Document:

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                                                                   Exhibit 10.31

                               FIRST AMENDMENT OF
                  AMENDED AND RESTATED PARTICIPATION AGREEMENT

     This First Amendment of the Amended and Restated Participation Agreement
(the "Amendment") is made and entered into as of this 19th day of December,
2001, by and between and Union Bank and Trust Company, a Nebraska banking
corporation and trust company, solely in its capacity as trustee of various
grantor trusts known as Short Term Federal Investment Trusts or other grantor
trusts ("Union Bank") and NELnet, Inc., a Nevada corporation f/k/a National
Education Loan Network, Inc. ("NELnet").

     WHEREAS, the parties hereto entered into that certain Amended and Restated
Participation Agreement dated as of June 1, 2001 (the "Agreement"), and the
parties hereto wish to amend the Agreement under the terms set forth herein.

     NOW, THEREFORE, in consideration of the foregoing premises and the mutual
covenants herein contained, the parties hereto agree as follows:

     1. Definitions. Unless otherwise expressly stated herein, capitalized terms
in this Amendment shall have the same meanings given to them in the Agreement.

     2. Increase in Participation Amount. For purposes of the Agreement and this
Amendment, the maximum aggregate total of participation interests sold to Union
Bank shall be $600 million.

     3. Change in Definition of NELnet's Fee. For purposes of Section 1.03 of
the Agreement, NELnet's Fee shall be defined to equal the difference between (i)
the total of interest received with respect to such Eligible Loans contained in
a participation certificate, and (ii) an amount equal to 30 basis points (.30%)
above the average of the bond equivalent rates of the quotes of 3-month
commercial paper (financial) rates in effect for each of the days in such
quarter as reported by the Federal Reserve in Publication H-15 (or its
successor) for the relevant 3-month period, multiplied by the average aggregate
principal balance of all Eligible Loans covered by said participation
certificate.

     4. Effect of Amendment. Unless expressly modified or amended by this
Amendment, all terms and provision contained in the Agreement shall remain in
full force and effect without modification.

Union Bank and Trust Company                      NELnet, Inc.

By: /s/ Ken Backemeyer                            By: /s/ Terry Heimes
    -------------------------                         --------------------------
Title: Senior Vice President                      Title: Chief Financial Officer<PAGE>
                                                                   Exhibit 10.32

                              SECOND AMENDMENT OF
                  AMENDED AND RESTATED PARTICIPATION AGREEMENT

         This Second Amendment of the Amended and Restated Participation
Agreement (the "Second Amendment") is made and entered into as of this 1st day
of December, 2002, by and between and Union Bank and Trust Company, a Nebraska
banking corporation and trust company, solely in its capacity as trustee of
various grantor trusts known as Short Term Federal Investment Trusts or other
grantor trusts ("Union Bank") and Nelnet, Inc., a Nevada corporation f/k/a
National Education Loan Network, Inc. ("Nelnet").

         WHEREAS, the parties hereto entered into that certain Amended and
Restated Participation Agreement dated as of June 1, 2001, as amended (the
"Agreement"), and the parties hereto wish to amend the Agreement under the terms
set forth herein.

         NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants herein contained, the parties hereto agree as follows:

         1.       Definitions. Unless otherwise expressly stated herein,
capitalized terms in this Amendment shall have the same meanings given to them
in the Agreement.

         2.       Increase in Participation Amount. For purposes of the
Agreement and this Amendment, the maximum aggregate total of participation
interests sold to Union Bank shall be $750 million.

         3.       Effect of Second Amendment. Unless expressly modified or
amended by this Second Amendment, all terms and provision contained in the
Agreement shall remain in full force and effect without modification.

Union Bank and Trust Company, as Trustee     Nelnet, Inc.

By:    /s/ Ken Backemeyer                    By:    /s/ Terry Heimes
       --------------------                         --------------------
Title: Sr. V.P.                              Title: CFO<PAGE>
                                                                   Exhibit 10.33

                    ALTERNATIVE LOAN PARTICIPATION AGREEMENT

         This Alternative Loan Participation Agreement (the "Agreement") is made
and entered into effective as of this 29 day of June, 2001, by and between
NELnet, Inc., a Nevada corporation (the "Participant") and Union Bank and Trust
Company, a Nebraska banking corporation (the "Lender").

