Document:

<PAGE>
                                                                     Exhibit 4.2

                               INDENTURE OF TRUST

                                 by and between

                        NELNET STUDENT LOAN CORPORATION-2

                                       and

                            ZIONS FIRST NATIONAL BANK
                                   as Trustee

                            Dated as of June 1, 2000

<PAGE>

                        NELNET STUDENT LOAN CORPORATION-2

Reconciliation and tie between Trust Indenture Act of 1939 and Indenture of
Trust dated as of June 1, 2000.

<TABLE>
<CAPTION>
        TRUST INDENTURE ACT SECTION                INDENTURE SECTION
<S>                                                <C>
Section 310(a)(l)                                        7.23
(a)(2)                                                   7.23
(b)                                                    7.23,7.09
section 312(c)                                           9.16
Section 314(a)                                           4.16
(a)(4)                                                   4.17
Section 315(b)                                           8.04
Section 317(a)(1)                                        4.18
(a)(2)                                                   7.24
Section 318(a)                                           9.09
(c)                                                      9.09
</TABLE>

----------
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 1939 Act, which provides that the provisions of Sections 310 to and
including 317 of the 1939 Act are a part of and govern every qualified
indenture, whether or not physically contained therein.

                                       i

<PAGE>

                                TABLE OF CONTENTS

(This Table of Contents is for convenience of reference only and is not intended
to define, limit or describe the purpose or intent of any provisions of this
Indenture of Trust.)

<TABLE>
<CAPTION>
                                                                                                                       PAGE
<S>                                                                                                                    <C>
                                                         Article I

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

                                                         Article II

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

Section 2.01.  Note Details..........................................................................................   13
Section 2.02.  Execution of Notes....................................................................................   14
Section 2.03.  Registration, Transfer and Exchange of Notes; Persons Treated as Registered Owners....................   14
Section 2.04.  Lost, Stolen, Destroyed and Mutilated Notes...........................................................   15
Section 2.05.  Trustee's Authentication Certificate..................................................................   15
Section 2.06.  Cancellation and Destruction of Notes by the Trustee..................................................   15
Section 2.07.  Temporary Notes.......................................................................................   15
Section 2.08.  Issuance of Notes.....................................................................................   16

                                                        Article III

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

Section 3.01.  Parity and Priority of Lien...........................................................................   17
Section 3.02.  Other Obligations.....................................................................................   17
Section 3.03.  Derivative Products; Reciprocal Payments; Issuer Derivative Payments..................................   18

                                                        Article IV

                                 PROVISIONS APPLICABLE TO THE NOTES; DUTIES OF THE ISSUER

Section 4.01.  Payment of Principal, Interest and Premium............................................................   19
Section 4.02.  Representations and Warranties of the Issuer..........................................................   19
Section 4.03.  Covenants as to Additional Conveyances................................................................   19
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                                      <C>
Section 4.04.  Further Covenants of the Issuer.......................................................................    20
Section 4.05.  Enforcement of Servicing Agreements...................................................................    21
Section 4.06.  Procedures for Transfer of Funds......................................................................    22
Section 4.07.  Additional Covenants with Respect to the Act..........................................................    22
Section 4.08.  Financed Eligible Loans; Collections Thereof; Assignment Thereof......................................    23
Section 4.09.  Appointment of Agents, Etc............................................................................    23
Section 4.10.  Capacity to Sue.......................................................................................    23
Section 4.11.  Continued Existence; Successor to Issuer..............................................................    23
Section 4.12.  Amendment of student Loan Purchase Agreements.........................................................    23
Section 4.13.  Representations; Negative Covenants...................................................................    24
Section 4.14.  Additional Covenants..................................................................................    29
Section 4.15.  Providing of Notice...................................................................................    30
Section 4.16.  Reports by Issuer.....................................................................................    30
Section 4.17.  Statement as to Compliance............................................................................    30
Section 4.18.  Collection of Indebtedness and Suits for Enforcement by Trustee.......................................    31

                                                         Article V

                                                           FUNDS

Section 5.01.  Creation and Continuation of Funds and Accounts.......................................................    31
Section 5.02.  Acquisition Fund......................................................................................    32
Section 5.03.  Revenue Fund..........................................................................................    34
Section 5.04.  Reserve Fund..........................................................................................    35
Section 5.05.  Operating Fund........................................................................................    35
Section 5.06.  Transfers to Issuer...................................................................................    36
Section 5.07.  Investment of Funds Held by Trustee...................................................................    36
Section 5.08.  Release...............................................................................................    37
Section 5.09.  Purchase of Notes.....................................................................................    37

                                                        Article VI

                                                   DEFAULTS AND REMEDIES

Section 6.01.  Events of Default Defined.............................................................................    38
Section 6.02.  Remedy on Default; Possession of Trust Estate.........................................................    38
Section 6.03.  Remedies on Default; Advice of Counsel................................................................    40
Section 6.04.  Remedies on Default; Sale of Trust Estate.............................................................    40
Section 6.05.  Appointment of Receiver...............................................................................    40
Section 6.06.  Restoration of Position...............................................................................    41
Section 6.07.  Purchase of Properties by Trustee or Registered Owners................................................    41
Section 6.08.  Application of Sale Proceeds..........................................................................    41
Section 6.09.  Accelerated Maturity..................................................................................    41
</TABLE>

                                       iii

<PAGE>

<TABLE>
<S>                                                                                                                      <C>
Section 6.10.  Remedies not Exclusive................................................................................    41
Section 6.11.  Direction of Trustee..................................................................................    42
Section 6.12.  Right to Enforce in Trustee...........................................................................    42
Section 6.13.  Physical Possession of Obligations not Required.......................................................    43
Section 6.14.  Waivers of Events of Default..........................................................................    43

                                                        Article VII

                                                        THE TRUSTEE

Section 7.01.  Acceptance of Trust...................................................................................    43
Section 7.02.  Recitals of Others....................................................................................    44
Section 7.03.  As to Filing of Indenture.............................................................................    44
Section 7.04.  Trustee May Act Through Agents........................................................................    44
Section 7.05.  Indemnification of Trustee............................................................................    45
Section 7.06.  Trustee's Right to Reliance...........................................................................    46
Section 7.07.  Compensation of Trustee...............................................................................    46
Section 7.08.  Trustee May Own Notes.................................................................................    47
Section 7.09.  Resignation of Trustee................................................................................    47
Section 7.10.  Removal of Trustee....................................................................................    47
Section 7.11.  Successor Trustee.....................................................................................    48
Section 7.12.  Manner of Vesting Title in Trustee....................................................................    48
Section 7.13.  Additional Covenants by the Trustee to Conform to the Act.............................................    49
Section 7.14.  Right of Inspection...................................................................................    49
Section 7.15.  Limitation with Respect to Examination of Reports.....................................................    49
Section 7.16.  Servicing Agreement...................................................................................    49
Section 7.17.  Additional Covenants of Trustee.......................................................................    49
Section 7.18.  Duty of Trustee with Respect to Rating Agencies.......................................................    49
Section 7.19.  Merger of the Trustee.................................................................................    50
Section 7.20.  Receipt of Funds from Servicer........................................................................    50
Section 7.21.  Special Circumstances Leading to Resignation of Trustee...............................................    50
Section 7.22.  Survival of Trustee's Rights to Receive Compensation, Reimbursement and Indemnification...............    51
Section 7.23.  Corporate Trustee Required; Eligibility; Conflicting Interests........................................    51
Section 7.24.  Trustee May File Proofs of Claim......................................................................    51

                                                        Article VIII

                                                  SUPPLEMENTAL INDENTURES

Section 8.01.  Supplemental Indentures Not Requiring Consent of Registered Owners....................................    52
Section 8.02.  Supplemental Indentures Requiring Consent of Registered Owners........................................    53
Section 8.03.  Additional Limitation on Modification of Indenture....................................................    54
</TABLE>

                                       iv

<PAGE>

<TABLE>
<S>                                                                                                                      <C>
section 8.04.  Notice of Defaults....................................................................................    54
section 8.05.  Conformity with the Trust Indenture Act...............................................................    54

                                                        Article IX

                                                    GENERAL PROVISIONS

Section 9.01.  Notices...............................................................................................    55
Section 9.02.  Covenants Bind Issuer.................................................................................    56
Section 9.03.  Lien Created..........................................................................................    56
Section 9.04.  Severability of Lien..................................................................................    56
Section 9.05.  Consent of Registered Owners Binds Successors.........................................................    56
Section 9.06.  Nonliability of Directors; No General Obligation......................................................    56
Section 9.07.  Nonpresentment of Notes or Interest Checks............................................................    57
Section 9.08.  Security Agreement....................................................................................    57
Section 9.09.  Laws Governing........................................................................................    57
Section 9.10.  Severability..........................................................................................    57
Section 9.11.  Exhibits..............................................................................................    57
Section 9.12.  Non-Business Days.....................................................................................    57
Section 9.13.  Parties Interested Herein.............................................................................    57
Section 9.14.  Obligations Are Limited Obligations...................................................................    58
section 9.15.  Reciprocal Payor Rights...............................................................................    58
Section 9.16.  Disclosure of Names and Addresses of Registered Owners................................................    58
Section 9.17.  Aggregate Principal Amount of Obligations.............................................................    58
Section 9.18.  Financed Eligible Loans...............................................................................    58

                                                         Article X

                              PAYMENT AND CANCELLATION OF NOTES AND SATISFACTION OF INDENTURE

Section 10.01. Trust Irrevocable.....................................................................................    58
Section 10.02. Satisfaction of Indenture.............................................................................    59
Section 10.03. Cancellation of Paid Notes............................................................................    59

                                                        Article XI

                                                        TERMINATION

Section 11.01. Termination of the Trust..............................................................................    60
Section 11.02. Notice................................................................................................    62

                                                       Article XII

REPORTING REQUIREMENTS...............................................................................................    62

EXHIBIT A      ELIGIBLE LOAN ACQUISITION CERTIFICATE
</TABLE>

                                       V

<PAGE>

                               INDENTURE OF TRUST

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

                              W I T N E S S E T H:

         WHEREAS, the Issuer represents that it is duly created as a corporation
under the laws of the State and that by proper action of its governing body it
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 Reciprocal Payor (as defined herein), all to be
issued pursuant to the terms of Supplemental Indentures; and

         WHEREAS, this indenture is subject to the provisions of the Trust
Indenture Act of 1939, as amended (the "Trust Indenture Act" or "TIA"), 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 any Notes (the Registered Owners evidencing their consent by their
acceptance of the Notes) and any Reciprocal Payor (the Reciprocal Payor
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, 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 Reciprocal Payor 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,
does hereby GRANT, CONVEY, PLEDGE, TRANSFER, ASSIGN AND DELIVER to the Trustee,
for the benefit of the Registered Owners of the Notes, any Reciprocal Payor (to
secure the payment of any and all amounts which may from time to time become due
and owing to a Reciprocal Payor 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:

                                       1

<PAGE>

                                GRANTING CLAUSE A

         The Revenues (other than Revenues deposited in the Operating Fund or
otherwise released from the lien of the Trust Estate as provided herein);

                                GRANTING CLAUSE B

         All moneys and investments held in the Funds created under Section
5.01(a) hereof (other than the moneys and investments held in the Operating
Fund);

                                GRANTING CLAUSE C

         The Financed Eligible Loans;

                                GRANTING CLAUSE D

         The rights of the Issuer in and to the Servicing Agreements, the
Student Loan Purchase Agreements, the Custodian Agreements and the Guarantee
Agreements as the same relate to Financed Eligible Loans;

                                GRANTING CLAUSE E

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

                                GRANTING CLAUSE F

         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 Reciprocal Payor) 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;

         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

                                       2

<PAGE>

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
Reciprocal Payor), 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

         The following terms have the following meanings unless the context
clearly requires otherwise:

         "ACCOUNT" shall mean any of the accounts created and established within
any Fund by this Indenture.

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

         "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.

         "ADMINISTRATIVE SERVICES AGREEMENT" shall mean any administrative
services agreement entered into between the Issuer and an entity who will
provide administrative services for the Issuer, as supplemented and amended.

         "AGENT MEMBER" shall mean a member of, or participant in, the
Securities Depository.

         "AGGREGATE MARKET VALUE" shall mean on any calculation date the sum of
the Values of all assets of the Trust Estate, less moneys in any Fund or Account
which the Issuer is then entitled to receive for deposit into the Operating Fund
but which has not yet been removed from the Trust Estate.

         "AUTHORIZED OFFICER" shall mean, when used with reference to the
Issuer, its Chairman, President, Vice President or Secretary, or any other
officer or board member authorized in writing by the Board to act on behalf of
the Issuer.

         "AUTHORIZED REPRESENTATIVE" shall mean, when used with reference to the
Issuer, (a) an Authorized Officer or (b) any officer or board member of any
affiliate organization or other entity authorized by the Board to act on the
Issuer's behalf.

         "BOARD" or "BOARD OF DIRECTORS" shall mean the Board of Directors of
the Issuer.

                                       3

<PAGE>

         "BUSINESS DAY" shall mean the definition of Business Day found in the
Supplemental Indenture authorizing a series of Notes.

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

         "COMMISSION" shall mean the Securities and Exchange Commission.

         "CONTRACT OF INSURANCE" shall mean the contract of insurance between
the Eligible Lender and the Secretary.

         "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.

         "CUSTODIAN AGREEMENT" shall mean, collectively, the custodian
agreements with any Servicer or other custodian or bailee related to Financed
Eligible Loans.

         "DATE OF ISSUANCE" shall mean the date of original issuance and
delivery of any Notes to an Underwriter or placement agent.

         "DERIVATIVE PAYMENT DATE" shall mean, with respect to a Derivative
Product, any date specified in the Derivative Product on which both or either of
the Issuer Derivative Payment and/or a Reciprocal Payment is due and payable
under the Derivative Product.

         "DERIVATIVE PRODUCT" shall mean a written contract or agreement between
the Issuer and a Reciprocal Payor, which provides that the Issuer's obligations
thereunder will be conditioned on the absence of (i) a failure by the Reciprocal
Payor to make any payment required thereunder when due and payable, or (ii) a
default thereunder with respect to the financial status of the Reciprocal Payor,
and:

                  (a) under which the Issuer is obligated to pay (whether on a
         net payment basis or otherwise) on one or more scheduled and specified
         Derivative Payment Dates, the Issuer Derivative Payments in exchange
         for the Reciprocal Payor's obligation to pay (whether on a net payment
         basis or otherwise), or to cause to be paid, to the Issuer, Reciprocal
         Payments on one or more scheduled and specified Derivative Payment
         Dates in the amounts set forth in the Derivative Product;

                  (b) for which the Issuer's obligation to make Issuer
         Derivative Payments may be secured by a pledge of and lien on the Trust
         Estate on an equal and ratable basis with any class of the Issuer's
         Outstanding Notes and which Issuer Derivative Payments may be equal in
         priority with any priority classification of the Issuer's Outstanding
         Notes; and

                  (c) under which Reciprocal Payments are to be made directly to
         the Trustee for deposit into the Revenue Fund.

                                        4

<PAGE>

         "DERIVATIVE VALUE" shall mean the value of the Derivative Product, if
any, to the Reciprocal Payor, 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.

         "DISSOLUTION" means, with respect to Article XI and the Issuer, the
occurrence of any of the events which would cause a dissolution of a limited
partnership organized under the laws of the State of Delaware, the sole general
partner of which is the Issuer.

         "ELIGIBLE LENDER" shall mean any "ELIGIBLE LENDER," as defined in the
Act, and which has received an eligible lender designation from the Secretary
with respect to Eligible Loans made under the Act.

         "ELIGIBLE LOAN" shall mean any loan made to finance post-secondary
education that is (a) made under the Act; (b) insured by the Secretary of Health
and Human Services pursuant to the Public Health Services Act; or (c) otherwise
permitted to be acquired by the Issuer pursuant to its Program (provided a
Rating Confirmation is received with respect thereto).

         "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.

         "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.

         "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 as established
from time to time.

         "FITCH" shall mean Fitch IBCA, inc., a corporation organized and
existing under the laws of the State of Delaware, its successors and assigns.

                                       5

<PAGE>

         "FUNDS" shall mean each of the Funds created pursuant to Section
5.01(a) and (b) hereof.

         "GUARANTEE" or "GUARANTEED" shall mean, with respect to an Eligible
Loan, the insurance or guarantee by the 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 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 the Guaranty Agency for
payments made by it on defaulted Eligible Loans insured or guaranteed by the
Guaranty Agency of at least the minimum reimbursement allowed by the Act with
respect to a particular Eligible Loan.

         "GUARANTEE AGREEMENTS" shall mean a guaranty or lender agreement
between the Trustee and any Guaranty Agency, and any amendments thereto.

         "GUARANTY AGENCY" shall mean any entity authorized to guarantee student
loans under the Act and with which the Trustee maintains a Guarantee Agreement.

         "HIGHEST PRIORITY OBLIGATIONS" shall mean, (a) at any time when Senior
Obligations are Outstanding, the Senior Obligations, (b) at any time when no
Senior obligations are Outstanding, the Subordinate Obligations, and (c) at any
time when no Senior Obligations or Subordinate Obligations are Outstanding, the
Junior-Subordinate Obligations (and any priorities as between Junior-Subordinate
Obligations as shall be established by Supplemental Indentures).

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

         "INSURANCE" or "INSURED" or "INSURING" means, 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
Act) under the Act of 100% of the principal of and accrued interest on such
Eligible Loan.

         "INTEREST BENEFIT PAYMENT" shall mean an interest payment on Eligible
Loans received pursuant to the Act and an agreement with the federal government,
or any similar payments.

         "INTEREST PAYMENT DATE" shall mean the Interest Payment Dates specified
for Notes in the Supplemental Indenture authorizing the issuance of such Notes.

         "INVESTMENT AGREEMENT" shall mean, collectively, (a) the Investment
Agreement dated as of June 1, 2000, among the Trustee, the Issuer and Lehman
Brothers, Inc., (b) the Investment Agreement dated as of June 1, 2000, among the
Trustee, the Issuer and Assured Management Corporation and (c) any other
investment agreement approved by the Rating Agencies.

         "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;

                                       6

<PAGE>

                  (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, "P-l" by Moody's and "F-1+" by Fitch;

                  (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, "P-l" or higher by Moody's and "A" or
         higher by Fitch, and, if commercial paper is outstanding, commercial
         paper which is rated "A-1+" by S&P, "p-1" by Moody's and "F-1+" by
         Fitch;

                  (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, "Aa2" or higher by Moody's and "AA" or higher by
         Fitch and, if commercial paper is outstanding, commercial paper which
         is rated "A-1+" by S&P, "Aa2" by Moody's and "F-1+" by Fitch;

                  (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 Student Loan Marketing 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, Moody's and Fitch
         and, if commercial paper is outstanding, commercial paper which is
         rated "A-1+" by S&P, "P-1" by Moody's and "F-l+" by Fitch;

                  (g) overnight repurchase agreements and overnight reverse
         repurchase agreements at least 101% collateralized by securities

                                       7
<PAGE>

         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, "A2" or higher by Moody's, and
         "A" or higher by Fitch and, if commercial paper is outstanding,
         commercial paper which is rated "A-1+" by S&P, "p-1" by Moody's and
         "F-1+" by Fitch 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, "Aa3" by
         Moody's and "F-1+" by Fitch for agreements or contracts with a maturity
         of 12 months or less; (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, Moody's and Fitch and, if commercial paper is
         outstanding, commercial paper which is rated "A-1+" by S&P, "Aa1" by
         Moody's and "F-1+" by Fitch for agreements or contracts with a maturity
         of 24 months or less, but more than 12 months, 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, Moody's and
         Fitch and, if commercial paper is outstanding, commercial paper which
         is rated "A-1+" by S&P, "Aa1" by Moody's and "F-1+" by Fitch for
         agreements or contracts with a maturity of more than 24 months, or, in
         each case, by an insurance company whose claims-paying ability is so
         rated;

                  (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, Moody's 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, "Aaa" or higher by Moody's, and "AA/F1+" or higher by
         Fitch, 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, "p-1" by Moody's and "F-1+" by Fitch, 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 "F-1+" 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.

