for loans     6/01/00
Reporting Frequency               Quarterly
First Reporting Date for bonds     6/01/00
Reporting Frequency               Quarterly
Cash Flow Termination Date         1/01/19
</TABLE>

Prepared by PaineWebber Incorporated                                      Page 2

<PAGE>
                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

                              CASH FLOW ASSUMPTIONS

                        C. INTEREST AND INVESTMENT RATES

<TABLE>
<CAPTION>
                                   BASE
                                 RATE (%)        1/01/19
--------------------------------------------------------
<S>                              <C>             <C>
Interest Rates:
91 day T-Bill                     5.000            5.000
1 year T-Bill                     5.000            5.000
1 month LIBOR                     5.550            5.550
3 month LIBOR                     5.650            5.650
30 day cp                         5.650            5.650
--------------------------------------------------------
Investment Rates:
Acquisition                       5.550            5.550
Debt Service Reserve Fund         5.550            5.550
Revenue Fund                      5.550            5.550
--------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                      Page 3
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                              CASH FLOW ASSUMPTIONS
-------------------------------------------------------------------------------------------------------
                          D. LOAN PORTFOLIO COMPOSITION
-------------------------------------------------------------------------------------------------------

                                                     $      % of                # OF    FIRST    DRAW
PORTFOLIO DESCRIPTION                           AMOUNT     TOTAL    PRICE      DRAWS     DRAW    FREQ.
-------------------------------------------------------------------------------------------------------
<S>                                          <C>          <C>      <C>         <C>     <C>      <C>
USA Group Serviced
 Full SAP Calculation
    Stafford Fixed, 7%                            26,142    0.01%  100.00%       1     6/01/00  Monthly
    Stafford Fixed, 8%                           104,568    0.04%  100.00%       1     6/01/00  Monthly
    Stafford Variable, Post-6/30/98           39,003,882   14.92%  100.00%       1     6/01/00  Monthly
    Stafford Variable, Post-6/30/95           88,490,712   33.85%  100.00%       1     6/01/00  Monthly
    Stafford Variable, Post-6/30/88               26,142    0.01%  100.00%       1     6/01/00  Monthly
    Unsubsidized Stafford Post 6/30/98        53,904,829   20.62%  100.00%       1     6/01/00  Monthly
    Unsubsidized Stafford Post-6/30/95        74,687,729   28.57%  100.00%       1     6/01/00  Monthly
    PLUS/SLS Variable, Pre-10/1/92                26,142    0.01%  100.00%       1     6/01/00  Monthly
    SLS Variable, 10/1/92-6/30/94                 26,142    0.01%  100.00%       1     6/01/00  Monthly
    PLUS Variable, 10/1/92-6/30/94             3,503,030    1.34%  100.00%       1     6/01/00  Monthly
    PLUS Variable, Post-6/30/94                1,594,663    0.61%  100.00%       1     6/01/00  Monthly
-------------------------------------------------------------------------------------------------------
                 Portfolio Subtotal          261,393,981  100.00%  100.00%
-------------------------------------------------------------------------------------------------------
Intuition Serviced
 Full SAP Calculation
    PLUS Variable, Post-6/30/94                  536,449    0.55%  100.00%       1     6/01/00  Monthly
    SLS Variable, 10/1/92-6/30/94                 68,275    0.07%  100.00%       1     6/01/00  Monthly
    Stafford Variable, Post-6/30/95           64,159,257   65.78%  100.00%       1     6/01/00  Monthly
    Stafford Fixed, 7%                           165,811    0.17%  100.00%       1     6/01/00  Monthly
    Stafford Variable, Post-6/30/88            1,853,186    1.90%  100.00%       1     6/01/00  Monthly
    Stafford Fixed, 8%                         1,726,389    1.77%  100.00%       1     6/01/00  Monthly
    Unsubsidized Stafford Post-6/30/95        29,026,749   29.76%  100.00%       1     6/01/00  Monthly
-------------------------------------------------------------------------------------------------------
                 Portfolio Subtotal           97,536,116  100.00%  100.00%
-------------------------------------------------------------------------------------------------------
UNIPAC Serviced
 Full SAP Calculation
   SLS Variable, 10/1/92-6/30/94               6,152,569    2.05%  100.00%       1    6/01/00   Monthly
   SLS Variable, 10/1/92-6/30/94               1,200,502    0.40%  100.00%       1    6/01/00   Monthly
   Stafford Variable, Post-6/30/98            72,750,371   24.24%  100.00%       1    6/01/00   Monthly
   Stafford Fixed, 7%                            540,225    0.18%  100.00%       1    6/01/00   Monthly
   Stafford Fixed, 8%                          6,692,794    2.23%  100.00%       1    6/01/00   Monthly
   Stafford Fixed. 9%                            660,275    0.22%  100.00%       1    6/01/00   Monthly
   Stafford Variable, Post-6/30/95            85,175,558   28.38%  100.00%       1    6/01/OO   Monthly
   Stafford Variable, Post-10/1/92             6,602,757    2.20%  100.00%       1    6/01/00   Monthly
   Unsubsidized Stafford Post-6/30/98         66,237,652   22.07%  100.00%       1    6/01/00   Monthly
   Unsubsidized Stafford Post-6/30/95         54,142,601   18.04%  100.00%       1    6/01/00   Monthly
-------------------------------------------------------------------------------------------------------
                 Portfolio Subtotal          300,155,304  100.00%  100.00%
-------------------------------------------------------------------------------------------------------
Consolidation Loans
 Full SAP Calculation
    Consolidation 9%, 10/1/92-9/30/93             31,638    0.03%  100.00%       1    6/01/00   Monthly
    Consolidation 8%, Post-10/1/93                52,730    0.05%  100.00%       1    6/01/00   Monthly
    Consolidation 9%, 10/1/92-9/30/93             10,546    0.01%  100.00%       1    6/01/00   Monthly
-------------------------------------------------------------------------------------------------------

<CAPTION>
                              CASH FLOW ASSUMPTIONS
------------------------------------------------------------------------------------
                          D. LOAN PORTFOLIO COMPOSITION
------------------------------------------------------------------------------------
                                                 DEFAULT &   DEFERMENT &   BORROWER
                                               DELINQUENCY   FORBEARANCE  INCENTIVE
PORTFOLIO DESCRIPTION                             MATRIX       MATRIX        MATRIX
------------------------------------------------------------------------------------
<S>                                            <C>           <C>          <C>
USA Group Serviced
 Full SAP Calculation
    Stafford Fixed, 7%                               A            A            A
    Stafford Fixed, 8%                               A            A            A
    Stafford Variable, Post-6/30/98                  A            A            A
    Stafford Variable, Post-6/30/95                  A            A            A
    Stafford Variable, Post-6/30/88                  A            A            A
    Unsubsidized Stafford Post 6/30/98               A            A            A
    Unsubsidized Stafford Post-6/30/95               A            A            A
    PLUS/SLS Variable, Pre-10/1/92                   A            A            A
    SLS Variable, 10/1/92-6/30/94                    A            A            A
    PLUS Variable, 10/1/92-6/30/94                   A            A            A
    PLUS Variable, Post-6/30/94                      A            A            A
--------------------------------------------------------------------------------
                 Portfolio Subtotal
--------------------------------------------------------------------------------
Intuition Serviced
 Full SAP Calculation
    PLUS Variable, Post-6/30/94                      A            A            A
    SLS Variable, 10/1/92-6/30/94                    A            A            A
    Stafford Variable, Post-6/30/95                  A            A            A
    Stafford Fixed, 7%                               A            A            A
    Stafford Variable, Post-6/30/88                  A            A            A
    Stafford Fixed, 8%                               A            A            A
    Unsubsidized Stafford Post-6/30/95               A            A            A
--------------------------------------------------------------------------------
                 Portfolio Subtotal
--------------------------------------------------------------------------------
UNIPAC Serviced
 Full SAP Calculation
   SLS Variable, 10/1/92-6/30/94                     A            A            A
   SLS Variable, 10/1/92-6/30/94                     A            A            A
   Stafford Variable, Post-6/30/98                   A            A            A
   Stafford Fixed, 7%                                A            A            A
   Stafford Fixed, 8%                                A            A            A
   Stafford Fixed, 9%                                A            A            A
   Stafford Variable, Post-6/30/95                   A            A            A
   Stafford Variable, Post-10/1/92                   A            A            A
   Unsubsidized Stafford Post-6/30/98                A            A            A
   Unsubsidized Stafford Post-6/30/95                A            A            A
--------------------------------------------------------------------------------
                 Portfolio Subtotal
--------------------------------------------------------------------------------
Consolidation Loans
 Full SAP Calculation
    Consolidation 9%, 10/1/92-9/30/93                A            A            A
    Consolidation 8%, Post-10/1/93                   A            A            A
    Consolidation 9%, 10/1/92-9/30/93                A            A            A
--------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                      Page 4
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                        CASH FLOW ASSUMPTIONS
------------------------------------------------------------------------------------------------------------------------------------
                                                    D. LOAN PORTFOLIO COMPOSITION
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  DEFAULT &   DEFERMENT &  BORROWER
                                             $          %OF             # OF    FIRST    DRAW    DELINQUENCY  FORBEARANCE  INCENTIVE
         PORTFOLIO DESCRIPTION             AMOUNT      TOTAL    PRICE   DRAWS   DRAW     FREQ.     MATRIX       MATRIX      MATRIX
------------------------------------------------------------------------------------------------------------------------------------
<S>                                      <C>          <C>      <C>      <C>    <C>      <C>      <C>          <C>          <C>
   Consolidation 10%, 10/1/92-9/30/93         10,546    0.01%  100.00%    1    6/01/00  Monthly       A            A           A
   Consolidation, Post-6/30/98             1,655,732    1.57%  100.00%    1    6/01/00  Monthly       A            A           A
   Consolidation 7%, Post-10/1/93          2,773,615    2.63%  100.00%    1    6/01/00  Monthly       A            A           A
   Consolidation, Post-6/30/98            56,811,652   53.87%  100.00%    1    6/01/00  Monthly       A            A           A
   Consolidation 8%, Post-10/1/93          6,665,113    6.32%  100.00%    1    6/01/00  Monthly       A            A           A
   Consolidation, Post-6/30/98            25,626,938   24.30%  100.00%    1    6/01/00  Monthly       A            A           A
   Consolidation 9%, 10/1/92-9/30/93       9,175,076    8.70%  100.00%    1    6/01/00  Monthly       A            A           A
   Consolidation 10%, 10/1/92-9/30/93      2,594,332    2 46%  100.00%    1    6/01/00  Monthly       A            A           A
   Consolidation 11%, 10/1/92-9/30/93         52,731    0.05%  100.00%    1    6/01/00  Monthly       A            A           A
------------------------------------------------------------------------------------------------------------------------------------
                 Portfolio Subtotal      105,460.649  100.00%  100.00%
------------------------------------------------------------------------------------------------------------------------------------
Prefunding Staff & PLUS
 Full SAP Calculation
   Unsubsidized Stafford Post-6/30/95     26,111,566   20.00%  102.00%    1    8/01/00  Monthly       A            A
   Unsubsidized Stafford Post-6/30/98     32,639,458   25.00%  102.00%    1    8/01/00  Monthly       A            A
   Stafford Variable, Post-6/30/95        26,111,566   20.00%  102.00%    1    8/01/00  Monthly       A            A
   Stafford Variable, Post-6/30/98        26,111,566   20.00%  102.00%    1    8/01/00  Monthly       A            A
   PLUS Variable, Post-6/30/94            19,583,675   15.00%  102.00%    1    8/01/00  Monthly       A            A
------------------------------------------------------------------------------------------------------------------------------------
                 Portfolio Subtotal      130,557,831  100.00%  102.00%
------------------------------------------------------------------------------------------------------------------------------------
Prefunding Consolidation
 Full SAP Calculation
  Consolidation 9%, 10/1/92-9/30/93        5,595,336   10.00%  102.00%    1    8/01/00  Monthly       A            A
  Consolidation 10%, 10/1/92-9/30/93      19,583,675   35.00%  102.00%    1    8/01/00  Monthly       A            A
  Consolidation 11%, Post-10/1/93         11,190,671   20.00%  102.00%    1    8/01/00  Monthly       A            A
  Consolidation, Post-6/30/98             19,583,675   35.00%  102.00%    1    8/01/00  Monthly       A            A
------------------------------------------------------------------------------------------------------------------------------------
                 Portfolio Subtotal       55,953,356  100.00%  102.00%
------------------------------------------------------------------------------------------------------------------------------------
              Portfolio Grand Total     $951,057,237           100.39%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                      Page 5

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                          CASH FLOW ASSUMPTIONS
---------------------------------------------------------------------------------------------------------------------------------
                                            E. LOAN PORTFOLIO COMPOSITION, REORIGINATIONS
---------------------------------------------------------------------------------------------------------------------------------
                                                                             RECYCLING    DEFAULT &     DEFERMENT &     BORROWER
                                            % OF               RECYCLING        LAG      DELINQUENCY    FORBEARANCE     INCENTIVE
REORIGINATION MATRIX                        TOTAL    PRICE     FREQUENCY      (# MOS)      MATRIX          MATRIX        MATRIX
---------------------------------------------------------------------------------------------------------------------------------
<S>                                        <C>       <C>       <C>           <C>         <C>            <C>             <C>
A
  Stafford Variable, Post-6/30/95            5.00%   101.00%    Monthly          0            B              A             A
  Unsubsidized Stafford Post-6/30/98        25.00%   101.00%    Monthly          0            B              A             A
  Stafford Variable, Post-6/30/95           40.00%   101.00%    Monthly          0            B              A             A
  PLUS Variable, Post-6/30/94                5.00%   101.00%    Monthly          0            B              A             A
  Consolidation, Post-12/31/99              25.00%   100.50%    Monthly          0            B              A             A
---------------------------------------------------------------------------------------------------------------------------------
                       Matrix        Total 100.00%   100.88%
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                      Page 6

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW


<TABLE>
<CAPTION>
                                        CASH FLOW ASSUMPTIONS
------------------------------------------------------------------------------------------------------------
                                  F. LOAN DEFAULTS AND DELINQUENCIES
------------------------------------------------------------------------------------------------------------
                                                        DEFAULTS                            DELINQUENCIES
                                        ---------------------------------------------     ------------------
           SUBSIDY LAG     SAP LAG       YEAR OF     RATE OF     GUARANTY     % REIM-      # OF       % LATE
MATRIX       (# MOS.)      (# MOS.)     REPAYMENT    DEFAULT     PMT.LAG      BURSED      MONTHS       PMTS.
------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>          <C>          <C>         <C>          <C>         <C>        <C>
  A             0             0             1         2.00%         12        98.00%        0          85.00%
                                            2         2.00%         12        98.00%        1          15.00%
                                            3         2.00%         12        98.00%        2              -
                                            4         2.00%         12        98.00%        3              -
------------------------------------------------------------------------------------------------------------
           Matrix Total                               8.00%                                           100.00%
------------------------------------------------------------------------------------------------------------
  B             0             0             1         2.00%         12        98.00%        0          85.00%
                                            2         2.00%         12        98.00%        1          15.00%
                                            3         2.00%         12        98.00%        2              -
                                            4         2.00%         12        98.00%        3              -
------------------------------------------------------------------------------------------------------------
           Matrix Total                               8.00%                                           100.00%
------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                      Page 7

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW


<TABLE>
<CAPTION>
                                       CASH FLOW ASSUMPTIONS
-------------------------------------------------------------------------------------------------------
                                 G. LOAN DEFERMENT AND FORBEARANCE
-------------------------------------------------------------------------------------------------------
                                DEFERMENT                        FORBEARANCE
                    ---------------------------------   ---------------------------------
         YEAR OF     % OF     # OF     % OF     # OF    % OF      # OF     % OF     # OF     GRADUATED
MATRIX    REPAY.    LOANS    MONTHS    LOANS   MONTHS   LOANS    MONTHS    LOANS   MONTHS    PAYMENT(%)
-------------------------------------------------------------------------------------------------------
<S>      <C>        <C>      <C>       <C>     <C>      <C>      <C>       <C>     <C>       <C>
  A         1       20.00%     24          -        -   20.00%     24          -        -             -
-------------------------------------------------------------------------------------------------------
         Total      20.00%                 -            20.00%                 -                      -
-------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                      Page 8

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

                             CASH FLOW ASSUMPTIONS
                             H. BORROWER INCENTIVES

<TABLE>
<CAPTION>
                                        PRINCIPAL
                            EFFECTIVE   ADJUSTMENT                               STARTING   ENDING   ADJUSTMENT   UTILIZATION
MATRIX     PROGRAM NAME       DATE      FREQUENCY        ADJUSTMENT TYPE          PERIOD    PERIOD   PERCENTAGE    PERCENTAGE
-----------------------------------------------------------------------------------------------------------------------------
<S>      <C>                <C>         <C>          <C>                         <C>        <C>      <C>          <C>
A        Borrower Benefit   6/01/2000    monthly     Interest during repayment      49       999       2.000%       15.000%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                      Page 9

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

                              CASH FLOW ASSUMPTIONS
                              I. FUNDS AND ACCOUNTS


<TABLE>
<CAPTION>
                             BEGINNING           CALCULATION        FUNDING
FUND DESCRIPTION              BALANCE              METHOD            FACTOR
---------------------------------------------------------------------------
<S>                         <C>            <C>                      <C>
Acquisition                           -          Acquisition Fund     N/A
Debt Service Reserve Fund     7,500,000    % of bonds outstanding    0.75%
Revenue Fund                 21,451,842              Revenue fund     N/A
---------------------------------------------------------------------------
                            $28,951,842
---------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 10

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

                              CASH FLOW ASSUMPTIONS
                              J. FEES AND EXPENSES

Fee # 1

         Loan servicing is assumed to be paid monthly at an annual rate of 0.90%
on loans outstanding in school, 0.90% on loans outstanding in grace, and 1.25%
on loans outstanding in repayment. An additional fee of 0.00% on loans will be
charged for delinquent loans. In addition, a one time 0.00% conversion fee will
be charged on new loans acquired and a one time fee of 0.00% will be charged on
loan defaults.

         This fee applies to the following loan portfolios: USA Group Serviced,
Intuition Serviced, UNIPAC Serviced, Prefunding Staff & PLUS.

Fee # 2

         A Servicing 2 of 0.6000% based on loans outstanding is assumed to be
paid monthly in arrears starting on 7/01/2000.

         This fee applies to the following loan portfolios: Consolidation Loans,
Prefunding Consolidation.

Fee # 3

         A Trustee of $5,000.00 is assumed to be paid annually starting on
6/01/2001.

         This fee applies to the following series of bonds: 2000 B-1.

Fee # 4

         A Broker Dealer of 0.2500% based on bonds outstanding is assumed to be
paid quarterly in arrears starting on 9/01/2000.

         This fee applies to all bonds.

Fee # 5

         An Auction Agent of $500.00 is assumed to be paid quarterly starting on
9/01/2000.

         This fee applies to the following series of bonds: 2000 A (28 Day),
2000 B1

Fee # 6

         An Admin Expense of 0.1800% based on loans outstanding is assumed to be
paid monthly in arrears starting on 7/01/2000.

         This fee applies to all loan portfolios.

Prepared by PaineWebber Incorporated                                     Page 11

<PAGE>

                             II. DEBT ISSUE REPORTS

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

                             SOURCES & USES OF FUNDS

<TABLE>
<CAPTION>
SOURCES OF FUNDS                                         $ AMOUNT
--------------------------------------------------------------------
<S>                                  <C>               <C>
2000 A (7 Day)                        50,000,000
2000 A (28 Day)                      900,000,000
2000 B-1                              50,000,000
                                     -----------
Total Par Amount of Bonds Issued                       1,000,000,000
Accrued Interest                                                   -
(Discount) or Premium                                              -
Underwriting Discount                                              -
                                                       -------------
Net Issue Proceeds                                     1,000,000,000

Total Sources of Funds                                 1,000,000,000
--------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------
USES OF FUNDS                                             $ AMOUNT
--------------------------------------------------------------------
<S>                                                    <C>
USA Group Serviced                                       261,393,981
Intuition Serviced                                        97,536,116
UNIPAC Serviced                                          300,155,304
Consolidation Loans                                      105,460,649
Acquisition                                              186,511,187
Debt Service Reserve Fund                                  7,500,000
Revenue Fund                                              21,451,842
Issuance Costs                                             4,700,000
Loan Premium 2.0%                                         15,290,921
                                                       -------------
Total Uses of Funds                                    1,000,000,000
--------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 13
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                             BOND REDEMPTION SUMMARY
------------------------------------------------------------------------------------------------------------------
                               ALL ISSUES COMBINED
------------------------------------------------------------------------------------------------------------------
 PERIOD         BONDS          SCHEDULED        EARLY       REDEMPTION    REDEMPTION       BOND        TOTAL DEBT
 ENDING      OUTSTANDING      REDEMPTIONS    REDEMPTIONS       PRICE       PREMIUM       INTEREST        SERVICE
--------    --------------    -----------    -----------    ----------    ----------    ----------    ------------
<S>         <C>               <C>            <C>            <C>           <C>           <C>           <C>
 6/01/00    $1,000,000,000              -              -            -              -             -               -
 9/01/00     1,000,000,000              -              -            -              -    13,982,740      13,982,740
12/01/00     1,000,000,000              -              -            -              -    13,830,753      13,830,753
 3/01/01     1,000,000,000              -              -            -              -    13,678,767      13,678,767
 6/01/01     1,000,000,000              -              -            -              -    13,982,740      13,982,740
 9/01/01     1,000,000,000              -              -            -              -    13,982,740      13,982,740
12/01/01     1,000,000,000              -              -            -              -    13,830,753      13,830,753
 3/01/02     1,000,000,000              -              -            -              -    13,678,767      13,678,767
 6/01/02     1,000,000,000              -              -            -              -    13,982,740      13,982,740
 9/01/02     1,000,000,000              -              -            -              -    13,982,740      13,982,740
12/01/02     1,000,000,000              -              -            -              -    13,830,753      13,830,753
 3/01/03     1,000,000,000              -              -            -              -    13,678,767      13,678,767
 6/01/03     1,000,000,000              -              -            -              -    13,982,740      13,982,740
 9/01/03       952,071,101              -     47,928,899      100.000%             -    13,586,584      61,515,483
12/01/03       928,151,511              -     23,919,590      100.000%             -    13,006,491      36,926,081
 3/01/04       903,402,035              -     24,749,476      100.000%             -    12,679,382      37,428,858
 6/01/04       877,666,815              -     25,735,220      100.000%             -    12,464,553      38,199,773
 9/01/04       850,907,968              -     26,758,847      100.000%             -    12,133,948      38,892,795
12/01/04       823,410,957              -     27,497,011      100.000%             -    11,632,098      39,129,109
 3/01/05       795,137,367              -     28,273,590      100.000%             -    11,132,092      39,405,682
 6/01/05       766,674,680              -     28,462,687      100.000%             -    10,976,685      39,439,372
 9/01/05       739,598,380              -     27,076,300      100.000%             -    10,583,742      37,660,042
12/01/05       712,120,087              -     27,478,293      100.000%             -    10,095,343      37,573,636
 3/01/06       685,571,263              -     26,548,824      100.000%             -     9,617,522      36,166,346
 6/01/06       659,184,327              -     26,386,936      100.000%             -     9,458,426      35,845,362
 9/01/06       633,277,101              -     25,907,226      100.000%             -     9,091,647      34,998,873
12/01/06       606,785,451              -     26,491,650      100.000%             -     8,633,728      35,125,378
 3/01/07       579,902,208              -     26,883,243      100.000%             -     8,178,773      35,062,016
 6/01/07       553,023,232              -     26,878,976      100.000%             -     7,980,407      34,859,383
 9/01/07       527,444,567              -     25,578,665      100.000%             -     7,589,576      33,168,241
12/01/07       501,498,955              -     25,945,612      100.000%             -     7,154,545      33,100,157
 3/01/08       475,085,039              -     26,413,916      100.000%             -     6,797,639      33,211,555
 6/01/08       448,529,435              -     26,555,604      100.000%             -     6,499,546      33,055,150
 9/01/08       422,704,025              -     25,825,410      100.000%             -     6,149,922      31,975,332
12/01/08       396,402,369              -     26,301,656      100.000%             -     5,725,434      32,027,090
 3/01/09       369,987,921              -     26,414,448      100.000%             -     5,306,059      31,720,507
 6/01/09       343,693,434              -     26,294,487      100.000%             -     5,050,821      31,345,308
 9/01/09       317,735,736              -     25,957,698      100.000%             -     4,684,960      30,642,658
12/01/09       291,854,108              -     25,881,628      100.000%             -     4,275,814      30,157,442
 3/01/10       265,831,602              -     26,022,506      100.000%             -     3,879,870      29,902,376
 6/01/10       240,619,896              -     25,211,706      100.000%             -     3,596,322      28,808,028
 9/01/10       218,666,973              -     21,952,923      100.000%             -     3,262,670      25,215,593
12/01/10       197,272,013              -     21,394,960      100.000%             -     2,929,470      24,324,430
 3/01/11       175,728,417              -     21,543,596      100.000%             -     2,607,393      24,150,989
 6/01/11       154,110,116              -     21,618,301      100.000%             -     2,360,116      23,978,417
 9/01/11       136,235,230              -     17,874,886      100.000%             -     2,068,859      19,943,745
------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 14

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                             BOND REDEMPTION SUMMARY
------------------------------------------------------------------------------------------------------------------
                               ALL ISSUES COMBINED
------------------------------------------------------------------------------------------------------------------
 PERIOD         BONDS          SCHEDULED        EARLY       REDEMPTION    REDEMPTION       BOND       TOTAL DEBT
 ENDING      OUTSTANDING      REDEMPTIONS    REDEMPTIONS       PRICE       PREMIUM       INTEREST      SERVICE
--------    --------------    -----------    -----------    ----------    ----------    ----------  --------------
<S>         <C>               <C>            <C>            <C>           <C>           <C>         <C>
12/01/11       118,781,034              -     17,454,196      100.000%             -     1,802,678      19,256,874
 3/01/12       102,177,786              -     16,603,248      100.000%             -     1,565,856      18,169,104
 6/01/12        87,907,385              -     14,270,401      100.000%             -     1,360,119      15,630,520
 9/01/12        77,027,802              -     10,879,583      100.000%             -     1,181,947      12,061,530
12/01/12        66,839,911              -     10,187,891      100.000%             -     1,024,082      11,211,973
 3/01/13        56,931,568              -      9,908,343      100.000%             -       876,255      10,784,598
 6/01/13        47,361,469              -      9,570,099      100.000%             -       756,187      10,326,286
 9/01/13        41,027,087              -      6,334,382      100.000%             -       637,338       6,971,720
12/01/13        34,954,820              -      6,072,267      100.000%             -       543,972       6,616,239
 3/01/14        29,572,919              -      5,381,901      100.000%             -       456,202       5,838,103
 6/01/14        25,581,596              -      3,991,323      100.000%             -       398,019       4,389,342
 9/01/14        22,669,551              -      2,912,045      100.000%             -       346,493       3,258,538
12/01/14        20,107,303              -      2,562,248      100.000%             -       304,023       2,866,271
 3/01/15        17,966,266              -      2,141,037      100.000%             -       267,810       2,408,847
 6/01/15        16,128,992              -      1,837,274      100.000%             -       243,740       2,081,014
 9/01/15        14,835,574              -      1,293,418      100.000%             -       220,638       1,514,056
12/01/15        13,613,805              -      1,221,769      100.000%             -       200,687       1,422,456
 3/01/16        12,472,075              -      1,141,730      100.000%             -       184,155       1,325,885
 6/01/16        11,462,803              -      1,009,272      100.000%             -       170,500       1,179,772
 9/01/16        10,603,992              -        858,811      100.000%             -       157,349       1,016,160
12/01/16         9,943,011              -        660,981      100.000%             -       144,703         805,684
 3/01/17         9,397,916              -        545,095      100.000%             -       134,785         679,880
 6/01/17         8,866,990              -        530,926      100.000%             -       129,985         660,911
 9/01/17         8,331,875              -        535,115      100.000%             -       122,501         657,616
12/01/17         7,796,168              -        535,707      100.000%             -       113,773         649,480
 3/01/18         7,250,021              -        546,147      100.000%             -       105,168         651,315
 6/01/18         6,705,893              -        544,128      100.000%             -        99,665         643,793
 9/01/18         6,140,607              -        565,286      100.000%             -        91,875         657,161
12/01/18         5,573,676              -        566,931      100.000%             -        83,053         649,984
 3/01/19                 -              -      5,573,676      100.000%             -        26,509       5,600,185
------------------------------------------------------------------------------------------------------------------
                                        -  1,000,000,000                           -  $431,365,505  $1,431,365,505
------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
-------------------------------------------------------------
<S>              <C>          <C>                     <C>
    Dated Date:    6/01/00           Delivery Date:   6/01/00
    Bond Years:  7,771,730    Average Life (Years):     7.772
Average Coupon:       5.55%      Net Interest Cost:      5.55%
-------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 15

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                         BOND FEE SUMMARY
--------------------------------------------------------------------------------------------------
                                       ALL ISSUES COMBINED
--------------------------------------------------------------------------------------------------
 PERIOD          BONDS                            BROKER       AUCTION      TOTAL $     FEES AS A
 ENDING       OUTSTANDING         TRUSTEE         DEALER        AGENT      BOND FEES    % OF BONDS
--------     -------------        -------        -------       -------     ---------    ----------
<S>          <C>                  <C>            <C>           <C>         <C>          <C>
 6/01/01     1,000,000,000              -              -             -             -       0.0000%
 9/01/00     1,000,000,000              -        630,137           500       630,637       0.2507%
12/01/00     1,000.000,000              -        623,288           500       623,788       0.2507%
 3/01/01     1,000,000,000              -        616,438           500       616,938       0.2507%
 6/01/01     1,OOO,OOO,OOO          5,000        630,137           500       635,637       0.2507%
 9/01/01     1,000,000,000              -        630,137           500       630,637       0.2507%
12/01/01     1,000,000,000              -        623,288           500       623,788       0.2507%
 3/01/02     1,000,000,000              -        616,438           500       616,938       0.2507%
 6/01/02     1,000,000,000          5,000        630,137           500       635,637       0.2507%
 9/01/02     1,000,000,000              -        630,137           500       630,637       0.2507%
12/01/02     1,000,000,000              -        623,288           500       623,788       0.2489%
 3/01/03     1,000,000,000              -        616,438           500       616,938       0.2452%
 6/01/03     1,000,000,000          5,000        630,137           500       635,637       0.2407%
 9/01/03       952,071,101              -        612,276           500       612,776       0.2425%
12/01/03       928,151,511              -        586,124           500       586,624       0.2433%
 3/01/04       903,402,035              -        571,376           500       571,876       0.2430%
 6/01/04       877,666,815          5,000        561,686           500       567,186       0.2421%
 9/01/04       850,907,968              -        546,779           500       547,279       0.2418%
12/01/04       823,410,957              -        524,155           500       524,655       0.2413%
 3/01/05       795,137,367              -        501,614           500       502,114       0.2412%
 6/01/05       766,674,680          5,000        494,601           500       500,101       0.2411%
 9/01/05       739,598,380              -        476,884           500       477,384       0.2408%
12/01/05       712,120,087              -        454,866           500       455,366       0.2407%
 3/01/06       685,571,263              -        433,326           500       433,826       0.2405%
 6/01/06       659,184,327          5,000        426,146           500       431,646       0.2402%
 9/01/06       633,277,101              -        409,608           500       410,108       0.2396%
12/01/06       606,785,451              -        388,965           500       389,465       0.2389%
 3/01/07       579,902,208              -        368,456           500       368,956       0.2384%
 6/01/07       553,023,232          5,000        359,505           500       365,005       0.2387%
 9/01/07       527,444,567              -        341,884           500       342,384       0.2378%
12/01/07       501,498,955              -        322,273           500       322,773       0.2371%
 3/01/08       475,085,039              -        306,181           500       306,681       0.2367%
 6/01/08       448,529,435          5,000        292,737           500       298,237       0.2356%
 9/01/08       422,704,025              -        276,972           500       277,472       0.2347%
12/01/08       396,402,369              -        257,837           500       258,337       0.2335%
 3/01/09       369,987,921              -        238,931           500       239,431       0.2326%
 6/01/09       343,693,434          5,000        227,416           500       232,916       0.2316%
 9/01/09       317,735,736              -        210,921           500       211,421       0.2299%
12/01/09       291,854,108              -        192,476           500       192,976       0.2284%
 3/01/10       265,831,602              -        174,628           500       175,128       0.2280%
 6/01/10       240,619,896          5,000        161,836           500       167,336       0.2281%
 9/01/10       218,666,973              -        146,793           500       147,293       0.2264%
12/01/10       197,272,013              -        131,773           500       132,273       0.2239%
 3/01/11       175,728,417              -        117,254           500       117,754       0.2224%
 6/01/11       154,110,116          5,000        106,098           500       111,598       0.2230%
 9/01/11       136,235,230              -         92,967           500        93,467       0.2208%
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 16

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                         BOND FEE SUMMARY
--------------------------------------------------------------------------------------------------
                                       ALL ISSUES COMBINED
--------------------------------------------------------------------------------------------------
 PERIOD          BONDS                         BROKER          AUCTION     TOTAL $      FEES AS A
 ENDING       OUTSTANDING         TRUSTEE      DEALER           AGENT     BOND FEES     % OF BONDS
--------     -------------        -------    -----------       -------   -----------    ----------
<S>          <C>                  <C>        <C>               <C>       <C>            <C>
12/01/11       118,781,034              -         80,969           500        81,469       0.2199%
 3/01/12       102.177.786              -         70,291           500        70,791       0.2217%
 6/01/12        87.907.385          5,000         61,012           500        66,512       0.2238%
 9/01/12        77,027,802              -         52.977           500        53,477       0.2221%
12/01/12        66.839.911              -         45.863           500        46,363       0.2193%
 3/01/13        56,931.568              -         39.201           500        39,701       0.2190%
 6/01/13        47,361,469          5.000         33.781            26        38.807       0.2227%
 9/01/13        41,027,087              -         28.453            26        28.479       0.2230%
12/01/13        34,954.820              -         24.284            26        24.311       0.2250%
 3/01/14        29.572.919              -         20.366            26        20.392       0.2312%
 6/01/14        25.581.596          5.000         17.769            26        22.795       0.2376%
 9/01/14        22,669,551              -         15.468            26        15,495       0.2411%
12/01/14        20.107.303              -         13,572            26        13,599       0.2450%
 3/01/15        17.966.266              -         11,956            26        11,982       0.2502%
 6/01/15        16.128.992          5,000         10,881            26        15,908       0.2566%
 9/01/15        14,835.574              -          9.850            26         9,876       0.2599%
12/01/15        13.613,805              -          8,959            26         8,986       0.2627%
 3/01/16        12,472,075              -          8,221            26         8,248       0.2671%
 6/01/16        11,462.803          5,000          7.612            26        12,638       0.2721%
 9/01/16        10,603.992              -          7,025            26         7,051       0.2783%
12/01/16         9,943,011              -          6.460            26         6.486       0.2830%
 3/01/17         9,397.916              -          6,017            26         6,044       0.2859%
 6/01/17         8,866,990          5.000          5.803            26        10,829       0.2880%
 9/01/17         8.331,875              -          5.469            26         5,495       0.2900%
12/01/17         7.796.168              -          5,079            26         5,105       0.2922%
 3/01/18         7,250.021              -          4,695            26         4.721       0.2949%
 6/01/18         6.705,893          5,000          4,449            26         9.476       0.2479%
 9/01/18         6.140.607              -          4,102            26         4.128       0.1224%
12/01/18         5,573,676              -          3.708            26         3.734       0.0608%
 3/01/19                 -              -              -             -             -       0.0000%
 6/01/19                 -              -              -             -             -       0.0000%
 9/01/19                 -              -              -             -             -       0.0000%
12/01/19                 -              -              -             -             -       0.0000%
 3/01/20                 -              -              -             -             -       0.0000%
 6/01/20                 -              -              -             -             -       0.0000%
 9/01/20                 -              -              -             -             -       0.0000%
12/01/20                 -              -              -             -             -       0.0000%
 3/01/21                 -              -              -             -             -       0.0000%
 6/01/21                 -              -              -             -             -       0.0000%
 9/01/21                 -              -              -             -             -       0.0000%
12/01/21                 -              -              -             -             -       0.0000%
 3/01/22                 -              -              -             -             -       0.0000%
 6/01/22                 -              -              -             -             -       0.0000%
 9/01/22                 -              -              -             -             -       0.0000%
12/01/22                 -              -              -             -             -       0.0000%
 3/01/23                 -              -              -             -             -       0.0000%
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 17

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                         BOND FEE SUMMARY
--------------------------------------------------------------------------------------------------
                                       ALL ISSUES COMBINED
--------------------------------------------------------------------------------------------------
 PERIOD          BONDS                         BROKER          AUCTION     TOTAL $      FEES AS A
 ENDING       OUTSTANDING         TRUSTEE      DEALER           AGENT     BOND FEES     % OF BONDS
--------     -------------        -------    -----------       -------   -----------    ----------
<S>          <C>                  <C>        <C>               <C>       <C>            <C>

 6/01/23                 -              -              -             -             -       0.0000%
 9/01/23                 -              -              -             -             -       0.0000%
12/01/23                 -              -              -             -             -       0.0000%
 3/01/24                 -              -              -             -             -       0.0000%
 6/01/24                 -              -              -             -             -       0.0000%
 9/01/24                 -              -              -             -             -       0.0000%
12/01/24                 -              -              -             -             -       0.0000%
 3/01/25                 -              -              -             -             -       0.0000%
 6/01/25                 -              -              -             -             -       0.0000%
 9/01/25                 -              -              -             -             -       0.0000%
12/01/25                 -              -              -             -             -       0.0000%
 3/01/26                 -              -              -             -             -       0.0000%
 6/01/26                 -              -              -             -             -       0.0000%
 9/01/26                 -              -              -             -             -       0.0000%
12/01/26                 -              -              -             -             -       0.0000%
 3/01/27                 -              -              -             -             -       0.0000%
 6/01/27                 -              -              -             -             -       0.0000%
 9/01/27                 -              -              -             -             -       0.0000%
12/01/27                 -              -              -             -             -       0.0000%
 3/01/28                 -              -              -             -             -       0.0000%
 6/01/28                 -              -              -             -             -       0.0000%
 9/01/28                 -              -              -             -             -       0.0000%
12/01/28                 -              -              -             -             -       0.0000%
 3/01/29                 -              -              -             -             -       0.0000%
 6/01/29                 -              -              -             -             -       0.0000%
 9/01/29                 -              -              -             -             -       0.0000%
12/01/29                 -              -              -             -             -       0.0000%
 3/01/30                 -              -              -             -             -       0.0000%
 6/01/30                 -              -              -             -             -       0.0000%
-------------------------------------------------------------------------------------------------
                                  $90,000    $19,429,637       $26,105   $19,545,742
-------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 18

<PAGE>

                           III. LOAN PORTFOLIO REPORTS

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                  LOAN ORIGINATION SUMMARY
------------------------------------------------------------
                     USA GROUP SERVICED
------------------------------------------------------------
  DRAW        FUNDS       PREMIUM/      PRINCIPAL     % OF
  DATE        DRAWN      (DISCOUNT)      DRAWN        TOTAL
------------------------------------------------------------
<S>       <C>            <C>          <C>            <C>
6/01/00   $261,393,961       -        $261,393,961   100.00%
------------------------------------------------------------
          $261,393,981       -        $261,393,981   100.00%
------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 20

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                  LOAN ORIGINATION SUMMARY
----------------------------------------------------------
                    INTUITION SERVICED
----------------------------------------------------------
  DRAW       FUNDS       PREMIUM/     PRINCIPAL     % OF
  DATE       DRAWN      (DISCOUNT)      DRAWN       TOTAL
----------------------------------------------------------
<S>       <C>           <C>          <C>           <C>
6/01/00   $97,536,116       -        $97,536,116   100.00%
----------------------------------------------------------
          $97,536,116       -        $97,536,116   100.00%
----------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 21

<PAGE>
                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                  LOAN ORIGINATION SUMMARY
-------------------------------------------------------------
                      UNIPAC SERVICED
-------------------------------------------------------------
  DRAW        FUNDS        PREMIUM/     PRINCIPAL      % OF
  DATE        DRAWN       (DISCOUNT)      DRAWN        TOTAL
-------------------------------------------------------------
<S>       <C>             <C>          <C>            <C>
6/01/00   $300,155,304        -        $300,155,304   100.00%
-------------------------------------------------------------
          $300,155,304        -        $300,155,304   100.00%
-------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 22

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                  LOAN ORIGINATION SUMMARY
------------------------------------------------------------
                    CONSOLIDATION LOANS
------------------------------------------------------------
  DRAW        FUNDS       PREMIUM/      PRINCIPAL     % OF
  DATE        DRAWN      (DISCOUNT)       DRAWN       TOTAL
------------------------------------------------------------
<S>       <C>            <C>          <C>            <C>
6/01/00   $105,460,649       -        $105,460,649   100.00%
------------------------------------------------------------
          $105,460,649       -        $105,460,649   100.00%
------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 23

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                  LOAN ORIGINATION SUMMARY
------------------------------------------------------------
                   PREFUNDING STAFF & PLUS
------------------------------------------------------------
  DRAW       FUNDS        PREMIUM/      PRINCIPAL     % OF
  DATE       DRAWN       (DISCOUNT)       DRAWN       TOTAL
------------------------------------------------------------
<S>       <C>            <C>          <C>            <C>
8/01/00   $130,557,831   $2,559,957   $127,997,874   100.00%
------------------------------------------------------------
          $130,557,831   $2,559,957   $127,997,874   100.00%
------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 24

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                  LOAN ORIGINATION SUMMARY
------------------------------------------------------------
                  PREFUNDING CONSOLIDATION
------------------------------------------------------------
  DRAW       FUNDS         PREMIUM/     PRINCIPAL     % OF
  DATE       DRAWN        (DISCOUNT)      DRAWN       TOTAL
------------------------------------------------------------
<S>       <C>             <C>          <C>           <C>
8/01/00   $55,953,356     $1,097,125   $54,856,231   100.00%
------------------------------------------------------------
          $55,953,356     $1,097,125   $54,856,231   100.00%
------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 25