         WHEREAS, Lender is engaged in or will be engaged in a program of
originating or acquiring and servicing beneficial interests in unsecured loans
("ASLs") to borrowers for educational purposes, and such ASLs are not and will
not be made, guaranteed or insured pursuant to the Higher Education Act of 1965,
as amended;

         WHEREAS, Lender has engaged or will engage UNIPAC Service Corporation
and/or InTuition, Inc. (collectively, the "Subservicer") to assist Lender in
servicing the ASLs;

         WHEREAS, Participant wishes to purchase from Lender a participation
interest in certain ASLs and Lender wishes to sell to Participant a
participation interest in ASLs under the terms and conditions as set forth
herein.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, Participant and Lender do hereby agree as follows:

         1.       Sale of Participation Interests in ASLs.

                  A.       Participant shall purchase from Lender and Lender
         shall sell, transfer and convey to Participant an undivided 100.0%
         participation interest in and to such ASLs which are in compliance with
         the representations and warranties given by Lender in this Agreement,
         and which comply with Participant's underwriting criteria at the time
         of Purchase, with an aggregate unpaid principal balance of up to such
         limit as may be mutually agreed upon by the parties from time to time.
         Participation interests in ASLs which do not comply with Participant's
         internal underwriting criteria, as modified from time to time in
         Participant's sole discretion, shall not be subject to purchase; Lender
         shall make available to Participant information as Participant may
         reasonably request in order to enable Participant to make credit
         decisions with respect to ASLs. Lender shall make such transfer and
         shall keep its interest in the ASLs free and clear of all security
         interests, liens or encumbrances of any nature whatsoever, provided,
         however, the Participant acknowledges that First National Bank
         Northeast holds legal title to the underlying promissory note
         evidencing the ASL. The purchase price for such participation interests
         shall be the amount equal to 100% of outstanding principal balance plus
         100% of accrued and unpaid interest on the ASL being participated. The
         purchase price shall be paid in immediately available funds.

                  B.       The sale and purchase of the loan participations
         under this Agreement shall be without recourse against Lender. Lender
         and Participant acknowledge and agree that this Agreement results in a
         pro rata sharing of credit risk proportionate to the respective
         interests of Lender and Participant in the ASLs, both before and after
         any default with respect to the ASLs.

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         2.       Participation Certificates. The ASLs are evidenced by
promissory notes which have been prepared and approved by Lender. The originals
of such promissory notes shall be kept in the physical custody and possession of
the Subservicer for purposes of servicing. On the date of the first sale of a
participation interest with respect to a portfolio of ASLs, or thereafter as
mutually agreed to by the parties, Lender shall execute and deliver (or shall
cause to be executed and delivered) to Participant a master participation
certificate substantially in the form marked as Exhibit "A," attached hereto and
incorporated herein by this reference, evidencing a participating equitable
ownership interest in the ASLs in that particular portfolio. Lender shall
deliver or cause to be delivered to Participant, in addition to the executed
original of Exhibit "A," a schedule of the ASLs identifying such loans
comprising the portfolio.

         3.       Decisions Concerning the ASLs. After purchase of the
participation interest pursuant to this Agreement, all actions and decisions
concerning the ASLs, including without limitation the day-to-day administration
and servicing of the ASLs, shall be made by Participant and such decisions shall
be binding on Lender. Servicing of the ASLs shall be performed by the
Subservicer on behalf of Lender and Participant, and Lender shall pay to the
Subservicer all costs of servicing the ASLs during the term of this Agreement.
All servicing reports generated by the Subservicer with respect to the ASLs
shall be available to Participant, and all payments received by Lender or the
Subservicer with respect to the ASLs shall be forwarded promptly to Participant
or its designee, less the servicing fee as set forth in Section 4(a) hereof.

         4.       Payments and Accounting to Participant: Records.

                  (a)      Lender, through the Subservicer, shall account and
         deliver promptly to Participant in accordance with its percentage
         interest in the ASLs for all sums of interest paid upon the ASLs by
         borrowers thereon and for all other sums of income received by Lender
         on account of the ASLs, such as payments of interest made by any
         insurer or guarantor on account of ASLs or the interest portion of
         proceeds of any sale or other disposition of the ASLs, less a servicing
         fee in an amount (to be received by Lender on a quarterly basis or as
         otherwise mutually agreed to be paid from payments of income with
         respect to the ASLs or from capitalized interest in respect thereof)
         equal to the product of the aggregate average outstanding principal
         balances of ASLs covered by the Participation Certificate multiplied by
         the rate of 100 basis points (1.0%) per annum. Any portion of interest
         to which Participant is entitled and which is capitalized with respect
         to ASLs covered by the participation certificate shall commensurately
         increase Participant's beneficial ownership of the outstanding
         principal balance on such ASLs. Participant shall have a right to an
         accounting of all funds received by Lender in connection with the ASLs.
         Within a reasonable time following execution of this Agreement, Lender
         shall transfer to Participant the balance of all loan service costs
         charges collected with respect to the ASLs (less withdrawals for
         losses).

