Exhibit 10.3

                 SUMMARY OF NAMED EXECUTIVE OFFICER COMPENSATION

      The following sets forth a summary of the base salary and other
compensation arrangements for 2005 for the Co-Chief Executive Officers (the
"Co-CEOs") of Nelnet, Inc. (the "Company") and the four other highest
compensated executive officers of the Company during 2004 by reference to total
annual salary and bonus for 2004 (the "Named Executive Officers").

Base Salaries

            Name and principal position                         2005 base salary
            ---------------------------                         ----------------

            Michael S. Dunlap                                       $500,000
              Co-Chief Executive Officer

            Stephen F. Butterfield                                  $500,000
              Co-Chief Executive Officer

            Don R. Bouc(a)                                          $100,000
              President Emeritus

            Raymond J. Ciarvella                                    $225,000
              Executive Director and Chief
              Information Officer

            David A. Bottegal                                       $250,000
              Executive Director and Chief
              Marketing Officer

            Matthew D. Hall                                         $225,000
              Executive Director

            (a)   Effective January 3, 2005, Mr. Bouc retired from his position
                  as President of the Company and now serves as President
                  Emeritus.

Performance Bonus Payments

      The Named Executive Officers (other than Don R. Bouc, who retired as
President of the Company effective January 3, 2005) are eligible for performance
bonus payments under a 2005 incentive plan arrangement under which an incentive
compensation pool for employees will be established based upon a formula that
increases the available compensation pool amount as the Company's Base Income,
which is computed as net income excluding derivative market value adjustments,
amortization of intangible assets, and variable-rate floor income items,
increases.

<PAGE>

      Under the 2005 incentive plan arrangement, for Base Income before tax and
incentive up to $100 million, the Company will contribute five percent of each
dollar earned to an incentive compensation pool to be available for allocation
and distribution among employees of the Company. For Base Income before tax and
incentive between $100 and $200 million, 10 percent of each dollar earned will
be directed to the pool. For Base Income before tax and incentive greater than
$200 million, 15 percent of each dollar earned will be directed to the pool. The
incentive pool will be allocated and distributed among employees, including
Named Executive Officers, based on criteria such as the amount of student loan
assets per employee and on the particular individual's performance during 2005.

      The Company has an Executive Officers Bonus Plan for the Co-CEOs of the
Company. A copy of this plan has been filed as an exhibit to a Company filing
with the SEC. Under this plan, bonus compensation will be available in 2005 to
each of the Co-CEOs in the amount of 0.60% of Base Income. Bonus payments under
the Executive Officers Bonus Plan for a particular year are made subsequent to
year-end after the Company's earnings for the year have been finalized and
announced to the public.

Other Compensation

      The Company owns a controlling interest in an aircraft due to the frequent
business travel needs of its executives and the limited availability of
commercial flights in Lincoln, Nebraska, where the Company's headquarters are
located. The Company allows the Co-CEOs to utilize the aircraft for personal
travel when it is not required for business travel. The value of the personal
use of the aircraft is computed based on the federal income tax regulations,
including the Standard Industrial Fare Level ("SIFL") tables included in the
income tax regulations.

      The Company "matches" certain employee contributions to its 401(k) savings
plan. In addition, the Company pays premiums on life insurance for its
employees.


                                       2