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                  LOAN ORIGINATION SUMMARY
------------------------------------------------------------
                  REORIGINATION PORTFOLIO
------------------------------------------------------------
  DRAW         FUNDS       PREMIUM/      PRINCIPAL     %OF
  DATE         DRAWN      (DISCOUNT)       DRAWN       TOTAL
------------------------------------------------------------
<S>        <C>            <C>          <C>            <C>
 7/01/00   $  5,142,777   $   44,585   $  5,098,191     4.04%
 8/01/00      4,194,577       36,365      4,158,212     3.30%
 9/01/00      3,007,779       26,076      2,981,703     2.36%
10/01/00      3,432,773       29,761      3,403,013     2.70%
11/01/00      2,669,393       23,142      2,646,250     2.10%
12/01/00      1,837,548       15,931      1,821,618     1.44%
 1/01/01      2,540,057       22,021      2,518,035     2.00%
 2/01/01      1,951,277       16,917      1,934,360     1.53%
 3/01/01      1,325,105       11,488      1,313,617     1.04%
 4/01/01      2,136,108       18,519      2,117,589     1.68%
 5/01/01      1,656,599       14,362      1,642,237     1.30%
 6/01/01        984,861        8,538        976,323     0.77%
 7/01/01      2,177,645       18,879      2,158,766     1.71%
 8/01/01      2,073,285       17,974      2,055,310     1.63%
 9/01/01      1,752,814       15,196      1,737,618     1.38%
10/01/01      2,654,059       23,009      2,631,050     2.09%
11/01/01      2,471,159       21,424      2,449,735     1.94%
12/01/01      2,105,634       18,255      2,087,379     1.65%
 1/01/02      2,921,002       25,324      2,895,678     2.30%
 2/01/02      2,703,481       23,438      2,680,043     2.12%
 3/01/02      2,544,396       22,059      2,522,337     2.00%
 4/01/02      3,369,485       29,212      3,340,273     2.85%
 5/01/02      3,295,561       28,571      3,266,990     2.59%
 6/01/02      2,953,330       25,604      2,927,726     2.32%
 7/01/02      4,084,206       35,408      4,048,798     3.21%
 8/01/02      4,383,705       38,005      4,345,701     3.44%
 9/01/02      4,428,035       38,389      4,389,646     3.48%
10/01/02      5,242,587       45,451      5,197,137     4.12%
11/01/02      5,383,454       46,672      5,336,782     4.23%
12/01/02      5,280,285       45,778      5,234,507     4.15%
 1/01/03      5,920,004       51,324      5,868,680     4.65%
 2/01/03      5,935,961       51,462      5,884,499     4.66%
 3/01/03      5,820,853       50,464      5,770,389     4.57%
 4/01/03      6,405,159       55,530      6,349,629     5.03%
 5/01/03      6,387,772       55,379      6,332,393     5.02%
 6/01/03      6,081,452       52,723      6,028,729     4.78%
------------------------------------------------------------
           $127,254,177   $1,103,233   $126,150,944   100.00%
------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 26

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                  LOAN ORIGINATION SUMMARY
-----------------------------------------------------------
                        TOTAL LOANS
----------------------------------------------------------------
  DRAW           FUNDS       PREMIUM/        PRINCIPAL      %OF
  DATE           DRAWN      (DISCOUNT)        DRAWN        TOTAL
----------------------------------------------------------------
<S>        <C>              <C>           <C>             <C>
 6/01/00   $  764,546,050            -    $ 764,546,050    70.90%
 7/01/00        5,142,777       44,585        5,098,191     0.48%
 8/01/00      190,705,764    3,693,447      187,012,317    17.69%
 9/01/00        3,007,779       26,076        2,981,703     0.28%
10/01/00        3,432,773       29,761        3,403,013     0.32%
11/01/00        2,669,393       23,142        2,646,250     0.25%
12/01/00        1,837,548       15,931        1,821,618     0.17%
 1/01/01        2,540,057       22,021        2,518,035     0.24%
 2/01/01        1,951,277       16,917        1,934,360     0.18%
 3/01/01        1,325,105       11,488        1,313,617     0.12%
 4/01/01        2,136,108       18,519        2,117,589     0.20%
 5/01/01        1,656,599       14,362        1,642,237     0.15%
 6/01/01          984,861        8,538          976,323     0.09%
 7/01/01        2,177,645       18,879        2,158,766     0.20%
 8/01/01        2,073,285       17,974        2,055,310     0.19%
 9/01/01        1,752,814       15,196        1,737,618     0.16%
10/01/01        2,654,059       23,009        2,631,050     0.25%
11/01/01        2,471,159       21,424        2,449,735     0.23%
12/01/01        2,105,634       18,255        2,087,379     0.20%
 1/01/02        2,921,002       25,324        2,895,678     0.27%
 2/01/02        2,703,481       23,438        2,680,043     0.25%
 3/01/02        2,544,396       22,059        2,522,337     0.24%
 4/01/02        3,369,485       29,212        3,340,273     0.31%
 5/01/02        3,295,561       28,571        3,266,990     0.31%
 6/01/02        2,953,330       25,604        2,927,726     0.27%
 7/01/02        4,084,206       35,408        4,048,798     0.38%
 8/01/02        4,383,705       38,005        4,345,701     0.41%
 9/01/02        4,428,035       38,389        4,389,646     0.41%
10/01/02        5,242,587       45,451        5,197,137     0.49%
11/01/02        5,383,454       46,672        5,336,782     0.50%
12/01/02        5,280,285       45,778        5,234,507     0.49%
 1/01/03        5,920,004       51,324        5,868,680     0.55%
 2/01/03        5,935,961       51,462        5,884,499     0.55%
 3/01/03        5,820,853       50,464        5,770,389     0.54%
 4/01/03        6,405,159       55,530        6,349,629     0.59%
 5/01/03        6,387,772       55,379        6,332,393     0.59%
 6/01/03        6,081,452       52,723        6,028,729     0.56%
----------------------------------------------------------------
           $1,078,311,414   $4,760,315   $1,073,551,099   100.00%
----------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 27

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------
                                                 USA GROUP SERVICED
--------------------------------------------------------------------------------------------------------------------------
 PERIOD        LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN     LOANS IN      LOANS IN     LOANS IN
 ENDING        DRAWN       INTEREST      OUTSTANDING      INTERIM        REPAYMENT    DEFERMENT    FORBEARANCE   DEFAULT
--------------------------------------------------------------------------------------------------------------------------
<S>        <C>            <C>            <C>            <C>            <C>            <C>          <C>           <C>
 6/01/00   $261,393,981              -   $261,393,981   $102,497,602   $158,896,379            -             -           -
 9/01/00              -              -    259,594,295    102,497,602     93,061,452   31,779,276    31,779,276     476,689
12/01/00              -              -    257,673,454    102,497,602     90,663,922   31,779,276    31,779,276     953,378
 3/01/01              -              -    255,725,242    102,497,602     88,239,021   31,779,276    31,779,276   1,430,067
 6/01/01              -      3,417,177    257,166,844    105,914,779     85,786,757   31,779,276    31,779,276   1,906,757
 9/01/01              -              -    253,754,227      7,456,701    141,163,864   51,470,892    51,470,892   2,191,879
12/01/01              -              -    250,251,605      7,456,701    137,376,120   51,470,892    51,470,892   2,477,002
 3/01/02              -              -    246,708,126      7,456,701    133,547,517   51,470,892    51,470,892   2,762,125
 6/01/02              -              -    243,125,939      7,456,701    129,680,208   51,470,892    51,470,892   3,047,247
 9/01/02              -      2,563,217    240,603,887      7,456,701    190,402,091   19,691,616    19,691,616   3,361,865
12/01/02              -              -    235,397,431      7,456,701    184,881,017   19,691,616    19,691,616   3,676,482
 3/01/03              -              -    230,131,762      7,456,701    179,300,731   19,691,616    19,691,616   3,991,100
 6/01/03              -          5,374    224,819,340      7,405,452    173,702,692   19,702,940    19,702,940   4,305,316
 9/01/03              -      1,587,769    220,083,382      7,405,452    208,161,086       11,325        11,325   4,494,195
12/01/03              -              -    213,658,333      7,405,452    201,547,158       11,325        11,325   4,683,074
 3/01/04              -              -    207,167,851      7,405,452    194,867,797       11,325        11,325   4,871,953
 6/01/04              -          7,217    200,641,462      7,354,203    188,181,714       23,018        23,018   5,059,510
 9/01/04              -              -    193,931,611      7,354,203    181,945,983       23,018        23,018   4,585,389
12/01/04              -              -    187,138,692      7,354,203    175,627,184       23,018        23,018   4,111,269
 3/01/05              -              -    180,259,761      7,354,203    169,222,373       23,018        23,018   3,637,149
 6/01/05              -         10,026    173,322,911      7,302,954    162,807,912       23,755        23,755   3,164,535
 9/01/05              -              -    166,796,957      7,302,954    156,567,728       23,755        23,755   2,878,765
12/01/05              -              -    160,174,724      7,302,954    150,231,267       23,755        23,755   2,592,994
 3/01/06              -              -    153,456,054      7,302,954    143,798,367       23,755        23,755   2,307,223
 6/01/06              -         39,182    146,710,964      7,123,583    137,455,548       55,567        55,567   2,020,699
 9/01/06              -              -    140,178,906      7,123,583    131,237,620       55,567        55,567   1,706,568
12/01/06              -              -    133,533,769      7,123,583    124,906,613       55,567        55,567   1,392,437
 3/01/07              -              -    126,773,590      7,123,583    118,460,565       55,567        55,567   1,078,306
 6/01/07              -          7,453    119,959,413      7,097,959    111,996,490       49,905        49,905     765,153
 9/01/07              -              -    113,468,460      7,097,959    105,695,594       49,905        49,905     575,097
12/01/07              -              -    106,853,645      7,097,959     99,270,835       49,905        49,905     385,041
 3/01/08              -              -    100,112,526      7,097,959     92,719,773       49,905        49,905     194,985
 6/01/08              -         25,866     93,375,142      7,021,086     86,296,691       26,150        26,150       5,065
 9/01/08              -              -     86,945,011      7,021,086     79,866,124       26,150        26,150       5,501
12/01/08              -              -     80,388,490      7,021,086     73,309,167       26,150        26,150       5,936
 3/01/09              -              -     73,703,088      7,021,086     66,623,329       26,150        26,150       6,372
 6/01/09              -         17,028     66,935,057      6,969,837     59,892,002       33,287        33,287       6,645
 9/01/09              -              -     60,097,770      6,969,837     53,054,765       33,287        33,287       6,594
12/01/09              -              -     53,648,145      6,969,837     46,605,192       33,287        33,287       6,543
 3/01/10              -              -     47,399,244      6,969,837     40,356,342       33,287        33,287       6,492
 6/01/10              -      2,413,896     43,933,192        204,995     40,017,322    1,848,907     1,848,907      13,060
 9/01/10              -              -     39,290,409        204,995     35,354,731    1,848,907     1,848,907      32,868
12/01/10              -              -     34,603,782        204,995     30,648,296    1,848,907     1,848,907      52,675
 3/01/11              -              -     29,833,062        204,995     25,857,769    1,848,907     1,848,907      72,483
 6/01/11              -         81,772     25,043,496              -     21,172,702    1,892,463     1,892,463      85,867
 9/01/11              -              -     21,914,641              -     18,043,309    1,892,463     1,892,463      86,405
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 28

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------
                                                 USA GROUP SERVICED
--------------------------------------------------------------------------------------------------------------------------
 PERIOD        LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN     LOANS IN      LOANS IN     LOANS IN
 ENDING        DRAWN       INTEREST      OUTSTANDING      INTERIM        REPAYMENT    DEFERMENT    FORBEARANCE   DEFAULT
--------------------------------------------------------------------------------------------------------------------------
<S>        <C>            <C>            <C>            <C>            <C>            <C>          <C>           <C>
12/01/11              -             -    19,186,338          -         15,314,468     1,892,463    1,892,463       86,944
 3/01/12              -             -    16,633,017          -         12,760,609     1,892,463    1,892,463       87,482
 6/01/12              -       180,563    14,508,939          -         14,302,603        57,091       57,091       92,154
 9/01/12              -             -    12,989,279          -         12,770,001        57,091       57,091      105,094
12/01/12              -             -    11,473,771          -         11,241,554        57,091       57,091      118,035
 3/01/13              -             -     9,935,232          -          9,690,074        57,091       57,091      130,975
 6/01/13              -         5,701     8,370,717          -          8,231,047             -            -      139,670
 9/01/13              -             -     8,056,306          -          7,916,431             -            -      139,875
12/01/13              -             -     7,805,641          -          7,665,561             -            -      140,080
 3/01/14              -             -     7,551,672          -          7,411,387             -            -      140,285
 6/01/14              -             -     7,296,586          -          7,162,980             -            -      133,606
 9/01/14              -             -     7,043,450          -          6,930,293             -            -      113,157
12/01/14              -             -     6,786,388          -          6,693,679             -            -       92,709
 3/01/15              -             -     6,525,339          -          6,453,079             -            -       72,261
 6/01/15              -             -     6,269,458          -          6,211,069             -            -       58,389
 9/01/15              -             -     6,029,258          -          5,971,586             -            -       57,672
12/01/15              -             -     5,785,031          -          5,728,076             -            -       56,955
 3/01/16              -             -     5,536,715          -          5,480,478             -            -       56,237
 6/01/16              -             -     5,286,198          -          5,234,949             -            -       51,249
 9/01/16              -             -     5,036,057          -          4,998,338             -            -       37,719
12/01/16              -             -     4,781,289          -          4,757,100             -            -       24,189
 3/01/17              -             -     4,521,806          -          4,511,146             -            -       10,660
 6/01/17              -             -     4,262,913          -          4,261,410             -            -        1,503
 9/01/17              -             -     4,010,417          -          4,009,324             -            -        1,093
12/01/17              -             -     3,752,971          -          3,752,288             -            -          683
 3/01/18              -             -     3,490,477          -          3,490,204             -            -          273
 6/01/18              -             -     3,224,395          -          3,224,395             -            -            -
 9/01/18              -             -     2,956,996          -          2,956,996             -            -            -
12/01/18              -             -     2,684,345          -          2,684,345             -            -            -
 3/01/19              -             -             -          -                  -             -            -            -
--------------------------------------------------------------------------------------------------------------------------
           $261,393,981   $10,362,241
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 29

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------
                                                 INTUITION SERVICED
--------------------------------------------------------------------------------------------------------------------------
 PERIOD        LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN     LOANS IN      LOANS IN     LOANS IN
 ENDING        DRAWN       INTEREST      OUTSTANDING      INTERIM        REPAYMENT    DEFERMENT    FORBEARANCE   DEFAULT
--------------------------------------------------------------------------------------------------------------------------
<S>        <C>            <C>            <C>            <C>            <C>            <C>          <C>           <C>
 6/01/00   $97,536,116             -     $97,536,116    $27,140,790    $70,395,326             -             -           -
 9/01/00             -             -      96,790,045     27,140,790     41,279,939    14,079,065    14,079,065     211,186
12/01/00             -             -      95,993,199     27,140,790     40,271,907    14,079,065    14,079,065     422,372
 3/01/01             -             -      95,184,409     27,140,790     39,251,931    14,079,065    14,079,065     633,558
 6/01/01             -       372,050      94,735,695     27,512,840     38,219,980    14,079,065    14,079,065     844,744
 9/01/01             -             -      93,533,821     10,575,215     47,130,985    17,466,590    17,466,590     894,441
12/01/01             -       261,894      92,571,135     10,837,109     45,856,708    17,466,590    17,466,590     944,137
 3/01/02             -             -      91,257,261      2,801,317     49,291,291    19,073,749    19,073,749   1,017,156
 6/01/02             -           871      89,925,344      2,802,188     47,885,484    19,073,749    19,073,749   1,090,174
 9/01/02             -       696,729      88,732,675      2,781,931     74,699,744     4,998,735     4,998,735   1,253,530
12/01/02             -         1,016      86,794,943      2,762,545     72,609,842     5,002,815     5,002,815   1,416,926
 3/01/03             -             -      84,809,429      2,762,545     70,484,235     5,002,815     5,002,815   1,557,018
 6/01/03             -         4,572      82,809,497      2,767,116     68,339,920     5,002,815     5,002,815   1,696,830
 9/01/03             -       172,780      80,715,063      2,694,693     73,031,441     1,629,775     1,629,775   1,729,379
12/01/03             -           726      78,418,048      2,685,000     70,707,421     1,631,859     1,631,859   1,761,910
 3/01/04             -        86,305      76,131,107      2,655,920     71,603,190        30,995        30,995   1,810,007
 6/01/04             -         1,669      73,738,678      2,636,534     69,173,798        35,206        35,206   1,857,934
 9/01/04             -       239,687      71,538,894         77,545     68,613,473       590,847       590,847   1,666,183
12/01/04             -           221      69,047,000         77,545     66,316,366       586,766       586,766   1,479,556
 3/01/05             -             -      66,505,300         77,545     63,976,867       586,766       586,766   1,277,355
 6/01/05             -         8,708      63,949,139         86,253     61,613,934       586,766       586,766   1,075,419
 9/01/05             -           806      61,581,248              -     59,371,498       589,532       589,532   1,030,685
12/01/05             -           118      59,171,414              -     57,015,697       587,448       587,448     980,821
 3/01/06             -           360      56,725,159              -     54,655,204       581,154       581,154     907,647
 6/01/06             -           242      54,255,128              -     52,266,883       576,943       576,943     834,360
 9/01/06             -        32,587      51,853,301              -     51,145,683        17,251        17,251     673,117
12/01/06             -             -      49,361,747              -     48,812,012        17,251        17,251     515,234
 3/01/07             -             -      46,848,875              -     46,433,747        17,251        17,251     380,627
 6/01/07             -             -      44,305,380              -     44,024,557        17,251        17,251     246,322
 9/01/07             -         1,035      41,890,429              -     41,673,933             -             -     216,496
12/01/07             -             -      39,423,805              -     39,240,527             -             -     183,278
 3/01/08             -             -      36,908,724              -     36,774,232             -             -     134,492
 6/01/08             -             -      34,364,230              -     34,278,620             -             -      85,610
 9/01/08             -             -      31,854,312              -     31,787,023             -             -      67,290
12/01/08             -             -      29,294,015              -     29,250,169             -             -      43,845
 3/01/09             -             -      26,697,846              -     26,661,871             -             -      35,974
 6/01/09             -             -      24,084,881              -     24,056,681             -             -      28,201
 9/01/09             -             -      21,512,607              -     21,489,931             -             -      22,675
12/01/09             -             -      18,893,408              -     18,871,127             -             -      22,281
 3/01/10             -             -      16,221,100              -     16,199,225             -             -      21,874
 6/01/10             -             -      13,831,286              -     13,809,884             -             -      21,402
 9/01/10             -             -      12,253,071              -     12,233,491             -             -      19,580
12/01/10             -             -      10,644,254              -     10,629,895             -             -      14,359
 3/01/11             -             -       9,006,406              -      8,997,243             -             -       9,163
 6/01/11             -             -       7,360,357              -      7,356,325             -             -       4,032
 9/01/11             -             -       6,068,879              -      6,068,414             -             -         465
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 30

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------
                                              INTUITION GROUP SERVICED
--------------------------------------------------------------------------------------------------------------------------
 PERIOD        LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN     LOANS IN      LOANS IN     LOANS IN
 ENDING        DRAWN       INTEREST      OUTSTANDING      INTERIM        REPAYMENT    DEFERMENT    FORBEARANCE   DEFAULT
--------------------------------------------------------------------------------------------------------------------------
<S>        <C>            <C>            <C>              <C>            <C>          <C>          <C>           <C>
12/01/11             -             -      4,771,649          -           4,771,339        -             -           310
 3/01/12             -             -      3,601,126          -           3,600,970        -             -           155
 6/01/12             -             -      2,638,943          -           2,638,943        -             -             -
 9/01/12             -             -      2,229,837          -           2,229,837        -             -             -
12/01/12             -             -      1,813,694          -           1,813,694        -             -             -
 3/01/13             -             -      1,391,859          -           1,391,859        -             -             -
 6/01/13             -             -        964,823          -             964,823        -             -             -
 9/01/13             -             -        760,145          -             760,145        -             -             -
12/01/13             -             -        563,210          -             563,210        -             -             -
 3/01/14             -             -        467,551          -             467,551        -             -             -
 6/01/14             -             -        376,226          -             376,226        -             -             -
 9/01/14             -             -        299,360          -             299,360        -             -             -
12/01/14             -             -        261,691          -             261,691        -             -             -
 3/01/15             -             -        223,363          -             223,363        -             -             -
 6/01/15             -             -        184,253          -             184,253        -             -             -
 9/01/15             -             -        146,953          -             146,953        -             -             -
12/01/15             -             -        109,119          -             109,119        -             -             -
 3/01/16             -             -         70,693          -              70,693        -             -             -
 6/01/16             -             -         31,976          -              31,976        -             -             -
 9/01/16             -             -          3,514          -               3,514        -             -             -
12/01/16             -             -          2,386          -               2,386        -             -             -
 3/01/17             -             -          1,234          -               1,234        -             -             -
 6/01/17             -             -             59          -                  59        -             -             -
 9/01/17             -             -              -          -                   -        -             -             -
--------------------------------------------------------------------------------------------------------------------------
           $97,536,116    $1,882,376
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 31

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------
                                                  UNIPAC SERVICED
--------------------------------------------------------------------------------------------------------------------------
 PERIOD        LOANS      CAPITALIZED      LOANS         LOANS IN       LOANS IN     LOANS IN      LOANS IN      LOANS IN
 ENDING        DRAWN       INTEREST     OUTSTANDING      INTERIM        REPAYMENT    DEFERMENT    FORBEARANCE     DEFAULT
--------------------------------------------------------------------------------------------------------------------------
<S>        <C>            <C>           <C>            <C>            <C>            <C>          <C>            <C>
 6/01/00   $300,155,304           -     $300,155,304   $146,401,117   $153,754,188            -              -           -
 9/01/00              -           -      298,051,124    146,401,117     89,687,070   30,750,838     30,750,838     461,263
12/01/00              -           -      295,806,107    146,401,117     86,980,790   30,750,838     30,750,838     922,525
 3/01/01              -           -      293,530,605    146,401,117     84,244,026   30,750,838     30,750,838   1,383,788
 6/01/01              -   2,294,627      293,521,821    148,695,743     81,479,353   30,750,838     30,750,838   1,845,050
 9/01/01              -           -      290,132,344     67,344,514    126,667,262   47,021,083     47,021,083   2,078,401
12/01/01              -           -      286,671,699     67,344,514    122,973,267   47,021,083     47,021,083   2,311,752
 3/01/02              -           -      283,171,289     67,344,514    119,239,506   47,021,083     47,021,083   2,545,102
 6/01/02              -   3,418,144      283,049,740     70,762,658    115,466,462   47,021,083     47,021,083   2,778,453
 9/01/02              -   2,082,419      279,2/7,742      8,461,985    210,092,387   28,730,381     28,730,381   3,262,609
12/01/02              -           -      273,248,910      8,461,985    203,579,399   28,730,381     28,730,381   3,746,765
 3/01/03              -           -      267,155,255      8,461,985    197,001,588   28,730,381     28,730,38!   4,230,921
 6/01/03              -           -      261,042,205      8,461,985    190,407,203   28,730,381     28,730,381   4,712,256
 9/01/03              -   1,066,369      255,130,185      8,461,985    216,888,573   12,460,135     12,460,135   4,859,359
12/01/03              -           -      248,060,905      8,461,985    209,672,189   12,460,135     12,460,135   5,006,462
 3/01/04              -           -      240,926,843      8,461,985    202,391,024   12,460,135     12,460,135   5,153,565
 6/01/04              -       6,657      233,791,886      8,403,424    195,143,282   12,473,178     12,473,178   5,298,824
 9/01/04              -     846,765      226,965,407      8,403,424    213,568,110       13,044         13,044   4,967,786
12/01/04              -           -      219,175,697      8,403,424    206,109,439       13,044         13,044   4,636,747
 3/01/05              -           -      211,291,901      8,403,424    198,556,682       13,044         13,044   4,305,708
 6/01/05              -       8,357      203,411,524      8,344,864    191,036,294       26,427         26,427   3,977,512
 9/01/05              -           -      195,954,814      8,344,864    183,822,221       26,427         26,427   3,734,876
12/01/05              -           -      188,398,895      8,344,864    176,508,938       26,427         26,427   3,492,239
 3/01/06              -           -      180,745,636      8,344,864    169,098,317       26,427         26,427   3,249,602
 6/01/06              -      36,141      173,142,753      8,139,902    161,874,138       61,415         61,415   3,005,882
 9/01/06              -           -      165,894,665      8,139,902    155,101,285       61,415         61,415   2,530,647
12/01/06              -           -      158,527,644      8,139,902    148,209,500       61,415         61,415   2,055,412
 3/01/07              -           -      151,039,720      8,139,902    141,196,810       61,415         61,415   1,580,176
 6/01/07              -       6,873      143,541,434      8,110,622    134,212,770       55,064         55,064   1,107,915
 9/01/07              -           -      136,644,707      8,110,622    127,473,951       55,064         55,064     950,007
12/01/07              -           -      129,622,677      8,110,622    120,609,829       55,064         55,064     792,098
 3/01/08              -           -      122,473,067      8,110,622    113,618,128       55,064         55,064     634,190
 6/01/08              -      23,848      115,347,051      8,022,781    106,790,617       28,637         28,637     476,379
 9/01/08              -           -      108,554,067      8,022,781    100,114,901       28,637         28,637     359,112
12/01/08              -           -      101,631,369      8,022,781     93,309,470       28,637         28,637     241,845
 3/01/09              -           -       94,576,430      8,022,781     86,371,798       28,637         28,637     124,578
 6/01/09              -      15,705       87,540,676      7,964,221     79,496,594       36,348         36,348       7,164
 9/01/09              -           -       80,825,284      7,964,221     72,781,145       36,348         36,348       7,222
12/01/09              -           -       73,979,396      7,964,221     65,935,198       36,348         36,348       7,281
 3/01/10              -           -       67,000,468      7,964,221     58,956,211       36,348         36,348       7,340
 6/01/10              -   2,226,665       62,543,791        234,242     58,283,173    2,005,727      2,005,727      14,923
 9/01/10              -           -       56,831,359        234,242     52,548,107    2,005,727      2,005,727      37,557
12/01/10              -           -       51,008,311        234,242     46,702,425    2,005,727      2,005,727      60,190
 3/01/11              -           -       45,0/2,506        234,242     40,743,987    2,005,727      2,005,727      82,824
 6/01/11              -      75,425       39,203,711              -     35,000,241    2,052,676      2,052,676      98,118
 9/01/11              -           -       34,943,862              -     30,739,777    2,052,676      2,052,676      98,733
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 32
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                   LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------
                                                     UNIPAC SERVICED
----------------------------------------------------------------------------------------------------------------------------
 PERIOD          LOANS      CAPITALIZED       LOANS        LOANS IN  LOANS IN       LOANS IN       LOANS IN       LOANS IN
 ENDING          DRAWN        INTEREST     OUTSTANDING     INTERIM   REPAYMENT      DEFERMENT    FORBEARANCE      DEFAULT
----------------------------------------------------------------------------------------------------------------------------
<S>          <C>            <C>            <C>             <C>       <C>            <C>          <C>              <C>
12/01/11                -              -     30,692,254        -     26,487,554      2,052,676      2,052,676         99,348
 3/01/12                -              -     26,362,522        -     22,157,207      2,052,676      2,052,676         99,963
 6/01/12                -       165, 743     22,388,969        -     22,160,282         61,693         61,693        105,301
 9/01/12                -              -     20,031,536        -     19,788,063         61,693         61,693        120,088
12/01/12                -              -     17,691,528        -     17,433,268         61,693         61,693        134,874
 3/01/13                -              -     15,322,891        -     15.049,845         61,693         61,693        149,661
 6/01/13                -          5,231     12,966,996        -     12,807,399              -              -        159,597
 9/01/13                -              -     11,747,439        -     11,587,608              -              -        159,831
12/01/13                -              -     10,568,521        -     10,408,456              -              -        160,065
 3/01/14                -              -      9,371,099        -      9,210,800              -              -        160,299
 6/01/14                -              -      8,167,455        -      8,014,788              -              -        152,667
 9/01/14                -              -      7,784,426        -      7,655,124              -              -        129,301
12/01/14                -              -      7,437,964        -      7,332,028              -              -        105,936
 3/01/15                -              -      7,097,229        -      7,014,659              -              -         82,570
 6/01/15                -              -      6,775,743        -      6,709,023              -              -         66,720
 9/01/15                -              -      6,506,225        -      6,440,325              -              -         65,900
12/01/15                -              -      6,232,262        -      6,167,182              -              -         65.080
 3/01/16                -              -      5,953,791        -      5,889,531              -              -         64,260
 6/01/16                -              -      5,676,162        -      5,617,602              -              -         58,560
 9/01/16                -              -      5,407,338        -      5,364,238              -              -         43,100
12/01/16                -              -      5,133,623        -      5,105,982              -              -         27,641
 3/01/17                -              -      4,854,921        -      4,842,740              -              -         12,181
 6/01/17                -              -      4,576,746        -      4,575.028              -              -          1,718
 9/01/17                -              -      4,304,862        -      4,303,613              -              -          1,249
12/01/17                -              -      4,027,712        -      4,026,932              -              -            781
 3/01/18                -              -      3,745,194        -      3,744,882              -              -            312
 6/01/18                -              -      3,458,906        -      3,458,906              -              -              -
 9/01/18                -              -      3,171,327        -      3,171,327              -              -              -
12/01/18                -              -      2,878,168        -      2,878,168              -              -              -
 3/01/19                -              -              -        -              -              -              -              -
----------------------------------------------------------------------------------------------------------------------------
             $300,155,304   $ 12,278,968              -
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 33

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
                                                     CONSOLIDATION LOANS
----------------------------------------------------------------------------------------------------------------------------------
 PERIOD          LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN       LOANS IN       LOANS IN       LOANS IN
 ENDING          DRAWN        INTEREST     OUTSTANDING      INTERIM        REPAYMENT      DEFERMENT    FORBEARANCE      DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
<S>          <C>            <C>            <C>              <C>          <C>              <C>          <C>              <C>
 6/01/00     $105,460,649              -   $105,460,649        -         $105,460,649              -              -              -
 9/01/00                -              -    104,489,231        -           61,988,590     21,092,130     21,092,130        316,382
12/01/00                -              -    103,452,340        -           60,635,316     21,092,130     21,092,130        632,764
 3/01/01                -              -    102,400,652        -           59,267,247     21,092,130     21,092,130        949,146
 6/01/01                -              -    101,334,513        -           57,884,726     21,092,130     21,092,130      1,265,528
 9/01/01                -              -     99,965,499        -           56,516,312     21,092,130     21,092,130      1,264,927
12/01/01                -              -     98,583,343        -           55,134,757     21,092,130     21,092,130      1,264,327
 3/01/02                -              -     97,186,610        -           53,738,625     21,092,130     21,092,130      1,263,726
 6/01/02                -              -     95,775,376        -           52,327,990     21,092,130     21,092,130      1,263,126
 9/01/02                -      3,322,012     96,973,798        -           95,499,754              -              -      1,474,044
12/01/02                -              -     94,788,740        -           93,103,776              -              -      1,684,963
 3/01/03                -              -     92,579,174        -           90,683,292              -              -      1,895,882
 6/01/03                -              -     90,354,172        -           88,247,941              -              -      2,106,232
 9/01/03                -              -     87,932,983        -           85,828,859              -              -      2,104,124
12/01/03                -              -     85,488,963        -           83,386,947              -              -      2,102,016
 3/01/04                -              -     83,022,039        -           80,922,131              -              -      2,099,908
 6/01/04                -              -     80,544,238        -           78,446,855              -              -      2,097,382
 9/01/04                -              -     78,061,268        -           76,277,959              -              -      1,783,309
12/01/04                -              -     75,544,756        -           74,075,520              -              -      1,469,236
 3/01/05                -              -     72,994,586        -           71,839,423              -              -      1,155,163
 6/01/05                -              -     70,426,952        -           69,585,254              -              -        841,698
 9/01/05                -              -     68,175,501        -           67,334,942              -              -        840,559
12/01/05                -              -     65,889,934        -           65.050,513              -              -        839,421
 3/01/06                -              -     63,570,402        -           62,732,120              -              -        838,283
 6/01/06                -              -     61,243,330        -           60,406,465              -              -        836,866
 9/01/06                -              -     58,941,445        -           58,313,961              -              -        627,485
12/01/06                -              -     56,598,098        -           56,179,994              -              -        418,104
 3/01/07                -              -     54,212,463        -           54,003,740              -              -        208,723
 6/01/07                -              -     51,821,798        -           51,821,798              -              -              -
 9/01/07                -              -     49,692,190        -           49,692,190              -              -              -
12/01/07                -              -     47,520,368        -           47,520,368              -              -              -
 3/01/08                -              -     45,305,491        -           45,305,491              -              -              -
 6/01/08                -              -     43,110,812        -           43,110,812              -              -              -
 9/01/08                -              -     41,036,275        -           41,036,275              -              -              -
12/01/08                -              -     38,920,602        -           38,920,602              -              -              -
 3/01/09                -              -     36,762,972        -           36,762,972              -              -              -
 6/01/09                -              -     34,627,721        -           34,627,721              -              -              -
 9/01/09                -              -     32,616,485        -           32,616,485              -              -              -
12/01/09                -              -     30,565,353        -           30,565,353              -              -              -
 3/01/10                -              -     28,473,528        -           28,473,528              -              -              -
 6/01/10                -              -     26,416,720        -           26,416,720              -              -              -
 9/01/10                -              -     24,514,622        -           24,514,622              -              -              -
12/01/10                -              -     22,574,985        -           22,574,985              -              -              -
 3/01/11                -              -     20,597,354        -           20,597,354              -              -              -
 6/01/11                -              -     18,628,777        -           18,628,777              -              -              -
 9/01/11                -              -     16,744,428        -           16,744,428              -              -              -
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 34

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------------
                                                     CONSOLIDATION LOANS
--------------------------------------------------------------------------------------------------------------------------------
 PERIOD          LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN       LOANS IN       LOANS IN       LOANS IN
 ENDING          DRAWN        INTEREST     OUTSTANDING      INTERIM        REPAYMENT      DEFERMENT    FORBEARANCE      DEFAULT
--------------------------------------------------------------------------------------------------------------------------------
<S>          <C>            <C>            <C>              <C>           <C>             <C>          <C>              <C>
12/01/11                -              -     14,956,041         -         14,956,041          -              -              -
 3/01/12                -              -     13,182,793         -         13,182,793          -              -              -
 6/01/12                -              -     11,442,956         -         11,442,956          -              -              -
 9/01/12                -              -      9,744,200         -          9,744,200          -              -              -
12/01/12                -              -      8,011,860         -          8,011,860          -              -              -
 3/01/13                -              -      6,465,744         -          6,465,744          -              -              -
 6/01/13                -              -      5,128,112         -          5,128,112          -              -              -
 9/01/13                -              -      4,344,695         -          4,344,695          -              -              -
12/01/13                -              -      3,642,354         -          3,642,354          -              -              -
 3/01/14                -              -      2,962,758         -          2,962,758          -              -              -
 6/01/14                -              -      2,298,551         -          2,298,551          -              -              -
 9/01/14                -              -      1,622,683         -          1,622,683          -              -              -
12/01/14                -              -        933,385         -            933,385          -              -              -
 3/01/15                -              -        389,966         -            389,966          -              -              -
 6/01/15                -              -              3         -                  3          -              -              -
 9/01/15                -              -              3         -                  3          -              -              -
12/01/15                -              -              2         -                  2          -              -              -
 3/01/16                -              -              1         -                  1          -              -              -
 6/01/16                -              -              -         -                  -          -              -              -
------------------------------------------------------------------------------------------------------------------------------
             $105,460,649   $  3,322,012              -
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 35

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
                                                    PREFUNDING STAFF & PLUS
----------------------------------------------------------------------------------------------------------------------------------
 PERIOD          LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN       LOANS IN       LOANS IN       LOANS IN
 ENDING          DRAWN        INTEREST     OUTSTANDING      INTERIM        REPAYMENT      DEFERMENT    FORBEARANCE      DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>           <C>            <C>             <C>            <C>             <C>          <C>              <C>
 6/01/00                -              -              -              -              -              -              -              -
 9/01/00      130,557,831              -    127,927,468    108,798,192     11,430,204      3,839,936      3,839,936         19,200
12/01/00                -              -    127,676,652    108,798,192     11,121,789      3,839,936      3,839,936         76,799
 3/01/01                -              -    127,422,047    108,798,192     10,809,585      3,839,936      3,839,936        134,398
 6/01/01                -              -    127,163,636    108,798,192     10,493,575      3,839,936      3,839,936        191,997
 9/01/01                -              -    126,882,207    108,798,192     10,173,746      3,839,936      3,839,936        230,396
12/01/01                -              -    126,558,552    108,798,192      9,850,091      3,839,936      3,839,936        230,396
 3/01/02                -      6,095,899    132,001,311              -     78,024,607     26,818,754     26,818,754        339,194
 6/01/02                -              -    130,510,428              -     76,207,330     26,818,754     26,818,754        665,589
 9/01/02                -        622,070    129,570,431              -     82,608,012     22,978,818     22,978,818      1,004,783
12/01/02                -              -    127,857,768              -     80,530,555     22,978,818     22,978,818      1,369,577
 3/01/03                -              -    126,012,919              -     78,429,710     22,978,818     22,978,818      1,625,573
 6/01/03                -              -    123,927,031              -     76,305,422     22,978,818     22,978,818      1,663,972
 9/01/03                -              -    121,804,882              -     74,157,674     22,978,818     22,978,818      1,689,572
12/01/03                -              -    119,633,701              -     71,986,493     22,978,818     22,978,818      1,689,572
 3/01/04                -      1,951,027    119,163,880              -    117,401,776              -              -      1,762,104
 6/01/04                -              -    116,140,292              -    114,160,591              -              -      1,979,700
 9/01/04                -              -    113,085,636              -    110,907,721              -              -      2,177,915
12/01/04                -              -    109,995,721              -    107,657,809              -              -      2,337,912
 3/01/05                -              -    106,795,296              -    104,369,918              -              -      2,425,377
 6/01/05                -              -    103,411,731              -    101,043,953              -              -      2,367,778
 9/01/05                -              -    100,012,358              -     97,682,797              -              -      2,329,561
12/01/05                -              -     96,614,996              -     94,285,435              -              -      2,329,561
 3/01/06                -              -     93,178,714              -     90,957,951              -              -      2,220,763
 6/01/06                -              -     89,695,324              -     87,800,955              -              -      1,894,369
 9/01/06                -              -     86,172,555              -     84,617,503              -              -      1,555.053
12/01/06                -              -     82,604,338              -     81,414,080              -              -      1,190,259
 3/01/07                -              -     79,092,403              -     78,158,140              -              -        934,263
 6/01/07                -              -     75,744,786              -     74,848,923              -              -        895,864
 9/01/07                -              -     72,358,200              -     71,487,815              -              -        870,386
12/01/07                -              -     68,943,703              -     68,073,317              -              -        870,386
 3/01/08                -              -     65,473,090              -     64,675,236              -              -        797,853
 6/01/08                -              -     61,940,012              -     61,359,755              -              -        580,257
 9/01/08                -              -     58,349,754              -     57,987,094              -              -        362,661
12/01/08                -              -     54,698,397              -     54,553,333              -              -        145.064
 3/01/09                -              -     51,319,071              -     51,319,071              -              -              -
 6/01/09                -              -     48 164,256              -     48,164,256              -              -              -
 9/01/09                -              -     44,948,220              -     44,948,220              -              -              -
12/01/09                -              -     41,669,769              -     41,669,769              -              -              -
 3/01/10                -              -     38,327,691              -     38,327,691              -              -              -
 6/01/10                -              -     34,920,745              -     34,920,745              -              -              -
 9/01/10                -              -     31,449,346              -     31,449,346              -              -              -
12/01/10                -              -     27,911,617              -     27,911,617              -              -              -
 3/01/11                -              -     24,498,884              -     24,498,884              -              -              -
 6/01/11                -              -     21,123,522              -     21,123,522              -              -              -
 9/01/11                -              -     17,682,927              -     17,682,927              -              -              -
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 36

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
                                                    PREFUNDING STAFF & PLUS
----------------------------------------------------------------------------------------------------------------------------------
 PERIOD          LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN       LOANS IN       LOANS IN       LOANS IN
 ENDING          DRAWN        INTEREST     OUTSTANDING      INTERIM        REPAYMENT      DEFERMENT    FORBEARANCE      DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
<S>          <C>            <C>            <C>              <C>            <C>            <C>          <C>              <C>
12/01/11                -              -     14,175,833         -          14,175,833         -              -              -
 3/01/12                -              -     11,239,187         -          11,239,187         -              -              -
 6/01/12                -              -      9,874,588         -           9,874,588         -              -              -
 9/01/12                -              -      8,483,618         -           8,483,618         -              -              -
12/01/12                -              -      7,065,765         -           7,065,765         -              -              -
 3/01/13                -              -      5,620,509         -           5,620,509         -              -              -
 6/01/13                -              -      4,147,318         -           4,147,318         -              -              -
 9/01/13                -              -      2,645,651         -           2,645,651         -              -              -
12/01/13                -              -      1,114,955         -           1,114,955         -              -              -
 3/01/14                -              -              -         -                   -         -              -              -
 6/01/14                -              -              -         -                   -         -              -              -
----------------------------------------------------------------------------------------------------------------------------------
             $130,557,831   $  8,668,995              -
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 37

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
                                                   PREFUNDING CONSOLIDATION
----------------------------------------------------------------------------------------------------------------------------------
 PERIOD          LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN       LOANS IN       LOANS IN       LOANS IN
 ENDING          DRAWN        INTEREST     OUTSTANDING      INTERIM        REPAYMENT      DEFERMENT    FORBEARANCE      DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>            <C>              <C>            <C>            <C>          <C>              <C>
 6/01/00                -              -              -         -                   -              -              -              -
 9/01/00       55,953,356              -     54,715,642         -          32,718,293     10,971,246     10,971,246         54,856
12/01/00                -              -     54,213,771         -          32,051,854     10,971,246     10,971,246        219,425
 3/01/01                -              -     53,702,612         -          31,376,126     10,971,246     10,971,246        383,994
 6/01/01                -              -     53,182,048         -          30,690,993     10,971,246     10,971,246        548,562
 9/01/01                -              -     52,597,108         -          29,996,340     10,971,246     10,971,246        658,275
12/01/01                -              -     51,892,825         -          29,292,057     10,971,246     10,971,246        658,275
 3/01/02                -              -     51,178,805         -          28,578,038     10,971,246     10,971,246        658,275
 6/01/02                -              -     50,454,949         -          27,854,181     10,971,246     10,971,246        658,275
 9/01/02                -      2,081,794     51,700,381         -          51,005,535              -              -        694,846
12/01/02                -              -     50,590,303         -          49,785,745              -              -        804,558
 3/01/03                -              -     49,463,174         -          48,548,903              -              -        914,271
 6/01/03                -              -     48,318,825         -          47,294,842              -              -      1,023,983
 9/01/03                -              -     47,120,533         -          46,023,409              -              -      1,097,125
12/01/03                -              -     45,831,587         -          44,734,462              -              -      1,097,125
 3/01/04                -              -     44,525,005         -          43,427,881              -              -      1,097,125
 6/01/04                -              -     43,200,686         -          42,103,561              -              -      1,097,125
 9/01/04                -              -     41,858,065         -          40,815,797              -              -      1,042,268
12/01/04                -              -     40,493,055         -          39,615,355              -              -        877,700
 3/01/05                -              -     39,104,488         -          38,391,356              -              -        713,131
 6/01/05                -              -     37,691,909         -          37,143,347              -              -        548,562
 9/01/05                -              -     36,309,721         -          35,870,871              -              -        438,850
12/01/05                -              -     35,012,321         -          34,573,471              -              -        438,850
 3/01/06                -              -     33,689,537         -          33,250,687              -              -        438,850
 6/01/06                -              -     32,340,911         -          31,902,061              -              -        438,850
 9/01/06                -              -     30,965,665         -          30,563,386              -              -        402,279
12/01/06                -              -     29,560,657         -          29,268,090              -              -        292,567
 3/01/07                -              -     28,124,674         -          27,941,820              -              -        182,854
 6/01/07                -              -     26,656,968         -          26,583,826              -              -         73,142
 9/01/07                -              -     25,193,341         -          25,193,341              -              -              -
12/01/07                -              -     23,769,577         -          23,769,577              -              -              -
 3/01/08                -              -     22,311,727         -          22,311,727              -              -              -
 6/01/08                -              -     20,818,966         -          20,818,966              -              -              -
 9/01/08                -              -     19,290,447         -          19,290,447              -              -              -
12/01/08                -              -     17,725,302         -          17,725,302              -              -              -
 3/01/09                -              -     16,122,643         -          16,122,643              -              -              -
 6/01/09                -              -     14,481,561         -          14,481,561              -              -              -
 9/01/09                -              -     12,801,121         -          12,801,121              -              -              -
12/01/09                -              -     11,080,369         -          11,080,369              -              -              -
 3/01/10                -              -      9,318,325         -           9,318,325              -              -              -
 6/01/10                -              -      7,513,987         -           7,513,987              -              -              -
 9/01/10                -              -      5,994,587         -           5,994,587              -              -              -
12/01/10                -              -      5,278,240         -           5,278,240              -              -              -
 3/01/11                -              -      4,544,696         -           4,544,696              -              -              -
 6/01/11                -              -      3,793,537         -           3,793,537              -              -              -
 9/01/11                -              -      3,024,334         -           3,024,334              -              -              -
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 38