                  (b)      Lender, through its agent, the Subservicer, will
         maintain customary books and records relating to the ASLs, which shall
         be made available to Participant at all reasonable times for the
         purpose of inspection, and copies of any of Lender's records relating
         to the ASLs shall be furnished to Participant at Participant's request.

                  (c)      To the extent not already available to Participant,
         Lender, through the Subservicer, shall provide to Participant, promptly
         after Lender receives or obtains any information in Lender's

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         possession as to the accrual status of, and principal and interest
         payments with respect to, the ASLs, together with any information as to
         default of borrowers on such ASLs.

         5.       Representations and Warranties.

                  (a) Lender makes no representations or warranties, whether
         expressed or implied, to Participant, as to the collectability of the
         ASLs or the continued solvency of the borrowers on ASLs. Lender does
         represent and warrant to Participant as follows:

                  (1)      This Agreement has been duly authorized, executed and
                           delivered by Lender and constitutes a legal, valid
                           and binding obligation.

                  (2)      The Agreement was made in compliance with all
                           applicable local, State and federal laws, rules and
                           regulations.

                  (3)      Lender has and its officers acting on its behalf
                           have, full legal authority to engage in the
                           transactions contemplated by the Agreement, the
                           execution and delivery of the Agreement, the
                           consummation of the transactions herein contemplated
                           and compliance with the terms, conditions and
                           provisions of the Agreement do not and will not
                           conflict with or result in a breach of any of the
                           terms, conditions or provisions of the charter,
                           articles or bylaws of Lender or any agreement or
                           instrument to which Lender is a party to or bound by
                           any agreement or instrument or a default thereunder.
                           Lender is not a party to or bound by any agreement or
                           instrument or subject to any charter or other
                           corporation restriction or judgment, order, writ,
                           injunction, decree, law, rule or regulation which may
                           materially and adversely affect the ability of Lender
                           enforceable against it in accordance with its terms,
                           and no consent, approval or authorization of any
                           government or governmental body, including without
                           limitation, the Federal Savings and Loan Insurance
                           Corporation, the Federal Deposit Insurance
                           Corporation, the Comptroller of the Currency, the
                           Board of governors of the Federal Reserve System or
                           any state bank regulatory agency, is required in
                           connection with the consummation of the transactions
                           herein contemplated.

                  (4)      Lender is duly organized, validly existing and in
                           good standing under the laws of the state of Nebraska
                           and has the power and authority to own its assets and
                           carry on its business as now being conducted.

                  (5)      At the time of origination, each ASL has been duly
                           executed and delivered and constitutes the legal,
                           valid and binding obligtions of the maker thereof,
                           enforceable in accordance with its terms.

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         (b)      Participant represents and warrants to Lender as follows:

                  (1)      This Agreement has been duly authorized, executed and
                           delivered by Participant and constitutes a legal,
                           valid and binding obligation.

                  (2)      The Agreement was made in compliance with all
                           applicable local, State and federal laws, rules and
                           regulations.

                  (3)      Participant has and its officers acting on its behalf
                           have, full legal authority to engage in the
                           transactions contemplated by the Agreement, the
                           execution and delivery of the Agreement, the
                           consummation of the transactions herein contemplated
                           and compliance with the terms, conditions and
                           provisions of the Agreement do not and will not
                           conflict with or result in a breach of any of the
                           terms, conditions or provisions of the charter,
                           articles or bylaws of Participant or any agreement or
                           instrument to which Participant is a party to or
                           bound by any agreement or instrument or a default
                           thereunder. Participation is not a party to or bound
                           by any agreement or instrument or subject to any
                           charter or other corporation restriction or judgment,
                           order, writ, injunction, decree, law, rule or
                           regulation which may materially and adversely affect
                           the ability of Participant enforceable against it in
                           accordance with its terms, and no consent, approval
                           or authorization of any government or governmental
                           body, including without limitation, the Federal
                           Savings and Loan Insurance Corporation, the Federal
                           Deposit Insurance Corporation, the Comptroller of the
                           Currency, the Board of governors of the Federal
                           Reserve System or any state bank regulatory agency,
                           is required in connection with the consummation of
                           the transactions herein contemplated.

                  (4)      Participant is duly organized, validly existing and
                           in good standing under the laws of the State of
                           Nevada and has the power and authority to own its
                           assets and carry on its business as now being
                           conducted.

