Document:

EXHIBIT 4.1

                               INDENTURE OF TRUST

                                 by and between

                        NELNET STUDENT LOAN TRUST 2004-4

                                       and

                           ZIONS FIRST NATIONAL BANK,
                    as Trustee and as Eligible Lender Trustee

                          Dated as of September 1, 2004

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                        NELNET STUDENT LOAN TRUST 2004-4

         Reconciliation and tie between Trust Indenture Act of 1939, as amended
(the "Trust Indenture Act") and Indenture of Trust, dated as of September 1,
2004.

          Trust Indenture Act Section                Indenture Section
Section 310(a)(1)                                           7.23
310(a)(2)                                                   7.23
310(b)                                                      7.23, 7.09
Section 311(a)                                              7.08
311(b)                                                      7.08
Section 312(b)                                              9.16
312(c)                                                      9.16
Section 313(a)                                              4.15
313(b)                                                      4.15
313(c)                                                      4.15, 8.04
Section 314(a)(1)                                           4.15
314(a)(2)                                                   4.15
314(a)(3)                                                   4.15
314(a)(4)                                                   4.16
314(c)                                                      2.02, 5.06
314(d)(1)                                                   5.06
Section 315(b)                                              8.04
Section 317(a)(1)                                           4.17, 6.10
317(a)(2)                                                   7.24
Section 318(a)                                              9.09
318(c)                                                      9.09
--------------------
NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Indenture.

         Attention should also be directed to Section 318(c) of the Trust
Indenture Act, which provides that the provisions of Sections 310 to and
including 317 of the Trust Indenture Act are a part of and govern every
qualified indenture, whether or not physically contained therein.

<PAGE>

                                    ARTICLE I

DEFINITIONS AND USE OF PHRASES.................................................3

                                   ARTICLE II
                         NOTE DETAILS AND FORM OF NOTES

Section 2.01.         Note Details............................................25
Section 2.02.         Execution, Authentication and Delivery of Notes.........25
Section 2.03.         Registration, Transfer and Exchange of Notes; Persons
                        Treated as Registered Owners..........................25
Section 2.04.         Lost, Stolen, Destroyed and Mutilated Notes.............26
Section 2.05.         Trustee's Authentication Certificate....................27
Section 2.06.         Cancellation and Destruction of Notes by the Trustee....27
Section 2.07.         Temporary Notes.........................................27
Section 2.08.         Issuance of Notes.......................................27
Section 2.09.         Definitive Notes........................................27
Section 2.10.         Payment of Principal and Interest.......................28

                                   ARTICLE III
                 PARITY AND PRIORITY OF LIEN; OTHER OBLIGATIONS;
                             AND DERIVATIVE PRODUCTS

Section 3.01.         Parity and Priority of Lien.............................29
Section 3.02.         Other Obligations.......................................29
Section 3.03.         Derivative Products; Counterparty Payments; Issuer
                        Derivative Payments...................................29

                                   ARTICLE IV
            PROVISIONS APPLICABLE TO THE NOTES; DUTIES OF THE ISSUER

Section 4.01.         Payment of Principal and Interest.......................30
Section 4.02.         Covenants as to Additional Conveyances..................30
Section 4.03.         Further Covenants of the Issuer.........................30
Section 4.04.         Enforcement of Master Servicing Agreement and
                        Subservicing Agreements...............................31
Section 4.05.         Procedures for Transfer of Funds........................33
Section 4.06.         Additional Covenants with Respect to the Higher
                        Education Act.........................................33
Section 4.07.         Financed Eligible Loans; Collections Thereof;
                        Assignment Thereof....................................34
Section 4.08.         Appointment of Agents, Direction to Trustee, Etc........35
Section 4.09.         Capacity to Sue.........................................35
Section 4.10.         Continued Existence; Successor to Issuer................35
Section 4.11.         Amendment of Student Loan Purchase Agreements...........35
Section 4.12.         Representations; Negative Covenants.....................36
Section 4.13.         Additional Covenants....................................41
Section 4.14.         Providing of Notice.....................................42
Section 4.15.         Certain Reports.........................................42
Section 4.16.         Statement as to Compliance..............................43
Section 4.17.         Representations of the Issuer Regarding the Trustee's
                        Security Interest.....................................44
Section 4.18.         Further Covenants of the Issuer Regarding the Trustee's
                        Security Interest.....................................45
Section 4.19.         Borrower Incentive Programs.............................45

                                       i
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                                    ARTICLE V
                                      FUNDS

Section 5.01.         Creation and Continuation of Funds and Accounts.........45
Section 5.02.         Acquisition Fund........................................46
Section 5.03.         Capitalized Interest Fund...............................47
Section 5.04.         Collection Fund.........................................47
Section 5.05.         Reserve Fund............................................50
Section 5.06.         Investment of Funds Held by Trustee.....................51
Section 5.07.         Release.................................................52

                                   ARTICLE VI
                              DEFAULTS AND REMEDIES

Section 6.01.         Events of Default Defined...............................53
Section 6.02.         Remedy on Default; Possession of Trust Estate...........53
Section 6.03.         Remedies on Default; Advice of Counsel..................55
Section 6.04.         Remedies on Default; Sale of Trust Estate...............55
Section 6.05.         Appointment of Receiver.................................56
Section 6.06.         Restoration of Position.................................56
Section 6.07.         Application of Sale Proceeds............................56
Section 6.08.         Acceleration of Maturity; Rescission and Annulment......56
Section 6.09.         Remedies Not Exclusive..................................57
Section 6.10.         Collection of Indebtedness and Suits for Enforcement
                        by Trustee............................................57
Section 6.11.         Direction of Trustee....................................58
Section 6.12.         Right to Enforce in Trustee.............................58
Section 6.13.         Physical Possession of Obligations Not Required.........59
Section 6.14.         Waivers of Events of Default............................59

                                   ARTICLE VII
                                   THE TRUSTEE

Section 7.01.         Acceptance of Trust.....................................59
Section 7.02.         Recitals of Others......................................60
Section 7.03.         As to Filing of Indenture...............................60
Section 7.04.         Trustee May Act Through Agents..........................61
Section 7.05.         Indemnification of Trustee..............................61
Section 7.06.         Trustee's Right to Reliance.............................62
Section 7.07.         Compensation of Trustee.................................63
Section 7.08.         Creditor Relationships..................................63
Section 7.09.         Resignation of Trustee..................................63
Section 7.10.         Removal of Trustee......................................63
Section 7.11.         Successor Trustee.......................................64
Section 7.12.         Manner of Vesting Title in Trustee......................64
Section 7.13.         Additional Covenants by the Trustee to Conform to the
                        Higher Education Act..................................65
Section 7.14.         Right of Inspection.....................................65
Section 7.15.         Limitation with Respect to Examination of Reports.......65
Section 7.16.         Servicing Agreements....................................65
Section 7.17.         Additional Covenants of Trustee.........................65

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Section 7.18.         Notices to Rating Agencies..............................66
Section 7.19.         Merger of the Trustee...................................66
Section 7.20.         Receipt of Funds from Master Servicer or a Subservicer..66
Section 7.21.         Special Circumstances Leading to Resignation of Trustee.67
Section 7.22.         Survival of Trustee's Rights to Receive Compensation,
                      Reimbursement and Indemnification.......................67
Section 7.23.         Corporate Trustee Required; Eligibility; Conflicting
                        Interests.............................................67
Section 7.24.         Trustee May File Proofs of Claim........................67
Section 7.25.         No Petition.............................................68

                                  ARTICLE VIII
                             SUPPLEMENTAL INDENTURES

Section 8.01.         Supplemental Indentures Not Requiring Consent of
                        Registered Owners.....................................68
Section 8.02.         Supplemental Indentures Requiring Consent of
                        Registered Owners.....................................69
Section 8.03.         Additional Limitation on Modification of Indenture......70
Section 8.04.         Notice of Defaults......................................70
Section 8.05.         Conformity with the Trust Indenture Act.................71

                                   ARTICLE IX
                               GENERAL PROVISIONS

Section 9.01.         Notices.................................................71
Section 9.02.         Covenants Bind Issuer...................................72
Section 9.03.         Lien Created............................................73
Section 9.04.         Severability of Lien....................................73
Section 9.05.         Consent of Registered Owners Binds Successors...........73
Section 9.06.         Nonliability of Persons; No General Obligation..........73
Section 9.07.         Nonpresentment of Notes or Interest Checks..............73
Section 9.08.         Security Agreement......................................73
Section 9.09.         Laws Governing..........................................74
Section 9.10.         Severability............................................74
Section 9.11.         Exhibits................................................74
Section 9.12.         Non-Business Days.......................................74
Section 9.13.         Parties Interested Herein...............................74
Section 9.14.         Obligations Are Limited Obligations.....................74
Section 9.15.         Limitations on Counterparty Rights......................74
Section 9.16.         Disclosure of Names and Addresses of Registered Owners..74
Section 9.17.         Aggregate Principal Amount of Obligations...............75
Section 9.18.         Financed Eligible Loans.................................75
Section 9.19.         Concerning the Delaware Trustee.........................75

                                      iii
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                                    ARTICLE X
                      PAYMENT AND CANCELLATION OF NOTES AND
                            SATISFACTION OF INDENTURE

Section 10.01.        Trust Irrevocable.......................................76
Section 10.02.        Satisfaction of Indenture...............................76
Section 10.03.        Optional Purchase of All Financed Eligible Loans........77
Section 10.04.        Auction of Financed Eligible Loans......................78
Section 10.05.        Cancellation of Paid Notes..............................78

EXHIBIT A             ELIGIBLE LOAN ACQUISITION CERTIFICATE
EXHIBIT B-1           FORM OF CLASS A-1 NOTE
EXHIBIT B-2           FORM OF CLASS A-2 NOTE
EXHIBIT B-3           FORM OF CLASS A-3 NOTE
EXHIBIT B-4           FORM OF CLASS A-4 NOTE
EXHIBIT B-5           FORM OF CLASS A-5 NOTE
EXHIBIT B-6           FORM OF CLASS B NOTE
EXHIBIT C             FORM OF ADMINISTRATOR'S MONTHLY SERVICING PAYMENT DATE
                      CERTIFICATE
EXHIBIT D             FORM OF ADMINISTRATOR'S QUARTERLY DISTRIBUTION DATE
                      CERTIFICATE

                                       iv
<PAGE>

                               INDENTURE OF TRUST

         THIS INDENTURE OF TRUST, dated as of September 1, 2004 (this
"Indenture"), is by and between NELNET STUDENT LOAN TRUST 2004-4 (the "Issuer"),
a statutory trust duly organized and existing under the laws of the State of
Delaware (the "State"), and ZIONS FIRST NATIONAL BANK, a national banking
association duly organized and operating under the laws of the United States of
America, as trustee hereunder (together with its successors, the "Trustee") and
as eligible lender trustee (together with its successors, the "Eligible Lender
Trustee") under the Eligible Lender Trust Agreement (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 represents that it is duly created as a statutory
trust under the laws of the State and that by proper action has duly authorized
the execution and delivery of this Indenture, which Indenture provides for the
payment of student loan asset-backed notes (the "Notes") and the payments to any
Counterparty (as defined herein); and

         WHEREAS, this Indenture is subject to the provisions of the Trust
Indenture Act of 1939, as amended (the "Trust Indenture Act"), that are deemed
to be incorporated into this Indenture and shall, to the extent applicable, be
governed by such provisions; and

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

         WHEREAS, it is hereby agreed between the parties hereto, the Registered
Owners of the Notes (the Registered Owners evidencing their consent by their
acceptance of the Notes) and any Counterparty (the Counterparty evidencing its
consent by its execution and delivery of a Derivative Product (as defined
herein)) that in the performance of any of the agreements of the Issuer herein
contained, any obligation it may thereby incur for the payment of money shall
not be general debt on its part, but shall be secured by and payable solely from
the Trust Estate, payable in such order of preference and priority as provided
herein;

         NOW, THEREFORE, the Issuer, and as appropriate the Eligible Lender
Trustee, in consideration of the premises and acceptance by the Trustee of the
trusts herein created, of the purchase and acceptance of the Notes by the
Registered Owners thereof, of the execution and delivery of any Derivative
Product by a Counterparty and the Issuer and the acknowledgement thereof by the
Trustee, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, do hereby GRANT, CONVEY, PLEDGE,
TRANSFER, ASSIGN AND DELIVER to the Trustee, for the benefit of the Registered
Owners of the Notes and any Counterparty (to secure the payment of any and all
amounts which may from time to time become due and owing to a Counterparty
pursuant to any Derivative Product), all of the moneys, rights and properties
described in the granting clauses A through F below (the "Trust Estate"), as
follows:

<PAGE>

                                GRANTING CLAUSE A

         The Available Funds and Accounts (other than moneys released from the
lien of the Trust Estate as provided herein);

                                GRANTING CLAUSE B

         All moneys and investments held in the Funds and Accounts created under
Section 5.01 hereof, including all proceeds thereof and all income thereon;

                                GRANTING CLAUSE C

         The Financed Eligible Loans (other than Financed Eligible Loans
released from the lien of the Trust Estate as provided herein) and all
obligations of the obligors thereunder including all moneys accrued and paid
thereunder on or after the Cutoff Date;

                                GRANTING CLAUSE D

         The rights of the Issuer and/or the Eligible Lender Trustee in and to
the Eligible Lender Trust Agreement, the Master Servicing Agreement, any
Subservicing Agreement, the Student Loan Purchase Agreements, the Administration
Agreement, the Custodian Agreements and the Guarantee Agreements as the same
relate to the Financed Eligible Loans;

                                GRANTING CLAUSE E

         The rights of the Issuer in and to any Derivative Product; provided,
however, that this Granting Clause E shall not be for the benefit of a
Counterparty with respect to its Derivative Product; and

                                GRANTING CLAUSE F

         All proceeds from any property described in these Granting Clauses and
any and all other property, rights and interests of every kind or description
that from time to time hereafter is granted, conveyed, pledged, transferred,
assigned or delivered to the Trustee as additional security hereunder.

         TO HAVE AND TO HOLD the Trust Estate, whether now owned or held or
hereafter acquired, unto the Trustee and its successors or assigns;

         IN TRUST NEVERTHELESS, upon the terms and trusts herein set forth for
the equal and proportionate benefit and security of all present and future
Registered Owners of the Notes, without preference of any Note over any other,
except as provided herein, and for enforcement of the payment of the Notes in
accordance with their terms, and all other sums payable hereunder (including
payments due and payable to any Counterparty) or on the Notes, and for the
performance of and compliance with the obligations, covenants and conditions of
this Indenture, as if all the Notes and other Obligations (as defined herein) at
any time Outstanding had been executed and delivered simultaneously with the
execution and delivery of this Indenture;

                                       2
<PAGE>

         PROVIDED, HOWEVER, that if the Issuer, its successors or assigns, shall
well and truly pay, or cause to be paid, the principal of the Notes and the
interest due and to become due thereon, or provide fully for payment thereof as
herein provided, at the times and in the manner mentioned in the Notes according
to the true intent and meaning thereof, and shall make all required payments
into the Funds as required under Article V hereof, or shall provide, as
permitted hereby, for the payment thereof by depositing with the Trustee sums
sufficient to pay or to provide for payment of the entire amount due and to
become so due as herein provided (including payments due and payable to any
Counterparty), then this Indenture (other than Sections 4.13, 4.14 (for a period
of 90 days) and 7.05 hereof) and the rights hereby granted shall cease,
terminate and be void; otherwise, this Indenture shall be and remain in full
force and effect;

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

                                   ARTICLE I

                         DEFINITIONS AND USE OF PHRASES

         Capitalized terms used herein and not otherwise defined shall have the
meanings set forth below unless the context clearly requires otherwise:

         "Account" shall mean any of the accounts created and established within
any Fund pursuant to this Indenture.

         "Acquisition Fund" shall mean the Fund by that name created in Section
5.01(a) hereof and further described in Section 5.02 hereof, including any
Accounts and Subaccounts created therein.

         "Adjusted Pool Balance" shall mean, for any Quarterly Distribution Date
as determined by the Administrator, (a) if the Pool Balance as of the last day
of the related Collection Period is greater than 40% of the Initial Pool
Balance, the sum of such Pool Balance, and the Specified Reserve Fund Balance
for that Quarterly Distribution Date; or (b) if the Pool Balance as of the last
day of the related Collection Period is less than or equal to 40% of the Initial
Pool Balance, that Pool Balance.

         "Administration Agreement" shall mean the Administration Agreement,
dated as of September 1, 2004, among the Issuer, the Administrator, the Trustee
and the Delaware Trustee, as supplemented and amended.

         "Administration Fee" shall mean an amount equal to 0.18% per annum,
based on the aggregate principal amount of the Pool Balance at any time, as
determined by the Administrator; provided, however, that if the Financed
Eligible Loans are not optionally purchased pursuant to Section 10.03 hereof and
the Financial Eligible Loans are not sold on the Trust Auction Date pursuant to
Section 10.04 hereof, the Administration Fee shall be reduced to an amount equal
to 0.05% per annum, based on the aggregate principal amount of the Pool Balance
at any time, as determined by the Administrator.

                                       3
<PAGE>

         "Administrator" shall mean National Education Loan Network, Inc. in its
capacity as administrator of the Issuer and the Financed Eligible Loans, or any
successor thereto in accordance with the Administration Agreement.

         "Affiliate" shall mean, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, "control" when used with respect to
any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

         "Authorized Representative" shall mean, when used with reference to the
Issuer, any Person duly authorized by the Trust Agreement to act on the Issuer's
behalf.

         "Available Funds" shall mean, with respect to a Quarterly Distribution
Date or any related Monthly Servicing Payment Date, the sum of the following
amounts received to the extent not previously distributed: (a) all collections
received by the Master Servicer or any Subservicer on the Financed Eligible
Loans (including late fees received by the Master Servicer or any Subservicer
with respect to the Financed Eligible Loans and payments from any Guaranty
Agency received with respect to the Financed Eligible Loans but net of (i) any
collections in respect of principal on the Financed Eligible Loans applied by
the Issuer to repurchase guaranteed loans from the Guaranty Agencies or the
Master Servicer or any Subservicer in accordance with its Guarantee Agreement,
the Master Servicing Agreement or the related Subservicing Agreement, as
applicable; (ii) amounts required by the Higher Education Act to be paid to the
Department (including, but not limited to, rebate fees owed with respect to
consolidation loans) or to be repaid to borrowers (whether or not in the form of
a principal reduction of the applicable Financed Eligible Loan), with respect to
the Financed Eligible Loans; and (iii) any proceeds used to purchase Eligible
Loans which constitute "add-on consolidation loans"); (b) any Interest Benefit
Payments and Special Allowance Payments received by the Trustee with respect to
Financed Eligible Loans; (c) all Liquidation Proceeds from any Financed Eligible
Loans which became Liquidated Financed Eligible Loans in accordance with the
related Master Servicer or Subservicer's customary servicing procedures, and all
other moneys collected with respect to any Liquidated Financed Eligible Loan
which was written off, net of the sum of any amounts expended by the Master
Servicer or related Subservicer in connection with such liquidation and any
amounts required by law to be remitted to the obligor on such Liquidated
Financed Eligible Loan; (d) the aggregate Purchase Amounts received for Financed
Eligible Loans repurchased by the Seller or purchased by the Master Servicer or
a Subservicer or for serial loans sold to another eligible lender pursuant to
the Master Servicing Agreement or the related Subservicing Agreement; (e) the
aggregate amounts, if any, received from the Seller, the Master Servicer or any
Subservicer, as the case may be, as reimbursement of non-guaranteed interest
amounts, or lost Interest Benefit Payments and Special Allowance Payments, with
respect to the Financed Eligible Loans pursuant to a Student Loan Purchase
Agreement, the Master Servicing Agreement or a Subservicing Agreement,
respectively; (f) other amounts received by the Master Servicer or a Subservicer
pursuant to its role as Master Servicer or Subservicer under the Master
Servicing Agreement or the related Subservicing Agreement, respectively, and
payable to the Issuer in connection therewith; (g) all interest earned or gain
realized from the investment of amounts in any Fund or Account; and (h) any
payments received under the Derivative Products from the Counterparties in
respect of such Quarterly Distribution Date. "Available Funds" shall be
determined pursuant to the terms of this definition by the Administrator and
reported to the Trustee. Amounts described in clause (a)(i), (ii) and (iii)
hereof shall be paid by the Trustee upon receipt of a written direction from the
Administrator. The Trustee may conclusively rely on such determinations without
further duty to review or examine such information.

                                       4
<PAGE>

         "Basic Documents" shall mean the Trust Agreement, this Indenture, the
Master Servicing Agreement, any Subservicing Agreement, the Administration
Agreement, the Student Loan Purchase Agreements, the Custodian Agreements, the
Guarantee Agreements, the Eligible Lender Trust Agreement, the Derivative
Products and other documents and certificates delivered in connection with any
thereof.

         "Business Day" shall mean (a) for purposes of calculating LIBOR, any
day on which banks in New York, New York and London, England are open for the
transaction of international business; and (b) for all other purposes, any day
other than a Saturday, Sunday, holiday or other day on which the New York Stock
Exchange or banks located in New York, New York or the city in which the
principal office of the Trustee is located, are authorized or permitted by law
or executive order to close.

         "Capitalized Interest Fund" shall mean the Fund by that name created in
Section 5.01(b) hereof and further described in Section 5.03 hereof.

         "Carryover Servicing Fees" shall have the meaning assigned to such term
in the Master Servicing Agreement.

         "Certificate of Insurance" shall mean any Certificate evidencing that a
Financed Eligible Loan is Insured pursuant to a Contract of Insurance.

         "Certificate of Trust" shall mean the certificate filed with the
Secretary of State of the State establishing the Issuer under Delaware law.

         "Class A Noteholder" shall mean the Person in whose name a Class A Note
is registered in the Note registration books of the Trustee.
         "Class A Noteholders' Interest Distribution Amount" shall mean, on any
Quarterly Distribution Date for any class of Class A Notes, the Class A-1
Noteholders' Interest Distribution Amount, the Class A-2 Noteholders' Interest
Distribution Amount, the Class A-3 Noteholders' Interest Distribution Amount,
the Class A-4 Noteholders' Interest Distribution Amount or the Class A-5
Noteholders' Interest Distribution Amount, as applicable, in each case to the
extent payable on such Quarterly Distribution Date.

         "Class A Notes" shall mean, collectively, the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class A-5
Notes secured on a senior priority to the Class B Obligations.

                                       5
<PAGE>

         "Class A Obligations" shall mean Class A Notes and the Derivative
Products, the priority of payment of which is equal with that of Class A Notes.

         "Class A Percentage" shall mean, for any Quarterly Distribution Date,
100% less the Class B Percentage.

         "Class A Principal Distribution Amount" shall mean, for any Quarterly
Distribution Date, the product of the Principal Distribution Amount and the
Class A Percentage.

         "Class A-1 Maturity Date" shall mean the April, 2011 Quarterly
Distribution Date.

         "Class A-1 Note Interest Shortfall" shall mean, with respect to any
Quarterly Distribution Date, the excess, if any, of (a) the Class A-1
Noteholders' Interest Distribution Amount on the immediately preceding Quarterly
Distribution Date over (b) the amount of interest actually distributed to the
Class A-1 Noteholders on such preceding Quarterly Distribution Date, plus
interest on the amount of such excess interest due to the Class A-1 Noteholders,
to the extent permitted by law, at the interest rate borne by the Class A-1
Notes from such immediately preceding Quarterly Distribution Date to the current
Quarterly Distribution Date, as determined by the Administrator.

         "Class A-1 Noteholder" shall mean the Person in whose name a Class A-1
Note is registered in the Note registration books maintained by the Trustee.

         "Class A-1 Noteholders' Interest Distribution Amount" shall mean, with
respect to any Quarterly Distribution Date, the sum of (a) the amount of
interest accrued at the Class A-1 Rate for the related Interest Accrual Period
on the aggregate outstanding principal balances of the Class A-1 Notes
immediately prior to such Quarterly Distribution Date; and (b) the Class A-1
Note Interest Shortfall for such Quarterly Distribution Date, as based on the
actual number of days in such Interest Accrual Period divided by 360 and
rounding the resultant figure to the fifth decimal place, as determined by the
Administrator.

         "Class A-1 Notes" shall mean the $380,000,000 Student Loan Asset-Backed
Notes, Senior Class A-1 issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-1 hereto.

         "Class A-1 Rate" shall mean, for any Interest Accrual Period, other
than the first Interest Accrual Period, the applicable Three-Month LIBOR, minus
0.01%, as determined by the Administrator. For the first Interest Accrual
Period, the Class A-1 Rate shall be determined by reference to the following
formula:

         x + [27/33 * (y-x)] minus 0.01%, as determined by the Administrator.

         where:

         x = Three-Month LIBOR, and

         y = Four-Month LIBOR.

         "Class A-2 Maturity Date" shall mean the April, 2016 Quarterly
Distribution Date.

                                       6
<PAGE>

         "Class A-2 Note Interest Shortfall" shall mean, with respect to any
Quarterly Distribution Date, the excess, if any, of (a) the Class A-2
Noteholders' Interest Distribution Amount on the immediately preceding Quarterly
Distribution Date over (b) the amount of interest actually distributed to the
Class A-2 Noteholders on such preceding Quarterly Distribution Date, plus
interest on the amount of such excess interest due to the Class A-2 Noteholders,
to the extent permitted by law, at the interest rate borne by the Class A-2
Notes from such immediately preceding Quarterly Distribution Date to the current
Quarterly Distribution Date, as determined by the Administrator.

         "Class A-2 Noteholder" shall mean the Person in whose name a Class A-2
Note is registered in the Note registration books maintained by the Trustee.

         "Class A-2 Noteholders' Interest Distribution Amount" shall mean, with
respect to any Quarterly Distribution Date, the sum of (a) the amount of
interest accrued at the Class A-2 Rate for the related Interest Accrual Period
on the aggregate outstanding principal balances of the Class A-2 Notes
immediately prior to such Quarterly Distribution Date; and (b) the Class A-2
Note Interest Shortfall for such Quarterly Distribution Date, as based on the
actual number of days in such Interest Accrual Period divided by 360 and
rounding the resultant figure to the fifth decimal place, as determined by the
Administrator.

         "Class A-2 Notes" shall mean the $516,000,000 Student Loan Asset-Backed
Notes, Senior Class A-2 issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-2 hereto.

         "Class A-2 Rate" shall mean, for any Interest Accrual Period, other
than the first Interest Accrual Period, the applicable Three-Month LIBOR, plus
0.02%, as determined by the Administrator. For the first Interest Accrual
Period, the Class A-2 Rate shall be determined by reference to the following
formula:

         x + [27/33 * (y-x)] plus 0.02%, as determined by the Administrator.

         where:

         x = Three-Month LIBOR, and

         y = Four-Month LIBOR.

         "Class A-3 Maturity Date" shall mean the October, 2016 Quarterly
Distribution Date.

         "Class A-3 Note Interest Shortfall" shall mean, with respect to any
Quarterly Distribution Date, the excess, if any, of (a) the Class A-3
Noteholders' Interest Distribution Amount on the immediately preceding Quarterly
Distribution Date over (b) the amount of interest actually distributed to the
Class A-3 Noteholders on such preceding Quarterly Distribution Date, plus
interest on the amount of such excess interest due to the Class A-3 Noteholders,
to the extent permitted by law, at the interest rate borne by the Class A-3
Notes from such immediately preceding Quarterly Distribution Date to the current
Quarterly Distribution Date, as determined by the Administrator.

                                       7
<PAGE>

         "Class A-3 Noteholder" shall mean the Person in whose name a Class A-3
Note is registered in the Note registration books maintained by the Trustee.

         "Class A-3 Noteholders' Interest Distribution Amount" shall mean, with
respect to any Quarterly Distribution Date, the sum of (a) the amount of
interest accrued at the Class A-3 Rate for the related Interest Accrual Period
on the aggregate outstanding principal balances of the Class A-3 Notes
immediately prior to such Quarterly Distribution Date; and (b) the Class A-3
Note Interest Shortfall for such Quarterly Distribution Date, as based on the
actual number of days in such Interest Accrual Period divided by 360 and
rounding the resultant figure to the fifth decimal place, as determined by the
Administrator.

         "Class A-3 Notes" shall mean $294,000,000 Student Loan Asset-Backed
Notes, Senior Class A-3 issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-3 hereto.

         "Class A-3 Rate" shall mean, for any Interest Accrual Period, other
than the first Interest Accrual Period, the applicable Three-Month LIBOR, plus
0.09%, as determined by the Administrator. For the first Interest Accrual
Period, the Class A-3 Rate shall be determined by reference to the following
formula:

         x + [27/33 * (y-x)] plus 0.09%, as determined by the Administrator.

         where:

         x = Three-Month LIBOR, and

         y = Four-Month LIBOR.

         "Class A-4 Maturity Date" shall mean the April, 2021 Quarterly
Distribution Date.

         "Class A-4 Note Interest Shortfall" shall mean, with respect to any
Quarterly Distribution Date, the excess, if any, of (a) the Class A-4
Noteholders' Interest Distribution Amount on the immediately preceding Quarterly
Distribution Date over (b) the amount of interest actually distributed to the
Class A-4 Noteholders on such preceding Quarterly Distribution Date, plus
interest on the amount of such excess interest due to the Class A-4 Noteholders,
to the extent permitted by law, at the interest rate borne by the Class A-4
Notes from such immediately preceding Quarterly Distribution Date to the current
Quarterly Distribution Date, as determined by the Administrator.

         "Class A-4 Noteholder" shall mean the Person in whose name a Class A-4
Note is registered in the Note registration books maintained by the Trustee.

         "Class A-4 Noteholders' Interest Distribution Amount" shall mean, with
respect to any Quarterly Distribution Date, the sum of (a) the amount of
interest accrued at the Class A-4 Rate for the related Interest Accrual Period
on the aggregate outstanding principal balances of the Class A-4 Notes
immediately prior to such Quarterly Distribution Date; and (b) the Class A-4
Note Interest Shortfall for such Quarterly Distribution Date, as based on the
actual number of days in such Interest Accrual Period divided by 360 and
rounding the resultant figure to the fifth decimal place, as determined by the
Administrator.

                                       8
<PAGE>

         "Class A-4 Notes" shall mean the $313,250,000 Student Loan Asset-Backed
Notes, Senior Class A-4 issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-4.

         "Class A-4 Rate" shall mean, for any Interest Accrual Period, other
than the first Interest Accrual Period, the applicable Three-Month LIBOR, plus
0.13%, as determined by the Administrator. For the first Accrual Period, the
Class A-4 Rate shall be determined by reference to the following formula:

         x + [27/33 * (y-x)] plus 0.13%, as determined by the Administrator.

         where:

         x = Three-Month LIBOR, and

         y = Four-Month LIBOR.

         "Class A-5 Maturity Date" shall mean the January, 2037 Quarterly
Distribution Date.

         "Class A-5 Note Interest Shortfall" shall mean, with respect to any
Quarterly Distribution Date, the excess, if any, of (a) the Class A-5
Noteholders' Interest Distribution Amount on the immediately preceding Quarterly
Distribution Date over (b) the amount of interest actually distributed to the
Class A-5 Noteholders on such preceding Quarterly Distribution Date, plus
interest on the amount of such excess interest due to the Class A-5 Noteholders,
to the extent permitted by law, at the interest rate borne by the Class A-5
Notes from such immediately preceding Quarterly Distribution Date to the current
Quarterly Distribution Date, as determined by the Administrator.

         "Class A-5 Noteholder" shall mean the Person in whose name a Class A-5
Note is registered in the Note registration books maintained by the Trustee.

         "Class A-5 Noteholders' Interest Distribution Amount" shall mean, with
respect to any Quarterly Distribution Date, the sum of (a) the amount of
interest accrued at the Class A-5 Rate for the related Interest Accrual Period
on the aggregate outstanding principal balances of the Class A-5 Notes
immediately prior to such Quarterly Distribution Date; and (b) the Class A-5
Note Interest Shortfall for such Quarterly Distribution Date, as based on the
actual number of days in such Interest Accrual Period divided by 360 and
rounding the resultant figure to the fifth decimal place, as determined by the
Administrator.

         "Class A-5 Notes" shall mean the $457,000,000 Student Loan Asset-Backed
Notes, Senior Class A-5 issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-5.

                                       9
<PAGE>

         "Class A-5 Rate" shall mean, for any Interest Accrual Period, other
than the first Interest Accrual Period, the applicable Three-Month LIBOR, plus
0.16%, as determined by the Administrator. For the first Accrual Period, the
Class A-5 Rate shall be determined by reference to the following formula:

         x + [27/33 * (y-x)] plus 0.16%, as determined by the Administrator.

         where:

         x = Three-Month LIBOR, and

         y = Four-Month LIBOR.

         "Class B Maturity Date" shall mean the January, 2041 Quarterly
Distribution Date.

         "Class B Note Interest Shortfall" shall mean, with respect to any
Quarterly Distribution Date, the excess, if any, of (a) the Class B Noteholders'
Interest Distribution Amount on the immediately preceding Quarterly Distribution
Date over (b) the amount of interest actually distributed to the Class B
Noteholders on such preceding Quarterly Distribution Date, plus interest on the
amount of such excess interest due to the Class B Noteholders, to the extent
permitted by law, at the interest rate borne by the Class B Notes from such
immediately preceding Quarterly Distribution Date to the current Quarterly
Distribution Date, as determined by the Administrator.

         "Class B Noteholder" shall mean the Person in whose name a Class B Note
is registered in the Note registration books maintained by the Trustee.

         "Class B Noteholders' Interest Distribution Amount" shall mean, with
respect to any Quarterly Distribution Date, the sum of (a) the amount of
interest accrued at the Class B Rate for the related Interest Accrual Period on
the aggregate outstanding principal balances of the Class B Notes immediately
prior to such Quarterly Distribution Date; and (b) the Class B Note Interest
Shortfall for such Quarterly Distribution Date, as based on the actual number of
days in such Interest Accrual Period divided by 360 and rounding the resultant
figure to the fifth decimal place, as determined by the Administrator.

         "Class B Notes" shall mean the $60,626,000 Student Loan Asset-Backed
Notes, Subordinate Class B issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-6 hereto.

         "Class B Obligations" shall mean Class B Notes.

         "Class B Percentage" shall mean, for any Quarterly Distribution Date,
(a) prior to the Stepdown Date or with respect to any Quarterly Distribution
Date on which a Trigger Event is in effect, zero; or (b) on and after the
Stepdown Date and provided that no Trigger Event is in effect, a fraction
expressed as a percentage, the numerator of which is the aggregate Outstanding
Amount of the Class B Notes and the denominator of which is the aggregate
Outstanding Amount of all Notes, in each case determined on the Determination
Date by the Administrator for that Quarterly Distribution Date.

                                       10
<PAGE>

         "Class B Principal Distribution Amount" shall mean, for any Quarterly
Distribution Date, the product of the Principal Distribution Amount and the
Class B Percentage.

         "Class B Rate" shall mean, for any Interest Accrual Period, other than
the first Interest Accrual Period, the applicable Three-Month LIBOR, plus 0.30%,
as determined by the Administrator. For the first Interest Accrual Period, the
Class B Rate shall be determined by reference to the following formula:

         x + [27/33 * (y-x)] plus 0.30%, as determined by the Administrator.

         where:

         x = Three-Month LIBOR, and

         y = Four-Month LIBOR.

         "Clearing Agency" shall mean an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act. The initial Clearing Agency
shall be The Depository Trust Company and the initial nominee for the Clearing
Agency shall be Cede & Co.

         "Clearing Agency Participant" shall mean a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

         "Code" shall mean the Internal Revenue Code of 1986, as amended from
time to time. Each reference to a section of the Code herein shall be deemed to
include the United States Treasury Regulations, including applicable temporary
and proposed regulations, relating to such section which are applicable to the
Notes or the use of the proceeds thereof. A reference to any specific section of
the Code shall be deemed also to be a reference to the comparable provisions of
any enactment which supersedes or replaces the Code thereunder from time to
time.

         "Collection Fund" shall mean the Fund by that name created in Section
5.01(c) hereof and further described in Section 5.04 hereof.

         "Collection Period" shall mean, with respect to the first Quarterly
Distribution Date, the period beginning on September 1, 2004 and ending on
December 31, 2004, and with respect to each subsequent Quarterly Distribution
Date, the Collection Period means the three calendar months immediately
following the end of the previous Collection Period, beginning January 1, 2005.

         "Commission" shall mean the Securities and Exchange Commission.

          "Contract of Insurance" shall mean the contract of insurance between
the Eligible Lender and the Secretary.

         "Counterparty" shall mean the counterparties to any Derivative Product
entered into pursuant to Section 3.03 hereof.

                                       11
<PAGE>

         "Counterparty Payments" shall mean any payment to be made to, or for
the benefit of, the Issuer under a Derivative Product.

         "Custodian Agreement" shall mean, collectively, the custodian
agreements with the Master Servicer and any Subservicer or other custodian or
bailee related to Financed Eligible Loans.

         "Cutoff Date" shall mean (i) with respect to the initial pool of
Financed Eligible Loans, August 31, 2004; and (ii) with respect to subsequently
acquired Eligible Loans, the date on which such loans are transferred to the
Trust.

         "Date of Issuance" shall mean September 29, 2004.

         "Delaware Trustee" shall mean Wilmington Trust Company, a Delaware
banking corporation, solely in its capacity as the trustee of the Issuer under
the Trust Agreement.

         "Delaware Trustee Fee" shall mean an amount equal to $5,500 per annum,
payable on each June Quarterly Distribution Date, beginning on the June 2005
Quarterly Distribution Date.

         "Department" shall mean the United States Department of Education, an
agency of the Federal government.

         "Derivative Product" shall mean any Derivative Product entered into
subsequent to the Date of Issuance subject to the provisions of Section 3.03
hereof.

         "Derivative Value" shall mean the value of a Derivative Product, if
any, to the Counterparty, provided that such value is defined and calculated in
substantially the same manner as amounts are defined and calculated pursuant to
the applicable provisions of an ISDA Master Agreement.

         "Determination Date" shall mean, with respect to any Distribution Date
or the Monthly Servicing Payment Date, as applicable, the fourth Business Day
preceding such Distribution Date or Monthly Servicing Payment Date.

         "Eligible Lender" shall mean (i) Zions First National Bank, in its
capacity as eligible lender trustee under the terms of the Eligible Lender Trust
Agreement, and (ii) any "eligible lender," as defined in the Higher Education
Act, and which has received an eligible lender designation from the Secretary
with respect to Eligible Loans made under the Higher Education Act.

         "Eligible Lender Trust Agreement" shall mean the Eligible Lender Trust
Agreement, dated as of September 1, 2004, between the Issuer and Zions First
National Bank, as eligible lender trustee, as amended from time to time.

         "Eligible Loan" shall mean any loan made to finance post-secondary
education that is made under the Higher Education Act, provided that if, after
any reauthorization or amendment of the Higher Education Act, loans authorized
thereunder, including, without limitation, their benefits, any provisions, or
the servicing thereof, are materially different from loans so authorized prior
to such reauthorization or amendment, such loans authorized after such
reauthorization or amendment shall not constitute Eligible Loans unless a Rating
Confirmation is obtained.

                                       12
<PAGE>

         "Eligible Loan Acquisition Certificate" shall mean a certificate signed
by an Authorized Representative of the Issuer in substantially the form attached
as Exhibit A hereto.

         "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
as amended.

         "Event of Bankruptcy" shall mean (a) the Issuer shall have commenced a
voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to itself or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect or seeking the appointment of a
trustee, receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, or shall have made a general assignment for
the benefit of creditors, or shall have declared a moratorium with respect to
its debts or shall have failed generally to pay its debts as they become due, or
shall have taken any action to authorize any of the foregoing; or (b) an
involuntary case or other proceeding shall have been commenced against the
Issuer seeking liquidation, reorganization or other relief with respect to it or
its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of it or any substantial part of its
property provided such action or proceeding is not dismissed within 60 days.

         "Event of Default" shall have the meaning specified in Article VI
hereof.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         "Financed" or "Financing" when used with respect to Eligible Loans,
shall mean or refer to Eligible Loans (a) acquired by the Issuer with balances
in the Acquisition Fund or otherwise deposited in or accounted for in the
Acquisition Fund or otherwise constituting a part of the Trust Estate and (b)
Eligible Loans substituted or exchanged for Financed Eligible Loans, but does
not include Eligible Loans released from the lien of this Indenture and sold or
transferred, to the extent permitted by this Indenture.

         "Fiscal Year" shall mean the fiscal year of the Issuer (initially
January 1 to December 31) as otherwise established from time to time.

         "Fitch" shall mean Fitch Inc., its successors and assigns.

         "Four-Month LIBOR," see "Three-Month LIBOR" below.

         "Funds" shall mean each of the Funds created pursuant to Section 5.01
hereof.

         "Guarantee" or "Guaranteed" shall mean, with respect to an Eligible
Loan, the insurance or guarantee by a Guaranty Agency pursuant to such Guaranty
Agency's Guarantee Agreement of the maximum percentage of the principal of and
accrued interest on such Eligible Loan allowed by the terms of the Higher
Education Act with respect to such Eligible Loan at the time it was originated
and the coverage of such Eligible Loan by the federal reimbursement contracts,
providing, among other things, for reimbursement to such Guaranty Agency for
payments made by it on defaulted Eligible Loans insured or guaranteed by such
Guaranty Agency of at least the minimum reimbursement allowed by the Higher
Education Act with respect to a particular Eligible Loan.

                                       13
<PAGE>

         "Guarantee Agreements" shall mean a guaranty or lender agreement
between the Trustee or the Eligible Lender Trustee and any Guaranty Agency, and
any amendments thereto.

         "Guaranty Agency" shall mean any entity authorized to guarantee student
loans under the Higher Education Act and with which the Trustee or the Eligible
Lender Trustee maintains a Guarantee Agreement.

         "Higher Education Act" shall mean the Higher Education Act of 1965, as
amended or supplemented from time to time, or any successor federal act and all
regulations, directives, bulletins and guidelines promulgated from time to time
thereunder.

         "Highest Priority Obligations" shall mean at any time when Class A
Obligations are Outstanding, the Class A Obligations, and at any time when no
Class A Obligations are Outstanding, the Class B Obligations.

         "Indenture" shall mean this Indenture of Trust, including all
supplements and amendments hereto.

         "Independent" shall mean, when used with respect to any specified
Person, that the Person (a) is in fact independent of the Trust, any other
obligor upon the Notes, the Seller and any Affiliate of any of the foregoing
Persons; (b) does not have any direct financial interest or any material
indirect financial interest in the Trust, any such other obligor, the Seller or
any Affiliate of any of the foregoing Persons; and (c) is not connected with the
Trust, any such other obligor, the Seller or any Affiliate of any of the
foregoing Persons as an officer, employee, promoter, underwriter, placement
agent, trustee, partner, director or person performing similar functions.

         "Independent Certificate" shall mean a certificate or opinion to be
delivered to the Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of this Indenture, made by an
Independent appraiser or other expert appointed by an Issuer Order and approved
by the Trustee in the exercise of reasonable care, and such opinion or
certificate shall state that the signer has read the definition of "Independent"
in this Indenture and that the signer is Independent within the meaning thereof.

         "Index Maturity" shall mean (i) for Three-Month LIBOR, three months and
(ii) for Four-Month LIBOR, four months.

         "Initial Pool Balance" shall mean the Pool Balance as of the Cutoff
Date, which is $1,994,271,462.

         "Insurance" or "Insured" or "Insuring" shall mean, with respect to an
Eligible Loan, the insuring by the Secretary (as evidenced by a Certificate of
Insurance or other document or certification issued under the provisions of the
Higher Education Act) under the Higher Education Act of 100% of the principal of
and accrued interest on such Eligible Loan.

                                       14
<PAGE>

         "Interest Accrual Period" shall mean, initially, the period commencing
on the Date of Issuance to but not including January 25, 2005, and thereafter,
with respect to each Quarterly Distribution Date, the period beginning on the
prior Quarterly Distribution Date and ending on the day immediately preceding
such Quarterly Distribution Date.

         "Interest Benefit Payment" shall mean an interest payment on Eligible
Loans received pursuant to the Higher Education Act and an agreement with the
federal government, or any similar payments.

         "Investment Agreement" shall mean, collectively, the (i) Investment
Agreement dated September 29, 2004, between the Trustee and Bayerische
Landesbank, (ii) Investment Agreement dated September 29, 2004, between the
Trustee and XL Asset Funding Company I LLC and (iii) any other investment
agreement approved by the Rating Agencies. The issuance by the Rating Agencies
of the ratings on the Notes on the Date of Issuance shall serve as the Rating
Confirmation required with respect to the Investment Agreements set forth in (i)
and (ii) above.