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
                                                   PREFUNDING CONSOLIDATION
----------------------------------------------------------------------------------------------------------------------------------
 PERIOD          LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN       LOANS IN       LOANS IN       LOANS IN
 ENDING          DRAWN        INTEREST     OUTSTANDING      INTERIM        REPAYMENT      DEFERMENT    FORBEARANCE      DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
<S>          <C>            <C>            <C>              <C>            <C>            <C>          <C>              <C>
12/01/11                -              -      2,236,649        -           2,236,649          -             -              -
 3/01/12                -              -      1,430,032        -           1,430,032          -             -              -
 6/01/12                -              -        604,022        -             604,022          -             -              -
 9/01/12                -              -              -        -                   -          -             -              -
----------------------------------------------------------------------------------------------------------------------------------
             $ 55,953,356   $  2,081,794              -
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 39

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
                                                    REORIGINATION PORTFOLIO
----------------------------------------------------------------------------------------------------------------------------------
 PERIOD          LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN       LOANS IN       LOANS IN       LOANS IN
 ENDING          DRAWN        INTEREST     OUTSTANDING      INTERIM        REPAYMENT      DEFERMENT    FORBEARANCE      DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>            <C>              <C>            <C>            <C>          <C>              <C>
 6/01/00                -              -              -              -              -              -              -              -
 9/01/00       12,345,133              -     12,224,785      8,556,033      2,550,445        556,994        556,994          4,319
12/01/00        7,939,714              -     20,049,294     14,058,805      3,771,434      1,100,423      1,100,423         18,209
 3/01/01        5,816,438              -     25,745,998     18,090,000      4,661,632      1,477,955      1,477,955         38,457
 6/01/01        4,777,568              -     30,394,877     21,401,185      5,363,625      1,783,243      1,783,243         63,580
 9/01/01        6,003,744              -     36,238,512     25,562,196      6,396,367      2,095,570      2,095,570         88,808
12/01/01        7,230,852              -     43,267,937     30,573,678      7,572,299      2,505,860      2,505,860        110,241
 3/01/02        8,168,879        307,100     51,472,139     29,838,665     12,875,982      4,307,721      4,307,721        142,049
 6/01/02        9,618,375        197,510     60,892,970     30,161,932     18,201,714      6,165,174      6,165,174        198,977
 9/01/02       12,895,946        236,318     73,499,815     34,700,615     24,124,228      7,198,241      7,198,241        278,490
12/01/02       15,906,327        208,243     88,945,857     42,169,340     29,818,683      8,287,683      8,287,683        382,467
 3/01/03       17,676,818        211,455    106,024,391     50,810,938     35,346,085      9,684,170      9,684,170        499,029
 6/01/03       18,874,383        230,097    124,156,587     59,134,017     41,450,372     11,476,845     11,476,845        618,508
 9/01/03                -        254,589    123,460,359     53,787,425     43,657,777     12,637,251     12,637,251        740,654
12/01/03                -        306,763    122,697,197     47,414,817     47,329,278     13,549,337     13,549,337        854,429
 3/01/04                -        470,928    121,943,460     39,535,790     54,661,004     13,387,441     13,387,441        971,783
 6/01/04                -        558,523    121,058,578     29,123,472     63,446,590     13,691,590     13,691,590      1,105,335
 9/01/04                -        602,149    119,993,709     17,260,311     72,353,815     14,562,108     14,562,108      1,255,366
12/01/04                -        657,956    118,754,990      4,366,152     81,757,286     15,601,973     15,601,973      1,427,606
 3/01/05                -        209,803    116,856,820              -     85,851,200     14,701,186     14,701,186      1,603,249
 6/01/05                -        237,364    114,837,309              -     87,886,185     12,603,221     12,603,221      1,744,682
 9/01/05                -        121,163    112,562,258              -     88,447,928     11,130,489     11,130,489      1,853,352
12/01/05                -         73,253    110,123,538              -     88,583,129      9,808,113      9,808,113      1,924,183
 3/01/06                -         90,846    107,585,403              -     89,292,637      8,168,147      8,168,147      1,956,472
 6/01/06                -        119,742    104,961,750              -     90,985,383      6,006,546      6,006,546      1,963,276
 9/01/06                -        136,304    102,227,232              -     93,182,698      3,545,967      3,545,967      1,952,600
12/01/06                -        148,056     99,373,893              -     95,696,823        873,230        873,230      1,930,609
 3/01/07                -         48,373     96,320,519              -     94,421,689              -              -      1,898,830
 6/01/07                -              -     93,187,437              -     91,342,710              -              -      1,844,727
 9/01/07                -              -     90,016,482              -     88,251,442              -              -      1,765,040
12/01/07                -              -     86,807,498              -     85,138,932              -              -      1,668,565
 3/01/08                -              -     83,566,172              -     82,014,953              -              -      1,551,219
 6/01/08                -              -     80,311,516              -     78,893,842              -              -      1,417,674
 9/01/08                -              -     77,038,315              -     75,774,998              -              -      1,263,316
12/01/08                -              -     73,737,334              -     72,660,154              -              -      1,077,180
 3/01/09                -              -     70,424,526              -     69,543,242              -              -        881,284
 6/01/09                -              -     67,116,215              -     66,401,493              -              -        714,722
 9/01/09                -              -     63,808,965              -     63,228,134              -              -        580,830
12/01/09                -              -     60,503,039              -     60,014,466              -              -        488,573
 3/01/10                -              -     57,186,401              -     56,761,922              -              -        424,479
 6/01/10                -              -     53,836,152              -     53,475,400              -              -        360,752
 9/01/10                -              -     50,471,486              -     50,179,578              -              -        291,907
12/01/10                -              -     47,119,264              -     46,909,349              -              -        209,914
 3/01/11                -              -     43,771,883              -     43,646,758              -              -        125,125
 6/01/11                -              -     40,429,946              -     40,370,202              -              -         59,744
 9/01/11                -              -     37,093,663              -     37,076,371              -              -         17,292
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 40

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
                                                    REORIGINATION PORTFOLIO
----------------------------------------------------------------------------------------------------------------------------------
 PERIOD          LOANS      CAPITALIZED       LOANS         LOANS IN       LOANS IN       LOANS IN       LOANS IN       LOANS IN
 ENDING          DRAWN        INTEREST     OUTSTANDING      INTERIM        REPAYMENT      DEFERMENT    FORBEARANCE      DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
<S>          <C>            <C>            <C>              <C>            <C>            <C>          <C>              <C>
12/01/11                -              -     33,771,293        -           33,771,293          -            -              -
 3/01/12                -              -     30,511,376        -           30,511,376          -            -              -
 6/01/12                -              -     27,387,352        -           27,387,352          -            -              -
 9/01/12                -              -     24,377,900        -           24,377,900          -            -              -
12/01/12                -              -     21,502,316        -           21,502,316          -            -              -
 3/01/13                -              -     18,757,559        -           18,757,559          -            -              -
 6/01/13                -              -     16,171,077        -           16,171,077          -            -              -
 9/01/13                -              -     13,736,084        -           13,736,084          -            -              -
12/01/13                -              -     11,413,180        -           11,413,180          -            -              -
 3/01/14                -              -      9,266,517        -            9,266,517          -            -              -
 6/01/14                -              -      7,409,793        -            7,409,793          -            -              -
 9/01/14                -              -      5,858,435        -            5,858,435          -            -              -
12/01/14                -              -      4,637,478        -            4,637,478          -            -              -
 3/01/15                -              -      3,687,073        -            3,687,073          -            -              -
 6/01/15                -              -      2,850,293        -            2,850,293          -            -              -
 9/01/15                -              -      2,117,532        -            2,117,532          -            -              -
12/01/15                -              -      1,455,354        -            1,455,354          -            -              -
 3/01/16                -              -        881,147        -              881,147          -            -              -
 6/01/16                -              -        430,515        -              430,515          -            -              -
 9/01/16                -              -        131,452        -              131,452          -            -              -
12/01/16                -              -          2,929        -                2,929          -            -              -
 3/01/17                -              -              -        -                    -          -            -              -
----------------------------------------------------------------------------------------------------------------------------------
             $127,254,177   $  5,426,533              -
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 41
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                       LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------------
                                                           TOTAL LOANS
--------------------------------------------------------------------------------------------------------------------------------
 PERIOD        LOANS        CAPITALIZED     LOANS         LOANS IN       LOANS IN       LOANS IN       LOANS IN        LOANS IN
 ENDING        DRAWN         INTEREST    OUTSTANDING      INTERIM        REPAYMENT      DEFERMENT     FORBEARANCE       DEFAULT
--------------------------------------------------------------------------------------------------------------------------------
<S>        <C>              <C>          <C>            <C>            <C>             <C>            <C>             <C>
 6/01/00   $764,546,050              -   $764,546,050   $276,039,508   $488,506,542              -              -              -
 9/01/00    198,856,320              -    953,792,590    393,393,733    332,715,993    113,069,485    113,069,485      1,543,894
12/01/00      7,939,714              -    954,864,817    398,896,505    325,497,012    113,612,914    113,612,914      3,245,472
 3/01/01      5,816,438              -    953,711,566    402,927,700    317,849,568    113,990,446    113,990,446      4,953,407
 6/01/01      4,777,568      6,083,854    957,499,435    412,322,740    309,919,009    114,295,734    114,295,734      6,666,218
 9/01/01      6,003,744              -    953,103,718    219,736,817    418,044,878    153,957,448    153,957,448      7,407,128
12/01/01      7,230,852        261,894    949,797,095    225,010,192    408,055,298    154,367,738    154,367,738      7,996,129
 3/01/02      8,168,879      6,402,999    952,975,541    107,441,197    475,295,566    180,755,575    180,755,575      8,727,628
 6/01/02      9,618,375      3,616,525    953,734,744    111,183,478    467,623,369    182,613,028    182,613,028      9,701,841
 9/01/02     12,895,946     11,604,559    960,358,729     53,401,231    728,431,750     83,597,790     83,597,790     11,330,168
12/01/02     15,906,327        209,259    957,623,952     60,850,570    714,309,018     84,691,313     84,691,313     13,081,738
 3/01/03     17,676,818        211,455    956,176,104     69,492,168    699,794,544     86,087,799     36,087,799     14,713,794
 6/01/03     18,874,383        240,043    955,427,657     77,768,570    685,748,392     87,891,799     87,891,799     16,127,097
 9/01/03              -      3,081,507    936,247,388     72,349,554    747,748,819     49,717,304     49,717,304     16,714,408
12/01/03              -        307,488    913,788,733     65,967,253    729,363,948     50,631,473     50,631,473     17,194,587
 3/01/04              -      2,508,260    892,880,185     58,059,147    765,274,802     25,889,896     25,889,896     17,766,445
 6/01/04              -        574,066    869,115,821     47,517,633    750,656,392     26,222,993     26,222,993     18,495,810
 9/01/04              -      1,688,601    845,434,590     33,095,483    764,482,858     15,189,016     15,189,016     17,478,216
12/01/04              -        658,177    820,149,911     20,201,324    751,158,959     16,224,801     16,224,801     16,340,026
 3/01/05              -        209,803    793,808,151     15,835,172    732,207,820     15,324,013     15,324,013     15,117,132
 6/01/05              -        264,455    767,051,475     15,734,071    711,116,878     13,240,170     13,240,170     13,720,187
 9/01/05              -        121,969    741,392,856     15,647,818    689,097,985     11,770,203     11,770,203     13,106,648
12/01/05              -         73,370    715,385,822     15,647,818    666,248,450     10,445,743     10,445,743     12,598,068
 3/01/06              -         91,206    688,950,905     15,647,818    643,785,282      8,799,483      8,799,483     11,918,839
 6/01/06              -        195,306    662,350,162     15,263,485    622,691,433      6,700,471      6,700,471     10,994,301
 9/01/06              -        168,891    636,233,770     15,263,485    604,162,136      3,680,201      3,680,201      9,447,748
12/01/06              -        148,056    609,560,146     15,263,485    584,487,112      1,007,464      1,007,464      7,794,621
 3/01/07              -         48,373    582,412,243     15,263,485    560,616,510        134,234        134,234      6,263,780
 6/01/07              -         14,326    555,217,216     15,208,581    534,831,075        122,219        122,219      4,933,122
 9/01/07              -          1,035    529,263,810     15,208,581    509,468,266        104,969        104,969      4,377,026
12/01/07              -              -    502,941,272     15,208,581    483,623,386        104,969        104,969      3,899,368
 3/01/08              -              -    476,150,797     15,208,581    457,419,540        104,969        104,969      3,312,739
 6/01/08              -         49,713    449,267,729     15,043,867    431,549,302         54,787         54,787      2,564,986
 9/01/08              -              -    423,068,182     15,043,867    405,856,861         54,787         54,787      2,057,880
12/01/08              -              -    396,395,509     15,043,867    379,728,198         54,787         54,787      1,513,871
 3/01/09              -              -    369,606,575     15,043,867    353,404,927         54,787         54,787      1,048,208
 6/01/09              -         32,733    342,950,367     14,934,058    327,120,308         69,635         69,635        756,732
 9/01/09              -              -    316,610,452     14,934,058    300,919,802         69,635         69,635        617,322
12/01/09              -              -    290,339,479     14,934,058    274,741,474         69,635         69,635        524,678
 3/01/10              -              -    263,926,757     14,934,058    248,393,245         69,635         69,635        460,185
 6/01/10              -      4,640,561    242,995,873        439,237    234,437,230      3,854,634      3,854,634        410,137
 9/01/10              -              -    220,804,880        439,237    212,274,463      3,854,634      3,854,634        381,912
12/01/10              -              -    199,140,453        439,237    190,654,809      3,854,634      3,854,634        337,139
 3/01/11              -              -    177,324,792        439,237    168,886,691      3,854,634      3,854,634        289,595
 6/01/11              -        157,197    155,583,346              -    147,445,306      3,945,139      3,945,139        247,762
 9/01/11              -              -    137,472,734              -    129,379,560      3,945,139      3,945,139        202,896
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 42
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------
                                                         TOTAL LOANS
----------------------------------------------------------------------------------------------------------------------------
 PERIOD         LOANS        CAPITALIZED        LOANS        LOANS IN     LOANS IN         LOANS IN    LOANS IN     LOANS IN
 ENDING         DRAWN         INTEREST       OUTSTANDING     INTERIM      REPAYMENT       DEFERMENT   FORBEARANCE    DEFAULT
----------------------------------------------------------------------------------------------------------------------------
<S>         <C>              <C>             <C>             <C>         <C>              <C>         <C>           <C>
12/01/11                 -             -     119,790,056            -    111,713,176      3,945,139    3,945,139     186,602
 3/01/12                 -             -     102,960,052            -     94,882,174      3,945,139    3,945,139     187,599
 6/01/12                 -       346,305      88,845,769            -     88,410,745        118,784      118,784     197,455
 9/01/12                 -             -      77,856,369            -     77,393,619        118,784      118,784     225,182
12/01/12                 -             -      67,558,936            -     67,068,458        118,784      118,784     252,909
 3/01/13                 -             -      57,493,795            -     56,975,591        118,784      118,784     280,636
 6/01/13                 -        10,933      47,749,043            -     47,449,776              -            -     299,267
 9/01/13                 -             -      41,290,320            -     40,990,614              -            -     299,706
12/01/13                 -             -      35,107,861            -     34,807,716              -            -     300,145
 3/01/14                 -             -      29,619,597            -     29,319,012              -            -     300,585
 6/01/14                 -             -      25,548,612            -     25,262,339              -            -     286,273
 9/01/14                 -             -      22,608,354            -     22,365,895              -            -     242,459
12/01/14                 -             -      20,056,906            -     19,858,261              -            -     198,645
 3/01/15                 -             -      17,922,970            -     17,768,139              -            -     154,831
 6/01/15                 -             -      16,079,751            -     15,954,641              -            -     125,109
 9/01/15                 -             -      14,799,971            -     14,676,399              -            -     123,572
12/01/15                 -             -      13,581,767            -     13,459,733              -            -     122,035
 3/01/16                 -             -      12,442,347            -     12,321,850              -            -     120,497
 6/01/16                 -             -      11,424,851            -     11,315,042              -            -     109,809
 9/01/16                 -             -      10,578,362            -     10,497,542              -            -      80,820
12/01/16                 -             -       9,920,227            -      9,868,397              -            -      51,830
 3/01/17                 -             -       9,377,961            -      9,355,120              -            -      22,840
 6/01/17                 -             -       8,839,718            -      8,836,497              -            -       3,221
 9/01/17                 -             -       8,315,280            -      8,312,937              -            -       2,343
12/O1/17                 -             -       7,780,684            -      7,779,219              -            -       1,464
 3/01/18                 -             -       7,235,671            -      7,235,086              -            -         586
 6/01/18                 -             -       6,683,301            -      6,683,301              -            -           -
 9/01/18                 -             -       6,128,323            -      6,128,323              -            -           -
12/01/18                 -             -       5,562,512            -      5,562,512              -            -           -
 3/01/19                 -             -               -            -              -              -            -           -
----------------------------------------------------------------------------------------------------------------------------
            $1,078,311,414   $44,022,920
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 43

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP,-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                             LOAN DEFAULT SUMMARY
-------------------------------------------------------------------------------------------------------------
                                              USA GROUP SERVICED
-------------------------------------------------------------------------------------------------------------
 PERIOD      DEFAULTED     DEFAULT      PRINCIPAL     PRINCIPAL      INTEREST        INTEREST         TOTAL
 ENDING      PRINCIPAL     AMOUNT       REIMBURSED   UNREIMBURSED    REIMBURSED   UNREIMBURSED     REIMBURSED
-------------------------------------------------------------------------------------------------------------
<S>          <C>          <C>           <C>          <C>             <C>          <C>              <C>
 6/01/00             -            -             -            -              -                -              -
 9/01/00       476,689            -             -            -              -                -              -
12/01/00       476,689            -             -            -              -                -              -
 3/01/01       476,689            -             -            -              -                -              -
 6/01/01       476,689            -             -            -              -                -              -
 9/01/01       761,812      517,069       467,155        9,534         40,380                -        507,535
12/01/01       761,812      517,069       467,155        9,534         40,380                -        507,535
 3/01/02       761,812      517,069       467,155        9,534         40,380                         507,535
 6/01/02       761,812      517,069       467,155        9,534         40,380                -        507,535
 9/01/02     1,076,429      826,315       746,576       15,236         64,503                -        811,078
12/01/02     1,076,429      826,315       746,576       15,236         64,503                -        811,078
 3/01/03     1,076,429      826,315       746,576       15,236         64,503                -        811,078
 6/01/03     1,076,028      826,315       746,576       15,236         64,503                -        811,078
 9/01/03     1,265,308    1,167,582     1,054,901       21,529         91,152                -      1,146,053
12/01/03     1,265,308    1,167,582     1,054,901       21,529         91,152                -      1,146,053
 3/01/04     1,265,308    1,167,582     1,054,901       21,529         91,152                -      1,146,053
 6/01/04     1,263,585    1,167,147     1,054,508       21,521         91,118                -      1,145,626
 9/01/04       791,188    1,372,441     1,240,002       25,306        107,132                -      1,347,134
12/01/04       791,188    1,372,441     1,240,002       25,306        107,132                -      1,347,134
 3/01/05       791,188    1,372,441     1,240,002       25,306        107,132                -      1,347,134
 6/01/05       790,972    1,370,568     1,238,313       25,272        106,983                -      1,345,297
 9/01/05       505,417      858,159       775,364       15,824         66,971                -        842,335
12/01/05       505,417      858,159       775,364       15,824         66,971                -        842,335
 3/01/06       505,417      858,159       775,364       15,824         66,971                -        842,335
 6/01/06       504,448      857,924       775,152       15,819         66,953                -        842,105
 9/01/06       191,286      548,210       495,309       10,108         42,793                -        538,101
12/01/06       191,286      548,210       495,309       10,108         42,793                -        538,101
 3/01/07       191,286      548,210       495,309       10,108         42,793                -        538,101
 6/01/07       191,295      547,156       494,359       10,089         42,709                -        537,067
 9/01/07         1,230      207,470       187,460        3,826         16,184                -        203,644
12/01/07         1,230      207,470       187,460        3,826         16,184                -        203,644
 3/01/08         1,230      207,470       187,460        3,826         16,184                -        203,644
 6/01/08         1,375      207,479       187,469        3,826         16,185                -        203,654
 9/01/08         1,666        1,334         1,205           25            104                -          1,309
12/01/08         1,666        1,334         1,205           25            104                -          1,309
 3/01/09         1,666        1,334         1,205           25            104                -          1,309
 6/01/09         1,649        1,492         1,348           28            116                -          1,464
 9/01/09         1,614        1,807         1,632           33            141                -          1,773
12/01/09         1,614        1,807         1,632           33            141                -          1,773
 3/01/10         1,614        1,807         1,632           33            141                -          1,773
 6/01/10         8,217        1,788         1,616           33            139                -          1,755
 9/01/10        21,422        1,751         1,582           32            137                -          1,719
12/01/10        21,422        1,751         1,582           32            137                -          1,719
 3/01/11        21,422        1,751         1,582           32            137                -          1,719
 6/01/11        21,601        8,912         8,053          164            695                -          8,748
 9/01/11        21,960       23,234        20,994          428          1,812                -         22,806
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 44

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                  LOAN DEFAULT SUMMARY
----------------------------------------------------------------------------------------------------------------------
                                                   USA GROUP SERVICED
----------------------------------------------------------------------------------------------------------------------
 PERIOD      DEFAULTED        DEFAULT         PRINCIPAL         PRINCIPAL    INTEREST       INTEREST          TOTAL
 ENDING      PRINCIPAL        AMOUNT         REIMBURSED      UNREIMBURSED   REIMBURSED    UNREIMBURSED     REIMBURSED
----------------------------------------------------------------------------------------------------------------------
<S>         <C>             <C>              <C>             <C>            <C>           <C>              <C>
12/01/11         21,960          23,234           20,994            428          1,812               -          22,806
 3/01/12         21,960          23,234           20,994            428          1,812               -          22,806
 6/01/12         26,274          23,429           21,169            432          1,828               -          22,997
 9/01/12         34,900          23,818           21,521            439          1,858               -          23,379
12/01/12         34,900          23,818           21,521            439          1,858               -          23,379
 3/01/13         34,900          23,818           21,521            439          1,858               -          23,379
 6/01/13         34,969          28,496           25,748            525          2,223               -          27,971
 9/01/13         35,105          37,853           34,202            698          2,953               -          37,155
12/01/13         35,105          37,853           34,202            698          2,953               -          37,155
 3/01/14         35,105          37,853           34,202            698          2,953               -          37,155
 6/01/14         28,289          37,927           34,269            699          2,959               -          37,228
 9/01/14         14,657          38,076           34,403            702          2,970               -          37,373
12/01/14         14,657          38,076           34,403            702          2,970               -          37,373
 3/01/15         14,657          38,076           34,403            702          2,970               -          37,373
 6/01/15         14,418          30,683           27,724            566          2,393               -          30,117
 9/01/15         13,940          15,897           14,364            293          1,240               -          15,604
12/01/15         13,940          15,897           14,364            293          1,240               -          15,604
 3/01/16         13,940          15,897           14,364            293          1,240               -          15,604
 6/01/16          9,430          15,638           14,130            288          1,220               -          15,349
 9/01/16            410          15,119           13,661            279          1,179               -          14,840
12/01/16            410          15,119           13,661            279          1,179               -          14,840
 3/01/17            410          15,119           13,661            279          1,179               -          14,840
 6/01/17            273          10,228            9,241            189            798               -          10,039
 9/01/17              -             445              402              8             35               -             436
12/01/17              -             445              402              8             35               -             436
 3/01/18              -             445              402              8             35               -             436
 6/01/18              -             296              268              5             23               -             291
 9/01/18              -               -                -              -              -               -               -
12/01/18              -               -                -              -              -               -               -
 3/01/19              -               -                -              -              -               -               -
----------------------------------------------------------------------------------------------------------------------
            $20,856,426     $22,622,281      $20,439,297       $417,129     $1,765,855               -     $22,205,152
======================================================================================================================
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 45
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                       LOAN DEFAULT SUMMARY
--------------------------------------------------------------------------------------------------------------------------------
                                                        INTUITION SERVICED
--------------------------------------------------------------------------------------------------------------------------------
PERIOD           DEFAULTED              DEFAULT         PRINCIPAL         PRINCIPAL      INTEREST        INTEREST       TOTAL
ENDING           PRINCIPAL               AMOUNT        REIMBURSED       UNREIMBURSED    REIMBURSED     UNREIMBURSED   REIMBURSED
--------------------------------------------------------------------------------------------------------------------------------
<S>              <C>                    <C>            <C>              <C>             <C>            <C>            <C>
 6/01/00                -                     -               -                -               -            -                -
 9/01/00          211,186                     -               -                -               -            -                -
12/01/00          211,186                     -               -                -               -            -                -
 3/01/01          211,186                     -               -                -               -            -                -
 6/01/01          211,186                     -               -                -               -            -                -
 9/01/01          260,883               229,716         206,962            4,224          18,530            -          225,492
12/01/01          260,883               229,716         206,962            4,224          18,530            -          225,492
 3/01/02          284,204               229,716         206,962            4,224          18,530            -          225,492
 6/01/02          284,204               229,716         206,962            4,224          18,530            -          225,492
 9/01/02          424,239               283,773         255,665            5,218          22,890            -          278,555
12/01/02          424,278               283,773         255,665            5,218          22,890            -          278,555
 3/01/03          424,297               309,141         278,520            5,684          24,937            -          303,457
 6/01/03          424,016               309,141         278,520            5,684          24,937            -          303,457
 9/01/03          456,789               461,462         415,754            8,485          37,223            -          452,978
12/01/03          456,808               461,505         415,792            8,486          37,227            -          453,019
 3/01/04          472,394               461,526         415,811            8,486          37,228            -          453,040
 6/01/04          471,943               461,220         415,536            8,480          37,204            -          452,740
 9/01/04          265,037               496,868         447,653            9,136          40,079            -          487,732
12/01/04          270,181               496,889         447,672            9,136          40,081            -          487,753
 3/01/05          270,194               513,843         462,947            9,448          41,449            -          504,395
 6/01/05          270,007               513,352         462,504            9,439          41,409            -          503,913
 9/01/05          220,303               288,292         259,737            5,301          23,255            -          282,991
12/01/05          220,316               293,887         264,778            5,404          23,706            -          288,484
 3/01/06          197,021               293,901         264,790            5,404          23,707            -          288,497
 6/01/06          196,719               293,697         264,607            5,400          23,691            -          288,297
 9/01/06           59,060               239,633         215,897            4,406          19,330            -          235,227
12/01/06           62,434               239,647         215,910            4,406          19,331            -          235,241
 3/01/07           62,414               214,307         193,080            3,940          17,287            -          210,367
 6/01/07           62,414               213,980         192,785            3,934          17,260            -          210,046
 9/01/07           29,235                64,242          57,879            1,181           5,182            -           63,081
12/01/07           29,215                67,912          61,185            1,249           5,478            -           66,663
 3/01/08           13,629                67,890          61,166            1,248           5,476            -           66,642
 6/01/08           13,532                67,890          61,166            1,248           5,476            -           66,642
 9/01/08           10,914                31,800          28,650              585           2,565            -           31,215
12/01/08            5,771                31,778          28,631              584           2,563            -           31,194
 3/01/09            5,758                14,824          13,356              273           1,196            -           14,552
 6/01/09            5,758                14,719          13,261              271           1,187            -           14,448
 9/01/09            5,389                11,872          10,696              218             958            -           11,654
12/01/09            5,376                 6,277           5,655              115             506            -            6,162
 3/01/10            5,351                 6,263           5,643              115             505            -            6,148
 6/01/10            5,286                 6,263           5,643              115             505            -            6,148
 9/01/10            3,567                 5,862           5,282              108             473            -            5,754
12/01/10              155                 5,848           5,269              108             472            -            5,741
 3/01/11              155                 5,820           5,244              107             469            -            5,713
 6/01/11              155                 5,750           5,180              106             464            -            5,644
 9/01/11                -                 3,880           3,496               71             313            -            3,809
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 46


<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                LOAN DEFAULT SUMMARY
-------------------------------------------------------------------------------------------------------------------
                                                 INTUITION SERVICED
-------------------------------------------------------------------------------------------------------------------
PERIOD      DEFAULTED         DEFAULT        PRINCIPAL         PRINCIPAL      INTEREST      INTEREST       TOTAL
ENDING      PRINCIPAL         AMOUNT        REIMBURSED       UNREIMBURSED    REIMBURSED   UNREIMBURSED   REIMBURSED
-------------------------------------------------------------------------------------------------------------------
<S>         <C>             <C>             <C>              <C>             <C>          <C>            <C>
12/01/11             -             169             152                3             14         -                166
 3/01/12             -             169             152                3             14         -                166
 6/01/12             -             169             152                3             14         -                166
 9/01/12             -               -               -                -              -         -                  -
12/01/12             -               -               -                -              -         -                  -
 3/01/13             -               -               -                -              -         -                  -
 6/01/13             -               -               -                -              -         -                  -
 9/01/13             -               -               -                -              -         -                  -
12/01/13             -               -               -                -              -         -                  -
 3/01/14             -               -               -                -              -         -                  -
 6/01/14             -               -               -                -              -         -                  -
 9/01/14             -               -               -                -              -         -                  -
12/01/14             -               -               -                -              -         -                  -
 3/01/15             -               -               -                -              -         -                  -
 6/01/15             -               -               -                -              -         -                  -
 9/01/15             -               -               -                -              -         -                  -
12/01/15             -               -               -                -              -         -                  -
 3/01/16             -               -               -                -              -         -                  -
 6/01/16             -               -               -                -              -         -                  -
 9/01/16             -               -               -                -              -         -                  -
12/01/16             -               -               -                -              -         -                  -
 3/01/17             -               -               -                -              -         -                  -
 6/01/17             -               -               -                -              -         -                  -
 9/01/17             -               -               -                -              -         -                  -
-------------------------------------------------------------------------------------------------------------------
            $7,785,028      $8,468,098      $7,629,328         $155,701       $683,070         -         $8,312,397
-------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 47

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN DEFAULT SUMMARY
----------------------------------------------------------------------------------------------------------------------------
                                                       UNIPAC SERVICED
----------------------------------------------------------------------------------------------------------------------------
 PERIOD            DEFAULTED         DEFAULT        PRINCIPAL         PRINCIPAL        INTEREST       INTEREST         TOTAL
 ENDING            PRINCIPAL          AMOUNT       REIMBURSED      UNREIMBURSED      REIMBURSED   UNREIMBURSED    REIMBURSED
----------------------------------------------------------------------------------------------------------------------------
<S>                <C>              <C>            <C>             <C>               <C>          <C>             <C>
 6/01/00                   -                -               -              -                -            -                 -
 9/01/00             461,263                -               -              -                -            -                 -
12/01/00             461,263                -               -              -                -            -                 -
 3/01/01             461,263                -               -              -                -            -                 -
 6/01/01             461,263                -               -              -                -            -                 -
 9/01/01             694,613          499,921         452,037          9,225           38,658            -           490,695
12/01/01             694,613          499,921         452,037          9,225           38,658            -           490,695
 3/01/02             694,613          499,921         452,037          9,225           38,658            -           490,695
 6/01/02             694,613          499,921         452,037          9,225           38,658            -           490,695
 9/01/02           1,178,769          752,782         680,721         13,892           58,169            -           738,890
12/01/02           1,178,769          752,782         680,721         13,892           58,169            -           738,890
 3/01/03           1,178,769          752,782         680,721         13,892           58,169            -           738,890
 6/01/03           1,175,948          752,782         680,721         13,892           58,169            -           738,890
 9/01/03           1,325,872        1,277,480       1,155,194         23,575           98,710            -         1,253,904
12/01/03           1,325,872        1,277,480       1,155,194         23,575           98,710            -         1,253,904
 3/01/04           1,325,872        1,277,480       1,155,194         23,575           98,710            -         1,253,904
 6/01/04           1,321,207        1,274,422       1,152,429         23,519           98,474            -         1,250,903
 9/01/04             994,834        1,436,882       1,299,355         26,517          111,009            -         1,410,364
12/01/04             994,834        1,436,882       1,299,355         26,517          111,009            -         1,410,364
 3/01/05             994,834        1,436,882       1,299,355         26,517          111,009            -         1,410,364
 6/01/05             993,011        1,431,826       1,294,783         26,424          110,619            -         1,405,402
 9/01/05             752,197        1,078,074         974,937         19,897           83,240            -         1,058,177
12/01/05             752,197        1,078,074         974,937         19,897           83,240            -         1,058,177
 3/01/06             752,197        1,078,074         974,937         19,897           83,240            -         1,058,177
 6/01/06             749,292        1,076,099         973,151         19,860           83,088            -         1,056,239
 9/01/06             276,962          815,149         737,153         15,044           62,953            -           800,106
12/01/06             276,962          815,149         737,153         15,044           62,953            -           800,106
 3/01/07             276,962          815,149         737,153         15,044           62,953            -           800,106
 6/01/07             277,030          812,001         734,306         14,986           62,709            -           797,015
 9/01/07             119,053          300,119         271,422          5,539           23,157            -           294,580
12/01/07             119,053          300,119         271,422          5,539           23,157            -           294,580
 3/01/08             119,053          300,119         271,422          5,539           23,157            -           294,580
 6/01/08             119,219          300,193         271,489          5,541           23,163            -           294,652
 9/01/06               1,786          129,008         116,672          2,381            9,954            -           126,627
12/01/08               1,786          129,008         116,672          2,381            9,954            -           126,627
 3/01/09               1,786          129,008         116,672          2,381            9,954            -           126,627
 6/01/09               1,806          129,187         116,835          2,384            9,968            -           126,803
 9/01/09               1,845            1,935           1,750             36              149            -             1,900
12/01/09               1,845            1,935           1,750             36              149            -             1,900
 3/01/10               1,845            1,935           1,750             36              149            -             1,900
 6/01/10               9,389            1,957           1,770             36              151            -             1,920
 9/01/10              24,478            1,999           1,808             37              154            -             1,962
12/01/10              24,478            1,999           1,808             37              154            -             1,962
 3/01/11              24,478            1,999           1,808             37              154            -             1,962
 6/01/11              24,683           10,174           9,201            188              785            -             9,986
 9/01/11              25,093           26,525          23,989            490            2,047            -            26,035
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 48

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN DEFAULT SUMMARY
----------------------------------------------------------------------------------------------------------------------------
                                                       UNIPAC SERVICED
----------------------------------------------------------------------------------------------------------------------------
 PERIOD        DEFAULTED         DEFAULT        PRINCIPAL            PRINCIPAL      INTEREST          INTEREST         TOTAL
 ENDING        PRINCIPAL          AMOUNT       REIMBURSED         UNREIMBURSED    REIMBURSED      UNREIMBURSED    REIMBURSED
----------------------------------------------------------------------------------------------------------------------------
<S>           <C>              <C>             <C>                <C>             <C>             <C>            <C>
12/01/11           25,093           26,525          23,989                 490         2,047           -              26,035
 3/01/12           25,093           26,525          23,989                 490         2,047           -              26,035
 6/01/12           30,022           26,747          24,190                 494         2,064           -              26,253
 9/01/12           39,880           27,191          24,591                 502         2,098           -              26,689
12/01/12           39,880           27,191          24,591                 502         2,098           -              26,689
 3/01/13           39,880           27,191          24,591                 502         2,098           -              26,689
 6/01/13           39,958           32,532          29,422                 600         2,510           -              31,932
 9/01/13           40,114           43,214          39,082                 798         3,334           -              42,416
12/01/13           40,114           43,214          39,082                 798         3,334           -              42,416
 3/01/14           40,114           43,214          39,082                 798         3,334           -              42,416
 6/01/14           32,325           43,299          39,159                 799         3,341           -              42,500
 9/01/14           16,748           43,468          39,312                 802         3,354           -              42,666
12/01/14           16,748           43,468          39,312                 802         3,354           -              42,666
 3/01/15           16,748           43,468          39,312                 802         3,354           -              42,666
 6/01/15           16,475           35,028          31,679                 647         2,703           -              34,382
 9/01/15           15,928           18,149          16,413                 335         1,400           -              17,814
12/01/15           15,928           18,149          16,413                 335         1,400           -              17,814
 3/01/16           15,928           18,149          16,413                 335         1,400           -              17,814
 6/01/16           10,775           17,853          16,146                 330         1,377           -              17,523
 9/01/16              468           17,260          15,610                 319         1,332           -              16,942
12/01/16              468           17,260          15,610                 319         1,332           -              16,942
 3/01/17              468           17,260          15,610                 319         1,332           -              16,942
 6/01/17              312           11,676          10,560                 216           901           -              11,461
 9/01/17                -              508             459                   9            39           -                 498
12/01/17                -              508             459                   9            39           -                 498
 3/01/18                -              508             459                   9            39           -                 498
 6/01/18                -              338             306                   6            26           -                 332
 9/01/18                -                -               -                   -             -           -                   -
12/01/18                -                -               -                   -             -           -                   -
 3/01/19                -                -               -                   -             -           -                   -
----------------------------------------------------------------------------------------------------------------------------
              $23,867,041      $25,865,023     $23,389,700        $    477,341    $1,997,982           -         $25,387,682
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 49

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN DEFAULT SUMMARY
-----------------------------------------------------------------------------------------------------------------------------
                                                      CONSOLIDATION LOANS
-----------------------------------------------------------------------------------------------------------------------------
 PERIOD          DEFAULTED     DEFAULT             PRINCIPAL         PRINCIPAL        INTEREST        INTEREST          TOTAL
 ENDING          PRINCIPAL      AMOUNT            REIMBURSED      UNREIMBURSED      REIMBURSED    UNREIMBURSED     REIMBURSED
-----------------------------------------------------------------------------------------------------------------------------
<S>              <C>           <C>                <C>             <C>               <C>           <C>              <C>
 6/01/00                -            -                    -                -               -           -                   -
 9/01/00          316,382            -                    -                -               -           -                   -
 2/01/00          316,382            -                    -                -               -           -                   -
 3/01/01          316,382            -                    -                -               -           -                   -
 6/01/01          316,382            -                    -                -               -           -                   -
 9/01/01          315,781      343,373              310,054            6,328          26,991           -             337,046
12/01/01          315,781      343,373              310,054            6,328          26,991           -             337,046
 3/01/02          315,781      343,373              310,054            6,328          26,991           -             337,046
 6/01/02          315,781      343,373              310,054            6,328          26,991           -             337,046
 9/01/02          526,700      342,722              309,466            6,316          26,940           -             336,406
12/01/02          526,700      342,722              309,466            6,316          26,940           -             336,406
 3/01/03          526,700      342,722              309,466            6,316          26,940           -             336,406
 6/01/03          526,131      342,722              309,466            6,316          26,940           -             336,406
 9/01/03          524,592      571,634              516,166           10,534          44,934           -             561,100
12/01/03          524,592      571,634              516,166           10,534          44,934           -             561,100
 3/01/04          524,592      571,634              516,166           10,534          44,934           -             561,100
 8/01/04          523,605      571,017              515,608           10,523          44,886           -             560,494
 9/01/04          210,519      569,347              514,100           10,492          44,754           -             558,855
12/01/04          210,519      569,347              514,100           10,492          44,754           -             558,855
 3/01/05          210,519      569,347              514,100           10,492          44,754           -             558,855
 6/01/05          210,140      568,275              513,133           10,472          44,670           -             557,803
 9/01/05          209,381      228,479              206,309            4,210          17,960           -             224,269
12/01/05          209,381      228,479              206,309            4,210          17,960           -             224,269
 3/01/06          209,381      228,479              206,309            4,210          17,960           -             224,269
 6/01/06          208,723      228,067              205,937            4,203          17,928           -             223,865
 9/01/06                -      227,244              205,193            4,188          17,863           -             223,056
12/01/06                -      227,244              205,193            4,188          17,863           -             223,056
 3/01/07                -      227,244              205,193            4,188          17,863           -             223,056
 6/01/07                -      226,530              204,548            4,174          17,807           -             222,355
 9/01/07                -            -                    -                -               -           -                   -
12/01/07                -            -                    -                -               -           -                   -
 3/01/08                -            -                    -                -               -           -                   -
 6/01/08                -            -                    -                -               -           -                   -
 9/01/08                -            -                    -                -               -           -                   -
12/01/08                -            -                    -                -               -           -                   -
 3/01/09                -            -                    -                -               -           -                   -
 6/01/09                -            -                    -                -               -           -                   -
 9/01/09                -            -                    -                -               -           -                   -
12/01/09                -            -                    -                -               -           -                   -
 3/01/10                -            -                    -                -               -           -                   -
 6/01/10                -            -                    -                -               -           -                   -
 9/01/10                -            -                    -                -               -           -                   -
12/01/10                -            -                    -                -               -           -                   -
 3/01/11                -            -                    -                -               -           -                   -
 6/01/11                -            -                    -                -               -           -                   -
 9/01/11                -            -                    -                -               -           -                   -
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 50