         "ISDA MASTER AGREEMENT" shall mean the ISDA Interest Rate and Currency
Exchange Agreement, copyright 1992, as amended from time to time, and as in
effect with respect to any Derivative Product.

                                       8

<PAGE>

         "ISSUER" shall mean NELNET Student Loan Corporation-2, a corporation
organized and existing under the laws of the State, and any successor thereto.

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

         "ISSUER DERIVATIVE PAYMENT" shall mean a payment required to be made by
or on behalf of the Issuer due to a Reciprocal Payor pursuant to a Derivative
Product.

         "JUNIOR-SUBORDINATE NOTES" shall mean Notes, the principal of and
interest on which is payable on a subordinated basis to the payment of the
principal of and interest on the Senior Notes and the Subordinate Notes;
provided, however, that any series of the Junior-Subordinate Notes need not
necessarily be payable on a parity with all other series of the
Junior-Subordinate Notes.

         "JUNIOR-SUBORDINATE OBLIGATIONS" shall mean Junior-Subordinate Notes
and any Derivative Product, the priority of payment of which is equal with that
of any series or subseries of Junior-Subordinate Notes.

         "MASTER PROMISSORY NOTE" shall mean a note (a) that evidences one or
more loans made to finance post-secondary education financing and (b) that is in
the form mandated by Section 432(m)(l)(D) of the Act, as added by Pub. L.
105-244,ss. 427, 112 Stat. 1702 (1998), as codified in 20 U.S.C.ss.
1082(m)(l)(D) (1999 Supp. V).

         "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 Stated Maturity, by earlier redemption, by declaration
of acceleration, or otherwise.

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

         "NOTE PAYMENT DATE" shall mean, for any Note, any Interest Payment
Date, its Stated Maturity or the date of any other regularly scheduled principal
payment with respect thereto.

         "NOTES" shall mean any notes or other debt obligations issued pursuant
to Section 2.08 of this Indenture.

         "OBLIGATIONS" shall mean Senior Obligations, Subordinate Obligations
and Junior-Subordinate Obligations.

         "OPERATING FUND" shall mean the fund by that name continued by Section
5.01 and further described in Section 5.05 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, unless provision has been made
for such payment pursuant to Section 10.02 hereof, excluding Notes which have
been replaced pursuant to Section 2.03 hereof.

                                       9

<PAGE>

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

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

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

         "PROGRAM EXPENSES" shall mean (a) the fees and expenses of the Trustee;
(b) the fees and expenses of any auction agent, any market agent, any
calculation agent and any broker-dealer then acting under a Supplemental
Indenture with respect to auction rate Notes; (c) the fees and expenses of any
remarketing agent then acting under a Supplemental Indenture with respect to
variable rate Notes; (d) the fees and expenses due to any credit provider of any
Notes for which a credit facility or liquidity facility is in place; (e) the
fees of any Servicer and/or Custodian under any servicing agreement or custodian
agreement; (f) the fees and expenses of the Issuer incurred in connection with
the preparation of legal opinions and other authorized reports or statements
attributable to the Notes and the Financed Eligible Loans; (g) transfer fees,
purchase premiums and loan origination fees on Financed Eligible Loans; (h) fees
and expenses associated with the delivery of a substitute credit facility or
liquidity facility under a Supplemental Indenture; (i) fees and expenses
associated with (but not payments under) Derivative Products; (j) the costs of
remarketing any variable rate Notes and (k) expenses incurred for the Issuer's
maintenance and operation of its Program as a direct consequence of this
Indenture, the Notes or the Financed Eligible Loans; including, but not limited
to, taxes, the reasonable fees and expenses of attorneys, agents, financial
advisors, consultants, accountants and other professionals, attributable to such
maintenance and operation, marketing expenses for the Program and a prorated
portion of the rent, personnel compensation, office supplies and equipment,
travel expenses and other lawful payments made to members of the Board.

         "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, collectively, 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" means a letter from each Rating Agency then
providing a Rating for any of the Notes, confirming that the action proposed to
be taken by the Issuer 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 or withdraw the Ratings then applicable to the Notes.

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

                                       10

<PAGE>

         "RECIPROCAL PAYOR" shall mean a third party which, at the time of
entering into a Derivative Product, has at least an "AA/A-1" rating, or its
equivalent, from a Rating Agency, and which is obligated to make Reciprocal
Payments under a Derivative Product.

         "RECORD DATE" shall mean the Record Date established for any Notes
pursuant to the Supplemental Indenture authorizing the issuance of such Notes.

         "RECOVERIES OF PRINCIPAL" shall mean all amounts received by the
Trustee from or on account of any Financed Eligible Loan as a recovery of the
principal amount thereof, including scheduled, delinquent and advance payments,
payouts or prepayments, proceeds from insurance or from the sale, assignment,
transfer, reallocation or other disposition of a Financed Eligible Loan and any
payments representing such principal from the guarantee or insurance of any
Financed Eligible Loan.

         "REGISTERED OWNER" shall mean the Person in whose name a Note is
registered on the Note registration books maintained by the Trustee, and shall
also mean with respect to a Derivative Product, any Reciprocal Payor, 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.

         "RESERVE FUND" shall mean the Fund by that name created in Section
5.01(a)(iii) hereof and further described in Section 5.04 hereof, including any
Accounts and Subaccounts created therein.

         "RESERVE FUND REQUIREMENT" shall mean an amount, if any, required to be
on deposit in the Reserve Fund with respect to any Notes issued pursuant to the
Supplemental Indenture authorizing the issuance of such Notes.

         "RESOLUTION" shall mean a resolution duly adopted by the Board.

         "REVENUE" or "REVENUES" shall mean all Recoveries of Principal,
payments, proceeds, charges and other income received by the Trustee or the
Issuer from or on account of any Financed Eligible Loan (including scheduled,
delinquent and advance payments of and any insurance proceeds with respect to,
interest, including Interest Benefit Payments, on any Financed Eligible Loan and
any Special Allowance Payment received by the Issuer with respect to any
Financed Eligible Loan) and all interest earned or gain realized from the
investment of amounts in any Fund or Account and all payments received by the
Issuer pursuant to a Derivative Product.

         "REVENUE FUND" shall mean the Fund by that name created in Section
5.01(a)(ii) hereof and further described in Section 5.03 hereof.

         "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 Act.

                                       11

<PAGE>

         "SECURITIES ACT" means 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.

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

         "SELLER" shall mean an Eligible Lender from which the Issuer is
purchasing or has purchased or agreed to purchase Eligible Loans pursuant to a
Student Loan Purchase Agreement between the Issuer and such Eligible Lender.

         "SENIOR NOTES" shall mean all Notes secured on a senior priority to the
Subordinate Obligations and the Junior-Subordinate Obligations.

         "SENIOR OBLIGATIONS" shall mean Senior Notes and any Derivative
Product, the priority of payment of which is equal with that of Senior Notes.

         "SERVICER" shall mean, collectively, NELnet, Inc., Union Bank and Trust
Company, UNIPAC Service Corporation, InTuition, Inc., USA Group Loan Services,
Inc., AFSA Data Corporation, Pennsylvania Higher Education Assistance Agency and
any other additional Servicer, Subservicer or successor Servicer or 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 Servicer or
Subservicer.

         "SERVICING AGREEMENT" shall mean the servicing agreements with any
Servicer relating to Financed Eligible Loans, as amended from time to time.

         "SPECIAL ALLOWANCE PAYMENTS" shall mean the special allowance payments
authorized to be made by the Secretary by Section 438 of the Act, or similar
allowances, if any, authorized from time to time by federal law or regulation.

         "SPECIAL RECORD DATE" shall have the meaning set forth in a
Supplemental Indenture.

         "STATE" shall mean the State of Nevada.

         "STATED MATURITY" shall mean the date specified in the Notes as the
fixed date on which principal of such Notes is due and payable.

         "STUDENT LOAN PURCHASE AGREEMENT" shall mean a loan purchase agreement
entered into for the purchase of Eligible Loans into the Trust Estate.

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

                                       12

<PAGE>

         "SUBORDINATE NOTES" shall mean any Notes secured on a priority
subordinate to the Senior Obligations and on a priority senior to the
Junior-Subordinate Obligations.

         "SUBORDINATE OBLIGATIONS" shall mean Subordinate Notes and any
Derivative Product, the priority of payment of which is equal with that of
Subordinate Notes.

         "SUPPLEMENTAL INDENTURE" shall mean an agreement supplemental hereto
executed pursuant to Article VIII hereof.

         "TRUST ESTATE" shall mean the property described as such in the
granting clauses hereto.

         "TRUST INDENTURE ACT" or "TIA" means 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.

         "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.

         "UNDERWRITER" shall mean the underwriter or underwriters of the Notes.

         "VALUE" on any calculation date when required under this Indenture
shall mean the value of the Trust Estate calculated by the Issuer as to (a)
below and by the Trustee as to (b) through (e), inclusive, below, as follows:

                  (a) with respect to any Eligible Loan, 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;

                  (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, FORM OF NOTES, REDEMPTION OF NOTES
                          AND USE OF PROCEEDS OF NOTES

SECTION 2.01. NOTE DETAILS. The details of each series of Notes authorized
pursuant to this Indenture and a Supplemental Indenture, shall be contained in
the applicable Supplemental Indenture. Such details shall include, but are not
limited to, the principal amount, authorized denomination, dated date, interest
rate, principal maturity date, redemption provisions and registration
provisions.

                                       13

<PAGE>

SECTION 2.02. EXECUTION OF NOTES. The Notes shall be executed in the name and on
behalf of the Issuer by the manual or facsimile signature of the Chairman of the
Board, President, any Vice President or the acting Chairman of the Board and
attested by the manual or facsimile signature of the Secretary of the Issuer,
any Vice President or any other member of the Board (to the extent not executed
by such person). 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, notwithstanding that at the date of authentication, issuance
or delivery, such person may have ceased to hold such office.

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 series, subseries, if any, 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 series,
subseries, if any, 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.

         The Trustee shall not be required to transfer or exchange any Note
during the period of 15 business days next preceding the mailing of notice of
redemption as herein provided. After the giving of such notice of redemption,
the Trustee shall not be required to transfer or exchange any Note, which Note
or portion thereof has been called for redemption.