         "Investment Securities" shall mean:

                (a) direct obligations of, or obligations on which the timely
        payment of the principal of and interest on which are unconditionally
        and fully guaranteed by, the United States of America;

                (b) interest-bearing time or demand deposits, certificates of
        deposit or other similar banking arrangements with a maturity of 12
        months or less with any bank, trust company, national banking
        association or other depository institution, including those of the
        Trustee, provided that, at the time of deposit or purchase such
        depository institution has commercial paper which is rated "A-1+" by S&P
        and "F1" by Fitch and has the required ratings from Moody's
        corresponding to the duration of such investment set forth below;

                (c) interest-bearing time or demand deposits, certificates of
        deposit or other similar banking arrangements with a maturity of 24
        months or less, but more than 12 months, with any bank, trust company,
        national banking association or other depository institution, including
        those of the Trustee and any of its affiliates, provided that, at the
        time of deposit or purchase such depository institution has senior debt
        rated "A" or higher by S&P or higher by Fitch, if commercial paper is
        outstanding, commercial paper which is rated "A-1+" by S&P and "F1" by
        Fitch and has the required ratings from Moody's corresponding to the
        duration of such investment set forth below;

                (d) interest-bearing time or demand deposits, certificates of
        deposit or other similar banking arrangements with a maturity of more
        than 24 months with any bank, trust company, national banking
        association or other depository institution, including those of the
        Trustee and any of its affiliates, provided that, at the time of deposit
        or purchase such depository institution has senior debt rated "AA" or
        higher by S&P and "AA" or higher by Fitch, if commercial paper is
        outstanding, commercial paper which is rated "A-1+" by S&P, "P-1" by
        Moody's and "F1" by Fitch and has the required ratings from Moody's
        corresponding to the duration of such investment set forth below;

                                       15
<PAGE>

                (e) bonds, debentures, notes or other evidences of indebtedness
        issued or guaranteed by any of the following agencies: Federal Farm
        Credit Banks, Federal Home Loan Mortgage Corporation; the Export-Import
        Bank of the United States; the Federal National Mortgage Association;
        the Farmers Home Administration; Federal Home Loan Banks provided such
        obligation is rated "AAA" by S&P, "Aaa" by Moody's and "AAA" by Fitch;
        or any agency or instrumentality of the United States of America which
        shall be established for the purposes of acquiring the obligations of
        any of the foregoing or otherwise providing financing therefor;

                (f) repurchase agreements and reverse repurchase agreements,
        other than overnight repurchase agreements and overnight reverse
        repurchase agreements, with banks, including the Trustee and any of its
        affiliates, which are members of the Federal Deposit Insurance
        Corporation or firms which are members of the Securities Investors
        Protection Corporation, in each case whose outstanding, unsecured debt
        securities are rated no lower than two subcategories below the highest
        rating on any series of Outstanding Notes by S&P and Fitch, if
        commercial paper is outstanding, commercial paper which is rated "A-1+"
        by S&P and "F1" by Fitch and has the required ratings from Moody's
        corresponding to the duration of such investment set forth below;

                (g) overnight repurchase agreements and overnight reverse
        repurchase agreements at least 101% collateralized by securities
        described in subparagraph (a) of this definition and with a
        counterparty, including the Trustee and any of its affiliates, that has
        senior debt rated "AA" or higher by S&P and "A" or higher by Fitch, if
        commercial paper is outstanding, commercial paper which is rated "A-1+"
        by S&P and "F1" by Fitch and has the required ratings from Moody's
        corresponding to the duration of such investment set forth below, or a
        counterparty approved in writing by S&P, Moody's and Fitch,
        respectively;

                (h) investment agreements or guaranteed investment contracts,
        which may be entered into by and among the Issuer and/or the Trustee and
        any bank, bank holding company, corporation or any other financial
        institution, including the Trustee and any of its affiliates, whose
        outstanding (i) commercial paper is rated "A-1+" by S&P and "F1" by
        Fitch for agreements or contracts with a maturity of 12 months or less
        and has the required ratings from Moody's corresponding to the duration
        of such investment set forth below; (ii) unsecured long-term debt is
        rated no lower than two subcategories below the highest rating on any
        series of Outstanding Notes by S&P and Fitch and, if commercial paper is
        outstanding, commercial paper which is rated "A-1+" by S&P and "F1" by
        Fitch for agreements or contracts with a maturity of 24 months or less,
        but more than 12 months and has the required ratings from Moody's
        corresponding to the duration of such investment set forth below, or
        (iii) unsecured long-term debt which is rated no lower than two
        subcategories below the highest rating on any series of Outstanding
        Notes by S&P and Fitch and, if commercial paper is outstanding,
        commercial paper which is rated "A-1+" by S&P and "F1" by Fitch for
        agreements or contracts with a maturity of more than 24 months and has
        the required ratings from Moody's corresponding to the duration of such
        investment set forth below, or, in each case, by an insurance company
        whose claims-paying ability is so rated;

                                       16
<PAGE>

                (i) "tax exempt bonds" as defined in Section 150(a)(6) of the
        Code, other than "specified private activity bonds" as defined in
        Section 57(a)(5)(C) of the Code, that are rated in the highest category
        by S&P and Fitch for long-term or short-term debt or shares of a
        so-called money market or mutual fund rated "AAAm/AAAm-G" or higher by
        S&P, and "AA/F1+" or higher by Fitch and has the required ratings from
        Moody's corresponding to the duration of such investment set forth
        below, that do not constitute "investment property" within the meaning
        of Section 148(b)(2) of the Code, provided that the fund has all of its
        assets invested in obligations of such rating quality;

                (j) commercial paper, including that of the Trustee and any of
        its affiliates, which is rated in the single highest classification,
        "A-1+" by S&P and "F1" by Fitch and has the required ratings from
        Moody's corresponding to the duration of such investment set forth
        below, and which matures not more than 270 days after the date of
        purchase;

                (k) investments in a money market fund rated at least "AAAm" or
        "AAAm-G" by S&P, "Aaa" by Moody's and "AA" or "F1" by Fitch, including
        funds for which the Trustee or an affiliate thereof acts as investment
        advisor or provides other similar services for a fee;

                (l) any Investment Agreement; and

                (m) any other investment with a Rating Confirmation from each
        Rating Agency.

         Each Investment Security or the provider of such Investment Security
(other than those described in paragraphs (a), (e) and (k) of this definition)
shall have the following Moody's long-term and or short-term ratings
corresponding to the duration of such investment:

              Maximum Maturity                    Minimum Ratings
              ----------------                    ---------------
             One Month                            "A2" or "Prime-1"
             Three Months                        "A1" and "Prime-1"
             Six Months                         "Aa3" and "Prime-1"
             Greater than Six Months            "Aaa" and "Prime-1"

         "ISDA Master Agreement" shall mean the ISDA Master Agreement, copyright
1992, as amended from time to time, and as in effect with respect to any
Derivative Product.

         "Issuer" shall mean Nelnet Student Loan Trust 2004-4, a statutory trust
organized and existing under the laws of the State, and any successor thereto.

         "Issuer Derivative Payment" shall mean any payment required to be made
by or on behalf of the Issuer due to a Counterparty pursuant to a Derivative
Product.

                                       17
<PAGE>

         "Issuer Order" shall mean a written order signed in the name of the
Issuer by an Authorized Representative.

         "LIBOR" shall mean Three-Month LIBOR or Four-Month LIBOR as applicable.

         "LIBOR Determination Date" shall mean, for each Interest Accrual
Period, the second Business Day before the beginning of that Interest Accrual
Period.

         "Liquidated Financed Eligible Loan" shall mean any defaulted Financed
Eligible Loan liquidated by the Master Servicer or a Subservicer (which shall
not include any Financed Eligible Loan on which payments are received from a
Guaranty Agency) or which such Master Servicer or Subservicer has, after using
all reasonable efforts to realize upon such Financed Eligible Loan, determined
to charge off.

         "Liquidation Proceeds" shall mean, with respect to any Liquidated
Financed Eligible Loan which became a Liquidated Financed Eligible Loan during
the current Collection Period in accordance with the Master Servicer or a
Subservicer's customary servicing procedures, the moneys collected in respect of
the liquidation thereof from whatever source, other than moneys collected with
respect to any Liquidated Financed Eligible Loan which was written off in prior
Collection Periods or during the current Collection Period, net of the sum of
any amounts expended by such Master Servicer or Subservicer in connection with
such liquidation and any amounts required by law to be remitted to the obligor
on such Liquidated Financed Eligible Loan.

         "Master Promissory Note" shall mean a Master Promissory Note in the
form mandated by Section 432(m)(1) of the Higher Education Act, as added by
Public Law No: 105-244 ss. 427, 112 Stat. 1702 (1998), as amended by Public Law
No: 106-554 (enacted December 21, 2000) and as codified in 20 U.S.C. ss.
1082(m)(1).

         "Master Servicer" shall mean National Education Loan Network, Inc. and
any other master servicer or successor master servicer selected by the Issuer,
including an affiliate of the Issuer, so long as the Issuer obtains a Rating
Confirmation as to each such other master servicer.

         "Master Servicing Agreement" shall mean (a) the Master Servicing
Agreement, dated as of September 1, 2004, among the Issuer, the Depositor, the
Administrator and the Master Servicer, and (b) any replacement master servicing
agreement among the Issuer, the Administrator and any other Master Servicer.

         "Maturity" when used with respect to any Note, shall mean the date on
which the principal thereof becomes due and payable as therein or herein
provided, whether at its Note Final Maturity Date, by earlier prepayment or
purchase, by declaration of acceleration, or otherwise.

         "Minimum Purchase Amount" shall mean, on any Quarterly Distribution
Date, an amount that would be sufficient to (a) reduce the Outstanding Amount of
each class of Notes on such Quarterly Distribution Date to zero; (b) pay to the
respective Registered Owners the Class A Noteholders' Interest Distribution
Amount and the Class B Noteholders' Interest Distribution Amount payable on such
Quarterly Distribution Date; (c) pay any Servicing Fees and Carryover Servicing
Fees, Trustee Fees and Delaware Trustee Fees due and owing; and (d) pay any
Issuer Derivative Payments due and owing.

                                       18
<PAGE>

         "Monthly Servicing Payment Date" shall mean the twenty-fifth day of
each calendar month or, if such day is not a Business Day, the immediately
succeeding Business Day, commencing on October 25, 2004.

        "Moody's" shall mean Moody's Investors Service, Inc., its successors and
assigns.

         "MPN Loan" shall mean a loan originated pursuant to the Federal Family
Education Loan Program and the Higher Education Act and evidenced by a Master
Promissory Note.

         "Noteholder" shall mean, (a) with respect to a book-entry Note, the
Person who is the owner of such book-entry Note, as reflected on the books of
the Clearing Agency, or on the books of a Person maintaining an account with
such Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of such Clearing
Agency); and (b) with respect to Notes held in definitive form pursuant to
Section 2.09 hereof, the Person in whose name a Note is registered in the Note
registration books of the Trustee.

         "Note Final Maturity Date" for a class of Notes shall mean the Class
A-1 Maturity Date, the Class A-2 Maturity Date, the Class A-3 Maturity Date, the
Class A-4 Maturity Date, the Class A-5 Maturity Date or the Class B Maturity
Date, as applicable.

         "Notes" shall mean, collectively, the Class A Notes and the Class B
Notes.

         "Obligations" shall mean, collectively, the Class A Obligations and the
Class B Obligations.

         "Opinion of Counsel" shall mean (a) with respect to the Trust, one or
more written opinions of counsel who may, except as otherwise expressly provided
in the Indenture, be employees of or counsel to the Delaware Trustee, the Trust,
the Seller or an Affiliate of the Seller and who shall be satisfactory to the
Trustee, and which opinion or opinions shall be addressed to the Trustee, as
trustee, shall comply with any applicable requirements of the Trust Indenture
Act and shall be in form and substance satisfactory to the Trustee; and (b) with
respect to the Seller, the Administrator, the Master Servicer or a Subservicer,
one or more written opinions of counsel who may be an employee of or counsel to
the Seller, the Administrator, the Master Servicer or a Subservicer, which
counsel shall be acceptable to the Trustee and the Delaware Trustee.

         "Optional Purchase Date" shall have the meaning set forth in Section
10.03 hereof.

         "Outstanding" shall mean, when used in connection with any Note, a Note
which has been executed and delivered pursuant to this Indenture which at such
time remains unpaid as to principal or interest, excluding Notes which have been
replaced pursuant to Section 2.03 or 2.04 hereof and when used in connection
with a Derivative Product, a Derivative Product which has not expired or been
terminated, unless provision has been made for such payment pursuant to Section
10.02 hereof.

                                       19
<PAGE>

         "Outstanding Amount" shall mean the aggregate principal amount of all
Notes Outstanding at the date of determination or, if the context so requires,
the aggregate principal amount of one or more classes of Class A Notes or Class
B Notes Outstanding at the date of determination.

         "Person" shall mean an individual, corporation, partnership, joint
venture, association, joint stock company, trust, limited liability company,
unincorporated organization or government or agency, or political subdivision
thereof.

         "Pool Balance" shall mean as of any date the aggregate principal
balance of the Financed Eligible Loans on such date (including accrued interest
thereon to the extent such interest is expected to be capitalized), after giving
effect to the following, without duplication: (a) all payments received by the
Issuer through such date from or on behalf of obligors on such Financed Eligible
Loans; (b) all Purchase Amounts on Financed Eligible Loans received by the
Issuer through such date from the Seller, the Master Servicer or a Subservicer;
(c) all Liquidation Proceeds and Realized Loss on Financed Eligible Loans
liquidated through such date; (d) the aggregate amount of adjustments to
balances of Financed Eligible Loans permitted to be effected by the Master
Servicer or a Servicer under the Master Servicing Agreement or its related
Subservicing Agreement, if any, recorded through such date; and (e) the
aggregate amount by which reimbursements by Guarantee Agencies of the unpaid
principal balance of defaulted Financed Eligible Loans through such date are
reduced from 100% to 98% or other applicable percentage, as required by the risk
sharing provisions of the Higher Education Act. The Pool Balance shall be
calculated by the Administrator and certified to the Trustee, upon which the
Trustee may conclusively rely with no duty to further examine or determine such
information.

         "Principal Distribution Amount" shall mean, as determined by the
Administrator, (a) with respect to the initial Quarterly Distribution Date, the
amount by which the sum of the Outstanding Amount of the Notes exceeds the
Adjusted Pool Balance as of the last day of the initial Collection Period; and
(b) with respect to each subsequent Quarterly Distribution Date, the excess of
(i) the Adjusted Pool Balance as of the last day of the Collection Period
preceding the related Collection Period, less (ii) the Adjusted Pool Balance as
of the last day of the related Collection Period, plus the amount, if any, of
the Principal Distribution Amount due on the prior Quarterly Distribution Date
that was not paid and on the October 25, 2005 Quarterly Distribution Date, any
amount transferred to the Collection Fund from the Capitalized Interest Fund on
that Quarterly Distribution Date. Further, on the Note Final Maturity Date for a
class of Notes, the Principal Distribution Amount on that date also shall
include the amount needed to reduce the Outstanding principal amount of such
class of Notes to zero.

         "Principal Office" shall mean the principal office of the party
indicated, as set forth in Section 9.01 hereof or elsewhere in this Indenture.

         "Priority Termination Payment" shall mean, with respect to a Derivative
Product, any termination payment payable by the Issuer under such Derivative
Product relating to an early termination of such Derivative Product by the
Counterparty, as the non-defaulting party, following (i) a monthly payment
default by the Issuer thereunder, (ii) the occurrence of an Event of Default
specified in Section 6.01(d) hereof or (iii) the Trustee's taking any action
hereunder to liquidate the Trust Estate following an Event of Default and
acceleration of the Notes pursuant to Section 6.04 hereof.

                                       20
<PAGE>

         "Program" shall mean the Sponsor's program for the origination and the
purchase of Eligible Loans, as the same may be modified from time to time.

         "Purchase Amount" with respect to any Financed Eligible Loan shall mean
the amount required to prepay in full such Financed Eligible Loan under the
terms thereof including all accrued interest thereon and any unamortized
premium, it being acknowledged that any accrued and unpaid Interest Subsidy
Payments or Special Allowance Payments will continue to be payable to the
Trustee and constitute part of the Trust Estate.

         "Quarterly Distribution Date" shall mean the 25th day of January,
April, July and October, or, if such day is not a Business Day, the immediately
succeeding Business Day, commencing on January 25, 2005.

         "Rating" shall mean one of the rating categories of Fitch, Moody's and
S&P or any other Rating Agency, provided Fitch, Moody's and S&P or any other
Rating Agency, as the case may be, is currently rating the Notes.

         "Rating Agency" shall mean each of Fitch, Moody's and S&P and their
successors and assigns or any other rating agency requested by the Issuer to
maintain a Rating on any of the Notes.

         "Rating Confirmation" shall mean a letter from each Rating Agency then
providing a Rating for any of the Notes, confirming that a proposed action,
failure to act, or other event specified therein will not, in and of itself,
result in a downgrade of any of the Ratings then applicable to the Notes, or
cause any Rating Agency to suspend, withdraw or qualify the Ratings then
applicable to the Notes.

         "Realized Loss" shall mean the excess of the principal balance
(including any interest that had been or had been expected to be capitalized) of
any Liquidated Financed Eligible Loan over Liquidation Proceeds with respect to
such Financed Eligible Loan to the extent allocable to principal (including any
interest that had been or had been expected to be capitalized).

         "Record Date" shall mean, with respect to a Distribution Date, the
close of business on the day preceding such Distribution Date.

         "Reference Banks" shall mean, with respect to a determination of LIBOR
for any Interest Accrual Period by the Administrator, four major banks in the
London interbank market selected by the Administrator.

         "Registered Owner" shall mean any Noteholder, and, with respect to a
Derivative Product, any Counterparty, unless the context otherwise requires.

         "Regulations" shall mean the Regulations promulgated from time to time
by the Secretary or any Guaranty Agency guaranteeing Financed Eligible Loans.

                                       21
<PAGE>

         "Reserve Fund" shall mean the Fund by that name created in Section
5.01(d) hereof and further described in Section 5.05 hereof, including any
Accounts and Subaccounts created therein.

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

         "Secretary" shall mean the Secretary of the United States Department of
Education or any successor to the pertinent functions thereof under the Higher
Education Act.

         "Securities Act" shall mean the Securities Act of 1933, as amended.

         "Securities Depository" or "Depository" shall mean The Depository Trust
Company and its successors and assigns or if, (a) the then Securities Depository
resigns from its functions as depository of the Notes or (b) the Issuer
discontinues use of the Securities Depository, any other securities depository
which agrees to follow the procedures required to be followed by a securities
depository in connection with the Notes and which is selected by the Issuer with
the consent of the Trustee.

         "Seller" shall mean Nelnet Student Loan Funding, LLC, and its
successors and assigns.

         "Servicer's Report" shall mean the servicer reports to be furnished to
the Issuer by the Master Servicer or a Subservicer pursuant to the Master
Servicing Agreement or its related Subservicing Agreement.

         "Servicing Fee" shall mean the fees and expenses due to the Master
Servicer and any Subservicer under the terms of the Master Servicing Agreement
or its related Subservicing Agreement and the fees and expenses due to any
custodian under the terms of a Custodian Agreement.

         "Special Allowance Payments" shall mean the special allowance payments
authorized to be made by the Secretary by Section 438 of the Higher Education
Act, or similar allowances, if any, authorized from time to time by federal law
or regulation.

         "Specified Reserve Fund Balance" shall mean, with respect to any
Quarterly Distribution Date, the greater of (a) 0.25% of the Pool Balance as of
the close of business on the last day of the related Collection Period; and (b)
0.150% of the Initial Pool Balance, provided that in no event will such balance
exceed the sum of the outstanding principal amount of the Notes and provided
further, that such Specified Reserve Fund Balance may be reduced with a Rating
Confirmation.

         "Sponsor" shall mean Nelnet Student Loan Funding, LLC, and its
successors and assigns and any other Person or Persons as may become a Sponsor
pursuant to the terms of the Trust Agreement.

         "State" shall mean the State of Delaware.

                                       22
<PAGE>

         "Stepdown Date" shall mean the earlier to occur of (a) the Quarterly
Distribution Date in October of 2009 and (b) the first date on which all of the
Class A Notes are no longer Outstanding.

         "Student Loan Purchase Agreement" shall mean, collectively, (a) the
Loan Purchase Agreement, dated as of September 1, 2004, between the Issuer and
the Seller and (b) each additional student loan purchase agreement entered into
between the Issuer and the Seller for the purchase of Eligible Loans which
constitute "add-on consolidation loans."

         "Subaccount" shall mean any of the subaccounts which may be created and
established within any Account by this Indenture.

         "Subservicer" shall mean Nelnet, Inc., Pennsylvania Higher Education
Assistance Agency, and any other additional subservicer or successor subservicer
selected by the Issuer, including an affiliate of the Issuer, so long as the
Issuer obtains a Rating Confirmation as to each such other subservicer.

         "Subservicing Agreement" shall mean (a) the Nelnet, Inc. Subservicing
Agreement, dated as of September 1, 2004, between the Master Servicer and
Nelnet, Inc., as subservicer, and (b) any subservicing agreement between the
Master Servicer and any other Subservicer.

         "Supplemental Indenture" shall mean an agreement supplemental hereto
executed pursuant to Article VIII hereof.

         "Telerate Page 3750" shall mean the display page so designated on the
Telerate Service (or such other page as may replace that page on that service
for the purpose of displaying comparable rates or prices).

         "Termination Payment" shall mean, with respect to a Derivative Product,
any termination payment payable by the Issuer under such Derivative Product
relating to an early termination of such Derivative Product by the Counterparty,
as the non-affected party or non-defaulting party, after the occurrence of a
termination event or event of default specified in such Derivative Product,
including any Priority Termination Payment.

         "Three-Month LIBOR" and "Four-Month LIBOR" shall mean, with respect to
any Interest Accrual Period, the London interbank offered rate for deposits in
U.S. dollars having the applicable Index Maturity as it appears on Telerate Page
3750 as of 11:00 a.m., London time, on the related LIBOR Determination Date as
determined by the Administrator. If this rate does not appear on Telerate Page
3750, the rate for that day will be determined on the basis of the rates at
which deposits in U.S. dollars, having the index maturity and in a principal
amount of not less than U.S. $1,000,000, are offered at approximately 11:00
a.m., London time, on that LIBOR Determination Date, to prime banks in the
London interbank market by the Reference Banks. The Administrator or the
Trustee, as applicable, will request the principal London office of each
Reference Bank to provide a quotation of its rate. If the Reference Banks
provide at least two quotations, the rate for that day will be the arithmetic
mean of the quotations. If the Reference Banks provide fewer than two
quotations, the rate for that day will be the arithmetic mean of the rates

                                       23
<PAGE>

quoted by major banks in New York City, selected by the Administrator or the
Trustee, as applicable, at approximately 11:00 a.m., New York time, on that
LIBOR Determination Date, for loans in U.S. dollars to leading European banks
having the Index Maturity and in a principal amount of not less than U.S.
$1,000,000. If the banks selected as described above are not providing
quotations, Three-Month LIBOR or Four-Month LIBOR, as the case may be, in effect
for the applicable Interest Accrual Period will be Three-Month LIBOR or
Four-Month LIBOR, as the case may be, in effect for the previous Interest
Accrual Period.

         "Trigger Event" shall mean, on any Quarterly Distribution Date while
any of the Class A Notes are Outstanding, that (a) the Outstanding Amount of the
Notes, after giving effect to distributions to be made on that Quarterly
Distribution Date, would exceed the sum of the Pool Balance and the Specified
Reserve Fund Balance as of the end of the related Collection Period or (b) the
Student Loans have not been sold pursuant to Section 10.03 or 10.04 hereof after
the Pool Balance falls below 10% of the Initial Pool Balance.

         "Trust" shall mean the Nelnet Student Loan Trust 2004-4.

         "Trust Agreement" shall mean the Trust Agreement, dated as of September
1, 2004, by and between the Sponsor and the Delaware Trustee, as may be amended
pursuant to the terms thereof.

         "Trust Auction Date" shall have the meaning set forth in Section 10.04
hereof.

         "Trust Estate" shall mean the property described as such in the
granting clauses hereto.

         "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, as
amended, and as in force at the date as of which this Indenture was executed,
except as provided in Section 8.05 hereof.

         "Trustee" shall mean Zions First National Bank, acting in its capacity
as Trustee under this Indenture, or any successor trustee designated pursuant to
this Indenture.

         "Trustee Fee" shall mean an amount equal to the annual amount set forth
in the Trustee Fee Letter, dated September 1, 2004. Such fee shall be in
satisfaction of the Trustee's compensation as trustee under this Indenture and
as eligible lender trustee under the Eligible Lender Trust Agreement.

         "Value" on any calculation date when required under this Indenture
shall mean the value of the Trust Estate calculated by the Issuer with respect
to clause (a) and by the Trustee with respect to clauses (b) and (c) as follows:

                  (a) with respect to any Eligible Loan owned by the Issuer as
         of the calculation date, the unpaid principal amount thereof plus any
         accrued but unpaid interest, Interest Benefit Payments and Special
         Allowance Payments;

                  (b) with respect to any funds of the Issuer held under this
         Indenture and on deposit in any commercial bank or as to any banker's
         acceptance or repurchase agreement or investment contract, the amount
         thereof plus accrued but unpaid interest; and

                                       24
<PAGE>

                  (c) with respect to any Investment Securities, the par value
         thereof, plus accrued but unpaid interest.

         Words importing the masculine gender include the feminine gender, and
words importing the feminine gender include the masculine 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 Indenture.

                                   ARTICLE II

                         note DETAILS and FORM OF NOTES

Section 2.01. Note Details. The Notes, together with the Trustee's certificate
of authentication, shall be in substantially the forms set forth in Exhibit B
hereto, with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing the Notes, as evidenced by their execution of the Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Note.

         The definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the Authorized Representatives executing
such Notes, as evidenced by their execution of such Notes.

         Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibit B hereto are part of the terms of this Indenture.

Section 2.02. Execution, Authentication and Delivery of Notes. The Notes shall
be executed in the name and on behalf of the Issuer by the manual or facsimile
signature of an Authorized Representative. Any Note may be signed (manually or
by facsimile) or attested on behalf of the Issuer by any person who, at the date
of such act, shall hold the proper office or position, notwithstanding that at
the date of authentication, issuance or delivery, such person may have ceased to
hold such office or position.

         The Trustee shall upon Issuer Order authenticate and deliver Notes for
original issue in an aggregate principal amount of $2,020,876,000. The aggregate
principal amount of Notes outstanding at any time may not exceed such amount
except as provided in Section 2.04 hereof.

         Each Note shall be dated the date of its authentication. The Notes
shall be issuable as registered Notes in minimum denominations of $5,000 and in
integral multiples of $1,000 in excess thereof (the "Authorized Denominations").

         No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for in Section
2.05 hereof.

                                       25
<PAGE>

        Section 2.03. Registration, Transfer and Exchange of Notes; Persons
Treated as Registered Owners. The Issuer shall cause books for the registration
and for the transfer of the Notes as provided in this Indenture to be kept by
the Trustee which is hereby appointed the transfer agent of the Issuer for the
Notes. Notwithstanding such appointment and with the prior written consent of
the Issuer, the Trustee is hereby authorized to make any arrangements with other
institutions which it deems necessary or desirable in order that such
institutions may perform the duties of transfer agent for the Notes. Upon
surrender for transfer of any Note at the Principal Office of the Trustee, duly
endorsed for transfer or accompanied by an assignment duly executed by the
Registered Owner or his attorney duly authorized in writing, the Issuer shall
execute and the Trustee shall authenticate and deliver in the name of the
transferee or transferees a new fully registered Note or Notes of the same
interest rate and for a like class and aggregate principal amount of the same
maturity.

         Notes may be exchanged at the Principal Office of the Trustee for a
like aggregate principal amount of fully registered Notes of the same class,
interest rate and maturity in Authorized Denominations. The Issuer shall execute
and the Trustee shall authenticate and deliver Notes which the Registered Owner
making the exchange is entitled to receive, bearing numbers not
contemporaneously outstanding. The execution by the Issuer of any fully
registered Note of any Authorized Denomination shall constitute full and due
authorization of such denomination and the Trustee shall thereby be authorized
to authenticate and deliver such fully registered Note.

         As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as hereinabove
provided. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

         Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

         The Trustee shall require the payment by any Registered Owner
requesting exchange or transfer of any tax or other governmental charge required
to be paid with respect to such exchange or transfer. The applicant for any such
transfer or exchange may be required to pay all taxes and governmental charges
in connection with such transfer or exchange, other than exchanges pursuant to
Section 2.07 hereof.

        Section 2.04. Lost, Stolen, Destroyed and Mutilated Notes. Upon receipt
by the Trustee of evidence satisfactory to it of the ownership of and the loss,
theft, destruction or mutilation of any Note and, in the case of a lost, stolen
or destroyed Note, of indemnity satisfactory to it, and upon surrender and
cancellation of the Note, if mutilated, (a) the Issuer shall execute, and the
Trustee shall authenticate and deliver, a replacement Note of the same interest
rate, maturity and denomination in lieu of such lost, stolen, destroyed or
mutilated Note or (b) if such lost, stolen, destroyed or mutilated Note shall
have matured within 15 days be due and payable, in lieu of executing and
delivering a new Note as aforesaid, the Issuer may pay such Note. Any such new

                                       26
<PAGE>

Note shall bear a number not contemporaneously outstanding. The applicant for
any such new Note may be required to pay all taxes and governmental charges and
all expenses and charges of the Issuer and of the Trustee in connection with the
issuance of such Note. All Notes shall be held and owned upon the express
condition that, to the extent permitted by law, the foregoing conditions are
exclusive with respect to the replacement and payment of mutilated, destroyed,
lost or stolen Notes, negotiable instruments or other securities.

        Section 2.05. Trustee's Authentication Certificate. The Trustee's
authentication certificate upon any Notes shall be substantially in the form
attached to the Notes. No 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 Note shall
be conclusive evidence and the only competent evidence that such Note 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 or signatory of the Trustee, but it shall not be
necessary that the same person sign the certificate of authentication on all of
the Notes issued hereunder.

        Section 2.06. Cancellation and Destruction of Notes by the Trustee.
Whenever any Outstanding Notes shall be delivered to the Trustee for the
cancellation thereof pursuant to this Indenture, upon payment of the principal
amount and interest represented thereby, or for replacement pursuant to Section
2.03 hereof, such Notes shall be promptly cancelled and, within a reasonable
time, cremated or otherwise destroyed by the Trustee and counterparts of a
certificate of destruction evidencing such cremation or other destruction shall
be furnished by the Trustee to the Issuer.

        Section 2.07. Temporary Notes. Pending the preparation of definitive
Notes, the Issuer may execute and the Trustee shall authenticate and deliver
temporary Notes. Temporary Notes shall be issuable as fully registered Notes
without coupons, of any denomination, and substantially in the form of the
definitive Notes but with such omissions, insertions and variations as may be
appropriate for temporary Notes, all as may be determined by the Issuer. Every
temporary Note shall be executed by the Issuer and be authenticated by the
Trustee upon the same conditions and in substantially the same manner, and with
like effect, as the definitive Notes. As promptly as practicable the Issuer
shall execute and shall furnish definitive Notes and thereupon temporary Notes
may be surrendered in exchange therefor without charge at the principal office
of the Trustee, and the Trustee shall authenticate and deliver in exchange for
such temporary Notes a like aggregate principal amount of definitive Notes.
Until so exchanged the temporary Notes shall be entitled to the same benefits
under this Indenture as definitive Notes.

        Section 2.08. Issuance of Notes. The Issuer shall have the authority,
upon complying with the provisions of this Article, to issue and deliver the
Notes which shall be secured by the Trust Estate. In addition, the Issuer may
enter into any Derivative Products it deems necessary or desirable with respect
to any or all of the Notes.

                                       27
<PAGE>

        Section 2.09. Definitive Notes. If (a) the Administrator advises the
Trustee in writing that the Clearing Agency is no longer willing or able to
discharge its responsibilities with respect to the Notes, and the Administrator
is unable to locate a successor; (b) the Administrator at its option, with the
consent of the applicable Clearing Agency Participants, advises the Trustee in
writing that it elects to terminate the book-entry system through the Clearing
Agency; or (c) after the occurrence of an Event of Default, or a default by the
Master Servicer, a Subservicer or the Administrator under the Master Servicing
Agreement, its related Servicing Agreement or the Administration Agreement,
respectively, Noteholders representing beneficial interests aggregating at least
a majority of the Outstanding Amount of the Notes advise the Clearing Agency
(which shall then notify the Trustee) in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interests
of the Noteholders and the applicable Clearing Agency Participants consent to
the termination of the book-entry system through the Clearing Agency, then the
Trustee shall cause the Clearing Agency to notify all Noteholders, through the
Clearing Agency, of the occurrence of any such event and of the availability of
definitive Notes to Noteholders requesting the same. Upon surrender to the
Trustee of the typewritten Notes representing the book-entry Notes by the
Clearing Agency, accompanied by registration instructions, the Issuer shall
execute and the Trustee shall authenticate the definitive Notes in accordance
with the instructions of the Clearing Agency. None of the Issuer, the Note
Registrar or the Trustee shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of definitive Notes, the Trustee shall
recognize the holders of the definitive Notes as Registered Owners.

        Section 2.10. Payment of Principal and Interest.

                (a) The Notes shall accrue interest as provided in the forms of
        Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes,
        Class A-5 Notes and the Class B Notes set forth in Exhibits B-1, B-2,
        B-3, B-4, B-5 and B-6, respectively, hereto. Such interest shall be
        payable with respect to each class of Notes on each Quarterly
        Distribution Date as specified in Section 5.04(c) hereof, subject to
        Section 4.01 hereof. Any installment of interest or principal, if any,
        payable on any Note which is punctually paid or duly provided for by the
        Issuer on the Quarterly Distribution Date shall be paid to the Person in
        whose name such Note is registered on the Record Date by check mailed
        first-class, postage prepaid to such Person's address as it appears on
        the records of the Trustee on such Record Date, except that, unless
        definitive Notes have been issued pursuant to Section 2.09 hereof, with
        respect to Notes registered on the Record Date in the name of the
        nominee of the Clearing Agency (initially, such nominee to be Cede &
        Co.), payment shall be made by wire transfer in immediately available
        funds to the account designated by such nominee and except for the final
        installment of principal payable with respect to such Note on a
        Quarterly Distribution Date or on the Note Final Maturity Date for such
        Note which shall be payable as provided below.

                (b) The principal of each Note shall be payable in installments
        on each Quarterly Distribution Date as provided in Section 5.04(c)
        hereof. Notwithstanding the foregoing, the entire unpaid principal
        amount of each class of the Notes shall be due and payable, if not
        previously paid, on the Note Final Maturity Date for such class of Notes
        and on the date on which an Event of Default shall have occurred and be
        continuing if the Trustee or the Registered Owners of the Notes

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<PAGE>

        representing not less than a majority of the Outstanding Amount of the
        Notes have declared the Notes to be immediately due and payable in the
        manner provided in Section 6.02 hereof. The Trustee shall notify the
        Person in whose name a Note is registered at the close of business on
        the Record Date preceding the Quarterly Distribution Date on which the
        Issuer expects that the final installment of principal of and interest
        on such Note will be paid. Such notice shall be mailed or transmitted by
        facsimile prior to such final Quarterly Distribution Date and shall
        specify that such final installment will be payable only upon
        presentation and surrender of such Note and shall specify the place
        where such Note may be presented and surrendered for payment of such
        installment.

                                  ARTICLE III

                 PARITY AND PRIORITY OF LIEN; OTHER OBLIGATIONS;
                             AND DERIVATIVE PRODUCTS

        Section 3.01. Parity and Priority of Lien. The provisions, covenants and
agreements herein set forth to be performed by or on behalf of the Issuer shall
be for the equal benefit, protection and security of the Registered Owners of
any and all of the Obligations, all of which, shall be of equal rank without
preference, priority or distinction of any of the Obligations over any other
thereof, except as expressly provided in this Indenture with respect to certain
payment and other priorities.

        Section 3.02. Other Obligations. The Available Funds and other moneys,
Financed Eligible Loans, securities, evidences of indebtedness, interests,
rights and properties pledged under this Indenture are and will be owned by the
Issuer free and clear of any pledge, lien, charge or encumbrance thereon or with
respect thereto prior to, of equal rank with or subordinate to the respective
pledges created by this Indenture, except as otherwise expressly provided
herein, and all action on the part of the Issuer to that end has been duly and
validly taken. If any Financed Eligible Loan is found to have been subject to a
lien at the time such Financed Eligible Loan was acquired, the Issuer shall
cause such lien to be released, shall purchase such Financed Eligible Loan from
the Trust Estate for a purchase price equal to its principal amount plus any
unamortized premium, if any, and interest accrued thereon or shall replace such
Financed Eligible Loan with another Eligible Loan with substantially identical
characteristics which replacement Eligible Loan shall be free and clear of liens
at the time of such replacement. Except as otherwise provided herein, the Issuer
shall not create or voluntarily permit to be created any debt, lien or charge on
the Financed Eligible Loans which would be on a parity with, subordinate to, or
prior to the lien of this Indenture; shall not do or omit to do or suffer to be
done or omitted to be done any matter or things whatsoever whereby the lien of
this Indenture or the priority of such lien for the Obligations hereby secured
might or could be lost or impaired; and will pay or cause to be paid or will
make adequate provisions for the satisfaction and discharge of all lawful claims
and demands which if unpaid might by law be given precedence to or any equality
with this Indenture as a lien or charge upon the Financed Eligible Loans;
provided, however, that nothing in this Section shall require the Issuer to pay,
discharge or make provision for any such lien, charge, claim or demand so long
as the validity thereof shall be by it in good faith contested, unless thereby,
in the opinion of the Trustee, the same will endanger the security for the
Obligations; and provided further that any subordinate lien hereon (i.e.,
subordinate to the lien securing the Class A Obligations and the Class B
Obligations) shall be entitled to no payment from the Trust Estate, nor may any
remedy be exercised with respect to such subordinate lien against the Trust
Estate until all Obligations have been paid or deemed paid hereunder.

        Section 3.03. Derivative Products; Counterparty Payments; Issuer
Derivative Payments. The Issuer hereby authorizes and directs the Trustee to
acknowledge and agree to any Derivative Product hereafter entered into by the
Issuer and a Counterparty under which (a) the Issuer may be required to make,

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<PAGE>

from time to time, payments to a Counterparty and (b) the Trustee may receive,
from time to time, Counterparty Payments for the account of the Issuer. No
Derivative Product shall be entered into subsequent to the Date of Issuance
unless the Trustee shall have received a Rating Confirmation from each Rating
Agency that such Derivative Product will not adversely affect the Rating on any
of the Notes.

                                   ARTICLE IV

                       PROVISIONS APPLICABLE TO THE NOTES;
                              DUTIES OF THE ISSUER

        Section 4.01. Payment of Principal and Interest. The Issuer covenants
that it will promptly pay, but solely from the Trust Estate, the principal of
and interest, if any, on each and every Obligation issued under the provisions
of this Indenture at the places, on the dates and in the manner specified herein
and in said Obligations according to the true intent and meaning thereof. The
Obligations shall be and are hereby declared to be payable from and equally
secured, except as specifically provided in this Indenture with respect to
certain payment and other priorities, by an irrevocable first lien on and pledge
of the properties constituting the Trust Estate, subject to the application
thereof as permitted by this Indenture, but in no event shall the Registered
Owners or any Counterparty have any right to possession or control of any
Financed Eligible Loans, which shall be held only by the Trustee or its agent or
bailee.

        Section 4.02. Covenants as to Additional Conveyances. At any and all
times, the Issuer will duly execute, acknowledge and deliver, or will cause to
be done, executed and delivered, all and every such further acts, conveyances,
transfers and assurances in law as the Trustee shall reasonably require for the
better conveying, transferring and pledging and confirming unto the Trustee, all
and singular, the properties constituting the Trust Estate hereby transferred
and pledged, or intended so to be transferred and pledged.

        Section 4.03. Further Covenants of the Issuer.

                (a) The Issuer will cause financing statements and continuation
        statements with respect thereto at all times to be filed in the office
        of the Secretary of State of the State and any other jurisdiction
        necessary to perfect and maintain the security interest granted by the
        Issuer hereunder.

                (b) The Issuer will duly and punctually keep, observe and
        perform each and every term, covenant and condition on its part to be
        kept, observed and performed, contained in this Indenture and the other
        agreements to which the Issuer is a party pursuant to the transactions
        contemplated herein, including but not limited to the Basic Documents to
        which it is a party, the Guarantee Agreements and the Certificate of
        Insurance, and will punctually perform all duties required by the Trust
        Agreement and the laws of the State.

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<PAGE>

                (c) The Issuer shall be operated on the basis of its Fiscal
        Year.

                (d) The Issuer shall cause to be kept full and proper books of
        records and accounts, in which full, true and proper entries will be
        made of all dealings, business and affairs of the Issuer which relate to
        the Notes and any Derivative Product.

                (e) The Issuer, upon written request of the Trustee, will permit
        at all reasonable times the Trustee or its agents, accountants and
        attorneys, to examine and inspect the property, books of account,
        records, reports and other data relating to the Financed Eligible Loans,
        and will furnish the Trustee such other information as it may reasonably
        request. The Trustee shall be under no duty to make any such examination
        unless requested in writing to do so by the Registered Owners of 66% in
        collective aggregate principal amount of the Notes at the time
        Outstanding, and unless such Registered Owners shall have offered the
        Trustee security and indemnity satisfactory to it against any costs,
        expenses and liabilities which might be incurred thereby.

                (f) The Issuer shall cause an annual audit to be made by an
        independent auditing firm of national reputation and file one copy
        thereof with the Trustee and each Rating Agency within 150 days of the
        close of each Fiscal Year. The Trustee shall be under no obligation to
        review or otherwise analyze such audit.

                (g) The Issuer covenants that all Financed Eligible Loans upon
        receipt thereof shall be delivered to the Trustee or its agent or bailee
        to be held pursuant to this Indenture and pursuant to the Master
        Servicing Agreement, a Subservicing Agreement or a Custodian Agreement.

                (h) Notwithstanding anything to the contrary contained herein,
        except upon the occurrence and during the continuance of an Event of
        Default hereunder, the Issuer hereby expressly reserves and retains the
        privilege to receive and, subject to the terms and provisions of this
        Indenture, to keep or dispose of, claim, bring suits upon or otherwise
        exercise, enforce or realize upon its rights and interest in and to the
        Financed Eligible Loans and the proceeds and collections therefrom, and
        neither the Trustee nor any Registered Owner shall in any manner be or
        be deemed to be an indispensable party to the exercise of any such
        privilege, claim or suit and the Trustee shall be under no obligation
        whatsoever to exercise any such privilege, claim or suit; provided,
        however, that the Trustee shall have and retain possession or control of
        the Financed Eligible Loans pursuant to Section 5.02 hereof (which
        Financed Eligible Loans may be held by the Trustee's agent or bailee) so
        long as such loans are subject to the lien of this Indenture.

                (i) The Issuer shall notify the Trustee and each Rating Agency
        in writing prior to entering into any Derivative Product.

                                       31
<PAGE>

        Section 4.04. Enforcement of Master Servicing Agreement and Subservicing
Agreements. The Issuer shall comply with, shall require the Master Servicer to
comply with and shall cause the Master Servicer to require the Subservicers to
comply with the following whether or not the Issuer is otherwise in default
under this Indenture:

                (a) cause to be diligently enforced and taken all reasonable
        steps, actions and proceedings necessary for the enforcement of all
        terms, covenants and conditions of the Master Servicing Agreement and
        all Subservicing Agreements, including the prompt payment of all amounts
        due the Issuer thereunder, including, without limitation, all principal
        and interest payments, and Guarantee payments which relate to any
        Financed Eligible Loans and cause the Master Servicer and each
        Subservicer to specify whether payments received by it represent
        principal or interest;

                (b) not permit the release of the obligations of the Master
        Servicer and any Subservicer under the Master Servicing Agreement and
        any Subservicing Agreement except in conjunction with amendments or
        modifications permitted by paragraph (h) below;

                (c) at all times, to the extent permitted by law, cause to be
        defended, enforced, preserved and protected the rights and privileges of
        the Issuer, the Trustee and the Registered Owners under or with respect
        to the Master Servicing Agreement and each Subservicing Agreement;

                (d) at its own expense, the Issuer shall duly and punctually
        perform and observe each of its obligations to the Master Servicer or a
        Subservicer under the Master Servicing Agreement or its related
        Subservicing Agreement in accordance with the terms thereof;

                (e) the Issuer agrees to give the Trustee and the Rating Agency
        prompt written notice of each default on the part of the Master Servicer
        or a Subservicer of its obligations under the Master Servicing Agreement
        or its related Subservicing Agreement coming to the Issuer's attention;

                (f) the Issuer shall not waive any default by the Master
        Servicer or a Subservicer under the Master Servicing Agreement or its
        related Subservicing Agreement without the written consent of the
        Trustee and the giving of written notice to the Rating Agency;

                (g) the Issuer shall cause the Master Servicer and each
        Subservicer to deliver to the Trustee and the Issuer, on or before March
        30 of each year, beginning with March 30, 2005, a certificate stating
        that (i) a review of the activities of the Master Servicer and each
        Subservicer during the preceding calendar year and of its performance
        under the Master Servicing Agreement and its related Subservicing
        Agreement has been made under the supervision of the officer signing
        such certificate and (ii) to the best of such officers' knowledge, based
        on such review, the Master Servicer and such Subservicer has fulfilled
        all its obligations under the Master Servicing Agreement and its related
        Subservicing Agreement throughout such year, or, there has been a
        default in the fulfillment of any such obligation, specifying each such
        default known to such officer and the nature and stature thereof. The
        Issuer shall send copies of such annual certificate of the Master
        Servicer and each Subservicer to each Rating Agency; and

                                       32
<PAGE>

                (h) not consent or agree to or permit any amendment or
        modification of the Master Servicing Agreement or any Subservicing
        Agreement which will in any manner materially adversely affect the
        rights or security of the Registered Owners. The Issuer and the Trustee
        shall be entitled to receive and rely upon an opinion of counsel that
        any such amendment or modification will not materially adversely affect
        the rights or security of the Registered Owners.

        Section 4.05. Procedures for Transfer of Funds. In any instance where
this Indenture requires a transfer of funds or money from one Fund to another, a
transfer of ownership in investments or an undivided interest therein may be
made in any manner agreeable to the Issuer and the Trustee, and in the
calculation of the amount transferred, interest on the investment which has or
will accrue before the date the money is needed in the fund to which the
transfer is made shall not be taken into account or considered as money on hand
at the time of such transfer.

        Section 4.06. Additional Covenants with Respect to the Higher Education
Act. The Issuer covenants that it will cause the Trustee to be, or replace the
Trustee with, an Eligible Lender under the Higher Education Act, that it will
acquire or cause to be acquired Eligible Loans originated and held only by an
Eligible Lender and that it will not dispose of or deliver any Financed Eligible
Loans or any security interest in any such Financed Eligible Loans to any party
who is not an Eligible Lender so long as the Higher Education Act or Regulations
adopted thereunder require an Eligible Lender to be the owner or holder of
Guaranteed Eligible Loans; provided, however, that nothing above shall prevent
the Issuer from delivering the Eligible Loans to the Master Servicer, a
Subservicer or a Guaranty Agency. The Registered Owners of the Notes shall not
in any circumstances be deemed to be the owner or holder of the Guaranteed
Eligible Loans.

         The Issuer, or the Administrator on behalf of the Issuer, shall be
responsible for each of the following actions with respect to the Higher
Education Act:

                (a) the Issuer, or the Administrator on behalf of the Issuer,
        shall be responsible for dealing with the Secretary with respect to the
        rights, benefits and obligations under the Certificates of Insurance,
        and the Issuer shall be responsible for dealing with the Guaranty
        Agencies with respect to the rights, benefits and obligations under the
        Guarantee Agreements with respect to the Financed Eligible Loans;

                (b) the Issuer, or the Administrator on behalf of the Issuer,
        shall cause to be diligently enforced, and shall cause to be taken all
        reasonable steps, actions and proceedings necessary or appropriate for
        the enforcement of all terms, covenants and conditions of all Financed
        Eligible Loans and agreements in connection therewith, including the
        prompt payment of all principal and interest payments and all other
        amounts due thereunder;

                                       33
<PAGE>

                (c) the Issuer, or the Administrator on behalf of the Issuer,
        shall cause the Financed Eligible Loans to be serviced by entering into
        the Master Servicing Agreement or other agreement with the Master
        Servicer for the collection of payments made for, and the administration
        of the accounts of, the Financed Eligible Loans;

                (d) the Issuer, or the Administrator on behalf of the Issuer,
        shall comply, and shall cause all of its officers, directors, employees
        and agents to comply, with the provisions of the Higher Education Act
        and any regulations or rulings thereunder, with respect to the Financed
        Eligible Loans;

                (e) the Issuer, or the Administrator on behalf of the Issuer,
        shall cause all Available Funds, including the benefits of the Guarantee
        Agreements, the Interest Benefit Payments and the Special Allowance
        Payments, to flow to the Trustee. The Trustee shall have no liability
        for actions taken at the direction of the Issuer or the Administrator,
        except for negligence or willful misconduct in the performance of its
        express duties hereunder. The Trustee shall have no obligation to
        administer, service or collect the loans in the Trust Estate or to
        maintain or monitor the administration, servicing or collection of such
        loans; and

                (f) the Issuer, or the Administrator on behalf of the Issuer,
        shall cause each Financed Eligible Loan evidenced by a Master Promissory
        Note in the form mandated by Section 432(m)(1) of the Higher Education
        Act to be acquired pursuant to a Student Loan Purchase Agreement with
        the Seller containing language similar to the following:

        "The Seller hereby represents and warrants that the Seller is
transferring all of its right title and interest in the MPN Loan to the Trustee,
that it has not assigned any interest in such MPN Loan (other than security
interests that have been released or ownership interests that the Seller has
reacquired) to any person other than the Trustee, and that no prior holder of
the MPN Loan has assigned any interest in such MPN Loan (other than security
interests that have been released or ownership interests that such prior holder
has reacquired) to any Person other than a predecessor in title to the Seller.
The Seller hereby covenants that the Seller shall not attempt to transfer to any
other Person any interest in any MPN Loan assigned hereunder. The Seller hereby
authorizes the Trustee to file a UCC-1 financing statement identifying the
Seller as debtor and the Trustee as secured party and describing the MPN Loan
sold pursuant to this Agreement. The preparation or filing of such UCC-1
financing statement is solely for additional protection of the Trustee's
interest in the MPN Loans and shall not be deemed to contradict the express
intent of the Seller and the Trustee that the transfer of MPN Loans under this
Agreement is an absolute assignment of such MPN Loans and is not a transfer of
such MPN Loans as security for a debt."