<PAGE>

                                                                  $1,000,000,000
                                                    NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN DEFAULT SUMMARY
-----------------------------------------------------------------------------------------------------------------------------
                                                      CONSOLIDATION LOANS
-----------------------------------------------------------------------------------------------------------------------------
 PERIOD            DEFAULTED        DEFAULT         PRINCIPAL        PRINCIPAL        INTEREST        INTEREST          TOTAL
 ENDING            PRINCIPAL         AMOUNT        REIMBURSED     UNREIMBURSED      REIMBURSED    UNREIMBURSED     REIMBURSED
-----------------------------------------------------------------------------------------------------------------------------
<S>               <C>             <C>              <C>            <C>               <C>           <C>              <C>
12/01/11                   -               -                -                -               -         -                    -
 3/01/12                   -               -                -                -               -         -                    -
 6/01/12                   -               -                -                -               -         -                    -
 9/01/12                   -               -                -                -               -         -                    -
12/01/12                   -               -                -                -               -         -                    -
 3/01/13                   -               -                -                -               -         -                    -
 6/01/13                   -               -                -                -               -         -                    -
 9/01/13                   -               -                -                -               -         -                    -
12/01/13                   -               -                -                -               -         -                    -
 3/01/14                   -               -                -                -               -         -                    -
 6/01/14                   -               -                -                -               -         -                    -
 9/01/14                   -               -                -                -               -         -                    -
12/01/14                   -               -                -                -               -         -                    -
 3/01/15                   -               -                -                -               -         -                    -
 6/01/15                   -               -                -                -               -         -                    -
 9/01/15                   -               -                -                -               -         -                    -
12/01/15                   -               -                -                -               -         -                    -
 3/01/16                   -               -                -                -               -         -                    -
 6/01/16                   -               -                -                -               -         -                    -
-----------------------------------------------------------------------------------------------------------------------------
                  $8,410,831      $9,128,380       $8,242,614     $    168,217      $  717,549         -           $8,960,163
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PalneWebber Incorporated                                     Page 51
<PAGE>
\                                                                 $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL
--------------------------------------------------------------------------------
                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                   LOAN DEFAULT SUMMARY
------------------------------------------------------------------------------------------
                                 PREFUNDING STAFF & PLUS
------------------------------------------------------------------------------------------
 PERIOD   DEFAULTED  DEFAULT   PRINCIPAL   PRINCIPAL   INTEREST     INTEREST      TOTAL
 ENDING   PRINCIPAL  AMOUNT   REIMBURSED  REIMBURSED  REIMBURSED  UNREIMBURSED  REIMBURSED
------------------------------------------------------------------------------------------
<S>       <C>        <C>      <C>         <C>         <C>         <C>           <C>
 6/01/00         -         -          -           -           -         -               -
 9/01/00    19,200         -          -           -           -         -               -
12/01/00    57,599         -          -           -           -         -               -
 3/01/01    57,599         -          -           -           -         -               -
 6/01/01    57,599         -          -           -           -         -               -
 9/01/01    57,599    20,884     18,816         384       1,685         -          20,500
12/01/01    57,599    62,653     56,447       1,152       5,054         -          61,501
 3/01/02   166,397    62,653     58,447       1,152       5,054         -          61,501
 6/01/01   383,994    62,653     56,447       1,152       5,054         -          61,501
 9/01/01   396,793    62,653     56,447       1,152       5,054         -          61,501
12/01/01   422,393    62,653     56,447       1,152       5,054         -          61,501
 3/01/03   422,393   180,499    163,069       3,328      14,102         -         177,171
 6/01/03   422,393   416,191    376,314       7,680      32,196         -         408,512
 9/01/03   422,393   430,114    388,858       7,936      33,321         -         422,179
12/01/03   422,393   457,960    413,945       8,448      35,587         -         449,513
 3/01/04   494,925   457,960    413,945       8,448      35,587         -         449,513
 6/01/04   639,989   457,960    413,945       8,448      35,567         -         449,513
 9/01/04   620,607   457,960    413,945       8,848      35,567         -         449,513
12/01/04   562,390   457,960    413,945       8,448      35,587         -         449,513
 3/01/05   582,390   536,524    485,027       9,699      41,599         -         526,626
 6/01/05   582,390   693,652    627,190      12,800      53,663         -         680,853
 9/01/05   582,390   672,570    608,195      12,412      51,962         -         660,157
12/01/05   582,390   630,999    570,743      11,648      48,609         -         619,351
 3/01/06   473,592   630,999    570,743      11,648      48,609         -         619,351
 6/01/06   255,996   630,999    570,743      11,648      48,609         -         619,351
 9/01/06   243,074   630,999    570,743      11,648      48,609         -         619,351
12/01/06   217,596   630,999    570,743      11,648      48,609         -         619,351
 3/01/07   217,596   513,153    464,120       9,472      39,561         -         503,681
 6/01/07   217,596   277,461    250,876       5,120      21,465         -         272,341
 9/01/07   217,596   263,406    238,213       4,861      20,331         -         258,544
12/01/07   217,596   235,692    213,244       4,352      18,096         -         231,340
 3/01/08   145,064   235,692    213,244       4,352      18,096         -         231,340
 6/01/08         -   235,692    213,244       4,352      18,096         -         231,340
 9/01/08         -   235,692    213,244       4,352      18,096         -         231,340
12/01/08         -   235,692    213,244       4,352      18,096         -         231,340
 3/01/09         -   157,128    142,163       2,901      12,064         -         154,227
 6/01/09         -         -          -           -           -         -               -
 9/01/09         -         -          -           -           -         -               -
12/01/19         -         -          -           -           -         -               -
 3/01/10         -         -          -           -           -         -               -
 6/01/10         -         -          -           -           -         -               -
 9/01/10         -         -          -           -           -         -               -
12/01/10         -         -          -           -           -         -               -
 3/01/11         -         -          -           -           -         -               -
 6/01/11         -         -          -           -           -         -               -
 9/01/11         -         -          -           -           -         -               -
-----------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 52
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                     LOAN DEFAULT SUMMARY
----------------------------------------------------------------------------------------------------------------------------
                                                   PREFUNDING STAFF & PLUS
----------------------------------------------------------------------------------------------------------------------------
PERIOD          DEFAULT         DEFAULT         PRINCIPAL       PRINCIPAL        INTEREST         INTEREST          TOTAL
ENDING         PRINCIPAL        AMOUNT          REIMBURSED      UNREIMBURSED    REIMBURSED      UNREIMBURSED      REIMBURSED
----------------------------------------------------------------------------------------------------------------------------
<S>          <C>            <C>                <C>              <C>             <C>             <C>              <C>
12/01/11               -              -                  -                 -             -                 -               -
 3/01/12               -              -                  -                 -             -                 -               -
 6/01/12               -              -                  -                 -             -                 -               -
 9/01/12               -              -                  -                 -             -                 -               -
12/01/12               -              -                  -                 -             -                 -               -
 3/01/13               -              -                  -                 -             -                 -               -
 6/01/13               -              -                  -                 -             -                 -               -
 9/01/13               -              -                  -                 -             -                 -               -
12/01/13               -              -                  -                 -             -                 -               -
 3/01/14               -              -                  -                 -             -                 -               -
 6/01/14               -              -                  -                 -             -                 -               -
----------------------------------------------------------------------------------------------------------------------------
             $10,239,526    $11,098,109        $10,034,735         $ 204,781      $858,583                 -     $10,893,318
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 53
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                           LOAN DEFAULT SUMMARY
--------------------------------------------------------------------------------------------------------
                                         PREFUNDING CONSOLIDATION
--------------------------------------------------------------------------------------------------------
 PERIOD      DEFAULTED   DEFAULT     PRINCIPAL     PRINCIPAL      INTEREST      INTEREST        TOTAL
 ENDING      PRINCIPAL   AMOUNT     REIMBURSED    UNREIMBURSED   REIMBURSED   UNREIMBURSED    REIMBURSED
--------------------------------------------------------------------------------------------------------
<S>          <C>         <C>        <C>           <C>            <C>          <C>             <C>
 6/01/00            -           -            -             -             -            -                -
 9/01/00       54,856           -            -             -             -            -                -
12/01/00      164,569           -            -             -             -            -                -
 3/01/01      164,569           -            -             -             -            -                -
 6/01/01      164,569           -            -             -             -            -                -
 9/01/01      164,569      60,494       53,759         1,097         5,638            -           59,397
12/01/01      164,569     181,483      161,277         3,291        16,915            -          178,192
 3/01/02      164,569     181,483      161,277         3,291        16,915            -          178,192
 6/01/02      164,569     181,483      161,277         3,291        16,915            -          178,192
 9/01/02      201,140     181,483      161,277         3,291        16,915            -          178,192
12/01/02      274,281     181,483      161,277         3,291        16,915            -          178,192
 3/01/03      274,281     181,483      161,277         3,291        16,915            -          178,192
 6/01/03      274,281     181,483      161,277         3,291        16,915            -          178,192
 9/01/03      274,281     221,813      197,117         4,023        20,673            -          217,790
12/01/03      274,281     302,472      268,796         5,486        28,191            -          296,986
 3/01/04      274,281     302,472      268,796         5,486        28,191            -          296,986
 6/01/04      274,281     302,472      268,796         5,486        28,191            -          296,986
 9/01/04      219,425     302,472      268,796         5,486        28,191            -          296,986
12/01/04      109,712     302,472      268,796         5,486        28,191            -          296,986
 3/01/05      109,712     302,472      268,796         5,486        28,191            -          296,986
 6/01/05      109,712     302,472      268,796         5,486        28,191            -          296,986
 9/01/05      109,712     241,978      215,036         4,388        22,553            -          237,589
12/01/05      109,712     120,989      107,518         2,194        11,276            -          118,795
 3/01/06      109,712     120,989      107,518         2,194        11,276            -          118,795
 6/01/06      109,712     120,989      107,518         2,194        11,276            -          118,795
 9/01/06       73,142     120,989      107,518         2,194        11,276            -          118,795
12/01/06            -     120,989      107,518         2,194        11,276            -          118,795
 3/01/07            -     120,989      107,518         2,194        11,276            -          118,795
 6/01/07            -     120,989      107,518         2,194        11,276            -          118,795
 9/01/07            -      80,659       71,679         1,463         7,518            -           79,196
12/01/07            -           -            -             -             -            -                -
 3/01/08            -           -            -             -             -            -                -
 6/01/08            -           -            -             -             -            -                -
 9/01/08            -           -            -             -             -            -                -
12/01/08            -           -            -             -             -            -                -
 3/01/09            -           -            -             -             -            -                -
 6/01/09            -           -            -             -             -            -                -
 9/01/09            -           -            -             -             -            -                -
12/01/09            -           -            -             -             -            -                -
 3/01/10            -           -            -             -             -            -                -
 6/01/10            -           -            -             -             -            -                -
 9/01/10            -           -            -             -             -            -                -
12/01/10            -           -            -             -             -            -                -
 3/01/11            -           -            -             -             -            -                -
 6/01/11            -           -            -             -             -            -                -
 9/01/11            -           -            -             -             -            -                -
--------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 54

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                           LOAN DEFAULT SUMMARY
--------------------------------------------------------------------------------------------------------
                                         PREFUNDING CONSOLIDATION
--------------------------------------------------------------------------------------------------------
 PERIOD     DEFAULTED    DEFAULT     PRINCIPAL     PRINCIPAL      INTEREST      INTEREST        TOTAL
 ENDING     PRINCIPAL     AMOUNT    REIMBURSED    UNREIMBURSED   REIMBURSED   UNREIMBURSED    REIMBURSED
--------------------------------------------------------------------------------------------------------
<S>         <C>          <C>        <C>           <C>            <C>          <C>             <C>
12/01/11            -           -            -             -             -            -                -
 3/01/12            -           -            -             -             -            -                -
 6/01/12            -           -            -             -             -            -                -
 9/01/12            -           -            -             -             -            -                -
--------------------------------------------------------------------------------------------------------
           $4,388,499  $4,839,554   $4,300,729       $87,770      $451,055            -       $4,751,784
--------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 55

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                           LOAN DEFAULT SUMMARY
--------------------------------------------------------------------------------------------------------
                                         PREFUNDING CONSOLIDATION
--------------------------------------------------------------------------------------------------------
 PERIOD     DEFAULTED    DEFAULT     PRINCIPAL     PRINCIPAL      INTEREST      INTEREST        TOTAL
 ENDING     PRINCIPAL     AMOUNT    REIMBURSED    UNREIMBURSED   REIMBURSED   UNREIMBURSED    REIMBURSED
--------------------------------------------------------------------------------------------------------
<S>         <C>          <C>        <C>           <C>            <C>          <C>             <C>
 6/01/00            -           -            -             -             -            -                -
 9/01/00        4,319           -            -             -             -            -                -
12/O1/00       13,890           -            -             -             -            -                -
 3/01/01       20,248           -            -             -             -            -                -
 6/01/01       25,123           -            -             -             -            -                -
 9/01/01       29,547       4,704        4,232            86           385            -            4,617
12/01/01       35,322      15,128       13,612           278         1,238            -           14,850
 3/01/02       52,057      22,052       19,843           405         1,804            -           21,647
 6/01/02       82,051      27,362       24,621           502         2,239            -           26,859
 9/01/02      109,060      32,180       28,956           591         2,633            -           31,589
12/01/02      139,299      38,470       34,616           706         3,147            -           37,763
 3/01/03      168,619      56,650       51,015         1,041         4,594            -           55,609
 6/01/03      201,530      89,218       80,410         1,641         7,168            -           87,577
 9/01/03      231,207     118,569      106,879         2,181         9,508            -          116,388
12/01/03      253,074     151,451      136,513         2,786        12,152            -          148.665
 3/01/04      285,973     183,338      165,247         3,372        14,719            -          179,966
 6/01/04      335,081     219,122      197,499         4,031        17,592            -          215,091
 9/01/04      381,238     251,374      226,583         4,624        20,167            -          246,750
12/01/04      425,313     275,109      248,012         5,061        22,035            -          270,047
 3/01/05      461,616     310,814      280,254         5,719        24,840            -          305,094
 6/01/05      476,514     364,102      328,380         6,702        29,021            -          357,400
 9/01/05      489,908     414,175      373,613         7,625        32,937            -          406,550
12/01/05      496,144     461,976      416,807         8.506        36,662            -          453,469
 3/01/06      493,905     501,367      452,384         9,232        39,751            -          492,135
 6/01/06      483,318     517,553      466,984         9,530        41,039            -          508,023
 9/01/06      479,233     532,095      480,110         9,798        42,186            -          522,296
12/01/06      474,154     538,833      486,221         9,923        42,688            -          528,910
 3/01/07      462,126     536,374      484,027         9,878        42,469            -          526,496
 6/01/07      429,215     524,856      473,652         9,666        41,538            -          515,190
 9/01/07      399,546     520,371      469,648         9,585        41,138            -          510,786
12/01/07      377,679     514,777      464,671         9,483        40,624            -          505,294
 3/01/08      344,779     501,647      452,883         9,243        39,521            -          492,404
 6/01/08      295,670     465,863      420,630         8,584        36,648            -          457,279
 9/01/08      245,188     433,620      391,555         7,991        34,074            -          425,629
12/01/08      191,542     409,884      370,125         7,554        32,205            -          402,331
 3/01/09      148,883     374,179      337,883         6,896        29,400            -          367,284
 6/01/09      129,109     320,890      289,757         5,913        25,220            -          314,977
 9/01/09      111,296     266,107      240,284         4,904        20,919            -          261,203
12/01/09       99,285     207,883      187,712         3,831        16,340            -          204,052
 3/01/10       84,789     161,568      145,905         2,978        12,685            -          158,590
 6/01/10       65,381     140,072      126,527         2,582        10,963            -          137,489
 9/01/10       42,452     120,718      109,070         2,226         9,422            -          118,492
12/01/10       17,292     107,690       97,299         1,986         8,405            -          105,704
 3/01/11            -      91,967       83,094         1,696         7,178            -           90,271
 6/01/11            -      70,916       64,074         1,308         5,535            -           69,609
 9/01/11            -      46,045       41,603           849         3,594            -           45,196
--------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 56

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                            LOAN DEFAULT SUMMARY
--------------------------------------------------------------------------------------------------------
                                          REORIGINATION PORTFOLIO
--------------------------------------------------------------------------------------------------------
 PERIOD     DEFAULTED    DEFAULT     PRINCIPAL     PRINCIPAL      INTEREST      INTEREST        TOTAL
 ENDING     PRINCIPAL     AMOUNT    REIMBURSED    UNREIMBURSED   REIMBURSED   UNREIMBURSED    REIMBURSED
--------------------------------------------------------------------------------------------------------
<S>         <C>          <C>        <C>           <C>            <C>          <C>             <C>
12/01/11            -       18,756      16,946            346        1,464            -           18,410
 3/01/12            -            -           -              -            -            -                -
 6/01/12            -            -           -              -            -            -                -
 9/01/12            -            -           -              -            -            -                -
12/01/12            -            -           -              -            -            -                -
 3/01/13            -            -           -              -            -            -                -
 6/01/13            -            -           -              -            -            -                -
 9/01/13            -            -           -              -            -            -                -
12/01/13            -            -           -              -            -            -                -
 3/01/14            -            -           -              -            -            -                -
 6/01/14            -            -           -              -            -            -                -
 9/01/14            -            -           -              -            -            -                -
12/01/14            -            -           -              -            -            -                -
 3/01/15            -            -           -              -            -            -                -
 6/01/15            -            -           -              -            -            -                -
 9/01/15            -            -           -              -            -            -                -
12/01/15            -            -           -              -            -            -                -
 3/01/16            -            -           -              -            -            -                -
 6/01/16            -            -           -              -            -            -                -
 9/01/16            -            -           -              -            -            -                -
12/01/16            -            -           -              -            -            -                -
 3/01/17            -            -           -              -            -            -                -
--------------------------------------------------------------------------------------------------------
          $10,091,976  $10,959,823  $9,890,136       $201,840     $867,847            -      $10,757,983
--------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 57
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                        LOAN DEFAULT SUMMARY
                                             TOTAL LOANS
-----------------------------------------------------------------------------------------------------
  PERIOD    DEFAULTED     DEFAULT    PRINCIPAL    PRINCIPAL    INTEREST      INTEREST        TOTAL
  ENDING    PRINCIPAL      AMOUNT   REIMBURSED  UNREIMBURSED  REIMBURSED   UNREIMBURSED    REIMBURSED
-----------------------------------------------------------------------------------------------------
<S>         <C>          <C>        <C>         <C>           <C>          <C>             <C>
 6/01/00            -            -           -          -             -               -             -
 9/01/00    1,543,894            -           -          -             -               -             -
12/01/00    1,701,577            -           -          -             -               -             -
 3/01/01    1,707,935            -           -          -             -               -             -
 6/01/01    1,712,811            -           -          -             -               -             -
 9/01/01    2,284,804    1,676,161   1,513,017     30,878       132,267               -     1,645,283
12/01/01    2,290,579    1,849,343   1,667,546     34,032       147,765               -     1,815,311
 3/01/02    2,439,433    1,856,267   1,673,776     34,159       148,332               -     1,822,108
 6/01/02    2,687,024    1,861,577   1,678,554     34,256       148,766               -     1,827,321
 9/01/02    3,913,131    2,481,908   2,239,108     45,696       197,103               -     2,436,212
12/01/02    4,042,150    2,488,197   2,244,768     45,812       197,618               -     2,442,386
 3/01/03    4,071,489    2,649,592   2,390,645     48,789       210,159               -     2,600,803
 6/01/03    4,100,327    2,917,852   2,633,284     53,740       230,828               -     2,864,111
 9/01/03    4,500,442    4,248,654   3,834,868     78,263       335,523               -     4,170,392
12/01/03    4,522,329    4,390,084   3,961,307     80,843       347,935               -     4,309,241
 3/01/04    4,643,347    4,421,992   3,990,059     81,430       350,503               -     4,340,562
 6/01/04    4,829,692    4,453,360   4,018,320     82,007       353,033               -     4,371,353
 9/01/04    3,482,848    4,887,343   4,410,434     90,009       386,901               -     4,797,334
12/01/04    3,384,138    4,911,099   4,431,882     90,447       388,771               -     4,820,653
 3/01/05    3,420,454    5,042,322   4,550,480     92,867       398,975               -     4,949,455
 6/01/05    3,432,747    5,244,248   4,733,098     96,594       414,556               -     5,147,654
 9/01/05    2,869,310    3,781,726   3,413,191     69,657       298,877               -     3,712,069
12/01/05    2,875,558    3,672,563   3,316,455     67,683       288,425               -     3,604,880
 3/01/06    2,741,225    3,711,968   3,352,045     68,409       291,515               -     3,643,559
 6/01/06    2,508,208    3,725,329   3,364,092     68,655       292,583               -     3,656,674
 9/01/06    1,322,757    3,114,319   2,811,923     57,386       245,009               -     3,056,933
12/01/06    1,222,431    3,121,071   2,818,047     57,511       245,513               -     3,063,560
 3/01/07    1,210,384    2,975,426   2,686,400     54,824       234,201               -     2,920,602
 6/01/07    1,177,550    2,722,973   2,458,044     50,164       214,765               -     2,672,809
 9/01/07      766,660    1,436,267   1,296,302     26,455       113,510               -     1,409,812
12/01/07      744,774    1,325,970   1,197,983     24,449       103,539               -     1,301,521
 3/01/08      623,755    1,312,818   1,186,176     24,208       102,434               -     1,288,610
 6/01/08      429,797    1,277,118   1,153,999     23,551        99,568               -     1,253,567
 9/01/08      259,554      831,453     751,327     15,333        64,793               -       818,120
12/01/08      200,765      807,696     729,878     14,895        62,923               -       792,801
 3/01/09      158,092      676,473     611,280     12,475        52,718               -       663,998
 6/01/09      138,321      466,288     421,201      8,596        36,492               -       457,692
 9/01/09      120,145      281,721     254,363      5,191        22,167               -       276,530
12/01/09      108,120      217,902     196,750      4,015        17,137               -       213,886
 3/01/10       93,599      171,573     154,930      3,162        13,480               -       168,411
 6/01/10       88,273      150,079     135,554      2,766        11,758               -       147,313
 9/01/10       91,919      130,330     117,742      2,403        10,185               -       127,927
12/01/10       63,347      117,288     105,958      2,162         9,167               -       115,126
 3/01/11       46,055      101,537      91,727      1,872         7,938               -        99,665
 6/01/11       46,440       95,752      86,508      1,765         7,479               -        93,987
 9/01/11       47,053       99,685      90,081      1,838         7,766               -        97,846
-----------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 58

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW


















Prepared by PaineWebber Incorporated                                     Page 59

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                         LOAN INCOME SUMMARY
                                         USA GROUP SERVICED
------------------------------------------------------------------------------------------------
 PERIOD     BORROWER     BORROWER   GOVERNMENT     SPECIAL    GUARANTEE        LOANS  TOTAL LOAN
 ENDING     PRINCIPAL    INTEREST    INTEREST     ALLOWANCE   PAYMENTS         SOLD     INCOME
------------------------------------------------------------------------------------------------
<S>         <C>          <C>        <C>           <C>         <C>              <C>    <C>
 6/01/00            -            -           -           -            -          -             -
 9/01/00    1,799,686    3,171,094     802,743      77,522            -          -     5,851,045
12/01/00    1,920,841    2,422,186   1,204,114     115,725            -          -     5,662,866
 3/01/01    1,948,212    2,375,150   1,204,114     114,878            -          -     5,642,354
 6/01/01    1,975,575    2,327,576   1,204,114     114,021            -          -     5,621,286
 9/01/01    2,935,928    3,731,135     975,085     114,269      507,535          -     8,263,953
12/01/01    3,025,933    3,734,888     517,028     113,503      507,535          -     7,898,887
 3/01/O2    3,066,790    3,660,631     517,028     111,940      507,535          -     7,863,925
 6/01/02    3,105,498    3,585,582     517,028     110,360      507,535          -     7,826,003
 9/01/02    4,323,456    4,136,423     424,404     109,158      811,078          -     9,804,519
12/01/02    4,444,645    4,063,299     239,156     107,879      811,078          -     9,666,055
 3/01/03    4,503,857    3,955,044     239,156     105,562      811,078          -     9,614,697
 6/01/03    4,555,984    3,845,890     239,156     103,222      811,078          -     9,555,330
 9/01/03    5,247,297    4,124,551     181,651     101,121    1,146,053          -    10,800,674
12/01/03    5,348,620    4,017,214      67,014      98,954    1,146,053          -    10,677,855
 3/01/04    5,414,053    3,887,578      67,014      96,090    1,146,053          -    10,610,788
 6/01/04    5,457,577    3,756,964      67,014      93,199    1,145,626          -    10,520,380
 9/01/04    5,444,543    3,556,584      66,767      90,287    1,347,134          -    10,505,315
12/01/04    5,527,611    3,433,114      66,643      87,307    1,347,134          -    10,461,810
 3/01/05    5,613,623    3,312,103      66,643      84,271    1,347,134          -    10,423,774
 6/01/05    5,683,290    3,189,788      66,643      81,199    1,345,297          -    10,366,217
 9/01/05    5,734,767    3,020,548      66,334      78,100      842,335          -     9,742,084
12/01/05    5,831,044    2,900,045      66,180      75,117      842,335          -     9,714,722
 3/01/06    5,927,483    2,780,404      66,180      72,166      842,335          -     9,688,568
 6/01/06    5,993,299    2,659,995      66,180      69,176      842,105          -     9,630,755
 9/01/06    6,026,641    2,544,173      65,254      66,168      538,101          -     9,240,337
12/01/06    6,139,721    2,426,663      64,791      63,211      538,101          -     9,232,487
 3/01/07    6,254,762    2,307,011      64,791      60,255      538,101          -     9,224,920
 6/01/07    6,317,183    2,185,385      64,791      57,252      537,067          -     9,161,677
 9/01/07    6,299,667    2,066,282      64,605      54,213      203,644          -     8,688,412
12/01/07    6,423,529    1,947,121      64,513      51,280      203,644          -     8,690,088
 3/01/08    6,549,832    1,825,612      64,513      48,352      203,644          -     8,691,953
 6/01/08    6,571,955    1,702,397      64,513      45,371      203,654          -     8,587,889
 9/01/08    6,428,901    1,582,186      63,926      42,366        1,309          -     8,118,688
12/01/08    6,555,291    1,460,575      63,633      39,471        1,309          -     8,120,279
 3/01/09    6,684,172    1,336,567      63,633      36,568        1,309          -     8,122,250
 6/01/09    6,783,683    1,210,445      63,633      33,612        1,464          -     8,092,837
 9/01/09    6,835,622    1,083,644      63,355      30,616        1,773          -     8,015,010
12/01/09    6,447,959      955,815      63,216      27,595        1,773          -     7,496,358
 3/01/10    6,247,235      837,613      63,216      24,650        1,773          -     7,174,487
 6/01/10    5,878,300      760,030      63,216      21,903        1,755          -     6,725,204
 9/01/10    4,641,169      762,567      30,520      20,372        1,719          -     5,456,346
12/01/10    4,685,013      674,828      14,171      18,216        1,719          -     5,393,946
 3/01/11    4,769,105      585,813      14,171      16,138        1,719          -     5,386,946
 6/01/11    4,863,122      496,478      14,171      14,022        8,748          -     5,396,540
 9/01/11    3,107,433      418,331      13,122      11,905       22,806          -     3,573,597
------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 60

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                 Loan Income Summary
                                                 USA Group Serviced
-------------------------------------------------------------------------------------------------------------------
 PERIOD        BORROWER        BORROWER         GOVERNMENT      SPECIAL      GUARANTEE        LOANS     TOTAL LOAN
 ENDING       PRINCIPAL        INTEREST          INTEREST      ALLOWANCE     PAYMENTS         SOLD        INCOME
-------------------------------------------------------------------------------------------------------------------
<S>          <C>             <C>               <C>            <C>           <C>            <C>         <C>
12/01/11        2,706,881         361,319           12,597         10,279        22,806             -     3,113,882
 3/01/12        2,531,899         312,261           12,597          9,000        22,806             -     2,888,563
 6/01/12        2,283,039         274,969           12,597          7,873        22,997             -     2,601,475
 9/01/12        1,497,701         266,050            4,446          6,836        23,379             -     1,798,411
12/01/12        1,493,547         237,285              370          6,126        23,379             -     1,760,707
 3/01/13        1,516,579         208,290              370          5,449        23,379             -     1,754,067
 6/01/13        1,543,943         179,146              370          4,760        27,971             -     1,756,191
 9/01/13          279,511         157,651              123          4,061        37,155             -       478,501
12/01/13          215,764         152,102                -          3,748        37,155             -       409,069
 3/01/14          219,069         147,508                -          3,632        37,155             -       407,365
 6/01/14          220,117         141,158                -          3,515        37,228             -       402,018
 9/01/14          218,030         133,045                -          3,396        37,373             -       391,846
12/01/14          221,956         128,652                -          3,279        37,373             -       391,261
 3/01/15          225,944         124,184                -          3,160        37,373             -       390,661
 6/01/15          227,592         119,598                -          3,039        30,117             -       380,346
 9/01/15          225,543         114,979                -          2,918        15,604             -       359,044
12/01/15          229,571         110,462                -          2,805        15,604             -       358,442
 3/01/16          233,658         105,869                -          2,692        15,604             -       357,824
 6/01/16          236,100         101,223                -          2,578        15,349             -       355,249
 9/01/16          236,201          96,760                -          2,462        14,840             -       350,263
12/01/16          240,827          92,293                -          2,346        14,840             -       350,306
 3/01/17          245,544          87,738                -          2,228        14,840             -       350,351
 6/01/17          249,463          83,095                -          2,109        10,039             -       344,706
 9/01/17          252,086          78,403                -          1,988           436             -       332,913
12/01/17          257,036          73,643                -          1,871           436             -       332,987
 3/01/18          262,084          68,789                -          1,753           436             -       333,063
 6/01/18          265,809          63,839                -          1,633           291             -       331,572
 9/01/18          267,399          58,851                -          1,510             -             -       327,760
12/01/18          272,651          53,800                -          1,388             -             -       327,839
 3/01/19           92,069          16,794                -          1,263             -     2,592,276     2,702,402
             ------------    ------------      -----------    -----------   -----------    ----------  ------------
             $248,307,521    $114,967,378      $10,152,611    $ 3,218,258   $22,205,152    $2,592,276  $401,443,196
             ============    ============      ===========    ===========   ===========    ==========  ============
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 61
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW
<TABLE>
<CAPTION>
                                 LOAN INCOME SUMMARY
                                 INTUITION SERVICED
------------------------------------------------------------------------------------
 PERIOD    BORROWER    BORROWER  GOVERNMENT   SPECIAL   GUARANTEE  LOANS  TOTAL LOAN
 ENDING    PRINCIPAL   INTEREST   INTEREST   ALLOWANCE  PAYMENTS   SOLD     INCOME
------------------------------------------------------------------------------------
<S>        <C>        <C>        <C>         <C>        <C>        <C>    <C>
 6/01/00           -          -          -         -           -     -            -
 9/01/00     746,071  1,455,509    361,428     1,065           -     -    2,564,073
12/01/00     796,846  1,112,914    542,142     1,588           -     -    2,453,491
 3/01/01     808,790  1,092,423    542,142     1,575           -     -    2,444,930
 6/01/01     820,765  1,071,690    542,142     1,562           -     -    2,436,159
 9/01/01     990,687  1,309,732    483,871     1,548     225,492     -    3,011,330
12/01/01   1,013,395  1,297,900    367,327     1,530     225,492     -    2,905,644
 3/01/02   1,102,687  1,394,892    339,981     1,510     225,492     -    3,064,562
 6/01/02   1,121,602  1,373,163    285,290     1,489     225,492     -    3,007,035
 9/01/02   1,628,516  1,624,250    223,847     1,467     278,555     -    3,756,634
12/01/02   1,677,865  1,597,359    100,961     1,439     278,555     -    3,656,179
 3/01/03   1,701,310  1,554,762    100,757     1,407     303,457     -    3,661,692
 6/01/03   1,720,299  1,511,571    100,757     1,374     303,457     -    3,637,459
 9/01/03   1,842,974  1,536,584     85,950     1,342     452,978     -    3,919,828
12/01/03   1,873,464  1,493,542     56,337     1,306     453,019     -    3,877,667
 3/01/04   1,948,949  1,478,411     49,398     1,269     453,040     -    3,931,066
 6/01/04   1,970,082  1,431,476     35,521     1,230     452,740     -    3,891,048
 9/01/04   1,982,683  1,363,673     35,197     1,191     487,732     -    3,870,476
12/01/04   2,035,307  1,349,635     17,159     1,152     487,753     -    3,891,006
 3/01/05   2,069,305  1,304,019      8,107     1,112     504,395     -    3,886,937
 6/01/05   2,092,927  1,257,704      8,107     1,070     503,913     -    3,863,721
 9/01/05   2,103,660  1,204,846      7,774     1,029     282,991     -    3,600,300
12/01/05   2,139,770  1,158,775      7,109       990     288,484     -    3,595,128
 3/01/06   2,176,421  1,108,631      7,084       951     288,497     -    3,581,584
 6/01/06   2,200,266  1,062,019      7,033       911     288,297     -    3,558,526
 9/01/06   2,214,111  1,020,377      6,956       871     235,227     -    3,477,542
12/01/06   2,271,238    984,142      2,455       832     235,241     -    3,493,908
 3/01/07   2,315,851    938,296        205       792     210,367     -    3,465,511
 6/01/07   2,346,776    891,580        205       752     210,046     -    3,449,357
 9/01/07   2,356,925    845,297        136       711      63,061     -    3,266,131
12/01/07   2,404,190    798,427          -       672      66,663     -    3,269,952
 3/01/08   2,452,666    750,795          -       632      66,642     -    3,270,736
 6/01/08   2,482,080    702,316          -       592      66,642     -    3,251,631
 9/01/08   2,480,683    653,327          -       552      31,215     -    3,165,776
12/01/08   2,531,083    603,396          -       511      31,194     -    3,166,184
 3/01/09   2,582,540    553,598          -       471      14,552     -    3,151,161
 6/01/09   2,599,433    502,789          -       430      14,448     -    3,117,100
 9/01/09   2,561,360    452,429          -       388      11,654     -    3,025,831
12/01/09   2,613,428    402,042          -       347       6,162     -    3,021,979
 3/01/10   2,666,551    350,637          -       306       6,148     -    3,023,641
 6/01/10   2,384,055    298,190          -       264       6,148     -    2,688,656
 9/01/10   1,572,826    259,039          -       223       5,754     -    1,837,842
12/01/10   1,603,440    228,147          -       196       5,741     -    1,837,524
 3/01/11   1,632,498    196,701          -       171       5,713     -    1,835,082
 6/01/11   1,640,763    164,651          -       146       5,644     -    1,811,204
 9/01/11   1,287,911    134,994          -       120       3,809     -    1,426,833
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 62
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                LOAN INCOME SUMMARY
----------------------------------------------------------------------------------------------------------------
                                                INTUITION SERVICED
----------------------------------------------------------------------------------------------------------------
  PERIOD         BORROWER        BORROWER     GOVERNMENT         SPECIAL      GUARANTEE    LOANS      TOTAL LOAN
  ENDING        PRINCIPAL        INTEREST     INTEREST          ALLOWANCE     PAYMENTS      SOLD        INCOME
----------------------------------------------------------------------------------------------------------------
<S>             <C>              <C>          <C>               <C>          <C>           <C>      <C>
12/01/11        1,297,074         109,932            -                 98           166      -         1,407,270
 3/01/12        1,170,369          85,409            -                 78           166      -         1.256,021
 6/01/12          962,028          62,539            -                 59           166      -         1.024,791
 9/01/12          409,106          48,808            -                 43             -      -           457,957
12/01/12          416,142          40,778            -                 35             -      -           456,956
 3/01/13          421,835          32,635            -                 29             -      -           454,499
 6/01/13          427,036          J4,354            -                 22             -      -           451,412
 9/01/13          204,679          17,413            -                 16             -      -           222,107
12/01/13          196,935          13,547            -                 12             -      -           210,494
 3/O1/14           95,659          10,326            -                  9             -      -           105,994
 6/01/14           91,325           8,525            -                  7             -      -            99,857
 9/01/14           76,866           6,736            -                  6             -      -            83.607
12/01/14           37,669           5,593            -                  5             -      -            43.266
 3/01/15           38,328           4,855            -                  4             -      -            43,187
 6/01/15           39,110           4,102            -                  3             -      -            43.215
 9/01/15           37,300           3,350            -                  3             -      -            40,653
12/01/15           37,834           2,620            -                  2             -      -            40,456
 3/01/16           38,427           1,878            -                  2             -      -            40,306
 6/01/16           38,717           1,127            -                  1             -      -            39,845
 9/01/16           28,461             369            -                  1             -      -            28.831
12/01/16            1,129              61            -                  -             -      -             1,190
 3/01/17            1,152              39            -                  -             -      -             1,191
 6/01/17            1,175              16            -                  -             -      -             1,192
 9/01/17               59               -            -                  -             -      -                60
----------------------------------------------------------------------------------------------------------------
              $91,633,464     $44,361,660   $4,325,375            $41,518    $8,312,397      -      $148,674,414
----------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                   Page 63