         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.

                                       14

<PAGE>

         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.

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 new Note of the same series,
subseries, if any, 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 or have been called for redemption, in lieu
of executing and delivering a new Note as aforesaid, the Issuer may pay such
Note. Any such new 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 provided in the
Supplemental Indenture authorizing the issuance of such 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 and under a Supplemental Indenture. 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

                                       15

<PAGE>

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.

         (a) The Issuer shall have the authority, upon complying with the
provisions of this Section, to issue and deliver from time to time Notes secured
by the Trust Estate on a parity with the Senior Notes, the Subordinate Notes or
the Junior-Subordinate Notes, if any, secured hereunder as shall be determined
by the Issuer. In addition, the Issuer may enter into any Derivative Products it
deems necessary or desirable with respect to any or all of the Notes.

         (b) No Notes shall be authenticated and delivered pursuant to this
Indenture until the following conditions have been satisfied:

                  (i) The Issuer and the Trustee have entered into a
Supplemental Indenture (which Supplemental Indenture shall not require the
approval of the Registered Owners of any of the Outstanding Notes or Derivative
Products) providing the terms and forms of the proposed Notes as described in
Section 2.01 hereof, including the designation of such Notes as Senior Notes,
Subordinate Notes or Junior-Subordinate Notes, the redemption and selection
provisions applicable to such Notes, and the Reserve Fund Requirement with
respect to such Notes, if any.

                  (ii) The Trustee shall have received a Rating Confirmation
from each Rating Agency which has assigned a Rating or Ratings to any
Outstanding Notes that such Rating or Ratings will not be reduced or withdrawn
as a result of the issuance of the proposed Notes.

                  (iii) The Trustee shall have received an opinion of Note
Counsel to the effect that all of the foregoing conditions to the issuance of
the proposed Notes have been satisfied.

                  (iv) Upon the issuance of the proposed Notes, an amount equal
to the Reserve Fund Requirement with respect to such Notes, if any, shall be
deposited in the Reserve Fund.

         (c) The Trustee is authorized to set up any additional Funds or
Accounts or Subaccounts under this Indenture which it deems necessary or
convenient in connection with the issuance and delivery of any Notes.

                                       16

<PAGE>

                                   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, regardless of the time or times of
their issuance or maturity, 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.

         (a) The Issuer reserves the right to issue other notes or obligations
which do not constitute or create a lien on the Trust Estate.

         (b) The Issuer shall not commingle the Funds established by this
Indenture with funds, proceeds, or investment of funds relating to other issues
or series of notes heretofore or hereafter issued, except to the extent such
commingling is required by the Trustee for ease in administration of its duties
and responsibilities; provided, however, that should the Trustee require such
permitted commingling, it shall keep complete records in order that the funds,
proceeds, or investments under this Indenture may at all times be identified by
source and application, and if necessary, separated.

         (c) The revenues 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 subsection (c) 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

                                       17

<PAGE>

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 Senior Obligations, the Subordinate Obligations and the
Junior-Subordinate 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; RECIPROCAL 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
Reciprocal Payor under which (a) the Issuer may be required to make, from time
to time, Issuer Derivative Payments and (b) the Trustee may receive, from time
to time, Reciprocal Payments for the account of the Issuer. No Derivative
Product shall be entered into unless (i) 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 and (ii) all Issuer
Derivative Payments and Reciprocal Payments are made on the third Business Day
immediately preceding a Note Payment Date. Anything in this Indenture to the
contrary notwithstanding, any Revenues representing Reciprocal Payments shall
not be available to make an Issuer Derivative Payment or to pay any other
amounts owed to a Reciprocal Payor under a Derivative Product.

       No later than the fourth Business Day immediately preceding each Note
Payment Date on which a Reciprocal Payment or Issuer Derivative Payment is due
pursuant to the applicable Derivative Product through and including the
termination date of a Derivative Product, the Issuer shall give written notice
to the Trustee stating either (a) the amount of any Reciprocal Payment due to be
received by the Trustee for the account of the Issuer on the third Business Day
immediately preceding such Note Payment Date or (b) the amount of any Issuer
Derivative Payment to be paid to the Reciprocal Payor on the third Business Day
immediately preceding such Note Payment Date. If the Trustee fails to receive
such written notification from the Issuer by the end of such fourth Business
Day, it shall immediately notify the Issuer of such fact in writing.

       On the third Business Day immediately preceding each Note Payment Date
on which a Reciprocal Payment is due pursuant to the applicable Derivative
Product in accordance with the written notification received from the Issuer,
the Trustee shall deposit all moneys received representing such Reciprocal
Payment in the Revenue Fund to be applied in accordance with the provisions of
Section 5.03 hereof. The Trustee shall notify the Issuer on such Business Day,
if (a) the amount received from the Reciprocal Payor is not equal to the amount
specified in the written notification of the Issuer, (b) no amount is received
from the Reciprocal Payor or (c) the amount received is not received in
immediately available funds.

       On the third Business Day immediately preceding any Note Payment Date
with respect to which an Issuer Derivative Payment is due in accordance with the
written notification received from the Issuer or, with respect to a payment in
respect of an early termination date due pursuant to the terms of a Derivative
Product from the Issuer, the Trustee shall make payment to the Reciprocal Payor
from moneys in the Revenue Fund of the amount of the Issuer Derivative Payment
specified in such written notification of the Issuer, due on such date by the
deposit or wire transfer of immediately available funds to the credit of the
account of the Reciprocal Payor specified in such written notification of the

                                       18

<PAGE>

Issuer, but only to the extent such payment will not result in a deficiency in
the amount due on the next succeeding Note Payment Date to the Registered Owners
of any class of Obligations having a priority equal to or higher than such
Reciprocal Payor under such Derivative Product.

         If any payment to such a Reciprocal Payor described in the paragraph
above would result in a deficiency in the amounts required to make payments to
the Registered Owners of the Obligations referred to in the paragraph above on
such Note Payment Date, then the Trustee shall delay the making of such payment
to the Reciprocal Payor until the first date on which no deficiency would result
from such payment.

                                   ARTICLE IV

                       PROVISIONS APPLICABLE TO THE NOTES;
                              DUTIES OF THE ISSUER

SECTION 4.01. PAYMENT OF PRINCIPAL, INTEREST AND PREMIUM. 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 and any premium required for the retirement of said
Obligations by purchase or redemption according to the true intent and meaning
thereof. The Obligations shall be and are hereby declared to be payable from and
equally secured 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 Reciprocal
Payor 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. REPRESENTATIONS AND WARRANTIES OF THE ISSUER. The Issuer
represents and warrants that it is duly authorized under the laws of the State
to create and issue the Notes and to execute and deliver this Indenture and any
Derivative Product and to make the pledge to the payment of Notes and any Issuer
Derivative Payments hereunder, that all necessary action on the part of the
Issuer and the Board for the creation and issuance of the Notes and the
execution and delivery of this Indenture and any Derivative Product has been
duly and effectively taken; and that the Notes in the hands of the Registered
Owners thereof and the Issuer Derivative Payments are and will be valid and
enforceable special limited obligations of the Issuer secured by and payable
solely from the Trust Estate.

SECTION 4.03. 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.

                                       19

<PAGE>

SECTION 4.04. 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, and will
punctually perform all duties required by the Articles of Incorporation and
Bylaws of the Issuer and the laws of the State.

         (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 Servicing 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.

                                       20

<PAGE>

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

SECTION 4.05. ENFORCEMENT OF SERVICING AGREEMENTS. The Issuer shall comply with
and shall require the servicer 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 all Servicing 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 Servicer to specify whether payments received by it
represent principal or interest;

         (b) not permit the release of the obligations of any Servicer under any
Servicing Agreement except in conjunction with amendments or modifications
permitted by (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 and of
the Registered Owners under or with respect to each Servicing Agreement;

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

         (e) the Issuer agrees to give the Trustee prompt written notice of each
default on the part of the Servicer of its obligations under the Servicing
Agreement coming to the Issuer's attention;

         (f) the Issuer shall not waive any default by the Servicer under the
Servicing Agreement without the written consent of the Trustee;

         (g) the Issuer shall cause the Servicer to deliver to the Trustee and
the Issuer, on or before June 30 of each year, beginning with June 30, 2001, a
certificate stating that (i) a review of the activities of the Servicer during
the preceding calendar year and of its performance under the servicing 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 Servicer
has fulfilled all its obligations under the Servicing 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 statue
thereof. The Issuer shall send copies of such annual certificate of the Servicer
to each Rating Agency; and

         (h) not consent or agree to or permit any amendment or modification of
any Servicing Agreement which will in any manner materially adversely affect the

                                       21

<PAGE>

rights or security of the Registered Owners. The Issuer shall be entitled to
receive and rely upon an opinion of its counsel that any such amendment or
modification will not materially adversely affect the rights or security of the
Registered Owners.

SECTION 4.06. 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 4.07. ADDITIONAL COVENANTS WITH RESPECT TO THE ACT. The Issuer covenants
that it will cause the Trustee to be, or replace the Trustee with, an Eligible
Lender under the Act, that it will acquire or cause to be acquired Eligible
Loans originated and held only by an Eligible Lender and that it wilt 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 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
Servicer or the Guarantee 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 its designated agent, shall be responsible for each of
the following actions with respect to the Act:

         (a) the Issuer, or its designated agent, shall be responsible for
dealing with the Secretary with respect to the rights, benefits and obligations
under the Certificates of Insurance and the Contract of Insurance, and the
Issuer shall be responsible for dealing with the Guarantee Agencies with respect
to the rights, benefits and obligations under the Guarantee Agreements with
respect to the Financed Eligible Loans;

         (b) the Issuer, or its designated agent, 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;

         (c) the Issuer, or its designated agent, shall cause the Financed
Eligible loans to be serviced by entering into the Servicing Agreement or other
agreement with the Servicer for the collection of payments made for, and the
administration of the account of, the Financed Eligible Loans;

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

         (e) the Issuer, or its designated agent, shall cause the benefits of
the Guarantee Agreements, the Interest Subsidy Payments and the Special
Allowance

                                       22

<PAGE>

Payments to flow to the Trustee. The Trustee shall have no liability for actions
taken at the direction of the Issuer, 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.