         The Trustee shall not be deemed to be the designated agent for the
purposes of this Section unless it has agreed in writing to be such agent.

        Section 4.07. Financed Eligible Loans; Collections Thereof; Assignment
Thereof. The Issuer, through the Master Servicer and one or more Subservicers,
shall diligently collect all principal and interest payments on all Financed

                                       34
<PAGE>

Eligible Loans, and all Interest Benefit Payments, insurance, guarantee and
default claims and Special Allowance Payments which relate to such Financed
Eligible Loans; provided, however, the Issuer may offer interest rate reductions
with respect to the Financed Eligible Loans which result in rates of interest
not less than those shown in the cash flow analyses provided to each Rating
Agency on the Date of Issuance, and provided further that such rates of interest
may be further reduced if a Rating Confirmation is obtained, based on new cash
flow analyses containing such assumptions as the Issuer shall reasonably
determine. The Issuer shall cause the filing and assignment of such claims
(prior to the timely filing deadline for such claims under the Regulations) by
the Master Servicer or the appropriate Subservicer. The Issuer will comply with
the Higher Education Act and Regulations which apply to the Program and to such
Financed Eligible Loans.

        Section 4.08. Appointment of Agents, Direction to Trustee, Etc. The
Issuer shall employ and appoint all employees, agents, consultants and attorneys
which it may consider necessary. No member of the board of directors or officer
of the Administrator, either singly or collectively, shall be personally liable
for any act or omission not willfully fraudulent or mala fide. The Issuer hereby
directs the Trustee to enter into this Indenture, the Administration Agreement,
the Custodian Agreements and the Investment Agreements. The Issuer hereby
directs the Eligible Lender Trustee to enter into this Indenture, the Guarantee
Agreements and the Eligible Lender Trust Agreement.

        Section 4.09. Capacity to Sue. The Issuer shall have the power and
capacity to sue and to be sued on matters arising out of or relating to the
financing of the Financed Eligible Loans.

        Section 4.10. Continued Existence; Successor to Issuer. The Issuer
agrees that it will do or cause to be done all things necessary to preserve and
keep in full force and effect its existence, rights and franchises as a Delaware
statutory trust, except as otherwise permitted by this Section. The Issuer
further agrees that it will not (a) sell, transfer or otherwise dispose of all
or substantially all, of its assets (except Financed Eligible Loans if such
sale, transfer or disposition will discharge this Indenture in accordance with
Article X hereof); (b) consolidate with or merge into another entity; or (c)
permit one or more other entities to consolidate with or merge into it. The
preceding restrictions in clauses (a), (b) and (c) above shall not apply to a
transaction if the transferee or the surviving or resulting entity, if other
than the Issuer, by proper written instrument for the benefit of the Trustee,
irrevocably and unconditionally assumes the obligation to perform and observe
the agreements and obligations of the Issuer under this Indenture.

         If a transfer is made as provided in this Section, the provisions of
this Section shall continue in full force and effect and no further transfer
shall be made except in compliance with the provisions of this Section.

        Section 4.11. Amendment of Student Loan Purchase Agreements. The Issuer
shall notify the Trustee in writing of any proposed amendments to any existing
Student Loan Purchase Agreement. No such amendment shall become effective unless
and until the Trustee consents thereto in writing. The consent of the Trustee
shall not be unreasonably withheld and shall not be withheld if the Trustee
receives an opinion of counsel acceptable to it that such an amendment is
required by the Higher Education Act and is not materially prejudicial to the
Registered Owners. Notwithstanding the foregoing, however, the Trustee shall
consent to an amendment from time to time so long as it is not materially
prejudicial to the interests of the Registered Owners, and the Trustee may rely
on an opinion of counsel to such effect.

                                       35
<PAGE>

        Section 4.12. Representations; Negative Covenants.

                (a) The Issuer hereby makes the following representations and
        warranties to the Trustee on which the Trustee relies in authenticating
        the Notes and on which the Registered Owners have relied in purchasing
        the Notes. Such representations and warranties shall survive the
        transfer and assignment of the Trust Estate to the Trustee.

                        (i) Organization and Good Standing. The Issuer is duly
                organized and validly existing under the laws of the State, and
                has the power to own its assets and to transact the business in
                which it presently engages.

                        (ii) Due Qualification. The Issuer is duly qualified to
                do business and is in good standing, and has obtained all
                material necessary licenses and approvals, in all jurisdictions
                where the failure to be so qualified, have such good standing or
                have such licenses or approvals would have a material adverse
                effect on the Issuer's business and operations or in which the
                actions as required by this Indenture require or will require
                such qualification.

                        (iii) Authorization. The Issuer has the power, authority
                and legal right to create and issue the Notes, to execute,
                deliver and perform this Indenture and to grant the Trust Estate
                to the Trustee and the creation and issuance of the Notes,
                execution, delivery and performance of this Indenture and grant
                of the Trust Estate to the Trustee have been duly authorized by
                the Issuer by all necessary statutory trust action.

                        (iv) Binding Obligation. This Indenture, assuming due
                authorization, execution and delivery by the Trustee, the Notes
                in the hands of the Registered Owners thereof and the Issuer
                Derivative Payments constitute legal, valid and binding
                obligations of the Issuer enforceable against the Issuer in
                accordance with their terms, except that (A) such enforcement
                may be subject to bankruptcy, insolvency, reorganization,
                moratorium or other similar laws (whether statutory, regulatory
                or decisional) now or hereafter in effect relating to creditors'
                rights generally and (B) the remedy of specific performance and
                injunctive and other forms of equitable relief may be subject to
                certain equitable defenses and to the discretion of the court
                before which any proceeding therefor may be brought, whether a
                proceeding at law or in equity.

                        (v) No Violation. The consummation of the transactions
                contemplated by this Indenture and the fulfillment of the terms
                hereof does not conflict with, result in any breach of any of
                the terms and provisions of or constitute (with or without
                notice, lapse of time or both) a default under the
                organizational documents of the Issuer, or any material
                indenture, agreement, mortgage, deed of trust or other
                instrument to which the Issuer is a party or by which it is
                bound, or result in the creation or imposition of any lien upon
                any of its material properties pursuant to the terms of any such
                indenture, agreement, mortgage, deed of trust or other
                instrument, other than this Indenture, nor violate any law or
                any order, rule or regulation applicable to the Issuer of any
                court or of any federal or state regulatory body, administrative
                agency or other governmental instrumentality having jurisdiction
                over the Issuer or any of its properties.

                        (vi) No Proceedings. There are no proceedings,
                injunctions, writs, restraining orders or investigations to
                which the Issuer or any of such entity's affiliates is a party
                pending, or, to the best of such entity's knowledge, threatened,
                before any court, regulatory body, administrative agency or

                                       36
<PAGE>

                other tribunal or governmental instrumentality (A) asserting the
                invalidity of this Indenture, (B) seeking to prevent the
                issuance of any Notes or the consummation of any of the
                transactions contemplated by this Indenture or (C) seeking any
                determination or ruling that might materially and adversely
                affect the performance by the Issuer of its obligations under,
                or the validity or enforceability of this Indenture.

                        (vii) Approvals. All approvals, authorizations,
                consents, orders or other actions of any person, corporation or
                other organization, or of any court, governmental agency or body
                or official, required on the part of the Issuer in connection
                with the execution and delivery of this Indenture have been
                taken or obtained on or prior to the Date of Issuance.

                        (viii) Place of Business. The Issuer's place of business
                and chief executive office is located in Wilmington, Delaware
                and the Issuer has had no other chief executive office.

                        (ix) Tax and Accounting Treatment. The Issuer intends to
                treat the transactions contemplated by the Student Loan Purchase
                Agreements as an absolute transfer rather than as a pledge of
                the Financed Eligible Loans from the Seller for federal income
                tax and financial accounting purposes and the Issuer (through
                the Eligible Lender Trustee) will be treated as the owner of the
                Financed Eligible Loans for all purposes. The Issuer further
                intends to treat the Notes as its indebtedness for federal
                income tax and financial accounting purposes.

                        (x) Taxes. The Issuer has filed (or caused to be filed)
                all federal, state, county, local and foreign income, franchise
                and other tax returns required to be filed by it through the
                date hereof, and has paid all taxes reflected as due thereon.
                There is no pending dispute with any taxing authority that, if
                determined adversely to the Issuer, would result in the
                assertion by any taxing authority of any material tax
                deficiency, and the Issuer has no knowledge of a proposed
                liability for any tax year to be imposed upon such entity's
                properties or assets for which there is not an adequate reserve
                reflected in such entity's current financial statements.

                        (xi) Legal Name. The legal name of the Issuer is "Nelnet
                Student Loan Trust 2004-4" and has not changed since its
                inception. The Issuer has no trade names, fictitious names,
                assumed names or "dba's" under which it conducts its business
                and has made no filing in respect of any such name.

                                       37
<PAGE>

                        (xii) Business Purpose. The Issuer has acquired the
                Financed Eligible Loans conveyed to it under a Student Loan
                Purchase Agreement for a bona fide business purpose and has
                undertaken the transactions contemplated herein as principal
                rather than as an agent of any other Person. The Issuer has no
                subsidiaries, has adopted and operated consistently with all
                requirements for statutory trusts under the laws of the State
                with respect to its operations and has engaged in no other
                activities other than those specified in this Indenture and the
                Student Loan Purchase Agreements and in accordance with the
                transactions contemplated herein and therein.

                        (xiii) Compliance with Laws. The Issuer is in compliance
                with all applicable laws and regulations with respect to the
                conduct of its business and has obtained and maintains all
                permits, licenses and other approvals as are necessary for the
                conduct of its operations.

                        (xiv) Valid Business Reasons; No Fraudulent Transfers.
                The transactions contemplated by this Indenture are in the
                ordinary course of the Issuer's business and the Issuer has
                valid business reasons for granting the Trust Estate pursuant to
                this Indenture. At the time of each such grant: (A) the Issuer
                granted the Trust Estate to the Trustee without any intent to
                hinder, delay or defraud any current or future creditor of the
                Issuer; (B) the Issuer was not insolvent and did not become
                insolvent as a result of any such grant; (C) the Issuer was not
                engaged and was not about to engage in any business or
                transaction for which any property remaining with such entity
                was an unreasonably small capital or for which the remaining
                assets of such entity are unreasonably small in relation to the
                business of such entity or the transaction; (D) the Issuer did
                not intend to incur, and did not believe or should not have
                reasonably believed, that it would incur, debts beyond its
                ability to pay as they become due; and (E) the consideration
                received by the Issuer for the grant of the Trust Estate was
                reasonably equivalent to the value of the related grant.

                        (xv) No Management of Affairs of Seller. The Issuer is
                not and will not be involved in the day-to-day management of the
                Seller, the Administrator, the Sponsor or any affiliate.

                        (xvi) No Transfers with Seller or Affiliates. Other than
                the acquisition of assets and the transfer of any Notes pursuant
                to this Indenture, the Issuer does not engage in and will not
                engage in any transactions with the Seller and affiliates,
                except as provided herein with respect to the Administration
                Agreement or the payment of dividends or distributions to the
                Issuer's parent.

                        (xvii) Ability to Perform. There has been no material
                impairment in the ability of the Issuer to perform its
                obligations under this Indenture.

                                       38
<PAGE>

                        (xviii) Financial Condition. No material adverse change
                has occurred in the Issuer's financial status since the date of
                its formation.

                        (xix) Event of Default. No Event of Default has occurred
                and no event has occurred that, with the giving of notice, the
                passage of time, or both, would become an Event of Default.

                        (xx) Acquisition of Financed Eligible Loans Legal. The
                Issuer has complied with all applicable federal, state and local
                laws and regulations in connection with its acquisition of the
                Financed Eligible Loans from the Seller.

                        (xxi) No Material Misstatements or Omissions. No
                information, certificate of an officer, statement furnished in
                writing or report delivered to the Trustee, the Master Servicer,
                a Subservicer or any Registered Owner by the Issuer contains any
                untrue statement of a material fact or omits a material fact
                necessary to make such information, certificate, statement or
                report not misleading.

                (b) The Issuer will not:

                        (i) sell, transfer, exchange or otherwise dispose of any
                portion of the Trust Estate except as expressly permitted by
                this Indenture;

                        (ii) claim any credit on, or make any deduction from,
                the principal amount of any of the Notes by reason of the
                payment of any taxes levied or assessed upon any portion of the
                Trust Estate;

                        (iii) except as otherwise provided herein, dissolve or
                liquidate in whole or in part, except with the prior written
                consent of the Trustee, and to the extent Notes remain
                Outstanding, approval of the Registered Owners and a Rating
                Confirmation;

                        (iv) permit the validity or effectiveness of this
                Indenture, any Supplement or any grant hereunder to be impaired,
                or permit the lien of this Indenture to be amended,
                hypothecated, subordinated, terminated or discharged, or permit
                any Person to be released from any covenants or obligations
                under this Indenture, except as may be expressly permitted
                hereby;

                        (v) except as otherwise provided herein, permit any
                lien, charge, security interest, mortgage or other encumbrance
                (other than the lien of this Indenture) to be created on or
                extend to or otherwise arise upon or burden the Trust Estate or
                any part thereof or any interest therein or the proceeds
                thereof;

                        (vi) permit the lien of this Indenture not to constitute
                a valid first priority, perfected security interest in the Trust
                Estate;

                        (vii) incur or assume any indebtedness or guarantee any
                indebtedness of any Person whether secured by any Financed
                Eligible Loans under this Indenture or otherwise, except for
                such obligations as may be incurred by the Issuer in connection
                with the issuance of the Notes pursuant to this Indenture and
                unsecured trade payables in the ordinary course of its business;

                                       39
<PAGE>

                        (viii) operate such that it would be consolidated with
                its Sponsor or any other affiliate and its separate existence
                disregarded in any federal or state proceeding;

                        (ix) act as agent of the Seller or, except as provided
                in its Student Loan Purchase Agreement, allow the Seller to act
                as its agent;

                        (x) allow the Seller or its parent or any other
                affiliate to pay its expenses, guarantee its obligations or
                advance funds to it for payment of expenses; or

                        (xi) consent to the appointment of a conservator or
                receiver or liquidator in any insolvency, readjustment of debt,
                marshalling of assets and liabilities or similar proceedings of
                or relating to the Issuer or of or relating to all or
                substantially all of its property, or a decree or order of a
                court or agency or supervisory authority having jurisdiction in
                the premises for the appointment of a conservator or receiver or
                liquidator in any insolvency, readjustment of debt, marshalling
                of assets and liabilities or similar proceedings, or for the
                winding-up or liquidation of its affairs, shall have been
                entered against the Issuer; or the Issuer shall not consent to
                the appointment of a receiver, conservator or liquidator in any
                insolvency, readjustment of debt, marshalling of assets and
                liabilities, voluntary liquidation or similar proceedings of or
                relating to the Issuer or of or relating to all or substantially
                all of its property; or admit in writing its inability to pay
                its debts generally as they become due, file a petition to take
                advantage of any applicable insolvency, bankruptcy or
                reorganization statute, make an assignment for the benefit of
                its creditors or voluntarily suspend payment of its obligations.

                (c) The Issuer makes the following representations and
        warranties as to the Trust Estate which is granted to the Trustee
        hereunder on such date, on which the Trustee relies in accepting the
        Trust Estate. Such representations and warranties shall survive the
        grant of the Trust Estate to the Trustee pursuant to this Indenture:

                        (i) Financed Eligible Loans. Each Financed Eligible Loan
                acquired by the Issuer shall constitute an Eligible Loan and
                contain the characteristics found in a Student Loan Purchase
                Agreement. Notwithstanding the definition of "Eligible Loans"
                herein, the Issuer covenants that no more than 20% of each
                purchase of Eligible Loans will be made up of Eligible Loans
                delinquent by more than 30 days.

                        (ii) Grant. It is the intention of the Issuer that the
                transfer herein contemplated constitutes a grant of the Financed
                Eligible Loans to the Trustee.

                        (iii) All Filings Made. All filings (including, without
                limitation, UCC filings) necessary in any jurisdiction to give
                the Trustee a first priority perfected ownership and security
                interest in the Trust Estate, including the Financed Eligible
                Loans, have been made no later than the Date of Issuance and
                copies of the file-stamped financing statements shall be
                delivered to the Trustee within five Business Days of receipt by
                the Issuer or its agent from the appropriate secretary of state.
                The Issuer has not caused, suffered or permitted any lien,
                pledges, offsets, defenses, claims, counterclaims, charges or
                security interest with respect to the Financed Eligible Loans
                (other than the security interest created in favor of the
                Trustee) to be created.

                                       40
<PAGE>

                        (iv) Transfer Not Subject to Bulk Transfer Act. Each
                grant of the Financed Eligible Loans by the Issuer pursuant to
                this Indenture is not subject to the bulk transfer act or any
                similar statutory provisions in effect in any applicable
                jurisdiction.

                        (v) No Transfer Taxes Due. Each grant of the Financed
                Eligible Loans (including all payments due or to become due
                thereunder) by the Issuer pursuant to this Indenture is not
                subject to and will not result in any tax, fee or governmental
                charge payable by the Issuer or the Seller to any federal, state
                or local government.

        Section 4.13. Additional Covenants. So long as any of the Notes are
Outstanding:

                (a) The Issuer shall not engage in any business or activity
        other than in connection with the activities contemplated hereby and in
        the Student Loan Purchase Agreements, and in connection with the
        issuance of Notes.

                (b) The Issuer shall not consolidate or merge with or into any
        other entity or convey or transfer its properties and assets
        substantially as an entirety to any entity except as otherwise provided
        herein.

                (c) The funds and other assets of the Issuer shall not be
        commingled with those of any other individual, corporation, estate,
        partnership, joint venture, association, joint stock company, trust,
        unincorporated organization or government, or any agency or political
        subdivision thereof.

                (d) The Issuer shall not be, become or hold itself out as being
        liable for the debts of any other party.

                (e) The Issuer shall not form, or cause to be formed, any
        subsidiaries.

                (f) The Issuer shall act solely in its own name and through its
        duly authorized officers or agents in the conduct of its business, and
        shall conduct its business so as not to mislead others as to the
        identity of the entity with which they are concerned.

                (g) The Issuer shall maintain its records and books of account
        and shall not commingle its records and books of account with the
        records and books of account of any other Person. The books of the
        Issuer may be kept (subject to any provision contained in the statutes)
        inside or outside the State at such place or places as may be designated
        from time to time by the provisions of the Trust Agreement.

                                       41
<PAGE>

                (h) All actions of the Issuer shall be taken by an Authorized
        Representative.

                (i) The Issuer shall not amend, alter, change or repeal any
        provision contained in this Section without (i) the prior written
        consent of the Trustee and (ii) a Rating Confirmation from each Rating
        Agency rating any Notes Outstanding (a copy of which shall be provided
        to the Trustee) that such amendment, alteration, change or repeal will
        have no adverse effect on the rating assigned to the Notes.

                (j) The Issuer shall not amend its Certificate of Trust or its
        Trust Agreement without first obtaining the prior written consent of
        each Rating Agency.

                (k) All audited financial statements of the Issuer that are
        consolidated with those of any affiliate thereof will contain detailed
        notes clearly stating that (i) all of the Issuer's assets are owned by
        the Issuer, and (ii) the Issuer is a separate entity with creditors who
        have received ownership and/or security interests in the Issuer's
        assets.

                (l) The Issuer will strictly observe legal formalities in its
        dealings with the Seller, the Sponsor or any affiliate thereof, and
        funds or other assets of the Issuer will not be commingled with those of
        the Seller, the Sponsor or any other affiliate thereof. The Issuer shall
        not maintain joint bank accounts or other depository accounts to which
        the Seller, the Sponsor or any other affiliate has independent access.
        None of the Issuer's funds will at any time be pooled with any funds of
        the Seller, the Sponsor or any other affiliate.

                (m) The Issuer will maintain an arm's length relationship with
        the Seller (and any affiliate). Any Person that renders or otherwise
        furnishes services to the Issuer will be compensated by the Issuer at
        market rates for such services it renders or otherwise furnishes to the
        Issuer except as otherwise provided in this Indenture. Except as
        contemplated in this Indenture, the Student Loan Purchase Agreements,
        the Master Servicing Agreement or a Subservicing Agreement, the Issuer
        will not hold itself out to be responsible for the debts of the Seller,
        the parent or the decisions or actions respecting the daily business and
        affairs of the Seller or parent.

        Section 4.14. Providing of Notice. The Issuer, upon learning of any
failure on its part to observe or perform in any material respect any covenant,
representation or warranty of the Issuer set forth in this Indenture or the
Student Loan Purchase Agreements, or of any failure on the part of the Seller to
observe or perform in any material respect any covenant, representation or
warranty of the Seller set forth in the Student Loan Purchase Agreements, shall
promptly notify the Trustee, the Master Servicer, the appropriate Subservicer
and each Rating Agency of such failure.

        Section 4.15. Certain Reports.

                (a) The Issuer will:

                        (i) file with the Trustee, within 15 days after the
                Issuer is required to file the same with the Commission, copies
                of the annual reports and of the information, documents and
                other reports (or copies of such portions of any of the
                foregoing as the Commission may from time to time by rules and
                regulations prescribe) which the Issuer may be required to file
                with the Commission pursuant to Section 13 or Section 15(d) of
                the Exchange Act;

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<PAGE>

                        (ii) file with the Trustee and the Commission, in
                accordance with rules and regulations prescribed from time to
                time by the Commission, such additional information, documents
                and reports with respect to compliance by the Issuer with the
                conditions and covenants of this Indenture as may be required
                from time to time by such rules and regulations; and

                        (iii) transmit by mail to the Registered Owners of
                Notes, within 30 days after the filing thereof with the Trustee,
                in the manner and to the extent provided in Section 313(c) of
                the Trust Indenture Act, such summaries of any information,
                documents and reports required to be filed by the Issuer
                pursuant to subsections (a) and (b) of this Section as may be
                required by rules and regulations prescribed from time to time
                by the Commission.

                (b) The Trustee shall mail to each Registered Owner, within 60
        days after each December 31 beginning with the December 31 following the
        date of this Indenture, a brief report as of such December 31 that
        complies with Section 313(a) of the Trust Indenture Act if required by
        said section. The Trustee shall also comply with Section 313(b) of the
        Trust Indenture Act. A copy of each such report required pursuant to
        Section 313(a) or (b) of the Trust Indenture Act shall, at the time of
        such transaction to Registered Owners, be filed by the Trustee with the
        Commission and with each securities exchange, if any, upon which the
        Notes are listed, provided that the Issuer has previously notified the
        Trustee of such listing.

                (c) Not later than the fourth Business Day preceding each
        Quarterly Distribution Date, the Administrator will prepare and provide
        a certificate in the form of Exhibit D hereto (the "Administrator's
        Quarterly Distribution Date Certificate"), or containing such
        information as the Commission may from time to time by rules or
        regulations prescribe, to the Trustee. The Trustee shall provide a copy
        of any Administrator's Quarterly Distribution Date Certificate to any
        Noteholder who requests such in writing.

                (d) The Trustee may conclusively rely and accept such reports
        from the Issuer as fulfilling the requirements of this Section, with no
        further duty to know, determine or examine such reports or comply with
        the prescribed timing, rules and regulations of the Commission.

        Section 4.16. Statement as to Compliance. The Issuer will deliver to the
Trustee, within 120 days after the end of each fiscal year, a brief certificate
from an Authorized Representative including (a) a current list of the Authorized
Representatives, and (b) a statement indicating whether or not to the knowledge
of the signers thereof the Issuer is in compliance with all conditions and
covenants under this Indenture and, in the event of any noncompliance,
specifying such noncompliance and the nature and status thereof. For purposes of
this Section, such compliance shall be determined without regard to any period
of grace or requirement of notice under this Indenture.

                                       43
<PAGE>

        Section 4.17. Representations of the Issuer Regarding the Trustee's
Security Interest. The Issuer hereby represents and warrants for the benefit of
the Trustee and the Registered Owners as follows:

                (a) This Indenture creates a valid and continuing security
        interest (as defined in the applicable Uniform Commercial Code in effect
        in the States of Colorado, Delaware, Nebraska and Utah) in the Financed
        Eligible Loans in favor of the Trustee, which security interest is prior
        to all other liens, charges, security interests, mortgages or other
        encumbrances, and is enforceable as such as against creditors of and
        purchasers from Issuer.

                (b) The Higher Education Act deems the Financed Eligible Loans
        to constitute accounts within the meaning of the applicable UCC as in
        effect in the State of Delaware for the purposes of perfecting a
        security interest in the Financed Eligible Loans.

                (c) The Issuer (or the Eligible Lender Trustee on behalf of the
        Issuer) owns and has good and marketable title to the Financed Eligible
        Loans free and clear of any lien, charge, security interest, mortgage or
        other encumbrance, claim or encumbrance of any Person, other that those
        granted pursuant to this Indenture.

                (d) For sale of loan participations, swaps and other "payment
        intangibles" (within the meaning of the applicable UCC), the Issuer has
        received all consents and approvals required by the terms of the
        Financed Eligible Loans to the sale of the Financed Eligible Loans
        hereunder to the Trustee.

                (e) The Issuer has caused or will have caused, within ten days,
        the filing of all appropriate financing statements in the proper filing
        office in the appropriate jurisdictions under applicable law in order to
        perfect the security interest in the Financed Eligible Loans granted to
        the Trustee hereunder.

                (f) The Issuer has received a written acknowledgment from the
        Master Servicer and each Subservicer (as custodian for the Trustee) that
        the Master Servicer or such Subservicer is holding executed copies of
        the promissory notes and master promissory notes that constitute or
        evidence the Financed Eligible Loans for which it is acting as Master
        Servicer or Subservicer, and that the Master Servicer or such
        Subservicer is holding such solely on behalf and for the benefit of the
        Trustee.

                (g) Other than the security interest granted to the Trustee
        pursuant to this Indenture, the Issuer has not pledged, assigned, sold,
        granted a security interest in, or otherwise conveyed any of the
        Financed Eligible Loans. The Issuer has not authorized the filing of and
        is not aware of any financing statements against the Issuer that include
        a description of collateral covering the Financed Eligible Loans other
        than any financing statement relating to the security interest granted
        to the Trustee hereunder or that has been terminated. The Issuer is not
        aware of any judgment or tax lien filings against the Issuer.

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<PAGE>

        Section 4.18. Further Covenants of the Issuer Regarding the Trustee's
Security Interest. The Issuer hereby covenants for the benefit of the Trustee
and the Registered Owners as follows:

                (a) The representations and warranties set forth in Section 4.17
        hereof shall survive the termination of this Indenture.

                (b) The Trustee shall not waive any of the representations and
        warranties set forth in Section 4.17 hereof.

                (c) The Issuer shall take all steps necessary, and shall cause
        the Master Servicer and Subservicers, if any, to take all steps
        necessary and appropriate, to maintain the perfection and priority of
        the Trustee's security interest in the Financed Eligible Loans.

        Section 4.19. Borrower Incentive Programs. The Issuer presently offers
borrower incentive programs on the Financed Eligible Loans. If any such
incentive programs, or any other borrower incentive programs offered by the
Issuer in the future which are not required by the Higher Education Act, are in
effect for any Financed Eligible Loans on any Quarterly Distribution Date on
which the Outstanding Amount of the Series 2004-4 Notes exceeds the Value of the
Trust Estate, or such other percentage that satisfies the Rating Agency
Condition, the Issuer shall either (i) contribute funds to the Collection Fund
in an amount equal to the interest that otherwise would have been paid on such
Financed Eligible Loans in the absence of the borrower incentive programs since
the preceding Quarterly Distribution Date or (ii) notify the Master Servicer to
instruct the Subservicers to terminate the borrower incentive programs for those
Financed Eligible Loans. If the Master Servicer or a Subservicer is notified to
terminate the borrower incentive programs for the Financed Eligible Loans being
serviced by such Master Servicer or the Subservicer, such Master Servicer or
Subservicer may choose to contribute funds to the Collection Fund in an amount
equal to the interest that otherwise would have been paid on such Financed
Eligible Loans in the absence of the borrower incentive programs on the Financed
Eligible Loans being serviced by such Master Servicer or Subservicer in lieu of
terminating the borrower incentive programs for those Financed Eligible Loans.
The Issuer shall notify the Rating Agencies if the Issuer, the Master Servicer
or a Subservicer contributes any additional amounts pursuant to this Section or
if any of the borrower incentive programs are terminated.

                                   ARTICLE V

                                      FUNDS

        Section 5.01. Creation and Continuation of Funds and Accounts. There are
hereby created and established the following Funds to be held and maintained by
the Trustee for the benefit of the Registered Owners:

                (a) Acquisition Fund;

                (b) Capitalized Interest Fund;

                (c) Collection Fund; and

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<PAGE>

                (d) Reserve Fund.

         The Trustee is hereby authorized for the purpose of facilitating the
administration of the Trust Estate and for the administration of any Notes
issued hereunder to create further Accounts or Subaccounts in any of the various
Funds and Accounts established hereunder which are deemed necessary or
desirable.

        Section 5.02. Acquisition Fund. There shall be deposited into the
Acquisition Fund moneys from proceeds of the Notes in an amount equal to
$1,999,382,236. Financed Eligible Loans shall be held by the Trustee or its
agent or bailee (including the Master Servicer or a Subservicer) and shall be
pledged to the Trust Estate and accounted for as a part of the Acquisition Fund.

         Moneys on deposit in the Acquisition Fund shall be used, upon Issuer
Order, solely to (a) pay costs of issuance of the Notes, including the costs
related to the purchase of one or more Derivative Products, if any, and (b) upon
receipt by the Trustee of an Eligible Loan Acquisition Certificate, to acquire
Eligible Loans at a price not in excess of 100% of the outstanding principal
balance of such Eligible Loans, plus accrued interest. Any such Issuer Order or
Eligible Loan Acquisition Certificate shall state that such proposed use of
moneys in the Acquisition Fund is in compliance with the provisions of this
Indenture.

         While the Issuer will be the beneficial owner of the Financed Eligible
Loans, it is understood and agreed that the Eligible Lender Trustee will be the
legal owner thereof and the Trustee will have a security interest in the
Financed Eligible Loans for and on behalf of the Registered Owners. In the case
of a single Financed Eligible Loan evidenced by a separate note, each such note
will be held in the name of the Trustee for the account of the Issuer, for the
benefit of the Registered Owners. In the case of a Financed Eligible Loan
evidenced by a Master Promissory Note, the Issuer shall cause the holder of the
original Master Promissory Note to indicate by book entry on its books and
records that the Issuer is the beneficial owner of the Loan and that the Trustee
is the legal owner and has a security interest in the Financed Eligible Loan for
the benefit of the Registered Owners.

         Except as provided in Sections 5.06, 10.03 and 10.04 hereof, Financed
Eligible Loans shall not be sold, transferred or otherwise disposed of (other
than for consolidation, serialization or transfer to a Guaranty Agency) by the
Issuer through the Trustee free from the lien of this Indenture while any of the
Class A Notes are Outstanding. In addition, if necessary for administrative
purposes or if requested by the borrower corresponding to such Financed Eligible
Loan, the Issuer may substitute another Eligible Loan for an existing Financed
Eligible Loans if the substituted Eligible Loan has characteristics (including
principal amount, maturity date and interest rate) which are substantially
similar to the characteristics of the substituted Financed Eligible Loan, and
the collective amount of all such substitutions does not exceed $1,000,000. The
Issuer hereby certifies, upon which the Trustee may conclusively rely, that any
Financed Eligible Loan sold pursuant to this Indenture shall not be sold for a
price less than the Purchase Amount of such Financed Eligible Loan. The Issuer
hereby certifies, upon which the Trustee may conclusively rely, that any
Financed Eligible Loan substituted pursuant to this Indenture shall have
characteristics (including principal amount, maturity date and interest rate)
which are substantially similar to the characteristics of the substituted
Financed Eligible Loan, and the collective amount of all such substitutions does
not exceed $1,000,000. The Issuer shall provide notice to Moody's, if the
principal amount of Financed Eligible Loans sold pursuant to this Indenture
exceeds 10% of the Initial Pool Balance.

                                       46
<PAGE>

        Section 5.03. Capitalized Interest Fund. There shall be deposited to the
Capitalized Interest Fund moneys from proceeds of the Notes in an amount equal
to $16,508,085.

         On each Monthly Servicing Payment Date or Quarterly Distribution Date,
to the extent there are insufficient Available Funds in the Collection Fund to
make one or more of the transfers required by Sections 5.04(b) and 5.04(c)(i)
through (c)(iv) and (viii) hereof, then the Administrator shall instruct the
Trustee in writing to withdraw from the Capitalized Interest Fund on such
Monthly Servicing Payment Date or Quarterly Distribution Date, as the case may
be, an amount equal to such deficiency and to deposit such amount in the
Collection Fund. On the Quarterly Distribution Date in October 2005, the Trustee
shall transfer any remaining amounts on deposit in the Capitalized Interest
Account to the Collection Fund and any such amount transferred shall be an
addition to the Class A Principal Distribution Amount for the October 2005
Quarterly Distribution Date.

        Section 5.04. Collection Fund.

                (a) Deposits to Collection Fund. There shall be deposited to the
        Collection Fund (i) all Available Funds, and all other moneys and
        investments derived from assets on deposit in and transfers from the
        Capitalized Interest Fund (as described in the Section 5.03 hereof) and
        the Reserve Fund (as described in Section 5.05 hereof), (ii) all
        Counterparty Payments, and (iii) any other amounts deposited thereto
        upon receipt of an Issuer Order. Moneys on deposit in the Collection
        Fund shall be used to make the payments described below. The Trustee may
        conclusively rely on all written instructions of the Administrator
        described in this Indenture with no further duty to examine or determine
        the information contained in any Administrator's Certificate or Issuer
        Order.

                (b) Payments on Monthly Servicing Payment Dates. The
        Administrator shall instruct the Trustee in writing no later than the
        fourth Business Day preceding each Monthly Servicing Payment Date that
        is not a Quarterly Distribution Date (based on the information contained
        in a certificate of the Administrator (in the form set forth as Exhibit
        C hereto) and the related Servicer's Report, if applicable) to
        distribute to the Master Servicer, on such Monthly Servicing Payment
        Date, from and to the extent of the Available Funds on deposit in the
        Collection Fund (including any amounts transferred from the Capitalized
        Interest Fund pursuant to Section 5.03 hereof and the Reserve Fund
        pursuant to Section 5.05(b), (c) and (d) hereof), the Servicing Fees due
        with respect to the preceding calendar month, and the Trustee shall
        comply with such instructions. Upon written direction from the
        Administrator to the Trustee, moneys in the Collection Fund shall be
        used on any date to pay, when due, fees and expenses insofar as the same
        relate to Financed Eligible Loans and other fees and expenses with
        respect to the Trust Estate the payment of which is not otherwise
        provided for in subsection (c) of this Section, but including amounts
        described in clause (a)(i), (ii) and (iii) of the definition of
        Available Funds.

                                       47
<PAGE>

                (c) Payments on Quarterly Distribution Dates. The Administrator
        shall instruct the Trustee in writing no later than the fourth Business
        Day preceding each Quarterly Distribution Date (based on the information
        contained in a certificate of the Administrator (in the form set forth
        as Exhibit D hereto) and the related Servicer's Report, if applicable)
        to make the following deposits and distributions from Available Funds in
        the Collection Fund (including any amounts transferred from the
        Capitalized Interest Fund pursuant to Section 5.03 hereof and the
        Reserve Fund pursuant to Section 5.05(b), (c) and (d) hereof) to the
        Persons or to the account specified below on such Quarterly Distribution
        Date, in the following order of priority, and the Trustee shall comply
        with such instructions:

                        (i) to pay to the Master Servicer, the Trustee and the
                Delaware Trustee, pro rata, based on amounts owed to each such
                party, without preference or priority of any kind, the Servicing
                Fee (to the extent remaining unpaid following the Monthly
                Servicing Payment Date), the Trustee Fee and the Delaware
                Trustee Fee, respectively, due on such Quarterly Distribution
                Date, in each case, together with such fees remaining unpaid
                from prior Quarterly Distribution Dates (and, in the case of the
                Servicing Fees, prior Monthly Servicing Payment Dates);

                        (ii) to pay to the Administrator, the Administration Fee
                due on such Quarterly Distribution Date and all unpaid
                Administration Fees from prior Quarterly Distribution Dates;

                        (iii) to pay (A) to the Class A Noteholders of each
                class, the portion of the Class A Noteholders' Interest
                Distribution Amount payable to such class on such Quarterly
                Distribution Date and (B) to the Counterparty, any Issuer
                Derivative Payments owed to such Counterparty on such Quarterly
                Distribution Date (excluding Termination Payments other than
                Priority Termination Payments), pro rata, based on amounts owed
                to each such party, without preference or priority of any kind;

                        (iv) to pay to the Class B Noteholders, the Class B
                Noteholders' Interest Distribution Amount;

                        (v) to the Sponsor, an amount equal to the unpaid
                interest accrued on the Financed Eligible Loans subsequent to
                the Cutoff Date but prior to the Date of Issuance, until such
                amount has been paid in full;

                        (vi) to the Class A Noteholders, the Class A Principal
                Distribution Amount in the following order:

                                (A) to pay to the Class A-1 Noteholders until
                        the Class A-1 Notes have been paid in full;

                                (B) to pay to the Class A-2 Noteholders until
                        the Class A-2 Notes have been paid in full;

                                       48
<PAGE>

                                (C) to pay to the Class A-3 Noteholders until
                        the Class A-3 Notes have been paid in full;

                                (D) to pay to the Class A-4 Noteholders until
                        the Class A-4 Notes have been paid in full; and

                                (E) to pay to the Class A-5 Noteholders until
                        the Class A-5 Notes have been paid in full;

                        (vii) on and after the Stepdown Date, and provided that
                no Trigger Event is in effect on such Quarterly Distribution
                Date, to the Class B Noteholders, the Class B Principal
                Distribution Amount;

                        (viii) to deposit to the Reserve Fund, the amount, if
                any, necessary to reinstate the balance of the Reserve Fund up
                to the Specified Reserve Fund Balance;

                        (ix) to pay to the Master Servicer, the aggregate unpaid
                amount of any Carryover Servicing Fee, if any;

                        (x) to pay to the Counterparties, pro rata, without
                preference or priority of any kind, any accrued and unpaid
                Termination Payments due to each such Counterparty under the
                applicable Derivative Product;

                        (xi) in the event the Financed Eligible Loans are not
                sold pursuant to Sections 10.03 or 10.04 hereof, to pay as an
                accelerated payment of principal balance of the Notes then
                Outstanding, to the Noteholders in the same order and priority
                as is set forth in Sections 5.04(c)(vi)(A) through (E) and
                5.04(c)(vii) hereof until the principal amount of the Notes is
                paid in full; and

                        (xii) subject to the remaining provisions of this
                Section, to pay to the Sponsor any remaining funds.

                Amounts properly distributed to the Sponsor pursuant to
        paragraph (xii) shall be deemed released from the Trust Estate and the
        security interest therein granted to the Trustee, and the Sponsor shall
        in no event thereafter be required to refund any such distributed
        amounts.

                The amounts paid to the Trustee and the Delaware Trustee (but
        not the Master Servicer) pursuant to clause (i) above and the
        Administration Fee pursuant to clause (ii) above, shall not in any one
        Fiscal Year exceed the amount designated therefor in the cash flows
        provided to each Rating Agency on each Date of Issuance, unless the
        Issuer, after furnishing each Rating Agency with revised cash flows,
        shall have received a Rating Confirmation.

                (d) Optional Redemption From Sale of Financed Eligible Loans.
        The Notes shall be subject to redemption from the proceeds of a sale of
        Financed Eligible Loans in accordance with Section 10.03 or 10.04 hereof
        on any Quarterly Distribution Date. Redemption of the Class B Notes
        shall be subject to the limitations set forth in subsection (e) of this
        Section.

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                (e) Limitation on Redemption of Class B Notes. Notwithstanding
        anything to the contrary, in no event may any Class B Notes be redeemed
        pursuant to Section 5.04(d) hereof if any Class A Notes would be
        Outstanding following such redemption.

        Section 5.05. Reserve Fund.

                (a) On the Date of Issuance, the Trustee shall deposit
        $4,985,679 into the Reserve Fund. Thereafter, the Trustee shall transfer
        to the Reserve Fund from the Collection Fund all amounts designated for
        transfer thereto pursuant to Section 5.04(c)(viii) hereof.

                (b) On each Monthly Servicing Payment Date or Quarterly
        Distribution Date, to the extent there are insufficient Available Funds
        in the Collection Fund to make one or more of the transfers required by
        Sections 5.04(b) and 5.04(c)(i) through (c)(iv) hereof, then the
        Administrator shall instruct the Trustee in writing to withdraw from the
        Reserve Fund on such Monthly Servicing Payment Date or Quarterly
        Distribution Date, as the case may be, an amount equal to such
        deficiency and to deposit such amount in the Collection Fund to the
        extent such deficiency has not been paid from the Capitalized Interest
        Fund. Additionally, if on the Note Final Maturity Date for a class of
        Notes, and after giving effect to the distribution of the Available
        Funds on such Note Final Maturity Date, the principal amount of such
        class of Notes will not be reduced to zero, the Administrator shall
        instruct the Trustee in writing to withdraw from the Reserve Fund on
        such Note Final Maturity Date an amount equal to the amount needed to
        reduce the principal amount of such class of Notes to zero and to
        deposit such amount in the Collection Fund for application to payment of
        the outstanding principal balance of such class of Notes.

                (c) After giving effect to subsection (b) of this Section, if
        the amount on deposit in the Reserve Fund on any Quarterly Distribution
        Date is greater than the Specified Reserve Fund Balance for such
        Quarterly Distribution Date, the Administrator shall instruct the
        Trustee in writing to withdraw from the Reserve Fund on such Quarterly
        Distribution Date an amount equal to such excess and to deposit such
        amount in the Collection Fund.

                (d) On the final Quarterly Distribution Date upon termination of
        the trust and following the payment in full of the Outstanding Amount of
        the Notes and of all other amounts (other than unpaid Issuer Derivative
        Payments and Carryover Servicing Fees) owing or to be distributed
        hereunder to Noteholders, the Trustee, the Master Servicer, the
        Administrator, the Delaware Trustee or the Counterparties (excluding
        Termination Payments other than Priority Termination Payments), to the
        extent that Available Funds on such date are insufficient to make the
        following payments, amounts remaining in the Reserve Fund shall be used
        first to pay any unpaid Issuer Derivative Payments and second to pay any
        Carryover Servicing Fees. Any amount remaining on deposit in the Reserve
        Fund after such payments have been made shall be distributed to the
        Sponsor. The Sponsor shall in no event be required to refund any amounts
        properly distributed pursuant to this subsection (d).

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<PAGE>

                (e) Anything in this Section to the contrary notwithstanding, if
        the market value of securities and cash in the Reserve Fund is on any
        Quarterly Distribution Date sufficient to pay the remaining principal
        amount of and interest accrued on the Notes, and to pay any unpaid
        Issuer Derivative Payments and Carryover Servicing Fee, such amount will
        be so applied on such Quarterly Distribution Date and the Administrator
        shall instruct the Trustee in writing to make such payments.

        Section 5.06. Investment of Funds Held by Trustee. The Trustee is hereby
directed to enter into the Investment Agreements. In addition, the Trustee shall
invest money held for the credit of any Fund or Account or Subaccount held by
the Trustee hereunder as directed in writing (or orally, confirmed in writing)
by an Authorized Representative of the Issuer, to the fullest extent practicable
and reasonable, in Investment Securities which shall mature or be redeemed at
the option of the holder prior to the respective dates when the money held for
the credit of such Fund or Account will be required for the purposes intended.
In the absence of any such direction and to the extent practicable, the Trustee
shall invest amounts held hereunder in those Investment Securities described in
clause (k) of the definition of the Investment Securities. All such investments
shall be held by (or by any custodian on behalf of) the Trustee for the benefit
of the Issuer; provided that on the Business Day preceding each Quarterly
Distribution Date and Monthly Servicing Payment Date all interest and other
investment income collected (net of losses and investment expenses) on funds on
deposit therein shall be deposited into the Collection Fund and shall be deemed
to constitute a portion of the Available Funds for such Quarterly Distribution
Date. The Trustee and the Issuer hereby agree that unless an Event of Default
shall have occurred hereunder, the Issuer acting by and through an Authorized
Representative shall be entitled to, and shall, provide written direction or
oral direction confirmed in writing to the Trustee with respect to any
discretionary acts required or permitted of the Trustee under any Investment
Securities and the Trustee shall not take such discretionary acts without such
written direction.

         The Investment Securities purchased shall be held by the Trustee and
shall be deemed at all times to be part of such Fund or Account or Subaccounts
or combination thereof, and the Trustee shall inform the Issuer of the details
of all such investments. Upon direction in writing (or orally, confirmed in
writing) from an Authorized Representative of the Issuer, the Trustee shall use
its best efforts to sell at the best price obtainable, or present for
redemption, any Investment Securities purchased by it as an investment whenever
it shall be necessary to provide money to meet any payment from the applicable
Fund. The Trustee shall advise the Issuer in writing, on or before the fifteenth
day of each calendar month (or such later date as reasonably consented to by the
Issuer), of all investments held for the credit of each Fund in its custody
under the provisions of this Indenture as of the end of the preceding month and
the value thereof, and shall list any investments which were sold or liquidated
for less than the par value thereof, plus accrued but unpaid interest at the
time thereof.

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<PAGE>

         Money in any Fund constituting a part of the Trust Estate may be pooled
for the purpose of making investments and may be used to pay accrued interest on
Investment Securities purchased. The Trustee and its affiliates may act as
principal or agent in the acquisition or disposition of any Investment
Securities.

         Notwithstanding the foregoing, the Trustee shall not be responsible or
liable for any losses on investments made by it hereunder or for keeping all
Funds held by it, fully invested at all times, its only responsibility being to
comply with the investment instructions of the Issuer or its designee in a
non-negligent manner.

         The Issuer acknowledges that to the extent the regulations of the
Comptroller of the Currency or other applicable regulatory agency grant the
Issuer the right to receive brokerage confirmations of security transactions,
the Issuer waives receipt of such confirmations.

        Section 5.07. Release.

                (a) The Trustee shall, upon Issuer Order and subject to the
        provisions of this Indenture, take all actions reasonably necessary to
        effect the release of any Financed Eligible Loans from the lien of this
        Indenture to the extent the terms hereof permit the sale, disposition or
        transfer of such Financed Eligible Loans.

                (b) Subject to the payment of its fees and expenses pursuant to
        Sections 7.05 and 7.07 hereof, the Trustee may, and when required by the
        provisions of this Indenture shall, execute instruments to release
        property from the lien of this Indenture, or convey the Trustee's
        interest in the same, in a manner and under circumstances that are not
        inconsistent with the provisions of this Indenture. No party relying
        upon an instrument executed by the Trustee as provided in this Article
        shall be bound to ascertain the Trustee's authority, inquire into the
        satisfaction of any conditions precedent or see to the application of
        any moneys.