         (c)      If any representation or warranty contained in Section 5(a)(5)
hereof shall prove to have been materially incorrect, then Lender shall
repurchase the participation interest in such ASL upon the request of
Participant by paying to Participant the then outstanding principal balance of
such ASL plus accrued and unpaid interest thereon and any other amounts as may
be necessary to make the Participant whole.

         6.       Term. The term of this Agreement shall continue until the
earlier of (i) thirty (30) days following notice of termination of this
Agreement by either party, or (ii) the ASLs participated hereunder are paid in
full or as the parties may otherwise mutually agree. Upon termination of the
participation, Lender shall have the option, without the obligation, to purchase
the participation back from NELnet and the purchase price therefor shall be
100.0% of the then outstanding aggregate principal balances and accrued and
unpaid interest with respect to all remaining ASLs participated pursuant to this
Agreement.

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         7.       Miscellaneous Provisions.

                  A.       Neither this Agreement nor any term hereof may be
         changed, waived, discharged, modified or terminated orally, unless by
         an instrument in writing signed by both of the parties hereto. This
         Agreement may be terminated by either party hereto upon thirty (30)
         days prior written notice sent to the other party.

                  B.       The headings in this Agreement are for convenience of
         reference only and shall not define or limit the provisions hereof.

                  C.       All of the terms, covenants and conditions herein
         contained shall inure to the benefit of, and be binding upon, the
         parties hereto and their respective successors and assigns.

                  D.       Notices under this Agreement shall be in writing
         unless otherwise permitted hereby, and if in writing, may be personally
         delivered or sent by United States mail, sufficient postage prepaid, or
         by telecopy or facsimile, to the respective parties at the following
         addresses:

                  Lender:

                          Union Bank and Trust Company
                          6801 South 27th Street
                          Lincoln, Nebraska 68512 Attention: Ken Backemeyer
                          Telephone: 402/ 483-8234
                          Facsimile: 402/ 483-8286

                  Participant:

                          NELnet, Inc.
                          121 South 13th Street, Suite 301
                          Lincoln, Nebraska 68508
                          Attention: Terry Heimes
                          Phone: 402/ 458-2300
                          Facsimile: 402/ 458-2399

                  E.       This Agreement shall not be construed to create a
                  partnership or joint venture between Lender and Participant.
                  The transaction evidenced by this Agreement is a loan
                  participation transaction, and advances made by Participant to
                  Lender from time to time for Participant's purchase of
                  participation interests shall not constitute loans to Lender.
                  Participant's interest in the ASLs is an ownership interest,
                  not a security interest.

                  F.       If any one or more of the covenants or agreements or
         portion thereof provided in this Agreement on the part of Participant
         or Lender to be performed should be determined by a court of competent
         jurisdiction to be contrary to law, then such covenant or covenants, or
         such agreement or agreements, or such portions thereof, shall be deemed
         severable from the remaining

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         covenants and agreements provided in this Agreement and the invalidity
         thereof shall in no way affect the validity of the other provisions of
         this Agreement hereunder and under any applicable provisions of law.

                  G.       This Agreement shall be construed and interpreted in
         accordance with the laws of the State of Nebraska.

                  H.       Any of the ASLs participated pursuant to this
         Agreement may be transferred, subparticipated, pledged, exchanged or
         otherwise disposed of in such a manner as Participant deems proper in
         its sole discretion.

         Executed as of the day and year first above written.

Union Bank and Trust Company, Lender              NELnet, Inc., Participant

By: /s/ Angie Mulheisen                           By: /s/ Don Bouc
-----------------------------------               ------------------------------
Title: President                                  Title: President

                                       6

<PAGE>

                            PARTICIPATION CERTIFICATE

         Pursuant to that certain Alternative Loan Participation Agreement (the
"Agreement") dated June 29, 2001, by and between Union Bank and Trust Company
("Lender") and NELnet, Inc. ("Participant"), Lender hereby issues and delivers
this Participation Certificate to evidence Participant's participation interests
in student assistance loans which are identified by the schedule marked as
Exhibit "A," attached hereto and incorporated herein by this reference, which
loans or participation interests therein are owned by Lender and are serviced
and designated a separate account, in accordance with the Agreement. This
Participation Certificate shall be governed, in all respects, by the Agreement,
the terms of which are incorporated herein by this reference as if fully stated
herein.

         Dated as of the 29 day of June, 2001.

                                               Union Bank and Trust Company

                                               By: /s/ Angie Mulheisen
                                                   -----------------------------
                                               Title: President

         Accepted as of the same date set forth above:

                                               NELnet, Inc.

                                               By: /s/ Don Bouc
                                                   -----------------------------
                                               Title: President

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