Exhibit 10.1

                                  NELNET, INC.
                      AMENDED EXECUTIVE OFFICERS BONUS PLAN
                          (Effective November 16, 2004)

1.    PURPOSE. Nelnet, Inc. has established this Nelnet, Inc. Executive Officers
      Bonus Plan in order to provide the Company's Co-Chief Executive Officers
      with an opportunity to earn annual bonus compensation based upon the
      Company's consolidated net income before taxes, as an incentive and reward
      for their leadership, ability and exceptional services.

2.    DEFINITIONS. For purposes of the Plan, the following terms shall be
      defined as set forth below:

      a.    "Award" means the amount of bonus compensation to which an Eligible
            Employee is entitled for each Plan Year in accordance with sections
            4 and 5 of the Plan.

      b.    "Base Income" means consolidated net income before income taxes
            under generally accepted accounting principles, excluding derivative
            market value adjustments, amortization of intangible assets and
            variable-rate floor income.

      c.    "Board" means the Board of Directors of the Company.

      d.    "Code" means the Internal Revenue Code of 1986, as amended,
            including applicable regulations thereunder.

      e.    "Committee" means the Compensation Committee of the Board.

      f.    "Company" means Nelnet. Inc., a Nebraska corporation, or any
            successor corporation.

      g.    "Eligible Employee" means each of the Co-Chief Executive Officers of
            the Company.

      h.    "Plan" means the Nelnet, Inc. Executive Officers Bonus Plan, as
            amended from time to time.

      i.    "Plan Year" means a calendar year or such other period established
            by the Committee.

3.    ADMINISTRATION. The Plan shall be administered by the Committee. The
      Committee shall have the authority to adopt, alter and repeal such
      administrative rules, guidelines and practices governing the Plan as it
      shall deem advisable and to interpret the terms and provisions of the
      Plan. All determinations made by the Committee with respect to the Plan
      and Awards thereunder shall be final and binding on all persons, including
      the Company and all Eligible Employees.

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4.    DETERMINATION OF AWARDS. The amount of the Award payable to each Eligible
      Employee for each Plan Year shall be 0.60% of the Company's Base Income
      for the Plan Year.

5.    PAYMENT OF AWARD. The Award of each Eligible Employee for a Plan Year
      shall be paid in cash after the Company's earnings for the Plan Year have
      been finalized and announced to the public. If an Eligible Employee dies
      after the end of a Plan Year but before receiving payment of any Award,
      the amount of such Award shall be paid to a designated beneficiary or, if
      no beneficiary has been designated, to the Eligible Employee's estate, in
      the form of a lump sum payment in cash as soon as practicable after the
      Award for the Plan Year has been determined.

6.    NONTRANSFERABILITY. No Award or rights under this Plan may be transferred
      assigned other than by will or by the laws of descent and distribution.

7.    AMENDMENTS AND TERMINATION. The Board may terminate the Plan at any time
      and may amend it from time to time; provided, however, that no termination
      or amendment of the Plan shall adversely affect the rights of an Eligible
      Employee or a beneficiary to a previously earned Award.

8.    GENERAL PROVISIONS.

      a.    Nothing set forth in this Plan shall prevent the Board from adopting
            other or additional compensation arrangements. Neither the adoption
            of the Plan or any Award hereunder shall confer upon an Eligible
            Employee any right to continued employment.

      b.    No member of the Board or the Committee, nor any officer or employee
            of the Company acting on behalf of the Board or the Committee, shall
            be personally liable for any action, determination or interpretation
            taken or made with respect to the Plan, and all members of the Board
            or the Committee and all officers or employees of the Company acting
            on their behalf shall, to the extent permitted by law, be fully
            indemnified and protected by the Company in respect of any such
            action, determination or interpretation.

9.    EFFECTIVE DATE. The Amended Plan shall be effective as of November 16,
      2004.