                (c) The Trustee shall, at such time as there are no Notes
        Outstanding and all sums due the Trustee pursuant to Sections 7.05 and
        7.07 hereof and all amounts payable to the Master Servicer, each
        Subservicer, the Administrator, the Delaware Trustee and the
        Counterparties have been paid, release any remaining portion of the
        Trust Estate that secured the Notes from the lien of this Indenture and
        release to the Issuer or any other Person entitled thereto any funds
        then on deposit in the Funds and Accounts. The Trustee shall release
        property from the lien of this Indenture pursuant to this subsection (c)
        only upon receipt of an Issuer Order, an Opinion of Counsel and (if
        required by the Trust Indenture Act) Independent Certificates in
        accordance with Sections 314(c) and 314(d)(1) of the Trust Indenture
        Act.

                (d) Subject to the provisions of this Indenture, the Trustee
        shall release property from the lien of this Indenture only upon receipt
        of an Issuer Order, an Opinion of Counsel and Independent Certificates
        in accordance with Sections 314(c) and 314(d)(1) of the Trust Indenture
        Act or an Opinion of Counsel in lieu of such Independent Certificates to
        the effect that the Trust Indenture Act does not require any such
        Independent Certificates.

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<PAGE>

                (e) Each Registered Owner, by the acceptance of a Note,
        acknowledges that from time to time the Trustee shall release the lien
        of this Indenture on any Financed Eligible Loan to be sold to (i) the
        Seller in accordance with the Student Loan Purchase Agreement; (ii) the
        Master Servicer or a Subservicer in accordance with the Master Servicing
        Agreement or the applicable Subservicing Agreement; and (iii) another
        eligible lender holding one or more serial loans with respect to such
        Financed Eligible Loan, in accordance with the Master Servicing
        Agreement or the applicable Subservicing Agreement, and each Registered
        Owner, by the acceptance of a Note, consents to any such release.

                                   ARTICLE VI

                              DEFAULTS AND REMEDIES

        Section 6.01. Events of Default Defined. For the purpose of this
Indenture, the following events are hereby defined as, and are declared to be,
"Events of Default":

                (a) default in the due and punctual payment of any interest on
        any Note when the same becomes due and payable, and such default shall
        continue for a period of five (5) days;

                (b) default in the due and punctual payment of the principal of
        any Note when the same becomes due and payable on the related Note Final
        Maturity Date;

                (c) default in the performance or observance of any other of the
        covenants, agreements or conditions on the part of the Issuer to be
        kept, observed and performed contained in this Indenture or in the
        Notes, and continuation of such default for a period of 90 days after
        written notice thereof by the Trustee to the Issuer; and

                (d) the occurrence of an Event of Bankruptcy.

         Any notice herein provided to be given to the Issuer with respect to
any default shall be deemed sufficiently given if sent by registered mail with
postage prepaid to the Person to be notified, addressed to such Person at the
post office address as shown in Section 9.01 hereof or such other address as may
hereafter be given as the principal office of the Issuer in writing to the
Trustee by an Authorized Representative of the Issuer. The Trustee may give any
such notice in its discretion and shall give such notice if requested to do so
in writing by the Registered Owners of at least 51% of the collective aggregate
principal amount of the Highest Priority Obligations at the time Outstanding.

        Section 6.02. Remedy on Default; Possession of Trust Estate. Subject to
Sections 6.08, 7.05 and 7.07 hereof, upon the happening and continuance of any
Event of Default, the Trustee or by its attorneys or agents may enter into and
upon and take possession of such portion of the Trust Estate as shall be in the
custody of others, and all property comprising the Trust Estate, and each and
every part thereof, and exclude the Issuer and its agents, servants and
employees wholly therefrom, and have, hold, use, operate, manage, and control
the same and each and every part thereof, and in the name of the Issuer or
otherwise, as they shall deem best, conduct the business thereof and exercise
the privileges pertaining thereto and all the rights and powers of the Issuer
and use all of the then existing Trust Estate for that purpose, and collect and
receive all charges, income and Available Funds of the same and of every part
thereof, and after deducting therefrom all expenses incurred hereunder and all
other proper outlays herein authorized, and all payments which may be made as
just and reasonable compensation for its own services, and for the services of
its attorneys, agents, and assistants, the Trustee shall apply the rest and
residue of the money received by the Trustee as follows:

                                       53
<PAGE>

                  FIRST, to the Trustee and the Delaware Trustee, any Trustee
         Fee and any Delaware Trustee Fee, respectively due and owing;

                  SECOND, to the Master Servicer, any Servicing Fees, due and
         remaining unpaid;

                  THIRD, pro rata, to (i) the Counterparties, pro rata, without
         preference or priority of any kind, in proportion to their respective
         entitlements under the applicable Derivative Products (excluding all
         Termination Payments other than Priority Termination Payments) and (ii)
         to the Class A Noteholders of each class for amounts due and unpaid on
         each such class of Class A Notes for interest, pro rata, without
         preference or priority of any kind, according to the amounts due and
         payable on each such class of Class A Notes for such interest;

                  FOURTH, to Class A Noteholders for amounts due and unpaid on
         the Class A Notes for principal, ratably, without preference or
         priority of any kind, according to the amounts due and payable on the
         Notes for principal;

                  FIFTH, to the Class B Noteholders for amounts due and unpaid
         on the Class B Notes for interest, pro rata without preference or
         priority of any kind, according to the amounts due and payable on the
         Notes for such interest;

                  SIXTH, to the Class B Noteholders for amounts due and unpaid
         on the Class B Notes for principal, pro rata without preference or
         priority of any kind, according to the amounts due and payable on the
         Class B Notes for principal;

                  SEVENTH, to the Counterparties, in proportion to the
         respective entitlements under the applicable Derivative Product
         Agreement without preference or priority of any kind, for any
         Termination Payments due and any other unpaid Issuer Derivative
         Payments;

                  EIGHTH, to the Master Servicer, for any unpaid Carryover
         Servicing Fees; and

                  NINTH, to the Issuer, for distribution in accordance with the
         terms of the Administration Agreement and the Trust Agreement.

         The Trustee may fix a record date and payment date for any payment to
Registered Owners pursuant to this Section. At least 15 days before such record
date, the Trustee shall mail to each Registered Owner and the Issuer a notice
that states the record date, the payment date and the amount to be paid.

        Section 6.03. Remedies on Default; Advice of Counsel. Upon the happening
of any Event of Default, the Trustee may proceed to protect and enforce the
rights of the Trustee and the Registered Owners in such manner as counsel for
the Trustee may advise, whether for the specific performance of any covenant,
condition, agreement or undertaking herein contained, or in aid of the execution
of any power herein granted, or for the enforcement of such other appropriate
legal or equitable remedies as, in the opinion of such counsel, may be more
effectual to protect and enforce the rights aforesaid.

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<PAGE>

        Section 6.04. Remedies on Default; Sale of Trust Estate. Upon the
happening of any Event of Default and if the principal of all of the Outstanding
Obligations shall have been declared due and payable, then and in every such
case, and irrespective of whether other remedies authorized shall have been
pursued in whole or in part, the Trustee may sell, with or without entry, to the
highest bidder the Trust Estate, and all right, title, interest, claim and
demand thereto and the right of redemption thereof, at any such place or places,
and at such time or times and upon such notice and terms as may be required by
law. Upon such sale the Trustee may make and deliver to the purchaser or
purchasers a good and sufficient assignment or conveyance for the same, which
sale shall be a perpetual bar both at law and in equity against the Issuer and
all Persons claiming such properties. No purchaser at any sale shall be bound to
see to the application of the purchase money or to inquire as to the
authorization, necessity, expediency or regularity of any such sale. The Trustee
is hereby irrevocably appointed the true and lawful attorney-in-fact of the
Issuer, in its name and stead, to make and execute all bills of sale,
instruments of assignment and transfer and such other documents of transfer as
may be necessary or advisable in connection with a sale of all or part of the
Trust Estate, but the Issuer, if so requested by the Trustee, shall ratify and
confirm any sale or sales by executing and delivering to the Trustee or to such
purchaser or purchasers all such instruments as may be necessary, or in the
judgment of the Trustee, proper for the purpose which may be designated in such
request. In addition, the Trustee may proceed to protect and enforce the rights
of the Trustee and the Registered Owners of the Obligations in such manner as
counsel for the Trustee may advise, whether for the specific performance of any
covenant, condition, agreement or undertaking herein contained, or in aid of the
execution of any power herein granted, or for the enforcement of such other
appropriate legal or equitable remedies as may in the opinion of such counsel,
be more effectual to protect and enforce the rights aforesaid. The Indenture
Trustee shall take any such action or actions if requested to do so in writing
by the Registered Owners of at least a majority of the principal amount of the
Highest Priority Obligations at the time Outstanding.

         Notwithstanding the foregoing, the Indenture Trustee is prohibited from
selling the Financed Eligible Loans following an Event of Default, other than a
default in the payment of any principal or interest on any Note, unless:

                (a) The Registered Owners of all of the Highest Priority
        Obligations at the time Outstanding consent to such a sale;

                (b) The proceeds of such a sale will be sufficient to discharge
        all the Outstanding Obligations pursuant to Article X hereof at the date
        of such a sale; or

                (c) The Issuer, or the Administrator on behalf of the Issuer,
        determines that the collections on the Financed Eligible Loans would not
        be sufficient on an ongoing basis to make all payments on such
        Obligations as such payments would have become due if such Obligations
        had not been declared due and payable, and the Indenture Trustee obtains
        the consent of the Registered Owners of at least 66-2/3% of the
        aggregate principal amount of the Highest Priority Obligations at the
        time Outstanding.

                                       55
<PAGE>

         Such a sale shall also require the consent of all the Registered Owners
of the Class B Notes unless the proceeds of such a sale would be sufficient to
discharge the Class B Notes pursuant to Article X hereof at the date of such a
sale.

        Section 6.05. Appointment of Receiver. In case an Event of Default
occurs, and if all of the Outstanding Obligations shall have been declared due
and payable and in case any judicial proceedings are commenced to enforce any
right of the Trustee or of the Registered Owners under this Indenture or
otherwise, then as a matter of right, the Trustee shall be entitled to the
appointment of a receiver of the Trust Estate and of the earnings, income or
revenue, rents, issues and profits thereof with such powers as the court making
such appointments may confer.

        Section 6.06. Restoration of Position. In case the Trustee shall have
proceeded to enforce any rights under this Indenture by sale or otherwise, and
such proceedings shall have been discontinued, or shall have been determined
adversely to the Trustee, then and in every such case to the extent not
inconsistent with such adverse decree, the Issuer, the Trustee and the
Registered Owners shall be restored to their former respective positions and the
rights hereunder in respect to the Trust Estate, and all rights, remedies and
powers of the Trustee and of the Registered Owners shall continue as though no
such proceeding had been taken. Section 6.07. Application of Sale Proceeds. The
proceeds of any sale of the Trust Estate, together with any funds at the time
held by the Trustee and not otherwise appropriated, shall be applied by the
Trustee as set forth in Section 6.02 hereof, and then to the Issuer or
whomsoever shall be lawfully entitled thereto.

        Section 6.08. Acceleration of Maturity; Rescission and Annulment. If an
Event of Default should occur and be continuing, then and in every such case the
Trustee or the Registered Owners of Obligations representing not less than a
majority of the Outstanding Amount of the Highest Priority Obligations may
declare all the Outstanding Obligations to be immediately due and payable, by a
notice in writing to the Issuer (and to the Trustee if given by Registered
Owners), and upon any such declaration the unpaid principal amount of such
Outstanding Obligations, together with accrued and unpaid interest thereon
through the date of acceleration, shall become immediately due and payable,
subject, however, to Section 6.04 hereof.

         At any time after such declaration of acceleration of maturity has been
made and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter in this Article provided, the Registered
Owners of Obligations representing a majority of the collective aggregate
principal amount of the Highest Priority Obligations then Outstanding, by
written notice to the Issuer and the Trustee, may rescind and annul such
declaration and its consequences if:

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                (a) the Issuer has paid or deposited with the Trustee a sum
        sufficient to pay:

                        (i) all payments of principal of and interest on all
                Obligations and all other amounts that would then be due
                hereunder or upon such Obligations if the Event of Default
                giving rise to such acceleration had not occurred; and

                        (ii) all sums paid or advanced by the Trustee hereunder
                and the reasonable compensation, expenses, disbursements and
                advances of the Trustee, the Master Servicer, any Subservicer,
                the Delaware Trustee and their agents and counsel; and

                (b) all Events of Default, other than the nonpayment of the
        principal of the Obligations that has become due solely by such
        acceleration, have been cured or waived as provided in Section 6.14
        hereof.

         No such rescission shall affect any subsequent default or impair any
right consequent thereto.

        Section 6.09. Remedies Not Exclusive. The remedies herein conferred upon
or reserved to the Trustee or the Registered Owners of Obligations are not
intended to be exclusive of any other remedy, but each remedy herein provided
shall be cumulative and shall be in addition to every other remedy given
hereunder or now or hereafter existing, and every power and remedy hereby given
to the Trustee or to the Registered Owners of Obligations, or any supplement
hereto, may be exercised from time to time as often as may be deemed expedient.
No delay or omission of the Trustee or of any Registered Owner of Obligations to
exercise any power or right arising from any default hereunder shall impair any
such right or power or shall be construed to be a waiver of any such default or
to be acquiescence therein.

        Section 6.10. Collection of Indebtedness and Suits for Enforcement by
Trustee. The Issuer covenants that if:

                (a) default is made in the payment of any installment of
        interest, if any, on any Notes when such interest becomes due and
        payable and such default continues for a period of five (5) days; or

                (b) default is made in the payment of the principal of (or
        premium, if any, on) any Notes at its Note Final Maturity Date,

then the Issuer will, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Registered Owners, the whole amount then due and payable on such
Notes for principal (and premium, if any) and interest, with interest upon any
overdue principal (and premium, if any) and, to the extent that payment of such
interest shall be legally enforceable, upon any overdue installments of
interest, if any, at the rate or rates borne by or provided for in such Notes,
and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
fees, expenses, disbursements and advances of the Trustee and its agents and
counsel.

                                       57
<PAGE>

         If the Issuer fails to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as Trustee of an express trust, may upon receiving
indemnification satisfactory to the Trustee institute a judicial proceeding for
the collection of the sums so due and unpaid, may prosecute such proceeding to
judgment or final decree, and may enforce the same against the Issuer or any
other obligor upon such Notes of such class and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the property of the
Issuer or any other obligor upon such Notes, wherever situated.

         If an Event of Default with respect to Notes occurs and is continuing,
the Trustee may, after being indemnified to its satisfaction and in its
discretion, proceed to protect and enforce its rights and the rights of the
Registered Owners of Notes by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy.

        Section 6.11. Direction of Trustee. Upon the happening of any Event of
Default, the Registered Owners of at least 51% of the collective aggregate
principal amount of the Highest Priority Obligations then Outstanding, shall
have the right by an instrument or instruments in writing delivered to the
Trustee to direct and control the Trustee as to the method of taking any and all
proceedings for any sale of any or all of the Trust Estate, or for the
appointment of a receiver, if permitted by law, and may at any time cause any
proceedings authorized by the terms hereof to be so taken or to be discontinued
or delayed; provided, however, that such Registered Owners shall not be entitled
to cause the Trustee to take any proceedings which in the Trustee's opinion
would be unjustly prejudicial to non-assenting Registered Owners of Obligations,
but the Trustee shall be entitled to assume that the action requested by the
Registered Owners of at least 51% of the collective aggregate principal amount
of the Highest Priority Obligations then Outstanding will not be prejudicial to
any non-assenting Registered Owners unless the Registered Owners of more than
50% of the collective aggregate principal amount of the non-assenting Registered
Owners of such Obligations, in writing, show the Trustee how they will be
prejudiced. Provided, however, that anything in this Indenture to the contrary
notwithstanding, the Registered Owners of a majority of the collective aggregate
principal amount of the Highest Priority Obligations then Outstanding together
with the Registered Owners of a majority of the collective aggregate principal
amount of all other Obligations then Outstanding shall have the right, at any
time, by an instrument or instruments in writing executed and delivered to the
Trustee, to direct the method and place of conducting all proceedings to be
taken in connection with the enforcement of the terms and conditions of this
Indenture, or for the appointment of a receiver or any other proceedings
hereunder, provided that such direction shall not be otherwise than in
accordance with the provisions of law and of this Indenture. The provisions of
this Section shall be expressly subject to the provisions of Sections 7.01(c),
7.05 and 7.07 hereof.

        Section 6.12. Right to Enforce in Trustee. No Registered Owner of any
Obligation shall have any right as such Registered Owner to institute any suit,
action or proceedings for the enforcement of the provisions of this Indenture or
for the execution of any trust hereunder or for the appointment of a receiver or
for any other remedy hereunder, all rights of action hereunder being vested
exclusively in the Trustee, unless and until such Registered Owner shall have
previously given to the Trustee written notice of a default hereunder, and of
the continuance thereof, and also unless the Registered Owners of the requisite

                                       58
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principal amount of the Obligations then Outstanding shall have made written
request upon the Trustee and the Trustee shall have been afforded reasonable
opportunity to institute such action, suit or proceeding in its own name, and
unless the Trustee shall have been offered indemnity and security satisfactory
to it against the costs, expenses and liabilities to be incurred therein or
thereby, which offer of indemnity shall be an express condition precedent
hereunder to any obligation of the Trustee to take any such action hereunder,
and the Trustee for 30 days after receipt of such notification, request and
offer of indemnity, shall have failed to institute any such action, suit or
proceeding. It is understood and intended that no one or more Registered Owners
of the Obligations shall have the right in any manner whatever by his or their
action to affect, disturb or prejudice the lien of this Indenture or to enforce
any right hereunder except in the manner herein provided and for the equal
benefit of the Registered Owners of not less than a majority of the collective
aggregate principal amount of the Obligations then Outstanding.

        Section 6.13. Physical Possession of Obligations Not Required. In any
suit or action by the Trustee arising under this Indenture or on all or any of
the Obligations issued hereunder, or any supplement hereto, the Trustee shall
not be required to produce such Obligations, but shall be entitled in all things
to maintain such suit or action without their production.

        Section 6.14. Waivers of Events of Default. The Trustee may in its
discretion waive any Event of Default hereunder and its consequences and rescind
any declaration of acceleration of Obligations, and shall do so upon the written
request of the Registered Owners of at least a majority of the collective
aggregate principal amount of the Highest Priority Obligations then Outstanding;
provided, however, that there shall not be waived (a) any Event of Default in
the payment of the principal of or premium on any Outstanding Obligations at the
date of maturity thereof, or any default in the payment when due of the interest
on any such Obligations, unless prior to such waiver or rescission, all arrears
of interest or all arrears of payments of principal and all expenses of the
Trustee, in connection with such default shall have been paid or provided for;
or (b) any default in the payment of amounts set forth in Sections 7.05 and 7.07
hereof. In case of any such waiver or rescission, or in case any proceedings
taken by the Trustee on account of any such default shall have been discontinued
or abandoned or determined adversely to the Trustee, then and in every such case
the Issuer, the Trustee and the Registered Owners of Obligations shall be
restored to their former positions and rights hereunder respectively, but no
such waiver or rescission shall extend to or affect any subsequent or other
default, or impair any rights or remedies consequent thereon. The Trustee shall
give written notice to the Rating Agency of any waiver of an Event of Default
pursuant to this Section.

                                  ARTICLE VII

                                   THE TRUSTEE

        Section 7.01. Acceptance of Trust. The Trustee hereby accepts the trusts
imposed upon it by this Indenture, and agrees to perform said trusts, but only
upon and subject to the following terms and conditions:

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                (a) Except during the continuance of an Event of Default,

                        (i) the Trustee undertakes to perform such duties and
                only such duties as are specifically set forth in this
                Indenture, and no implied covenants or obligations shall be read
                into this Indenture against the Trustee; and

                        (ii) in the absence of bad faith on its part, the
                Trustee may conclusively rely, as to the truth of the statements
                and the correctness of the opinions expressed therein, upon
                certificates or opinions furnished to the Trustee and conforming
                to the requirements of this Indenture; but in the case of any
                such certificates or opinions which by any provisions hereof are
                specifically required to be furnished to the Trustee, the
                Trustee shall be under a duty to examine the same to determine
                whether or not they conform as to form with the requirements of
                this Indenture and whether or not they contain the statements
                required under this Indenture.

                (b) In case an Event of Default has occurred and is continuing,
        the Trustee, in exercising the rights and powers vested in it by this
        Indenture, shall use the same degree of care and skill in their exercise
        as a prudent person would exercise or use under the circumstances in the
        conduct of his or her own affairs.

                (c) Before taking any action hereunder requested by Registered
        Owners, the Trustee may require that it be furnished an indemnity bond
        or other indemnity and security satisfactory to it by the Registered
        Owners, as applicable, for the reimbursement of all expenses to which it
        may be put and to protect it against all liability.

        Section 7.02. Recitals of Others. The recitals, statements and
representations set forth herein and in the Notes shall be taken as the
statements of the Issuer, and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representations as to the title of
the Issuer in the Trust Estate or as to the security afforded thereby and
hereby, or as to the validity or sufficiency of this Indenture or of the Notes
issued hereunder, and the Trustee shall incur no responsibility in respect of
such matters.

        Section 7.03. As to Filing of Indenture. The Trustee shall be under no
duty (a) to file or record, or cause to be filed or recorded, this Indenture or
any instrument supplemental hereto, (b) to procure any further order or
additional instruments of further assurance, (c) to see to the delivery to it of
any personal property intended to be mortgaged or pledged hereunder or
thereunder, (d) to do any act which may be suitable to be done for the better
maintenance of the lien or security hereof (other than the filing of any
continuation (but not initial) statements), or (e) to give notice of the
existence of such lien, or for extending or supplementing the same or to see
that any rights to the Trust Estate and Funds intended now or hereafter to be
transferred in trust hereunder are subject to the lien hereof. The Trustee shall
not be liable for failure of the Issuer to pay any tax or taxes in respect of
such property, or any part thereof, or the income therefrom or otherwise, nor
shall the Trustee be under any duty in respect of any tax which may be assessed
against it or the Registered Owners in respect of such property or pledged to
the Trust Estate. The Trustee agrees to prepare, request that the Issuer execute
(if such execution is necessary for any such filing) and file in a timely manner
(if received from the Issuer in a timely manner) with any necessary execution by
the Issuer, the continuation statements referred to herein; provided, that the
Trustee shall have no responsibility for the sufficiency, adequacy or priority
of any initial filing and in the absence of written notice to the contrary by
the Issuer or other Authorized Representative, may rely and shall be protected
in relying on all information and exhibits in such initial filings for the
purposes of any continuation statements.

        Section 7.04. Trustee May Act Through Agents. The Trustee may execute
any of the trusts or powers hereof and perform any duty hereunder, either itself
or by or through its attorneys, agents or employees, and it shall not be
answerable or accountable for any default, neglect or misconduct of any such

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attorneys, agents or employees, if reasonable care has been exercised in the
appointment, supervision and monitoring of the work performed. All reasonable
costs incurred by the Trustee and all reasonable compensation to all such
persons as may reasonably be employed in connection with the trusts hereof shall
be paid by the Issuer.

        Section 7.05. Indemnification of Trustee. Other than with respect to its
duties to make payment on the Obligations when due, and its duty to pursue the
remedy of acceleration as provided in Sections 6.02 and 6.08 hereof, for each of
which no additional security or indemnity may be required, the Trustee shall be
under no obligation or duty to perform any act at the request of Registered
Owners or to institute or defend any suit in respect thereof unless properly
indemnified and provided with security to its satisfaction as provided in
Section 7.01(c) hereof. The Trustee shall not be required to take notice, or be
deemed to have knowledge, of any default or Event of Default of the Issuer
hereunder and may conclusively assume that there has been no such default or
Event of Default (other than an Event of Default described in Section 6.01(a) or
(b) hereof) unless and until it shall have been specifically notified in writing
at the address in Section 9.01 hereof of such default or Event of Default by (a)
the Registered Owners of the required percentages in principal amount of the
Obligations then Outstanding hereinabove specified or (b) an Authorized
Representative of the Issuer. However, the Trustee may begin suit, or appear in
and defend suit, execute any of the trusts hereby created, enforce any of its
rights or powers hereunder, or do anything else in its judgment proper to be
done by it as Trustee, without assurance of reimbursement or indemnity, and in
such case the Trustee shall be reimbursed or indemnified by the Registered
Owners requesting such action, if any, or the Issuer in all other cases, for all
fees, costs and expenses, liabilities, outlays and counsel fees and other
reasonable disbursements properly incurred in connection therewith, unless such
costs and expenses, liabilities, outlays and attorneys' fees and other
reasonable disbursements properly incurred in connection therewith are
adjudicated to have resulted from the negligence or willful misconduct of the
Trustee. In furtherance and not in limitation of this Section, the Trustee shall
not be liable for, and shall be held harmless by the Issuer from, following any
Issuer Orders, instructions or other directions upon which the Trustee is
authorized to rely pursuant to this Indenture or any other agreement to which it
is a party. If the Issuer or the Registered Owners, as appropriate, shall fail
to make such reimbursement or indemnification, the Trustee may reimburse itself
from any money in its possession under the provisions of this Indenture, subject
only to the prior lien of the Notes for the payment of the principal thereof,
premium, if any, and interest thereon from the Collection Fund. None of the
provisions contained in this Indenture or any other agreement to which it is a
party shall require the Trustee to act or to expend or risk its own funds or
otherwise incur individual financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers if the Registered
Owners shall not have offered security and indemnity acceptable to it or if it
shall have reasonable grounds for believing that prompt repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured
to it.

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         The Issuer agrees to indemnify the Trustee for, and to hold it harmless
against, any loss, liability or expenses incurred without negligence or bad
faith on its part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and
expenses of defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder arising
from the Trust Estate. The Issuer agrees to indemnify and hold harmless the
Trustee against any and all claims, demands, suits, actions or other proceedings
and all liabilities, costs and expenses whatsoever caused by any untrue
statement or misleading statement or alleged untrue statement or alleged
misleading statement of a material fact contained in any offering document
distributed in connection with the issuance of the Notes or caused by any
omission or alleged omission from such offering document of any material fact
required to be stated therein or necessary in order to make the statements made
therein in the light of the circumstances under which they were made, not
misleading.

        Section 7.06. Trustee's Right to Reliance. The Trustee shall be
protected in acting upon any notice, resolution, request, consent, order,
certificate, report, appraisal, opinion, report or document of the Issuer, the
Master Servicer or a Subservicer or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties. The
Trustee may consult with experts and with counsel (who may but need not be
counsel for the Issuer, the Trustee, or for a Registered Owner), and the opinion
of such counsel shall be full and complete authorization and protection in
respect of any action taken or suffered, and in respect of any determination
made by it hereunder in good faith and in accordance with the opinion of such
counsel.

         Whenever in the administration hereof the Trustee shall reasonably deem
it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely upon
a certificate signed by an Authorized Representative of the Issuer or an
authorized officer of the Administrator, the Master Servicer or a Subservicer.

         The Trustee shall not be liable for any action taken, suffered or
omitted by it in good faith and believed by it to be authorized or within the
discretion or rights or powers conferred upon it hereby; provided, however, that
the Trustee shall be liable for its negligence or willful misconduct in taking
such action.

         The Trustee is authorized to enter into agreements with other Persons,
in its capacity as Trustee, in order to carry out or implement the terms and
provisions of this Indenture. The Trustee shall not be liable with respect to
any action taken, suffered or omitted to be taken in good faith in accordance
with this Indenture or any other transaction document or at the direction of the
Registered Owners evidencing the appropriate percentage of the aggregate
principal amount of the Outstanding Notes relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture
or any other transaction document.

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        Section 7.07. Compensation of Trustee. Except as otherwise expressly
provided herein, all advances, counsel fees (including without limitation
allocated fees of in-house counsel) and other expenses reasonably made or
incurred by the Trustee in and about the execution and administration of the
trust hereby created and reasonable compensation to the Trustee for its services
in the premises shall be paid by the Issuer. The compensation of the Trustee
shall not be limited to or by any provision of law in regard to the compensation
of trustees of an express trust. The Trustee shall not change the amount of its
annual compensation without giving the Issuer and the Rating Agency at least 90
days' written notice prior to the beginning of a Fiscal Year. If not paid by the
Issuer, the Trustee shall have a lien against all money held pursuant to this
Indenture, subject only to the prior lien of the Obligations against the money
and investments in the Collection Fund for the payment of the principal thereof,
premium, if any, and interest thereon, for such reasonable compensation,
expenses, advances and counsel fees incurred in and about the execution of the
trusts hereby created and the exercise and performance of the powers and duties
of the Trustee hereunder and the cost and expense incurred in defending against
any liability in the premises of any character whatsoever (unless such liability
is adjudicated to have resulted from the negligence or willful misconduct of the
Trustee).

        Section 7.08. Creditor Relationships. The Trustee shall comply with
Section 311(a) of the Trust Indenture Act, excluding any creditor relationship
listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned
or been removed shall be subject to Section 311(a) of the Trust Indenture Act to
the extent indicated therein. The Trustee may act as depository for, and permit
any of its officers or directors to act as a member of, or act in any other
capacity in respect to, any committee formed to protect the rights of the
Registered Owners or to effect or aid in any reorganization growing out of the
enforcement of the Notes or of this Indenture, whether or not any such committee
shall represent the Registered Owners of more than 60% of the collective
aggregate principal amount of the Outstanding Obligations.

        Section 7.09. Resignation of Trustee. The Trustee and any successor to
the Trustee may resign and be discharged from the trust created by this
Indenture by giving to the Issuer notice in writing which notice shall specify
the date on which such resignation is to take effect; provided, however, that
such resignation shall only take effect on the day specified in such notice if a
successor Trustee shall have been appointed pursuant to Section 7.11 hereof (and
is qualified to be the Trustee under the requirements of Section 7.11 hereof).
If no successor Trustee has been appointed by the date specified or within a
period of 90 days from the receipt of the notice by the Issuer, whichever period
is the longer, the Trustee may (a) appoint a temporary successor Trustee having
the qualifications provided in Section 7.11 hereof or (b) request a court of
competent jurisdiction to (i) require the Issuer to appoint a successor, as
provided in Section 7.11 hereof, within three days of the receipt of citation or
notice by the court, or (ii) appoint a Trustee having the qualifications
provided in Section 7.11 hereof. In no event may the resignation of the Trustee
be effective until a qualified successor Trustee shall have been selected and
appointed. In the event a temporary successor Trustee is appointed pursuant to
clause (a) above, the Issuer may remove such temporary successor Trustee and
appoint a successor thereto pursuant to Section 7.11 hereof.

        Section 7.10. Removal of Trustee. The Trustee or any successor Trustee
may be removed (a) at any time by the Registered Owners of a majority of the
collective aggregate principal amount of the Highest Priority Obligations then
Outstanding, (b) by the Issuer for cause or upon the sale or other disposition
of the Trustee or its corporate trust functions or (c) by the Issuer without
cause so long as no Event of Default exists or has existed within the last 30
days, upon payment to the Trustee so removed of all money then due to it
hereunder and appointment of a successor thereto by the Issuer and acceptance
thereof by said successor. One copy of any such order of removal shall be filed
with the Delaware Trustee and the other with the Trustee so removed.

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         In the event a Trustee (or successor Trustee) is removed, by any person
or for any reason permitted hereunder, such removal shall not become effective
until (a) in the case of removal by the Registered Owners, such Registered
Owners by instrument or concurrent instruments in writing (signed and
acknowledged by such Registered Owners or their attorneys-in-fact) filed with
the Trustee removed have appointed a successor Trustee or otherwise the Issuer
shall have appointed a successor, and (b) the successor Trustee has accepted
appointment as such.

        Section 7.11. Successor Trustee. In case at any time the Trustee or any
successor Trustee shall resign, be dissolved, or otherwise shall be disqualified
to act or be incapable of acting, or in case control of the Trustee or of any
successor Trustee or of its officers shall be taken over by any public officer
or officers, a successor Trustee may be appointed by the Issuer by an instrument
in writing duly authorized by the Issuer. In the case of any such appointment by
the Issuer of a successor to the Trustee, the Issuer shall forthwith cause
notice thereof to be mailed to the Registered Owners of the Notes at the address
of each Registered Owner appearing on the note registration books maintained by
the Registrar.

         Every successor Trustee appointed by the Registered Owners, by a court
of competent jurisdiction, or by the Issuer shall be a bank or trust company in
good standing, organized and doing business under the laws of the United States
or of a state therein, which has a reported capital and surplus of not less than
$50,000,000, be authorized under the law to exercise corporate trust powers, be
subject to supervision or examination by a federal or state authority, and be an
Eligible Lender so long as such designation is necessary to maintain guarantees
and federal benefits under the Higher Education Act with respect to the Financed
Eligible Loans originated under the Higher Education Act.

        Section 7.12. Manner of Vesting Title in Trustee. Any successor Trustee
appointed hereunder shall execute, acknowledge and deliver to its predecessor
Trustee, and also to the Issuer, an instrument accepting such appointment
hereunder, and thereupon such successor Trustee, without any further act, deed
or conveyance shall become fully vested with all the estate, properties, rights,
powers, trusts, duties and obligations of its predecessors in trust hereunder
(except that the predecessor Trustee shall continue to have the benefits to
indemnification hereunder together with the successor Trustee), with like effect
as if originally named as Trustee herein; but the Trustee ceasing to act shall
nevertheless, on the written request of an Authorized Representative of the
Issuer, or an authorized officer of the successor Trustee, execute, acknowledge
and deliver such instruments of conveyance and further assurance and do such
other things as may reasonably be required for more fully and certainly vesting
and confirming in such successor Trustee all the right, title and interest of
the Trustee which it succeeds, in and to the Trust Estate and such rights,
powers, trusts, duties and obligations, and the Trustee ceasing to act also,
upon like request, pay over, assign and deliver to the successor Trustee any
money or other property or rights subject to the lien of this Indenture,
including any pledged securities which may then be in its possession. Should any
deed or instrument in writing from the Issuer be required by the successor
Trustee for more fully and certainly vesting in and confirming to such new
Trustee such estate, properties, rights, powers and duties, any and all such
deeds and instruments in writing shall on request be executed, acknowledged and
delivered by the Issuer.

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         In case any of the Notes to be issued hereunder shall have been
authenticated but not delivered, any successor Trustee may adopt the certificate
of authentication of the Trustee or of any successor to the Trustee; and in case
any of the Notes shall not have been authenticated, any successor to the Trustee
may authenticate such Notes in its own name; and in all such cases such
certificate shall have the full force which it has anywhere in the Notes or in
this Indenture.

        Section 7.13. Additional Covenants by the Trustee to Conform to the
Higher Education Act. The Trustee covenants that it will at all times be an
Eligible Lender under the Higher Education Act so long as such designation is
necessary, as determined by the Issuer, to maintain the guarantees and federal
benefits under the Higher Education Act with respect to the Financed Eligible
Loans, that it will acquire Eligible Loans originated under the Higher Education
Act in its capacity as an Eligible Lender and that it will not knowingly dispose
of or deliver any Financed Eligible Loans originated under the Higher Education
Act or any security interest in any such Financed Eligible Loans to any party
who is not an Eligible Lender so long as the Higher Education Act or Regulations
adopted thereunder require an Eligible Lender to be the owner or holder of such
Financed Eligible Loans; provided, however, that nothing above shall prevent the
Trustee from delivering the Eligible Loans to the Master Servicer, a Subservicer
or a Guaranty Agency.

        Section 7.14. Right of Inspection. A Registered Owner shall be permitted
at reasonable times during regular business hours and in accordance with
reasonable regulations prescribed by the Trustee to examine at the principal
office of the Trustee a copy of any report or instrument theretofore filed with
the Trustee relating to the condition of the Trust Estate.

        Section 7.15. Limitation with Respect to Examination of Reports. Except
as provided in this Indenture, the Trustee shall be under no duty to examine any
report or statement or other document required or permitted to be filed with it
by the Issuer.

        Section 7.16. Servicing Agreements. The Trustee acknowledges the receipt
of copies of the Master Servicing Agreement and Subservicing Agreements
described in Section 4.04 hereof.

        Section 7.17. Additional Covenants of Trustee. The Trustee, by the
execution hereof, covenants, represents and agrees that:

                (a) it will not exercise any of the rights, duties or privileges
        under this Indenture in such manner as would cause the Eligible Loans
        held or acquired under the terms hereof to be transferred, assigned or
        pledged as security to any person or entity other than as permitted by
        this Indenture; and

                (b) it will comply with the Higher Education Act and the
        Regulations and will, upon written notice from an Authorized
        Representative of the Issuer, the Secretary or the Guaranty Agency, use
        its reasonable efforts to cause this Indenture to be amended (in
        accordance with Section 8.01 hereof) if the Higher Education Act or
        Regulations are hereafter amended so as to be contrary to the terms of
        this Indenture.

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        Section 7.18. Notices to Rating Agencies. It shall be the duty of the
Issuer to notify each Rating Agency then rating any of the Notes of (a) any
amendment, change, expiration, extension or renewal of this Indenture, (b)
prepayment or defeasance of all the Notes, (c) any change in the Trustee or (d)
any other information reasonably required to be reported to each Rating Agency
under any Supplemental Indenture; provided, however, the provisions of this
Section do not apply when such documents have been previously supplied to such
Rating Agency and the Trustee has received written evidence to such effect, all
as may be required by this Indenture. All notices required to be forwarded to
the Rating Agencies under this Section shall be sent in writing at the following
addresses:

         Via electronic delivery to Servicer_reports@sandp.com
         For any information not available in electronic format:
         Standard & Poor's Ratings Services
         a Division of the McGraw-Hill Companies, Inc.
         55 Water Street, 41st Floor
         New York, New York  10041-0003
         Attention:  ABS Surveillance Group

         Fitch, Inc.
         One State Street Plaza
         New York, New York  10004
         Attention:  ABS Surveillance

         Moody's Investors Service
         99 Church Street
         New York, New York  10007
         Attention:  ABS Monitoring Group

         The Trustee also acknowledges that each Rating Agency's periodic review
for maintenance of a Rating on any series of the Notes may involve discussions
and/or meetings with representatives of the Trustee at mutually agreeable times
and places.

        Section 7.19. Merger of the Trustee. Any corporation into which the
Trustee may be merged or with which it may be consolidated, or any corporation
resulting from any merger or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided such corporation shall be otherwise qualified and eligible
under this Indenture, without the execution or filing of any paper of any
further act on the part of any other parties hereto.

        Section 7.20. Receipt of Funds from Master Servicer or a Subservicer.
The Trustee shall not be accountable or responsible in any manner whatsoever for
any action of the Issuer, the Administrator, the depository bank of any funds of
the Issuer, or the Master Servicer or a Subservicer while such Master Servicer
or Subservicer is acting as bailee or agent of the Trustee with respect to the
Eligible Loans for actions taken in compliance with any instruction or direction
given to the Trustee, or for the application of funds or moneys by the Master
Servicer or a Subservicer until such time as funds are received by the Trustee.

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        Section 7.21. Special Circumstances Leading to Resignation of Trustee.
Because the Trustee serves as trustee hereunder for Obligations of different
priorities, it is possible that circumstances may arise which will cause the
Trustee to resign from its position as trustee for one or more of the
Obligations. In the event that the Trustee makes a determination that it should
so resign, due to the occurrence of an Event of Default or potential default
hereunder, or otherwise, the Issuer may permit such resignation as to one or
more of the Obligations or request the Trustee's resignation as to all
Obligations, as the Issuer may elect. If the Issuer should determine that a
conflict of interest has arisen as to the trusteeship of any of the Obligations,
it may authorize and execute a Supplemental Indenture with one or more successor
Trustees, under which the administration of certain of the Obligations would be
separated from the administration of the other Obligations.

        Section 7.22. Survival of Trustee's Rights to Receive Compensation,
Reimbursement and Indemnification. The Trustee's rights to receive compensation,
reimbursement and indemnification of money due and owing hereunder at the time
of the Trustee's resignation or removal shall survive the Trustee's resignation
or removal.

        Section 7.23. Corporate Trustee Required; Eligibility; Conflicting
Interests. There shall at all times be a Trustee hereunder which shall be
eligible to act as Trustee under Section 310(a)(1) of the Trust Indenture Act
and shall have a combined capital and surplus of at least $50,000,000. If such
corporation publishes reports of condition at least annually, pursuant to law or
the requirements of federal, state, territorial or District of Columbia
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article. Neither
the Issuer nor any Person directly or indirectly controlling or controlled by,
or under common control with, the Issuer shall serve as Trustee.

        Section 7.24. Trustee May File Proofs of Claim. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
the Issuer or any other obligor upon the Notes or the property of the Issuer or
of such other obligor or their creditors, the Trustee (irrespective of whether
the principal of the Notes of any series shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand on the Issuer for the payment of overdue
principal, premium, if any, or interest) shall be entitled and empowered, by
intervention in such proceeding or otherwise:

                (a) to file and prove a claim for the whole amount, or such
        lesser amount as may be provided for in the Notes, of principal (and
        premium, if any) and interest, if any, owing and unpaid in respect of
        the Notes and to file such other papers or documents as may be necessary
        or advisable in order to have the claims of the Trustee (including any
        claim for the reasonable fees, compensation, expenses, disbursements and
        advances of the Trustee and its agents and counsel) and of the
        Registered Owners allowed in such judicial proceeding; and

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                (b) to collect and receive any money or other property payable
        or deliverable on any such claims and to distribute the same; and any
        custodian, receiver, assignee, trustee, liquidator, sequestrator (or
        other similar official) in any such judicial proceeding is hereby
        authorized by each Registered Owner of Notes to make such payments to
        the Trustee, and if the Trustee shall consent to the making of such
        payments directly to the Registered Owners, to pay to the Trustee any
        amount due to it for the reasonable fees, compensation, expenses,
        disbursements and advances of the Trustee and any predecessor Trustee,
        their agents and counsel, and any other amounts due the Trustee or any
        predecessor Trustee.

         Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Registered Owner of
a Note any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Registered Owner thereof, or to
authorize the Trustee to vote in respect of the claim of any Registered Owner of
a Note in any such proceeding.

         In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party), the Trustee shall be held to represent all the
Registered Owners of the Notes, and it shall not be necessary to make any
Registered Owners of the Notes parties to any such proceedings.

        Section 7.25. No Petition. The Trustee will not at any time institute
against the Issuer any bankruptcy proceeding under any United States federal or
State bankruptcy or similar law in connection with any obligations of the Issuer
under this Indenture.

                                  ARTICLE VIII

                             SUPPLEMENTAL INDENTURES

        Section 8.01. Supplemental Indentures Not Requiring Consent of
Registered Owners. The Issuer and the Trustee may, without the consent of or
notice to any of the Registered Owners of any Obligations enter into any
indenture or indentures supplemental to this Indenture for any one or more of
the following purposes:

                (a) to cure any ambiguity or formal defect or omission in this
        Indenture;

                (b) to grant to or confer upon the Trustee for the benefit of
        the Registered Owners any additional benefits, rights, remedies, powers
        or authorities that may lawfully be granted to or conferred upon the
        Registered Owners or the Trustee;

                (c) to subject to this Indenture additional revenues, properties
        or collateral;

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<PAGE>

                (d) to modify, amend or supplement this Indenture or any
        indenture supplemental hereto in such manner as to permit the
        qualification hereof and thereof under the Trust Indenture Act of 1939
        or any similar federal statute hereafter in effect or to permit the
        qualification of the Notes for sale under the securities laws of the
        United States of America or of any of the states of the United States of
        America, and, if they so determine, to add to this Indenture or any
        indenture supplemental hereto such other terms, conditions and
        provisions as may be permitted by said Trust Indenture Act of 1939 or
        similar federal statute;

                (e) to evidence the appointment of a separate or co-Trustee or a
        co-registrar or transfer agent or the succession of a new Trustee
        hereunder, or any additional or substitute Guaranty Agency, the Master
        Servicer or a Subservicer;

                (f) to add such provisions to or to amend such provisions of
        this Indenture as may be necessary or desirable to assure implementation
        of the Program in conformance with the Higher Education Act if along
        with such Supplemental Indenture there is filed an opinion of counsel to
        the effect that the addition or amendment of such provisions will in no
        way impair the existing security of the Registered Owners of any
        Outstanding Obligations;

                (g) to make any change as shall be necessary in order to obtain
        and maintain for any of the Notes an investment grade Rating from a
        nationally recognized rating service, which changes, in the opinion of
        the Trustee are not to the prejudice of the Registered Owner of any of
        the Obligations;

                (h) to make any changes necessary to comply with the Higher
        Education Act, the Regulations or the Code and the regulations
        promulgated thereunder;

                (i) to make the terms and provisions of this Indenture,
        including the lien and security interest granted herein, applicable to a
        Derivative Product, and to modify this Indenture with respect to any
        particular Derivative Product;

                (j) to create any additional Funds or Accounts or Subaccounts
        under this Indenture deemed by the Trustee to be necessary or desirable;

                (k) to make any other change with a Rating Confirmation; or

                (l) to make any other change which, in the judgment of the
        Trustee is not to the material prejudice of the Registered Owners of any
        Obligations;

provided, however, that nothing in this Section shall permit, or be construed as
permitting, any modification of the trusts, powers, rights, duties, remedies,
immunities and privileges of the Trustee without the prior written approval of
the Trustee, which approval shall be evidenced by execution of a Supplemental
Indenture.

        Section 8.02. Supplemental Indentures Requiring Consent of Registered
Owners. Exclusive of Supplemental Indentures covered by Section 8.01 hereof and
subject to the terms and provisions contained in this Section, and not
otherwise, the Registered Owners of not less than a majority of the collective
aggregate principal amount of the Obligations then Outstanding shall have the

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right, from time to time, to consent to and approve the execution by the Issuer
and the Trustee of such other indenture or indentures supplemental hereto as
shall be deemed necessary and desirable by the Trustee for the purpose of
modifying, altering, amending, adding to or rescinding, in any particular, any
of the terms or provisions contained in this Indenture or in any Supplemental
Indenture; provided, however, that nothing in this Section shall permit, or be
construed as permitting (a) without the consent of the Registered Owners of all
then Outstanding Obligations, (i) an extension of the maturity date of the
principal of or the interest on any Obligation, or (ii) a reduction in the
principal amount of any Obligation or the rate of interest thereon, or (iii) a
privilege or priority of any Obligation or Obligations over any other Obligation
or Obligations except as otherwise provided herein, or (iv) a reduction in the
aggregate principal amount of the Obligations required for consent to such
Supplemental Indenture, or (v) the creation of any lien other than a lien
ratably securing all of the Obligations at any time Outstanding hereunder except
as otherwise provided herein; or (b) any modification of the trusts, powers,
rights, obligations, duties, remedies, immunities and privileges of the Trustee
without the prior written approval of the Trustee.

         If at any time the Issuer shall request the Trustee to enter into any
such Supplemental Indenture for any of the purposes of this Section, the Trustee
shall, upon being satisfactorily indemnified with respect to expenses, cause
notice of the proposed execution of such Supplemental Indenture to be mailed by
registered or certified mail to each Registered Owner of an Obligation at the
address shown on the registration books or listed in any Derivative Product.
Such notice (which shall be prepared by the Issuer) shall briefly set forth the
nature of the proposed Supplemental Indenture and shall state that copies
thereof are on file at the principal corporate trust office of the Trustee for
inspection by all Registered Owners. If, within 60 days, or such longer period
as shall be prescribed by the Issuer, following the mailing of such notice, the
Registered Owners of not less than a majority of the collective aggregate
principal amount of the Obligations Outstanding at the time of the execution of
any such Supplemental Indenture shall have consented in writing to and approved
the execution thereof as herein provided, no Registered Owner of any Obligation
shall have any right to object to any of the terms and provisions contained
therein, or the operation thereof, or in any manner to question the propriety of
the execution thereof, or to enjoin or restrain the Trustee or the Issuer from
executing the same or from taking any action pursuant to the provisions thereof.
Upon the execution of any such Supplemental Indenture as in this Section
permitted and provided, this Indenture shall be and be deemed to be modified and
amended in accordance therewith.