The Trustee shall not be deemed to be the designated agent for the purposes of
this Section 4.07 unless it has agreed in writing to be such agent.

SECTION 4.08. FINANCED ELIGIBLE LOANS; COLLECTIONS THEREOF; ASSIGNMENT THEREOF.
The Issuer, through the servicer, shall diligently collect all principal and
interest payments on all Financed Eligible Loans, and all Interest Benefit
Payments, insurance, guarantee and default claims and special Allowance Payments
which relate to such Financed Eligible Loans. 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 Servicer. The Issuer will comply with the
Act and Regulations which apply to the Program and to such Financed Eligible
Loans.

SECTION 4.09. APPOINTMENT OF AGENTS, ETC. The Issuer shall employ and appoint
all employees, agents, consultants and attorneys which it may consider
necessary. No member of the Board, neither singly or collectively, shall be
personally liable for any act or omission not willfully fraudulent or mala fide.

SECTION 4.10. 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 4.11. 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 Nevada corporation,
except as otherwise permitted by this Section 4.11. 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 corporation or entity; or (c) permit
one or more other corporations or entities to consolidate with or merge into it.
The preceding restrictions in (a), (b) and (c) shall not apply to a transaction
if the transferee or the surviving or resulting corporation or 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 4.12. 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 them that such an amendment is required by
the Act and is not materially prejudicial to the Registered Owners.

                                       23

<PAGE>

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.

SECTION 4.13. 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 execute, deliver and perform this Indenture and to grant the Trust
Estate to the Trustee and the 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 corporate action.

             (iv) BINDING OBLIGATION. This Indenture, assuming due
authorization, execution and delivery by the Trustee, constitutes a legal, valid
and binding obligation of the Issuer enforceable against the Issuer in
accordance with its 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.

                                       24

<PAGE>

             (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 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 121 South 13 Street, Suite 301, Lincoln, NE 68508.

             (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 will be
treated as the owner of the Financed Eligible Loans for all purposes. The Issuer
further intends to treat the Senior 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. The Issuer has taken all steps necessary to
ensure that it is eligible to file a consolidated federal income tax return with
NELnet, Inc. and such return will be filed for all taxable years in which the
Notes are Outstanding. 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 Corporation-2" and has not changed since its inception. The Issuer has no
tradenames, fictitious names, assumed names or "dba's" under which it conducts
its business and has made no filing in respect of any such name.

             (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 corporate
formalities 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.

                                       25

<PAGE>

             (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 paid 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 or the Issuer's
parent or any affiliate.

             (xvi) NO INTERCORPORATE 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
intercorporate transactions with the Seller and affiliates, except as provided
herein with respect to Program Expenses and the Administrative Services
Agreement or the payment of dividends 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.

             (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 Servicer 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.

                                       26

<PAGE>

         (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;

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

             (ix) act as agent of any Seller or, except as provided in the
Servicing 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

                                       27

<PAGE>

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) SCHEDULE OF FINANCED ELIGIBLE LOANS. The information set forth
in each Schedule of Financed Eligible Loans is true and correct in all material
respects as of the opening of business on the Date of Issuance.

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

             (iv) 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.

             (v) 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.

             (vi) 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.

                                       28

<PAGE>

SECTION 4.14. 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 board of trustees
or in the bylaws of the Issuer.

         (h) All actions of the Issuer shall be taken by a duly authorized
officer or agent of the Issuer.

         (i) The Issuer shall not amend, alter, change or repeal any provision
contained in this Section 4.14 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 Articles of Incorporation 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 Issuer's parent or any affiliate thereof, and funds or
other assets of the Issuer will not be commingled with those of the Seller, the
Issuer's parent or any other affiliate thereof. The Issuer shall not maintain
joint bank accounts or other depository accounts to which the Seller, the
Issuer's parent 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
Issuer's parent or any other affiliate.

                                       29

<PAGE>

         (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 or the Servicing 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 4.15. 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 Servicer and each Rating Agency of such
failure.

SECTION 4.16. REPORTS BY ISSUER. The Issuer will:

         (a) 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 Securities Exchange Act;

         (b) 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

         (c) 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 TIA Section 313(c), such summaries of any information, documents and
reports required to be filed by the Issuer pursuant to clauses (a) and (b) of
this Section 4.16 as may be required by rules and regulations prescribed from
time to time by the Commission.

SECTION 4.17. 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 Officer including (i) a current list of the officers and
directors of the Issuer and a list of Authorized Representatives, and (ii) a
statement of the Issuer's 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
4.17, such compliance shall be determined without regard to any period of grace
or requirement of notice under this Indenture.

                                       30

<PAGE>

SECTION 4.18. 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 30 days; or

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

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,
expenses, disbursements and advances of the Trustee and its agents and counsel.

         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 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 series 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 and any related coupons 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.

                                    ARTICLE V

                                      FUNDS

SECTION 5.01. CREATION AND CONTINUATION OF FUNDS AND ACCOUNTS.

         (a) There are hereby created and established the following Funds to be
held and maintained by the Trustee for the benefit of the Registered Owners:

                   (i) Acquisition Fund;

                   (ii) Revenue Fund; and

                   (iii) Reserve Fund.

                                       31

<PAGE>

         (b) The Operating Fund has previously been established by the Issuer,
is hereby continued, does not constitute a Fund within the meaning of this
Indenture, and is held by a depository bank of the Issuer for the benefit of the
Issuer; and the Registered Owners shall have no right, title or interest
therein.

         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 any Notes and moneys transferred thereto from the
Revenue Fund pursuant to Section 5.03(c)(viii) hereof. Financed Eligible Loans
shall be held by the Trustee or its agent or bailee (including the Servicer) 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 pay costs of issuance of the Notes, to redeem Notes in
accordance with the provisions of any supplemental Indenture, and, upon receipt
by the Trustee of an Eligible Loan Acquisition Certificate, to acquire Eligible
Loans at a price which would permit the results of cash flow analyses provided
to each Rating Agency on any Date of Issuance to be sustained as certified to
the Trustee on the Acquisition Certificate; provided that such price may be
increased if Rating Confirmation is obtained, based on new cash flow analyses
containing such assumptions as the Issuer shall reasonably determine. 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. If the Issuer determines that all or any portion
of such moneys cannot be so used, then an Authorized Representative of the
Issuer may, by Issuer order, direct the Trustee to redeem Notes in accordance
with any Supplemental Indenture.

         Notwithstanding the foregoing, if on any Note Payment Date there are
not sufficient moneys on deposit in the Revenue Fund to make the transfers
required by Section 5.03(d)(i) through (vii) hereof, then, an amount equal to
any such deficiency may, upon Issuer Order, be transferred directly from the
Acquisition Fund.

         While the Issuer will be the beneficial owner of the Financed Eligible
Loans and the Registered Owners will have a security interest therein, it is
understood and agreed that the Trustee will be the legal owner thereof and 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 owner of the Loan and that
the Trustee has a security interest in the Financed Eligible Loan for the
benefit of the Registered Owners.

         Financed Eligible Loans shall be sold, transferred or otherwise
disposed of (other than for consolidation, serialization or transfer to a
Guaranty

                                       32
<PAGE>

Agency) by the Trustee free from the lien of this Indenture at any time pursuant
to an Issuer Order and if the Trustee is provided with the following:

         (a) an Issuer Order stating the sale price and directing that Financed
Eligible Loans be sold, transferred or otherwise disposed of and delivered to:

             (i) if the Eligible Loan is originated under the Act and the Act
requires any such Eligible Loan to be held only by an Eligible Lender, an
Eligible Lender under the Act whose name shall be specified; or

             (ii) the trustee under another indenture securing notes issued by
the Issuer; and

         (b) a certificate signed by an Authorized Representative of the Issuer
to the effect that:

             (i) the disposition price is equal to or in excess of the principal
amount thereof (plus accrued interest) or equal to or in excess of the purchase
price paid by the Issuer for such Financed Eligible Loan (less principal amounts
received with respect to such Financed Eligible Loan); or

             (ii) the disposition price is lower than the principal amount
thereof (plus accrued interest), and (A) the Issuer reasonably believes that the
Revenues expected to be received (after giving effect to such disposition) would
be at least equal to the Revenues expected to be received assuming no such sale,
transfer or other disposition occurred, or (B) the Issuer shall remain able to
pay debt service on the Notes and make payment on any other Obligations on a
timely basis (after giving effect to such sale, transfer or other disposition)
whereas it would not have been able to do so on a timely basis if it had not
sold, transferred or disposed of the Financed Eligible Loans at such discounted
amount, or (C) the Aggregate Market Value of the Trust Estate (after giving
effect to such sale, transfer or other disposition) will be at least equal to
100% of the aggregate principal amount of the Obligations plus accrued interest,
or (D) the amount for which the Financed Eligible Loans are being sold,
assigned, transferred or disposed of is equal to the purchase price paid by the
Issuer for such Financed Eligible Loans (less principal amounts received with
respect to such Financed Eligible Loans).

         Further, Financed Eligible Loans shall also be sold, transferred or
otherwise disposed of by the Trustee pursuant to an Issuer Order in which the
Issuer determines that such disposition of Financed Eligible Loans from the
Trust Estate is necessary in order to avoid the occurrence of an Event of
Default hereunder or to avoid any default in the payment obligations of the
Issuer under any reimbursement agreement, in such amount and at such times and
prices as may be specified in such Issuer Order. The Trustee, following receipt
of the foregoing and of a certificate of the Issuer indicating that such
purchaser or transferee is one of the entities described in clause (a) above, if
applicable, shall deliver such Financed Eligible Loans free from the lien of
this Indenture upon the receipt of the purchase price or consideration specified
in the Issuer Order, in compliance with the foregoing. The proceeds to be
received upon any disposition may consist of cash, Investment Securities and/or
Eligible Loans.

                                       33

<PAGE>

SECTION 5.03. REVENUE FUND.

         (a) The Trustee shall deposit into the Revenue Fund all Revenues
derived from Financed Eligible Loans acquired by the Issuer, and all other
Revenue derived from moneys or assets on deposit in the Acquisition Fund, the
Reserve Fund, all Reciprocal Payments and any other amounts deposited thereto
upon receipt of an Issuer Order.