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                             LOAN INCOME SUMMARY
--------------------------------------------------------------------------------------------------------------
                                               UNIPAC SERVICED
--------------------------------------------------------------------------------------------------------------
 PERIOD          BORROWER        BORROWER       GOVERNMENT       SPECIAL    GUARANTEE    LOANS      TOTAL LOAN
 ENDING          PRINCIPAL       INTEREST        INTEREST       ALLOWANCE   PAYMENTS     SOLD         INCOME
--------------------------------------------------------------------------------------------------------------
<S>              <C>             <C>            <C>             <C>         <C>          <C>        <C>
 6/01/00                 -               -              -              -            -      -                 -
 9/01/00         2,104,180       3,033,711      1,242,993        119,737            -      -         6,500,622
12/01/00         2,245,017       2,309,497      1,864,489        178,717            -      -         6,597,720
 3/01/01         2,275,502       2,257,024      1,864,489        177,369            -      -         6,574,384
 6/01/01         2,303,411       2,203,970      1,864,489        176,004            -      -         6,547,873
 9/01/01         2,928,215       3,337,032      1,640,751        175,621      490,695      -         8,572,314
12/01/01         2,999,382       3,328,960      1,193,273        174,279      490,695      -         8,186,589
 3/01/02         3,039,148       3,257,380      1,193,273        172,194      490,695      -         8,152,691
 6/01/02         3,078,431       3,185,033      1,193,273        170,087      490,695      -         8,117,520
 9/01/02         5,159,804       4,610,082        923,047        169,848      738,890      -        11,601,671
12/01/02         5,334,218       4,565,959        382,593        168,277      738,890      -        11,189,937
 3/01/03         5,399,042       4,439,785        382,593        164,636      738,890      -        11,124,946
 6/01/03         5,418,437       4,312,422        382,593        160,959      738,890      -        11,013,301
 9/01/03         5,799,619       4,498,928        326,659        157,490    1,253,904      -        12,036,600
12/01/03         5,890,511       4,377,352        214,789        153,906    1,253,904      -        11,890,463
 3/01/04         5,955,293       4,237,598        214,789        149,641    1,253,904      -        11,811,225
 6/01/04         5,965,666       4,096,975        214,789        145,338    1,250,903      -        11,673,672
 9/01/04         6,347,372       4,133,854        172,797        141,204    1,410,364      -        12,205,591
12/01/04         6,463,838       4,003,346         89,309        137,040    1,410,364      -        12,103,897
 3/01/05         6,557,923       3,861,797         89,309        132,345    1,410,364      -        12,051,739
 6/01/05         6,567,527       3,718,796         89,309        127,596    1,405,402      -        11,908,630
 9/01/05         6,461,876       3,539,660         88,978        122,822    1,058,177      -        11,271,512
12/01/05         6,561,086       3,401,843         88,812        118,249    1,058,177      -        11,228,168
 3/01/06         6,658,425       3,264,376         88,812        113,701    1,058,177      -        11,183,490
 6/01/06         6,646,012       3,126,267         88,812        109,097    1,056,239      -        11,026,427
 9/01/06         6,495,891       2,966,331         87,569        104,490      800,106      -        10,454,386
12/01/06         6,614,824       2,838,195         86,947        100,070      800,106      -        10,440,142
 3/01/07         6,735,728       2,709,523         86,947         95,656      800,106      -        10,427,960
 6/01/07         6,755,867       2,578,819         86,947         91,174      797,015      -        10,309,822
 9/01/07         6,619,765       2,452,133         86,699         86,651      294,580      -         9,539,828
12/01/07         6,745,069       2,326,255         86,574         82,410      294,580      -         9,534,887
 3/01/08         6,872,618       2,198,029         86,574         78,215      294,580      -         9,530,046
 6/01/08         6,872,834       2,068,157         86,574         73,948      294,652      -         9,396,165
 9/01/08         6,673,930       1,943,589         85,787         69,652      126,627      -         8,899,585
12/01/08         6,803,644       1,818,834         85,394         65,542      126,627      -         8,900,041
 3/01/09         6,935,886       1,691,649         85,394         61,419      126,627      -         8,900,974
 6/01/09         6,932,241       1,562,338         85,394         57,223      126,803      -         8,763,998
 9/01/09         6,713,605       1,436,665         85,021         52,992        1,900      -         8,290,183
12/01/09         6,844,102       1,311,151         84,834         48,946        1,900      -         8,290,933
 3/01/10         6,977,142       1,183,191         84,834         44,882        1,900      -         8,291,949
 6/01/10         6,691,536       1,096,280         84,834         40,743        1,920      -         7,905,314
 9/01/10         5,710,587       1,090,616         40,957         38,082        1,962      -         6,882,203
12/01/10         5,821,203         983,326         19,018         34,598        1,962      -         6,860,107
 3/01/11         5,933,960         873,960         19,018         31,152        1,962      -         6,860,052
 6/01/11         5,934,830         763,908         19,018         27,643        9,986      -         6,755,386
 9/01/11         4,235,371         667,402         17,609         24,144       26,035      -         4,970,562
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 64
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                              LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------
                                                UNIPAC SERVICED
-----------------------------------------------------------------------------------------------------------------
 PERIOD      BORROWER       BORROWER      GOVERNMENT       SPECIAL        GUARANTEE       LOANS       TOTAL LOAN
 ENDING      PRINCIPAL      INTEREST       INTEREST       ALLOWANCE        PAYMENTS       SOLD          INCOME
-----------------------------------------------------------------------------------------------------------------
<S>        <C>            <C>            <C>            <C>            <C>            <C>            <C>
12/01/11      4,227,130        588,663         16,905         21,348         26,035              -      4,880,080
 3/01/12      4,305,254        509,093         16,905         18,849         26,035              -      4,876,136
 6/01/12      4,114,613        439,766         16,905         16,306         26,253              -      4,613,843
 9/01/12      2,332,340        404,482          5,966         13,850         26,689              -      2,783,328
12/01/12      2,314,914        360,682            497         12,255         26,689              -      2,715,038
 3/01/13      2,343,544        316,536            497         10,909         26,689              -      2,698,176
 6/01/13      2,331,105        272,134            497          9,539         31,932              -      2,645,207
 9/01/13      1,179,677        235,892            166          8,156         42,416              -      1,466,307
12/01/13      1,139,038        213,616              -          7,252         42,416              -      1,402,322
 3/01/14      1,157,542        191,420              -          6,564         42,416              -      1,397,943
 6/01/14      1,163,686        167,361              -          5,865         42,500              -      1,379,412
 9/01/14        342,916        140,273              -          5,157         42,666              -        537,011
12/01/14        306,348        I40,O44              -          4,802         42,666              -        493,860
 3/01/15        300,621        134,041              -          4,618         42,666              -        481,945
 6/01/15        289,160        128,047              -          4,430         34,382              -        456,019
 9/01/15        252,770        122,580              -          4,243         17,814              -        397,407
12/01/15        257,214        117,575              -          4,073         17,814              -        396,676
 3/01/16        261,722        112,488              -          3,903         17,814              -        395,927
 6/01/16        261,154        107,344              -          3,730         17,523              -        389,751
 9/01/16        252,895        102,539              -          3,556         16,942              -        375,933
12/01/16        257,787         97,816              -          3,388         16,942              -        375,933
 3/01/17        262,774         93,002              -          3,219         16,942              -        375,936
 6/01/17        267,399         88,095              -          3,046         11,461              -        370,001
 9/01/17        271,416         83,118              -          2,872            498              -        357,904
12/01/17        276,681         78,057              -          2,703            498              -        357,940
 3/01/18        282,049         72,898              -          2,532            498              -        357,977
 6/01/18        285,976         67,638              -          2,358            332              -        356,304
 9/01/18        287,579         62,339              -          2,181              -              -        352,099
12/01/18        293,159         56,975              -          2,004              -              -        352,138
 3/01/19         98,979         17,782              -          1,823              -      2,779,189      2,897,773
-----------------------------------------------------------------------------------------------------------------
           $285,788,042   $129,190,292   $ 17,445,302   $  5,121,323   $ 25,387,682   $  2,779,189   $465,711,830
-----------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 65
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                             LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------
                                             CONSOLIDATION LOANS
-----------------------------------------------------------------------------------------------------------------
PERIOD      BORROWER     BORROWER   GOVERNMENT    SPECIAL    GUARANTEE        LOANS   CONSOLIDATION   TOTAL LOAN
ENDING     PRINCIPAL     INTEREST    INTEREST    ALLOWANCE    PAYMENTS        SOLD        REBATE        INCOME
-----------------------------------------------------------------------------------------------------------------
<S>       <C>           <C>         <C>          <C>         <C>              <C>     <C>            <C>
 6/01/00             -            -         -             -           -         -               -               -
 9/01/00       971,418    2,121,086         -        65,592           -         -         244,944       2,913,152
12/01/00     1,036,891    1,625,093         -        97,737           -         -         242,571       2,517,151
 3/01/01     1,051,688    1,598,402         -        96,750           -         -         240,124       2,506,716
 6/01/01     1,066,139    1,571,419         -        95,749           -         -         237,643       2,495,665
 9/01/01     1,052,632    1,544,373         -        94,736     337,046         -         234,905       2,793,882
12/01/01     1,065,774    1,517,360         -        93,532     337,046         -         231,689       2,782,023
 3/01/02     1,080,351    1,490,107         -        92,225     337,046         -         228,441       2,771,287
 6/01/02     1,094,853    1,462,565         -        90,906     337,046         -         225,159       2,760,210
 9/01/02     1,807,808    1,884,816         -        90,545     336,406         -         228,899       3,890,676
12/01/02     1,869,278    1,862,370         -        90,674     336,406         -         223,850       3,934,878
 3/01/03     1,893,784    1,815,100         -        88,611     336,406         -         218,715       3,915,186
 6/01/03     1,909,220    1,767,356         -        86,527     336,406         -         213,525       3,885,984
 9/01/03     1,894,490    1,719,629         -        84,426     561,100         -         208,173       4,051,471
12/01/03     1,917,320    1,671,911         -        82,205     561,100         -         202,494       4,030,041
 3/01/04     1,940,223    1,623,732         -        79,906     561,100         -         196,763       4,008,198
 6/01/04     1,951,671    1,575,119         -        77,589     560,494         -         190,982       3,973,890
 9/01/04     1,958,377    1,474,981         -        75,257     558,855         -         185,199       3,882,270
12/01/04     1,991,920    1,430,771         -        72,926     558,855         -         179,374       3,875,098
 3/01/05     2,025,578    1,388,883         -        70,570     558,855         -         173,471       3,870,415
 6/01/05     2,044,029    1,346,359         -        68,185     557,803         -         167,493       3,848,883
 9/01/05     2,040,932    1,303,820         -        65,777     224,269         -         161,759       3,473,038
12/01/05     2,075,048    1,261,011         -        63,571     224,269         -         156,479       3,467,420
 3/01/06     2,109,013    1,217,551         -        61,439     224,269         -         151,122       3,461,150
 6/01/06     2,116,932    1,173,455         -        59,277     223,865         -         145,688       3,427,840
 9/01/06     2,092,504    1,132,185         -        57,096     223,056         -         140,304       3,364,537
12/01/06     2,133,966    1,092,303         -        54,946     223,056         -         134,907       3,369,364
 3/01/07     2,176,255    1,051,626         -        52,770     223,056         -         129,416       3,374,290
 6/01/07     2,181,942    1,010,137         -        50,556     222,355         -         123,827       3,341,163
 9/01/07     2,129,608      969,373         -        48,319           -         -         118,493       3,028,806
12/01/07     2,171,822      928,766         -        46,269           -         -         113,505       3,033,353
 3/01/08     2,214,878      887,350         -        44,261           -         -         108,419       3,038,069
 6/01/08     2,194,679      845,107         -        42,216           -         -         103,235       2,978,766
 9/01/08     2,074,536      804,680         -        40,155           -         -          98,275       2,821,097
12/01/08     2,115,673      765,110         -        38,218           -         -          93,421       2,825,580
 3/01/09     2,157,630      724,750         -        36,269           -         -          88,473       2,830,176
 6/01/09     2,135,250      683,584         -        34,283           -         -          83,429       2,769,688
 9/01/09     2,011,236      644,299         -        32,284           -         -          78,617       2,609,201
12/01/09     2,051,132      605,921         -        30,412           -         -          73,918       2,613,547
 3/01/10     2,091,825      566,777         -        28,529           -         -          69,127       2,618,003
 6/01/10     2,056,809      526,850         -        26,611           -         -          64,244       2,546,026
 9/01/10     1,902,098      489,304         -        24,685           -         -          59,652       2,356,435
12/01/10     1,939,636      452,996         -        22,915           -         -          55,212       2,360,335
 3/01/11     1,977,631      415,972         -        21,140           -         -          50,687       2,364,056
 6/01/11     1,968,578      378,214         -        19,332           -         -          46,075       2,320,049
 9/01/11     1,884,348      341,706         -        17,508           -         -          41,617       2,201,945
-----------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 66

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                             LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------
                                             CONSOLIDATION LOANS
-----------------------------------------------------------------------------------------------------------------
PERIOD      BORROWER     BORROWER   GOVERNMENT    SPECIAL    GUARANTEE        LOANS   CONSOLIDATION   TOTAL LOAN
ENDING     PRINCIPAL     INTEREST    INTEREST    ALLOWANCE    PAYMENTS        SOLD        REBATE        INCOME
-----------------------------------------------------------------------------------------------------------------
<S>       <C>           <C>         <C>          <C>         <C>              <C>     <C>            <C>
12/01/11     1,788,388      306,285         -        15,771           -         -          37,294       2,073,150
 3/01/12     1,773,248      272,727         -        14,094           -         -          33,200       2,026,869
 6/01/12     1,739,837      239,096         -        12,479           -         -          29,099       1,962,313
 9/01/12     1,698,756      206,532         -        10,869           -         -          25,129       1,891,028
12/01/12     1,732,340      174,081         -         9,315           -         -          21,175       1,894,560
 3/01/13     1,546,116      142,302         -         7,742           -         -          17,305       1,678,854
 6/01/13     1,337,632      112,906         -         6,279           -         -          13,727       1,443,091
 9/01/13       783,416       92,439         -         4,942           -         -          11,235         869,562
12/01/13       702,341       77,878         -         4,150           -         -           9,463         774,907
 3/01/14       679,596       64,889         -         3,480           -         -           7,882         740,083
 6/01/14       664,206       52,073         -         2,865           -         -           6,324         712,820
 9/01/14       675,868       39,397         -         2,256           -         -           4,783         712,738
12/01/14       689,298       26,477         -         1,645           -         -           3,214         714,207
 3/01/15       543,419       14,252         -         1,023           -         -           1,729         556,965
 6/01/15       389,962        3,967         -           491           -         -             481         393,939
 9/01/15             1            -         -            55           -         -               -              56
12/01/15             1            -         -             -           -         -               -               1
 3/01/16             1            -         -             -           -         -               -               1
 6/01/16             1            -         -             -           -         -               -               1
-----------------------------------------------------------------------------------------------------------------
          $100,371,830  $54,589,578              $2,810,942  $8,960,163         -      $6,986,354    $159,746,160
-----------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 67
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                         LOAN INCOME SUMMARY
--------------------------------------------------------------------------------------------------------
                                       PREFUNDING STAFF & PLUS
--------------------------------------------------------------------------------------------------------
PERIOD       BORROWER     BORROWER     GOVERNMENT      SPECIAL     GUARANTEE        LOANS    TOTAL LOAN
ENDING       PRINCIPAL    INTEREST      INTEREST      ALLOWANCE    PAYMENTS         SOLD       INCOME
--------------------------------------------------------------------------------------------------------
<S>          <C>          <C>          <C>            <C>          <C>              <C>      <C>
 6/01/00              -            -            -              -            -         -                -
 9/01/00         70,405       88,016            -              -            -         -          158,422
12/01/00        250,816      306,814      605,857         47,999            -         -        1,211,486
 3/01/01        254,605      300,543      908,785         71,999            -         -        1,535,931
 6/01/01        258,411      294,195      908,785         71,999            -         -        1,533,390
 9/01/01        262,229      287,770      908,785         71,999       20,500         -        1,551,284
12/01/01        266,056      281,268      908,785         71,999       61,501         -        1,589,609
 3/01/02        595,541      773,891      908,785         71,999       61,501         -        2,411,717
 6/01/02      1,433,284    2,012,431      424,100         75,932       61,501         -        4,007,249
 9/01/02      1,504,467    2,002,625      181,757         75,239       61,501         -        3,825,588
12/01/02      1,655,064    2,028,739      181,757         74,448       61,501         -        4,001,509
 3/01/03      1,678,452    2,988,150      181,757         73,647      177,171         -        4,099,178
 6/01/03      1,701,894    1,947,104      181,757         72,812      408,512         -        4,312,079
 9/01/03      1,725,355    1,905,600      181,757         71,798      422,179         -        4,306,689
12/01/03      1,748,788    1,863,638      181,757         70,749      449,513         -        4,314,445
 3/01/04      1,998,456    1,956,385      181,757         69,690      449,513         -        4,655,800
 6/01/04      2,601,195    2,243,354       60,586         69,417      449,513         -        5,424,064
 9/01/04      2,632,263    2,180,457            -         68,282      449,513         -        5,330,515
12/01/04      2,667,522    2,117,844            -         66,642      449,513         -        5,301,520
 3/01/05      2,705,500    2,054,679            -         64,983      526,626         -        5,351,788
 6/01/05      2,743,575    1,990,773            -         63,290      680,853         -        5,478,491
 9/01/05      2,778,766    1,926,134            -         61,468      660,157         -        5,426,525
12/01/05      2,814,971    1,860,825            -         59,611      619,351         -        5,354,758
 3/01/06      2,853,892    1,795,380            -         57,737      619,351         -        5,326,360
 6/01/06      2,901,000    1,733,895            -         55,844      619,351         -        5,310,090
 9/01/06      2,940,378    1,672,484            -         53,930      619,351         -        5,286,143
12/01/06      2,985,827    1,610,938            -         51,990      619,351         -        5,268,106
 3/01/07      3,038,344    1,548,539            -         50,025      503,681         -        5,140,589
 6/01/07      3,091,620    1,485,113            -         48,058      272,341         -        4,897,132
 9/01/07      3,143,512    1,420,651            -         46,234      258,544         -        4,868,940
12/01/07      3,196,901    1,355,180            -         44,407      231,340         -        4,827,834
3/01 108      3,253,017    1,289,056            -         42,553      231,340         -        4,815,966
 6/01/08      3,315,481    1,224,972            -         40,673      231,340         -        4,812,467
 9/01/08      3,372,661    1,160,280            -         38,762      231,340         -        4,803,044
12/01/06      3,433,761    1,094,512            -         36,819      231,340         -        4,796,432
 3/01/09      3,234,26?    1,028,862            -         34,843      154,227         -        4,452,195
 6/01/09      3,154,814      967,341            -         32,850            -         -        4,155,006
 9/01/09      3,216,037      906,119            -         30,934            -         -        4,153,090
12/01/09      3,278,450      843,705            -         28,999            -         -        4,151,155
 3/01/10      3,342,079      780,077            -         27,029            -         -        4,149,185
 6/01/10      3,406,945      715,211            -         25,022            -         -        4,147,178
 9/01/10      3,471,399      649,087            -         22,979            -         -        4,143,465
12/01/10      3,537,730      581,718            -         20,898            -         -        4,140,346
 3/01/11      3,412,733      514,042            -         18,779            -         -        3,945,555
 6/01/11      3,375,362      448,983            -         16,621            -         -        3,840,966
 9/01/11      3,440,595      383,749            -         14,424            -         -        3,838,768
--------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 68

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                         LOAN INCOME SUMMARY
--------------------------------------------------------------------------------------------------------
                                       PREFUNDING STAFF & PLUS
--------------------------------------------------------------------------------------------------------
PERIOD       BORROWER     BORROWER     GOVERNMENT      SPECIAL     GUARANTEE        LOANS    TOTAL LOAN
ENDING       PRINCIPAL    INTEREST      INTEREST      ALLOWANCE    PAYMENTS         SOLD       INCOME
--------------------------------------------------------------------------------------------------------
<S>        <C>            <C>          <C>            <C>         <C>               <C>     <C>
12/01/11      3,507,093      317,251            -         12,186            -         -        3,836,530
 3/01/12      2,936,647      249,464            -          9,907            -         -        3,196,018
 6/01/12      1,364,598      207,157            -          7,749            -         -        1,579,504
 9/01/12      1,390,970      180,785            -          6,698            -         -        1,578,453
12/01/12      1,417,853      153,903            -          5,792            -         -        1,577,548
 3/01/13      1,445,256      126,499            -          4,870            -         -        1,576,625
 6/01/13      1,473,191       98,564            -          3,931            -         -        1,575,686
 9/01/13      1,501,667       70,088            -          2,975            -         -        1,574,730
12/01/13      1,530,695       41,060            -          2,001            -         -        1,573,756
 3/01/14      1,114,955       11,469            -          1,009            -         -        1,127,434
 6/01/14              -            -            -            113            -         -              113
--------------------------------------------------------------------------------------------------------
           $126,427,343  $59,077,373   $6,906,765     $2,343,645  $10,893,318         -     $205,648,444
--------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 69

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                  LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------------
                                               PREFUNDING CONSOLIDATION
-----------------------------------------------------------------------------------------------------------------------
PERIOD       BORROWER     BORROWER     GOVERNMENT       SPECIAL    GUARANTEE        LOANS   CONSOLIDATION   TOTAL LOAN
ENDING       PRINCIPAL    INTEREST      INTEREST       ALLOWANCE   PAYMENTS         SOLD       REBATE         INCOME
-----------------------------------------------------------------------------------------------------------------------
<S>          <C>          <C>          <C>             <C>         <C>              <C>     <C>             <C>
 6/01/00              -            -        -             -                 -         -               -               -
 9/01/00        140,589      294,552        -             -                 -         -          25,872         409,270
12/01/00        501,871    1,029,950        -             -                 -         -          78,749       1,453,072
 3/01/01        511,159    1,014,146        -             -                 -         -          78,010       1,447,295
 6/01/01        520,564      998,119        -             -                 -         -          77,258       1,441,425
 9/01/01        530,084      981,865        -             -            59,397         -          76,492       1,494,854
12/01/01        539,714      965,382        -             -           178,192         -          75,555       1,607,734
 3/01/02        549,451      948,668        -             -           178,192         -          74,525       1,601,785
 6/01/02        559,288      931,719        -             -           178,192         -          73,481       1,595,717
 9/01/02        671,793    1,002,180        -             -           178,192         -          73,400       1,778,765
12/01/02        945,509    1,199,559        -             -           178,192         -          73,955       2,249,305
 3/01/03        962,561    1,170,594        -             -           178,192         -          72,331       2,239,016
 6/01/03        979,780    1,141,219        -             -           178,192         -          70,683       2,228,508
 9/01/03        997,153    1,111,429        -             -           217,790         -          69,011       2,257,361
12/01/03      1,014,665    1,081,220        -             -           296,986         -          67,209       2,325,663
 3/01/04      1,032,300    1,050,590        -             -           296,986         -          65,329       2,314,547
 6/01/04      1,050,038    1,019,534        -             -           296,986         -          63,425       2,303,133
 9/01/04      1,068,340      988,419        -             -           296,986         -          61,496       2,292,249
12/01/04      1,090,729      959,804        -             -           296,986         -          59,540       2,287,979
 3/01/05      1,114,286      931,201        -             -           296,986         -          57,551       2,284,923
 6/01/05      1,138,297      902,030        -             -           296,986         -          55,529       2,281,783
 9/01/05      1,162,764      872,278        -             -           237,589         -          53,474       2,219,157
12/01/05      1,187,688      841,935        -             -           118,795         -          51,541       2,096,876
 3/01/06      1,213,071      810,989        -             -           118,795         -          49,653       2,093,202
 6/01/06      1,238,913      779,430        -             -           118,795         -          47,729       2,089,408
 9/01/06      1,265,534      747,491        -             -           118,795         -          45,769       2,086,050
12/01/06      1,295,296      716,869        -             -           118,795         -          43,770       2,087,191
 3/01/07      1,326,270      685,896        -             -           118,795         -          41,728       2,089,233
 6/01/07      1,357,993      654,172        -             -           118,795         -          39,642       2,091,318
 9/01/07      1,390,485      621,680        -             -            79,196         -          37,511       2,053,851
12/01/07      1,423,764      588,401        -             -                 -         -          35,440       1,976,726
 3/01/08      1,457,850      554,316        -             -                 -         -          33,375       1,978,791
 6/01/08      1,492,761      519,404        -             -                 -         -          31,261       1,980,905
 9/01/08      1,528,519      483,646        -             -                 -         -          29,098       1,983,068
12/01/08      1,565,145      447,021        -             -                 -         -          26,884       1,985,282
 3/01/09      1,602,658      409,507        -             -                 -         -          24,618       1,987,547
 6/01/09      1,641,083      371,083        -             -                 -         -          22,300       1,989,866
 9/01/09      1,680,440      331,726        -             -                 -         -          19,927       1,992,239
12/01/09      1,720,752      291,413        -             -                 -         -          17,499       1,994,667
 3/01/10      1,762,044      250,122        -             -                 -         -          15,013       1,997,152
 6/01/10      1,804,339      207,827        -             -                 -         -          12,470       1,999,696
 9/01/10      1,519,399      164,504        -             -                 -         -           9,866       1,674,037
12/01/10        716,347      137,248        -             -                 -         -           8,228         845,366
 3/01/11        733,544      120,051        -             -                 -         -           7,195         846,400
 6/01/11        751,159      102,435        -             -                 -         -           6,137         847,458
 9/01/11        769,203       84,392        -             -                 -         -           5,054         848,541
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 70

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                  LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------------
                                               PREFUNDING CONSOLIDATION
-----------------------------------------------------------------------------------------------------------------------
PERIOD       BORROWER     BORROWER     GOVERNMENT       SPECIAL    GUARANTEE        LOANS   CONSOLIDATION   TOTAL LOAN
ENDING       PRINCIPAL    INTEREST      INTEREST       ALLOWANCE   PAYMENTS         SOLD       REBATE         INCOME
-----------------------------------------------------------------------------------------------------------------------
<S>        <C>           <C>           <C>             <C>        <C>               <C>     <C>             <C>
12/01/11        787,685       65,910            -              -            -           -         3,945         849,649
 3/01/12        806,617       46,978            -              -            -           -         2,811         850,784
 6/01/12        826,010       27,585            -              -            -           -         1,650         851,945
 9/01/12        604,022        7,721            -              -            -           -           462         611,281
-----------------------------------------------------------------------------------------------------------------------
            $52,549,527  $31,664,210            -              -   $4,751,764           -    $2,073,449     $86,892,072
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 71

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                 LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------------
                                               REORIGINATION PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------
PERIOD       BORROWER     BORROWER     GOVERNMENT      SPECIAL     GUARANTEE        LOANS   CONSOLIDATION   TOTAL LOAN
ENDING       PRINCIPAL    INTEREST      INTEREST      ALLOWANCE    PAYMENTS         SOLD       REBATE         INCOME
-----------------------------------------------------------------------------------------------------------------------
<S>          <C>          <C>          <C>            <C>          <C>              <C>     <C>             <C>
 6/01/00              -            -            -              -            -           -             -               -
 9/01/00         13,321       21,325            -              -            -           -         3,135          31,511
12/01/00         46,372       73,130       74,699          2,767            -           -        10,073         186,896
 3/01/01         69,308      107,183      151,792          5,622            -           -        14,601         319,304
 6/01/01         87,269      132,184      205,236          7,601            -           -        18,004         414,286
 9/01/01        103,741      153,939      247,863          9,180        4,617           -        21,038         498,302
12/01/01        124,848      182,254      292,580         10,836       14,850           -        25,005         600,364
 3/01/02        180,709      263,897      349,914         13,013       21,647           -        29,581         799,599
 6/01/02        286,545      420,080      355,306         15,753       26,859           -        34,861       1,069,684
 9/01/02        384,070      549,807      370,058         18,791       31,589           -        41,337       1,312,978
12/01/02        495,305      683,543      423,792         22,474       37,763           -        50,130       1,612,747
 3/01/03        604,433      815,976      515,040         27,176       55,609           -        60,347       1,957,887
 6/01/03        726,601      967,113      622,388         32,546       87,577           -        71,417       2,364,809
 9/01/03        841,757    1,101,877      731,488         38,363      116,388           -        78,622       2,751,251
12/01/03        930,625    1,186,245      731,024         40,350      148,665           -        77,573       2,959,336
 3/01/04      1,056,046    1,300,723      669,884         40,436      179,966           -        76,458       3,170,597
 6/01/04      1,241,875    1,470,562      577,752         40,659      215,091           -        75,274       3,470,665
 9/01/04      1,435,812    1,656,674      462,054         40,902      246,750           -        74,029       3,768,163
12/01/04      1,643,601    1,855,262      336,867         41,087      270,047           -        72,769       4,074,094
 3/01/05      1,821,999    1,995,896      204,369         41,138      305,094           -        71,468       4,297,027
 6/01/05      1,921,794    1,996,896      154,099         40,652      357,400           -        70,093       4,400,749
 9/01/05      2,014,977    1,988,358      142,633         40,069      406,550           -        68,480       4,524,106
12/01/05      2,086,659    1,962,914      129,602         39,450      453,469           -        66,539       4,605,556
 3/01/06      2,167,365    1,938,895      114,317         38,796      492,135           -        64,571       4,686,936
 6/01/06      2,266,880    1,921,119       95,019         38,116      508,023           -        62,568       4,766,590
 9/01/06      2,380,914    1,910,324       69,949         37,423      522,296           -        60,524       4,860,382
12/01/06      2,505,251    1,902,420       41,325         36,698      528,910           -        58,454       4,956,149
 3/01/07      2,607,842    1,877,540       10,331         35,928      526,496           -        56,368       5,001,769
 6/01/07      2,649,764    1,813,371            -         34,980      515,190           -        54,266       4,959,038
 9/01/07      2,691,722    1,748,708            -         33,953      510,786           -        52,150       4,933,020
12/01/07      2,734,831    1,685,441            -         32,913      505,294           -        50,033       4,908,446
 3/01/08      2,779,200    1,621,341            -         31,854      492,404           -        47,922       4,876,878
 6/01/08      2,825,441    1,556,037            -         30,778      457,279           -        45,816       4,823,718
 9/01/08      2,873,656    1,489,963            -         29,692      425,629           -        43,715       4,775,224
12/01/08      2,923,302    1,423,537            -         28,598      402,331           -        41,596       4,736,171
 3/01/09      2,968,029    1,359,278            -         27,498      367,284           -        39,446       4,682,642
 6/01/09      3,012,640    1,299,686            -         26,392      314,977           -        37,266       4,616,429
 9/01/09      3,062,062    1,239,706            -         25,288      261,203           -        35,055       4,553,204
12/01/09      3,114,383    1,179,013            -         24,187      204,052           -        32,815       4,488,820
 3/01/10      3,167,755    1,117,563            -         23,089      158,590           -        30,549       4,436,448
 6/01/10      3,221,140    1,055,423            -         21,991      137,489           -        28,260       4,407,784
 9/01/10      3,253,370      992,718            -         20,882      118,492           -        25,954       4,359,508
12/01/10      3,252,937      930,207            -         19,759      105,704           -        23,710       4,284,897
 3/01/11      3,262,592      868,086            -         18,621       90,271           -        21,545       4,218,026
 6/01/11      3,276,555      805,877            -         17,470       69,609           -        19,420       4,150,091
 9/01/11      3,293,831      743,400            -         16,306       45,196           -        17,320       4,081,414
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 72

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                 LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------------
                                               REORIGINATION PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------
PERIOD       BORROWER     BORROWER     GOVERNMENT      SPECIAL     GUARANTEE        LOANS   CONSOLIDATION   TOTAL LOAN
ENDING       PRINCIPAL    INTEREST      INTEREST      ALLOWANCE    PAYMENTS         SOLD       REBATE         INCOME
-----------------------------------------------------------------------------------------------------------------------
<S>        <C>           <C>           <C>            <C>         <C>               <C>     <C>             <C>
12/01/11      3,305,079      680,662            -         15,132       18,410           -        15,246       4,004,036
 3/01/12      3,259,916      617,857            -         13,947            -           -        13,219       3,878,501
 6/01/12      3,124,025      556,800            -         12,764            -           -        11,251       3,682,338
 9/01/12      3,009,452      498,098            -         11,629            -           -         9,367       3,509,812
12/01/12      2,875,583      441,797            -         10,527            -           -         7,668       3,320,239
 3/01/13      2,744,757      388,068            -          9,444            -           -         6,219       3,136,050
 6/01/13      2,586,482      337,058            -          8,374            -           -         5,026       2,926,887
 9/01/13      2,434,993      289,229            -          7,323            -           -         4,093       2,727,452
12/01/13      2,322,905      243,935            -          6,301            -           -         3,292       2,569,848
 3/01/14      2,146,662      200,980            -          5,314            -           -         2,541       2,350,416
 6/01/14      1,856,724      162,255            -          4,385            -           -         1,848       2,021,515
 9/01/14      1,551,358      129,094            -          3,571            -           -         1,228       1,682,796
12/01/14      1,220,957      101,842            -          2,886            -           -           705       1,324,980
 3/01/15        950,404       80,825            -          2,334            -           -           312       1,033,252
 6/01/15        836,781       63,641            -          1,901            -           -            74         902,249
 9/01/15        732,761       48,674            -          1,506            -           -             1         782,940
12/01/15        662,178       35,386            -          1,138            -           -             -         698,702
 3/01/16        574,207       23,505            -            803            -           -             -         598,515
 6/01/16        450,631       13,482            -            508            -           -             -         464,621
 9/01/16        299,063        5,964            -            268            -           -             -         305,295
12/01/16        128,523        1,407            -            100            -           -             -         130,029
 3/01/17          2,929           18            -             13            -           -             -           2,961
-----------------------------------------------------------------------------------------------------------------------
           $121,485,501  $58,286,067   $8,079,380     $1,340,245  $10,757,983           -    $2,142,251    $197,806,927
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 73

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                 LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------------
                                                     TOTAL LOANS
-----------------------------------------------------------------------------------------------------------------------
PERIOD       BORROWER     BORROWER     GOVERNMENT      SPECIAL     GUARANTEE     LOANS     CONSOLIDATION   TOTAL LOAN
ENDING       PRINCIPAL    INTEREST      INTEREST      ALLOWANCE    PAYMENTS      SOLD         REBATE         INCOME
-----------------------------------------------------------------------------------------------------------------------
<S>          <C>          <C>          <C>            <C>          <C>           <C>       <C>             <C>
 6/01/00              -            -            -              -            -       -                 -               -
 9/01/00      5,845,672   10,185,293    2,407,164        263,917            -       -           273,951      18,428,095
12/01/00      6,798,654    8,879,585    4,291,301        444,533            -       -           331,392      20,082,681
 3/01/01      6,919,263    8,744,871    4,671,322        468,193            -       -           332,735      20,470,914
 6/01/01      7,032,134    8,599,153    4,724,766        466,936            -       -           332,905      20,490,084
 9/01/01      8,803,517   11,345,846    4,256,354        467,353    1,645,283       -           332,435      26,185,918
12/01/01      9,035,103   11,308,011    3,278,994        465,679    1,815,311       -           332,248      25,570,849
 3/01/02      9,614,677   11,789,465    3,308,981        462,882    1,822,108       -           332,546      26,665,566
 6/01/02     10,679,500   12,970,573    2,774,997        464,529    1,827,321       -           333,501      28,383,418
 9/01/02     15,479,914   15,810,183    2,123,112        465,047    2,436,212       -           343,636      35,970,832
12/01/02     16,421,883   16,000,828    1,328,259        465,191    2,442,386       -           347,934      36,310,612
 3/01/03     16,743,438   15,739,411    1,419,303        461,040    2,600,803       -           351,393      36,612,602
 6/01/03     17,012,217   15,492,675    1,526,651        457,440    2,864,111       -           355,625      36,997,470
 9/01/03     18,348,645   15,998,598    1,507,505        454,540    4,170,392       -           355,806      40,123,874
12/01/03     18,723,993   15,691,122    1,250,920        447,471    4,309,241       -           347,276      40,075,472
 3/01/04     19,345,320   15,535,016    1,182,841        437,032    4,340,562       -           338,550      40,502,221
 6/01/04     20,238,103   15,593,985      955,661        427,433    4,371,353       -           329,682      41,256,853
 9/01/04     20,869,390   15,354,641      736,814        417,123    4,797,334       -           320,725      41,854,578
12/01/04     21,420,527   15,149,775      509,978        406,154    4,820,653       -           311,683      41,995,404
 3/01/05     21,908,215   14,848,578      368,427        394,418    4,949,455       -           302,491      42,166,602
 6/01/05     22,191,439   14,402,346      318,158        381,993    5,147,654       -           293,115      42,148,475
 9/01/05     22,297,740   13,855,644      305,719        369,264    3,712,069       -           283,712      40,256,723
12/01/05     22,696,266   13,387,349      291,703        356,988    3,604,880       -           274,560      40,062,627
 3/01/06     23,105,670   12,916,226      276,393        344,789    3,643,559       -           265,346      40,021,291
 6/01/06     23,363,302   12,456,179      257,044        332,421    3,656,674       -           255,985      39,809,636
 9/01/06     23,415,973   11,993,366      229,728        319,977    3,056,933       -           246,597      38,769,379
12/01/06     23,946,122   11,571,531      195,518        307,748    3,063,560       -           237,131      38,847,346
 3/01/07     24,455,051   11,118,430      162,274        295,426    2,920,602       -           227,511      38,724,272
 6/01/07     24,701,145   10,618,575      151,943        282,772    2,672,809       -           217,735      38,209,507
 9/01/07     24,631,684   10,124,124      151,440        270,081    1,409,812       -           208,155      36,378,987
12/01/07     25,100,106    9,629,597      151,087        257,951    1,301,521       -           198,978      36,241,285
 3/01/08     25,580,091    9,126,499      151,087        245,867    1,288,610       -           189,716      36,202,439
 6/01/08     25,755,232    8,618,390      151,087        233,577    1,253,567       -           180,312      35,831,540
 9/01/08     25,432,887    8,117,672      149,713        221,178      816,120       -           171,088      34,566,483
12/01/08     25,927,899    7,612,984      149,026        209,160      792,80)       -           161,901      34,529,969
 3/01/09     26,165,179    7,104,211      149,026        197,068      663,998       -           152,538      34,126,944
 6/01/09     26,259,145    6,597,266      149,026        184,789      457,692       -           142,995      33,504,923
 9/01/09     26,080,362    6,094,588      148,376        172,500      276,530       -           133,599      32,638,757
12/01/09     26,070,208    5,589,061      148,050        160,486      213,886       -           124,231      32,057,460
 3/01/10     26,254,630    5,085,979      148,050        148,484      168,411       -           114,690      31,690,866
 6/01/10     25,433,124    4,659,811      148,050        136,534      147,313       -           104,974      30,419,859
 9/01/10     22,070,848    4,407,835       71,476        127,222      127,927       -            95,472      26,709,837
12/01/10     21,556,307    3,988,469       33,189        116,582      115,126       -            87,151      25,722,522
 3/01/11     21,722,062    3,574,625       33,189        106,002       99,665       -            79,426      25,456,117
 6/01/11     21,810,369    3,160,546       33,189         95,234       93,987       -            71,632      25,121,694
 9/01/11     18,018,693    2,773,973       30,731         84,407       97,846       -            63,991      20,941,660
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 74

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                                 LOAN INCOME SUMMARY
-------------------------------------------------------------------------------------------------------------------------
                                                       TOTAL LOANS
-------------------------------------------------------------------------------------------------------------------------
PERIOD        BORROWER     BORROWER      GOVERNMENT      SPECIAL     GUARANTEE     LOANS     CONSOLIDATION   TOTAL LOAN
ENDING        PRINCIPAL    INTEREST       INTEREST      ALLOWANCE    PAYMENTS      SOLD         REBATE         INCOME
-------------------------------------------------------------------------------------------------------------------------
<S>       <C>              <C>          <C>            <C>          <C>          <C>         <C>           <C>
12/01/11      17,619,330     2,430,021       29,502         74,814       67,417           -        56,486      20,164,598
 3/01/12      16,783,949     2,093,788       29,502         65,875       49,007           -        49,230      18,972,891
 6/01/12      14,414,149     1,807,911       29,502         57,231       49,416           -        42,000      16,316,208
 9/01/12      10,942,346     1,612,476       10,412         49,925       50,068           -        34,959      12,630,270
12/01/12      10,250,380     1,408,524          868         44,051       50,068           -        28,844      11,725,047
 3/01/13      10,018,088     1,214,329          868         38,443       50,068           -        23,524      11,298,271
 6/01/13       9,699,389     1,024,162          868         32,906       59,903           -        18,753      10,798,475
 9/01/13       6,383,943       862,712          289         27,472       79,572           -        15,328       7,338,660
12/01/13       6,107,678       742,437            -         23,465       79,572           -        12,755       6,940,396
 3/01/14       5,413,485       626,592            -         20,009       79,572           -        10,423       6,129,234
 6/01/14       3,996,059       531,372            -         16,749       79,727           -         8,172       4,615,735
 9/01/14       2,865,038       454,545            -         14,387       80,039           -         6,011       3,407,998
12/01/14       2,476,229       402,607            -         12,618       80,039           -         3,918       2,967,574
 3/01/15       2,058,716       358,157            -         11,139       80,039           -         2,041       2,506,010
 6/01/15       1,782,605       319,355            -          9,864       64,499           -           555       2,175,769
 9/01/15       1,248,375       289,583            -          8,725       33,418           -             1       1,580,099
12/01/15       1,186,798       266,043            -          8,018       33,418           -             -       1,494,277
 3/01/16       1,108,015       243,741            -          7,400       33,418           -             -       1,392,573
 6/01/16         986,603       223,175            -          6,817       32,872           -             -       1,249,467
 9/01/16         816,621       205,632            -          6,287       31,782           -             -       1,060,322
12/01/16         628,266       191,577            -          5,834       31,782           -             -         857,459
 3/01/17         512,398       180,797            -          5,460       31,782           -             -         730,438
 6/01/17         518,037       171,206            -          5,155       21,500           -             -         715,898
 9/01/17         523,560       161,521            -          4,860          935           -             -         690,877
12/01/17         533,717       151,700            -          4,574          935           -             -         690,926
 3/01/18         544,134       141,687            -          4,285          935           -             -         691,040
 6/01/18         551,785       131,477            -          3,991          623           -             -         687,876
 9/01/18         554,978       121,189            -          3,691            -           -             -         679,859
12/01/18         565,810       110,776            -          3,391            -           -             -         679,977
 3/01/19         191,047        34,576            -          3,086            -   5,371,465             -       5,600,175
-------------------------------------------------------------------------------------------------------------------------
          $1,026,563,228  $492,136,558  $46,909,433    $14,875,932  $91,268,481  $5,371,465   $11,202,054  $1,665,923,042
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 75

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                            LOAN FEE SUMMARY
---------------------------------------------------------------------------
                           USA GROUP SERVICED
---------------------------------------------------------------------------
PERIOD        LOANS       SERVICING      ADMIN        TOTAL $    FEES AS A
ENDING     OUTSTANDING       1          EXPENSE      LOAN FEES   % OF LOANS
---------------------------------------------------------------------------
<S>        <C>            <C>           <C>          <C>         <C>
 6/01/00   $261,393,981            -            -             -   0.0000%
 9/01/00    259,594,295      687,828      118,334       806,162   1.2363%
12/01/00    257,673,454      661,952      116,211       778,163   1.2020%
 3/01/01    255,725,242      654,432      114,087       768,518   1.1960%
 6/01/01    257,166,844      646,825      115,724       762,550   1.1905%
 9/01/01    253,754,227      680,067      116,163       796,231   1.2440%
12/01/01    250,251,605      685,598      113,354       798,952   1.2652%
 3/01/02    246,708,126      673,718      110,565       784,283   1.2595%
 6/01/02    243,125,939      661,712      111,391       773,103   1.2595%
 9/01/02    240,603,887      690,516      110,324       800,840   1.3130%
12/01/02    235,397,431      694,659      107,198       801,857   1.3427%
 3/01/03    230,131,762      677,344      103,727       781,070   1.3371%
 6/01/03    224,819,340      659,849      103,608       763,457   1.3373%
 9/01/03    220,083,382      667,695      101,526       769,221   1.3719%
12/01/03    213,658,333      660,343       97,807       758,150   1.3914%
 3/01/04    207,167,851      639,605       94,935       734,541   1.3892%
 6/01/04    200,641,462      618,674       93,004       711,679   1.3887%
 9/01/04    193,931,611      598,240       90,007       688,247   1.3875%
12/01/04    187,138,692      578,670       86,017       664,686   1.3871%
 3/01/05    180,259,761      558,834       82,078       640,912   1.3868%
 6/01/05    173,322,911      538,736       80,735       619,471   1.3925%
 9/01/05    166,796,957      518,835       77,642       596,477   1.3940%
12/01/05    160,174,724      499,235       73,866       573,100   1.3927%
 3/01/06    153,456,054      479,333       70,133       549,466   1.3915%
 6/01/06    146,710,964      459,160       68,601       527,761   1.3960%
 9/01/06    140,178,906      439,376       65,568       504,943   1.3974%
12/01/06    133,533,769      419,827       61,917       481,745   1.3966%
 3/01/07    126,773,590      399,924       58,304       458,228   1.3960%
 6/01/07    119,959,413      379,663       56,482       436,145   1.4013%
 9/01/07    113,468,460      359,649       53,437       413,086   1.4026%
12/01/07    106,853,645      339,830       49,936       389,766   1.4011%
 3/01/08    100,112,526      319,622       46,970       366,592   1.4016%
 6/01/08     93,375,142      299,033       44,390       343,422   1.4039%
 9/01/08     86,945,011      278,923       41,385       320,308   1.4043%
12/01/08     80,388,490      258,696       38,042       296,738   1.4002%
 3/01/09     73,703,088      238,072       34,727       272,799   1.3957%
 6/01/09     66,935,057      217,055       32,415       249,470   1.3966%
 9/01/09     60,097,770      195,903       29,328       225,231   1.3932%
12/01/09     53,648,145      174,646       25,967       200,613   1 3868%
 3/01/10     47,399,244      154,992       22,921       177,913   1,3796%
 6/01/10     43,933,192      137,146       20,914       158,060   1.3485%
 9/01/10     39,290,409      128,960       19,220       148,180   1.3986%
12/01/10     34,603,782      114,380       16,934       131,314   1.3920%
 3/01/11     29,833,062       99,589       14,679       114,268   1.3838%
 6/01/11     25,043,496       84,582       12,815        97,397   1.3778%
 9/01/11     21,914,641       71,334       10,871        82,205   1.3717%
---------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 76