        Section 8.03. Additional Limitation on Modification of Indenture. None
of the provisions of this Indenture (including Sections 8.01 and 8.02 hereof)
shall permit an amendment to the provisions of the Indenture which permits the
transfer of all or part of the Financed Eligible Loans originated under the
Higher Education Act or granting of a security interest therein to any Person
other than an Eligible Lender, the Master Servicer or a Subservicer, unless the
Higher Education Act or Regulations are hereafter modified so as to permit the
same. The Trustee may request an opinion of counsel to the effect that an
amendment or supplement to this Indenture was adopted in conformance with this
Indenture.

        Section 8.04. Notice of Defaults. Within 90 days after the occurrence of
any default hereunder with respect to the Notes, the Trustee shall transmit in
the manner and to the extent provided in Section 313(c) of the Trust Indenture
Act, notice of such default hereunder known to the Trustee, unless such default

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shall have been cured or waived; provided, however, that, except in the case of
a default in the payment of the principal of (or premium, if any) or interest
with respect to any Note, or in the payment of any sinking fund installment with
respect to the Notes, the Trustee shall be protected in withholding such notice
if and so long as an authorized officer of the Trustee in good faith determine
that the withholding of such notice is in the interest of the Registered Owners
of the Notes. For the purpose of this Section, the term "default" means any
event which is, or after notice or lapse of time or both would become, an Event
of Default with respect to the Notes.

        Section 8.05. Conformity with the Trust Indenture Act. Every
supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.

                                   ARTICLE IX

                               GENERAL PROVISIONS

        Section 9.01. Notices. Any notice, request or other instrument required
by this Indenture to be signed or executed by the Registered Owners of
Obligations may be executed by the execution of any number of concurrent
instruments of similar tenor, and may be signed or executed by such Registered
Owners of Obligations in person or by agent appointed in writing. As a condition
for acting thereunder the Trustee may demand proof of the execution of any such
instrument and of the fact that any person claiming to be the owner of any of
said Obligations is such owner and may further require the actual deposit of
such Obligation or Obligations with the Trustee. The fact and date of the
execution of such instrument may be proved by the certificate of any officer in
any jurisdiction who by the laws thereof is authorized to take acknowledgments
of deeds within such jurisdiction, that the person signing such instrument
acknowledged before him the execution thereof, or may be proved by any affidavit
of a witness to such execution sworn to before such officer.

         The amount of Notes held by any person executing such instrument as a
Registered Owner of Notes and the fact, amount and numbers of the Notes held by
such person and the date of his holding the same may be proved by a certificate
executed by any responsible trust company, bank, banker or other depository in a
form approved by the Trustee, showing that at the date therein mentioned such
person had on deposit with such depository the Notes described in such
certificate; provided, however, that at all times the Trustee may require the
actual deposit of such Note or Notes with the Trustee.

         All notices, requests and other communications to any party hereunder
shall be in writing (including bank wire, telex, telecopy, electronic
communication, facsimile or similar writing) at the following addresses, and
each address shall constitute each party's respective "Principal Office" for
purposes of this Indenture:

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         If intended for the Issuer:

                  Nelnet Student Loan Trust 2004-4
                  c/o Wilmington Trust Company, Delaware Trustee
                  Rodney Square North
                  1100 North Market Street
                  Wilmington, DE  19890
                  Attention: Corporate Trust Administration
                  Telephone:  (302) 651-1000
                  Facsimile:  (302) 636-4140

                  With a copy to the Administrator:

                  Nelnet, Inc.
                  121 South 13th Street, Suite 201
                  Lincoln, NE  68505
                  Attention:  Terry J. Heimes
                  Telephone:  (402) 458-2303
                  Facsimile:  (402) 458-2399

         If intended for the Trustee:

                  Zions First National Bank
                  717 Seventeenth Street, Suite 301
                  Denver, CO  80202
                  Attention: Corporate Trust Department
                  Telephone:  (720) 947-7475
                  Facsimile:  (720) 947-7480

         Any party may change the address to which subsequent notices to such
party are to be sent, or of its Principal Office, by notice to the others,
delivered by hand or received by telex or facsimile or registered first-class
mail, postage prepaid. Each such notice, request or other communication shall be
effective when delivered by hand or received by facsimile or registered
first-class mail, postage prepaid.

        Section 9.02. Covenants Bind Issuer. The covenants, agreements,
conditions, promises, and undertakings in this Indenture shall extend to and be
binding upon the successors and assigns of the Issuer, and all of the covenants
hereof shall bind such successors and assigns, and each of them, jointly and
severally. All the covenants, conditions and provisions hereof shall be held to
be for the sole and exclusive benefit of the parties hereto and their successors
and assigns and of the Registered Owners from time to time of the Obligations.

         No extension of time of payment of any of the Obligations shall operate
to release or discharge the Issuer, it being agreed that the liability of the
Issuer, to the extent permitted by law, shall continue until all of the
Obligations are paid in full, notwithstanding any transfer of Financed Eligible
Loans or extension of time for payment.

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        Section 9.03. Lien Created. This Indenture shall operate effectually as
(a) a grant of lien on and security interest in, and (b) an assignment of, the
Trust Estate.

        Section 9.04. Severability of Lien. If the lien of this Indenture shall
be or shall ever become ineffectual, invalid or unenforceable against any part
of the Trust Estate, which is not subject to the lien, because of want of power
or title in the Issuer, the inclusion of any such part shall not in any way
affect or invalidate the pledge and lien hereof against such part of the Trust
Estate as to which the Issuer in fact had the right to pledge.

        Section 9.05. Consent of Registered Owners Binds Successors. Any request
or consent of the Registered Owner of any Obligations given for any of the
purposes of this Indenture shall bind all future Registered Owners of the same
Obligation or any Obligations issued in exchange therefor or in substitution
thereof in respect of anything done or suffered by the Issuer or the Trustee in
pursuance of such request or consent.

        Section 9.06. Nonliability of Persons; No General Obligation. It is
hereby expressly made a condition of this Indenture that any agreements,
covenants or representations herein contained or contained in the Notes do not
and shall never constitute or give rise to a personal or pecuniary liability or
charge against the organizers, officers, employees, agents or trustees or the
Administrator of the Issuer, or against the general credit of the Issuer, and in
the event of a breach of any such agreement, covenant or representation, no
personal or pecuniary liability or charge payable directly or indirectly from
the general revenues of the Issuer shall arise therefrom. Nothing contained in
this Section, however, shall relieve the Issuer from the observance and
performance of the several covenants and agreements on its part herein
contained.

        Section 9.07. Nonpresentment of Notes or Interest Checks. Should any of
the Notes or interest checks not be presented for payment when due, the Trustee
shall retain from any money transferred to it for the purpose of paying the
Notes or interest checks so due, for the benefit of the Registered Owners
thereof, a sum of money sufficient to pay such Notes or interest checks when the
same are presented by the Registered Owners thereof for payment. Such money
shall not be required to be invested. All liability of the Issuer to the
Registered Owners of such Notes or interest checks and all rights of such
Registered Owners against the Issuer under the Notes or interest checks or under
this Indenture shall thereupon cease and determine, and the sole right of such
Registered Owners shall thereafter be against such deposit. If any Note or
interest check shall not be presented for payment within the period of two years
following its payment or prepayment date, the Trustee shall return to the Issuer
the money theretofore held by it for payment of such Note or interest check, and
such Note or interest check shall (subject to the defense of any applicable
statute of limitation) thereafter be an unsecured obligation of the Issuer. The
Trustee's responsibility for any such money shall cease upon remittance thereof
to the Issuer.

        Section 9.08. Security Agreement. This Indenture constitutes a Financing
Statement and a Security Agreement under the Delaware Uniform Commercial Code
and the Utah Uniform Commercial Code.

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        Section 9.09. Laws Governing. It is the intent of the parties hereto
that this Indenture shall in all respects be governed by the laws of the State
of New York. This Indenture is subject to the provisions of the Trust Indenture
Act that are required to be part of this Indenture and shall, to the extent
applicable, be governed by such provisions.

        Section 9.10. Severability. If any covenant, agreement, waiver, or part
thereof in this Indenture contained be forbidden by any pertinent law or under
any pertinent law be effective to render this 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 Indenture shall be construed as if the same were not included herein.

Section 9.11. Exhibits. The terms of the Schedules and Exhibits, if any,
attached to this Indenture are incorporated herein in all particulars.

        Section 9.12. Non-Business Days. Except as may otherwise be provided
herein, if the date for making payment of any amount hereunder or on any Note,
or if the date for taking any action hereunder, is not a Business Day, then such
payment can be made without accruing further interest or action can be taken on
the next succeeding Business Day, with the same force and effect as if such
payment were made when due or action taken on such required date.

        Section 9.13. Parties Interested Herein. Nothing in this Indenture
expressed or implied is intended or shall be construed to confer upon, or to
give to, any person or entity, other than the Trustee, the Delaware Trustee, the
paying agent, if any, and the Registered Owners of the Obligations, any right,
remedy or claim under or by reason of this Indenture or any covenant, condition
or stipulation hereof, and all covenants, stipulations, promises and agreements
in this Indenture contained by and on behalf of the Issuer shall be for the sole
and exclusive benefit of the Trustee, the paying agent, if any, and the
Registered Owners of the Obligations.

        Section 9.14. Obligations Are Limited Obligations. The Notes and the
obligations of the Issuer contained in this Indenture are special, limited
obligations of the Issuer, secured by and payable solely from the Trust Estate
herein provided. The Issuer shall not be obligated to pay the Notes, the
interest thereon, or any other obligation created by or arising from this
Indenture from any other source.

        Section 9.15. Limitations on Counterparty Rights. No Counterparty which
shall be in default under any Derivative Product with the Issuer shall have any
of the rights granted to a Counterparty or as the Registered Owner of an
Obligation hereunder. A Counterparty which is in default under any Derivative
Product shall however, continue to maintain all obligations undertaken by it
under the terms of its Derivative Product. No Counterparty shall have any
consent or voting rights under this Indenture, or any rights to instruct the
Trustee to take, or refrain from taking, any action hereunder except upon
satisfaction of the Rating Confirmation.

        Section 9.16. Disclosure of Names and Addresses of Registered Owners.

                (a) Registered Owners may communicate pursuant to Section 312(b)
        of the Trust Indenture Act with other Registered Owners with respect to
        their rights under this Indenture or under the Notes. Upon receipt by
        the Trustee of any request by three or more Registered Owners or by one
        or more holders of Notes evidencing not less than 25% of the Outstanding
        principal amount of the Notes to receive a copy of the current list of
        Registered Owners (whether or not made pursuant to Section 312(b) of the
        Trust Indenture Act), the Trustee shall promptly notify the Issuer
        thereof by providing to the Issuer a copy of such request and a copy of
        the list of Registered Owners produced in response thereto.

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<PAGE>

                (b) Registered Owners of Notes, by receiving and holding the
        same, agree with the Issuer and the Trustee that neither the Issuer nor
        the Trustee nor any Securities Depository shall be held accountable by
        reason of the disclosure of any information as to the names and
        addresses of the Registered Owners of Notes in accordance with Section
        312 of the Trust Indenture Act, regardless of the source from which such
        information was derived, and that the Trustee shall not be held
        accountable by reason of mailing any material pursuant to a request made
        under Section 312(b) of the Trust Indenture Act.

        Section 9.17. Aggregate Principal Amount of Obligations. Whenever in
this Indenture reference is made to the aggregate principal amount of any
Obligations, such phrase shall mean, at any time, the principal amount of any
Notes and the Derivative Value of any Derivative Product.

        Section 9.18. Financed Eligible Loans. The Issuer expects to acquire
Eligible Loans and to transfer Eligible Loans to the Trustee, in accordance with
this Indenture, which Eligible Loans, upon becoming subject to the lien of this
Indenture, constitute Financed Eligible Loans, as defined herein. If for any
reason a Financed Eligible Loan does not constitute an Eligible Loan, or ceases
to constitute an Eligible Loan, such loan shall continue to be subject to the
lien of this Indenture as a Financed Eligible Loan.

        Section 9.19. Concerning the Delaware Trustee. It is expressly
understood and agreed by the parties to this Indenture and the Registered Owners
that (a) this Indenture is executed and delivered by the Delaware Trustee not in
its individual or personal capacity but solely in its capacity as Delaware
Trustee under the Trust Agreement on behalf of the Issuer, in the exercise of
the powers and authority conferred and vested in it as Delaware Trustee under
the Trust Agreement, subject to the protections, indemnities and limitations
from liability afforded to the Delaware Trustee thereunder; (b) the
representations, warranties, covenants, undertakings, agreements and obligations
by the Delaware Trustee are made and intended not as personal representations,
warranties, covenants, undertakings, agreements and obligations by Wilmington
Trust Company, but are made and intended for the purpose of only binding the
Trust Estate, as defined in the Trust Agreement, and the Issuer; (c) nothing
contained herein shall be construed as creating any liability on Wilmington
Trust Company, individually or personally, to perform any expressed or implied
covenant, duty or obligation of any kind whatsoever contained herein; and (d)
under no circumstances shall Wilmington Trust Company, be personally liable for
the payment of any fees, costs, indebtedness or expenses of any kind whatsoever
or be personally liable for the breach or failure of any obligation,
representation, agreement, warranty or covenant whatsoever made or undertaken by
the Delaware Trustee or Issuer hereunder.

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                                   ARTICLE X

                        PAYMENT AND CANCELLATION OF NOTES
                          AND SATISFACTION OF INDENTURE

        Section 10.01. Trust Irrevocable. The trust created by the terms and
provisions of this Indenture is irrevocable until the indebtedness secured
hereby (the Notes and interest thereon) and all Issuer Derivative Payments are
fully paid or provision made for its payment as provided in this Article.

        Section 10.02. Satisfaction of Indenture.

                (a) If the Issuer shall pay, or cause to be paid, or there shall
        otherwise be paid (i) to the Registered Owners of the Notes, the
        principal of and interest on the Notes, at the times and in the manner
        stipulated in this Indenture; and (ii) to each Counterparty, all Issuer
        Derivative Payments then due, then the pledge of the Trust Estate, and
        all covenants, agreements and other obligations of the Issuer to the
        Registered Owners of Notes shall thereupon cease, terminate and become
        void and be discharged and satisfied. In such event, the Trustee shall
        execute and deliver to the Issuer all such instruments as may be
        desirable to evidence such discharge and satisfaction, and the Trustee
        shall pay over or deliver all money held by it under this Indenture to
        the party entitled to receive the same under this Indenture. If the
        Issuer shall pay or cause to be paid, or there shall otherwise be paid,
        to the Registered Owners of any Outstanding Notes the principal of and
        interest on such Notes and to each Counterparty all Counterparty
        Payments then due, at the times and in the manner stipulated in this
        Indenture and in the Derivative Product, such Notes and each
        Counterparty shall cease to be entitled to any lien, benefit or security
        under this Indenture, and all covenants, agreements and obligations of
        the Issuer to the Registered Owners thereof and each Counterparty shall
        thereupon cease, terminate and become void and be discharged and
        satisfied.

                (b) Notes or interest installments shall be deemed to have been
        paid within the meaning of Section 10.02(a) hereof if money for the
        payment thereof has been set aside and is being held in trust by the
        Trustee at the Note Final Maturity Date or earlier prepayment date
        thereof. Any Outstanding Note shall, prior to the Note Final Maturity
        Date or earlier prepayment thereof, be deemed to have been paid within
        the meaning and with the effect expressed in Section 10.02(a) hereof if
        (i) such Note is to be prepaid on any date prior to its Note Final
        Maturity Date and (ii) the Issuer shall have given notice of prepayment
        as provided herein on said date, there shall have been deposited with
        the Trustee either money (fully insured by the Federal Deposit Insurance
        Issuer or fully collateralized by Governmental Obligations) in an amount
        which shall be sufficient, or Governmental Obligations (including any
        Governmental Obligations issued or held in book-entry form on the books
        of the Department of Treasury of the United States of America) the
        principal of and the interest on which when due will provide money
        which, together with the money, if any, deposited with the Trustee at
        the same time, shall be sufficient, to pay when due the principal of and
        interest to become due on such Note on and prior to the prepayment date
        or Note Final Maturity Date thereof, as the case may be. Notwithstanding
        anything herein to the contrary, however, no such deposit shall have the
        effect specified in this subsection (b) if made during the existence of
        an Event of Default, unless made with respect to all of the Notes then
        Outstanding. Neither Governmental Obligations nor money deposited with
        the Trustee pursuant to this subsection (b) nor principal or interest
        payments on any such Governmental Obligations shall be withdrawn or used
        for any purpose other than, and shall be held irrevocably in trust in an
        escrow account for, the payment of the principal of and interest on such
        Notes. Any cash received from such principal of and interest on such
        Governmental Obligations deposited with the Trustee, if not needed for
        such purpose, shall, to the extent practicable, be reinvested in
        Governmental Obligations maturing at times and in amounts sufficient to

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        pay when due the principal of and interest on such Notes on and prior to
        such prepayment date or Note Final Maturity Date thereof, as the case
        may be, and interest earned from such reinvestments shall be paid over
        to the Issuer, as received by the Trustee, free and clear of any trust,
        lien or pledge. Any payment for Governmental Obligations purchased for
        the purpose of reinvesting cash as aforesaid shall be made only against
        delivery of such Governmental Obligations. For the purposes of this
        Section, "Governmental Obligations" shall mean and include only
        non-callable direct obligations of the Department of the Treasury of the
        United States of America or portions thereof (including interest or
        principal portions thereof), and such Governmental Obligations shall be
        of such amounts, maturities and interest payment dates and bear such
        interest as will, without further investment or reinvestment of either
        the principal amount thereof or the interest earnings therefrom, be
        sufficient to make the payments required herein, and which obligations
        have been deposited in an escrow account which is irrevocably pledged as
        security for the Notes. Such term shall not include mutual funds and
        unit investment trusts.

                (c) Any Issuer Derivative Payments are deemed to have been paid
        and the applicable Derivative Product terminated when payment of all
        Issuer Derivative Payments due and payable to each Counterparty under
        its respective Derivative Product have been made or duly provided for to
        the satisfaction of each Counterparty and the respective Derivative
        Product has been terminated.

                (d) In no event shall the Trustee deliver over to the Issuer any
        Financed Eligible Loans originated under the Higher Education Act unless
        the Issuer is an Eligible Lender, if the Higher Education Act or
        Regulations then in effect require the owner or holder of such Financed
        Eligible Loans to be an Eligible Lender.

                (e) The provisions of this Section are applicable to the Notes
        and the Issuer Derivative Payments.

        Section 10.03. Optional Purchase of All Financed Eligible Loans. The
Administrator shall certify to and notify the Sponsor and the Trustee in
writing, within 15 days after the last Business Day of each Collection Period in
which the then outstanding Pool Balance is 12% or less of the Initial Pool
Balance, of the percentage that the then outstanding Pool Balance bears to the
Initial Pool Balance. The Sponsor shall have the option to purchase all of the
Financed Eligible Loans on the date (the "Optional Purchase Date") that is the
tenth (10th) Business Day preceding the Quarterly Distribution Date next
succeeding the date on which the then outstanding Pool Balance is 10% or less of
the Initial Pool Balance. To exercise the option described in this Section, the
Sponsor shall deposit in the Collection Fund on the Optional Purchase Date, an
amount equal to the aggregate Purchase Amount for the Financed Eligible Loans
and the related rights with respect thereto, plus the appraised value of any
such other property held in the Trust Estate other than the Funds and Accounts,
such value to be determined by an appraiser mutually agreed upon by the Sponsor
and the Trustee; provided, however, that the Sponsor may not effect such
purchase if such aggregate Purchase Amounts do not equal or exceed the Minimum
Purchase Amount.

        Section 10.04. Auction of Financed Eligible Loans. If the Sponsor does
not exercise its option to purchase Financed Eligible Loans pursuant to Section
10.03 hereof, the Trustee (or its designated agent) shall, promptly after the
Business Day next succeeding the Optional Purchase Date, offer for sale Financed
Eligible Loans in an amount sufficient to redeem all Notes Outstanding on such
Quarterly Distribution Date, and any such sale shall be consummated on or before
such Quarterly Distribution Date (the "Trust Auction Date"). The Trustee shall
provide written notice to the Sponsor of any such offer for sale at least three
Business Days in advance of the Trust Auction Date. If at least two independent
bids are received, the Trustee (or its designated agent) shall solicit and

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resolicit new bids from all participating bidders until only one bid remains or
the remaining bidders decline to resubmit bids. The Trustee shall accept the
highest of the remaining bids if it equals or exceeds the Minimum Purchase Price
described above. If Nelnet, Inc., or its Affiliates, bid to purchase the
Financed Eligible Loans and less than two independent bids are received, the
Trustee the shall accept the highest of such remaining bids if it is equal to or
in excess of both (i) the Minimum Purchase Amount and (ii) the fair market value
of such Financed Eligible Loans as of the end of the Collection Period
immediately preceding the Trust Auction Date. If at least two bids are not
received or the highest bid after the resolicitation process is completed is not
equal to or in excess of the higher of the amounts described in the preceding
sentences, the Trustee shall not consummate such sale. The Trustee may consult,
and, at the direction of the Sponsor, shall consult, with a financial advisor,
including an underwriter of the Notes or the Administrator, to determine if the
fair market value of the Financed Eligible Loans has been offered. The proceeds
of any such sale will be applied to the redemption of all Notes Outstanding in
accordance with Section 5.04(e) hereof. Unless requested by the Administrator,
if the sale is not completed, the Trustee may, but will not be obligated to,
solicit bids for sale of the Financed Eligible Loans with respect to future
Quarterly Distribution Dates upon terms similar to those described above. The
Trustee shall be obligated to make such solicitations, however, if requested to
do so by the Administrator. Notice of the prepayment of any Obligations
resulting from a purchase of the Financed Eligible Loans on the Optional
Purchase Date or the auction of the Financed Eligible Loans on the Trust Auction
Date, shall be given by the Trustee to the Registered Owners by first-class mail
within five Business Days of such Optional Purchase Date or Trust Auction Date.

        Section 10.05. Cancellation of Paid Notes. Any Notes which have been
paid or purchased by the Issuer, mutilated Notes replaced by new Notes, and any
temporary Note for which definitive Notes have been delivered shall (unless
otherwise directed by the Issuer by Issuer Order) forthwith be cancelled by the
Trustee and, except for temporary Notes, returned to the Issuer.

                [Remainder of This Page Intentionally Left Blank]

                                       78
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this Indenture to be executed
in its organizational name and behalf by its Delaware Trustee, and the Trustee,
to evidence its acceptance of the trusts hereby created, has caused this
Indenture to be executed in its organizational name and behalf, all in multiple
counterparts, each of which shall be deemed an original, and the Issuer and the
Trustee have caused this Indenture to be dated as of the date herein above first
shown.

                           NELNET STUDENT LOAN
                           TRUST 2004-4, a  Delaware statutory trust

                           By: WILMINGTON TRUST COMPANY, not in its individual
                               capacity or personal capacity but solely in its
                               capacity as Delaware Trustee

                           By   /s/ JoAnn A. Rozell
                              --------------------------------------------------
                           Name     JoAnn A. Rozell
                                ------------------------------------------------
                           Title    Financial Services Officer
                                 -----------------------------------------------

                           ZIONS FIRST NATIONAL BANK, as Trustee

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

                           Acknowledged and accepted as to clause "C" of the
                           Granting Clauses as of the day and year first written
                           above:

                           ZIONS FIRST NATIONAL BANK, as Eligible Lender Trustee

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

                                       79
<PAGE>

                                    EXHIBIT A

                      ELIGIBLE LOAN ACQUISITION CERTIFICATE

         This Eligible Loan Acquisition Certificate is submitted pursuant to the
provisions of Section 5.02 of the Indenture of Trust, dated as of September 1,
2004, as amended (the "Indenture"), between Nelnet Student Loan Trust 2004-4
(the "Issuer") and Zions First National Bank, as Trustee. All capitalized terms
used in this Certificate and not otherwise defined herein shall have the same
meanings given to such terms in the Indenture. In your capacity as Trustee, you
are hereby authorized and requested to disburse to _________________ (the
"Seller") the sum of $__________ (or, in the case of an exchange, the Eligible
Loans listed in Exhibit A hereto) for the acquisition of Eligible Loans. With
respect to the Eligible Loans so to be acquired, the Issuer hereby certifies as
follows:

         1. The Eligible Loans to be acquired are those specified in Schedule A
attached hereto (the "Acquired Eligible Loans"). The remaining unpaid principal
amount of each Acquired Eligible Loan is as shown on such Schedule A.

         2. The amount to be disbursed pursuant to this Certificate does not
exceed the amount permitted by Section 5.02 of the Indenture, plus accrued
interest.

         3. Each Acquired Eligible Loan is an Eligible Loan authorized so to be
acquired by the Indenture.

         4. The following items have been received and are being retained, on
your behalf, by the Issuer, the Master Servicer or a Subservicer):

                  (a) a copy of the Student Loan Purchase Agreement(s) between
         the Issuer and the Eligible Lender with respect to the Acquired
         Eligible Loans (original copy maintained on file with the Issuer on
         behalf of the Trustee);

                  (b) with respect to each Insured Loan included among the
         Acquired Eligible Loans, the Certificate of Insurance relating thereto;

                  (c) with respect to each Guaranteed Loan included among the
         Acquired Eligible Loans, a certified copy of the Guarantee Agreement
         relating thereto;

                  (d) an opinion of counsel to the Issuer specifying each action
         necessary to perfect a security interest in all Eligible Loans to be
         acquired by the Issuer pursuant to the Student Loan Purchase Agreements
         in favor of the Trustee in the manner provided for by the provisions of
         20 U.S.C. ss. 1087-2(d)(3) or 20 U.S.C. ss. 1082(m)(1)(D)(iv), as
         applicable, (you are authorized to rely on the advice of a single
         blanket opinion of counsel to the Issuer until such time as the Issuer
         shall provide any amended opinion to you); and

                  (e) instruments duly assigning the Acquired Eligible Loans to
         the Trustee.

<PAGE>

         5. The Issuer is not, on the date hereof, in default under the
Indenture or in the performance of any of its covenants and agreements made in
the Student Loan Purchase Agreement(s) relating to the Acquired Eligible Loans,
and, to the best knowledge of the Issuer, the Eligible Lender is not in default
under the Student Loan Purchase Agreement applicable to the Acquired Eligible
Loans. The Issuer is not aware of any default existing on the date hereof under
any of the other documents referred to in paragraph 4 hereof, nor of any
circumstances which would reasonably prevent reliance upon the opinion of
counsel referred to in paragraph 4(d) hereof.

         6. All of the conditions specified in the Student Loan Purchase
Agreement(s) applicable to the Acquired Eligible Loans and the Indenture for the
acquisition of the Acquired Eligible Loans and the disbursement hereby
authorized and requested have been satisfied; provided that the Issuer may waive
the requirement of receiving an opinion of counsel from the counsel to the
Lender.

         7. If a Financed Eligible Loan is being sold in exchange for an
Acquired Eligible Loan, the final expected maturity date of such Acquired
Eligible Loan shall be substantially similar to that of the Financed Eligible
Loan being sold and such sale and exchange shall not adversely affect the
ability of the Trust Estate to make timely principal and interest payments on
its Obligations.

         8. With respect to all Acquired Eligible Loans which are Insured,
Insurance is in effect with respect thereto, and with respect to all Acquired
Eligible Loans which are Guaranteed, the Guarantee Agreement is in effect with
respect thereto.

         9. The Issuer is not in default in the performance of any of its
covenants and agreements made in any Contract of Insurance or the Guarantee
Agreement applicable to the Acquired Eligible Loans.

         10. The proposed use of moneys in the Acquisition Fund is in compliance
with the provisions of the Indenture.

         11. The undersigned is authorized to sign and submit this Certificate
on behalf of the Issuer.

         12. Eligible Loans are being acquired at a price which permits the
results of the cash flow analyses provided to the Rating Agencies on the Date of
Issuance and as revised/amended to be sustained.

         WITNESS my hand this _____ day of ___________.

                                        NELNET STUDENT LOAN TRUST 2004-4

                                        By
                                           -------------------------------------
                                        Name
                                             -----------------------------------
                                        Title
                                              ----------------------------------

                                      A-2
<PAGE>

                                   EXHIBIT B-1

                             FORM OF CLASS A-1 NOTE

         Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2004-4
                         STUDENT LOAN ASSET-BACKED NOTES
                            senior CLASS A-1 (LIBOR)

REGISTERED NO. R-__                                      REGISTERED $__________

      Date of Issuance          Maturity Date       CUSIP No.       ISIN No.
     September 29, 2004         April 25, 2011      64031Q BF 7     US64031QBF72

PRINCIPAL SUM:             **DOLLARS**
REGISTERED OWNER: **CEDE & CO.**

         Nelnet Student Loan Trust 2004-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Quarterly Distribution Date the principal sum equal
to the applicable Class A-1 Noteholder's Principal Distribution Amount for such
Quarterly Distribution Date, as described in the Indenture of Trust, dated as of
September 1, 2004, between the Issuer (by Wilmington Trust Company, in its
capacity as Delaware Trustee) and Zions First National Bank, a national banking
association, as eligible lender trustee and indenture trustee (the "Trustee")
(capitalized terms used but not defined herein being defined in Article I of the
Indenture, which also contains rules as to usage that shall be applicable
herein); provided, however, that the entire unpaid principal amount of this Note
shall be due and payable on the Maturity Date specified above (the "Class A-1
Maturity Date").

         The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-1 Rate (as defined herein), on each Quarterly Distribution Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Quarterly
Distribution Date or the Date of Issuance in the case of the first Quarterly
Distribution Date (after giving effect to all payments of principal made on the
preceding Quarterly Distribution Date), subject to certain limitations contained

<PAGE>

in the Indenture. Interest on this Note shall accrue from and including the
preceding Quarterly Distribution Date (or, in the case of the first Interest
Accrual Period, the Date of Issuance) to but excluding the following Quarterly
Distribution Date (each an "Interest Accrual Period"). Interest shall be
calculated on the basis of the actual number of days elapsed in each Interest
Accrual Period divided by 360 and rounding the resultant figure to the fifth
decimal point. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-1-2
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                      NELNET STUDENT LOAN TRUST 2004-4

                                      By WILMINGTON TRUST COMPANY, not in its
                                      individual capacity but solely as Delaware
                                      Trustee under the Trust Agreement,

                                      By
                                         -----------------------------------
                                          Authorized Signatory

Date: __________ __, ____

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                           ZIONS FIRST NATIONAL BANK, not in its
                                           individual capacity but solely as
                                           Trustee,

                                           By
                                              ----------------------------------
                                               Authorized Signatory

Date: __________ __, ____

                                     B-1-3
<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Senior Class A-1 (the "Class
A-1 Notes"), which, together with the Issuer's Student Loan Asset-Backed Notes,
Senior Class A-2, A-3, A-4 and A-5 (together with the Class A-1 Notes, the
"Class A Notes") and the Issuer's Student Loan Asset-Backed Notes, Subordinate
Class B (the "Class B Notes" and, together with the Class A Notes, the "Notes"),
are issued under and secured by the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Trustee and the
Registered Owners. The Notes are subject to all terms of the Indenture.

         The Class A-1 Notes are and will be secured by the Trust Estate pledged
as security therefor as provided in the Indenture. The Class A Notes are senior
to the Class B Notes as and to the extent provided in the Indenture. The Class A
Notes are, except for certain Termination Payments that are not Priority
Termination Payments, issued on a parity with any Derivative Products entered
into by the Issuer with a Counterparty, pursuant to which the Issuer will, from
time to time, owe Issuer Derivative Payments, and will, from time to time, be
owed Counterparty Payments.

         Principal of the Class A-1 Notes shall be payable on each Quarterly
Distribution Date in an amount equal to the Class A-1 Noteholder's Principal
Distribution Amount for such Quarterly Distribution Date. "Quarterly
Distribution Date" means the twenty-fifth (25th) day of each January, April,
July and October or, if any such date is not a Business Day, the immediately
succeeding Business Day, commencing January 25, 2005.

         As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-1 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (a) an Event of Default shall have
occurred and be continuing and (b) either the Trustee or the Registered Owners
of Obligations representing not less than a majority of the Outstanding Amount
of the Highest Priority Obligations shall have declared the Notes to be
immediately due and payable in the manner provided in the Indenture.

         Interest on the Class A-1 Notes shall be payable on each Quarterly
Distribution Date on the principal amount outstanding of the Class A-1 Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Class A-1 Rate. The "Class A-1 Rate" for each Interest Accrual Period, other
than the first Interest Accrual Period, shall be equal to the applicable
Three-Month LIBOR, minus 0.01%. The "Class A-1 Rate" for the first Interest
Accrual Period shall be determined by reference to the following formula: x +
[27/33 * (y-x)] (where: x = Three-Month LIBOR, and y = Four-Month LIBOR), minus
0.01%, as determined by the Administrator.

                                     B-1-4
<PAGE>

         Payments of interest on this Note on each Quarterly Distribution Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be paid to the Person in whose name such Note is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the
account designated by such nominee. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Quarterly Distribution Date, then the Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Quarterly Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Quarterly Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

         As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

         Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

         The Trustee shall require the payment by any Registered Owner
requesting exchange or transfer of any tax or other governmental charge required
to be paid with respect to such exchange or transfer. The applicant for any such
transfer or exchange may be required to pay all taxes and governmental charges
in connection with such transfer or exchange, other than exchanges pursuant to
the Indenture.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

                                     B-1-5
<PAGE>

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note shall be construed in accordance with the laws of the State
of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-1-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

--------------------------------------------------------------------------------
        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

--------------------------------------------------------------------------------
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:
       -------------------------------------

                                By                                             *
                                   ---------------------------------------------
                                Name
                                     -------------------------------------------
                                Title
                                      ------------------------------------------

                                Signature Guaranteed:

                                By * *NOTICE: Signature(s) should be guaranteed
                                by a guarantor institution participating in the
                                Securities Transfer Agents Medallion Program or
                                in such other guarantee program acceptable to
                                the Trustee. The Assignor's signature to this
                                assignment must correspond with the name as it
                                appears upon the face of the within note in
                                every particular without alteration or any
                                change whatever.

                                     B-1-7

<PAGE>

                                   EXHIBIT B-2

                             FORM OF CLASS A-2 NOTE

         Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2004-4
                         STUDENT LOAN ASSET-BACKED NOTES
                            senior CLASS A-2 (LIBOR)

REGISTERED NO. R-__                                       REGISTERED $__________

     Date of Issuance        Maturity Date         CUSIP No.      ISIN No.
     September 29, 2004      April 26, 2016        64031Q BG 5    US64031QBG55

PRINCIPAL SUM:             **DOLLARS**
REGISTERED OWNER: **CEDE & CO.**

         Nelnet Student Loan Trust 2004-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Quarterly Distribution Date the principal sum equal
to the Class A-2 Noteholder's Principal Distribution Amount for such Quarterly
Distribution Date, as described in the Indenture of Trust, dated as of September
1, 2004, between the Issuer (by Wilmington Trust Company, in its capacity as
Delaware Trustee) and Zions First National Bank, a national banking association,
as eligible lender trustee and indenture trustee (the "Trustee") (capitalized
terms used but not defined herein being defined in Article I of the Indenture,
which also contains rules as to usage that shall be applicable herein);
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the Maturity Date specified above (the "Class A-2 Maturity
Date").

         The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-2 Rate (as defined herein), on each Quarterly Distribution Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Quarterly
Distribution Date or the Date of Issuance in the case of the first Quarterly
Distribution Date (after giving effect to all payments of principal made on the

<PAGE>

preceding Quarterly Distribution Date), subject to certain limitations contained
in the Indenture. Interest on this Note shall accrue from and including the
preceding Quarterly Distribution Date (or, in the case of the first Interest
Accrual Period, the Date of Issuance) to but excluding the following Quarterly
Distribution Date (each an "Interest Accrual Period"). Interest shall be
calculated on the basis of the actual number of days elapsed in each Interest
Accrual Period divided by 360 and rounding the resultant figure to the fifth
decimal point. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-2-2

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                          NELNET STUDENT LOAN TRUST 2004-4

                                          By  WILMINGTON TRUST
                                              COMPANY, not in
                                              its individual
                                              capacity but
                                              solely as Delaware
                                              Trustee under the
                                              Trust Agreement,

                                          By
                                             -----------------------------------
                                              Authorized Signatory

Date: __________ __, ____

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                         ZIONS FIRST NATIONAL
                                         BANK, not in its
                                         individual capacity
                                         but solely as Trustee,

                                         By
                                            ------------------------------------
                                             Authorized Signatory

Date: __________ __, ____

                                     B-2-3

<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Senior Class A-2 (the "Class
A-2 Notes"), which, together with the Issuer's Student Loan Asset-Backed Notes,
Senior Class A-1, Class A-3, Class A-4 and Class A-5 (together with the Class
A-2 Notes, the "Class A Notes") and the Issuer's Student Loan Asset-Backed
Notes, Subordinate Class B (the "Class B Notes" and, together with the Class A
Notes, the "Notes"), are issued under and secured by the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Trustee and the Registered Owners. The Notes are subject to all terms of the
Indenture.

         The Class A-2 Notes are and will be secured by the Trust Estate pledged
as security therefor as provided in the Indenture. The Class A Notes are senior
to the Class B Notes as and to the extent provided in the Indenture. The Class A
Notes are, except for certain Termination Payments that are not Priority
Termination Payments, issued on a parity with any Derivative Products entered
into by the Issuer with a Counterparty, pursuant to which the Issuer will, from
time to time, owe Issuer Derivative Payments, and will, from time to time, be
owed Counterparty Payments.

         Principal of the Class A-2 Notes shall be payable on each Quarterly
Distribution Date in an amount equal to the Class A-2 Noteholder's Principal
Distribution Amount for such Quarterly Distribution Date. "Quarterly
Distribution Date" means the twenty-fifth (25th) day of each January, April,
July and October or, if any such date is not a Business Day, the immediately
succeeding Business Day, commencing January 25, 2005.

         As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-2 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (a) an Event of Default shall have
occurred and be continuing and (b) either the Trustee or the Registered Owners
of Obligations representing not less than a majority of the Outstanding Amount
of the Highest Priority Obligations shall have declared the Notes to be
immediately due and payable in the manner provided in the Indenture.

         Interest on the Class A-2 Notes shall be payable on each Quarterly
Distribution Date on the principal amount outstanding of the Class A-2 Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Class A-2 Rate. The "Class A-2 Rate" for each Interest Accrual Period, other
than the first Interest Accrual Period, shall be equal to the applicable
Three-Month LIBOR, plus 0.02%. The "Class A-2 Rate" for the first Interest
Accrual Period shall be determined by reference to the following formula: x +
[27/33 * (y-x)] (where: x = Three-Month LIBOR, and y = Four-Month LIBOR), plus
0.02%, as determined by the Administrator.

         Payments of interest on this Note on each Quarterly Distribution Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be paid to the Person in whose name such Note is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the

                                     B-2-4

<PAGE>

account designated by such nominee. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Quarterly Distribution Date, then the Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Quarterly Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Quarterly Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

         As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

         Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

         The Trustee shall require the payment by any Registered Owner
requesting exchange or transfer of any tax or other governmental charge required
to be paid with respect to such exchange or transfer. The applicant for any such
transfer or exchange may be required to pay all taxes and governmental charges
in connection with such transfer or exchange, other than exchanges pursuant to
the Indenture.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

                                     B-2-5

<PAGE>

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note shall be construed in accordance with the laws of the State
of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-2-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

--------------------------------------------------------------------------------

        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
--------------------------------------------------------------------------------
                         (name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

--------------------------------------------------------------------------------
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:

                         By                                                    *
                            ----------------------------------------------------
                         Name
                              --------------------------------------------------
                         Title
                               -------------------------------------------------

                         Signature Guaranteed:

                        By * *NOTICE: Signature(s) should be guaranteed by a
                        guarantor institution participating in the Securities
                        Transfer Agents Medallion Program or in such other
                        guarantee program acceptable to the Trustee. The
                        Assignor's signature to this assignment must correspond
                        with the name as it appears upon the face of the within
                        note in every particular without alteration or any
                        change whatever.

                                     B-2-7

<PAGE>

                                   EXHIBIT B-3

                             FORM OF CLASS A-3 NOTE

         Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2004-4
                         STUDENT LOAN ASSET-BACKED NOTES
                            senior CLASS A-3 (LIBOR)

REGISTERED NO. R-__                                       REGISTERED $__________

      Date of Issuance       Maturity Date          CUSIP No.         ISIN No.
     September 29, 2004     October 25, 2016       64031Q BH 3      US64031QBH39

PRINCIPAL SUM:                      **DOLLARS**
REGISTERED OWNER: **CEDE & CO.**

         Nelnet Student Loan Trust 2004-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Quarterly Distribution Date the principal sum equal
to the Class A-3 Noteholder's Principal Distribution Amount for such Quarterly
Distribution Date, as described in the Indenture of Trust, dated as of September
1, 2004, between the Issuer (by Wilmington Trust Company, in its capacity as
Delaware Trustee) and Zions First National Bank, a national banking association,
as eligible lender trustee and indenture trustee (the "Trustee") (capitalized
terms used but not defined herein being defined in Article I of the Indenture,
which also contains rules as to usage that shall be applicable herein);
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the Maturity Date specified above (the "Class A-3 Maturity
Date").

         The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-3 Rate (as defined herein), on each Quarterly Distribution Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Quarterly

<PAGE>

Distribution Date or the Date of Issuance in the case of the first Quarterly
Distribution Date (after giving effect to all payments of principal made on the
preceding Quarterly Distribution Date), subject to certain limitations contained
in the Indenture. Interest on this Note shall accrue from and including the
preceding Quarterly Distribution Date (or, in the case of the first Interest
Accrual Period, the Date of Issuance) to but excluding the following Quarterly
Distribution Date (each an "Interest Accrual Period"). Interest shall be
calculated on the basis of the actual number of days elapsed in each Interest
Accrual Period divided by 360 and rounding the resultant figure to the fifth
decimal point. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-3-2
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                            NELNET STUDENT LOAN TRUST 2004-4

                                            By  WILMINGTON TRUST
                                                COMPANY, not in
                                                its individual
                                                capacity but
                                                solely as Delaware
                                                Trustee under the
                                                Trust Agreement,

                                            By
                                               ---------------------------------
                                                Authorized Signatory

Date: __________ __, ____

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                          ZIONS FIRST NATIONAL
                                          BANK, not in its
                                          individual capacity
                                          but solely as Trustee,

                                          By
                                             -----------------------------------
                                              Authorized Signatory

Date: __________ __, ____

                                     B-3-3

<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Senior Class A-3 (the "Class
A-3 Notes"), which, together with the Issuer's Student Loan Asset-Backed Notes,
Senior Class A-1, Class A-2, Class A-4 and Class A-5 (together with the Class
A-3 Notes, the "Class A Notes") and the Issuer's Student Loan Asset-Backed
Notes, Class B (the "Class B Notes" and, together with the Class A Notes, the
"Notes"), are issued under and secured by the Indenture, to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Trustee and
the Registered Owners. The Notes are subject to all terms of the Indenture.

         The Class A-3 Notes are and will be secured by the Trust Estate pledged
as security therefor as provided in the Indenture. The Class A Notes are senior
to the Class B Notes as and to the extent provided in the Indenture. The Class A
Notes are, except for certain Termination Payments that are not Priority
Termination Payments, issued on a parity with any Derivative Products entered
into by the Issuer with a Counterparty, pursuant to which the Issuer will, from
time to time, owe Issuer Derivative Payments, and will, from time to time, be
owed Counterparty Payments.

         Principal of the Class A-3 Notes shall be payable on each Quarterly
Distribution Date in an amount equal to the Class A-3 Noteholder's Principal
Distribution Amount for such Quarterly Distribution Date. "Quarterly
Distribution Date" means the twenty-fifth (25th) day of each January, April,
July and October or, if any such date is not a Business Day, the immediately
succeeding Business Day, commencing January 25, 2005.

         As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-3 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (a) an Event of Default shall have
occurred and be continuing and (b) either the Trustee or the Registered Owners
of Obligations representing not less than a majority of the Outstanding Amount
of the Highest Priority Obligations shall have declared the Notes to be
immediately due and payable in the manner provided in the Indenture.

         Interest on the Class A-3 Notes shall be payable on each Quarterly
Distribution Date on the principal amount outstanding of the Class A-3 Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Class A-3 Rate. The "Class A-3 Rate" for each Interest Accrual Period, other
than the first Interest Accrual Period, shall be equal to the applicable
Three-Month LIBOR, plus 0.09%. The "Class A-3 Rate" for the first Interest
Accrual Period shall be determined by reference to the following formula: x +
[27/33 * (y-x)] (where: x = Three-Month LIBOR, and y = Four-Month LIBOR), plus
0.09%, as determined by the Administrator.

         Payments of interest on this Note on each Quarterly Distribution Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be paid to the Person in whose name such Note is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the
account designated by such nominee. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Quarterly Distribution Date, then the Trustee

                                     B-3-4

<PAGE>

shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Quarterly Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Quarterly Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

         As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

         Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

         The Trustee shall require the payment by any Registered Owner
requesting exchange or transfer of any tax or other governmental charge required
to be paid with respect to such exchange or transfer. The applicant for any such
transfer or exchange may be required to pay all taxes and governmental charges
in connection with such transfer or exchange, other than exchanges pursuant to
the Indenture.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

                                     B-3-5
<PAGE>

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note shall be construed in accordance with the laws of the State
of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-3-6

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

--------------------------------------------------------------------------------
        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
--------------------------------------------------------------------------------
                         (name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

--------------------------------------------------------------------------------
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:
       ----------------

                        By                                                     *
                           -----------------------------------------------------
                        Name
                             ---------------------------------------------------
                        Title
                              --------------------------------------------------

                        Signature Guaranteed:

                        By * *NOTICE: Signature(s) should be guaranteed by a
                        guarantor institution participating in the Securities
                        Transfer Agents Medallion Program or in such other
                        guarantee program acceptable to the Trustee. The
                        Assignor's signature to this assignment must correspond
                        with the name as it appears upon the face of the within
                        note in every particular without alteration or any
                        change whatever.

                                     B-3-7
<PAGE>
                                  EXHIBIT B-4

                             FORM OF CLASS A-4 NOTE

         Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2004-4
                         STUDENT LOAN ASSET-BACKED NOTES
                            senior CLASS A-4 (LIBOR)

REGISTERED NO. R-__                                       REGISTERED $__________

      Date of Issuance      Maturity Date         CUSIP No.         ISIN No.
     September 29, 2004      April 26, 2021       64031Q BJ 9       US64031QBJ94

PRINCIPAL SUM:                      **DOLLARS**
REGISTERED OWNER: **CEDE & CO.**

         Nelnet Student Loan Trust 2004-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Quarterly Distribution Date the principal sum equal
to the Class A-4 Noteholder's Principal Distribution Amount for such Quarterly
Distribution Date, as described in the Indenture of Trust, dated as of September
1, 2004, between the Issuer (by Wilmington Trust Company, in its capacity as
Delaware Trustee) and Zions First National Bank, a national banking association,
as eligible lender trustee and indenture trustee (the "Trustee") (capitalized
terms used but not defined herein being defined in Article I of the Indenture,
which also contains rules as to usage that shall be applicable herein);
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the Maturity Date specified above (the "Class A-4 Maturity
Date").