         (b) Upon receipt of an Issuer Order directing the same, moneys in the
Revenue Fund shall be used, on any date, to make a transfer to the Operating
Fund, subject to Section 5.05 hereof, to pay Program Expenses.

         (c) All Recoveries of Principal constituting a portion of the Revenue
deposited in the Revenue Fund and so identified to the Trustee, shall be
transferred, as soon as practicable, to the Acquisition Fund.

         (d) In addition, on each Note Payment Date and Derivative Payment Date,
money in the Revenue Fund shall be used and transferred to other funds or
Persons in the following order of precedence (any money not so transferred or
paid to remain in the Revenue Fund until subsequently applied pursuant to this
section):

             (i) on a parity basis, to pay interest due on any Senior Notes on
such Note Payment Date and any Issuer Derivative Payment secured on a parity
with the Senior Notes due on such Derivative Payment Date;

             (ii) on a parity basis, to pay the principal of or premium, if any,
on any Senior Notes due on such Note Payment Date (if such Note Payment Date is
a Stated Maturity or mandatory sinking fund redemption date with respect to such
Senior Notes);

             (iii) on a parity basis, to pay interest due on any Subordinate
Notes on such Note Payment Date and any Issuer Derivative Payment secured on a
parity with the Subordinate Notes due on such Derivative Payment Date;

             (iv) on a parity basis, to pay the principal of or premium, if any,
on any Subordinate Notes due on such Note Payment Date (if such Note Payment
Date is a Stated Maturity or mandatory sinking fund redemption date with respect
to such Subordinate Notes);

             (v) on a parity basis, to pay interest on Junior-Subordinate Notes
on such Note Payment Date and to make any Issuer Derivative Payment secured on a
parity with such Junior-Subordinate Notes due on such Derivative Payment Date;

             (vi) on a parity basis, to pay the principal of or premium, if any,
on any Junior-Subordinate Notes due on such Note Payment Date (if such Note
Payment Date is a Stated Maturity or mandatory sinking fund redemption date with
respect to such Junior-Subordinate Notes);

             (vii) to the Reserve Fund the amount, if any, required by Section
5.04(b) hereof;

                                       34

<PAGE>

             (viii) at the option of the Issuer and upon Issuer Order, to the
Acquisition Fund; and

             (ix) at the option of the Issuer and upon Issuer Order, to the
Issuer to the extent permitted by Section 5.06 hereof.

SECTION 5.04. RESERVE FUND.

         (a) The Trustee shall deposit to the Reserve Fund the amount, if any,
specified in each Supplemental Indenture. On each Note Payment Date, to the
extent there are insufficient moneys in the Revenue Fund to make the transfers
required by Sections 5.03(d)(i) through (vi) hereof, then, the amount of such
deficiency shall be paid directly from the Reserve Fund if such deficiency has
not been paid from the Acquisition Fund.

         (b) If the Reserve Fund is used for the purposes described in Section
5.04(a) hereof, the Trustee shall restore the Reserve Fund to the Reserve Fund
Requirement with respect thereto by transfers from the Revenue Fund on the next
Note Payment Date pursuant to Section 5.03(d)(vii) hereof or from the
Acquisition Fund pursuant to Section 5.02 hereof. If the full amount required to
restore the Reserve Fund to the applicable Reserve Fund Requirement is not
available in the Revenue Fund on such next succeeding Note Payment Date, the
Trustee shall continue to transfer funds from the Revenue Fund as they become
available and in accordance with Section 5.03(d)(vii) until the deficiency in
the Reserve Fund has been eliminated.

         (c) On any day that the amount in the Reserve Fund exceeds the Reserve
Fund Requirement with respect thereto for any reason, the Trustee, at the
direction of the Issuer, shall transfer the excess to the Acquisition Fund.
Moneys in the Reserve Fund shall not be used to pay principal on the Notes,
other than on a final legal maturity date or in connection with the defeasance
of this Indenture in accordance with Article X hereof.

SECTION 5.05. OPERATING FUND. The Trustee shall deposit to the Operating Fund or
transfer to the Issuer's depository bank if not the Trustee, the amount, if any,
specified in each Supplemental Indenture. The Operating Fund is a special fund
created with a depository bank of the Issuer and shall be used to pay Program
Expenses. The Operating Fund shall be held by such depository bank of the
Issuer, and no Registered Owner shall have any right, title or interest in the
Operating Fund. Amounts deposited in the Operating Fund shall be used to pay
Program Expenses.

         The amount deposited in the operating Fund by transfer from the Revenue
Fund and, if necessary, from the Acquisition Fund, and the schedule of deposits
shall be determined by the Issuer. The Issuer shall certify that the amount so
transferred in any one Fiscal Year shall not exceed the amount budgeted by the
Issuer as Program Expenses for such Fiscal Year with respect to the Notes and as
may be limited by a Supplemental Indenture, and shall not 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. The Issuer shall
provide the Trustee with an Issuer Order from time to time as to the amount to
be transferred, and the Trustee may rely upon such Issuer certification as set
forth in this section.

                                       35

<PAGE>

         At any time in order to meet expenses which have been incorporated in
an amended budget, the Issuer may requisition from the Trustee the amount which
it is anticipated will be required to pay the Program Expenses not in excess of
the amount budgeted with respect to the Notes for the period to the next deposit
into the Operating Fund. The requisition, in the form of an Issuer Order, shall
include a statement that the amount requisitioned, when combined with the amount
requisitioned previously in the Fiscal Year, does not exceed the amount
currently budgeted for that year as program Expenses or as may be further
limited by a Supplemental Indenture, and shall not 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.

         Upon the receipt of such requisition, the Trustee shall withdraw the
amount requisitioned from the Revenue Fund, and if necessary, from the
Acquisition Fund (or so much thereof as is then on deposit in such Funds) and
transfer the same into the Operating Fund. The Issuer may request that the
Trustee pay the requisitioned amount in installments as specified by the Issuer.
In the event there is not sufficient money on hand in the Revenue Fund and the
Acquisition Fund to transfer the full amount requisitioned, the Trustee shall
notify the Issuer and the Issuer shall then determine the amount to be
transferred.

SECTION 5.06. TRANSFERS TO ISSUER. Transfers from the Revenue Fund to the Issuer
may be made in accordance with Section 5.03(d)(ix); provided, however, that no
transfer of assets to the Issuer (other than pursuant to the Operating Fund as
otherwise permitted in Article V of the Indenture) shall be made if there is not
on deposit in the Reserve Fund an amount equal to at least the Reserve Fund
Requirement; and further provided, that no transfer shall be made to the Issuer
unless the Issuer certifies that immediately after taking into account any such
transfer, the Aggregate Market Value of the assets in the Trust Estate will be
equal to the greater of (a) at least 102% of the unpaid principal amount of the
Senior Notes Outstanding and Subordinate Notes Outstanding or (b) an amount
equal to $500,000, or such lesser percentage as is acceptable to each Rating
Agency then rating the Notes, as evidenced by a Rating Confirmation.

         The amounts so transferred to the Issuer may be used for any proper
purpose of the Issuer and investment earnings thereon shall be the property of
the Issuer.

SECTION 5.07. INVESTMENT OF FUNDS HELD BY TRUSTEE. 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 (a) of the definition of the Investment Securities. All income and
earning on such investments shall be transferred monthly to the Revenue Fund.
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.

                                       36

<PAGE>

         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 their Value at the time thereof.

         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 5.08. RELEASE. 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.

SECTION 5.09. PURCHASE OF NOTES. Pursuant to this Indenture, any amounts held
under this Indenture which are available to redeem Notes may instead be used to
purchase Notes outstanding under this Indenture at the same times and subject to
the same conditions (except as to price) as apply to the redemption of Notes.

                                       37

<PAGE>

                                   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 the principal of or
interest on any of the Senior Notes when due or failure to make any payment due
under any other Senior Obligations when due;

         (b) if no Senior Obligations are Outstanding hereunder, default in the
due and punctual payment of the principal of or interest on any of the
Subordinate Notes when due or failure to make any payment due under any other
Subordinate Obligations when due;

         (c) if no Senior Obligations or Subordinate Obligations are Outstanding
hereunder, default in the due and punctual payment of the principal of or
interest on any of the Junior-Subordinate Notes when due or failure to make any
payment due under any other Junior-Subordinate Obligations when due;

         (d) 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

         (e) 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 of this Indenture or such other address
as may hereafter be given as the principal office of the Issuer in writing to
the Trustee by an Authorized Officer 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
("Registered Owner Approval ).

SECTION 6.02. REMEDY ON DEFAULT; POSSESSION OF TRUST ESTATE. Subject to Section
6.09 hereof, upon the happening and continuance of any Event of Default, the
Trustee personally 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 Revenue 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:

                                       38

<PAGE>

         (a) if the principal of none of the Obligations shall have become due,
first, to the payment of the interest in default on the Senior Notes and to the
payment of all Issuer Derivative Payments secured on a parity with the Senior
Notes then due, in order of the maturity of the installments thereof, with
interest on the overdue installments thereof at the same rates, respectively, as
were borne by the Senior Notes on which such interest shall be in default and
any such Issuer Derivative Payments as provided in the ISDA Master Agreement
then due, such payments to be made ratably to the parties entitled thereto
without discrimination or preference, second, to the payment of the interest in
default on the Subordinate Notes and to the payment of all Issuer Derivative
Payments secured on a parity with the Subordinate Notes then due, in order of
the maturity of the installments of such interest and any such Issuer Derivative
Payments, with interest on the overdue installments thereof at the same rates,
respectively, as were borne by the Subordinate Notes on which such interest
shall be in default and any such Issuer Derivative Payments then due, such
payments to be made ratably to the parties entitled thereto without
discrimination or preference and, third, to the payment of the interest in
default on the Junior-Subordinate Notes and to the payment of all Issuer
Derivative Payments secured on a parity with such Junior-Subordinate Notes then
due, in order of the maturity of the installments of such interest and any such
Issuer Derivative Payments, with interest on the overdue installments thereof at
the same rates, respectively, as were borne by the Junior-Subordinate Notes on
which such interest shall be in default and any such Issuer Derivative payments
then due, such payments to be made ratably to the parties entitled thereto
without discrimination or preference, except as may be provided in a
Supplemental Indenture; and