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                            LOAN FEE SUMMARY
---------------------------------------------------------------------------
                           USA GROUP SERVICED
---------------------------------------------------------------------------
PERIOD        LOANS       SERVICING      ADMIN        TOTAL $    FEES AS A
ENDING     OUTSTANDING       1          EXPENSE      LOAN FEES   % OF LOANS
---------------------------------------------------------------------------
<S>        <C>           <C>           <C>          <C>          <C>
12/01/11     19,186,338       61,868        9,399        71,266   1.3610%
 3/01/12     16,633,017       53,725        8,238        61,963   1.3512%
 6/01/12     14,508,939       45,693        7,154        52,847   1.3350%
 9/01/12     12,989,279       43,335        6,347        49,682   1.4200%
12/01/12     11,473,771       38,575        5,603        44,178   1.4153%
 3/01/13      9,935,232       33,777        4,873        38,651   1.4099%
 6/01/13      8,370,717       28,899        4,272        33,170   1.4089%
 9/01/13      8,056,306       25,325        3,740        29,065   1.4103%
12/01/13      7,805,641       24,478        3,578        28,056   1.4076%
 3/01/14      7,551,672       23,691        3,428        27,119   1.4048%
 6/01/14      7,296,586       22,893        3,387        26,280   1.4080%
 9/01/14      7,043,450       22,143        3,272        25,415   1.4095%
12/01/14      6,786,388       21,412        3,123        24,534   1.4104%
 3/01/15      6,525,339       20,668        2,975        23,643   1.4115%
 6/01/15      6,269,458       19,912        2,921        22,833   1.4188%
 9/01/15      6,029,258       19,161        2,808        21,969   1.4197%
12/01/15      5,785,031       18,408        2,669        21,078   1.4174%
 3/01/16      5,536,715       17,643        2,560        20,203   1.4171%
 6/01/16      5,286,198       16,865        2,474        19,339   1.4186%
 9/01/16      5,036,057       16,114        2,360        18,474   1.4203%
12/01/16      4,781,289       15,370        2,222        17,592   1.4211%
 3/01/17      4,521,806       14,611        2,085        16,696   1.4223%
 6/01/17      4,262,913       13,837        2,012        15,849   1.4298%
 9/01/17      4,010,417       13,055        1,896        14,951   1.4311%
12/01/17      3,752,971       12,263        1,761        14,024   1.4292%
 3/01/18      3,490,477       11,454        1,628        13,082   1.4273%
 6/01/18      3,224,395       10,630        1,543        12,173   1.4314%
 9/01/18      2,956,996        9,799        1,422        11,221   1.4315%
12/01/18      2,684,345        8,958        1,286        10,244   1.4295%
 3/01/19              -        2,796          410         3,207   0.0000%
-------------------------------------------------------------------------
                         $20,690,417   $3,215,709   $23,906,126
-------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 77
<PAGE>
                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW
<TABLE>
<CAPTION>
                                  LOAN FEE SUMMARY
------------------------------------------------------------------------------------
                                 INTUITION SERVICED
------------------------------------------------------------------------------------
 PERIOD          LOANS        SERVICING        ADMIN         TOTAL $       FEES AS A
 ENDING       OUTSTANDING         1           EXPENSE      LOAN FEES      % OF LOANS
------------------------------------------------------------------------------------
<S>          <C>              <C>             <C>          <C>            <C>
 6/01/00     $ 97,536,116             -              -              -        0.0000%
 9/01/00       96,790,045       263,673         44,144        307,817        1.2653%
12/01/00       95,993,199       252,375         43,317        295,692        1.2253%
 3/01/01       95,184,409       249,213         42,490        291,702        1.2189%
 6/01/01       94,735,695       246,013         43,061        289,074        1.2167%
 9/01/01       93,533,821       249,334         42,799        292,133        1.2387%
12/01/01       92,571,135       248,354         41,792        290,146        1.2451%
 3/01/02       91,257,261       247,661         40,900        288,560        1.2528%
 6/01/02       89,925,344       244,709         41,202        285,911        1.2593%
 9/01/02       88,732,675       257,557         40,728        298,285        1.3260%
12/01/02       86,794,943       260,011         39,531        299,543        1.3602%
 3/01/03       84,809,429       253,425         38,239        291,665        1.3544%
 6/01/03       82,809,497       246,759         38,175        284,934        1.3545%
 9/01/03       80,715,063       244,254         37,278        281,533        1.3696%
12/01/03       78,418,048       239,202         35,880        275,081        1.3762%
 3/01/04       76,131,107       233,883         34,871        268,754        1.3833%
 6/01/04       73,738,678       227,337         34,179        261,516        1.3886%
 9/01/04       71,538,894       220,120         33,121        253,241        1.3859%
12/01/04       69,047,000       214,859         31,733        246,592        1.3949%
 3/01/05       66,505,300       207,624         30,283        237,908        1.3952%
 6/01/05       63,949,139       200,278         29,785        230,063        1.4017%
 9/01/05       61,581,248       193,014         28,653        221,668        1.4038%
12/01/05       59,171,414       185,740         27,276        213,016        1.4019%
 3/01/06       56,725,159       178,354         25,914        204,268        1.4000%
 6/01/06       54,255,128       170,913         25,362        196,275        1.4045%
 9/01/06       51,853,301       163,580         24,246        187,825        1.4054%
12/01/06       49,361,747       157,487         22,899        180,386        1.4141%
 3/01/07       46,848,875       150,148         21,551        171,699        1.4152%
 6/01/07       44,305,380       142,669         20,870        163,539        1.4221%
 9/01/07       41,890,429       135,202         19,734        154,936        1.4246%
12/01/07       39,423,805       127,707         18,432        146,139        1.4233%
 3/01/08       36,908,724       120,069         17,326        137,395        1.4241%
 6/01/08       34,364,230       112,310         16,359        128,670        1.4274%
 9/01/08       31,854,312       104,534         15,209        119,743        1.4285%
12/01/08       29,294,015        96,704         13,914        110,618        1.4271%
 3/01/09       26,697,846        88,723         12,632        101,355        1.4257%
 6/01/09       24,084,881        80,580         11,714         92,294        1.4299%
 9/01/09       21,512,607        72,515         10,535         83,051        1.4301%
12/01/09       18,893,408        64,440          9,264         73,704        1.4281%
 3/01/10       16,221,100        56,201          8,005         64,207        1.4260%
 6/01/10       13,831,286        47,796          6,949         54,745        1.4297%
 9/01/10       12,253,071        41,519          6,035         47,554        1.4295%
12/01/10       10,644,254        36,565          5,259         41,824        1.4276%
 3/01/11        9,006,406        31,525          4,491         36,016        1.4260%
 6/01/11        7,360,357        26,389          3,835         30,223        1.4304%
 9/01/11        6,068,879        21,635          3,140         24,775        1.4311%
-----------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 78

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW
<TABLE>
<CAPTION>
                                  LOAN FEE SUMMARY
------------------------------------------------------------------------------------
                                 INTUITION SERVICED
------------------------------------------------------------------------------------
 PERIOD          LOANS        SERVICING        ADMIN         TOTAL $       FEES AS A
 ENDING       OUTSTANDING         1           EXPENSE      LOAN FEES      % OF LOANS
------------------------------------------------------------------------------------
<S>           <C>            <C>            <C>           <C>             <C>
12/01/11        4,771,649        17,619          2,530         20,149        1.4294%
 3/01/12        3,601,126        13,688          1,970         15,658        1.4294%
 6/01/12        2,638,943        10,023          1,455         11,478        1.4314%
 9/01/12        2,229,837         7,822          1,135          8,957        1.4315%
12/01/12        1,813,694         6,535            939          7,474        1.4295%
 3/01/13        1,391,859         5,230            745          5,975        1.4275%
 6/01/13          964,823         3,903            567          4,470        1.4315%
 9/01/13          760,145         2,791            405          3,196        1.4315%
12/01/13          563,210         2,171            312          2,483        1.4295%
 3/01/14          467,551         1,655            236          1,890        1.4275%
 6/01/14          376,226         1,366            198          1,565        1.4315%
 9/01/14          299,360         1,079            157          1,236        1.4315%
12/01/14          261,691           896            129          1,025        1.4295%
 3/01/15          223,363           778            111            889        1.4275%
 6/01/15          184,253           657             95            753        1.4315%
 9/01/15          146,953           537             78            615        1.4315%
12/01/15          109,119           420             60            480        1.4295%
 3/01/16           70,693           301             43            344        1.4295%
 6/01/16           31,976           181             26            207        1.4315%
 9/01/16            3,514            59              9             68        1.4315%
12/01/16            2,386            10              1             11        1.4295%
 3/01/17            1,234             6              1              7        1.4275%
 6/01/17               59             3              -              3        1.4309%
 9/01/17                -             -              -              -        0.0000%
-----------------------------------------------------------------------------------
                             $7,490,696     $1,154,314    $ 8,645,010
-----------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 79

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW
<TABLE>
<CAPTION>
                                  LOAN FEE SUMMARY
------------------------------------------------------------------------------------
                                  UNIPAC SERVICED
------------------------------------------------------------------------------------
 PERIOD          LOANS        SERVICING        ADMIN         TOTAL $       FEES AS A
 ENDING       OUTSTANDING         1           EXPENSE      LOAN FEES      % OF LOANS
------------------------------------------------------------------------------------
<S>          <C>             <C>              <C>          <C>            <C>
 6/01/00    $300,155,304             -              -              -          0.0000%
 9/01/00     298,051,124       771,458        135,876        907,334          1.2118%
12/01/00     295,806,107       745,241        133,421        878,662          1.1822%
 3/01/01     293,530,605       736,752        130,965        867,717          1.1763%
 6/01/01     293,521,821       728,170        132,827        860,997          1.1733%
 9/01/01     290,132,344       752,308        132,658        884,966          1.2107%
12/01/01     286,671,699       755,117        129,686        884,802          1.2247%
 3/01/02     283,171,209       743,531        126,736        870,267          1.2192%
 6/01/02     283,049,740       731,822        127,940        859,763          1.2147%
 9/01/02     279,277,742       787,187        128,180        915,367          1.2931%
12/01/02     273,248,910       798,096        124,431        922,527          1.3309%
 3/01/03     267,155,255       777,674        120,408        898,082          1.3244%
 6/01/03     261,042,205       757,058        120,280        877,338          1.3237%
 9/01/03     255,130,185       757,169        117,699        874,868          1.3472%
12/01/03     248,060,905       745,385        113,439        858,824          1.3590%
 3/01/04     240,926,843       722,765        110,280        833,045          1.3562%
 6/01/04     233,791,886       699,960        108,224        808,184          1.3552%
 9/01/04     226,965,407       693,557        105,163        798,720          1.3767%
12/01/04     219,175,697       678,619        100,693        779,312          1.3893%
 3/01/05     211,291,901       655,212         96,153        751,366          1.3878%
 6/01/05     203,411,524       631,522         94,661        726,183          1.3922%
 9/01/05     195,954,814       608,392         91,151        699,543          1.3926%
12/01/05     188,398,895       585,744         86,811        672,555          1.3907%
 3/01/06     180,745,636       562,788         82,527        645,315          1.3888%
 6/01/06     173,142,753       539,561         80,841        620,402          1.3926%
 9/01/06     165,894,665       517,420         77,451        594,871          1.3937%
12/01/06     158,527,644       496,131         73,350        569,482          1.3937%
 3/01/07     151,039,720       474,469         69,293        543,762          1.3938%
 6/01/07     143,541,434       452,431         67,381        519,812          1.4000%
 9/01/07     136,644,707       430,921         64,074        494,995          1.4018%
12/01/07     129,622,677       409,732         60,275        470,007          1.3997%
 3/01/08     122,473,067       388,149         57,129        445,278          1.3996%
 6/01/08     115,347,051       366,180         54,472        420,653          1.4013%
 9/01/08     108,554,067       344,977         51,299        396,275          1.4016%
12/01/08     101,631,369       323,981         47,684        371,665          1.3991%
 3/01/09      94,576,430       302,576         44,103        346,679          1.3965%
 6/01/09      87,540,676       280,768         41,829        322,596          1.3995%
 9/01/09      80,825,284       259,545         38,695        298,239          1.3984%
12/01/09      73,979,396       238,423         35,252        273,676          1.3936%
 3/01/10      67,000,468       216,892         31,841        248,733          1.3881%
 6/01/10      62,543,791       196,611         29,667        226,277          1.3689%
 9/01/10      56,831,359       185,739         27,506        213,246          1.4065%
12/01/10      51,008,311       167,702         24,637        192,339          1.4014%
 3/01/11      45,072,506       149,318         21,794        171,112          1.3955%
 6/01/11      39,203,711       130,634         19,549        150,183          1.3933%
 9/01/11      34,943,862       114,111         17,126        131,237          1.3901%
------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 80

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW
<TABLE>
<CAPTION>
                                  LOAN FEE SUMMARY
------------------------------------------------------------------------------------
                                  UNIPAC SERVICED
------------------------------------------------------------------------------------
 PERIOD          LOANS        SERVICING        ADMIN         TOTAL $       FEES AS A
 ENDING       OUTSTANDING         1           EXPENSE      LOAN FEES      % OF LOANS
------------------------------------------------------------------------------------
<S>          <C>             <C>            <C>            <C>            <C>
12/01/11      30,692,254         100,885         15,048        115,933        1.3829%
 3/01/12      26,362,522          87,519         13,143        100,662        1.3761%
 6/01/12      22,388,969          73,903         11,296         85,200        1.3654%
 9/01/12      20,031,536          67,004          9,790         76,794        1.4231%
12/01/12      17,691,528          59,673          8,641         68,313        1.4191%
 3/01/13      15,322,891          52,283          7,515         59,798        1.4146%
 6/01/13      12,966,996          44,790          6,589         51,379        1.4150%
 9/01/13      11,747,439          38,700          5,689         44,389        1.4156%
12/01/13      10,568,521          34,985          5,096         40,081        1.4119%
 3/01/14       9,371,099          31,284          4,520         35,804        1.4078%
 6/01/14       8,167,455          27,521          4,068         31,589        1.4091%
 9/01/14       7,784,426          24,629          3,641         28,270        1.4089%
12/01/14       7,437,964          23,587          3,442         27,029        1.4097%
 3/01/15       7,097,229          22,583          3,253         25,835        1.4108%
 6/01/15       6,775,743          21,586          3,168         24,754        1.4181%
 9/01/15       6,506,225          20,687          3,033         23,720        1.4191%
12/01/15       6,232,262          19,843          2,879         22,721        1.4167%
 3/01/16       5,953,791          18,984          2,756         21,741        1.4163%
 6/01/16       5,676,162          18,112          2,659         20,770        1.4178%
 9/01/16       5,407,338          17,292          2,534         19,827        1.4195%
12/01/16       5,133,623          16,495          2,386         18,881        1.4206%
 3/01/17       4,854,921          15,683          2,239         17,922        1.4220%
 6/01/17       4,576,746          14,855          2,160         17,015        1.4297%
 9/01/17       4,304,862          14,015          2,035         16,051        1.4310%
12/01/17       4,027,712          13,162          1,891         15,052        1.4292%
 3/01/18       3,745,194          12,292          1,747         14,039        1.4273%
 6/01/18       3,458,906          11,405          1,656         13,060        1.4314%
 9/01/18       3,171,327          10,511          1,526         12,036        1.4315%
12/01/18       2,878,168           9,606          1,380         10,986        1.4295%
 3/01/19               -           2,998            440          3,438        0.0000%
------------------------------------------------------------------------------------
                             $24,338,673    $ 3,821,675    $28,160,348
------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 81

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW
<TABLE>
<CAPTION>
                                  LOAN FEE SUMMARY
------------------------------------------------------------------------------------
                                  CONSOLIDATION LOANS
------------------------------------------------------------------------------------
 PERIOD          LOANS          SERVICING        ADMIN          TOTAL $     FEES AS A
 ENDING       OUTSTANDING           2           EXPENSE        LOAN FEES   % OF LOANS
------------------------------------------------------------------------------------
<S>          <C>                <C>             <C>            <C>          <C>
 6/01/00     $105,460,649              -              -              -        0.0000%
 9/01/00      104,489,231        159,024         47,707        206,731        0.7864%
12/01/00      103,452,340        155,789         46,737        202,526        0.7779%
 3/01/01      102,400,652        152,553         45,766        198,319        0.7693%
 6/01/01      101,334,513        154,328         46,298        200,626        0.7864%
 9/01/01       99,965,499        152,554         45,766        198,321        0.7864%
12/01/01       98,583,343        148,850         44,655        193,505        0.7779%
 3/01/02       97,186,610        145,185         43,556        188,741        0.7693%
 6/01/02       95,775,376        146,268         43,880        190,149        0.7864%
 9/01/02       96,973,798        147,169         44,151        191,319        0.7778%
12/01/02       94,788,740        143,975         43,193        187,168        0.7779%
 3/01/03       92,579,174        139,185         41,755        180,940        0.7693%
 6/01/03       90,354,172        138,887         41,666        180,553        0.7864%
 9/01/03       87,932,983        135,414         40,624        176,038        0.7864%
12/01/03       85,488,963        130,322         39,097        169,419        0.7779%
 3/01/04       83,022,039        126,681         38,004        164,686        0.7779%
 6/01/04       80,544,238        124,305         37,292        161,597        0.7864%
 9/01/04       78,061,268        120,548         36,164        156,712        0.7864%
12/01/04       75,544,756        115,520         34,656        150,176        0.7779%
 3/01/05       72,994,586        110,553         33,166        143,719        0.7693%
 6/01/05       70,426,952        109,093         32,728        141,821        0.7864%
 9/01/05       68,175,501        105,365         31,610        136,975        0.7864%
12/01/05       65,889,934        100,847         30,254        131,101        0.7779%
 3/01/06       63,570,402         96,379         28,914        125,293        0.7693%
 6/01/06       61,243,330         94,957         28,487        123,444        0.7864%
 9/01/06       58,941,445         91,452         27,436        118,887        0.7864%
12/01/06       56,598,098         87,006         26,102        113,108        0.7779%
 3/01/07       54,212,463         82,602         24,780        107,382        0.7693%
 6/01/07       51,821,798         80,768         24,230        104,998        0.7864%
 9/01/07       49,692,190         77,291         23,187        100,478        0.7864%
12/01/07       47,520,368         73,256         21,977         95,233        0.7779%
 3/01/08       45,305,491         70,010         21,003         91,013        0.7779%
 6/01/08       43,110,812         67,383         20,215         87,598        0.7864%
 9/01/08       41,036,275         64,145         19,244         83,389        0.7864%
12/01/08       38,920,602         60,335         18,101         78,436        0.7779%
 3/01/09       36,762,972         56,557         16,967         73,524        0.7693%
 6/01/09       34,627,721         54,493         16,348         70,841        0.7864%
 9/01/09       32,616,485         51,348         15,404         66,752        0.7864%
12/01/09       30,565,353         47,772         14,332         62,104        0.7779%
 3/01/10       28,473,528         44,227         13,268         57,495        0.7693%
 6/01/10       26,416,720         41,991         12,597         54,588        0.7864%
 9/01/10       24,514,622         38,986         11,696         50,681        0.7864%
12/01/10       22,574,985         35,708         10,712         46,421        0.7779%
 3/01/11       20,597,354         32,460          9,738         42,198        0 7693%
 6/01/11       18,628,777         30,138          9,041         39,179        0.7864%
 9/01/11       16,744,428         27,217          8,165         35,382        0.7864%
------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 82
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW
<TABLE>
<CAPTION>
                                  LOAN FEE SUMMARY
------------------------------------------------------------------------------------
                                  CONSOLIDATION LOANS
------------------------------------------------------------------------------------
 PERIOD          LOANS        SERVICING        ADMIN         TOTAL $       FEES AS A
 ENDING       OUTSTANDING         2           EXPENSE      LOAN FEES      % OF LOANS
------------------------------------------------------------------------------------
<S>          <C>             <C>            <C>            <C>            <C>
12/01/11       14,956,041         24,138          7,241         31,379        0.7779%
 3/01/12       13,182,793         21,512          6,453         27,965        0.7779%
 6/01/12       11,442,956         19,048          5,714         24,762        0.7864%
 9/01/12        9,744,200         16,444          4,933         21,377        0.7864%
12/01/12        8,011,860         13,716          4,115         17,831        0.7779%
 3/01/13        6,465,744         11,114          3,334         14,448        0.7693%
 6/01/13        5,128,112          8,993          2,698         11,691        0.7864%
 9/01/13        4,344,695          7,358          2,207          9,565        0.7864%
12/01/13        3,642,354          6,135          1,840          7,975        0.7779%
 3/01/14        2,962,758          5,066          1,520          6,586        0.7693%
 6/01/14        2,298,551          4,147          1,244          5,390        0.7864%
 9/01/14        1,622,683          3,133            940          4,073        0.7864%
12/01/14          933,385          2,085            626          2,711        0.7779%
 3/01/15          389,966          1,119            336          1,455        0.7693%
 6/01/15                3            316             95            411        0.7864%
 9/01/15                3              -              -              -        0.7864%
12/01/15                2              -              -              -        0.7779%
 3/01/16                1              -              -              -        0.0000%
 6/01/16                -              -              -              -        0.0000%
------------------------------------------------------------------------------------
                             $ 4,513,218    $ 1,353,966    $ 5,867,184
------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 83

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW
<TABLE>
<CAPTION>
                                  LOAN FEE SUMMARY
------------------------------------------------------------------------------------
                            PREFUNDING STAFF & PLUS
------------------------------------------------------------------------------------
 PERIOD          LOANS        SERVICING        ADMIN         TOTAL $       FEES AS A
 ENDING       OUTSTANDING         1           EXPENSE      LOAN FEES      % OF LOANS
------------------------------------------------------------------------------------
<S>           <C>             <C>             <C>          <C>            <C>
 6/01/00                -              -              -              -        0.0000%
 9/01/00      127,927,468        101,598         19,568        121,166        0.3787%
12/01/00      127,676,652        297,475         57,372        354,847        1.1102%
 3/01/01      127,422,047        296,507         56,631        353,138        1.1071%
 6/01/01      127,163,636        295,527         57,772        353,300        1.1098%
 9/01/01      126,882,207        294,536         57,654        352,190        1.1086%
12/01/01      126,558,552        293,532         56,892        350,425        1.1057%
 3/01/02      132,001,311        297,089         56,966        354,055        1.0855%
 6/01/02      130,510,428        362,623         59,664        422,287        1.2845%
 9/01/02      129,570,431        356,923         58,982        415,905        1.2776%
12/01/02      127,857,768        359,396         57,892        417,288        1.2939%
 3/01/03      126,012,919        352,880         56,500        409,380        1.2865%
 6/01/03      123,927,031        346,290         56,857        403,147        1.2868%
 9/01/03      121,804,882        339,627         55,904        395,531        1.2839%
12/01/03      119,633,701        332,891         54,338        387,229        1.2792%
 3/01/04      119,163,880        326,082         53,367        379,449        1.2696%
 6/01/04      116,140,292        363,512         53,608        417,121        1.4121%
 9/01/04      113,085,636        353,350         52,227        405,576        1.4092%
12/01/04      109,995,721        343,210         50,288        393,498        1.4046%
 3/01/05      106,795,296        333,015         48,374        381,388        1.4001%
 6/01/05      103,411,731        322,700         47,942        370,643        1.4030%
 9/01/05      100,012,358        312,268         46,396        358,665        1.4028%
12/01/05       96,614,996        301,729         44,375        346,104        1.4001%
 3/01/06       93,178,714        291,072         42,391        333,463        1.3970%
 6/01/06       89,695,324        280,966         41,750        322,716        1.4028%
 9/01/06       86,172,555        271,055         40,157        311,212        1.4063%
12/01/06       82,604,338        261,105         38,139        299,244        1.4084%
 3/01/07       79,092,403        251,040         36,147        287,186        1.4111%
 6/01/07       75,744,786        240,810         35,380        276,189        1.4167%
 9/01/07       72,358,200        230,413         33,847        264,260        1.4167%
12/01/07       68,943,703        219,855         31,963        251,818        1.4142%
 3/01/08       65,473,090        209,128         30,434        239,561        1.4135%
  6/0/08       61,940,012        198,671         29,173        227,844        1.4174%
 9/01/08       58,349,754        188,247         27,555        215,802        1.4210%
12/01/08       54,698,397        177,648         25,641        203,290        1.4232%
 3/01/09       51,319,071        167,060         23,776        190,836        1.4259%
 6/01/09       48,164,256        157,100         22,808        179,908        1.4315%
 9/01/09       44,948,220        147,178         21,362        168,540        1.4315%
12/01/09       41,669,769        137,063         19,683        156,746        1.4295%
 3/01/10       38,327,691        126,752         18,019        144,770        1.4275%
 6/01/10       34,920,745        116,240         16,876        133,116        1.4315%
 9/01/10       31,449,346        105,526         15,315        120,841        1.4315%
12/01/10       27,911,617         94,610         13,587        108,196        1.4295%
 3/01/11       24,498,884         83,637         11,896         95,533        1.4275%
 6/01/11       21,123,522         73,058         10,607         83,665        1.4315%
 9/01/11       17,682,927         62,442          9,060         71,502        1.4315%
------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 84

<PAGE>
                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW
<TABLE>
<CAPTION>
                                  LOAN FEE SUMMARY
------------------------------------------------------------------------------------
                               PREFUNDING STAFF & PLUS
------------------------------------------------------------------------------------
 PERIOD          LOANS        SERVICING        ADMIN         TOTAL $       FEES AS A
 ENDING       OUTSTANDING         1           EXPENSE      LOAN FEES      % OF LOANS
------------------------------------------------------------------------------------
<S>          <C>             <C>            <C>            <C>            <C>
12/01/11       14,175,833         51,621          7,413         59,035        1.4295%
 3/01/12       11,239,187         40,591          5,841         46,432        1.4295%
 6/01/12        9,874,588         33,707          4,894         38,601        1.4315%
 9/01/12        8,483,618         29,415          4,268         33,684        1.4315%
12/01/12        7,065,765         25,041          3,596         28,637        1.4295%
 3/01/13        5,620,509         20,581          2,930         23,512        1.4275%
 6/01/13        4,147,318         16,036          2,328         18,364        1.4315%
 9/01/13        2,645,651         11,403          1,653         13,056        1.4315%
12/01/13        1,114,955          6,680            959          7,639        1.4295%
 3/01/14                -          1,866            273          2,139        0.0000%
 6/01/14                -              -              -              -        0.0000%
------------------------------------------------------------------------------------
                             $11,310,377    $1,789,293     $13,099,670
------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 85

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW
<TABLE>
<CAPTION>
                             LOAN FEE SUMMARY
--------------------------------------------------------------------------
                         PREFUNDING CONSOLIDATION
--------------------------------------------------------------------------
 PERIOD        LOANS       SERVICING     ADMIN      TOTAL $     FEES AS A
 ENDING     OUTSTANDING        2        EXPENSE    LOAN FEES    % OF LOANS
--------------------------------------------------------------------------
<S>         <C>            <C>          <C>        <C>          <C>
 6/01/00              -            -          -            -       0.0000%
 9/01/00     54,715,642       27,954      8,386       36,340       0.2650%
12/01/00     54,213,771       81,599     24,480      106,079       0.7779%
 3/01/01     53,702,612       79,964     23,989      103,953       0.7693%
 6/01/01     53,182,048       80,955     24,286      105,241       0.7864%
 9/01/01     52,597,108       80,160     24,048      104,208       0.7864%
12/01/01     51,892,825       78,329     23,499      101,828       0.7779%
 3/01/02     51,178,805       76,434     22,930       99,364       0.7693%
 6/01/02     50,454,949       77,035     23,111      100,146       0.7864%
 9/01/02     51,700,381       75,932     22,780       98,711       0.7758%
12/01/02     50,590,303       76,786     23,036       99,822       0.7779%
 3/01/03     49,463,174       74,310     22,293       96,604       0.7693%
 6/01/03     48,318,825       74,230     22,269       96,499       0.7864%
 9/01/03     47,120,533       72,484     21,745       94,229       0.7864%
12/01/03     45,831,587       69,846     20,954       90,800       0.7779%
 3/01/04     44,525,005       67,924     20,377       88,301       0.7779%
 6/01/04     43,200,686       66,671     20,001       86,672       0.7864%
 9/01/04     41,858,065       64,652     19,396       84,047       0 7864%
12/01/04     40,493,055       61,937     18,581       80,518       0.7779%
 3/01/05     39,104,488       59,248     17,774       77,023       0.7693%
 6/01/05     37,691,909       58,429     17,529       75,958       0.7864%
 9/01/05     36,309,721       56,273     16,882       73,155       0.7864%
12/01/05     35,012,321       53,671     16,101       69,773       0.7779%
 3/01/06     33,689,537       51,171     15,351       66,523       0.7693%
 6/01/06     32,340,911       50,273     15,082       65,355       0.7864%
 9/01/06     30,965,665       48,212     14,464       62,676       0.7864%
12/01/06     29,560,657       45,624     13,687       59,311       0.7779%
 3/01/07     28,124,674       43,052     12,916       55,968       0.7693%
 6/01/07     26,656,968       41,797     12,539       54,337       0.7864%
 9/01/07     25,193,341       39,553     11,866       51,419       0.7864%
12/01/07     23,769,577       36,980     11,094       48,074       0.7779%
 3/01/08     22,311,727       34,850     10,455       45,304       0.7779%
 6/01/08     20,818,966       32,994      9,898       42,892       0.7864%
 9/01/08     19,290,447       30,710      9,213       39,923       0.7864%
12/01/08     17,725,302       28,080      8,424       36,504       0.7779%
 3/01/09     16,122,643       25,464      7,639       33,103       0.7693%
 6/01/09     14,481,561       23,560      7,068       30,628       0.7864%
 9/01/09     12,801,121       21,049      6,315       27,364       0.7864%
12/01/09     11,080,369       18,296      5,489       23,784       0.7779%
 3/01/10      9,318,325       15,557      4,667       20,225       0.7693%
 6/01/10      7,513,987       13,188      3,956       17,144       0.7864%
 9/01/10      5,994,587       10,427      3,128       13,555       0.7864%
12/01/10      5,278,240        8,612      2,584       11,196       0.7779%
 3/01/11      4,544,696        7,461      2,238        9,699       0.7693%
 6/01/11      3,793,537        6,496      1,949        8,445       0 7864%
 9/01/11      3,024,334        5,347      1,604        6,951       0.7864%
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 86

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW
<TABLE>
<CAPTION>
                             LOAN FEE SUMMARY
--------------------------------------------------------------------------
                         PREFUNDING CONSOLIDATION
--------------------------------------------------------------------------
 PERIOD        LOANS       SERVICING     ADMIN      TOTAL $     FEES AS A
 ENDING     OUTSTANDING        2        EXPENSE    LOAN FEES    % OF LOANS
--------    -----------   ----------   --------   ----------    ----------
<S>         <C>           <C>          <C>        <C>          <C>
12/01/11      2,236,649        4,133      1,240        5,373       0.7779%
 3/01/12      1,430,032        2,955        886        3,841       0.7779%
 6/01/12        604,022        1,748        525        2,273       0.7864%
 9/01/12              -          485        145          630       0.0000%
-------------------------------------------------------------------------
                          $2,162,900   $648,870   $2,811,770
-------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 87
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                LOAN FEE SUMMARY
 ----------------------------------------------------------------------------------
                            REORIGINATION PORTFOLIO
 ----------------------------------------------------------------------------------
 PERIOD        LOANS      SERVICING   SERVICING     ADMIN     TOTAL $    FEES AS A
 ENDING     OUTSTANDING       1          2         EXPENSE   LOAN FEES   % OF LOANS
 ----------------------------------------------------------------------------------
<S>         <C>           <C>         <C>          <C>       <C>         <C>
  6/01/00             -          -          -           -           -       0.0000%
  9/01/00    12,224,785      8,243      1,834       2,194      12,270       0.4471%
 12/01/00    20,049,294     26,371      5,746       6,895      39,012       0.8623%
  3/01/01    25,745,998     38,366      8,207       9,889      56,463       0.9297%
  6/01/01    30,394,877     47,544     10,375      12,556      70,475       0.9629%
  9/01/01    36,238,512     55,859     12,133      14,749      82,741       0.9596%
 12/01/01    43,267,937     66,731     14,254      17,397      98,382       0.9559%
  3/01/02    51,472,139     80,234     16,645      20,443     117,322       0.9586%
  6/01/02    60,892,970     99,237     20,090      24,849     144,176       0.9936%
  9/01/02    73,499,815    119,789     23,801      29,505     173,095       0.9984%
 12/01/02    88,945,857    145,412     28,540      35,298     209,250       0.9965%
  3/01/03   106,024,391    174,677     33,929      41,940     250,546       0.9967%
  6/01/03   124,156,587    206,861     41,135      50,901     298,897       1.0088%
  9/01/03   123,460,359    229,593     45,272      56,227     331,092       1.0679%
 12/01/03   122,697,197    231,378     44,178      55,296     330,851       1.0732%
  3/01/04   121,943,460    234,077     43,544      54,952     332,573       1.0850%
  6/01/04   121,058,578    240,132     43,329      55,199     338,660       1.1117%
  9/01/04   119,993,709    246,099     42,600      54,767     343,466       1.1362%
 12/01/04   118,754,990    251,630     41,407      53,672     346,709       1.1575%
  3/01/05   116,856,820    255,588     40,219      52,439     348,246       1.1785%
  6/01/05   114,837,309    253,251     40,305      52,716     346,272       1.1913%
  9/01/05   112,562,258    250,264     39,424      51,766     341,454       1.1966%
 12/01/05   110,123,538    246,995     37,918      50,153     335,066       1.1990%
  3/01/06   107,585,403    243,876     36,405      48,515     328,796       1.2031%
  6/01/06   104,961,750    241,371     36,047      48,418     325,835       1.2209%
  9/01/06   102,227,232    239,414     34,865      47,206     321,486       1.2353%
 12/01/06    99,373,893    237,600     33,311      45,453     316,364       1.2488%
  3/01/07    96,320,519    235,121     31,782      43,677     310,580       1.2626%
  6/01/07    93,187,437    228,416     31,264      43,228     302,908       1.2717%
  9/01/07    90,016,482    221,116     30,041      41,795     292,952       1.2719%
 12/01/07    86,807,498    213,781     28,512      39,918     282,210       1.2691%
  3/01/08    83,566,172    206,415     27,318      38,483     272,215       1.2701%
  6/01/08    80,311,516    199,066     26,396      37,422     262,884       1.2749%
  9/01/08    77,038,315    191,754     25,181      35,938     252,873       1.2768%
 12/01/08    73,737,334    184,479     23,704      34,079     242,262       1.2761%
  3/01/09    70,424,526    177,241     22,246      32,253     231,740       1.2761%
  6/01/09    67,116,215    169,989     21,470      31,451     222,910       1.2863%
  9/01/09    63,808,965    162,679     20,191      29,945     212,815       1.2896%
 12/01/09    60,503,039    155,298     18,700      28,141     202,139       1.2894%
  3/01/10    57,186,401    147,846     17,232      26,380     191,458       1.2891%
  6/01/10    53,836,152    140,332     16,281      25,440     182,054       1.2987%
  9/01/10    50,471,486    132,772     14,948      23,910     171,630       1.3025%
 12/01/10    47,119,264    125,173     13,512      22,148     160,833       1.3035%
  3/01/11    43,771,883    117,547     12,156      20,434     150,137       1.3053%
  6/01/11    40,429,946    109,867     11,188      19,354     140,409       1.3167%
  9/01/11    37,093,663    102,110      9,974      17,833     129,916       1.3219%
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 88

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                LOAN FEE SUMMARY
---------------------------------------------------------------------------------------
                             REORIGINATION PORTFOLIO
---------------------------------------------------------------------------------------
PERIOD         LOANS     SERVICING    SERVICING      ADMIN       TOTAL $     FEES AS A
ENDING      OUTSTANDING      1            2         EXPENSE     LOAN FEES    % OF LOANS
---------------------------------------------------------------------------------------
<S>         <C>          <C>          <C>         <C>          <C>           <C>
12/01/11     33,771,293      94,272        8,688      16,149       119,110      1.3240%
 3/01/12     30,511,376      86,364        7,541      14,673       108,579      1.3291%
 6/01/12     27,387,352      78,671        6,482      13,366        98,520      1.3377%
 9/01/12     24,377,900      71,264        5,393      11,960        88,618      1.3442%
12/01/12     21,502,316      64,024        4,370      10,505        78,899      1.3482%
 3/01/13     18,757,559      56,896        3,513       9,146        69,555      1.3519%
 6/01/13     16,171,077      49,897        2,896       8,113        60,906      1.3625%
 9/01/13     13,736,084      43,099        2,356       6,961        52,417      1.3660%
12/01/13     11,413,180      36,556        1,876       5,812        44,244      1.3665%
 3/01/14      9,266,517      30,338        1,437       4,749        36,524      1.3680%
 6/01/14      7,409,793      24,752        1,065       3,913        29,730      1.3789%
 9/01/14      5,858,435      20,002          706       3,114        23,822      1.3877%
12/01/14      4,637,478      16,115          402       2,435        18,951      1.3975%
 3/01/15      3,687,073      13,102          178       1,918        15,198      1.4098%
 6/01/15      2,850,293      10,534           42       1,542        12,118      1.4263%
 9/01/15      2,117,532       8,126            1       1,179         9,306      1.4314%
12/01/15      1,455,354       5,909            -         848         6,757      1.4295%
 3/01/16        881,147       3,925            -         566         4,490      1.4295%
 6/01/16        430,515       2,251            -         327         2,578      1.4315%
 9/01/16        131,452         996            -         144         1,140      1.4315%
12/01/16          2,929         235            -          34           269      1.4295%
 3/01/17              -           3            -           -             3      0.0000%
---------------------------------------------------------------------------------------
                         $8,408,924   $1,224,555  $1,702,679   $11,336,157
---------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 89

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                LOAN FEE SUMMARY
---------------------------------------------------------------------------------------
                                   TOTAL LOANS
---------------------------------------------------------------------------------------
PERIOD        LOANS      SERVICING    SERVICING     ADMIN        TOTAL $     FEES AS A
ENDING     OUTSTANDING       1            2        EXPENSE      LOAN FEES    % OF LOANS
---------------------------------------------------------------------------------------
<S>        <C>           <C>          <C>          <C>          <C>          <C>
 6/01/00   $764,546,050          -           -           -              -       0.0000%
 9/01/00    953,792,590  1,832,799     188,812     376,210      2,397,820       1.0817%
12/01/00    954,864,817  1,983,414     243,134     428,433      2,654,982       1.1093%
 3/01/01    953,711,566  1,975,270     240,724     423,817      2,639,811       1.1036%
 6/01/01    957,499,435  1,964,079     245,657     432,526      2,642,262       1.1045%
 9/01/01    953,103,718  2,032,104     244,847     433,838      2,710,789       1.1316%
12/01/01    949,797,095  2,049,332     241,433     427,275      2,718,040       1.1389%
 3/01/02    952,975,541  2,042,233     238,264     422,096      2,702,592       1.1309%
 6/01/02    953,734,744  2,100,103     243,394     432,038      2,775,535       1.1605%
 9/01/02    960,358,729  2,211,972     246,902     434,648      2,893,522       1.1980%
12/01/02    957,623,952  2,257,575     249,302     430,579      2,937,455       1.2179%
 3/01/03    956,176,104  2,236,001     247,424     424,863      2,908,288       1.2078%
 6/01/03    955,427,657  2,216,817     254,252     433,756      2,904,826       1.2074%
 9/01/03    936,247,388  2,238,338     253,170     431,005      2,922,512       1.2293%
12/01/03    913,788,733  2,209,198     244,346     416,810      2,870,355       1.2360%
 3/01/04    892,880,185  2,156,413     238,149     406,787      2,801,349       1.2352%
 6/01/04    869,115,821  2,149,616     234,305     401,507      2,785,428       1.2587%
 9/01/04    845,434,590  2,111,365     227,800     390,846      2,730,010       1.2667%
12/01/04    820,149,911  2,066,989     218,864     375,639      2,661,492       1.2715%
 3/01/05    793,808,151  2,010,273     210,020     360,268      2,580,561       1.2719%
 6/01/05    767,051,475  1,946,488     207,828     356,096      2,510,412       1.2793%
 9/01/05    741,392,856  1,882,774     201,063     344,100      2,427,936       1.2803%
12/01/05    715,385,822  1,819,443     192,437     328,837      2,340,716       1.2777%
 3/01/06    688,950,905  1,755,422     183,955     313,745      2,253,123       1.2753%
 6/01/06    662,350,162  1,691,971     181,277     308,541      2,181,789       1.2832%
 9/01/06    636,233,770  1,630,845     174,529     296,527      2,101,900       1.2862%
12/01/06    609,560,146  1,572,150     165,941     281,548      2,019,640       1.2876%
 3/01/07    582,412,243  1,510,701     157,436     266,668      1,934,805       1.2886%
 6/01/07    555,217,216  1,443,989     153,829     260,109      1,857,928       1.2963%
 9/01/07    529,263,810  1,377,301     146,885     247,942      1,772,128       1.2969%
12/01/07    502,941,272  1,310,905     138,748     233,594      1,683,248       1.2935%
 3/01/08    476,150,797  1,243,383     132,177     221,799      1,597,359       1.2932%
 6/01/08    449,267,729  1,175,260     126,773     211,929      1,513,963       1.2964%
 9/01/08    423,068,182  1,108,435     120,036     199,842      1,428,314       1.2969%
12/01/08    396,395,509  1,041,507     112,120     185,885      1,339,512       1.2935%
 3/01/09    369,606,575    973,672     104,267     172,098      1,250,037       1.2903%
 6/01/09    342,950,367    905,491      99,523     163,633      1,168,647       1.2961%
 9/01/09    316,610,452    837,819      92,588     151,584      1,081,992       1.2951%
12/01/09    290,339,479    769,871      84,768     138,127        992,766       1.2902%
 3/01/10    263,926,757    702,683      77,016     125,101        904,801       1.2850%
 6/01/10    242,995,873    638,125      71,460     116,399        825,984       1.2802%
 9/01/10    220,804,880    594,516      64,361     106,810        765,687       1.3006%
12/01/10    199,140,453    538,431      57,832      95,860        692,122       1.2960%
 3/01/11    177,324,792    481,615      52,077      85,271        618,963       1.2899%
 6/01/11    155,583,346    424,529      47,822      77,150        549,501       1.2922%
 9/01/11    137,472,734    371,632      42,538      67,799        481,969       1.2896%
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 90

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                LOAN FEE SUMMARY
---------------------------------------------------------------------------------------
                                  TOTAL LOANS
---------------------------------------------------------------------------------------
PERIOD         LOANS     SERVICING    SERVICING      ADMIN       TOTAL $     FEES AS A
ENDING      OUTSTANDING      1            2         EXPENSE     LOAN FEES    % OF LOANS
---------------------------------------------------------------------------------------
<S>         <C>          <C>          <C>        <C>           <C>           <C>
12/01/11    119,790,056      326,265      36,960      59,020       422,245       1.2842%
 3/01/12    102,960,052      281,888      32,007      51,205       365,100       1.2810%
 6/01/12     88,845,769      241,997      27,279      44,405       313,681       1.2804%
 9/01/12     77,856,369      218,841      22,321      38,579       279,742       1.3155%
12/01/12     67,558,936      193,848      18,086      33,398       245,332       1.3186%
 3/01/13     57,493,795      168,768      14,627      28,543       211,939       1.3201%
 6/01/13     47,749,043      143,525      11,889      24,566       179,980       1.3296%
 9/01/13     41,290,320      121,318       9,714      20,655       151,687       1.3322%
12/01/13     35,107,861      104,871       8,011      17,598       130,479       1.3310%
 3/01/14     29,619,597       88,834       6,503      14,726       110,062       1.3291%
 6/01/14     25,548,612       76,532       5,211      12,811        94,555       1.3395%
 9/01/14     22,608,354       67,853       3,840      11,123        82,815       1.3509%
12/01/14     20,056,906       62,009       2,487       9,753        74,249       1.3667%
 3/01/15     17,922,970       57,131       1,297       8,592        67,020       1.3864%
 6/01/15     16,079,751       52,690         358       7,821        60,869       1.4127%
 9/01/15     14,799,971       48,511           1       7,098        55,609       1.4215%
12/01/15     13,581,767       44,579           -       6,457        51,037       1.4188%
 3/01/16     12,442,347       40,853           -       5,925        46,778       1.4180%
 6/01/16     11,424,851       37,409           -       5,486        42,894       1.4191%
 9/01/16     10,578,362       34,461           -       5,047        39,508       1.4202%
12/01/16      9,920,227       32,110           -       4,643        36,753       1.4209%
 3/01/17      9,377,961       30,303           -       4,325        34,629       1.4221%
 6/01/17      8,839,718       28,695           -       4,172        32,867       1.4297%
 9/01/17      8,315,280       27,071           -       3,931        31,002       1.4311%
12/01/17      7,780,684       25,424           -       3,652        29,076       1.4292%
 3/01/18      7,235,671       23,746           -       3,376        27,121       1.4273%
 6/01/18      6,683,301       22,034           -       3,199        25,233       1.4314%
 9/01/18      6,128,323       20,310           -       2,948        23,257       1.4315%
12/01/18      5,562,512       18,564           -       2,666        21,230       1.4295%
 3/01/19              -        5,794           -         850         6,645       0.0000%
---------------------------------------------------------------------------------------
                         $72,239,087  $7,900,673 $13,686,505   $93,826,265
---------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 91