         The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-4 Rate (as defined herein), on each Quarterly Distribution Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Quarterly
Distribution Date or the Date of Issuance in the case of the first Quarterly
Distribution Date (after giving effect to all payments of principal made on the

<PAGE>

preceding Quarterly Distribution Date), subject to certain limitations contained
in the Indenture. Interest on this Note shall accrue from and including the
preceding Quarterly Distribution Date (or, in the case of the first Interest
Accrual Period, the Date of Issuance) to but excluding the following Quarterly
Distribution Date (each an "Interest Accrual Period"). Interest shall be
calculated on the basis of the actual number of days elapsed in each Interest
Accrual Period divided by 360 and rounding the resultant figure to the fifth
decimal point. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-4-2

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                          NELNET STUDENT LOAN TRUST 2004-4

                                          By  WILMINGTON TRUST
                                              COMPANY, not in
                                              its individual
                                              capacity but
                                              solely as Delaware
                                              Trustee under the
                                              Trust Agreement,

                                          By
                                             -----------------------------------
                                              Authorized Signatory

Date: __________ __, ____

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                         ZIONS FIRST NATIONAL
                                         BANK, not in its
                                         individual capacity
                                         but solely as Trustee,

                                         By
                                            ------------------------------------
                                             Authorized Signatory

Date: __________ __, ____

                                     B-4-3

<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Senior Class A-4 (the "Class
A-4 Notes"), which, together with the Issuer's Student Loan Asset-Backed Notes,
Senior Class A-1, Class A-2, Class A-3 and Class A-5 (together with the Class
A-4 Notes, the "Class A Notes") and the Issuer's Student Loan Asset-Backed
Notes, Subordinate Class B (the "Class B Notes" and, together with the Class A
Notes, the "Notes"), are issued under and secured by the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Trustee and the Registered Owners. The Notes are subject to all terms of the
Indenture.

         The Class A-4 Notes are and will be secured by the Trust Estate pledged
as security therefor as provided in the Indenture. The Class A Notes (the "Class
A Notes") are senior to the Class B Notes as and to the extent provided in the
Indenture. The Class A Notes are, except for certain Termination Payments that
are not Priority Termination Payments, issued on a parity with any Derivative
Products entered into by the Issuer with a Counterparty, pursuant to which the
Issuer will, from time to time, owe Issuer Derivative Payments, and will, from
time to time, be owed Counterparty Payments.

         Principal of the Class A-4 Notes shall be payable on each Quarterly
Distribution Date in an amount equal to the Class A-4 Noteholder's Principal
Distribution Amount for such Quarterly Distribution Date. "Quarterly
Distribution Date" means the twenty-fifth (25th) day of each January, April,
July and October or, if any such date is not a Business Day, the immediately
succeeding Business Day, commencing January 25, 2005.

         As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-4 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (a) an Event of Default shall have
occurred and be continuing and (b) either the Trustee or the Registered Owners
of Obligations representing not less than a majority of the Outstanding Amount
of the Highest Priority Obligations shall have declared the Notes to be
immediately due and payable in the manner provided in the Indenture.

         Interest on the Class A-4 Notes shall be payable on each Quarterly
Distribution Date on the principal amount outstanding of the Class A-4 Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Class A-4 Rate. The "Class A-4 Rate" for each Interest Accrual Period, other
than the first Interest Accrual Period, shall be equal to the applicable
Three-Month LIBOR, plus 0.13%. The "Class A-4 Rate" for the first Interest
Accrual Period shall be determined by reference to the following formula: x +
[27/33 * (y-x)] (where: x = Three-Month LIBOR, and y = Four-Month LIBOR), plus
0.13%, as determined by the Administrator.

         Payments of interest on this Note on each Quarterly Distribution Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be paid to the Person in whose name such Note is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the
account designated by such nominee. If funds are expected to be available, as

                                     B-4-4

<PAGE>

provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Quarterly Distribution Date, then the Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Quarterly Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Quarterly Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

         As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

         Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

         The Trustee shall require the payment by any Registered Owner
requesting exchange or transfer of any tax or other governmental charge required
to be paid with respect to such exchange or transfer. The applicant for any such
transfer or exchange may be required to pay all taxes and governmental charges
in connection with such transfer or exchange, other than exchanges pursuant to
the Indenture.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

                                     B-4-5

<PAGE>

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note shall be construed in accordance with the laws of the State
of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-4-6

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

--------------------------------------------------------------------------------
        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
-------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

--------------------------------------------------------------------------------
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:
       -------------------------

                                 By                                          *
                                    -------------------------------------------
                                 Name
                                      -----------------------------------------
                                 Title
                                       ----------------------------------------

                                 Signature Guaranteed:

                                By * *NOTICE: Signature(s) should be guaranteed
                                by a guarantor institution participating in the
                                Securities Transfer Agents Medallion Program or
                                in such other guarantee program acceptable to
                                the Trustee. The Assignor's signature to this
                                assignment must correspond with the name as it
                                appears upon the face of the within note in
                                every particular without alteration or any
                                change whatever.

                                     B-4-7

<PAGE>
                                   EXHIBIT B-5

                             FORM OF CLASS A-5 NOTE

         Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2004-4
                         STUDENT LOAN ASSET-BACKED NOTES
                            senior CLASS A-5 (LIBOR)

REGISTERED NO. R-__                                      REGISTERED $__________

      Date of Issuance        Maturity Date           CUSIP No.       ISIN No.
     September 29, 2004      January 26, 2037        64031Q BK 6    US64031QBK67

PRINCIPAL SUM:                      **DOLLARS**
REGISTERED OWNER: **CEDE & CO.**

         Nelnet Student Loan Trust 2004-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Quarterly Distribution Date the principal sum equal
to the Class A-5 Noteholder's Principal Distribution Amount for such Quarterly
Distribution Date, as described in the Indenture of Trust, dated as of September
1, 2004, between the Issuer (by Wilmington Trust Company, in its capacity as
Delaware Trustee) and Zions First National Bank, a national banking association,
as eligible lender trustee and indenture trustee (the "Trustee") (capitalized
terms used but not defined herein being defined in Article I of the Indenture,
which also contains rules as to usage that shall be applicable herein);
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the Maturity Date specified above (the "Class A-5 Maturity
Date").

         The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-5 Rate (as defined herein), on each Quarterly Distribution Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Quarterly
Distribution Date or the Date of Issuance in the case of the first Quarterly
Distribution Date (after giving effect to all payments of principal made on the

<PAGE>

preceding Quarterly Distribution Date), subject to certain limitations contained
in the Indenture. Interest on this Note shall accrue from and including the
preceding Quarterly Distribution Date (or, in the case of the first Interest
Accrual Period, the Date of Issuance) to but excluding the following Quarterly
Distribution Date (each an "Interest Accrual Period"). Interest shall be
calculated on the basis of the actual number of days elapsed in each Interest
Accrual Period divided by 360 and rounding the resultant figure to the fifth
decimal point. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-5-2

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                           NELNET STUDENT LOAN TRUST 2004-4

                                           By  WILMINGTON TRUST
                                               COMPANY, not in
                                               its individual
                                               capacity but
                                               solely as Delaware
                                               Trustee under the
                                               Trust Agreement

                                           By
                                              ----------------------------------
                                               Authorized Signatory

Date: __________ __, ____

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                          ZIONS FIRST NATIONAL
                                          BANK, not in its
                                          individual capacity
                                          but solely as Trustee,

                                          By
                                             -----------------------------------
                                              Authorized Signatory

Date: __________ __, ____

                                     B-5-3

<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Class A-5 (the "Class A-5
Notes"), which, together with the Issuer's Student Loan Asset-Backed Notes,
Class A-1, Class A-2, Class A-3 and Class A-4 (together with the Class A-5
Notes, the "Class A Notes") and the Issuer's Student Loan Asset-Backed Notes,
Class B (the "Class B Notes" and, together with the Class A Notes, the "Notes"),
are issued under and secured by the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Trustee and the
Registered Owners. The Notes are subject to all terms of the Indenture.

         The Class A-5 Notes are and will be secured by the Trust Estate pledged
as security therefor as provided in the Indenture. The Class A Notes (the "Class
A Notes") are senior to the Class B Notes as and to the extent provided in the
Indenture. The Class A Notes are, except for certain Termination Payments that
are not Priority Termination Payments, issued on a parity with any Derivative
Products entered into by the Issuer with a Counterparty, pursuant to which the
Issuer will, from time to time, owe Issuer Derivative Payments, and will, from
time to time, be owed Counterparty Payments.

         Principal of the Class A-5 Notes shall be payable on each Quarterly
Distribution Date in an amount equal to the Class A-5 Noteholder's Principal
Distribution Amount for such Quarterly Distribution Date. "Quarterly
Distribution Date" means the twenty-fifth (25th) day of each January, April,
July and October or, if any such date is not a Business Day, the immediately
succeeding Business Day, commencing January 25, 2005.

         As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-5 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (a) an Event of Default shall have
occurred and be continuing and (b) either the Trustee or the Registered Owners
of Obligations representing not less than a majority of the Outstanding Amount
of the Highest Priority Obligations shall have declared the Notes to be
immediately due and payable in the manner provided in the Indenture.

         Interest on the Class A-5 Notes shall be payable on each Quarterly
Distribution Date on the principal amount outstanding of the Class A-5 Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Class A-5 Rate. The "Class A-5 Rate" for each Interest Accrual Period, other
than the first Interest Accrual Period, shall be equal to the applicable
Three-Month LIBOR, plus 0.16%. The "Class A-5 Rate" for the first Interest
Accrual Period shall be determined by reference to the following formula: x +
[27/33 * (y-x)] (where: x = Three-Month LIBOR, and y = Four-Month LIBOR), plus
0.16%, as determined by the Administrator.

         Payments of interest on this Note on each Quarterly Distribution Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be paid to the Person in whose name such Note is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the

                                     B-5-4

<PAGE>

account designated by such nominee. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Quarterly Distribution Date, then the Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Quarterly Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Quarterly Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

         As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

         Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

         The Trustee shall require the payment by any Registered Owner
requesting exchange or transfer of any tax or other governmental charge required
to be paid with respect to such exchange or transfer. The applicant for any such
transfer or exchange may be required to pay all taxes and governmental charges
in connection with such transfer or exchange, other than exchanges pursuant to
the Indenture.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.
                                     B-5-5

<PAGE>

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note shall be construed in accordance with the laws of the State
of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-5-6

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

--------------------------------------------------------------------------------
        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

--------------------------------------------------------------------------------
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:
       ----------------------

                                By                                            *
                                   --------------------------------------------
                                Name
                                     ------------------------------------------
                                Title
                                      -----------------------------------------

                                Signature Guaranteed:

                                By * *NOTICE: Signature(s) should be guaranteed
                                by a guarantor institution participating in the
                                Securities Transfer Agents Medallion Program or
                                in such other guarantee program acceptable to
                                the Trustee. The Assignor's signature to this
                                assignment must correspond with the name as it
                                appears upon the face of the within note in
                                every particular without alteration or any
                                change whatever.

                                     B-5-7
<PAGE>

                                   EXHIBIT B-6

                              FORM OF CLASS B NOTE

         Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2004-4
                         STUDENT LOAN ASSET-BACKED NOTES
                           SUBORDINATE CLASS B (LIBOR)

REGISTERED NO. R-__                                       REGISTERED $__________

      Date of Issuance        Maturity Date         CUSIP No.        ISIN No.
     September 29, 2004      January 25, 2041      64031Q BL 4     US64031QBL41

PRINCIPAL SUM:             **DOLLARS**
REGISTERED OWNER: **CEDE & CO.**

         Nelnet Student Loan Trust 2004-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Quarterly Distribution Date the principal sum equal
to the applicable Class B Noteholder's Principal Distribution Amount for such
Quarterly Distribution Date, as described in the Indenture of Trust, dated as of
September 1, 2004, between the Issuer (by Wilmington Trust Company, in its
capacity as Delaware Trustee) and Zions First National Bank, a national banking
association, as eligible lender trustee and indenture trustee (the "Trustee")
(capitalized terms used but not defined herein being defined in Article I of the
Indenture, which also contains rules as to usage that shall be applicable
herein); provided, however, that the entire unpaid principal amount of this Note
shall be due and payable on the Maturity Date specified above (the "Class B
Maturity Date").

         The Issuer shall pay interest on this Note at the rate per annum equal
to the Class B Rate (as defined on the reverse hereof), on each Quarterly
Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Quarterly Distribution Date or the Date of Issuance in the case of the first
Quarterly Distribution Date (after giving effect to all payments of principal
made on the preceding Quarterly Distribution Date), subject to certain

<PAGE>

limitations contained in the Indenture. Interest on this Note shall accrue from
and including the preceding Quarterly Distribution Date (or, in the case of the
first Interest Accrual Period, the Date of Issuance) to but excluding the
following Quarterly Distribution Date (each an "Interest Accrual Period").
Interest shall be calculated on the basis of the actual number of days elapsed
in each Interest Accrual Period divided by 360 and rounding the resultant figure
to the fifth decimal point. Such principal of and interest on this Note shall be
paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-6-2

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                         NELNET STUDENT LOAN TRUST 2004-4

                                         By  WILMINGTON TRUST
                                             COMPANY, not in its individual
                                             capacity but solely as Delaware
                                             Trustee under the Trust Agreement,

                                         By
                                            ------------------------------------
                                             Authorized Signatory

Date: __________ __, ____

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                         ZIONS FIRST NATIONAL
                                         BANK, not in its
                                         individual capacity
                                         but solely as Trustee,

                                         By
                                            ------------------------------------
                                             Authorized Signatory

Date: __________ __, ____

                                     B-6-3

<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Subordinate Class B (the
"Class B Notes"), which, together with the Issuer's Student Loan Asset-Backed
Notes, Senior Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5
(collectively, the "Class A Notes" and, together with the Class B Notes, the
"Notes"), are issued under and secured by the Indenture, to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Trustee and
the Registered Owners. The Notes are subject to all terms of the Indenture.

         The Class B Notes are and will be secured by the Trust Estate pledged
as security therefor as provided in the Indenture. The Class A Notes are senior
to the Class B Notes as and to the extent provided in the Indenture. The Class A
Notes are, except for certain Termination Payments that are not Priority
Termination Payments, issued on a parity with any Derivative Products entered
into by the Issuer with a Counterparty, pursuant to which the Issuer will, from
time to time, owe Issuer Derivative Payments, and will, from time to time, be
owed Counterparty Payments.

         Principal of the Class B Notes shall be payable on each Quarterly
Distribution Date in an amount equal to the Class B Noteholder's Principal
Distribution Amount for such Quarterly Distribution Date. "Quarterly
Distribution Date" means the twenty-fifth (25th) day of each January, April,
July and October or, if any such date is not a Business Day, the immediately
succeeding Business Day, commencing January 25, 2005.

         As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class B Maturity Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and
payable on the date on which (a) an Event of Default shall have occurred and be
continuing and (b) either the Trustee or the Registered Owners of Obligations
representing not less than a majority of the Outstanding Amount of the Highest
Priority Obligations shall have declared the Notes to be immediately due and
payable in the manner provided in the Indenture.

         Interest on the Class B Notes shall be payable on each Quarterly
Distribution Date on the principal amount outstanding of the Class B Notes until
the principal amount thereof is paid in full, at a rate per annum equal to the
Class B Rate. The "Class B Rate" for each Interest Accrual Period, other than
the first Interest Accrual Period, shall be equal to the applicable Three-Month
LIBOR, plus 0.30%. The "Class B Rate" for the first Interest Accrual Period
shall be determined by reference to the following formula: x + [27/33 * (y-x)]
(where: x = Three-Month LIBOR, and y = Four-Month LIBOR), plus 0.30%, as
determined by the Administrator.

         Payments of interest on this Note on each Quarterly Distribution Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be paid to the Person in whose name such Note is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the
account designated by such nominee. If funds are expected to be available, as

                                     B-6-4

<PAGE>

provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Quarterly Distribution Date, then the Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Quarterly Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Quarterly Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

         As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

         Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

         The Trustee shall require the payment by any Registered Owner
requesting exchange or transfer of any tax or other governmental charge required
to be paid with respect to such exchange or transfer. The applicant for any such
transfer or exchange may be required to pay all taxes and governmental charges
in connection with such transfer or exchange, other than exchanges pursuant to
the Indenture.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.
                                     B-6-5

<PAGE>

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note shall be construed in accordance with the laws of the State
of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-6-6

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

--------------------------------------------------------------------------------
        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto
--------------------------------------------------------------------------------
                         (name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

--------------------------------------------------------------------------------
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:
       -------------------------

                                By                                             *
                                   ---------------------------------------------
                                Name
                                     -------------------------------------------
                                Title
                                      ------------------------------------------

                                Signature Guaranteed:

                                By * *NOTICE: Signature(s) should be guaranteed
                                by a guarantor institution participating in the
                                Securities Transfer Agents Medallion Program or
                                in such other guarantee program acceptable to
                                the Trustee. The Assignor's signature to this
                                assignment must correspond with the name as it
                                appears upon the face of the within note in
                                every particular without alteration or any
                                change whatever.

                                     B-6-7

<PAGE>

                                    EXHIBIT C

                         FORM OF ADMINISTRATOR'S MONTHLY
                       SERVICING PAYMENT DATE CERTIFICATE

         This Administrator's Monthly Servicing Payment Date Certificate (the
"Certificate") is being provided by National Education Loan Network, Inc., as
Administrator (the "Administrator") to Nelnet Student Loan Trust 2004-4 (the
"Issuer") pursuant to Section 5.04(b) of the Indenture of Trust, dated as of
September 1, 2004 (the "Indenture"), between the Issuer and Zions First National
Bank (the "Trustee"). All capitalized terms used in this Certificate and not
otherwise defined shall have the same meanings as assigned to such terms in the
Indenture.

         Pursuant to this Certificate, the Administrator hereby directs the
Trustee to distribute to the Master Servicer, by 3:00 p.m. (New York time) on
__________, __________ (the "Monthly Servicing Payment Date"), from and to the
extent of the Available Funds on deposit in the Collection Fund, $__________
Servicing Fee due with respect to the preceding calendar month.

        The Available Funds on this Monthly Servicing Payment Date is equal to
$__________.

         The Administrator hereby certifies that the information herein is true
and accurate in all material respects, is in compliance with the provisions of
the Indenture and that the Trustee may conclusively rely on this Certificate
with no further duty to examine or determine the information contained herein.

         IN WITNESS WHEREOF, the Administrator has caused this Certificate to be
duly executed and delivered as of the date written below.

                        NATIONAL EDUCATION LOAN NETWORK, INC., as Administrator

                        By
                           -----------------------------------------------------
                            Authorized Signatory

[DATE]

<PAGE>

                                    EXHIBIT D

         FORM OF ADMINISTRATOR'S Quarterly DISTRIBUTION DATE CERTIFICATE

         This Administrator's Quarterly Distribution Date Certificate (the
"Certificate") is being provided by National Education Loan Network, Inc., as
Administrator (the "Administrator") to Nelnet Student Loan Trust 2004-4 (the
"Issuer") pursuant to Section 5.04(c) of the Indenture of Trust, dated as of
September 1, 2004 (the "Indenture"), between the Issuer and Zions First National
Bank, as eligible lender trustee and as trustee (the "Trustee"). All capitalized
terms used in this Certificate and not otherwise defined shall have the same
meanings as assigned to such terms in the Indenture.

         Pursuant to this Certificate, the Administrator hereby directs the
Trustee to make the following deposits and distributions to the Persons or to
the account specified below by 3:00 p.m. (New York time) on __________ __, _____
(the "Quarterly Distribution Date"), to the extent of (x) the amount of
Available Funds in the Collection Fund, (y) the amount transferred from the
Capitalized Interest Fund pursuant to Section 5.03 of the Indenture and (z) the
amount transferred from the Reserve Fund pursuant to Section 5.05(b), (c) and
(d) of the Indenture. The Trustee shall make the following deposits and
distributions in the following order of priority, and the Trustee shall comply
with such instructions:

                                      D-1
<PAGE>
<TABLE>
<CAPTION>

<S>                                                                                               <C>
(i)      (a)  The Servicing Fee to the Master Servicer,                                           $
                                                                                                  -------------
         (b)  The Trustee Fee to the Trustee, and                                                 $
                                                                                                  -------------
         (c)  The Delaware Trustee Fee to the Delaware Trustee,                                   $
                                                                                                  -------------

         payments described in (a) through (e) above to be made ratably, without
         preference or priority of any kind, due on the Quarterly Distribution
         Date in each case with such fees remaining unpaid from prior Quarterly
         Distribution Dates (or as applicable from prior Monthly Service Payment
         Dates);
(ii)     (a)  The Administration Fee to the Administrator                                         $
                                                                                                  -------------
         (b)  Any unpaid Administration Fees, if any, from prior Distribution
              Dates to the $ Administrator due on the Distribution Date; -
(iii)    (a) The Interest Distribution Amount to the Class A-1 Noteholders,                       $
                                                                                                  -------------
              The Interest Distribution Amount to the Class A-2 Noteholders,                      $
                                                                                                  -------------
              The Interest Distribution Amount to the Class A-3 Noteholders,                      $
                                                                                                  -------------
              The Interest Distribution Amount to the Class A-4 Noteholders, and                  $
                                                                                                  -------------
              The Interest Distribution Amount to the Class A-5 Noteholders, and                  $
                                                                                                  -------------
         (b)  Issuer Derivative Payments (excluding Termination Payments other
              than Priority $ Termination Payments) to the Counterparties, pro
              rata, without preference or - priority of any kind, according to
              the amounts payable to each such party;
(iv)     The Interest Distribution Amount to the Class B Noteholders;                             $
                                                                                                  -------------
(v)      An amount equal to the unpaid interest accrued on the Financed Student
         Loans subsequent to the Cutoff Date but prior to the Date of                             $
         Issuance, until such amount has been paid in full, to the Sponsor;                       -------------
(vi)     The Class A Principal Distribution Amount to the Class A-1 Noteholders                   $
         (until paid in full);                                                                    -------------
         (vii)    The Class A Principal Distribution Amount to the Class A-2                      $
         Noteholders (until paid in  full);                                                       -------------
(viii)   The Class A Principal Distribution Amount to the Class A-3 Noteholders                   $
         (until paid in  full);                                                                   -------------
(ix)     The Class A Principal Distribution Amount to the Class A-4 Noteholders                   $
         (until paid in full);                                                                    -------------

                                      D-2
<PAGE>

(x)      The Class A Principal Distribution Amount to the Class A-5 Noteholders                   $
         (until paid in  full);                                                                   -------------
(xi)     On and after the Stepdown Date (no Trigger Event is in effect), the
         Class B Principal Distribution Amount to the Class B Noteholders                         $
         (until paid in full);                                                                    -------------
(xii)    Amounts to be deposited to the Reserve Fund necessary to reinstate the                   $
         balance of the $ Reserve Fund up to the Specified Reserve Fund Balance;                  -------------
(xiii)   Amounts due to the Master Servicer representing the aggregate unpaid                     $
         amount of the Carryover Servicing Fee;                                                   -------------
(xiv)    Amounts due to the Counterparties, pro rata, without preference or
         priority (representing any accrued and unpaid Termination Payments                       $
         due under any Derivative Product Payments);                                              -------------
(xv)     If the Financed Eligible Loans have not been sold pursuant to Section
         10.03 or 10.04 of the Indenture, amounts payable to the Noteholders
         of the Notes constituting Class A Notes to pay as an accelerated
         payment of principal balance on the Notes constituting Class A Notes
         then Outstanding until the principal amount of the Notes constituting
         Class A Notes is paid in full; and                                                       $
(xvi)    remaining amounts to the Sponsor.                                                        -------------

         Total Distributions                                                                      $
                                                                                                  -------------
         The Available Funds on this Quarterly Distribution Date
         (Collection Acct. and Reserve Fund Excess)                                               $
                                                                                                  -------------
</TABLE>

         Pursuant to this Certificate, if applicable, the Administrator further
hereby directs the Trustee to withdraw from (a) the Capitalized Interest Fund
for deposit to the Collection Fund (i) an amount equal to $__________,
representing the amount of insufficient Available Funds in the Collection
Account to make the transfers required by Sections 5.04(b) and 5.04(c)(i)
through 5.04(c)(iv) and (viii) of the Indenture and (ii) an amount equal to
$__________, representing the remaining amount on deposit in the Capitalized
Interest Fund on the October 2005 Quarterly Distribution Date and (b) the
Reserve Fund for deposit to the Collection Fund (i) an amount equal to
$__________, representing the amount of insufficient Available Funds in the
Collection Account to make the transfers required by Sections 5.04(b) and
5.04(c)(i) through 5.04(c)(iv) and (viii) of the Indenture, and (ii) an amount
equal to $__________, representing the amount on deposit in the Reserve Fund in
excess of the Specified Reserve Fund Balance.

         The Administrator hereby certifies that the information herein is true
and accurate in all material respects, is in compliance with the provisions of
the Indenture and that the Trustee may conclusively rely on this Certificate
with no further duty to examine or determine the information contained herein.

                                      D-3
<PAGE>

         IN WITNESS WHEREOF, the Administrator has caused this Certificate to be
duly executed and delivered as of the date written below.

                      NATIONAL EDUCATION LOAN NETWORK, INC., as Administrator

                      By
                         ------------------------------------------------------
                          Authorized Signatory
Date
     ----------------

                                      D-4EXHIBIT 4.2

                        NELNET STUDENT LOAN TRUST 2004-4

                                 TRUST AGREEMENT

                                 by and between

                        NELNET STUDENT LOAN FUNDING, LLC,
                    as Initial Certificateholder and Sponsor,

                                       and

                            WILMINGTON TRUST COMPANY
                               as Delaware Trustee

                          Dated as of September 1, 2004

<PAGE>

                                Table of Contents

                                                                            Page

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01.         Definitions..............................................1
Section 1.02.         Other References.........................................4

                                   ARTICLE II

 ORGANIZATION OF THE TRUST; AUTHORITY TO EXECUTE AND PERFORM VARIOUS DOCUMENTS;
                    DECLARATION OF TRUST BY DELAWARE TRUSTEE

Section 2.01.         Establishment of the Trust...............................5
Section 2.02.         Name.....................................................5
Section 2.03.         Office and Situs of Trust................................5
Section 2.04.         Authority................................................6
Section 2.05.         Powers and Authority.....................................6
Section 2.06.         Declaration of Trust by Delaware Trustee.................8
Section 2.07.         The Indenture............................................8
Section 2.08.         Title to Trust Estate....................................8
Section 2.09.         Agreements Not to Institute Bankruptcy Proceedings;
                        Covenants..............................................8
Section 2.10.         Appointment of Delaware Trustee.........................11
Section 2.11.         Federal Income Tax Allocations..........................11
Section 2.12.         Limitations on Certificateholders.......................11
Section 2.13.         Administration..........................................11
Section 2.14.         Additional Contributions................................12
Section 2.15.         Principal Place of Business.............................12
Section 2.16.         Liability of the Certificateholders and the Delaware
                        Trustee...............................................12

                                   ARTICLE III

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

Section 3.01.         Initial Beneficial Ownership............................12
Section 3.02.         The Certificates........................................12
Section 3.03.         Authentication of Certificates..........................13
Section 3.04.         Registration of Transfer and Exchange of Certificates...13
Section 3.05.         Mutilated, Destroyed, Lost or Stolen Certificates.......15
Section 3.06.         Persons Deemed Owners...................................16
Section 3.07.         Access to List of Certificateholders' Names and
                        Addresses.............................................16
Section 3.08.         Maintenance of Office or Agency.........................16
Section 3.09.         Terms of Certificates Binding...........................16

                                   ARTICLE IV

                           DISTRIBUTIONS AND PAYMENTS

Section 4.01.         Distribution of Payments................................16
Section 4.02.         Payments From Trust Estate Only.........................17
Section 4.03.         Method of Payment.......................................18
Section 4.04.         Trust Payment Date Statement............................18

                                    ARTICLE V

                           DUTIES OF DELAWARE TRUSTEE

Section 5.01.         Notice of Default.......................................8
Section 5.02.         Action Upon Instruction.................................9
Section 5.03.         Indemnification.........................................0
Section 5.04.         No Duties Except as Specified in Transaction Documents..1
Section 5.05.         No Action Except Under Specified Documents or
                        Instructions..........................................21
Section 5.06.         Action by Certificateholders with Respect to Bankruptcy.21
Section 5.07.         Discharge of Liens......................................21

                                   ARTICLE VI

                                DELAWARE TRUSTEE

Section 6.01.         Acceptance of Trusts and Duties.........................22
Section 6.02.         Furnishing of Documents.................................24
Section 6.03.         No Representations or Warranties as to Trust Estate.....24
Section 6.04.         No Segregation of Moneys; No Interest...................24
Section 6.05.         Reliance; Advice of Counsel.............................24
Section 6.06.         Not Acting in Individual Capacity.......................25
Section 6.07.         Books and Records.......................................25
Section 6.08.         Tax Returns.............................................25

                                   ARTICLE VII

            ASSUMPTION OF LIABILITY AND PAYMENT FOR DELAWARE TRUSTEE

Section 7.01.         Compensation and Expenses...............................26
Section 7.02.         Indemnification.........................................26
Section 7.03.         Certificateholders To Assume Liability..................27

                                       ii
<PAGE>

                                  ARTICLE VIII

                            TERMINATION OF INDENTURE

Section 8.01.         Termination in General..................................27
Section 8.02.         Termination at Option of Certificateholders.............27
Section 8.03.         Termination.............................................28

                                   ARTICLE IX

              SUCCESSOR DELAWARE TRUSTEES, CO-DELAWARE TRUSTEES AND
                           SEPARATE DELAWARE TRUSTEES

Section 9.01.         Resignation and Successors..............................28
Section 9.02.         Co-Delaware Trustees and Separate Delaware Trustees.....29
Section 9.03.         Changes in Identity of a Delaware Trustee...............29

                                    ARTICLE X

                                  MISCELLANEOUS

Section 10.01.        Amendment...............................................30
Section 10.02.        No Title to Trust Estate, Etc...........................31
Section 10.03.        Sale of the Trust Estate by Delaware Trustee is Binding.31
Section 10.04.        Limitations on Rights of Others.........................31
Section 10.05.        Notices, Etc............................................31
Section 10.06.        Severability............................................32
Section 10.07.        Separate Counterparts...................................32
Section 10.08.        Successors and Assigns..................................32
Section 10.09.        Governing Law...........................................32
Section 10.10.        No Liability of Certificateholders......................32
Section 10.11.        Actions by the Certificateholders.......................33

EXHIBIT A             CERTIFICATEHOLDERS' CAPITAL CONTRIBUTIONS
EXHIBIT B             FORM OF TRUST PAYMENT DATE STATEMENT
EXHIBIT C             FORM OF CERTIFICATE
EXHIBIT D             FORM OF TRANSFEROR LETTER
EXHIBIT E             FORM OF INVESTMENT LETTER
EXHIBIT F             FORM OF RULE 144A LETTER

                                      iii
<PAGE>

                                 TRUST AGREEMENT

         THIS TRUST AGREEMENT, dated as of September 1, 2004 (as may be amended
from time to time), by and among NELNET STUDENT LOAN FUNDING, LLC, a Delaware
limited liability company, as the Initial Certificateholder and Sponsor, and
WILMINGTON TRUST COMPANY (when referred to herein in its individual capacity,
the "Trust Company," and when referred to herein solely in its capacity as
trustee hereunder, the "Delaware Trustee"), is being entered into in order to
establish a Delaware statutory trust to be known as Nelnet Student Loan Trust
2004-4.

                              W I T N E S S E T H :

         WHEREAS, the Sponsor and the Trust Company have mutually agreed as set
forth herein to create the Trust.

         In consideration of the mutual agreements herein contained and other
good and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

        Section 1.01. Definitions. All capitalized terms used in this Trust
Agreement shall have the meanings set forth below and, if not defined herein,
shall have the respective meanings assigned to them in the Indenture:

         "Administration Agreement" means that certain Administration Agreement,
dated as of September 1, 2004, among the Trust, the Administrator, the Delaware
Trustee and the Indenture Trustee.

         "Administration Fee" means the fee, if any, from time to time payable
to the Administrator pursuant to the Administration Agreement.

     "Administrator" means National Education Loan Network, Inc., a Nevada
Corporation, and its successors and assigns.

         "Authorized Officer" means, with respect to an entity, the Chairman of
the Board, the President, Chief Operating Officer, any Senior Vice President,
Secretary, Treasurer, any Vice President, any Assistant Vice President or any
Financial Services Officer thereof.

         "Bankruptcy Action" means (i) commencing any case, proceeding or other
action or filing a petition under any existing or future bankruptcy, insolvency
or similar law seeking (A) to adjudicate the Trust a bankrupt or insolvent, (B)
to have an order for relief entered with respect to the Trust, or (C)
reorganization, arrangement, adjustment, wind-up, liquidation, dissolution,
composition or other relief with respect to the Trust or its debts, (ii)
consenting to the institution of bankruptcy or insolvency proceedings against
the Trust, (iii) seeking or consenting to the appointment of a receiver,

<PAGE>

custodian, liquidator, assignee, trustee, sequestrator (or other similar
official) of the Trust or a substantial part of its property, (iv) except as
required by law, admitting its inability to pay its debts generally as they
become due, (v) failing generally to pay the debts of the Trust as such debts
become due within the meaning of the Federal Bankruptcy Code, as determined by a
relevant bankruptcy court, (vi) making a general assignment by the Trust for the
benefit of creditors, or (vii) authorizing, taking any action in furtherance of,
consenting to or acquiescing in any of the foregoing or any similar action or
other proceedings under any United States Federal or state bankruptcy or
insolvency or similar law on behalf of, or with respect to, the Trust, or in
connection with any obligations relating to the Certificates, the Notes, this
Trust Agreement or any of the other Transaction Documents.

         "Beneficial Owner" means the owners of Certificates as determined for
federal income tax purposes, taking into account the provisions of ss.
1.7704-1(h) of the Treasury Regulations.

         "Certificate" means a certificate issued by the Trust evidencing the
beneficial ownership interests in the Trust as set forth thereon.

         "Certificateholder" means the Persons or Person in whose name a
Certificate is registered in the Register on the applicable date.

         "Delaware Trustee" means Wilmington Trust Company, not in its
individual capacity but solely in its capacity as trustee of the Trust under
this Trust Agreement, and its successors in interest.

         "Indenture" means the Indenture of Trust, dated as of September 1,
2004, by and among Nelnet Student Loan Trust 2004-4 and Zions First National
Bank, as indenture trustee and eligible lender trustee, as supplemented or
amended from time to time.

         "Independent Trustee" means a Person that (i) is independent and is not
a stockholder or other securityholder (whether direct, indirect or beneficial),
customer or supplier of the Trust or any of its affiliates; (ii) is not a
director, officer, employee, affiliate, member, manager or associate of the
Trust or any of its affiliates (other than in its capacity as the Delaware
Trustee for the Trust); (iii) is not related to any Person referred to in
clauses (i) or (ii) above; (iv) is not a trustee, conservator or receiver for
the Trust or any of its affiliates (other than in its capacity as Delaware
Trustee for the Trust); and (v) in the ordinary course of its business, acts as
a statutory trustee for other special purpose statutory trusts similar to the
Trust and is otherwise independent from the Trust and its affiliates (except as
provided above); provided that affiliates as used in this sentence does not
include the interests of the Delaware Trustee and its affiliates in each other.

         "Initial Certificate Holder" means Nelnet Student Loan Funding, LLC.

     "Moody's" means Moody's Investors Service, Inc., and its successors and
assigns.

         "Notes" shall have the meaning set forth in the Indenture.

         "Notices" has the meaning specified in Section 10.05 hereof.

                                       2
<PAGE>

         "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for a Certificateholder, which opinion is reasonably acceptable to the
Delaware Trustee.

         "Payments" has the meaning specified in Section 4.01(b) hereof.

         "Percentage Interest" means with respect to any Certificate the
percentage interest set forth on the face of such Certificate.

         "Person" means any individual, corporation, partnership, joint venture,
association, joint stock company, statutory trust (including any beneficiary
thereof), unincorporated organization or government or any agency or political
subdivision thereof.

         "Register" means a register kept by the Registrar in which, subject to
such reasonable regulations as it may prescribe, the Registrar shall provide for
the registration of the Certificates and the registration of transfers of the
Certificates.

         "Registered Owner" shall have the meaning set forth in the Indenture.

         "Registrar" means the Delaware Trustee, or its designee, as Registrar
hereunder.

         "Required Certificateholders" means the approval of or direction by the
Certificateholders holding a majority of the Percentage Interests unless a
higher Percentage Interest is specifically required by the terms of this Trust
Agreement or applicable law in which case "Required Certificateholders" shall
mean such higher Percentage Interest.

         "Rule 144A Letter" has the meaning set forth in Section 3.04(b) hereof.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Sponsor" means Nelnet Student Loan Funding, LLC, a Delaware limited
liability company.

         "Standard & Poor's" means Standard & Poor's Rating Services, a division
of The McGraw-Hill Companies, Inc., and its successors and assigns.

         "Transaction Documents" has the meaning specified in Section 2.05(a)(i)
hereof.

         "Trust" means the Nelnet Student Loan Trust 2004-4 established pursuant
to this Trust Agreement.

         "Trust Agreement" means this Trust Agreement, dated as of September 1,
2004, between Nelnet Student Loan Funding, LLC, as Initial Certificateholder and
Sponsor, and Wilmington Trust Company, as Delaware Trustee.

         "Trust Company" means Wilmington Trust Company, in its individual
capacity.

         "Trust Estate" means all of the assets, property, and security
interests related thereto contributed, sold, assigned or otherwise transferred
to or acquired by the Trust together with all other assets subject hereto,
constituting the Trust created hereby and to be administered hereunder,
including without limitation, the earnings thereon and products and proceeds
thereof.

                                       3
<PAGE>

         "Trust Payment Date Statement" has the meaning set forth in Section
4.04(a) hereof.

         "Trust Statute" means Chapter 38 of Title 12 of the Delaware Code, 12
Del. Code ss. 3801 et seq., as the same may be amended from time to time.

         "UCC Financing Statement" shall have the meaning set forth in Section
2.05(c) hereof.

        Section 1.02. Other References.

        (a)     As used in this Trust Agreement and in any certificate or other
                document made or delivered pursuant hereto or thereto,
                accounting terms not defined in this Trust Agreement or in any
                such certificate or other document, and accounting terms partly
                defined in this Trust Agreement or in any such certificate or
                other document, to the extent not defined, shall have the
                respective meanings given to them under generally accepted
                accounting principles. To the extent that the definitions of
                accounting terms in this Trust Agreement or in any such
                certificate or other document are inconsistent with the meanings
                of such terms under generally accepted accounting principles,
                the definitions contained in this Trust Agreement or in any such
                certificate or other document shall control.

        (b)     The definitions contained in this Trust Agreement are applicable
                to the singular as well as the plural, the past, the present,
                the future, the active and the passive forms of such terms and
                to the masculine as well as the feminine and neuter genders of
                such terms.

        (c)     Any agreement, instrument or statute defined or referred to
                herein or in any instrument or certificate delivered in
                connection herewith means such agreement, instrument or statute
                as from time to time amended, modified or supplemented and
                includes (in the case of agreements or instruments) references
                to all attachments thereto and instruments incorporated therein;
                references to a Person are also to its permitted successors and
                assigns.

        (d)     The terms "hereof," "herein," "hereby," "hereof" or "hereunder,"
                unless otherwise modified by more specific reference, shall
                refer to this Trust Agreement in its entirety as amended from
                time to time. Unless otherwise indicated in context, the terms
                "Article," "Section," "Schedule," or "Exhibit" shall refer to an
                Article or Section of, or Schedule or Exhibit to, this Trust
                Agreement. The headings of sections and paragraphs and the Table
                of Contents contained in this Trust Agreement are provided for
                convenience only. They form no part of this Trust Agreement and
                shall not affect its construction or interpretation.

                                       4
<PAGE>

                                   ARTICLE II

                           ORGANIZATION OF THE TRUST;
               AUTHORITY TO EXECUTE AND PERFORM VARIOUS DOCUMENTS;
                    DECLARATION OF TRUST BY DELAWARE TRUSTEE

        Section 2.01. Establishment of the Trust. The Sponsor and the Delaware
Trustee hereby establish a trust (the "Trust") pursuant to the Trust Statute, to
be known as Nelnet Student Loan Trust 2004-4. Simultaneously with the execution
hereof, the Sponsor shall make a contribution to the Trust as the Sponsor's
initial contribution, as described more fully in Exhibit A hereto, and
thereafter may transfer and assign the property described in the granting
clauses of the Indenture to the Trust under the terms of the Student Loan
Purchase Agreements and other assignment agreements by and between the Sponsor,
as seller or assignor, and the Trust, as purchaser or assignee, and may assume
certain obligations under and in accordance with the Transaction Documents. Upon
the making of such contribution, the Delaware Trustee shall record the amount
thereof on the books of the Trust and the investment of the Sponsor therein. It
is the intention of the parties hereto that the Trust shall constitute a
statutory trust under the Trust Statute, that this Trust Agreement shall
constitute the governing instrument of such Trust and that the
Certificateholders shall hold all of the beneficial interests in the Trust. The
rights of the Certificateholders shall be determined herein and the relationship
between the parties hereto created by this Trust Agreement shall not constitute
indebtedness for any purpose. Subject to Section 2.08 hereof, it is the
intention of the parties hereto that, solely for purposes of federal income
taxes, state and local income and franchise taxes, and any other taxes imposed
on, measured by or based upon gross or net income, (i) if there is only one
Certificateholder, the Trust shall be treated as a disregarded entity separate
from its owner pursuant to ss. 301.7701-2(c)(2) of the Treasury Regulations and
(ii) if there is more than one Certificateholder, the Trust shall be treated as
a partnership, and that the provisions of this Trust Agreement shall be
construed in accordance with such intent. The parties hereto agree to take no
action inconsistent with such treatment, unless required otherwise by applicable
law. The Delaware Trustee is hereby authorized to file the certificate required
under Section 3810 et seq. of the Trust Statute in connection with the formation
of the Trust under the Trust Statute.

        Section 2.02. Name. The name of the Trust shall be Nelnet Student Loan
Trust 2004-4, in which name the Delaware Trustee solely in such capacity on
behalf of the Trust may, subject to the terms hereof and the other Transaction
Documents, conduct business, make and execute loans, contracts, security
instruments and other instruments, acquire, pledge, convey and transfer property
and sue or be sued.

        Section 2.03. Office and Situs of Trust. The Trust shall be located and
administered in the State of Delaware. The Trust shall not have any employees in
any state other than Delaware; provided, however, that nothing herein shall
restrict or prohibit the Trust Company (in its individual capacity but not as
Delaware Trustee) from having employees within or without the State of Delaware.
The only office of the Trust shall be the corporate trust office of the Delaware
Trustee in Delaware.

                                       5
<PAGE>

        Section 2.04. Authority. Effective as of the date hereof, the Delaware
Trustee shall have all of the rights, powers and duties set forth herein, and to
the extent not inconsistent herewith, in the Trust Statute with respect to
accomplishing the purposes of the Trust.

        Section 2.05. Powers and Authority.

        (a)     Subject to Section 2.09 hereof, the Trust has been created for
                the purpose of purchasing and owning student loans, issuing
                Notes from time to time, pledging its interest in student loans
                and other collateral under the terms of the Indenture to secure
                the Notes and performing activities that are necessary, suitable
                or convenient to accomplish those purposes, including without
                limitation, the following:

                (i)     execute and deliver the Basic Documents (as defined in
                        the Indenture), one or more student loan purchase
                        agreements, note purchase agreements, servicing
                        agreements, sub-servicing agreements, eligible lender
                        trust agreements, guaranty agreements, custodial
                        agreements, investment agreements, Derivative Products
                        (as defined in the Indenture), and such other documents
                        relating to the transactions contemplated by the
                        Indenture and hereby, as the Required Certificateholders
                        or the Administrator may from time to time direct in
                        writing (collectively, the "Transaction Documents"), in
                        each case in the respective forms in which the same may
                        be delivered by or on behalf of the Certificateholders
                        or the Administrator to the Delaware Trustee from time
                        to time for execution and delivery, and accept any
                        document that is not signed by the Delaware Trustee, the
                        delivery of which is provided for under any of the
                        preceding agreements;

                (ii)    execute and deliver all other documents, certificates,
                        instruments and agreements that are provided to it and
                        are contemplated to be executed and delivered by the
                        Delaware Trustee or the Trust, as applicable, by the
                        documents referred to in clause (i) above;

                (iii)   to originate and acquire Eligible Loans;

                (iv)    to deposit and apply the proceeds of the sale of the
                        Notes;

                (v)     to assign, grant, transfer, pledge, mortgage and convey
                        all or any portion of the Trust Estate pursuant to the
                        Indenture and to hold, manage and distribute to the
                        Certificateholders pursuant to the terms of this Trust
                        Agreement any portion of the Trust Estate released from
                        the lien of, and remitted to the Trust pursuant to, the
                        Indenture;

                (vi)    execute and deliver assignments and assumptions with
                        respect to certain rights and responsibilities under the
                        Transaction Documents;

                (vii)   upon the direction of the Required Certificateholders or
                        the Administrator take whatever action shall be required
                        to be taken by the Delaware Trustee by the terms of, and
                        to exercise its rights and perform its duties under,
                        each of the documents referred to in clauses (i) through
                        (vi) above as set forth therein;

                                       6
<PAGE>

                (viii)  upon a Certificateholder making or causing to be made
                        available to the Delaware Trustee the contributions
                        referred to in Section 2.01 hereof, record the amount
                        thereof on the books of the Trust as the investment of
                        the Certificateholder therein;

                (ix)    upon a Certificateholder making available to the
                        Delaware Trustee the amounts necessary to pay the
                        expenses arising with respect to the Transaction
                        Documents to the extent not paid by a Certificateholder
                        or pursuant to the Transaction Documents, to pay such
                        expenses as directed by the Certificateholder or the
                        Administrator and to note such payment on the books of
                        the Trust;

                (x)     pay, remit and distribute monies received by the Trust
                        pursuant to Section 4.01 hereof;

                (xi)    subject to the terms of this Trust Agreement and the
                        Transaction Documents, to engage in such other
                        activities as may be required in connection with the
                        conservation of the Trust Estate, payment of the Notes
                        and making distributions to the Certificateholders;

                (xii)   issue, execute and deliver the Certificates in the form
                        attached hereto;

                (xiii)  take such other actions as are specified herein or are
                        incidental to the foregoing; and

                (xiv)   subject to the terms of this Trust Agreement, take such
                        other action in connection with the foregoing as the
                        Required Certificateholders or the Administrator may
                        from time to time direct.

        (b)     Notwithstanding anything herein to the contrary, the Trust is
                neither authorized nor empowered to engage in any activity other
                than exercising its rights, powers and authority and performing
                its obligations in accordance with the express provisions of
                Section 2.05(a) hereof. The Delaware Trustee may establish such
                trust accounts on its records (or through the Trust Company) in
                its discretion as it may deem desirable or appropriate for the
                deposit and disbursement of any monies delivered to it
                hereunder.

        (c)     Notwithstanding anything in this Trust Agreement or in any other
                Transaction Document to the contrary, the Trust is hereby
                authorized to execute, deliver and perform the Indenture, each
                Student Loan Purchase Agreement and such financing statements
                (UCC-1 and UCC-3) evidencing the security interests granted by
                the Trust (the "UCC Financing Statement") pursuant to any of the
                foregoing agreements and/or the assignment of the Trust's
                interests in collateral pledged or assigned to the Trust
                pursuant to any of the foregoing documents, and the Delaware
                Trustee is hereby authorized to execute and deliver such
                documents on behalf of the Trust without any approval, consent
                or other action by any party hereto, and such execution,
                delivery and performance do not and shall be deemed not to
                conflict with or violate any provision of this Trust Agreement
                or any duty or restriction hereunder of any party hereto.