         (b) if the principal of any of the Obligations shall have become due by
declaration of acceleration or otherwise, first to the payment of the interest
in default on the Senior Notes and all Issuer Derivative Payments secured on a
parity with the Senior Notes then due, in the order of the maturity of the
installments thereof, with interest on overdue installments thereof at the same
rates, respectively, as were borne by the Senior Notes on which such interest
shall be in default and such Issuer Derivative Payments as provided in the ISDA
Master Agreement then due, as the case may be, second, to the payment of the
principal of all Senior Notes then due and any amount owed to a Reciprocal Payor
secured on a parity with Senior Obligations under the ISDA Master Agreement,
such payments to be made ratably to the parties entitled thereto without
discrimination or preference, third, to the payment of the interest in default
on the Subordinate Notes and all Issuer Derivative Payments secured on a parity
with the Subordinate Notes then due, in the order of the maturity of the
installments thereof with interest on overdue installments thereof at the same
rates, respectively, as were borne by the Subordinate Notes on which such
interest shall be in default and such Issuer Derivative Payments as provided in
the ISDA Master Agreement then due, as the case may be, fourth, to the payment
of the principal of all Subordinate Notes then due and any amount owed to a
Reciprocal Payor secured on a parity with Subordinate Obligations under the ISDA
Master Agreement, such payments to be made ratably to the parties entitled
thereto without discrimination or preference, fifth, to the payment of the
interest in default on the Junior-Subordinate Notes and all Issuer Derivative
Payments secured on a parity with such Junior-Subordinate Notes then due, in the
order of the maturity of the installments thereof, with interest on overdue

                                       39

<PAGE>

installments thereof at the same rates, respectively, as were borne by the
Junior-Subordinate Notes on which such interest shall be in default and such
issuer Derivative Payments as provided in the ISDA Master Agreement then due, as
the case may be, and sixth, to the payment of the principal of all
Junior-Subordinate Notes then due and any amount owed to a Reciprocal Payor
secured on a parity with Junior-Subordinate obligations under the ISDA Master
Agreement, such payments to be made ratably to the parties entitled thereto
without discrimination or preference, except as may be provided in a
Supplemental indenture.

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.

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 Trustee shall
take any such action or actions 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 6.05. 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.

                                       40

<PAGE>

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. PURCHASE OF PROPERTIES BY TRUSTEE OR REGISTERED OWNERS. In case of
any such sale of the Trust Estate, any Registered Owner or Registered Owners or
committee of Registered Owners or the Trustee, may bid for and purchase such
property and upon compliance with the terms of sale may hold, retain possession,
and dispose of such property as the absolute right of the purchaser or
purchasers without further accountability and shall be entitled, for the purpose
of making any settlement or payment for the property purchased, to use and apply
any Obligations hereby secured and any interest thereon due and unpaid, by
presenting such Obligations in order that there may be credited thereon the sum
apportionable and applicable thereto out of the net proceeds of such sale, and
thereupon such purchaser or purchasers shall be credited on account of such
purchase price payable to him or them with the sum apportionable and applicable
out of such net proceeds to the payment of or as a credit on the Obligations so
presented.

SECTION 6.08. 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 6.09. ACCELERATED MATURITY. If an Event of Default shall have occurred
and be continuing, the Trustee may declare, or upon the written direction by the
Registered Owners of at least 51% of the collective aggregate principal amount
of the Highest Priority Obligations then Outstanding, shall declare, the
principal of all Obligations then Outstanding, and the interest thereon, if not
previously due, immediately due and payable, anything in the Obligations or this
Indenture to the contrary notwithstanding; provided, however, that for a
declaration of acceleration upon a default pursuant to Section 6.01(d) hereof
shall require the consent of 51% of the Registered Owners of the collective
aggregate principal amount of each priority of Obligations then Outstanding.

SECTION 6.10. 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.

                                       41

<PAGE>

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 6.11 shall be expressly subject to the provisions of Sections
7.01(c) and 7.05 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
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.

                                       42
<PAGE>

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 or redemption 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
premium, if any, 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 Section 7.05 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.

                                   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:

         (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.

                                       43
<PAGE>

         (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) or 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) or 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) for giving notice of the
existence of such lien, or for extending or supplementing the same or to see
that any rights to Revenue 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
Revenue and Funds. 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 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.

                                       44

<PAGE>

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 Section 6.02 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 or the Board
hereunder and may conclusively assume that there has been no such default or
Event of Default (other than an Event of Default described in Sections 6.01(a),
(b), (c), or (d) 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 7.05, the Trustee
shall not be liable for, and shall be held harmless by the Issuer from,
following any 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 Revenue 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.

         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.

                                       45

<PAGE>

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 or the Servicer 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 or who may be Note Counsel), 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 Servicer.

         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, under this Indenture, subject to Section
5.02 hereof, to sell, assign, transfer or convey Financed Eligible Loans in
accordance with an Issuer Order. If such Financed Eligible Loan was originated
under the Act, such Issuer Order shall certify that the Person to whom such
Financed Eligible Loan is sold, assigned, transferred, or conveyed is an
Eligible Lender unless not required by the Act. The Trustee is further
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.

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, 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 Revenue
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).

                                       46
<PAGE>

SECTION 7.08. TRUSTEE MAY OWN NOTES. The Trustee hereunder, or any successor
Trustee, in its individual or other capacity, may become the owner or pledgee of
Notes and may otherwise deal with the Issuer, with the same rights it would have
if it were not the Trustee. 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
(a) above, the Board 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 as described in Sections 6.01(a), (b), (c), (e) or (f)
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 President of the Issuer and the
other with the Trustee so removed.

         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.

                                       47

<PAGE>

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 Board by an instrument
in writing duly authorized by resolution. In the case of any such appointment by
the Board of a successor to the Trustee, the Board 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 Board 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 Act with respect to the Financed Eligible Loans
originated under the 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 pledged Revenue and Funds 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.

         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.

                                       48

<PAGE>

SECTION 7.13. ADDITIONAL COVENANTS BY THE TRUSTEE TO CONFORM TO THE ACT. The
Trustee covenants that it will at all times be an Eligible Lender under the Act
so long as such designation is necessary, as determined by the Issuer, to
maintain the guarantees and federal benefits under the Act with respect to the
Financed Eligible Loans, that it will acquire Eligible Loans originated under
the Act in its capacity as an Eligible Lender and that it will not dispose of or
deliver any Financed Eligible Loans originated under the Act or any security
interest in any such Financed Eligible Loans to any party who is not an Eligible
Lender so long as the 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 servicer or the 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 AGREEMENT. The Trustee acknowledges the receipt of a
copy of the Servicing Agreement described in Section 4.05 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 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 Act or Regulations are
hereafter amended so as to be contrary to the terms of this Indenture.

SECTION 7.18. DUTY OF TRUSTEE WITH RESPECT TO RATING AGENCIES. It shall be the
duty of the Trustee to notify each Rating Agency then rating any of the Notes
(but the Trustee shall incur no liability for any failure to do so) of (a) any
change, expiration, extension, or renewal of this Indenture, (b) redemption or
defeasance of any or 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:

                                       49

<PAGE>

                             Standard & Poor's Ratings Group
                             55 Water Street
                             New York, New York 10041
                             Attention: Asset-Backed Surveillance Group

                             Fitch IBCA, Inc.
                             One State Street Plaza
                             New York, New York 10004
                             Attention: Structured Finance

                             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 SERVICER. The Trustee shall not be
accountable or responsible in any manner whatsoever for any action of the
Issuer, the depository bank of any funds of the Issuer, or the Servicer while
the Servicer is acting as bailee or agent of the Trustee with respect to the
Eligible Loans except, to the extent provided in any Servicing Agreement or
custodian agreement, for actions taken in compliance with any instruction or
direction given to the Trustee, or for the application of funds or moneys by
the Servicer until such time as funds are received by the Trustee.

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.

                                       50

<PAGE>

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 TIA Section 310(a)(1) 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 7.23, 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 7.23, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article VII. 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 compensation,
expenses, disbursements and advances of the Trustee and its agents and counsel)
and of the Registered Owners allowed in such judicial proceeding; and

         (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
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.

                                       51

<PAGE>

         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.

                                  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;

         (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 or Servicer;

         (f) to add such provisions to or to amend such provisions of this
Indenture as may, in Note Counsel's opinion, be necessary or desirable to assure
implementation of the Program in conformance with the Act if along with such
Supplemental Indenture there is filed a Note Counsel's opinion 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 Act, the
Regulations or the Code and the regulations promulgated thereunder;

                                       52

<PAGE>

         (i) to provide for the issuance of Notes pursuant to the provisions of
Section 2.08 of this Indenture, including the creation of appropriate Funds,
Accounts and Subaccounts with respect to such Notes;

         (j) 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 Section 3.03 hereof with respect to any particular Derivative
Product;

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

         (l) to amend the Indenture to allow for any Notes to be supported by a
letter of credit or insurance policy or a liquidity agreement, including
amendments with respect to repayment to such a provider on a parity with any
Notes or Derivative Product and providing rights to such provider under this
Indenture, including with respect to defaults and remedies;

         (m) to amend the Indenture to provide for use of a surety bond or other
financial guaranty instrument in lieu of cash and/or Investment Securities in
all or any portion of the Reserve Fund, so long as such action shall not
adversely affect the Ratings on any of the Notes;

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

         (o) 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 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.

                                       53

<PAGE>

         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 8.02
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 Act
or granting of a security interest therein to any Person other than an Eligible
Lender or the Servicer, unless the 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 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 TIA section 313(c), notice of such default
hereunder known to the Trustee, unless such default 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 8.04, 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 VIII shall conform to the
requirements of the Trust Indenture Act as then in effect.