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                    LOAN STATISTICAL SUMMARY
-------------------------------------------------------------------------------------------------
                                      USA GROUP SERVICED
-------------------------------------------------------------------------------------------------
                                      PRINCIPAL    WEIGHTED   WEIGHTED   WEIGHTED   AVG. ENROLLED
     LOAN TYPE DESCRIPTION             AMOUNT      INT. RATE  SAP RATE  TOTAL RATE     PERIOD
-------------------------------------------------------------------------------------------------
<S>                                  <C>           <C>        <C>       <C>         <C>
Stafford Fixed, 7%                   $     26,142    6.89%      1.25%      8.14%         -
Stafford Fixed, 8%                        104,568    7.89%      0.25%      8.14%         -
Stafford Variable, Post-6/30/88            26,142    8.14%         -       8.14%         -
Stafford Variable, Post-6/30/95        88,490,712    7.91%         -       7.91%         -
Stafford Variable, Post-6/30/98        39,003,882    7.11%      0.50%      7.61%         -
Unsubsidized Stafford Post-6/30/95     74,687,729    7.91%         -       7.91%         -
Unsubsidized Stafford Post-6/30/98     53,904,829    7.11%      0.50%      7.61%         -
PLUS/SLS Variable, Pre-10/1/92             26,142    8.16%         -       8.16%         -
PLUS Variable, 10/1/92-6/30/94          3,503,030    8.01%         -       8.01%         -
SLS Variable, 10/1/92-6/30/94              26,142    8.01%         -       8.01%         -
PLUS Variable, Post-6/30/94             1,594,663    8.01%         -       8.01%         -
-------------------------------------------------------------------------------------------------
                                     $261,393,981    7.63%      0.18%      7.81%         -
-------------------------------------------------------------------------------------------------

<CAPTION>
                               LOAN STATISTICAL SUMMARY
----------------------------------------------------------------------------------
                                  USA GROUP SERVICED
----------------------------------------------------------------------------------
                                     AVG. GRACE  AVG. REPAY.  AGG. LOAN  AVG. LIFE
     LOAN TYPE DESCRIPTION             PERIOD     PERIOD        TERM     OF LOANS
----------------------------------------------------------------------------------
<S>                                  <C>         <C>          <C>        <C>
Stafford Fixed, 7%                       8          115          123         80
Stafford Fixed, 8%                       8          115          123         81
Stafford Variable, Post-6/30/88          8          115          123         81
Stafford Variable, Post-6/30/95          8          115          123         81
Stafford Variable, Post-6/30/98          8          115          123         80
Unsubsidized Stafford Post-6/30/95       8          115          123         91
Unsubsidized Stafford Post-6/30/98       8          115          123         89
PLUS/SLS Variable, Pre-10/1/92           -           95           95         65
PLUS Variable, 10/1/92-6/30/94           -           95           95         65
SLS Variable, 10/1/92-6/30/94            -           95           95         65
PLUS Variable, Post-6/30/94              -           95           95         65
----------------------------------------------------------------------------------
                                         8          115          122         85
----------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 92

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                               LOAN STATISTICAL SUMMARY
-----------------------------------------------------------------------------------------------
                                  INTUITION SERVICED
-----------------------------------------------------------------------------------------------
                                    PRINCIPAL    WEIGHTED   WEIGHTED   WEIGHTED   AVG. ENROLLED
     LOAN TYPE DESCRIPTION           AMOUNT      INT. RATE  SAP RATE  TOTAL RATE     PERIOD
-----------------------------------------------------------------------------------------------
<S>                                 <C>          <C>        <C>       <C>         <C>
Stafford Fixed, 7%                  $   165,811    6.89%     1.25%     8.14%           -
Stafford Fixed, 8%                    1,726,389    7.88%     0.25%     8.13%           -
Stafford Variable, Post-6/30/88       1,853,186    8.13%        -      8.13%           -
Stafford Variable, Post-6/30/95      64,159,257    7.92%        -      7.92%           -
Unsubsidized Stafford Post-6/30/95   29,026,749    7.92%        -      7.92%           -
SLS Variable, 10/1/92-6/30/94            68,275    7.97%        -      7.97%           -
PLUS Variable, Post-6/30/94             536,449    7.97%        -      7.97%           -
-----------------------------------------------------------------------------------------------
                                    $97,536,116    7.92%     0.01%     7.93%           -
-----------------------------------------------------------------------------------------------

<CAPTION>
                             LOAN STATISTICAL SUMMARY
---------------------------------------------------------------------------------
                                INTUITION SERVICED
---------------------------------------------------------------------------------
                                    AVG. GRACE  AVG. REPAY.  AGG. LOAN  AVG. LIFE
     LOAN TYPE DESCRIPTION            PERIOD      PERIOD       TERM     OF LOANS
---------------------------------------------------------------------------------
<S>                                 <C>         <C>          <C>        <C>
Stafford Fixed, 7%                      5           116         121        78
Stafford Fixed, 8%                      5           116         121        78
Stafford Variable, Post-6/30/88         5           116         121        79
Stafford Variable, Post-6/30/95         5           116         121        78
Unsubsidized Stafford Post-6/30/95      5           116         121        85
SLS Variable, 10/1/92-6/30/94           -           119         119        79
PLUS Variable, Post-6/30/94             -           119         119        79
---------------------------------------------------------------------------------
                                        5           116         121        80
---------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 93

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                               LOAN STATISTICAL SUMMARY
-----------------------------------------------------------------------------------------------
                                  UNIPAC SERVICED
-----------------------------------------------------------------------------------------------
                                     PRINCIPAL    WEIGHTED   WEIGHTED   WEIGHTED   AVG.ENROLLED
     LOAN TYPE DESCRIPTION            AMOUNT      INT. RATE  SAP RATE  TOTAL RATE     PERIOD
-----------------------------------------------------------------------------------------------
<S>                                 <C>           <C>        <C>       <C>         <C>
Stafford Fixed, 7%                  $    540,225    6.90%      1.25%      8.15%         -
Stafford Fixed, 8%                     6,692,794    7.90%      0.25%      8.15%         -
Stafford Fixed, 9%                       660,275    8.90%         -       8.90%         -
Stafford Variable, Post-10/1/92        6,602,757    8.00%         -       8.00%         -
Stafford Variable, Post-6/30/95       85,175,558    7.90%         -       7.90%         -
Stafford Variable, Post-6/30/98       72,750,371    7.10%      0.50%      7.60%         -
Unsubsidized Stafford Post-6/30/95    54,142,601    7.90%         -       7.90%         -
Unsubsidized Stafford Post-6/30/98    66,237,652    7.10%      0.50%      7.60%         -
SLS Variable, 10/1/92-6/30/94          7,353,071    7.96%         -       7.96%         -
-----------------------------------------------------------------------------------------------
                                    $300,155,304    7.53%      0.24%      7.77%         -
-----------------------------------------------------------------------------------------------

<CAPTION>
                               LOAN STATISTICAL SUMMARY
---------------------------------------------------------------------------------
                                  UNIPAC SERVICED
---------------------------------------------------------------------------------
                                    AVG. GRACE  AVG. REPAY.  AGG. LOAN  AVG. LIFE
     LOAN TYPE DESCRIPTION            PERIOD     PERIOD        TERM     OF LOANS
---------------------------------------------------------------------------------
<S>                                 <C>         <C>          <C>        <C>
Stafford Fixed, 7%                      11         113          124         82
Stafford Fixed, 8%                      11         113          124         83
Stafford Fixed, 9%                      11         113          124         84
Stafford Variable, Post-10/1/92         11         113          124         83
Stafford Variable, Post-6/30/95         11         113          124         83
Stafford Variable, Post-6/30/98         11         113          124         82
Unsubsidized Stafford Post-6/30/95      11         113          124         96
Unsubsidized Stafford Post-6/30/98      11         113          124         94
SLS Variable, 10/1/92-6/30/94            -         134          134         88
---------------------------------------------------------------------------------
                                        11         113          124         88
---------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 94
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                              LOAN STATISTICAL SUMMARY
-------------------------------------------------------------------------------------
                                 CONSOLIDATION LOANS
-------------------------------------------------------------------------------------
                                      PRINCIPAL     WEIGHTED    WEIGHTED    WEIGHTED
      LOAN TYPE DESCRIPTION             AMOUNT      INT. RATE   SAP RATE   TOTAL RATE
-------------------------------------------------------------------------------------
<S>                                 <C>             <C>         <C>        <C>
Consolidation 9%, 10/1/92-9/30/93   $   9,217,260     8.86%          -        8.86%
Consolidation 10%, 10/1/92-9/30/93      2,604,878     9.86%          -        9.86%
Consolidation 11%, 10/1/92-9/30/93         52,731    10.86%          -       10.86%
Consolidation 7%, Post-10/1/93          2,773,615     6.86%       1.10%       7.96%
Consolidation 8%, Post-10/1/93          6,717,843     7.86%       0.10%       7.96%
Consolidation, Post-6/30/98            84,094,322     7.56%       0.42%       7.99%
----------------------------------------------------------------------------------
                                    $ 105,460,649     7.74%       0.37%       8.11%
==================================================================================

<CAPTION>
                                    LOAN STATISTICAL SUMMARY
--------------------------------------------------------------------------------------------------
                                      CONSOLIDATION LOANS
--------------------------------------------------------------------------------------------------
                                     AVG. ENROLLED   AVG. GRACE  AVG. REPAY.  AGG. LOAN  AVG. LIFE
      LOAN TYPE DESCRIPTION              PERIOD        PERIOD      PERIOD        TERM    OF LOANS
--------------------------------------------------------------------------------------------------
<S>                                  <C>             <C>         <C>          <C>        <C>
Consolidation 9%, 10/1/92-9/30/93          -              -          134         134        89
Consolidation 10%, 10/1/92-9/30/93         -              -          134         134        91
Consolidation 11%, 10/1/92-9/30/93         -              -          134         134        92
Consolidation 7%, Post-10/1/93             -              -          134         134        86
Consolidation 8%, Post-10/1/93             -              -          134         134        87
Consolidation, Post-6/30/98                -              -          134         134        87
--------------------------------------------------------------------------------------------------
                                           -              -          134         134        87
==================================================================================================
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 95

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                              LOAN STATISTICAL SUMMARY
------------------------------------------------------------------------------------
                              PREFUNDING STAFF & PLUS
------------------------------------------------------------------------------------
                                     PRINCIPAL     WEIGHTED    WEIGHTED    WEIGHTED
      LOAN TYPE DESCRIPTION            AMOUNT      INT. RATE   SAP RATE   TOTAL RATE
------------------------------------------------------------------------------------
<S>                                 <C>            <C>         <C>        <C>
Stafford Variable, Post-6/30/95     $ 25,599,575      7.95%        -         7.95%
Stafford Variable, Post-6/30/98       25,599,575      7.15%     0.50%        7.65%
Unsubsidized Stafford Post-6/30/95    25,599,575      7.96%        -         7.96%
Unsubsidized Stafford Post-6/30/98    31,999,469      7.16%     0.50%        7.66%
PLUS Variable, Post-6/30/94           19,199,681      8.10%        -         8.10%
---------------------------------------------------------------------------------
                                    $127,997,874      7.62%     0.23%        7.84%
=================================================================================

<CAPTION>
                                   LOAN STATISTICAL SUMMARY
-------------------------------------------------------------------------------------------------
                                   PREFUNDING STAFF & PLUS
-------------------------------------------------------------------------------------------------
                                    AVG. ENROLLED   AVG. GRACE  AVG. REPAY.  AGG. LOAN  AVG. LIFE
      LOAN TYPE DESCRIPTION             PERIOD        PERIOD      PERIOD        TERM    OF LOANS
-------------------------------------------------------------------------------------------------
<S>                                 <C>             <C>         <C>          <C>        <C>
Stafford Variable, Post-6/30/95           12            6          120          138        93
Stafford Variable, Post-6/30/98           12            6          120          138        92
Unsubsidized Stafford Post-6/30/95        12            6          120          138       108
Unsubsidized Stafford Post-6/30/98        12            6          120          138       105
PLUS Variable, Post-6/30/94                -            -           99           99        66
-------------------------------------------------------------------------------------------------
                                          10            5          117          132        95
=================================================================================================
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 96

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                              LOAN STATISTICAL SUMMARY
------------------------------------------------------------------------------------
                              PREFUNDING CONSOLIDATION
------------------------------------------------------------------------------------
                                     PRINCIPAL     WEIGHTED    WEIGHTED    WEIGHTED
      LOAN TYPE DESCRIPTION            AMOUNT      INT. RATE   SAP RATE   TOTAL RATE
------------------------------------------------------------------------------------
<S>                                 <C>            <C>         <C>        <C>
Consolidation 9%, 10/1/92-9/30/93   $  5,485,623      9.00%        -          9.00%
Consolidation 10%, 10/1/92-9/30/93    19,199,681     10.00%        -         10.00%
Consolidation 11%, Post-10/1/93       10,971,246     11.00%        -         11.00%
Consolidation, Post-6/30/98           19,199,681      8.25%        -          8.25%
----------------------------------------------------------------------------------
                                    $ 54,856,231      9.49%        -          9.49%
==================================================================================

<CAPTION>
                                   LOAN STATISTICAL SUMMARY
-------------------------------------------------------------------------------------------------
                                   PREFUNDING CONSOLIDATION
-------------------------------------------------------------------------------------------------
                                    AVG. ENROLLED   AVG. GRACE  AVG. REPAY.  AGG. LOAN  AVG. LIFE
      LOAN TYPE DESCRIPTION             PERIOD        PERIOD      PERIOD        TERM    OF LOANS
-------------------------------------------------------------------------------------------------
<S>                                 <C>             <C>         <C>          <C>        <C>
Consolidation 9%, 10/1/92-9/30/93           -            -          120          120        79
Consolidation 10%, 10/1/92-9/30/93          -            -          120          120        80
Consolidation 11%, Post-10/1/93             -            -          120          120        82
Consolidation, Post-6/30/98                 -            -          120          120        78
-------------------------------------------------------------------------------------------------
                                            -            -          120          120        80
=================================================================================================
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 97
<PAGE>


                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                LOAN STATISTICAL SUMMARY
---------------------------------------------------------------------------------------
                                 REORIGINATION PORTFOLIO
---------------------------------------------------------------------------------------
                                       PRINCIPAL     WEIGHTED    WEIGHTED    WEIGHTED
      LOAN TYPE DESCRIPTION             AMOUNT      INT. RATE    SAP RATE   TOTAL RATE
---------------------------------------------------------------------------------------
<S>                                  <C>            <C>          <C>        <C>
Stafford Variable, Post-6/30/95      $ 56,697,406     7.85%          -         7.85%
Unsubsidized Stafford Post-6/30/98     31,498,559     7.06%       0.50%        7.56%
Consolidation, Post-12/31/99           31,655,268     8.12%          -         8.12%
PLUS Variable, Post-6/30/94             6,299,712     8.00%          -         8.00%
---------------------------------------------------------------------------------------
                                     $126,150,944     7.73%       0.12%        7.85%
---------------------------------------------------------------------------------------

<CAPTION>
                                LOAN STATISTICAL SUMMARY
-------------------------------------------------------------------------------------------------
                                 REORIGINATION PORTFOLIO
-------------------------------------------------------------------------------------------------
                                     AVG. ENROLLED  AVG. GRACE  AVG. REPAY.  AGG.LOAN   AVG. LIFE
      LOAN TYPE DESCRIPTION              PERIOD       PERIOD       PERIOD      TERM      OF LOANS
-------------------------------------------------------------------------------------------------
<S>                                  <C>            <C>         <C>          <C>        <C>
Stafford Variable, Post-6/30/95            12            6          120         138         93
Unsubsidized Stafford Post-6/30/98         12            6          120         138        105
Consolidation, Post-12/31/99                -            -          120         120         78
PLUS Variable, Post-6/30/94                 -            -           99          99         66
-------------------------------------------------------------------------------------------------
                                            8            4          119         132         91
-------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 98

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                   LOAN STATISTICAL SUMMARY
---------------------------------------------------------------------------------------------
                                           TOTAL LOANS
---------------------------------------------------------------------------------------------
                                        PRINCIPAL       WEIGHTED     WEIGHTED   WEIGHTED
      LOAN TYPE DESCRIPTION              AMOUNT        INT. RATE     SAP RATE  TOTAL RATE
---------------------------------------------------------------------------------------------
<S>                                  <C>               <C>           <C>       <C>
Stafford Fixed,7%                    $      732,178       6.89%        1.25%      8.14%
Stafford Fixed,8%                         8,523,751       7.89%        0.25%      8.14%
Stafford Fixed,9%                           660,275       8.90%           -       8.90%
Stafford Variable, Post-6/30/88           1,879,328       8.13%           -       8.13%
Stafford Variable, Post-10/1/92           6,602,757       8.00%           -       8.00%
Stafford Variable, Post-6/30/95         320,122,507       7.90%           -       7.90%
Stafford Variable, Post-6/30/98         137,353,828       7.11%        0.50%      7.61%
Unsubsidized Stafford Post-6/30/95      183,456,654       7.92%           -       7.92%
Unsubsidized Stafford Post-6/30/98      183,640,508       7.11%        0.50%      7.61%
Consolidation 9%,10/1/92-9/30/93         14,702,883       8.91%           -       8.91%
Consolidation 10%, 10/1/92-9/30/93       21,804,559       9.98%           -       9.98%
Consolidation 11%, 10/1/92-9/30/93           52,731      10.86%           -      10.86%
Consolidation 7%, Post-10/1/93            2,773,615       6.86%        1.10%      7.96%
Consolidation 8%, Post- 10/1/93           6,717,843       7.86%        0.10%      7.96%
Consolidation 11%, Post-10/1/93          10,971,246      11.00%           -      11.00%
Consolidation, Post-6/30/98             103,294,003       7.69%        0.34%      8.04%
Consolidation, Post- 12/31/99            31,655,268       8.12%           -       8.12%
PLUS/SLS Variable, Pre-10/1/92               26,142       8.16%           -       8.16%
PLUS Variable, 10/1/92-6/30/94            3,503,030       8.01%           -       8.01%
SLS Variable, 10/1/92-6/30/94             7,447,488       7.96%           -       7.96%
PLUS Variable, Post-6/30/94              27,630,505       8.07%           -       8.07%
---------------------------------------------------------------------------------------------
                                     $1,073,551,099       7.74%        0.19%      7.93%
---------------------------------------------------------------------------------------------

<CAPTION>

                                   LOAN STATISTICAL SUMMARY
----------------------------------------------------------------------------------------------------
                                           TOTAL LOANS
----------------------------------------------------------------------------------------------------
                                     AVG. ENROLLED  AVG. GRACE  AVG. REPAY.   AGG.LOAN     AVG. LIFE
      LOAN TYPE DESCRIPTION              PERIOD       PERIOD      PERIOD        TERM        OF LOANS
----------------------------------------------------------------------------------------------------
<S>                                  <C>            <C>         <C>           <C>          <C>
Stafford Fixed,7%                           -           10          113          123          81
Stafford Fixed,8%                           -           10          113          123          82
Stafford Fixed,9%                           -           11          113          124          84
Stafford Variable, Post-6/30/88             -            5          116          121          79
Stafford Variable, Post-10/1/92             -           11          113          124          83
Stafford Variable, Post-6/30/95             3            8          116          127          84
Stafford Variable, Post-6/30/98             2            9          115          126          84
Unsubsidized Stafford Post-6/30/95          2            8          115          125          94
Unsubsidized Stafford Post-6/30/98          4            9          116          128          96
Consolidation 9%,10/1/92-9/30/93            -            -          128          128          85
Consolidation 10%, 10/1/92-9/30/93          -            -          122          122          82
Consolidation 11%, 10/1/92-9/30/93          -            -          134          134          92
Consolidation 7%, Post-10/1/93              -            -          134          134          86
Consolidation 8%, Post-10/1/93              -            -          134          134          87
Consolidation 11%, Post-10/1/93             -            -          120          120          82
Consolidation, Post-6/30/98                 -            -          131          131          85
Consolidation, Post-12/31/99                -            -          120          120          78
PLUS/SLS Variable, Pre-10/1/92              -            -           95           95          65
PLUS Variable, 10/1/92-6/30/94              -            -           95           95          65
SLS Variable, 10/1/92-6/30/94               -            -          133          133          88
PLUS Variable, Post-6/30/94                 -            -           99           99          66
--------------------------------------------------------------------------------------------------
                                            2            7          117          126          87
--------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                     Page 99

<PAGE>

                              IV. CASH FLOW REPORTS

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                     LOAN ACQUISITION FUND SUMMARY
----------------------------------------------------------------------------------------------------------------
 PERIOD     BEGINNING        PRIMARY       REORIGINATION   INVESTMENT   INVESTMENT  REVENUE FUND       ENDING
 ENDING      BALANCE       LOAN DRAWS        LOAN DRAWS       RATE        INCOME    RE-DEPOSITS       BALANCE
----------------------------------------------------------------------------------------------------------------
<S>       <C>             <C>              <C>             <C>          <C>         <C>             <C>
 6/01/00  $951,057,237    $764,546,050                -      5.550%             -              -    $186,511,187
 9/01/00   186,511,187     186,511,187       12,345,133      5.550%     1,754,051     12,345,133               -
12/01/00             -               -        7,939,714      5.550%             -      7,939,714               -
 3/01/01             -               -        5,816,438      5.550%             -      5,816,438               -
 6/01/01             -               -        4,777,568      5.550%             -      4,777,568               -
 9/01/01             -               -        6,003,744      5.550%             -      6,003,744               -
12/01/01             -               -        7,230,852      5.550%             -      7,230,852               -
 3/01/02             -               -        8,168,879      5.550%             -      8,168,879               -
 6/01/02             -               -        9,618,375      5.550%             -      9,618,375               -
 9/01/02             -               -       12,895,946      5.550%             -     12,895,946               -
12/01/02             -               -       15,906,327      5.550%             -     15,906,327               -
 3/01/03             -               -       17,676,818      5.550%             -     17,676,818               -
 6/01/03             -               -       18,874,383      5.550%             -     18,874,383               -
 9/01/03             -               -                -      5.550%             -              -               -
----------------------------------------------------------------------------------------------------------------
                          $951,057,237     $127,254,177                $1,754,051   $127,254,177
----------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 101

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                          DEBT SERVICE RESERVE FUND SUMMARY
-----------------------------------------------------------------------------------------------------------------------
 PERIOD     BEGINNING      INVESTMENT    INVESTMENT                                ENDING     REQUIRED       SURPLUS/
 ENDING      BALANCE          RATE         INCOME         DEPOSITS  WITHDRAWALS   BALANCE     BALANCE     (DEFICIENCY)
-----------------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>           <C>              <C>       <C>          <C>         <C>          <C>
 6/01/00   $7,500,000        5.550%             -                -           -   $7,500,000  $7,500,000               -
 9/01/00    7,500,000        5.550%       106,381                -           -    7,500,000   7,500,000               -
12/01/00    7,500,000        5.550%       105,222                -           -    7,500,000   7,500,000               -
 3/01/01    7,500,000        5.550%       104,063                -           -    7,500,000   7,500,000               -
 6/01/01    7,500,000        5.550%       106,381                -           -    7,500,000   7,500,000               -
 9/01/01    7,500,000        5.550%       106,381                -           -    7,500,000   7,500,000               -
12/01/01    7,500,000        5.550%       105,222                -           -    7,500,000   7,500,000               -
 3/01/02    7,500,000        5.550%       104,063                -           -    7,500,000   7,500,000               -
 6/01/02    7,500,000        5.550%       106,381                -           -    7,500,000   7,500,000               -
 9/01/02    7,500,000        5.550%       106,381                -           -    7,500,000   7,500,000               -
12/01/02    7,500,000        5.550%       105,222                -           -    7,500,000   7,500,000               -
 3/01/03    7,500,000        5.550%       104,063                -           -    7,500,000   7,500,000               -
 6/01/03    7,500,000        5.550%       106,381                -           -    7,500,000   7,500,000               -
 9/01/03    7,500,000        5.550%       103,648                -    (359,467)   7,140,533   7,140,533               -
12/01/03    7,140,533        5.550%        99,219                -    (179,397)   6,961,136   6,961,136               -
 3/01/04    6,961,136        5.550%        96,722                -    (185,621)   6,775,515   6,775,515               -
 6/01/04    6,775,515        5.550%        95,084                -    (193,014)   6,582,501   6,582,501               -
 9/01/04    6,582,501        5.550%        92,308                -    (200,691)   6,381,810   6,381,810               -
12/01/04    6,381,810        5.550%        88,486                -    (206,228)   6,175,582   6,175,582               -
 3/01/05    6,175,582        5.550%        84,679                -    (212,052)   5,963,530   5,963,530               -
 6/01/05    5,963,530        5.550%        83,499                -    (213,470)   5,750,060   5,750,060               -
 9/01/05    5,750,060        5.550%        80,508                -    (203,072)   5,546,988   5,546,988               -
12/01/05    5,546,988        5.550%        76,789                -    (206,087)   5,340,901   5,340,901               -
 3/01/06    5,340,901        5.550%        73,151                -    (199,116)   5,141,784   5,141,784               -
 6/01/06    5,141,784        5.550%        71,942                -    (197,902)   4,943,882   4,943,882               -
 9/01/06    4,943,882        5.550%        69,151                -    (194,304)   4,749,578   4,749,578               -
12/01/06    4,749,578        5.550%        65,664                -    (198,687)   4,550,891   4,550,891               -
 3/01/07    4,550,891        5.550%        62,200                -    (201,624)   4,349,267   4,349,267               -
 6/01/07    4,349,267        5.550%        60,692                -    (201,592)   4,147,674   4,147,674               -
 9/01/07    4,147,674        5.550%        57,875                -    (191,840)   3,955,834   3,955,834               -
12/01/07    3,955,834        5.550%        54,554                -    (194,592)   3,761,242   3,761,242               -
 3/01/08    3,761,242        5.550%        51,830                -    (198,104)   3,563,138   3,563,138               -
 6/01/08    3,563,138        5.550%        49,556                -    (199,167)   3,363,971   3,363,971               -
 9/01/08    3,363,971        5.550%        46,759                -    (193,691)   3,170,280   3,170,280               -
12/01/08    3,170,280        5.550%        43,527                -    (197,262)   2,973,018   2,973,018               -
 3/01/09    2,973,018        5.550%        40,335                -    (198,108)   2,774,909   2,774,909               -
 6/01/09    2,774,909        5.550%        38,393                -    (197,209)   2,577,701   2,577,701               -
 9/01/09    2,577,701        5.550%        35,608                -    (194,683)   2,383,018   2,383,018               -
12/01/09    2,383,018        5.550%        32,493                -    (194,112)   2,188,906   2,188,906               -
 3/01/10    2,188,906        5.550%        29,480                -    (195,169)   1,993,737   1,993,737               -
 6/01/10    1,993,737        5.550%        27,321                -    (189,088)   1,804,649   1,804,649               -
 9/01/10    1,804,649        5.550%        24,782                -    (164,647)   1,640,002   1,640,002               -
12/01/10    1,640,002        5.550%        22,245                -    (160,462)   1,479,540   1,479,540               -
 3/01/11    1,479,540        5.550%        19,794                -    (161,577)   1,317,963   1,317,963               -
 6/01/11    1,317,963        5.550%        17,912                -    (162,137)   1,155,826   1,155,826               -
 9/01/11    1,155,826        5.550%        15,738                -    (134,062)   1,021,764   1,021,764               -
12/01/11    1,021,764        5.550%        13,706                -    (130,906)     890,858     890,858               -
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 102
<PAGE>

                                                                  $1,000,000,000
                                                    NELNET STUDENT LOAN, CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                             DEBT SERVICE RESERVE FUND SUMMARY
----------------------------------------------------------------------------------------------------------------------
 PERIOD     BEGINNING    INVESTMENT    INVESTMENT                                ENDING      REQUIRED       SURPLUS/
 ENDING      BALANCE        RATE         INCOME     DEPOSITS    WITHDRAWALS      BALANCE      BALANCE     (DEFICIENCY)
----------------------------------------------------------------------------------------------------------------------
<S>         <C>          <C>        <C>             <C>         <C>              <C>         <C>          <C>
 3/01/12     890,858       5.550%        11,899        -           (124,524)     766,333      766,333           -
 6/01/12     766,333       5.550%        10,328        -           (107,028)     659,305      659,305           -
 9/01/12     659,305       5.550%         8,944        -            (81,597)     577,709      577,709           -
12/01/12     577,709       5.550%         7,742        -            (76,409)     501,299      501,299           -
 3/01/13     501,299       5.550%         6,944        -             (1,299)     500,000      500,000           -
 6/01/13     500,000       5.550%         7,092        -                  -      500,000      500,000           -
 9/01/13     500,000       5.550%         7,092        -                  -      500,000      500,000           -
12/01/13     500,000       5.550%         7,015        -                  -      500,000      500,000           -
 3/01/14     500,000       5.550%         6,938        -                  -      500,000      500,000           -
 6/01/14     500,000       5.550%         7,092        -                  -      500,000      500,000           -
 9/01/14     500,000       5.550%         7,092        -                  -      500,000      500,000           -
12/01/14     500,000       5.550%         7,015        -                  -      500,000      500,000           -
 3/01/15     500,000       5.550%         6,938        -                  -      500,000      500,000           -
 6/01/15     500,000       5.550%         7,092        -                  -      500,000      500,000           -
 9/01/15     500,000       5.550%         7,092        -                  -      500,000      500,000           -
12/01/15     500,000       5.550%         7,015        -                  -      500,000      500,000           -
 3/01/16     500,000       5.550%         7,015        -                  -      500,000      500,000           -
 6/01/16     500,000       5.550%         7,092        -                  -      500,000      500,000           -
 9/01/16     500,000       5.550%         7,092        -                  -      500,000      500,000           -
12/01/16     500,000       5.550%         7,015        -                  -      500,000      500,000           -
 3/01/17     500,000       5.550%         6,938        -                  -      500,000      500,000           -
 6/01/17     500,000       5.550%         7,092        -                  -      500,000      500,000           -
 9/01/17     500,000       5.550%         7,092        -                  -      500,000      500,000           -
12/01/17     500,000       5.550%         7,015        -                  -      500,000      500,000           -
 3/01/18     500,000       5.550%         6,938        -                  -      500,000      500,000           -
 6/01/18     500,000       5.550%         7,092        -                  -      500,000      500,000           -
 9/01/18     500,000       5.550%         7,092        -                  -      500,000      500,000           -
12/01/18     500,000       5.550%         7,015        -                  -      500,000      500,000           -
 3/01/19     500,000       5.550%         2,390        -           (500,000)           -            -           -
----------------------------------------------------------------------------------------------------------------------
                                     $3,401,994        -        ($7,500,000)
----------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 103

<PAGE>

                                                                   $1,000,000,00
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                            REVENUE FUND SUMMARY
---------------------------------------------------------------------------
 PERIOD    BEGINNING   INVESTMENT  INVESTMENT                  DEBT SERVICE
 ENDING     BALANCE       RATE       INCOME        DEPOSITS     WITHDRAWALS
---------------------------------------------------------------------------
<S>       <C>          <C>         <C>             <C>         <C>
 6/01/00  $21,451,842    5.550%             -               -             -
 9/01/00   21,451,842    5.550%       277,728      17,890,692    14,613,377
12/01/00   12,661,752    5.550%       173,573      17,532,912    14,454,541
 3/01/01    7,973,981    5.550%       120,360      17,935,159    14,295,705
 6/01/01    5,917,357    5.550%        99,471      17,954,197    14,618,377
 9/01/01    4,575,081    5.550%       102,430      23,581,503    14,613,377
12/01/01    7,641,893    5.550%       131,801      22,958,023    14,454,541
 3/01/02    9,046,324    5.550%       145,754      24,067,028    14,295,705
 6/01/02   10,794,522    5.550%       176,933      25,714,254    14,618,377
 9/01/02   12,448,957    5.550%       219,467      33,183,676    14,613,377
12/01/02   18,342,777    5.550%       284,658      33,478,361    14,454,541
 3/01/03   21,744,928    5.550%       319,589      33,808,358    14,295,705
 6/01/03   23,900,352    5.550%       354,850      34,199,004    14,618,377
 9/01/03   24,961,446    5.550%       115,458      37,664,476    14,199,361
12/01/03      613,121    5.550%         2,840      37,483,732    13,593,115
 3/01/04      586,988    5.550%         2,810      37,983,216    13,251,258
 6/01/04      572,280    5.550%         2,740      38,759,524    13,031,739
 9/01/04      567,585    5.550%         2,630      39,417,567    12,681,227
12/01/04      547,708    5.550%         2,538      39,628,626    12,156,754
 3/01/05      525,108    5.550%         2,515      39,882,773    11,634,206
 6/01/05      502,599    5.550%         2,407      39,935,032    11,476,785
 9/01/05      500,567    5.550%         2,320      38,112,367    11,061,126
12/01/05      477,828    5.550%         2,215      38,004,787    10,550,709
 3/01/06      455,828    5.550%         2,179      38,040,435    10,051,347
 6/01/06      433,826    5.550%         2,073      37,897,691     9,890,071
 9/01/06      431,646    5.550%         1,996      36,930,933     9,501,756
12/01/06      410,108    5.550%         1,897      37,092,058     9,023,193
 3/01/07      389,465    5.550%         1,861      37,053,291     8,547,729
 6/01/07      368,956    5.550%         1,763      36,613,864     8,345,412
 9/01/07      365,005    5.550%         1,688      34,856,575     7,931,960
12/01/07      342,384    5.550%         1,584      34,807,184     7,477,318
 3/01/08      322,773    5.550%         1,543      34,855,015     7,104,319
 6/01/08      306,681    5.550%         1,466      34,566,300     6,797,783
 9/01/08      298,237    5.550%         1,379      33,378,618     6,427,394
12/01/08      277,472    5.550%         1,283      33,431,247     5,983,771
 3/01/09      258,337    5.550%         1,235      33,115,350     5,545,490
 6/01/09      239,431    5.550%         1,144      32,571,877     5,283,737
 9/01/09      232,916    5.550%         1,077      31,787,056     4,896,380
12/01/09      211,421    5.550%           978      31,291,299     4,468,790
 3/01/10      192,976    5.550%           922      31,010,713     4,054,998
 6/01/10      175,128    5.550%           837      29,810,284     3,763,658
 9/01/10      167,336    5.550%           774      26,133,579     3,409,963
12/01/10      147,293    5.550%           681      25,213,107     3,061,742
 3/01/11      132,273    5.550%           632      25,018,526     2,725,147
 6/01/11      117,754    5.550%           563      24,752,242     2,471,715
 9/01/11      111,598    5.550%           516      20,609,490     2,162,326
12/01/11       93,467    5.550%           432      19,886,965     1,884,147
---------------------------------------------------------------------------

<CAPTION>
                              REVENUE FUND SUMMARY

-----------------------------------------------------------------------------
 PERIOD     REDEMPTION    REORIGINATION     OTHER     ADDITIONAL    ENDING
 ENDING     WITHDRAWALS    WITHDRAWALS   WITHDRAWALS   REVENUES     BALANCE
-----------------------------------------------------------------------------
<S>        <C>            <C>            <C>          <C>         <C>
 6/01/00               -              -            -      -       $21,451,842
 9/01/00               -     12,345,133            -      -        12,661,752
12/01/00               -      7,939,714            -      -         7,973,981
 3/01/01               -      5,816,438            -      -         5,917,357
 6/01/01               -      4,777,568            -      -         4,575,081
 9/01/01               -      6,003,744            -      -         7,641,893
12/01/01               -      7,230,852            -      -         9,046,324
 3/01/02               -      8,168,879            -      -        10,794,522
 6/01/02               -      9,618,375            -      -        12,448,957
 9/01/02               -     12,895,946            -      -        18,342,777
12/01/02               -     15,906,327            -      -        21,744,928
 3/01/03               -     17,676,818            -      -        23,900,352
 6/01/03               -     18,874,383            -      -        24,961,446
 9/01/03      47,928,899              -            -      -           613,121
12/01/03      23,919,590              -            -      -           586,988
 3/01/04      24,749,476              -            -      -           572,280
 6/01/04      25,735,220              -            -      -           567,585
 9/01/O4      26,758,847              -            -      -           547,708
12/01/04      27,497,011              -            -      -           525,108
 3/01/05      28,273,590              -            -      -           502,599
 6/01/05      28,462,687              -            -      -           500,567
 9/01/05      27,076,300              -            -      -           477,828
12/01/05      27,478,293              -            -      -           455,828
 3/01/06      26,548,824              -    1,464,444      -           433,826
 6/01/06      26,386,936              -    1,624,937      -           431,646
 9/01/06      25,907,226              -    1,545,485      -           410,108
12/01/06      26,491,650              -    1,599,754      -           389,465
 3/01/07      26,883,243              -    1,644,691      -           368,956
 6/01/07      26,878,976              -    1,395,190      -           365,005
 9/01/07      25,578,665              -    1,370,258      -           342,384
12/01/07      25,945,612              -    1,405,449      -           322,773
 3/01/08      26,413,916              -    1,354,414      -           306,681
 6/01/08      26,555,604              -    1,222,823      -           298,237
 9/01/08      25,825,410              -    1,147,958      -           277,472
12/01/08      26,301,656              -    1,166,239      -           258,337
 3/01/09      26,414,448              -    1,175,552      -           239,431
 6/01/09      26,294,487              -    1,001,312      -           232,916
 9/01/09      25,957,698              -      955,550      -           211,421
12/01/09      25,881,628              -      960,302      -           192,976
 3/01/10      26,022,506              -      951,980      -           175,128
 6/01/10      25,211,706              -      843,549      -           167,336
 9/01/10      21,952,923              -      791,511      -           147,293
12/01/10      21,394,960              -      772,106      -           132,273
 3/01/11      21,543,596              -      764,933      -           117,754
 6/01/11      21,618,301              -      668,945      -           111,598
 9/01/11      17,874,886              -      590,925      -            93,467
12/01/11      17,454,196              -      561,053      -            81,469
-----------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 104

<PAGE>

                                                                   $1,000,000,00
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                            REVENUE FUND SUMMARY
---------------------------------------------------------------------------
 PERIOD    BEGINNING   INVESTMENT  INVESTMENT                  DEBT SERVICE
 ENDING     BALANCE       RATE       INCOME        DEPOSITS     WITHDRAWALS
---------------------------------------------------------------------------
<S>        <C>         <C>         <C>         <C>             <C>
 3/01/12       81,469    5.550%           389      18,744,214     1,636,648
 6/01/12       70,791    5.550%           338      16,119,884     1,426,630
 9/01/12       66,512    5.550%           308      12,441,069     1,235,424
12/01/12       53,477    5.550%           247      11,563,867     1,070,445
 3/01/13       46,363    5.550%           228      11,094,575       915,956
 6/01/13       39,701    5.550%           190      10,625,587       794,994
 9/01/13       39,755    5.550%           184       7,194,064       665,816
12/01/13       28,480    5.550%           132       6,816,932       568,283
 3/01/14       24,311    5.550%           116       6,026,110       476,595
 6/01/14       20,393    5.550%            97       4,528,273       420,814
 9/01/14       22,796    5.550%           105       3,332,275       361,988
12/01/14       15,495    5.550%            72       2,900,340       317,622
 3/01/15       13,599    5.550%            65       2,445,927       279,792
 6/01/15       11,983    5.550%            57       2,121,992       259,648
 9/01/15       15,908    5.550%            74       1,531,582       230,515
12/01/15        9,877    5.550%            46       1,450,256       209,672
 3/01/16        8,986    5.550%            43       1,352,809       192,402
 6/01/16        8,248    5.550%            39       1,213,665       183,138
 9/01/16       12,638    5.550%            58       1,027,906       164,400
12/01/16        7,051    5.550%            33         827,721       151,189
 3/01/17        6,486    5.550%            31         702,747       140,829
 6/01/17        6,044    5.550%            29         690,123       140,814
 9/01/17       10,830    5.550%            50         666,967       127,996
12/01/17        5,496    5.550%            25         668,865       118,879
 3/01/18        5,106    5.550%            24         670,856       109,889
 6/01/18        4,722    5.550%            23         669,735       109,141
 9/01/18        9,476    5.550%            44         663,693        96,003
12/01/18        4,128    5.550%            19         665,762        86,788
 3/01/19        3,735    5.550%            18       6,095,920        26,509
---------------------------------------------------------------------------
                                   $2,578,677  $1,584,752,684  $450,911,247
---------------------------------------------------------------------------