                                       7
<PAGE>

        Section 2.06. Declaration of Trust by Delaware Trustee. The Delaware
Trustee hereby declares that it will hold the Trust Estate upon the trusts set
forth herein for the use and benefit of the Certificateholders and as Delaware
Trustee for the Certificateholders hereunder.

        Section 2.07. The Indenture. The Certificateholders and the Delaware
Trustee hereby acknowledge that, when executed and delivered, the Indenture
shall create a lien on the Trust Estate, subject to the limitations set forth in
such agreements.

        Section 2.08. Title to Trust Estate.

        (a)     Subject to the lien of the Indenture, title to all of the Trust
                Estate at all times shall be vested in the Trust as a separate
                legal entity except (i) where applicable law in any jurisdiction
                requires title to any part of the Trust Estate to be vested in a
                trustee or trustees, in which case title to that part of the
                Trust Estate shall be vested in the Delaware Trustee, a
                co-trustee and/or a separate trustee, as the case may be, and
                (ii) except that record title to Eligible Loans that are part of
                the Trust Estate shall be held by an eligible lender trustee
                pursuant to the terms of an Eligible Lender Agreement or the
                Indenture and the Trust Estate shall have a beneficial interest
                therein.

        (b)     The Certificateholders shall not have legal title to any part of
                the Trust Estate. No transfer by operation of law or otherwise
                of any interest of a Certificateholder shall operate to
                terminate this Trust Agreement or the trust hereunder or entitle
                any transferee to an accounting or to the transfer to it of any
                part of the Trust Estate.

        Section 2.09. Agreements Not to Institute Bankruptcy Proceedings;
Covenants.

        (a)     Notwithstanding any other provision to the contrary of this
                Trust Agreement or any other agreement, document or instrument
                executed by the Trust and notwithstanding any prior termination
                of this Trust Agreement, the Certificateholders shall not take
                or authorize any Bankruptcy Action.

        (b)     So long as the Indenture is in effect, and except as otherwise
                provided in the Indenture and the Transaction Documents:

                (i)     The Trust shall not engage in any business or activity
                        other than in connection with or relating to the
                        purchase or acquisition and ownership of the Trust
                        Estate, the grant of such Trust Estate to the Trustee
                        and the activities specified in Section 2.05 hereof.

                (ii)    The Trust shall not consolidate or merge with or into
                        any other entity or convey or transfer its properties
                        and assets substantially as an entirety to any entity,
                        or pledge its assets to any other entity except as
                        provided in the Transaction Documents.

                                       8
<PAGE>

                (iii)   The Trust shall not dissolve or liquidate, in whole or
                        in part.

                (iv)    The Trust shall not be, become or hold itself out as
                        being liable for the debts of any other Person, or hold
                        out its credit as being available to satisfy the
                        obligation of any other Person, and the Trust and the
                        Sponsor (or any other Certificateholder) will not act as
                        agents for each other.

                (v)     The Trust shall not form, or cause to be formed, any
                        subsidiaries.

                (vi)    The Trust shall act solely in its Trust name and through
                        its duly Authorized Officers or agents in the conduct of
                        its business, shall prepare all Trust correspondence in
                        the Trust name, shall hold itself out as a separate
                        entity from any other Person, shall conduct its business
                        so as not to mislead others as to the identity of the
                        entity with which they are concerned and shall correct
                        any known misunderstanding regarding its separate
                        identity.

                (vii)   The Trust shall maintain statutory trust records,
                        accounts and books of account and shall not commingle
                        its statutory trust records, accounts and books of
                        account with the organizational or other records,
                        accounts and books of account of any other corporation
                        or entity and such records, accounts and books of
                        account shall reflect the separate existence of the
                        Trust. The books of the Trust may be kept (subject to
                        any provision contained in any applicable statutes)
                        inside or outside the State of Delaware at such place or
                        places as may be designated from time to time by the
                        Trust.

                (viii)  The Trust shall take such actions as may be necessary to
                        authorize all of its actions as may be required by law.

                (ix)    This Section shall not be amended, altered, changed or
                        repealed, except as may be permitted pursuant to the
                        Transaction Documents.

                (x)     The Trust shall not amend this Trust Agreement, except
                        as may be permitted pursuant to the Transaction
                        Documents.

                (xi)    The Trust shall (1) conduct its business in an office
                        separate from that of the Certificateholders, (2)
                        maintain stationery, invoices and checks separate from
                        that of any other Person, (3) pay all of its own
                        expenses and liabilities from its own funds, (4)
                        strictly observe all statutory formalities, (5) pay the
                        salaries of its own employees and maintain a sufficient
                        number of employees in light of its contemplated
                        business operations, (6) maintain an arm's length
                        relationship with its affiliates and (7) maintain
                        separate financial statements from any other Person. The
                        Trust shall not (A) pledge (except pursuant to the
                        Transaction Documents), lend or advance any moneys to,
                        or make an investment in or for the benefit of, any
                        Person, (B) make any capital expenditures, (C) subject
                        to Section 5.06 hereof, take any Bankruptcy Action, or
                        (D) guarantee (directly or indirectly), endorse or
                        otherwise become contingently liable (directly or
                        indirectly) for, or pay from its funds, the obligations
                        or indebtedness of, or (except pursuant to the
                        Transaction Documents) own or purchase any stock,
                        obligations or securities of or any other interest in,
                        or make any capital contribution to, any other Person.

                (xii)   The Trust shall allocate fairly and reasonably with any
                        other Person expenses that are shared with such Person
                        including, without limitation, any overhead, rent, or
                        other compensation paid for shared or leased office
                        space.

                                       9
<PAGE>

                (xiii)  The Trust (A) has maintained and shall maintain its
                        valid existence, rights and franchises in good standing
                        as a statutory trust under the laws of the State of
                        Delaware and will obtain and preserve its qualification
                        to do business in each jurisdiction in which such
                        qualification is or shall be necessary to protect the
                        validity and enforceability of this Trust Agreement; (B)
                        has observed and shall observe all procedures required
                        by this Trust Agreement and the laws of the State of
                        Delaware; and (C) has otherwise complied and shall
                        otherwise comply with the provisions of this Trust
                        Agreement and the Trust Statute.

                (xiv)   Financial and operational services, including, without
                        limitation, maintenance of the books and records of the
                        Trust and preparation of the financial statements shall
                        be performed on behalf of the Trust by independent
                        contractors or employees of the Administrator or its
                        affiliates. The entity performing services or incurring
                        expenses in connection with such services for the Trust
                        shall receive compensation for such services rendered or
                        expenses incurred in an amount equal to the fair value
                        of such services and expenses. To the extent that the
                        Trust leases premises from a Certificateholder or
                        affiliates of a Certificateholder, the Trust shall pay
                        appropriate compensation or rental. The Trust shall be
                        directly responsible for the costs of its own outside
                        legal, auditing and other similar services and shall
                        provide for its own operating expenses and liabilities
                        from its own funds. The amounts deposited into the Trust
                        and the cash flow expected to be received by the Trust
                        under the Indenture is expected to be sufficient to meet
                        the fees and costs of the Delaware Trustee and the
                        Administrator for the Trust and the reasonably
                        anticipated expenses and liabilities of the Trust.

                (xv)    The annual financial statements of the Trust shall
                        disclose the effects of these transactions in accordance
                        with generally accepted accounting principles. The
                        consolidated financial statements which consolidate the
                        assets and earnings of any Certificateholder with those
                        of the Trust shall not state that the assets of the
                        Trust shall be available to creditors of a
                        Certificateholder. The financial statements (if any) of
                        the Trust shall not state that the assets of the Trust
                        are or will be available to pay creditors of any
                        Certificateholder or any other affiliate (other than the
                        obligations of the Certificateholders to indemnify the
                        Delaware Trustee under this Trust Agreement).

                (xvi)   The Trust will not guarantee any indebtedness of or make
                        loans to a Certificateholder.

                (xvii)  Except for the Delaware Trustee's standard practice
                        regarding maintenance of funds and assets, the funds and
                        other assets of the Trust will not be commingled with
                        those of any other Person and shall be maintained as
                        identifiable fund and assets held in the name of the
                        Trust.

                                       10
<PAGE>

                (xviii) The Trust shall not enter into any contract or agreement
                        with any its Certificateholders or their affiliates
                        except on terms that are intrinsically fair,
                        commercially reasonable, and substantially similar to
                        those that would be available on an arm's length basis
                        with third parties, and transact all business with its
                        Certificateholders and or their affiliates pursuant to
                        written, enforceable agreements with pricing and
                        material terms established at the inception that will
                        not be amendable except with written consent of each of
                        the parties to the agreement.

                (xix)   The Trust shall maintain adequate capital for the normal
                        obligations reasonably foreseeable for the size and
                        character of the activities of the Trust and in light of
                        its proposed operations and liabilities (provided that
                        this clause shall not be deemed a commitment by any
                        Certificateholder to deposit additional amounts into the
                        Trust).

                (xx)    The Trust shall not enter into any agreements, written
                        or otherwise, pursuant to which the Certificateholder
                        agrees to extend credit or make payment or contributions
                        to or for or assume, guaranty or otherwise be obligated
                        for the payment or performance of the Trust; provided,
                        however, that any Certificateholder may make any deposit
                        to the Trust that such Certificateholder determines to
                        be in the Certificateholder's best interest.

        Section 2.10. Appointment of Delaware Trustee. The Certificateholders
hereby appoint the Delaware Trustee as trustee of the Trust effective as of the
date hereof, to have all of the rights, powers, authority, authorization and
duties set forth herein and in the Trust Statute. Section 2.11. Federal Income
Tax Allocations. Net income of the Trust for any period, as determined for
federal income tax purposes (and each item of income, gain, loss and deduction
entering into the computation thereof), shall be allocated to the
Certificateholders on a pro rata basis in accordance with their respective
Percentage Interests.

        Section 2.12. Limitations on Certificateholders. Each Certificateholder
by accepting an interest in the Trust agrees that it will not enter into any
agreements, written or otherwise, between the Certificateholder and the Trust or
any other party (other than the obligations of the Certificateholder under
Sections 5.03, 6.08 and Article VII hereof) pursuant to which the
Certificateholder agrees to extend credit or make payment or contributions to or
for or assume, guaranty or otherwise be obligated for the payment or performance
of the Trust. This provision shall not prohibit any Certificateholder from
making any capital contributions to the Trust that such Certificateholder
determines to be in the Certificateholder's best interest.

        Section 2.13. Administration. Unless and until otherwise notified in
writing by the Required Certificateholders, the Delaware Trustee is hereby
authorized and directed to take and receive instructions from the Administrator
pursuant to the Administration Agreement with respect to matters relating to the
Trust to the same extent and with the same effect and protection as if any such
instructions were received from the Required Certificateholders subject to the
provisions hereof. The Administrator shall be entitled to the Administration Fee
for services provided pursuant to the provisions hereof, which compensation is
hereby acknowledged as reasonable compensation by the Administrator and the
Certificateholders. The Administration Fee shall be payable monthly as provided
herein and in the Indenture.

                                       11
<PAGE>

        Section 2.14. Additional Contributions. Any Certificateholder may make
an additional capital contribution (which capital contribution may be made with
funds advanced to the Certificateholder from the Administrator) to the Trust to
enable the Trust to carry out any instructions of such Certificateholder that
are permitted by the Transaction Documents, including an optional capital
contribution to enable the Trust to effect an optional purchase of Notes. If
such Certificateholder makes such a capital contribution, the Delaware Trustee
shall establish a separate trust account designated for the deposit of such
capital contributions. If a Certificateholder makes a capital contribution to
enable the Trust to take any action, any proceeds that result from such action
in an amount up to the amount of the capital contribution shall, if so directed
by the Certificateholder, be credited to such separate account and shall be
distributed to the Certificateholder that made such capital contribution.

        Section 2.15. Principal Place of Business. The Trust shall maintain its
principal place of business and chief executive office in the State of Delaware.

        Section 2.16. Liability of the Certificateholders and the Delaware
Trustee. To the fullest extent permitted by law, no Certificateholder shall have
any personal liability for any liability or obligation of the Trust for any
losses, claims, damages, liabilities and expenses of the Trust. The Delaware
Trustee shall not have any liability or obligation with respect to the
Certificateholders except as otherwise provided herein.

                                  ARTICLE III

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

        Section 3.01. Initial Beneficial Ownership. Upon the formation of the
Trust by the contribution by the Sponsor pursuant to Section 2.01 hereof and
until the issuance of Certificates, the Sponsor shall be the sole beneficial
owner of the Trust.

        Section 3.02. The Certificates.

        (a)     The Certificates are issuable in fully registered form in
                minimum Percentage Interests of 10%. Each Certificate shall be
                substantially in the form set forth in Exhibit C hereto. All
                Certificates may have set forth thereon such information,
                legends, and text as may be necessary or appropriate to conform
                to any applicable rules and regulations of any governmental
                authority or any usage or requirement of law with respect
                thereto. The Certificates shall be executed on behalf of the
                Trust by manual or facsimile signature of an Authorized Officer
                of the Delaware Trustee. Certificates bearing the manual or
                facsimile signatures of individuals who were, at the time when
                such signatures shall have been affixed, authorized to sign on
                behalf of the Delaware Trustee, shall be duly authorized,
                validly issued and entitled to the benefits of this Trust
                Agreement, notwithstanding that such individuals or any of them
                shall have ceased to be so authorized prior to the
                authentication and delivery of such Certificates or did not hold
                such offices at the date of authentication and delivery of such
                Certificates.
                                       12
<PAGE>

        (b)     A transferee of a Certificate shall become a Certificateholder
                and shall be entitled to the rights and subject to the
                obligations of a Certificateholder hereunder upon such
                transferee's acceptance of a Certificate duly registered in such
                transferee's name pursuant to Section 3.04 hereof.

        Section 3.03. Authentication of Certificates. No Certificate shall
entitle its Certificateholder to any benefit under this Trust Agreement or be
valid for any purpose unless there shall appear on such Certificate a
certificate of authentication substantially in the form set forth in Exhibit C
hereto, executed by the Trust by manual signature of the Delaware Trustee; such
authentication shall constitute conclusive evidence that such Certificate has
been duly authenticated and delivered hereunder. All Certificates shall be dated
the date of their authentication.

        Section 3.04. Registration of Transfer and Exchange of Certificates.

        (a)     The Delaware Trustee shall keep or cause to be kept, at the
                office or agency maintained pursuant to Section 3.08 hereof, a
                Register in which, subject to such reasonable regulations as it
                may prescribe, the Registrar shall provide for the registration
                of Certificates and of transfers and exchanges of Certificates
                as herein provided.

        (b)     The Certificates have not been and will not be registered under
                the Securities Act and will not be listed on any exchange. No
                transfer of a Certificate shall be made unless such transfer is
                made pursuant to an effective registration statement under the
                Securities Act and any applicable state securities laws or is
                exempt from the registration requirements under the Securities
                Act and such state securities laws. In the event that a transfer
                is to be made in reliance upon an exemption from the Securities
                Act and state securities laws, in order to assure compliance
                with the Securities Act and such laws, the Certificateholder
                desiring to effect such transfer and such Certificateholder's
                prospective transferee shall each certify to the Trust, the
                Delaware Trustee, the Administrator and the transferring
                Certificateholder in writing the facts surrounding the transfer
                in substantially the forms set forth in Exhibit D (the
                Transferor Letter) and Exhibit E (the Investment Letter) or
                Exhibit F (the "Rule 144A Letter") hereto, as applicable. Except
                in the case of a transfer as to which the proposed transferee
                has provided a Rule 144A Letter with respect to a Rule 144A
                transaction, there shall also be delivered to the Trust an
                Opinion of Counsel to the effect that such transfer may be made
                pursuant to an exemption from the Securities Act, which Opinion
                of Counsel shall not be an expense of the Trust, the Delaware
                Trustee (unless it is the transferee from whom such opinion is
                to be obtained) or of the Administrator. Each Certificateholder
                of a Certificate desiring to effect such a transfer shall, and
                does hereby agree to, indemnify the Trust, the Delaware Trustee
                and the Administrator against any liability that may result if
                the transfer is not so exempt or is not made in accordance with
                federal and state securities laws.

                                       13
<PAGE>

        (c)     No transfer, sale, pledge or other disposition of the
                Certificate shall be made unless prior to such transfer, sale,
                pledge or other disposition, the Trust shall have received
                either (i) a representation letter from the transferee of such
                Certificate, acceptable to and in form and substance
                satisfactory to the Trust, to the effect that such a transferee
                is not an employee benefit plan subject to Section 406 of ERISA
                or Section 4975 of the Code, or a person acting on behalf of any
                such plan or (ii) in the case of any Certificate presented for
                registration in the name of an employee benefit plan subject to
                ERISA or Section 4975 of the Code (or comparable provisions of
                any subsequent enactments), or a trustee of any such plan or any
                other person acting on behalf of any such plan, an Opinion of
                Counsel satisfactory to the Trust, the Delaware Trustee and the
                Administrator to the effect that the purchase or holding of such
                Certificate will not result in the Trust or the Trust Estate
                being deemed to be "plan assets" and subject to the prohibited
                transaction provisions of ERISA and the Code and will not
                subject the Trust, Delaware Trustee, the Administrator or the
                transferring Certificateholder to any obligation in addition to
                those undertaken in this Trust Agreement. Notwithstanding
                anything else to the contrary herein, in the event any purported
                transfer of any Certificate is made without delivery of the
                representation letter referred to above, such representation
                shall be deemed to have been made by the transferee by its
                acceptance of such Certificate. In addition, any purported
                transfer of a Certificate to or on behalf of an employee benefit
                plan subject to ERISA or to the Code without the delivery to the
                Trust, the Delaware Trustee, and the Administrator of an Opinion
                of Counsel as described above shall be void and of no effect.
                Any certificate or Opinion of Counsel furnished pursuant to this
                Section may be relied on conclusively by the Trust, Delaware
                Trustee, the Administrator and the transferring
                Certificateholder in determining whether the provisions hereof
                have been complied with.

        (d)     No transfer shall be effective if immediately after such
                transfer there would be more than one hundred Beneficial Owners
                of Certificates. Any purported transfer in violation of the
                provisions of this subsection (d) shall be void ab initio and
                the Delaware Trustee shall have no liability in connection with
                a transfer in violation of the provisions of this subsection
                (d).

        (e)     The foregoing provisions shall not prevent the assignment by a
                Certificateholder of all or any part of its right to receive
                distributions in respect of its interest in its Certificate, but
                such assignment shall effect no change in ownership of the
                Trust.

        (f)     The preparation and delivery of the certificate and opinions
                referred to in this Section shall not be an expense of the
                Trust, the Delaware Trustee or the Administrator.

        (g)     Upon surrender for registration of transfer of any Certificate
                at the office or agency maintained pursuant to Section 3.08
                hereof, the Delaware Trustee shall execute, authenticate and
                deliver, in the name of the designated transferee or
                transferees, one or more new Certificates in authorized
                denominations stating the aggregate amount and Percentage
                Interest so transferred dated the date of authentication by the
                Delaware Trustee. At the option of a Certificateholder,
                Certificates may be exchanged for other Certificates of
                authorized Percentage Interests and denominations of a like
                aggregate amount upon surrender of the Certificates to be
                exchanged at the office or agency maintained pursuant to Section
                3.08 hereof.

                                       14
<PAGE>

        (h)     Every Certificate presented or surrendered for registration of
                transfer or exchange shall be accompanied by a written
                instrument of transfer in form satisfactory to the Trust and
                duly executed by the Certificateholder or such
                Certificateholder's attorney duly authorized in writing. Each
                Certificate surrendered for registration of transfer or exchange
                shall be cancelled and subsequently disposed of by the Trust in
                accordance with its customary practice.

        (i)     No service charge shall be made for any registration of transfer
                or exchange of Certificates, but the Trust or the Delaware
                Trustee may require payment of a sum sufficient to cover any tax
                or governmental charge that may be imposed in connection with
                any transfer or exchange of Certificates.

        (j)     Notwithstanding any other provision herein or elsewhere, the
                Trust, the Delaware Trustee and the Administrator (i) shall not
                have any obligation to determine whether any transfer or
                exchange of a Certificate is permitted under or in accordance
                with this Trust Agreement; (ii) shall not have any personal
                liability to any person in connection with any transfer or
                exchange or proposed or purported transfer or exchange (and/or
                registration thereof) that is not permitted under or in
                accordance with this Trust Agreement; and (iii) shall be
                entitled to rely (and shall be fully justified and protected in
                so relying) on the Register as to the identity of the
                Certificateholders and as to the Certificates and the Percentage
                Interests and denominations thereof evidenced thereby.

        (k)     Notwithstanding anything contained herein to the contrary, the
                Delaware Trustee shall not be responsible for ascertaining
                whether any transfer complies with the registration provisions
                or exemptions from the Securities Act of 1933, as amended, the
                Securities Act of 1934, as amended, applicable state securities
                law or the Investment Company Act; provided, however, that if a
                certificate is specifically required to be delivered to the
                Delaware Trustee by a purchaser or transferee of a Certificate,
                the Delaware Trustee shall be under a duty to examine the same
                to determine whether it conforms to the requirements of this
                Trust Agreement and shall promptly notify the party delivering
                the same if such certificate does not so conform.

        Section 3.05. Mutilated, Destroyed, Lost or Stolen Certificates. If (i)
any mutilated Certificate is surrendered to the Trust and the Registrar or the
Trust receives evidence to its satisfaction of the destruction, loss or theft of
the Certificate, and (ii) there is delivered to the Registrar, the Trust, the
Delaware Trustee and the Administrator such security or indemnity as may be
required by them to save each of them harmless, then, in the absence of notice
to the Registrar or the Trust that the Certificate has been acquired by a
protected purchaser, the Delaware Trustee shall execute and the Delaware Trustee
or the Registrar shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of
like tenor, amount and Percentage Interest but bearing a number not
contemporaneously outstanding. Upon the issuance of any new Certificate under
this Section the Trust or the Delaware Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any transfer or exchange of the Certificate and any other
reasonable expenses (including the reasonable fees and expenses of the Trust,
Delaware Trustee, the Administrator and the Registrar) connected therewith. Any

                                       15
<PAGE>

duplicate Certificate issued pursuant to this Section shall constitute complete
and indefeasible evidence of ownership in the Trust, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.

        Section 3.06. Persons Deemed Owners. Prior to due presentation of a
Certificate for registration of transfer, the Trust, Delaware Trustee, the
Administrator and the Registrar may treat the Person in whose name any
Certificate is registered in the Register as the owner of such Certificate for
the purpose of receiving distributions pursuant to Section 4.01(b) hereof and
for all other purposes whatsoever, and none of the Trust, Delaware Trustee, the
Administrator or the Registrar shall be bound by any notice to the contrary.

        Section 3.07. Access to List of Certificateholders' Names and Addresses.
The Trust shall furnish or cause to be furnished to the Administrator or a
Certificateholder, within 15 days after receipt by the Delaware Trustee of a
written request therefor from the Administrator or the Certificateholder, a
list, in such form as the Administrator or the Certificateholder may reasonably
require, of the names and addresses of the Certificateholders then registered in
the Register as the owner of Certificates. Each Certificateholder, by receiving
and holding a Certificate, shall be deemed to have agreed not to hold any of the
other Certificateholders, the Trust, the Delaware Trustee, the Administrator, or
the Registrar accountable by reason of the disclosure of its name and address,
regardless of the source from which such information was derived.

        Section 3.08. Maintenance of Office or Agency. The Trust will maintain
an office or agency in Wilmington, Delaware where Certificates may be
surrendered for registration of transfer or exchange. The Trust will maintain an
office at the address stated in Section 10.05 hereof where notices and demands
to or upon the Trust, the Delaware Trustee, the Administrator, and the Registrar
in respect of this Trust Agreement may be served.

        Section 3.09. Terms of Certificates Binding. Each Certificateholder, by
assenting to the acquisition by it of a Certificate, agrees to be bound by the
terms and conditions of the Certificates and of this Trust Agreement, including
any supplements or amendments thereto or hereto, and to perform the obligations
of a Certificateholder as set forth therein or herein, in all respects as if it
were a signatory hereto. This undertaking is made for the benefit of the Trust,
the Delaware Trustee, the Administrator, the Registrar, and all other
Certificateholders, if any.

                                   ARTICLE IV

                           DISTRIBUTIONS AND PAYMENTS

        Section 4.01. Distribution of Payments.

        (a)     Until the Trust shall have received written notice from the
                Trustee that the Indenture shall have been discharged pursuant
                to its terms, all revenues and receipts of any kind whatsoever
                generated by, remitted in respect of or relating to the Trust
                Estate and other payments and receipts of any kind with respect

                                       16
<PAGE>

                to the Trust Estate or otherwise included in the Trust Estate
                shall, if received directly by the Delaware Trustee, forthwith
                after receipt, be paid over by the Delaware Trustee to the
                indenture trustee without deduction, set-off or adjustment of
                any kind for distribution in accordance with the provisions of
                the Indenture; provided, that neither the making of such
                payments to, nor the receipt of such payments by, the Trustee or
                any other person shall ever be deemed to constitute the Trustee
                or any such person as an income beneficiary hereunder, it being
                understood that all such payments will be made pursuant to
                contractual obligations under the Indenture; and provided,
                further, that the Delaware Trustee shall not be required to turn
                over any such amounts received from the Trustee, or received on
                account of any amounts referred to in clause first of subsection
                (b) of this Section or in Article VII hereof.

        (b)     Except as otherwise provided in paragraph (a) of this Section,
                (i) all payments and amounts actually received by or on behalf
                of the Delaware Trustee from the Trust Estate sources pursuant
                to the Indenture and (ii) all other revenues, receipts and other
                payments of any kind whatsoever generated by, remitted or
                received in respect of or relating to the Trust Estate or
                otherwise included in the Trust Estate and not pledged or
                required to be pledged pursuant to the Indenture or released
                from the lien of the Indenture (all to the extent not previously
                distributed) (collectively, the "Payments"), each to the extent
                received by or on behalf of the Delaware Trustee, shall be
                distributed forthwith upon receipt by the Delaware Trustee in
                the following order of priority: first, so much of such Payments
                as shall be required to pay or reimburse the Trust Company and
                the Delaware Trustee for any fees, expenses, indemnities or
                other amounts not otherwise paid or reimbursed to the Trust
                Company or the Delaware Trustee pursuant to the Indenture or
                otherwise as to which such Person is entitled to be paid or
                reimbursed hereunder shall be retained by the Delaware Trustee;
                second, so much of the remainder of such Payments as shall be
                required to pay or reimburse the Administrator in performing its
                responsibilities hereunder and under the Administration
                Agreement for any Administration Fee, expenses, indemnities or
                other amounts not otherwise paid or reimbursed to the
                Administrator pursuant to the Indenture or otherwise as to which
                such Person is entitled to be paid or reimbursed shall be paid
                or reimbursed to the Administrator; and third, the balance, if
                any, of such Payment or amount remaining thereafter shall be
                promptly distributed to the Certificateholders, pro rata based
                on their respective Percentage Interests, without deduction,
                set-off or adjustment of any kind; provided, that neither the
                making of such Payments to, nor the receipt of such Payments by,
                a Certificateholder or any other Person shall ever be deemed to
                constitute a Certificateholder or any such Person as an income
                beneficiary hereunder, and provided further, that the Delaware
                Trustee shall not be required to turn over any such Payment as
                compensation or reimbursement of expenses.

        Section 4.02. Payments From Trust Estate Only. All payments to be made
by the Delaware Trustee under this Trust Agreement or by the Trust (other than
payments made pursuant to Sections 2.05(a)(ix), 2.12 and 2.14 hereof with funds
to be provided by a Certificateholder) shall be made only from the Trust Estate
and the income and proceeds from or related to the Trust Estate and only to the
extent that Delaware Trustee shall have actually received such income or
proceeds from the Trust Estate and such proceeds are not required to be remitted
to the Trustee pursuant to Section 4.01(a) hereof or the Indenture. Each
Certificateholder agrees that it will look solely to the Trust Estate to the
extent available for payment as herein provided and that, except as specifically

                                       17
<PAGE>

provided in Section 6.01 hereof, the Trust Company shall not be liable in its
individual capacity to any Certificateholder for any amounts payable under this
Trust Agreement and shall not be subject to any liability in its individual
capacity under this Trust Agreement. This Section is intended solely to limit
the liability of the Delaware Trustee and shall have no effect on the
obligations of the Certificateholders under this Trust Agreement. This Section
does not limit the liability of the Delaware Trustee set forth in Section 6.01
hereof.

        Section 4.03. Method of Payment. Unless otherwise directed by a
Certificateholder, all amounts payable to the Certificateholder pursuant to this
Trust Agreement shall be paid to it in immediately available funds by transfer
to a banking institution with bank wire transfer facilities for the account of
the Certificateholder, as the Delaware Trustee may be instructed from time to
time in writing by the Certificateholder.

        Section 4.04. Trust Payment Date Statement.

        (a)     Based on the reports received by the Delaware Trustee pursuant
                to the Indenture, the Delaware Trustee, or the Administrator if
                requested by the Delaware Trustee pursuant to the Administration
                Agreement, shall prepare, or shall cause to be prepared for each
                payment or distribution made to the Delaware Trustee, the
                Administrator, or the Certificateholders pursuant to Section
                4.01(b) hereof a statement substantially in the form of Exhibit
                B hereto (the "Trust Payment Date Statement"). In connection
                with any payments or distributions to the Delaware Trustee, the
                Administrator or the Certificateholders pursuant to Section
                4.01(b) hereof, the Delaware Trustee, or the Administrator if
                requested by the Delaware Trustee pursuant to the Administration
                Agreement, shall deliver the Trust Payment Date Statement to
                each Certificateholder or as instructed by the Certificateholder
                in a written Notice to the Delaware Trustee and the
                Administrator.

        (b)     The Delaware Trustee makes no representations or warranties as
                to the accuracy of the information contained in the reports
                generated by the Trust or the Administrator pursuant to the
                Indenture or, to the extent that the Trust Payment Date
                Statement contains or relies upon information provided by the
                reports provided by the Trust or the Administrator pursuant to
                the Indenture, the Trust Payment Date Statement. The Delaware
                Trustee shall not be bound to make any investigation as to the
                facts stated in the reports provided by the Trust pursuant to
                the Indenture, and may rely upon each of the reports provided by
                the Trust pursuant to the Indenture delivered to it by or on
                behalf of the Trustee.

                                   ARTICLE V

                           DUTIES OF DELAWARE TRUSTEE

        Section 5.01. Notice of Default. In the event the Delaware Trustee shall
have actual knowledge of an Event of Default under the Indenture with respect to
any Class, the Delaware Trustee shall give prompt telephonic notice (to the

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<PAGE>

extent telephone numbers are on file with the Delaware Trustee) followed by, or
in the alternative, written notice by facsimile or overnight courier for receipt
within 48 hours of discovery thereof to the Sponsor and the Trustee. Subject to
the terms of Section 5.03 hereof, the Delaware Trustee shall take or refrain
from taking such action as the Delaware Trustee shall be instructed in writing
by the Required Certificateholders. If the Delaware Trustee shall not have
received such instructions within 20 days after giving written notice of such
event to the Certificateholders (or within such shorter period of time as may be
specified in such notice or required under the circumstances), the Delaware
Trustee, subject to instructions subsequently received from the Required
Certificateholders pursuant to the preceding sentence, may, but shall be under
no duty to, take or refrain from taking any action with respect thereto as the
Delaware Trustee shall deem advisable and in the best interests of the
Certificateholders and shall not have liability to any Person for any action or
inaction. For all purposes of this Trust Agreement, in the absence of actual
knowledge of an officer of the Delaware Trustee at its address specified in
Section 10.05 hereof, the Delaware Trustee shall not be deemed to have knowledge
of any event referred to in the first sentence of this Section unless it
receives written notice thereof from a Certificateholder or the Trustee.

        Section 5.02. Action Upon Instruction.

        (a)     Whenever the Delaware Trustee is (i) unable to decide between
                alternative courses of action permitted or required by the terms
                of this Trust Agreement or under any Transaction Document, (ii)
                unsure as to the application of any provision of this Trust
                Agreement or any Transaction Document or any such provision is
                ambiguous as to its application, or is, or appears to be, in
                conflict with any other applicable provision or (iii) in the
                event that this Trust Agreement permits any determination by the
                Delaware Trustee or is silent or is incomplete as to the course
                of action that the Delaware Trustee, required to take with
                respect to a particular set of facts, the Delaware Trustee may
                give Notice (in such form as shall be appropriate under the
                circumstances) to the Certificateholders and the Administrator
                requesting instruction and, to the extent that the Delaware
                Trustee acts or refrains from acting in good faith in accordance
                with any such instruction received from the Required
                Certificateholders or the Administrator, the Delaware Trustee
                shall not be liable, on account of such action or inaction, to
                any Person. If the Delaware Trustee shall not have received
                appropriate instruction within 10 days of such notice (or within
                such shorter period of time as reasonably may be specified in
                such notice or may be necessary under the circumstances) it may,
                but shall be under no duty to, take or refrain from taking such
                action not inconsistent with this Trust Agreement or the
                Transaction Documents, as it shall deem to be in the best
                interests of the Certificateholders, and shall not have
                liability to any Person for such action or inaction.

        (b)     Notwithstanding anything in this Trust Agreement to the
                contrary, neither the Delaware Trustee nor any of its respective
                agents, shall be required to take or refrain from taking any
                action under this Trust Agreement, the Transaction Documents or
                any other agreement, or exercise any of their respective rights
                and powers, if the Delaware Trustee shall reasonably determine
                (without any obligation to make any such determination), or
                shall have been advised by counsel, that such action or inaction
                (i) is contrary to the terms of this Trust Agreement, the terms
                of the Transaction Documents or any other agreement to which the
                Delaware Trustee or the Trust is a party, (ii) is likely to

                                       19
<PAGE>

                result in a breach of its duties hereunder or those of the Trust
                Company, (iii) to the actual knowledge of an officer of the
                Delaware Trustee that is responsible for the administration of
                the Trust, would adversely affect the tax status of the Trust,
                or (iv) is otherwise contrary to applicable law.

        (c)     The Delaware Trustee shall not be required to expend or risk its
                own funds or otherwise incur financial liability in the
                performance of any of its respective duties hereunder, or in the
                exercise of any of its respective rights or powers, if there is
                reasonable ground for believing that the repayment of such funds
                or adequate indemnity against such risk or liability is not
                reasonably assured to the Delaware Trustee and none of the
                provisions contained in this Trust Agreement shall in any event
                require the Delaware Trustee to perform, or be responsible for
                the manner of performance of, any of the obligations of any
                other party under this Trust Agreement.

        (d)     Subject to the terms of Sections 5.01, 5.03 and 5.06 hereof and
                the Administration Agreement, the Required Certificateholders or
                the Administrator may by written instruction direct the Delaware
                Trustee in the management of the Trust. Such direction may be
                exercised at any time by written instruction of the Required
                Certificateholders or the Administrator. Prior to taking any
                action on behalf of the Trust under this Trust Agreement or the
                Transaction Documents, the Delaware Trustee may request and, if
                so requested, shall receive written instructions of the Required
                Certificateholders or the Administrator specifying the manner in
                which the Delaware Trustee shall take such action. The Delaware
                Trustee shall not be liable for any action it takes or omits to
                take in good faith in reliance on the instructions of such
                Required Certificateholders or the Administrator.

        (e)     The Certificateholders agree to not provide any direction to the
                Delaware Trustee to take any action that is contrary to the
                terms of this Trust Agreement, the Transaction Documents, any
                other agreements to which the Delaware Trustee or the Trust is a
                party, or is otherwise contrary to applicable law.

        (f)     The Delaware Trustee shall not have the power, except upon the
                direction of each Certificateholder, to (a) remove or replace
                the Eligible Lender Trustee, any Servicer, the Administrator or
                any other administrator or (b) except as expressly provided in
                the Transaction Documents, sell the Financed Student Loans after
                the termination of the Indenture. The Delaware Trustee shall
                take the actions referred to in the preceding sentence only upon
                written instructions signed by the Certificateholders.

        Section 5.03. Indemnification. The Delaware Trustee shall not be
required to take or refrain from taking any action under this Trust Agreement,
the Transaction Documents or any other agreement (other than the actions
specified in the first sentence of Section 5.01 hereof) if the Delaware Trustee
shall reasonably determine, or shall have been advised by counsel, that such
actions may result in personal liability of the Trust Company or require it to
risk or advance its own funds unless the Trust Company and the Delaware Trustee
shall have been indemnified by Certificateholders, in manner and form reasonably
satisfactory to the Trust Company and the Delaware Trustee, against any
liability, fee, cost or expense (including reasonable legal fees and expenses)
which may be incurred or charged in connection therewith; and if the Required
Certificateholders shall have directed the Delaware Trustee to take or refrain
from taking any such action, the Certificateholders so directing the Delaware
Trustee agree to furnish such indemnity as shall be required and, in addition,
to the extent not otherwise paid pursuant to the provisions of this Trust
Agreement, to pay the reasonable compensation of the Delaware Trustee for the
services performed or to be performed by it pursuant to such direction.

        Section 5.04. No Duties Except as Specified in Transaction Documents.
The Delaware Trustee shall have no duty or obligation to manage, control, use,
make any payment in respect of, register, record, sell, dispose of or otherwise
deal with any of the Trust Estate, or otherwise to take or refrain from taking
any action as Delaware Trustee or on behalf of the Trust whatsoever under or in
connection with this Trust Agreement or the Transaction Documents except as (i)
expressly provided by the terms hereof or (ii) to the extent not so provided, as

                                       20
<PAGE>

expressly provided in written instructions received pursuant to Section 5.01 or
5.02 hereof; and no implied duties or obligations shall be read into this Trust
Agreement against the Delaware Trustee. The Delaware Trustee shall not in any
instance have any duty to inspect any of the Trust Estate or any records
pertaining thereto.

        Section 5.05. No Action Except Under Specified Documents or
Instructions. The Delaware Trustee shall have no authority to manage, control,
use, make any payment in respect of, register, record, sell, dispose of or
otherwise deal with any part of the Trust Estate except (i) as required by the
terms of this Trust Agreement, (ii) in accordance with the powers granted to or
the authority conferred upon the Delaware Trustee pursuant to this Trust
Agreement, or (iii) in accordance with the express terms hereof or written
instructions received pursuant to Section 5.01 or 5.02 hereof.

        Section 5.06. Action by Certificateholders with Respect to Bankruptcy.
The Delaware Trustee shall not follow any direction of the Certificateholders to
take any Bankruptcy Action. The consent of the Delaware Trustee shall be
required prior to the commencement by the Trust of any Bankruptcy Action. To the
fullest extent permitted by applicable law, the Delaware Trustee shall not be
required to consent to the commencement by the Trust of any Bankruptcy Action
unless it has received a certificate signed by a nationally recognized
accounting firm (the "Accountant's Certificate") certifying that such accounting
firm reasonably believes that the Trust is insolvent. The Delaware Trustee may
conclusively rely upon the Accountant's Certificate.

        Section 5.07. Discharge of Liens. Notwithstanding anything in this Trust
Agreement to the contrary, the Delaware Trustee agrees that it will, at its own
cost and expense (and not at the expense of the Trust), promptly take all action
as may be necessary to discharge any liens on any part of the Trust Estate which
are attributable to actions by or claims against the Trust Company that are not
related to the ownership of the Trust Estate or the administration of the Trust
Estate or the transactions contemplated by this Trust Agreement.

                                       21
<PAGE>

                                   ARTICLE VI

                                DELAWARE TRUSTEE

        Section 6.01. Acceptance of Trusts and Duties. The Trust Company accepts
the trusts hereby created and agrees to perform the same but only upon the terms
of this Trust Agreement. The Delaware Trustee is authorized and directed to
execute and deliver the Transaction Documents to which the Trust is to be party
and each certificate or other document attached as an exhibit to or contemplated
by the Transaction Documents to which the Trust is to be a party, as evidenced
conclusively by the Delaware Trustee's execution thereof. In addition to the
foregoing, the Delaware Trustee is authorized, but shall not be obligated, to
take all actions required of the Trust pursuant to the Transaction Documents.
Subject to Sections 2.09 and 5.06 hereof, the Delaware Trustee is further
authorized from time to time to take such action as the Required
Certificateholders instruct in writing with respect to the Transaction
Documents. The Delaware Trustee declares that it shall hold the Trust Estate,
and all amounts received by it thereunder and hereunder in trust, upon the terms
herein set forth, on behalf of the Trust for the use and benefit of all present
and future Certificateholders. The Delaware Trustee also agrees to receive and
disburse all money actually received by it constituting part of the Trust Estate
upon the terms hereof. Notwithstanding anything in this Trust Agreement to the
contrary, the Trust Company shall not be liable, answerable or accountable in
its individual capacity to any Person under any circumstances, except that such
limitation shall not limit the liability, if any, of the Trust Company to the
Certificateholders (i) for the Trust Company's own willful misconduct, bad
faith, gross negligence or reckless disregard of the duties involved in the
conduct of its offices hereunder or the willful misconduct, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of its
offices hereunder performed through its agent not appointed with due care, (ii)
in the case of the inaccuracy of any of the Trust Company's representations or
warranties contained in Section 6.03 hereof, (iii) for taxes, fees or other
charges on, based on or measured by any fees, commissions or compensation
received by it for acting as Delaware Trustee in connection with any of the
transactions contemplated by this Trust Agreement or any other agreement
contemplated by this Trust Agreement, or (iv) the failure to use ordinary care
to disburse in accordance with the terms hereof money actually received by it.
In particular, but not by way of limitation:

        (a)     the Trust Company shall not be liable for any error of judgment
                made in good faith by any officer of the Delaware Trustee;

        (b)     under no circumstances shall the Trust Company be personally
                liable hereunder for any indebtedness of the Trust;

        (c)     the Trust Company shall not be personally liable for the payment
                of any tax imposed on the Trust or amounts that are includable
                in the federal gross income of the Certificateholders;

        (d)     no provision of this Trust Agreement shall require the Trust
                Company to expend or risk funds or otherwise incur any financial
                liability in the performance of any of the Delaware Trustee's
                duties or powers hereunder, if the Trust Company believes or is
                advised by its legal counsel that repayment of such funds or
                adequate indemnity against such risk or liability is not assured
                or provided to its reasonable satisfaction;

                                       22
<PAGE>

        (e)     under no circumstance shall the Trust Company be liable for any
                representation, warranty, covenant, or obligation or
                indebtedness of the Trust hereunder or under the Transaction
                Documents or any other agreement, document or certificate
                contemplated by the foregoing;

        (f)     the Trust Company shall not be liable with respect to any action
                taken or omitted to be taken by the Administrator and the Trust
                Company shall not be liable for performing or supervising the
                performance of any obligations or duties under this Trust
                Agreement, the Administration Agreement or the Indenture, or
                under any other document contemplated hereby or thereby, which
                are to be performed by the Administrator or any other Person
                under such documents;

        (g)     the Trust Company shall not be responsible for or in respect of
                the recitals herein, the validity or sufficiency of this Trust
                Agreement, or for the due execution hereof by the Sponsor or the
                Administrator or for the form, character, genuineness,
                sufficiency, value or validity of any of the Trust Estate or for
                or in respect of the validity or sufficiency of the Indenture or
                any other document contemplated thereby to which the Trust
                Company is not a party, and the Trust Company shall in no event
                assume or incur any liability, duty or obligation to the
                Trustee, the Certificateholders, or the Administrator other than
                is expressly provided for herein;

        (h)     notwithstanding anything contained herein or in any of the
                Transaction Documents to the contrary, neither the Trust Company
                nor the Delaware Trustee shall be required to take any action in
                any jurisdiction other than in the State of Delaware if the
                taking of such action will (i) require the consent or approval
                or authorization or order of or the giving of notice to, or the
                registration with or taking of any action in respect of, any
                state or other governmental authority or agency of any
                jurisdiction other than the State of Delaware; (ii) result in
                any fee, tax or other governmental charge under the laws of any
                jurisdiction or any political subdivisions thereof in existence
                on the date hereof other than the State of Delaware becoming
                payable by the Trust Company; or (iii) subject the Trust Company
                to personal jurisdiction in any jurisdiction other than the
                State of Delaware for causes of action arising from acts
                unrelated to the consummation of the transactions by the Trust
                Company or the Delaware Trustee, as the case may be,
                contemplated hereby;

        (i)     no provision of this Trust Agreement shall require the Trust
                Company to monitor or otherwise supervise the actions or
                inactions of or the performance by the Administrator or any
                sub-administrators;

        (j)     the Delaware Trustee shall be deemed to have discharged its
                duties and responsibilities hereunder and under the other
                Transaction Documents to the extent the Administrator or any
                other administrator has agreed in the Administration Agreement
                or the related administration agreement, as applicable, to
                perform any act or to discharge any duty of the Delaware Trustee
                hereunder or under any other Transaction Document, and the
                Delaware Trustee shall not be held liable for the default or
                failure of the Administrator or any other administrator to carry
                out its obligations under the Administration Agreement or
                related administration agreement, as applicable;

                                       23
<PAGE>

        (k)     the Delaware Trustee shall have no obligation to administer,
                service or collect the Financed Eligible Loans or to maintain,
                monitor or otherwise supervise the administration, servicing or
                collection of the Financed Eligible Loans; and

        (l)     notwithstanding anything contained herein to the contrary, any
                funds and assets held by the Delaware Trustee on behalf of the
                Trust hereunder may be maintained and accounted for in the
                record-keeping and asset custody systems utilized by the Trust
                Company on behalf of the Delaware Trustee.

        Section 6.02. Furnishing of Documents. The Delaware Trustee will furnish
to the Certificateholders, promptly upon receipt, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and any
other writings furnished to the Delaware Trustee. The Delaware Trustee shall
have no duty or obligation to examine or review such items received by it.

        Section 6.03. No Representations or Warranties as to Trust Estate.
Neither the Trust Company nor the Delaware Trustee makes (i) any representation
or warranty as to the title, value or merchantability of the Trust Estate or any
other representation or warranty, express or implied, with respect to the Trust
Estate whatsoever, and (ii) any representation or warranty as to the validity or
enforceability of the Transaction Documents or any other agreement contemplated
by any of the foregoing, or as to the correctness of any statement contained in
any thereof, except that the Trust Company represents and warrants to the
Certificateholders and the Administrator that this Trust Agreement and, assuming
that this Trust Agreement has been duly authorized, executed and delivered by
the Sponsor and the Administrator, each of the Transaction Documents and each
other document which contemplates execution thereof by the Delaware Trustee on
behalf of the Trust has been or will be executed and delivered by its officers
who are or will be duly authorized to execute and deliver such document on its
behalf, and that under Delaware law (excluding Delaware securities laws), this
Trust Agreement constitutes the legal, valid and binding obligation of the Trust
Company, enforceable against the Trust Company in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium and
other similar laws affecting the enforcement of creditors' rights generally and
to general principles of equity.

        Section 6.04. No Segregation of Moneys; No Interest. Except as otherwise
provided herein or in written instructions from the Required Certificateholders,
moneys received by the Delaware Trustee hereunder need not be segregated in any
manner, except to the extent required by applicable law and Section 2.09 hereof,
and may be deposited under such general conditions as may be prescribed by law,
and neither the Trust Company nor the Delaware Trustee shall be liable for any
interest thereon.

        Section 6.05. Reliance; Advice of Counsel. The Delaware Trustee shall
not incur any liability to anyone in acting in reliance upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report,
opinion, bond, direction or other document or paper believed by it to be genuine
and believed by it to be signed by the proper party or parties. The Delaware

                                       24
<PAGE>

Trustee may accept a copy of a resolution of the board of directors or other
governing body of any party, certified by the secretary or a senior officer
thereof, as conclusive evidence that such resolution has been duly adopted by
such body and that the same is in full force and effect. As to any fact or
matter the manner of ascertainment of which is not specifically prescribed
herein, the Delaware Trustee may for all purposes hereof rely on a certificate
of the relevant person as to such fact or matter, and such certificate shall
constitute full protection to the Delaware Trustee for any action taken,
suffered or omitted by it in good faith in reliance thereon. In the
administration of the trusts created hereby, the Delaware Trustee may execute
any of the trusts or powers hereof and perform any of its powers and duties,
including, if applicable, the holding of title to all or any part of the Trust
Estate, hereunder directly or through agents or attorneys and may consult with
counsel, accountants and other skilled persons to be selected and employed by
it, and the Delaware Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the advice or opinion within the
scope of such person's competence of any such counsel, accountants or other
skilled persons selected by it with due care.

        Section 6.06. Not Acting in Individual Capacity. Except as otherwise
provided in this Article, in accepting the trusts hereby created, the Trust
Company acts solely as Delaware Trustee hereunder and not in its individual
capacity, and all persons having any claim against the Delaware Trustee by
reason of the transactions contemplated hereby and by the Indenture shall look
only to the Trust Estate (or a part thereof, as the case may be) for payment or
satisfaction thereof, but subject to the lien created by Indenture.

        Section 6.07. Books and Records. The Delaware Trustee shall be
responsible for the keeping of all customary and appropriate books and records
relating to the receipt and disbursement of all money which it may receive
hereunder or under any agreement contemplated hereby.

        Section 6.08. Tax Returns. The Delaware Trustee is hereby advised that
the Certificateholders intend that as long as the Trust has a single
Certificateholder, the entity created under this Trust Agreement shall be
treated for purposes of federal income tax, state and local income and franchise
taxes, and any other taxes imposed on, measured by or based upon gross or net
income, as a disregarded entity separate from its owner. However, if there is
more than one Certificateholder, the parties hereto intend that the entity
created under this Trust Agreement shall be treated as a partnership for federal
income tax purposes. The Trust shall, at the expense of the Certificateholders
pro rata based on their respective Percentage Interests, shall cause a firm of
independent public accountants selected by the Administrator to prepare any tax
returns or other forms certified by such accounting firm to be all, to the best
of such accounting firm's knowledge, of the tax returns or forms required to be
filed by the Trust; the Delaware Trustee shall cooperate with such accounting
firm in providing any information in its possession which is necessary or
advisable in the preparation of such tax returns and shall execute such tax
returns presented to it in execution form in a timely manner to enable the
Certificateholders to timely file such tax returns. The Delaware Trustee in its
capacity as Delaware Trustee shall sign all appropriate federal returns
presented to it in execution form; provided, however, that the Trust shall send
a copy of any such return and related information to a Certificateholder at such
times as the Certificateholder may request. In no event shall the Delaware
Trustee be liable for any liabilities, costs or expenses of the Trust, the
Administrator, or the Certificateholders arising out of the application of any
tax law, including federal, state, foreign or local income or excise taxes or
any other tax imposed on or measured by income (or any interest, penalty or
addition with respect thereto or arising from a failure to comply therewith)

                                       25
<PAGE>

except for any such liability, cost or expense attributable to any act or
omission by the Delaware Trustee, as the case may be, in breach of its
obligations under this Trust Agreement. The Delaware Trustee shall keep copies
of all returns delivered to it or filed by it. Any reports, returns, records,
filings or books, other than those customary books and records or any report or
return specifically referenced in this Section, shall be the sole responsibility
and obligation of the Administrator and the Certificateholders, and the Delaware
Trustee shall have no obligation or responsibility with respect thereto.

                                  ARTICLE VII

                       ASSUMPTION OF LIABILITY AND PAYMENT
                              FOR DELAWARE TRUSTEE

        Section 7.01. Compensation and Expenses. The Delaware Trustee shall
receive from the Trust as compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust)
for its services hereunder such fees as may heretofore and from time to time
hereafter be agreed upon in a separate fee agreement between the Sponsor and the
Delaware Trustee. The Delaware Trustee shall be entitled to be reimbursed from
the Payments for its reasonable expenses hereunder, including, without
limitation, the reasonable compensation, expenses and disbursements of such
agents, representatives, accountants, experts and counsel as the Delaware
Trustee may employ in connection with the exercise and performance of its rights
and duties under this Trust Agreement, the Transaction Documents or any other
agreement contemplated by any of the foregoing, whether or not the transactions
contemplated hereby and thereby are consummated and to be paid as additional
reasonable compensation (which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust) for any
extraordinary services rendered hereunder. Such compensation and reimbursement
shall be paid first from the Collection Fund created pursuant to the Indenture
to the extent and in the priority set forth in the Indenture and then from the
Payments as set forth in Section 4.01(b) hereof.

        Section 7.02. Indemnification. The Trust agrees, to the fullest extent
permitted by applicable law, to assume liability for, and hereby indemnifies and
holds harmless the Trust Company, its officers, directors and employees and the
Delaware Trustee from and against any and all liabilities, obligations, losses,
damages, taxes, claims, actions, suits, costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever
which may be imposed on, incurred by or asserted at any time against the Trust
Company, its officers, directors and employees or the Delaware Trustee in any
way relating to or arising out of the Trust Estate, any of the properties
included therein, the acceptance, termination or administration of the Trust
Estate or the Trust or any action or inaction of the Delaware Trustee or the
Trust hereunder or under the Transaction Documents or any other agreement
contemplated by any of the foregoing or any certificate of a Certificateholder,
except only that the Trust shall not be required so to assume liability for any
of the matters described in the seventh sentence of Section 6.01 hereof and
provided that the Trust and the Delaware Trustee agree that such assumption of
liability for liabilities, obligations, losses, damages, taxes, claims, actions,
such costs expenses or disbursements of any kind shall be direct and primary and
not that of a guarantor. If any item assumed by the Trust under this Section is
also subject to indemnification by another party to any of the documents
specifically referenced herein, the Trust Company or the Delaware Trustee shall

                                       26
<PAGE>

first make demand on such party for indemnification of any such item but shall
not be obligated to exhaust its remedies thereunder. The indemnities contained
in this Section shall survive the resignation or removal of the Delaware Trustee
and shall survive the termination of the Trust and this Trust Agreement. Such
indemnification and reimbursement shall be paid solely from the Payments as set
forth in Section 4.01(b) hereof.

        Section 7.03. Certificateholders To Assume Liability. To the extent not
paid pursuant to Section 4.01(b) hereof and to the fullest extent permitted by
applicable law, the Certificateholders, pro rata based on their respective
Percentage Interests, shall pay or cause to be paid (or reimburse the Delaware
Trustee for) (a) all reasonable fees and expenses of the Delaware Trustee
hereunder, including, without limitation, the reasonable compensation, expenses
and disbursements of such agents, representatives, accountants, experts and
counsel as the Delaware Trustee may employ in connection with the exercise and
performance of its rights and duties under this Trust Agreement, the Transaction
Documents or any other agreement contemplated by any of the foregoing, whether
or not the transactions contemplated hereby and thereby are consummated and (b)
all amounts required to be paid by Section 7.02 hereof and not paid by the
Trust. The liabilities and indemnities contained in this Section are for the
benefit of the Trust Company, in its individual capacity and its officers,
directors and employees and shall not be construed as imposing any liabilities
on any Certificateholder or any affiliate thereof for any expense or liability
of the Trust to third parties. Neither the Certificateholders nor the
Administrator shall have liabilities for the expenses and liabilities of the
Trust (except as otherwise provided in this Trust Agreement with respect to the
Trust Company, in its individual capacity) and all such expenses and liabilities
shall be payable solely from the Trust Estate.

                                  ARTICLE VIII

                            TERMINATION OF INDENTURE

        Section 8.01. Termination in General. After the termination of the
Indenture in accordance with its terms, this Trust Agreement and the Trust shall
terminate and be of no further force or effect upon the final distribution by
the Delaware Trustee of all monies or other property or proceeds of the Trust
Estate in accordance with the terms of this Trust Agreement. The bankruptcy,
liquidation, dissolution, death or incapacity of any Certificateholder shall not
(a) operate to terminate this Trust Agreement or the Trust, (b) entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for partition or winding up of all or
any part of the Trust or the Trust Estate or (c) otherwise affect the rights,
obligations and liabilities of the parties hereto. Subject to Section 8.02
hereof, none of the Certificateholders shall be entitled to revoke or terminate
the Trust.

        Section 8.02. Termination at Option of Certificateholders.
Notwithstanding Section 8.01 hereof, the Trust shall dissolve and the remaining
assets of the Trust shall be distributed to the Certificateholders pro rata in
accordance with their respective Percentage Interests and the Trust Statute, and
this Trust Agreement shall be of no further force and effect, upon the election
of all of the Certificateholders by written notice to the Delaware Trustee, if
such notice shall be accompanied by the written agreement (in form and substance
satisfactory to the Delaware Trustee) of all of the Certificateholders assuming

                                       27
<PAGE>

all the obligations of the Trust and the Delaware Trustee and releasing the
Delaware Trustee therefrom; provided, however, that until the termination of the
Indenture in accordance with its terms and full and final payment of all
Obligations outstanding thereunder, the Certificateholders may not so terminate
this Trust Agreement or the Trust.

        Section 8.03. Termination. Upon the completion of winding up of the
Trust, including the payment or the making reasonable provision for payment of
all obligations of the Trust in accordance with Section 3808(e) of the Trust
Statute, the Delaware Trustee shall file a certificate of cancellation with the
Delaware Secretary of State in accordance with Section 3810 of the Trust
Statute, at which time the Trust and this Trust Agreement (other than Article
VII hereof) shall terminate. The Administrator shall act as the liquidator of
the Trust and shall be responsible for directing the Delaware Trustee to take
all required actions in connection with winding up the Trust.

                                   ARTICLE IX

                SUCCESSOR DELAWARE TRUSTEES, CO-DELAWARE TRUSTEES
                         AND SEPARATE DELAWARE TRUSTEES

        Section 9.01. Resignation and Successors. The Delaware Trustee or any
successor may resign at any time without cause by giving at least 60 days' prior
written notice to the Certificateholders. The Required Certificateholders, may
at any time remove the Delaware Trustee without cause by written notice to the
Delaware Trustee, any such resignation or removal to be effective upon the
acceptance of appointment by a successor Delaware Trustee as hereinafter
provided. In the event of the resignation or removal of the Delaware Trustee,
the Required Certificateholders shall appoint a successor by written instrument.
If a successor Delaware Trustee shall not have been appointed within 60 days
after the giving of such notice, the Delaware Trustee or the Required
Certificateholders may apply to any court of competent jurisdiction in the
United States to appoint a successor Delaware Trustee to act until such time, if
any, as a successor shall have been appointed as provided above. Any successor
so appointed by such court shall immediately and without further act be
superseded by any successor by the Required Certificateholders. Any successor,
however appointed, shall execute and deliver to its predecessor Delaware Trustee
an instrument accepting such appointment, and thereupon such successor, without
further act, shall become vested with all the estates, properties, rights,
powers, duties and trusts of the predecessor Delaware Trustee in the trusts
hereunder with like effect as if originally named "Delaware Trustee" herein; but
upon the written request of such successor, and upon payment to the predecessor
Delaware Trustee of all amounts due to it under this Trust Agreement, such
predecessor shall execute and deliver an instrument transferring to such
successor, upon the trusts herein expressed, all the estates, properties,
rights, powers, duties and trusts of such predecessor, and such predecessor
shall duly assign, transfer, deliver and pay over to such successor all moneys
or other property then held by such predecessor upon the trusts herein
expressed. Any right of the Certificateholders against the predecessor Delaware
Trustee, in its individual capacity, shall not be prejudiced by the appointment
of any successor Delaware Trustee and shall survive the termination of the
trusts created hereby. Any successor, however appointed, shall be a bank or a
trust company incorporated or organized and doing business within the United
States of America that is an Independent Trustee and either (a) having a
combined capital and surplus of at least $50,000,000 and being subject to
supervision or examination by federal banking authorities and (b) having (or
having its obligations hereunder guaranteed by a trust company that has) a
long-term unsecured debt rating of at least BBB- by Standard & Poor's, Baa3 by
Moody's (so long as Moody's provides a Rating on any of the Obligations) or at
least the equivalent rating from another nationally recognized statistical
rating organization, if there is such an institution willing, able and legally
qualified to perform the duties of the "Delaware Trustee" hereunder upon
reasonable or customary terms. Any corporation into which the Delaware Trustee
may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the

                                       28
<PAGE>

Delaware Trustee shall be a party, or any corporation to which substantially all
the corporate trust business of the Delaware Trustee may be transferred, shall,
subject to the preceding sentence, be the "Delaware Trustee" under this Trust
Agreement without further act. Any successor Delaware Trustee, however
appointed, shall be competent and qualified to (i) serve as a trustee of a
Delaware statutory trust, (ii) take all action required by the Delaware Trustee
pursuant to the Transaction Documents, this Trust Agreement and any other
agreement contemplated by any of the foregoing, and (iii) until termination of
the Indenture in accordance with its terms, be an Independent Trustee. There
shall be at all times at least one "Delaware Trustee" that meets the
requirements of the laws of the State of Delaware. Notwithstanding anything
herein to the contrary, the resignation or removal of the Delaware Trustee shall
not be effective unless and until the Required Certificateholders appoint a
successor Delaware Trustee meeting the requirements specified above.

        Section 9.02. Co-Delaware Trustees and Separate Delaware Trustees.
Whenever the Delaware Trustee or the Required Certificateholders shall deem it
necessary or prudent in order either to conform to any law of any jurisdiction
in which all or any part of the Trust Estate shall be situated or to make any
claim or bring any suit with respect to the Trust Estate or the Indenture, or
the Delaware Trustee or the Required Certificateholders shall be advised by
counsel satisfactory to it or them that it is so necessary or prudent, the
Delaware Trustee and the Certificateholders shall execute and deliver an
agreement supplemental hereto and all other instruments and agreements, and
shall take all other action, necessary or proper to constitute one or more
persons (and the Delaware Trustee may appoint one or more of its officers)
either as co-trustee or co-trustees jointly with the Delaware Trustee of all or
any part of the Trust Estate, or as separate trustee or separate trustees of all
or any part of the Trust Estate, and to vest in such persons, in such capacity,
such title to the Trust Estate or any part thereof and such rights or duties as
may be necessary or desirable, all for such period and under such terms and
conditions as are satisfactory to the Delaware Trustee and the Required
Certificateholders and, until the termination of the Indenture in accordance
with its terms as are reasonably satisfactory to the Trustee. In case any
co-trustee or separate trustee shall dissolve, die, become incapable of acting,
resign or be removed, the title to the Trust Estate and all rights and duties of
such co-trustee or separate trustee shall, so far as permitted by law, vest in
and be exercised by the Delaware Trustee, without the appointment of a successor
to such co-trustee or separate trustee.

        Section 9.03. Changes in Identity of a Delaware Trustee. Upon the change
of identity of a Delaware Trustee or the addition or deletion of a Delaware
Trustee, whose identity is required to be disclosed under applicable law, the
Delaware Trustee or Delaware Trustees shall cause such filings to be made in
Delaware if required by the Trust Statute, and, at the direction of the
Certificateholders, shall cause such filings to be made, if any, as may be
required in accordance with the provisions of other applicable law, indicating
the change with respect to such Delaware Trustee's identity or such addition or
deletion of a Delaware Trustee.

                                       29
<PAGE>

                                   ARTICLE X

                                  MISCELLANEOUS

        Section 10.01. Amendment.

        (a)     Subject to Section 2.09(b)(x) hereof, this Trust Agreement may
                be amended by a written instrument signed by the Delaware
                Trustee and the Required Certificateholders to (i) cure any
                ambiguity or correct any provision of the Trust Agreement or
                (ii) with the consent of each Certificateholder the interests of
                which in its Certificates or the Trust would be adversely
                affected in any material respect thereby, supplement, add,
                eliminate, or change in any manner one or more provisions of
                this Trust Agreement or modify in any manner the rights of the
                Certificateholders; provided, however, that such action, as
                evidenced by an Opinion of Counsel, shall not adversely affect
                in any material respect the interests of the Trustee, or the
                Registered Owners taken as a whole, except that no such Opinion
                of Counsel will be required if each rating agency then rating
                any of the Notes provides prior written confirmation that the
                proposed amendment will not result in the withdrawal, downgrade
                or qualifications of the then current ratings of the
                obligations; provided further, if in the opinion of the Delaware
                Trustee any amendment adversely affects any right, duty or
                liability of, or immunity or indemnity in favor of, it or the
                Trust Company under this Trust Agreement, the Transaction
                Documents or any of the documents contemplated hereby or thereby
                to which it or the Trust is a party, or would cause or result in
                any conflict with or breach of or default under any terms,
                conditions or provisions of its charter documents or bylaws or
                any document contemplated hereby or thereby to which it is a
                party, the Delaware Trustee may in its sole discretion decline
                to enter into such amendment.

        (b)     Promptly after the execution of any such amendment or consent,
                the Trust shall furnish written notification of the substance of
                such amendment or consent to each Rating Agency then rating any
                of the Notes and the Certificateholders.

        (c)     It shall not be necessary for the consent of the
                Certificateholders pursuant to this Section to approve the
                particular form of any proposed amendment or consent, but it
                shall be sufficient if such consent shall approve the substance
                thereof. The manner of obtaining such consents (and any other
                consents of the Certificateholders provided for in this Trust
                Agreement) and of evidencing the authorization of the execution
                thereof by the Certificateholders shall be subject to such
                reasonable requirements as the Delaware Trustee may prescribe.

        (d)     Nothing contained in this Section shall be construed as a
                delegation by a Certificateholder to the Delaware Trustee of the
                right of the Certificateholder to consent to any amendment,
                waiver, modification or supplement to the provisions of this
                Trust Agreement.

                                       30
<PAGE>

        (e)     Prior to its execution of any amendment to this Trust Agreement,
                the Delaware Trustee shall be entitled to receive an Opinion of
                Counsel that such amendment is permitted by the Transaction
                Documents and that all conditions precedent have been met.

        Section 10.02. No Title to Trust Estate, Etc. Notwithstanding anything
herein to the contrary, and pursuant to Section 3805 of the Trust Statute, a
Certificateholder shall have only an undivided beneficial interest in the Trust
Estate. Each Certificateholder's indirect interest in the Trust Estate shall be
limited and governed in all respects by the provisions of this Trust Agreement.
The Certificateholders shall not have title to or any other interest in any part
of the Trust Estate. The Certificateholders shall be entitled to receive
distributions with respect to its individual beneficial ownership interest
herein only in accordance with this Trust Agreement. No transfer, by operation
of law or otherwise, of any right, title or interest of a Certificateholder in
and to the Trust Estate or hereunder shall operate to terminate this Trust
Agreement, the Trust or the trusts hereunder or entitle any successor or
transferee to an accounting or to the transfer to it of legal title to any part
of the Trust Estate. Any obligation of the Delaware Trustee hereunder or of the
Trust under the Indenture or any other document contemplated hereby or thereby
may be performed, under extraordinary circumstances, by one or more of the
Certificateholders and any such performance shall not be construed as a
revocation of the trusts created hereby. The Certificateholders shall not have
any liability for the performance of this Trust Agreement except as expressly
set forth herein.

        Section 10.03. Sale of the Trust Estate by Delaware Trustee is Binding.
Any sale or other conveyance of the Trust Estate or any part thereof by the
Delaware Trustee made pursuant to the terms of this Trust Agreement or the
Indenture shall bind the Certificateholders and shall be effective to transfer
or convey all right, title and interest of the Trust, the Delaware Trustee and
the Certificateholders in and to the Trust Estate or such part thereof. No
purchaser or other grantee shall be required to inquire as to the authorization,
necessity, expediency or regularity of such sale or conveyance or as to the
application of any sale or other proceeds with respect thereto by the Delaware
Trustee.

        Section 10.04. Limitations on Rights of Others. Except as provided in
Section 10.10 hereof, nothing in this Trust Agreement, whether express or
implied, shall be construed to give to any person other than the Trust Company,
the Delaware Trustee, the Sponsor, the Certificateholders and the Trustee any
legal or equitable right, remedy or claim under the Trust or in respect of this
Trust Agreement, any covenants, conditions or provisions contained herein.

        Section 10.05. Notices, Etc. All notices, requests, demands, consents
and other communications ("Notices") required or contemplated by the provisions
hereof shall refer on their face to this Trust Agreement (although failure to do
so shall not make such Notice ineffective), shall, unless otherwise stated
herein, be in writing and sent by telecopy, telegram, cable, mail (by certified
or registered mail, return receipt requested) or by reputable overnight courier
to the following addresses:

                                       31
<PAGE>

         if to the Delaware Trustee:  Wilmington Trust Company
                                      Rodney Square North
                                      1100 North Market Street
                                      Wilmington, DE  19890
                                      Attention:  Corporate Trust Administration
                                      Phone:  (302) 651-1000
                                      FAX:  (302) 636-4140

         if to the Sponsor:           Nelnet Student Loan Funding, LLC
                                      121 South 13th Street, Suite 301
                                      Lincoln, NE  88508
                                      Attention:  Terry J. Heimes
                                      Phone:  (402) 458-2300
                                      FAX:  (402) 458-2399

         if to the Trustee:           To such Person and at such address as may
                                      be specified in the Indenture.

or at such other address as shall be designated in written notice to the
Delaware Trustee by the Persons entitled to receive notices pursuant to this
Trust Agreement. All such notices shall be effective when received.

        Section 10.06. Severability. Any provision of this Trust Agreement which
is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

        Section 10.07. Separate Counterparts. This Trust Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

        Section 10.08. Successors and Assigns. All covenants and agreements
contained herein shall be binding upon and inure to the benefit of the Delaware
Trustee, the Certificateholders, the Administrator and the Trustee and their
respective successors and assigns, all as herein provided. Any request, notice,
direction, consent, waiver or other writing or action by a Certificateholder
shall bind its successors and assigns.

        Section 10.09. Governing Law. This Trust Agreement shall be governed by,
and construed in accordance with, the substantive laws of the State of Delaware
(without regard to conflict of law provisions) applicable to contracts to be
performed entirely within such state, including all matters of construction,
validity and performance.

        Section 10.10. No Liability of Certificateholders. Except as provided in
Sections 5.03, 6.07 and 6.08 and Article VII hereof, or in any other document,
agreement or instrument executed by the Certificateholders, neither the
Certificateholders nor the Administrator shall be liable for any losses, claims,
damages, liabilities and expenses of the Trust (including expenses, to the
extent not paid out of the Trust Estate).

                                       32
<PAGE>

        Section 10.11. Actions by the Certificateholders. Any actions required
to be taken by the Certificateholders shall, unless otherwise specified herein,
be taken with the consent of the Certificateholders then holding a majority of
the Percentage Interests.

                           [Signature Page to Follow]

                                       33
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement
to be duly executed by their respective officers as of the day and year first
above written.

                                    NELNET STUDENT LOAN FUNDING, LLC, as Sponsor

                                    By:  NELNET STUDENT LOAN FUNDING
                                         MANAGEMENT CORPORATION, as
                                         Manager and Special Member

                                    By  /s/ Jeffrey R. Noordhoek
                                       -----------------------------------------
                                        Jeffrey R. Noordhoek, Vice President

                                    WILMINGTON TRUST COMPANY, in its individual
                                      capacity and in its capacity as
                                    Delaware Trustee

                                    By  /s/ Janel R. Havrilla
                                       -----------------------------------------
                                    Name:   Janel R. Havrilla
                                          --------------------------------------
                                    Title:  Financial Services Officer
                                           -------------------------------------

                                       34
<PAGE>

                                    EXHIBIT A

                    CERTIFICATEHOLDERS' CAPITAL CONTRIBUTIONS

               Sponsor                              Percentage Interest
               -------                              -------------------
Nelnet Student Loan Funding, LLC                             100%
(Aggregate principal amount of Trust Estate)
         TOTAL                                               100%

<PAGE>

<TABLE>
<CAPTION>

                                    EXHIBIT B

                      FORM OF TRUST PAYMENT DATE STATEMENT

                 For the Payment Date dated __________ __, _____

Nelnet Student Loan Trust 2004-4

<S>                                                                              <C>              <C>
(1)  Amount received from the Trustee under the Indenture on the Payment Date:                   $
                                                                                                  ------------

(2)  Amount, if any, deducted pursuant to Section 4.01 of the Trust Agreement:                   $
                                                                                                  ------------

      (a)  Trust Company and Delaware Trustee
           fees and expenses:                                                   $
                                                                                 ------------
      (b)  Administrator fees and expenses:                                     $
                                                                                 ------------
                                                                                Total            $
                                                                                                  ------------

(3) Total amount to be remitted to Certificateholders
      (Item (1) minus Item (2)):                                                                 $
                                                                                                  ------------
</TABLE>

<PAGE>

                                    EXHIBIT C

                               FORM OF CERTIFICATE

         THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF THE TRUST AGREEMENT REFERRED TO HEREIN.

         THE TRUST CERTIFICATE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR
ANY INTEREST IN THE ADMINISTRATOR OR WILMINGTON TRUST COMPANY.

         Certificate No. __________

         Percentage Interest evidenced by this Certificate: ___%

                                   CERTIFICATE
                   Issued by Nelnet Student Loan Trust 2004-4

         This Certificate (the "Certificate") is not guaranteed or insured by
any governmental agency or instrumentality and does not represent deposits or
obligations of or any interest in the Administrator or Wilmington Trust Company.

         This Certificate certifies that _______________ is the registered owner
(the "Certificateholder") of the Percentage Interest evidenced by this
Certificate specified above in the Nelnet Student Loan Trust 2004-4 (the
"Trust"). The Trust was created pursuant to a Trust Agreement, dated as of
September 1, 2004 (the "Trust Agreement"), between Nelnet Student Loan Funding,
LLC, as Initial Certificateholder and Sponsor (the "Sponsor"), and Wilmington
Trust Company, as Delaware Trustee (the "Delaware Trustee"). To the extent not
defined herein, the capitalized terms used herein have the meanings assigned in
the Trust Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Certificateholder by virtue of the acceptance hereof assents and
by which such Certificateholder is bound.

         This Certificate has not and will not be registered under the
Securities Act and will not be listed on any exchange. In addition to other
restrictions on transfer set forth in the Trust Agreement, no transfer of this
Certificate shall be made to a Person or entity unless such transfer is made
pursuant to an effective registration statement under the Securities Act and any
applicable state securities laws or is exempt from the registration requirements
under the Securities Act and such laws.

         In the event that a transfer is to be made in reliance upon an
exemption from the Securities Act and state securities laws, in order to assure
compliance with the Securities Act and such laws, the Certificateholder desiring
to effect such transfer and such Certificateholder's prospective transferee
shall each certify to the Trust, the Delaware Trustee, the Administrator and the
transferring Certificateholder in writing the facts surrounding the transfer in
substantially the forms required by the Trust Agreement. Except in the case of a
transfer as to which the proposed transferee has provided a Rule 144A Letter
with respect to a Rule 144A transaction, there shall also be delivered to the
Trust an Opinion of Counsel to the effect that such transfer may be made
pursuant to an exemption from the Securities Act, which Opinion of Counsel shall
not be an expense of the Trust, the Delaware Trustee (unless it is the
transferee from whom such opinion is to be obtained) or of the Administrator.
The Certificateholder desiring to effect such a transfer shall, and does hereby
agree to, indemnify the Trust, the Delaware Trustee and the Administrator
against any liability that may result if the transfer is not so exempt or is not
made in accordance with federal and state securities laws.

         No transfer, sale, pledge or other disposition of this Certificate
shall be made unless prior to such transfer, sale, pledge or other disposition,
the Trust shall have received either (i) a representation letter from the
transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Delaware Trustee, to the effect that such a transferee is
not an employee benefit plan subject to Section 406 of ERISA or Section 4975 of
the Code, or a person acting on behalf of any such plan, or (ii) in the case of
any Certificate presented for registration in the name of an employee benefit
plan subject to ERISA or Section 4975 of the Code (or comparable provisions of
any subsequent enactments), or a trustee of any such plan or any other person
acting on behalf of any such plan, an Opinion of Counsel satisfactory to the
Trust, the Delaware Trustee and the Administrator to the effect that the
purchase or holding of such Certificate will not result in the Trust or the
Trust Estate being deemed to be "plan assets" and subject to the prohibited
transaction provisions of ERISA and the Code and will not subject the Trust,
Delaware Trustee, the Administrator or the transferring Certificateholder to any
obligation in addition to those undertaken in the Trust Agreement.
Notwithstanding anything else to the contrary herein, in the event any purported
transfer of a Certificate is made without delivery of the representation letter
referred to above, such representation shall be deemed to have been made by the
transferee by its acceptance of such Certificate. In addition, any purported
transfer of a Certificate to or on behalf of an employee benefit plan subject to
ERISA or to the Code without the delivery to the Trust, the Delaware Trustee and
the Administrator of an Opinion of Counsel as described above shall be void and
of no effect.

                                       C-2
<PAGE>

         This Certificate is one of a duly authorized issue of Certificates
representing a beneficial undivided ownership interest in the Trust created by
the Trust Agreement. This Certificate shall not be entitled to any benefit under
the Trust Agreement or be valid for any purpose unless manually countersigned by
an Authorized Officer of the Delaware Trustee.

         The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the Trust Estate for payment hereunder and that
neither the Delaware Trustee nor the Administrator is liable to the
Certificateholders for any amount distributable under this Certificate or the
Trust Agreement, except as expressly provided in the Trust Agreement.

         This Certificate does not purport to summarize the Trust Agreement and
reference is made to the Trust Agreement for the interests, rights and
limitations of rights, benefits, obligations and duties evidenced thereby, and
the rights, duties and immunities of the Delaware Trustee and the Administrator.

         Pursuant to the terms of the Trust Agreement, a distribution on all
Certificates issued by the Trust will be made as provided in the Trust Agreement
to the Person in whose name such Certificates are then registered. Such
distribution will be made pro rata to the holders based on their respective
Percentage Interests.

         Distributions on this Certificate shall be made by wire transfer to the
Certificateholder entitled thereto as its name appears on the Register. The
final distribution on the Certificate will be made in like manner, but only upon
presentment and surrender of such Certificate at the office or agency of the
Trust specified in the notice to Certificateholders of such final distribution.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Register upon surrender of this Certificate for registration of transfer at the
office maintained by the Trust accompanied by a written instrument of transfer
in form satisfactory to the Trust duly executed by the Certificateholder hereof
or such Certificateholder's attorney duly authorized in writing, and thereupon
one or more new Certificates in authorized denominations and evidencing the same
aggregate ownership in the Certificates are issuable only as registered
Certificates without coupons in denominations specified in the Trust Agreement.
As provided in the Trust Agreement and subject to certain limitations therein
set forth, Certificates are exchangeable for new Certificates in authorized
denominations and evidencing the same aggregate Percentage Interest, as
requested by the Certificateholder surrendering the same.

         The Trust shall keep or cause to be kept, at the office or agency
maintained pursuant to the Trust Agreement, a Register in which, subject to such
reasonable regulations as it may prescribe, the Registrar shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided.

         Prior to due presentation of a Certificate for registration of
transfer, the Trust, the Delaware Trustee, the Administrator and the Registrar
may treat the Person in whose name any Certificate is registered in the Register
as the owner of such Certificate for the purpose of receiving distributions
pursuant to the Trust Agreement and for all other purposes whatsoever, and none
of the Trust, Delaware Trustee, the Administrator and the Registrar shall be
bound by any notice to the contrary.

         THE TRUST AGREEMENT CONSTITUTES THE CONTRACT GOVERNING THE RIGHTS AND
OBLIGATIONS OF THE CERTIFICATEHOLDERS. THIS CERTIFICATE IS ONLY EVIDENCE OF SUCH
CONTRACT AND, AS SUCH, IS SUBJECT IN ALL RESPECT TO THE TERMS OF THE TRUST
AGREEMENT, WHICH SUPERCEDES ANY INCONSISTENT STATEMENTS IN THIS CERTIFICATE.

                                      C-3
<PAGE>

         IN WITNESS WHEREOF, the Trust has caused this Certificate to be duly
executed.

         Dated: __________, _____

                                      Nelnet Student Loan Trust 2004-4

                                      By:  Wilmington Trust Company, not in its
                                      individual capacity but solely in
                                      its capacity as Delaware Trustee of the
                                      Nelnet Student Loan Trust 2004-4:

                                      By
                                         ---------------------------------------
                                      Name:
                                            ------------------------------------
                                      Title:
                                             -----------------------------------

This is one of the Certificates referenced in the within-mentioned Trust
Agreement:

         By Authorized Signatory of Wilmington Trust Company, not in its
         individual capacity but solely in its capacity as Delaware Trustee of
         the Nelnet Student Loan Trust 2004-4

                                      C-4
<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee)

         the Percentage Interest evidenced by the within Certificate and hereby
authorizes the transfer of registration of such Percentage Interest to assignee
on the Register of the Trust.

         I (We) further direct the Delaware Trustee to issue a new Certificate
of a like denomination, to the above named assignee and deliver such Certificate
to the following address:

         Dated: __________

                                          Signature by or on behalf of assignor

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for purposes of distribution:

         Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to for the account of account number __________.
Applicable statements should be mailed to ______________________________________
________________________________________________________________________________
________________________________________________________________________________

This information is provided by ____________________, the assignee named above,
or ____________________, as its agent.

                                      C-5
<PAGE>

                                    EXHIBIT D

                            FORM OF TRANSFEROR LETTER

                                     [DATE]

[Name and Address of Addressees]

        Re:     Nelnet Student Loan Trust 2004-4 formed pursuant to the Trust
                Agreement, dated as of September 1, 2004, between Nelnet Student
                Loan Funding, LLC, as Initial Certificateholder and Sponsor, and
                Wilmington Trust Company, as Delaware Trustee (the "Trust
                Agreement")

                Transferor Certificates Number[s]:  ___
                Transferee Certificates Number[s]:  ___

Ladies and Gentlemen:

         In connection with our disposition of Certificates issued by the
above-referenced Trust, we certify that (a) we understand that such Certificates
have not been registered under the Securities Act of 1933, as amended (the
"Act"), and are being disposed by us in a transaction that is exempt from the
registration requirements of the Act, (b) the disposition of the Certificates is
subject to restrictions and requirements set forth in the Trust Agreement, and
(c) we have not transferred, pledged, offered, sold or otherwise disposed of any
Certificate or any interest in any Certificate to, or solicited offers to buy or
accept a transfer, pledge or other disposition of any Certificate or any
interest in any Certificate from, any person, or otherwise approved or
negotiated with any person with respect thereto, in a manner that would be
deemed, or taken any other action which would result in, a violation of Section
5 of the Act.

                                Very truly yours,

                              [NAME OF TRANSFEROR]

                                         By
                                            ------------------------------------
                                             Authorized Officer

<PAGE>

                                    EXHIBIT E

                            FORM OF INVESTMENT LETTER

                                     [DATE]

[Name and Address of Addressees]

        Re:     Nelnet Student Loan Trust 2004-4 formed pursuant to the Trust
                Agreement, dated as of September 1, 2004, between Nelnet Student
                Loan Funding, LLC, as Initial Certificateholder and Sponsor, and
                Wilmington Trust Company, as Delaware Trustee (the "Trust
                Agreement")

                Transferor Certificates Number[s]:  ___
                Transferee Certificates Number[s]:  ___

Ladies and Gentlemen:

         In connection with our acquisition of Certificates issued by the
above-referenced Trust, we certify that (a) we understand that the Certificates
are not being, and have not been, registered under the Securities Act of 1933,
as amended (the "Act"), or any state securities laws and are being, and are
required to be, transferred to us in a transaction that is exempt from the
registration requirements of the Act and any such laws, (b) we are an
"accredited investor," as defined in Regulation D under the Act, and have such
knowledge and experience in financial and business matters that we are capable
of evaluating the merits and risks of investments in the Certificates and based
upon our present and projected net income and net worth, we believe that we can
bear the economic risk of an immediate or future loss of its entire investment
in the Certificates, (c) we have had the opportunity to ask questions of and
have receive answers from the Trust, the Delaware Trustee, the Administrator and
the transferring Certificateholder concerning the Trust and the purchase of the
Certificates and all matters relating thereto or any additional information
deemed necessary to our decision to purchase the Certificates, (d) we are
acquiring the Certificates for investment for our own account and not with a
view to any distribution of such Certificates (but without prejudice to our
right at all times to sell or otherwise dispose of the Certificates in
accordance with clause (h) below), (e) we have not transferred, pledged,
offered, sold or otherwise disposed of any Certificate or any interest in any
Certificate to, or solicited offers to buy or accept a transfer, pledge or other
disposition of any Certificate or any interest in any Certificate from, any
person, or otherwise approached or negotiated with any person with respect
thereto, in a manner that would be deemed, or taken any other action which would
result in, a violation of Section 5 of the Act, nor have we authorized or will
authorize any person to act in such manner with respect to any Certificate or
any interest in any Certificate, (f) we are not prohibited from purchasing the
Certificates pursuant to the Trust Agreement, (g) we have reviewed and are
familiar with the form of the Certificates, including, without limitation, the
legends thereon, and (h) we will not sell, transfer or otherwise dispose of any

<PAGE>

Certificates unless (i) such sale, transfer or other disposition is made
pursuant to an effective registration statement under the Act or is exempt from
such registration requirements, (ii) we have provided at our expense such
opinions of counsel (A) requested by the Delaware Trustee as are satisfactory to
the Delaware Trustee or (B) as are required by the Trust Agreement, (ii) the
purchaser or transferee of such Certificate has executed and delivered to you a
Letter to substantially the same effect as this Letter, and (iii) the purchaser
or transferee has otherwise complied with any conditions for transfer set forth
in the Trust Agreement.

         Capitalized terms used in this Letter, and not defined herein shall
have the meanings set forth in the Trust Agreement.

                                Very truly yours,

                              [NAME OF TRANSFEREE]

                                            By
                                               ---------------------------------
                                                Authorized Officer

                                       E-2
<PAGE>

                                    EXHIBIT F

                            FORM OF RULE 144A LETTER

                                     [DATE]

[Name and Address of Addressees]

        Re:     Nelnet Student Loan Trust 2004-4 formed pursuant to the Trust
                Agreement, dated as of September 1, 2004, between Nelnet Student
                Loan Funding, LLC, as Initial Certificateholder and Sponsor, and
                Wilmington Trust Company, as Delaware Trustee (the "Trust
                Agreement")

                Transferor Certificates Number[s]:  ___
                Transferee Certificates Number[s]:  ___

Ladies and Gentlemen:

         In connection with our disposition of Certificates issued by the above
referenced Trust, we certify that (a) we understand that the Certificates are
not being registered under the Securities Act of 1933, as amended (the "Act"),
or any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Act and any such laws,
(b) we have had the opportunity to ask questions of and receive answers from the
Delaware Trustee, the Administrator and the transferring Certificateholder
concerning the purchase of the Certificates and all matters relating thereto or
any additional information deemed necessary to our decision to purchase the
Certificates, (c) we are not prohibited from acquiring the Certificates pursuant
to the Trust Agreement, (d) we have not, nor has anyone acting on our behalf
offered, transferred, pledged, sold or otherwise disposed of the Certificates or
any interest in the Certificates to, or solicited any offer to buy or accept a
transfer, pledge or other disposition of the Certificates or any interest in the
Certificates from, or otherwise approached or negotiated with respect to the
Certificates, any interest in the Certificates or any other similar security
with, any person in any manner, or made any general solicitation by means of
general advertising or in any other manner, or taken any other action, that
would constitute a distribution of the Certificates under the Securities Act or
that would render the disposition of the Certificates a violation of Section 5
of the Securities Act or require registration pursuant thereto, nor will act,
nor has authorized or will authorize any person to act, in such manner with
respect to the Certificates, (e) we are a "qualified institutional buyer" as
that term is defined in Rule 144A under the Securities Act and have completed
either of the forms of certification to that effect attached hereto as Annex 1
or Annex 2. We are aware that the sale to us is being made in reliance on Rule
144A. We are acquiring the Certificates for our own account or for resale
pursuant to Rule 144A and further, understand that such Certificates may be
resold, pledged or transferred only (i) to a person reasonably believed to be a
qualified institutional buyer that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or

<PAGE>

(ii) pursuant to a registration, or another exemption from registration, under
the Securities Act and in compliance with the requirements and restrictions set
forth in the Trust Agreement.

                                            Very truly yours,

                                           [NAME OF TRANSFEREE]

                                            By
                                               ---------------------------------
                                                Authorized Officer

                                       F-2
<PAGE>

                              ANNEX 1 TO EXHIBIT F

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees Other Than Registered Investment Companies]

         The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Letter to which this certification
relates with respect to the Certificates described therein:

                  i. As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.

                  ii. In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because (i) the Buyer owned
and/or invested on a discretionary basis $__________/1 in securities (except for
the excluded securities referred to below) as of the end of the Buyer's most
recent fiscal year (such amount being calculated in accordance with Rule 144A)
and (ii) the Buyer satisfies the criteria in the category marked below.

                           Corporation, etc. The Buyer is a corporation (other
                  than a bank, savings and loan association or similar
                  institution), Massachusetts or similar statutory trust,
                  partnership, or charitable organization described in Section
                  501(c)(3) of the Internal Revenue Code of 1986, as amended.

                           Bank. The Buyer (a) is a national bank or banking
                  institution organized under the laws of any State, territory
                  or the District of Columbia, the business of which is
                  substantially confined to banking and is supervised by the
                  State or territorial banking commission or similar official or
                  is a foreign bank or equivalent institution, and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual financial statements, a copy of which is
                  attached hereto.

                           Savings and Loan. The Buyer (a) is a savings and loan
                  association, building and loan association, cooperative bank,
                  homestead association or similar institution, which is
                  supervised and examined by a State or Federal authority having
                  supervision over any such institutions or is a foreign savings
                  and loan association or equivalent institution and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual financial statements, a copy of which is
                  attached hereto.

                           Broker-dealer.  The Buyer is a dealer  registered
                 pursuant to Section 15 of the Securities  Exchange Act of
                 1934.

/1 Buyer must own and/or invest on a discretionary basis at least $100,000,000
in securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
invest on a discretionary basis at least $10,000,000 in securities.

<PAGE>

                           Insurance Company. The Buyer is an insurance company
                  whose primary and predominant business activity is the writing
                  of insurance or the reinsuring of risks underwritten by
                  insurance companies and which is subject to supervision by the
                  insurance commissioner or a similar official or agency of a
                  State, territory or the District of Columbia.

                           State or Local Plan. The Buyer is a plan established
                  and maintained by a State, its political subdivisions, or any
                  agency or instrumentality of the State or its political
                  subdivisions, for the benefit of its employees.

                           ERISA Plan. The Buyer is an employee benefit plan
                  within the meaning of Title I of the Employee Retirement
                  Income Security Act of 1974.

                           Investment Advisor. The Buyer is an investment
                  advisor registered under the Investment Advisors Act of 1940.

                           Small Business Investment Company. Buyer is a small
                  business investment company licensed by the U. S. Small
                  Business Administration under Section 301(c) or (d) of the
                  Small Business Investment Act of 1958.

                           Business Development Company. Buyer is a business
                  development company as defined in Section 202(a)(22) of the
                  Investment Advisors Act of 1940.

                  iii. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer is
a dealer, (iii) securities issued or guaranteed by the U. S. or any
instrumentality thereof, (iv) bank deposit notes and certificates of deposit,
(v) loan participations, (vi) repurchase agreements, (vii) securities owned but
subject to a repurchase agreement and (viii) currency, interest rate and
commodity swaps.

                  iv. For purposes of determining the aggregate amount of
securities owned and/or invested on a discretionary basis by the Buyer, the
Buyer used the cost of such securities to the Buyer and did not include any of
the securities referred to in the preceding paragraph, except (i) where the
Buyer reports its securities holdings in its financial statements on the basis
of their market value, and (ii) no current information with respect to the cost
of those securities has been published. If clause (ii) above in the preceding
sentence applies, the securities may be valued at market. Further, in
determining such aggregate amount, the Buyer may have included securities owned
by subsidiaries of the Buyer, but only if such subsidiaries are consolidated
with the Buyer in its financial statements prepared in accordance with generally
accepted accounting principles and if the investments of such subsidiaries are
managed under the Buyer's direction. However, such securities were not included
if the Buyer is a majority-owned, consolidated subsidiary of another enterprise
and the Buyer is not itself a reporting company under the Securities Exchange
Act of 1934, as amended.

                                       F-1-2
<PAGE>

                  v. The Buyer acknowledges that it is familiar with Rule 144A
and understands that the seller to it and other parties related to the
Certificates are relying and will continue to rely on the statements made herein
because one or more sales to the Buyer may be in reliance on Rule 144A.

                  vi. Until the date of purchase of the Rule 144A Securities,
the Buyer will notify each of the parties to which this certification is made of
any changes in the information and conclusions herein. Until such notice is
given, the Buyer's purchase of the Certificates will constitute a reaffirmation
of this certification as of the date of such purchase. In addition, if the Buyer
is a bank or savings and loan is provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

                                             Print Name of Buyer

                                             By:
                                             Name:
                                             Title:

                                             Date:

                                       F-1-3

<PAGE>

                              ANNEX 2 TO EXHIBIT F

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [For Transferees That are Registered Investment Companies]

         The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Letter to which this certification
relates with respect to the Certificates described therein:

         1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because Buyer is part of a
Family of Investment Companies (as defined below), is such an officer of the
adviser to such Family of Investment Companies.

         2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, as
amended and (ii) as marked below, the Buyer alone, or the Buyer's Family of
Investment Companies, owned at least $100,000,000 in securities (other than the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining the amount of securities owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used, except (I) where the Buyer or the Buyer's Family of Investment
Companies reports its securities holdings in its financial statements on the
basis of their market value, and (II) no current information with respect to the
cost of those securities has been published. If clause (II) in the preceding
sentence applies, the securities may be valued at market.

                  The Buyer owned $_______ in securities (other than the
         excluded securities referred to below) as of the end of the Buyer's
         most recent fiscal year (such amount being calculated in accordance
         with Rule 144A).

                  The Buyer is part of a Family of Investment Companies which
         owned in the aggregate $_______ in securities (other than the excluded
         securities referred to below) as of the end of the Buyer's most recent
         fiscal year (such amount being calculated in accordance with Rule
         144A).

         3. The term "Family of Investment Companies" as used herein means two
or more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

         4. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer or are part of the Buyer's Family
of Investment Companies, (ii) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
(iv) loan participations, (v) repurchase agreements, (vi) securities owned but
subject to a repurchase agreement and (vii) currency, interest rate and
commodity swaps.

<PAGE>

         5. The Buyer is familiar with Rule 144A and understands that the
parties listed in the Rule 144A Transferee Letter to which this certification
relates are relying and will continue to rely on the statements made herein
because one or more sales to the Buyer will be in reliance on Rule 144A. In
addition, the Buyer will only purchase for the Buyer's own account.

         6. Until the date of purchase of the Certificates, the undersigned will
notify the parties listed in the Rule 144A Transferee Letter which this
certification relates of any changes in the information and conclusions herein.
Until such notice is given, the Buyer's purchase of the Certificates will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.

                                        ------------------------------------
                                        Print Name of Buyer or Adviser

                                         By:
                                               ----------------------------
                                         Name:
                                               ----------------------------
                                         Title:
                                               ----------------------------

                                         IF AN ADVISER:
                                         ----------------------------------
                                         Print Name of Buyer

Date:
      -----------------

                                     F-2-2

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