<CAPTION>
                            REVENUE FUND SUMMARY
------------------------------------------------------------------------------
 PERIOD      REDEMPTION    REORIGINATION     OTHER     ADDITIONAL    ENDING
 ENDING      WITHDRAWALS    WITHDRAWALS   WITHDRAWALS   REVENUES     BALANCE
------------------------------------------------------------------------------
<S>        <C>             <C>            <C>          <C>           <C>
 3/01/12       16,603,248              -      515,386      -            70,791
 6/01/12       14,270,401              -      427,470      -            66,512
 9/01/12       10,879,583              -      339,404      -            53,477
12/01/12       10,187,891              -      312,892      -            46,363
 3/01/13        9,908,343              -      277,166      -            39,701
 6/01/13        9,570,099              -      260,631      -            39,755
 9/01/13        6,334,382              -      205,325      -            28,480
12/01/13        6,072,267              -      180,683      -            24,311
 3/01/14        5,381,901              -      171,648      -            20,393
 6/01/14        3,991,323              -      113,831      -            22,796
 9/01/14        2,912,045              -       65,649      -            15,495
12/01/14        2,562,248              -       22,437      -            13,599
 3/01/15        2,141,037              -       26,780      -            11,983
 6/01/15        1,837,274              -       21,202      -            15,908
 9/01/15        1,293,418              -       13,754      -             9,877
12/01/15        1,221,769              -       19,750      -             8,986
 3/01/16        1,141,730              -       19,459      -             8,248
 6/01/16        1,009,272              -       16,903      -            12,638
 9/01/16          858,811              -       10,340      -             7,051
12/01/16          660,981              -       16,149      -             6,486
 3/01/17          545,095              -       17,297      -             6,044
 6/01/17          530,926              -       13,626      -            10,830
 9/01/17          535,115              -        9,240      -             5,496
12/01/17          535,707              -       14,694      -             5,106
 3/01/18          546,147              -       15,228      -             4,722
 6/01/18          544,128              -       11,735      -             9,476
 9/01/18          565,286              -        7,796      -             4,128
12/01/18          566,931              -       12,456      -             3,735
 3/01/19        5,573,676              -            -      -           499,487
------------------------------------------------------------------------------
           $1,000,000,000   $127,254,177  $30,118,292      -
------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 105
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                      PROJECTED CUMULATIVE CASH FLOWS
-------------------------------------------------------------------------------------------------------------
                            SOURCES                                             USES
          -------------------------------------------------  ------------------------------------------------
             TOTAL      TOTAL       REVENUE       TOTAL      INTEREST &   TOTAL       EARLY        TOTAL
 PERIOD      LOAN     INVESTMENT     FUND        SOURCES     SCHEDULED    FEES &       BOND       REORIG-
 ENDING     INCOME      INCOME      DEPOSITS     OF FUNDS    PRINCIPAL   EXPENSES   REDEMPTIONS   INATIONS
-------------------------------------------------------------------------------------------------------------
<S>       <C>         <C>         <C>          <C>           <C>         <C>        <C>          <C>
 6/01/00           -          -   $21,451,842  $ 21,451,842           -          -            -           -
 9/01/00  18,428,081  2,138,159             -    20,566,240  13,982,740  3,028,457            -  12,345,133
12/01/00  20,082,672    278,794             -    20,361,466  13,830,753  3,278,770            -   7,939,714
 3/01/01  20,470,908    224,423             -    20,695,331  13,678,767  3,256,750            -   5,816,438
 6/01/01  20,490,079    205,852             -    20,695,931  13,982,740  3,277,899            -   4,777,568
 9/01/01  26,185,912    208,810             -    26,394,722  13,982,740  3,341,426            -   6,003,744
12/01/01  25,570,842    237,022             -    25,807,864  13,830,753  3,341,828            -   7,230,852
 3/01/02  26,665,557    249,817             -    26,915,375  13,678,767  3,319,531            -   8,168,879
 6/01/02  28,383,408    283,314             -    28,666,721  13,982,740  3,411,172            -   9,618,375
 9/01/02  35,970,818    325,848             -    36,296,665  13,982,740  3,524,159            -  12,895,946
12/01/02  36,310,595    389,879             -    36,700,474  13,830,753  3,561,243            -  15,906,327
 3/01/03  36,612,583    423,652             -    37,036,234  13,678,767  3,525,226            -  17,676,818
 6/01/03  36,997,449    461,231             -    37,458,680  13,982,740  3,540,463            -  18,874,383
 9/01/03  40,123,874    219,106       359,467    40,702,447  13,586,584  3,535,289   47,928,899           -
12/01/03  40,075,472    102,059       179,397    40,356,928  13,006,491  3,456,979   23,919,590           -
 3/01/04  40,502,221     99,532       185,621    40,787,374  12,679,382  3,373,224   24,749,476           -
 6/01/04  41,256,853     97,824       193,014    41,547,692  12,464,553  3,352,614   25,735,220           -
 9/01/04  41,854,578     94,938       200,691    42,150,208  12,133,948  3,277,289   26,758,847           -
12/01/04  41,995,404     91,025       206,228    42,292,656  11,632,098  3,186,147   27,497,011           -
 3/01/05  42,166,602     87,194       212,052    42,465,848  11,132,092  3,082,675   28,273,590           -
 6/01/05  42,148,475     85,907       213,470    42,447,852  10,976,685  3,010,512   28,462,687           -
 9/01/05  40,256,723     82,828       203,072    40,542,623  10,583,742  2,905,320   27,076,300           -
12/01/05  40,062,627     79,004       206,087    40,347,718  10,095,343  2,796,083   27,478,293           -
 3/01/06  40,021,291     75,330       199,116    40,295,737   9,617,522  2,686,949   26,548,824           -
 6/01/06  39,809,636     74,016       197,902    40,081,554   9,458,426  2,613,435   26,386,936           -
 9/01/06  38,769,379     71,147       194,304    39,034,830   9,091,647  2,512,009   25,907,226           -
12/01/06  38,847,346     67,561       198,687    39,113,594   8,633,728  2,409,105   26,491,650           -
 3/01/07  38,724,272     64,062       201,624    38,989,958   8,178,773  2,303,761   26,883,243           -
 6/01/07  38,209,507     62,456       201,592    38,473,555   7,980,407  2,222,933   26,878,976           -
 9/01/07  36,378,987     59,564       191,840    36,630,391   7,589,576  2,114,512   25,578,665           -
12/01/07  36,241,285     56,138       194,592    36,492,015   7,154,545  2,006,021   25,945,612           -
 3/01/08  36,202,439     53,373       198,104    36,453,916   6,797,639  1,904,039   26,413,916           -
 6/01/08  35,831,540     51,021       199,167    36,081,729   6,499,546  1,812,200   26,555,604           -
 9/01/08  34,566,483     48,138       193,691    34,808,311   6,149,922  1,705,786   25,825,410           -
12/01/08  34,529,969     44,810       197,262    34,772,042   5,725,434  1,597,848   26,301,656           -
 3/01/09  34,126,944     41,570       198,108    34,366,622   5,306,059  1,489,468   26,414,448           -
 6/01/09  33,504,923     39,537       197,209    33,741,668   5,050,821  1,401,564   26,294,487           -
 9/01/09  32,638,757     36,685       194,683    32,870,125   4,684,960  1,293,413   25,957,698           -
12/01/09  32,057,460     33,471       194,112    32,285,043   4,275,814  1,185,743   25,881,628           -
 3/01/10  31,690,866     30,402       195,169    31,916,436   3,879,870  1,079,929   26,022,506           -
 6/01/10  30,419,859     28,158       189,088    30,637,105   3,596,322    993,320   25,211,706           -
 9/01/10  26,709,837     25,556       164,647    26,900,039   3,262,670    912,979   21,952,923           -
12/01/10  25,722,522     22,927       160,462    25,905,911   2,929,470    824,395   21,394,960           -
 3/01/11  25,456,117     20,426       161,577    25,638,121   2,607,393    736,717   21,543,596           -
 6/01/11  25,121,694     18,474       162,137    25,302,306   2,360,116    661,100   21,618,301           -
 9/01/11  20,941,660     16,254       134,062    21,091,975   2,068,859    575,436   17,874,886           -
12/01/11  20,164,598     14,139       130,906    20,309,643   1,802,678    503,714   17,454,196           -
 3/01/12  18,972,891     12,288       124,524    19,109,704   1,565,856    435,891   16,603,248           -
 6/01/12  16,316,208     10,667       107,028    16,433,903   1,360,119    380,192   14,270,401           -
 9/01/12  12,630,270      9,251        81,597    12,721,118   1,181,947    333,219   10,879,583           -
12/01/12  11,725,047      7,990        76,409    11,809,446   1,024,082    291,695   10,187,891           -
 3/01/13  11,298,271      7,172         1,299    11,306,742     876,255    251,640    9,908,343           -
 6/01/13  10,798,475      7,282             -    10,805,757     756,187    218,787    9,570,099           -
-----------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                       PROJECTED CUMULATIVE CASH FLOWS
---------------------------------------------------------------------------
                          USES
          -----------------------------------
             FUNDS        TOTAL       TOTAL
 PERIOD   DISTRIBUTED     LOAN       USES OF       PERIODIC     CUMULATIVE
 ENDING    TO ISSUER   FORGIVENESS    FUNDS         SURPLUS       SURPLUS
---------------------------------------------------------------------------
<S>       <C>          <C>          <C>         <C>            <C>
 6/01/00           -             -           -  $ 21,451,842   $ 21,451,842
 9/01/00           -             -  29,356,330    (8,790,090)    12,661,752
12/01/00           -             -  25,049,237    (4,687,771)     7,973,981
 3/01/01           -             -  22,751,955    (2,056,624)     5,917,357
 6/01/01           -             -  22,038,206    (1,342,276)     4,575,081
 9/01/01           -             -  23,327,910     3,066,812      7,641,893
12/01/01           -             -  24,403,433     1,404,431      9,046,324
 3/01/02           -             -  25,167,177     1,748,198     10,794,522
 6/01/02           -             -  27,012,287     1,654,435     12,448,957
 9/01/02           -             -  30,402,845     5,893,820     18,342,777
12/01/02           -             -  33,298,323     3,402,151     21,744,928
 3/01/03           -             -  34,880,811     2,155,424     23,900,352
 6/01/O3           -             -  36,397,585     1,061,095     24,961,446
 9/01/03           -             -  65,050,772   (24,348,325)       613,121
12/01/03           -             -  40,383,060       (26,133)       586,988
 3/01/04           -             -  40,802,082       (14,708)       572,280
 6/01/04           -             -  41,552,387        (4,696)       567,585
 9/01/04           -             -  42,170,084       (19,877)       547,708
12/01/04           -             -  42,315,256       (22,600)       525,108
 3/01/05           -             -  42,488,357       (22,509)       502,599
 6/01/05           -             -  42,449,884        (2,032)       500,567
 9/01/05           -             -  40,565,362       (22,739)       477,828
12/01/05           -             -  40,369,719       (22,001)       455,828
 3/01/06   1,464,444             -  40,317,739       (22,002)       433,826
 6/01/06   1,624,937             -  40,083,734        (2,180)       431,646
 9/01/06   1,545,485             -  39,056,367       (21,537)       410,108
12/01/06   1,599,754             -  39,134,237       (20,643)       389,465
 3/01/07   1,644,691             -  39,010,467       (20,510)       368,956
 6/01/07   1,395,190             -  38,477,506        (3,951)       365,005
 9/01/07   1,370,258             -  36,653,012       (22,621)       342,384
12/01/07   1,405,449             -  36,511,626       (19,611)       322,773
 3/01/08   1,354,414             -  36,470,008       (16,092)       306,681
 6/01/08   1,222,823             -  36,090,173        (8,444)       298,237
 9/01/08   1,147,958             -  34,829,076       (20,765)       277,472
12/01/08   1,166,239             -  34,791,178       (19,136)       258,337
 3/01/09   1,175,552             -  34,385,527       (18,905)       239,431
 6/01/09   1,001,312             -  33,748,183        (6,515)       232,916
 9/01/09     955,550             -  32,891,621       (21,496)       211,421
12/01/09     960,302             -  32,303,487       (18,444)       192,976
 3/01/10     951,980             -  31,934,285       (17,849)       175,128
 6/01/10     843,549             -  30,644,897        (7,791)       167,336
 9/01/10     791,511             -  26,920,083       (20,044)       147,293
12/01/10     772,106             -  25,920,931       (15,020)       132,273
 3/01/11     764,933             -  25,652,639       (14,518)       117,754
 6/01/11     668,945             -  25,308,462        (6,156)       111,598
 9/01/11     590,925             -  21,110,106       (18,131)        93,467
12/01/11     561,053             -  20,321,641       (11,998)        81,469
 3/01/12     515,386             -  19,120,382       (10,678)        70,791
 6/01/12     427,470             -  16,438,183        (4,280)        66,512
 9/01/12     339,404             -  12,734,152       (13,034)        53,477
12/01/12     312,892             -  11,816,561        (7,114)        46,363
 3/01/13     277,166             -  11,313,404        (6,662)        39,701
 6/01/13     260,631             -  10,805,704            53         39,755
---------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 106

<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW

<TABLE>
<CAPTION>
                                          PROJECTED CUMULATIVE CASH FLOWS
---------------------------------------------------------------------------------------------------------------------------
                                 SOURCES                                                    USES
           ------------------------------------------------------  --------------------------------------------------------
                TOTAL       TOTAL       REVENUE         TOTAL        INTEREST &     TOTAL          EARLY          TOTAL
 PERIOD         LOAN      INVESTMENT      FUND         SOURCES       SCHEDULED      FEES &         BOND          REORIG-
 ENDING        INCOME       INCOME      DEPOSITS      OF FUNDS       PRINCIPAL     EXPENSES     REDEMPTIONS      INATIONS
---------------------------------------------------------------------------------------------------------------------------
<S>       <C>             <C>         <C>          <C>             <C>           <C>           <C>             <C>
 9/01/13       7,338,660       7,276            -       7,345,935       637,338       180,166       6,334,382             -
12/01/13       6,940,396       7,146            -       6,947,543       543,972       154,790       6,072,267             -
 3/01/14       6,129,234       7,054            -       6,136,288       456,202       130,455       5,381,901             -
 6/01/14       4,615,735       7,190            -       4,622,925       398,019       117,350       3,991,323             -
 9/01/14       3,407,998       7,197            -       3,415,196       346,493        98,310       2,912,045             -
12/01/14       2,967,574       7,086            -       2,974,661       304,023        87,848       2,562,248             -
 3/01/15       2,506,010       7,003            -       2,513,012       267,810        79,002       2,141,037             -
 6/01/15       2,175,769       7,149            -       2,182,918       243 740        76,776       1,837,274             -
 9/01/15       1,580,099       7,166            -       1,587,265       220,638        65,486       1,293,418             -
12/01/15       1,494,277       7,060            -       1,501,338       200,687        60,022       1,221,769             -
 3/01/16       1,392,573       7 058            -       1,399,631       184,155        55,026       1,141,730             -
 6/01/16       1,249,467       7,131            -       1,256,599       170,500        55,532       1,009,272             -
 9/01/16       1,060,322       7,150            -       1,067,472       157,349        46,559         858,811             -
12/01/16         857,459       7,047            -         864,507       144,703        43,239         660,981             -
 3/01/17         730,438       6,969            -         737,406       134,785        40,672         545,095             -
 6/01/17         715,898       7,121            -         723,019       129,985        43,696         530,926             -
 9/01/17         690,877       7,142            -         698,019       122,501        36,497         535,115             -
12/01/17         690,926       7,040            -         697,967       113,773        34,182         535,707             -
 3/01/18         691,040       6,962            -         698,002       105,168        31,843         546,147             -
 6/01/18         687,876       7,115            -         694,991        99,665        34,709         544,128             -
 9/01/18         679,859       7,136            -         686,994        91,875        27,385         565,286             -
12/01/18         679,977       7,034            -         687,011        83,053        24,964         566,931             -
 3/01/19       5,600,175       2,408      500,000       6,102,583        26,509         6,645       5,573,676             -
---------------------------------------------------------------------------------------------------------------------------
          $1,665,922,904  $7,734,722  $28,951,842  $1,702,609,468  $431,365,505  $113,372,007  $1,000,000,000  $127,254,177
---------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                        PROJECTED CUMULATIVE CASH FLOWS
-----------------------------------------------------------------------------
                            USES
          ----------------------------------------
             FUNDS        TOTAL          TOTAL
 PERIOD   DISTRIBUTED     LOAN          USES OF       PERIODIC     CUMULATIVE
 ENDING    TO ISSUER   FORGIVENESS       FUNDS         SURPLUS       SURPLUS
-----------------------------------------------------------------------------
<S>       <C>          <C>          <C>             <C>           <C>
 9/01/13      205,325            -       7,357,211      (11,275)       28,480
12/01/13      180,683            -       6,951,712       (4,169)       24,311
 3/01/14      171,648            -       6,140,205       (3,918)       20,393
 6/01/14      113,831            -       4,620,522       (2,403)       22,796
 9/01/14       65,649            -       3,422,497       (7,301)       15,495
12/01/14       22,437            -       2,976,556       (1,896)       13,599
 3/01/15       26,780            -       2,514,629       (1,617)       11,983
 6/01/15       21,202            -       2,178,992         3,926       15,908
 9/01/15       13,754            -       1,593,296       (6,031)        9,877
12/01/15       19,750            -       1,502,228         (891)        8,986
 3/01/16       19,459            -       1,400,369         (739)        8,248
 6/01/16       16,903            -       1,252,208         4,391       12,638
 9/01/16       10,340            -       1,073,059       (5,587)        7,051
12/01/16       16,149            -         865,071         (565)        6,486
 3/01/17       17,297            -         737,849         (443)        6,044
 6/01/17       13,626            -         718,233         4,786       10,830
 9/01/17        9,240            -         703,353       (5,334)        5,496
12/01/17       14,694            -         698,357         (390)        5,106
 3/01/18       15,228            -         698,386         (384)        4,722
 6/01/18       11,735            -         690,237         4,753        9,476
 9/01/18        7,796            -         692,342       (5,348)        4,128
12/01/18       12,456            -         687,405         (393)        3,735
 3/01/19            -            -       5,606,830       495,753      499,487
-----------------------------------------------------------------------------
          $30,118,292            -  $1,702,109,981      $499,487            -
-----------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 107
<PAGE>

                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW


<TABLE>
<CAPTION>
                                                ASSET COVERAGE SUMMARY - PRIORITY 1
------------------------------------------------------------------------------------------------------------------------------------
 PERIOD       LOANS        INVESTED       ACCRUED        TOTAL          BONDS       ACCRUED      TOTAL         ASSET        ASSET
 ENDING    OUTSTANDING       FUNDS      RECEIVABLES      ASSETS       OUTSTANDING   PAYABLES  LIABILITIES   COVERAGE($)  COVERAGE(%)
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>            <C>            <C>           <C>            <C>            <C>       <C>           <C>          <C>
 6/01/00  $764,546,050   $215,463,029             -   $980,009,079   $950,000,000          -  $950,000,000  $30,009,079   103.159%
 9/01/00   953,792,590     20,161,752     7,202,640    981,156,982    950,000,000          -   950,000,000   31,156,982   103.280%
12/01/00   954,864,817     15,473,981    12,287,962    982,626,760    950,000,000          -   950,000,000   32,626,760   103.434%
 3/01/01   953,711,566     13,417,357    17,099,488    984,228,411    950,000,000          -   950,000,000   34,228,411   103.603%
 6/01/01   957,499,435     12,075,081    15,883,127    985,457,643    950,000,000          -   950,000,000   35,457,643   103.732%
 9/01/01   953,103,718     15,141,893    18,636,806    986,882,417    950,000,000          -   950,000,000   36,882,417   103.882%
12/01/01   949,797,095     16,546,324    22,037,629    988,381,049    950,000,000          -   950,000,000   38,381,049   104.040%
 3/01/02   952,975,541     18,294,522    18,822,669    990,092,732    950,000,000          -   950,000,000   40,092,732   104.220%
 6/01/02   953,734,744     19,948,957    17,861,898    991,545,599    950,000,000          -   950,000,000   41,545,599   104.373%
 9/01/02   960,358,729     25,842,777     6,995,953    993,197,459    950,000,000          -   950,000,000   43,197,459   104.547%
12/01/02   957,623,952     29,244,928     8,074,171    994,943,051    950,000,000          -   950,000,000   44,943,051   104.731%
 3/01/03   956,176,104     31,400,352     9,251,517    996,827,973    950,000,000          -   950,000,000   46,827,973   104.929%
 6/01/03   955,427,657     32,461,446    10,482,548    998,371,652    950,000,000          -   950,000,000   48,371,652   105.092%
 9/01/03   936,247,388      7,753,654     8,201,613    952,202,655    902,071,101          -   902,071,101   50,131,554   105.557%
12/01/03   913,788,733      7,548,124     8,810,686    930,147,544    878,151,511          -   878,151,511   51,996,033   105.921%
 3/01/04   892,880,185      7,347,795     7,025,119    907,253,099    853,402,035          -   853,402,035   53,851,064   106.310%
 6/01/04   869,115,821      7,150,086     6,925,604    883,191,511    827,666,815          -   827,666,815   55,524,696   106.709%
 9/01/04   845,434,590      6,929,517     5,456,246    857,820,353    800,907,968          -   800,907,968   56,912,385   107.106%
12/01/04   820,149,911      6,700,690     4,981,795    831,832,396    773,410,957          -   773,410,957   58,421,439   107.554%
 3/01/05   793,808,151      6,466,130     4,900,124    805,174,405    745,137,367          -   745,137,367   60,037,038   108.057%
 6/01/05   767,051,475      6,250,627     4,728,517    778,030,620    716,674,680          -   716,674,680   61,355,940   108.561%
 9/01/05   741,392,856      6,024,816     4,757,444    752,175,117    689,598,380          -   689,598,380   62,576,737   109.074%
12/01/05   715,385,822      5,796,728     4,830,094    726,012,645    662,120,087          -   662,120,087   63,892,558   109.650%
 3/01/06   688,950,905      5,575,610     4,857,563    699,384,078    635,571,263          -   635,571,263   63,812,815   110.040%
 6/01/06   662,350,162      5,375,528     4,743,762    672,469,452    609,184,327          -   609,184,327   63,285,125   110.389%
 9/01/06   636,233,770      5,159,687     4,650,545    646,044,002    583,277,101          -   583,277,101   62,766,901   110.761%
12/01/06   609,560,146      4,940,356     4,524,891    619,025,393    556,785,451          -   556,785,451   62,239,942   111.178%
 3/01/07   582,412,243      4,718,222     4,474,903    591,605,368    529,902,208          -   529,902,208   61,703,160   111.644%
 6/01/07   555,217,216      4,512,679     4,458,321    564,188,217    503,023,232          -   503,023,232   61,164,985   112.159%
 9/01/07   529,263,810      4,298,218     4,532,141    538,094,170    477,444,567          -   477,444,567   60,649,603   112.703%
12/01/07   502,941,272      4,084,015     4,606,630    511,631,917    451,498,955          -   451,498,955   60,132,962   113.319%
 3/01/08   476,150,797      3,869,819     4,671,305    484,691,921    425,085,039          -   425,085,039   59,606,882   114.022%
 6/01/08   449,267,729      3,662,208     4,673,401    457,603,338    398,529,435          -   398,529,435   59,073,903   114.823%
 9/01/08   423,068,182      3,447,753     4,745,367    431,261,301    372,704,025          -   372,704,025   58,557,276   115.711%
12/01/08   396,395,509      3,231,354     4,809,044    404,435,907    346,402,369          -   346,402,369   58,033,538   116.753%
 3/01/09   369,606,575      3,014,341     4,871,848    377,492,764    319,987,921          -   319,987,921   57,504,843   117.971%
 6/01/09   342,950,367      2,810,617     4,909,966    350,670,951    293,693,434          -   293,693,434   56,977,517   119.400%
 9/01/09   316,610,452      2,594,439     4,990,283    324,195,173    267,735,736          -   267,735,736   56,459,437   121.088%
12/01/09   290,339,479      2,381,882     5,073,217    297,794,579    241,854,108          -   241,854,108   55,940,471   123.130%
 3/01/10   263,926,757      2,168,865     5,158,247    271,253,869    215,831,602          -   215,831,602   55,422,267   125.678%
 6/01/10   242,995,873      1,971,985       556,151    245,524,009    190,619,896          -   190,619,896   54,904,113   128.803%
 9/01/10   220,804,880      1,787,295       534,462    223,126,638    168,666,973          -   168,666,973   54,459,665   132.288%
12/01/10   199,140,453      1,611,813       552,458    201,304,724    147,272,013          -   147,272,013   54,032,711   136.689%
 3/01/11   177,324,792      1,435,718       570,292    179,330,802    125,728,417          -   125,728,417   53,602,385   142.633%
 6/01/11   155,583,346      1,267,424       428,765    157,279,535    104,110,116          -   104,110,116   53,169,419   151.070%
 9/01/11   137,472,734      1,115,231       444,369    139,032,334     86,235,230          -    86,235,230   52,797,104   161.225%
12/01/11   119,790,056        972,327       464,733    121,227,116     68,781,034          -    68,781,034   52,446,082   176.251%
</TABLE>

-----------------------
Prepared by PaineWebber Incorporated                                    Page 108


<PAGE>


                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW


<TABLE>
<CAPTION>
                                                ASSET COVERAGE SUMMARY - PRIORITY 1
------------------------------------------------------------------------------------------------------------------------------------
 PERIOD       LOANS        INVESTED       ACCRUED       TOTAL           BONDS       ACCRUED      TOTAL         ASSET        ASSET
 ENDING    OUTSTANDING      FUNDS      RECEIVABLES      ASSETS       OUTSTANDING   PAYABLES   LIABILITIES   COVERAGE($)  COVERAGE(%)
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>         <C>           <C>             <C>           <C>        <C>           <C>          <C>
 3/01/12   102,960,052     837,125       486,839     104,284,015      52,177,786          -    52,177,786    52,106,229    199.863%
 6/01/12    88,845,769     725,817       145,691      89,717,276      37,907,385          -    37,907,385    51,809,891    236.675%
 9/01/12    77,856,369     631,186       122,822      78,610,377      27,027,802          -    27,027,802    51,582,575    290.850%
12/01/12    67,558,936     547,662       111,751      68,218,348      16,839,911          -    16,839,911    51,378,437    405.099%
 3/01/13    57,493,795     539,701       101,402      58,134,898       6,931,568          -     6,931,568    51,203,330    838.698%
 6/01/13    47,749,043     539,755        79,380      48,368,177               -          -             -    48,368,177           -
 9/01/13    41,290,320     528,480        69,407      41,888,207               -          -             -    41,888,207           -
12/01/13    35,107,861     524,311        61,187      35,693,359               -          -             -    35,693,359           -
 3/01/14    29,619,597     520,393        53,251      30,193,241               -          -             -    30,193,241           -
 6/01/14    25,548,612     522,796        47,099      26,118,507               -          -             -    26,118,507           -
 9/01/14    22,608,354     515,495        41,950      23,165,799               -          -             -    23,165,799           -
12/01/14    20,056,906     513,599        36,798      20,607,303               -          -             -    20,607,303           -
 3/01/15    17,922,970     511,983        31,313      18,466,266               -          -             -    18,466,266           -
 6/01/15    16,079,751     515,908        26,422      16,622,081               -          -             -    16,622,081           -
 9/01/15    14,799,971     509,877        24,683      15,334,530               -          -             -    15,334,530           -
12/01/15    13,581,767     508,986        23,051      14,113,805               -          -             -    14,113,805           -
 3/01/16    12,442,347     508,248        21,481      12,972,075               -          -             -    12,972,075           -
 6/01/16    11,424,851     512,638        19,999      11,957,488               -          -             -    11,957,488           -
 9/01/16    10,578,362     507,051        18,312      11,103,725               -          -             -    11,103,725           -
12/01/16     9,920,227     506,486        16,297      10,443,011               -          -             -    10,443,011           -
 3/01/17     9,377,961     506,044        13,912       9,897,916               -          -             -     9,897,916           -
 6/01/17     8,839,718     510,830        11,793       9,362,341               -          -             -     9,362,341           -
 9/01/17     8,315,280     505,496        11,100       8,831,875               -          -             -     8,831,875           -
12/01/17     7,780,684     505,106        10,379       8,296,168               -          -             -     8,296,168           -
 3/01/18     7,235,671     504,722         9,627       7,750,021               -          -             -     7,750,021           -
 6/01/18     6,683,301     509,476         8,870       7,201,647               -          -             -     7,201,647           -
 9/01/18     6,128,323     504,128         8,156       6,640,607               -          -             -     6,640,607           -
12/01/18     5,562,512     503,735         7,429       6,073,676               -          -             -     6,073,676           -
 1/01/19             -     499,487             -         499,487               -          -             -       499,487           -
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 109


<PAGE>


                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW


<TABLE>
<CAPTION>
                                                ASSET COVERAGE SUMMARY - PRIORITY 2
------------------------------------------------------------------------------------------------------------------------------------
 PERIOD      LOANS      INVESTED         ACCRUED      TOTAL          BONDS        ACCRUED       TOTAL          ASSET       ASSET
 ENDING   OUTSTANDING    FUNDS        RECEIVABLES     ASSETS      OUTSTANDING    PAYABLES    LIABILITIES    COVERAGE($)  COVERAGE(%)
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>           <C>           <C>          <C>           <C>             <C>       <C>             <C>           <C>
 6/01/00  $764,546,050  $215,463,029            -  $980,009,079  $1,000,000,000         -  $1,000,000,000  ($19,990,921)   98.001%
 9/01/00   953,792,590    20,161,752    7,202,640   981,156,982   1,000,000,000         -   1,000,000,000   (18,843,018)   98.116%
12/01/00   954,864,817    15,473,981   12,287,962   982,626,760   1,000,000,000         -   1,000,000,000   (17,373,240)   98.263%
 3/01/01   953,711,566    13,417,357   17,099,488   984,228,411   1,000,000,000         -   1,000,000,000   (15,771,589)   98.423%
 6/01/01   957,499,435    12,075,081   15,883,127   985,457,643   1,000,000,000         -   1,000,000,000   (14,542,357)   98.546%
 9/01/01   953,103,718    15,141,893   18,636,806   986,882,417   1,000,000,000     1,260   1,000,001,260   (13,118,843)   98.688%
12/01/01   949,797,095    16,546,324   22,037,629   988,381,049   1,000,000,000     2,507   1,000,002,507   (11,621,458)   98.838%
 3/01/02   952,975,541    18,294,522   18,822,669   990,092,732   1,000,000,000     3,740   1,000,003,740    (9,911,008)   99.009%
 6/01/02   953,734,744    19,948,957   17,861,898   991,545,599   1,000,000,000         -   1,000,000,000    (8,454,401)   99.155%
 9/01/02   960,358,729    25,842,777    6,995,953   993,197,459   1,000,000,000     1,260   1,000,001,260    (6,803,801)   99.320%
12/01/02   957,623,952    29,244,928    8,074,171   994,943,051   1,000,000,000     2,507   1,000,002,507    (5,059,456)   99.494%
 3/01/03   956,176,104    31,400,352    9,251,517   996,827,973   1,000,000,000     3,740   1,000,003,740    (3,175,767)   99.682%
 6/01/04   955,427,657    32,461,446   10,482,548   998,371,652   1,000,000,000         -   1,000,000,000    (1,628,348)   99.837%
 9/01/03   936,247,388     7,753,654    8,201,613   952,202,655     952,071,101     1,257     952,072,358        130,298  100.014%
12/01/03   913,788,733     7,548,124    8,810,686   930,147,544     928,151,511     2,500     928,154,011      1,993,533  100.215%
 3/01/04   892,880,185     7,347,795    7,025,119   907,253,099     903,402,035     3,743     903,405,778      3,847,321  100.426%
 6/01/04   869,115,821     7,150,086    6,925,604   883,191,511     877,666,815         -     877,666,815      5,524,696  100.629%
 9/01/04   845,434,590     6,929,517    5,456,246   857,820,353     850,907,968     1,260     850,909,228      6,911,125  100.812%
12/01/04   820,149,911     6,700,690    4,981,795   831,832,396     823,410,957     2,507     823,413,464      8,418,932  101.022%
 3/01/05   793,808,151     6,466,130    4,900,124   805,174,405     795,137,367     3,740     795,141,107     10,033,298  101.262%
 6/01/05   767,051,475     6,250,627    4,728,517   778,030,620     766,674,680         -     766,674,680     11,355,940  101.481%
 9/01/05   741,392,856     6,024,816    4,757,444   752,175,117     739,598,380     1,260     739,599,640     12,575,476  101.700%
12/01/05   715,385,822     5,796,728    4,830,094   726,012,645     712,120,087     2,507     712,122,594     13,890,051  101.951%
 3/01/06   688,950,905     5,575,610    4,857,563   699,384,078     685,571,263     3,740     685,575,003     13,809,075  102.014%
 6/01/06   662,350,162     5,375,528    4,743,762   672,469,452     659,184,327         -     659,184,327     13,285,125  102.015%
 9/01/06   636,233,770     5,159,687    4,650,545   646,044,002     633,277,101     1,260     633,278,361     12,765,641  102.016%
12/01/06   609,560,146     4,940,356    4,524,891   619,025,393     606,785,451     2,507     606,787,958     12,237,436  102.017%
 3/01/07   582,412,243     4,718,222    4,474,903   591,605,368     579,902,208     3,740     579,905,948     11,699,420  102.017%
 6/01/07   555,217,216     4,512,679    4,458,321   564,188,217     553,023,232         -     553,023,232     11,164,985  102.019%
 9/01/07   529,263,810     4,298,218    4,532,141   538,094,170     527,444,567     1,257     527,445,824     10,648,346  102.019%
12/01/07   502,941,272     4,084,015    4,606,630   511,631,917     501,498,955     2,500     501,501,455     10,130,462  102.020%
 3/01/08   476,150,797     3,869,819    4,671,305   484,691,921     475,085,039     3,743     475,088,782      9,603,139  102.021%
 6/01/08   449,267,729     3,662,208    4,673,401   457,603,338     448,529,435         -     448,529,435      9,073,903  102.023%
 9/01/08   423,068,182     3,447,753    4,745,367   431,261,301     422,704,025     1,260     422,705,285      8,556,016  102.024%
12/01/08   396,395,509     3,231,354    4,809,044   404,435,907     396,402,369     2,507     396,404,876      8,031,032  102.026%
 3/01/09   369,606,575     3,014,341    4,871,848   377,492,764     369,987,921     3,740     369,991,661      7,501,103  102.027%
 6/01/09   342,950,367     2,810,617    4,909,966   350,670,951     343,693,434         -     343,693,434      6,977,517  102.030%
 9/01/09   316,610,452     2,594,439    4,990,283   324,195,173     317,735,736     1,260     317,736,996      6,458,177  102.033%
12/01/09   290,339,479     2,381,882    5,073,217   297,794,579     291,854,108     2,507     291,856,615      5,937,964  102.035%
 3/01/10   263,926,757     2,168,865    5,158,247   271,253,869     265,831,602     3,740     265,835,342      5,418,527  102.038%
 6/01/10   242,995,873     1,971,985      556,151   245,524,009     240,619,896         -     240,619,896      4,904,113  102.038%
 9/01/10   220,804,880     1,787,295      534,462   223,126,638     218,666,973     1,260     218,668,233      4,458,404  102.039%
12/01/10   199,140,453     1,611,813      552,458   201,304,724     197,272,013     2,507     197,274,520      4,030,205  102.043%
 3/01/11   177,324,792     1,435,718      570,292   179,330,802     175,728,417     3,740     175,732,157      3,598,645  102.048%
 6/01/11   155,583,346     1,267,424      428,765   157,279,535     154,110,116         -     154,110,116      3,169,419  102.057%
 9/01/11   137,472,734     1,115,231      444,369   139,032,334     136,235,230     1,257     136,236,487      2,795,847  102.052%
12/01/11   119,790,056       972,327      464,733   121,227,116     118,781,034     2,500     118,783,534      2,443,582  102.057%
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 110


<PAGE>


                                                                  $1,000,000,000
                                                     NELNET STUDENT LOAN CORP.-2
                                         TAXABLE STUDENT LOAN ASSET BACKED NOTES
                                                                 MANAGEMENT CASE
                                                                     5.0% T-BILL

                                                                 FINAL CASH FLOW


<TABLE>
<CAPTION>
                                                ASSET COVERAGE SUMMARY - PRIORITY 2
------------------------------------------------------------------------------------------------------------------------------------
 PERIOD       LOANS        INVESTED       ACCRUED      TOTAL          BONDS     ACCRUED      TOTAL         ASSET        ASSET
 ENDING    OUTSTANDING      FUNDS      RECEIVABLES     ASSETS      OUTSTANDING  PAYABLES  LIABILITIES   COVERAGE($)   COVERAGE(%)
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>         <C>           <C>           <C>          <C>       <C>           <C>           <C>
 3/01/12   102,960,052      837,125      486,839     104,284,015   102,177,786    3,743   102,181,529    2,102,486     102.058%
 6/01/12    88,845,769      725,817      145,691      89,717,276    87,907,385        -    87,907,385    1,809,891     102.059%
 9/01/12    77,856,369      631,186      122,822      78,610,377    77,027,802    1,260    77,029,062    1,581,314     102.053%
12/01/12    67,558,936      547,662      111,751      68,218,348    66,839,911    2,507    66,842,418    1,375,931     102.058%
 3/01/13    57,493,795      539,701      101,402      58,134,898    56,931,568    3,740    56,935,308    1,199,590     102.107%
 6/01/13    47,749,043      539,755       79,380      48,368,177    47,361,469        -    47,361,469    1,006,708     102.126%
 9/01/13    41,290,320      528,480       69,407      41,888,207    41,027,087    1,260    41,028,347      859,859     102.096%
12/01/13    35,107,861      524,311       61,187      35,693,359    34,954,820    2,507    34,957,327      736,033     102.106%
 3/01/14    29,619,597      520,393       53,251      30,193,241    29,572,919    3,740    29,576,659      616,582     102.085%
 6/01/14    25,548,612      522,796       47,099      26,118,507    25,581,596        -    25,581,596      536,911     102.099%
 9/01/14    22,608,354      515,495       41,950      23,165,799    22,669,551    1,260    22,670,811      494,988     102.183%
12/01/14    20,056,906      513,599       36,798      20,607,303    20,107,303    2,507    20,109,810      497,493     102.474%
 3/01/15    17,922,970      511,983       31,313      18,466,266    17,966,266    3,740    17,970,006      496,260     102.762%
 6/01/15    16,079,751      515,908       26,422      16,622,081    16,128,992        -    16,128,992      493,089     103.057%
 9/01/15    14,799,971      509,877       24,683      15,334,530    14,835,574    1,257    14,836,831      497,699     103.354%
12/01/15    13,581,767      508,986       23,051      14,113,805    13,613,805    2,500    13,616,305      497,500     103.654%
 3/01/16    12,442,347      508,248       21,481      12,972,075    12,472,075    3,743    12,475,818      496,257     103.978%
 6/01/16    11,424,851      512,638       19,999      11,957,488    11,462,803        -    11,462,803      494,685     104.316%
 9/01/16    10,578,362      507,051       18,312      11,103,725    10,603,992    1,260    10,605,252      498,472     104.700%
12/01/16     9,920,227      506,486       16,297      10,443,011     9,943,011    2,507     9,945,518      497,493     105.002%
 3/01/17     9,377,961      506,044       13,912       9,897,916     9,397,916    3,740     9,401,656      496,260     105.278%
 6/01/17     8,839,718      510,830       11,793       9,362,341     8,866,990        -     8,866,990      495,351     105.586%
 9/01/17     8,315,280      505,496       11,100       8,831,875     8,331,875    1,260     8,333,135      498,740     105.985%
12/01/17     7,780,684      505,106       10,379       8,296,168     7,796,168    2,507     7,798,675      497,493     106.379%
 3/01/18     7,235,671      504,722        9,627       7,750,021     7,250,021    3,740     7,253,761      496,260     106.841%
 6/01/18     6,683,301      509,476        8,870       7,201,647     6,705,893        -     6,705,893      495,754     107.393%
 9/01/18     6,128,323      504,128        8,156       6,640,607     6,140,607        -     6,140,607      500,000     108.143%
12/01/18     5,562,512      503,735        7,429       6,073,676     5,573,676        -     5,573,676      500,000     108.971%
 1/01/19             -      499,487            -         499,487             -        -             -      499,487            -
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Prepared by PaineWebber Incorporated                                    Page 111


<PAGE>


                                    EXHIBIT C

                            NOTICE OF PAYMENT DEFAULT

                        NELNET STUDENT LOAN CORPORATION-2
                     TAXABLE STUDENT LOAN ASSET-BACKED NOTES
                                   CLASS 2000_
                         AUCTION RATE CERTIFICATE NOTES


         NOTICE IS HEREBY GIVEN that a Payment Default has occurred and is
continuing with respect to the Auction Rate Notes identified above. The next
Auction for the Auction Rate Notes will not be held. The Auction Rate for the
Auction Rate Notes for the next succeeding Interest Period shall be the
Non-Payment Rate.

                                          ZIONS FIRST NATIONAL BANK, as Trustee


Dated: ___________________________        By ___________________________________


<PAGE>


                                    EXHIBIT D

                        NOTICE OF CURE OF PAYMENT DEFAULT

                        NELNET STUDENT LOAN CORPORATION-2
                     TAXABLE STUDENT LOAN ASSET-BACKED NOTES
                                   CLASS 2000_
                         AUCTION RATE CERTIFICATE NOTES


         NOTICE IS HEREBY GIVEN that a Payment Default with respect to the
Auction Rate Notes identified above has been waived or cured. The next Interest
Payment Date is ___________________________________________ and the Auction Date
is ______________________________________.

                                           ZIONS FIRST NATIONAL BANK, as Trustee


Dated: ____________________________        By __________________________________


<PAGE>


                                    EXHIBIT E

                       NOTICE OF PROPOSED CHANGE IN LENGTH
                         OF ONE OR MORE AUCTION PERIODS

                        NELNET STUDENT LOAN CORPORATION-2
                     TAXABLE STUDENT LOAN ASSET-BACKED NOTES
                                  CLASS 2000__
                         AUCTION RATE CERTIFICATE NOTES


         Notice is hereby given that the Issuer proposes to change the length of
one or more Auction Periods pursuant to the Indenture of Trust, as amended (the
"Indenture") as follows:

         1.       The change shall take effect on ________________________, the
Interest Rate Adjustment Date for the next Auction Period (the "Effective
Date").

         2.       The Auction Period Adjustment in Paragraph 1 shall take place
only if (a) the Trustee and the Auction Agent receive, by 11:00 a.m., eastern
time, on the Business Day before the Auction Date for the Auction Period
commencing on the Effective Date, a certificate from the Issuer, as required by
the Indenture authorizing the change in length of one or more Auction Periods
and (b) Sufficient Bids exist on the Auction Date for the Auction Period
commencing on the Effective Date.

         3.       If the condition referred to in (a) above is not met, the
Auction Rate for the Auction Period commencing on the Effective Date will be
determined pursuant to the Auction Procedures and the Auction Period shall be
the Auction Period determined without reference to the proposed change. If the
condition referred to in (a) is met but the condition referred to in (b) above
is not met, the Auction Rate for the Auction Period commencing on the Effective
Date shall be the Maximum Rate and the Auction Period shall be the Auction
Period determined without reference to the proposed change.

         4.       It is hereby represented, upon advice of the Auction Agent for
the Class 2000____ Notes described herein, that there were Sufficient Bids for
such Class 2000_____ Notes at the Auction immediately preceding the date of
this Notice.

         5.       Terms not defined in this Notice shall have the meanings set
forth in the Indenture entered into in connection with the Class 2000__ Notes.

                                               NELNET STUDENT LOAN CORPORATION-2


Dated: _________________________               By ______________________________


<PAGE>


                                    EXHIBIT F

                      NOTICE ESTABLISHING CHANGE IN LENGTH
                         OF ONE OR MORE AUCTION PERIODS

                        NELNET STUDENT LOAN CORPORATION-2
                     TAXABLE STUDENT LOAN ASSET-BACKED NOTES
                                  CLASS 2000__
                         AUCTION RATE CERTIFICATE NOTES


         Notice is hereby given that the Issuer hereby establishes new lengths
for one or more Auction Periods pursuant to the Indenture of Trust, as amended:

         1.       The change shall take effect on ____________________, the
Interest Rate Adjustment Date for the next Auction Period (the "Effective
Date").

         2.       For the Auction Period commencing on the Effective Date, the
Interest Rate Adjustment Date shall be ________________________, or the next
succeeding Business Day if such date is not a Business Day.

         3.       For Auction Periods occurring after the Auction Period
commencing on the Effective Date, the Interest Rate Adjustment Date shall be
[__________________________(date) and every __________________________(number)
________________(day   of   week)   thereafter] [every _______________(number)
________________(day of week) after the date set forth in paragraph 2 above],
or the next Business Day if any such day is not a Business Day; provided,
however, that the length of subsequent Auction Periods shall be subject to
further change hereafter as provided in the Indenture of Trust.

         4.       The changes described in paragraphs 2 and 3 above shall take
place only upon delivery of this Notice and the satisfaction of other conditions
set forth in the Indenture of Trust and our prior notice dated _________________
regarding the proposed change.

         5.       Terms not defined in this Notice shall have the meanings set
forth in the Indenture of Trust relating to the Class 2000____ Notes.

                                               NELNET STUDENT LOAN CORPORATION-2



Dated: ________________________                By ______________________________