                                       54

<PAGE>

                                   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 or facsimile or
similar writing) at the following addresses, and each address shall constitute
each party's respective "Principal Office" for purposes of the Indenture:

         If intended for the Issuer:

                  NELNET Student Loan Corporation-2
                  Suite 301
                  121 South 13 Street
                  Lincoln, Nebraska 68508
                  Attention: Terry Heimes
                  Telephone: (402) 458-2303
                  Telecopier: (402) 458-2399

                                       55

<PAGE>

                  If intended for the Trustee:

                  Zions First National Bank
                  717 Seventeenth Street, Suite 301
                  Denver, Colorado 80202
                  Attention: Corporate Trust Department
                  Telephone: (303) 296-6263
                  Telecopier: (303) 296-6516

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 telecopier or registered first-class mail, postage
prepaid. Each such notice, request or other communication shall be effective
when delivered by hand or received by telex or telecopier 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.

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 DIRECTORS; 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 incorporators, officers, employees, agents, or directors 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

                                       56

<PAGE>

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 redemption 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 Nevada Uniform Commercial Code.

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. This
Indenture is subject to the provisions of the TIA that are required to be part
of this Indenture and shall, to the extent applicable, be governed by such
provisions.

SECTION 9.10. SEVERABILITY. Of 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 paying agent, if any, and the
Registered Owners of the Obligations, any right, remedy or claim under or by

                                       57

<PAGE>

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. RECIPROCAL PAYOR RIGHTS. Notwithstanding any provision of this
Indenture, no Reciprocal Payor which shall be in default under any Derivative
Product with the Issuer shall have any of the rights granted to a Reciprocal
Payor or as the Registered Owner of an Obligation hereunder.

SECTION 9.16. DISCLOSURE OF NAMES AND ADDRESSES OF REGISTERED OWNERS. 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 TIA Section 312, 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 TIA Section
312(b).

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.

                                    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.

                                       58

<PAGE>

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 Reciprocal Payor, all Issuer Derivative Payments then
due, then the pledge of the Trust Estate which is not pledged hereunder, 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 Reciprocal Payor all
Reciprocal Payments then due, at the times and in the manner stipulated in this
Indenture and in the Derivative Product, such Notes and each Reciprocal Payor
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 Reciprocal Payor 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 or
redemption thereof has been set aside and is being held in trust by the Trustee
at the Stated Maturity or earlier redemption date thereof. Any Outstanding Note
shall, prior to the Stated Maturity or earlier redemption 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 redeemed on any date prior to its
Stated Maturity and (ii) the Issuer shall have given notice of redemption 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 redemption date
or Stated Maturity 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 pay when due the
principal of and interest on such Notes on and prior to such redemption date or
Stated Maturity 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

                                       59

<PAGE>

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 Reciprocal Payor under its respective
Derivative Product have been made or duly provided for to the satisfaction of
each Reciprocal Payor 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 Act unless the Issuer is an
Eligible Lender, if the 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. 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.

                                   ARTICLE XI

                                  TERMINATION

SECTION 11.01. TERMINATION OF THE TRUST.

         (a) The trust created by this Indenture (the "Trust") shall terminate
upon the earlier of (i) the later of (A) payment to the Registered Owners and to
the Trustee of all amounts required to be paid to them pursuant to this
Indenture and any Supplemental Indenture and the disposition of all property
held as part of the Trust Estate or (B) the day following the date on which all
reimbursement obligations to the Reciprocal Payors, if any, and any other Person
as may be provided for in any Supplemental Indenture have been paid in full,
(ii) the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy (the late ambassador of the United States to
the Court of St. James) living on the date of this Indenture or (iii) subject to
Section 11.01(d), upon the occurrence of a Liquidation Event (as hereinafter
defined). The Issuer shall promptly notify the Trustee of any prospective
termination pursuant to this Section 11.01.

                                       60

<PAGE>

         (b) Notice of any prospective termination, specifying the Note Payment
Date for payment of the final distribution and requesting the surrender of the
Notes for cancellation, shall be given promptly by the Trustee by letter to
Registered Owners mailed not less than 10 nor more than 15 days preceding the
specified Note Payment Date stating (i) the Note Payment Date upon which final
payment of the Notes shall be made, (ii) the amount of any such final payment,
and (iii) the location for presentation and surrender of the Notes. Payment of
the final distribution which shall be made only upon presentation and surrender
of the Notes at the corporate trust office of the Trustee specified in the
notice.

         (c) A "Liquidation Event" shall be deemed to have occurred, subject to
Section 11.01(d), upon Dissolution of the Issuer.

         (d) The Issuer shall not voluntarily take any action that would cause
it to be deemed dissolved within the meaning of this Article XI.

             In the event of the Dissolution of the Issuer or any action that
     would cause the Issuer to cease being deemed a general partner of the Trust
     if the Trust were deemed a limited partnership formed under the Delaware
     Revised Uniform Limited Partnership Act, and the Issuer's interest were
     deemed to represent the sole general partnership interest in such a
     partnership, the Trust shall terminate 90 days after the date of such event
     and its assets liquidated in accordance with Section 11.01(e) unless both
     of the following occur:

             (i) the Registered Owners representing Registered Owner Approval,
as defined in Section 6.01 hereof, inform the Trustee in writing before the end
of such 90 day period that they disapprove of the liquidation of the assets of
the Trust; and

             (ii) the Issuer, the Trustee and the Reciprocal Payors, if any,
shall receive an opinion of counsel to the effect that the continuation of the
Trust shall not cause the Trust to be treated as an association taxable as a
corporation for federal income tax purposes.

         (e) Upon receipt by the Trustee from the Issuer of notice of the
occurrence of a Liquidation Event (as defined in Section 11.01(c)), the Trustee
shall, subject to the direction of the Registered Owners constituting Registered
Owner Approval (provided that, if Registered Owners constituting Registered
Owner Approval shall not have provided such direction to the Trustee within 30
days of the Trustee having sent a written request for such direction to the
Registered Owners, the Trustee shall proceed without such direction) sell the
remaining assets of the Trust Estate, if any, at public or private sale, in a
commercially reasonable manner and on commercially reasonable terms. The Issuer
agrees to cooperate with the Trustee to effect any such sale, including by
executing such instruments of conveyance or assignment as shall be necessary or
required by the purchaser. Proceeds of sale, net of expenses, shall be treated
as collections on the assets of the Trust and shall be deposited into the
Revenue Fund. On the next Note Payment Date the Trustee shall cause to be paid
to Registered Owners and the Issuer amounts distributable on such Note Payment
Date pursuant to Article V. Following the termination of the Trust, all right,
title and interest in and to the Financed Eligible Loans and other property and
funds in the Trust Estate (other than funds on deposit in certain accounts for
the payment of expenses) shall be conveyed and transferred to the Issuer.

                                       61
<PAGE>

SECTION 11.02. NOTICE. The Trustee shall give notice of termination of the Trust
to the Issuer and each Rating Agency.

                                   ARTICLE XII

                             REPORTING REQUIREMENTS

On or before the fifteenth day of each month, the Issuer shall provide to the
Trustee (with a copy to the Rating Agencies) for the Trustee to forward within
five days of receipt to each Registered Owner, a statement setting forth at
least the following information with respect to the preceding month, to the
extent applicable;

                  (a) the amount of payments with respect to each Series and
Class of Notes paid with respect to principal during the preceding month;

                  (b) the amount of payments with respect to each Series of
Notes paid with respect to interest during the preceding month;

                  (c) the amount of the payments allocable to any Registered
Owners' Interest Carryover, if any, together with any remaining outstanding
amount of each thereof;

                  (d) the principal balance of Financial Eligible Loans as of
the close of business on the last day of the preceding month;

                  (e) the aggregate outstanding principal amount of the Notes of
each Series and Class as of the close of business on the last day of the
preceding month, after giving effect to payments allocated to principal reported
under clause (a) above;

                  (f) the interest rate for any Series and Class of variable
rate Notes, indicating such interest rate is calculated;

                  (g) the amount of the servicing fees allocated to the Servicer
as of the close of business on the last day of the preceding month;

                  (h) the amount of the Program Expenses, the Auction Agent
Fees, Market Agent Fees, Calculation Agent Fees and the Trustee Fees, if any,
allocated as of the close of business on the last day of the preceding month;

                  (i) the amount of the recoveries of principal and interest
received during the preceding month relating to Financed Eligible Loans;

                  (j) the amount of the payment attributable to amounts in the
Reserve Fund, the amount of any other withdrawals from the Reserve Fund and the
balance of the Reserve Fund as of the close of business on the last day of the
preceding month;

                  (k) the portion, if any, of the payments attributable to
amounts on deposit in the Acquisition Fund;

                                       62

<PAGE>

                  (1) the aggregate amount, if any, paid by the Trustee to
acquire Eligible Loans from amounts on deposit in the Acquisition Fund during
the preceding month;

                  (m) the amount remaining in the Acquisition Fund that has not
been used to acquire Eligible Loans and is being transferred to the Revenue
Fund, if any;

                  (n) the aggregate amount, if any, paid for Financed Eligible
Loans purchased from the Trust during the preceding month;

                  (o) the number and principal amount of Financed Eligible
Loans, as of the close of business on the last day of the preceding month, that
are (i) 30 to 60 days delinquent, (ii) 61 to 90 days delinquent, (iii) 91 to 120
days delinquent, (iv) more than 120 days delinquent and (v) for which claims
have been filed with the appropriate Guarantee Agency and which are awaiting
payment; and

                  (p) the Aggregate Market Value of the Trust Estate and the
Outstanding principal amount of the Notes as of the close of business on the
last day of the preceding month.

         Each amount set forth pursuant to paragraph (a), (b), (g) and (h) above
shall be expressed as a dollar amount per Authorized Denomination of a Note. A
copy of the statements referred to above may be obtained by any Registered Owner
by a written request to the Trustee, addressed to its corporate trust office.

                                       63

<PAGE>

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

                                         NELNET STUDENT LOAN CORPORATION-2

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

                                         ZIONS FIRST NATIONAL BANK, as Trustee

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

                                       64

<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 June 1, 2000,
as amended (the "Indenture"), between NELNET Student Loan Corporation-2 (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
"Lender") 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 (or, if a Financed
Eligible Loan is being sold in exchange for an Acquired Eligible Loan under the
Indenture, the aggregate unpaid principal amount of, and accrued interest on,
such Financed Eligible Loan does not exceed the amount permitted by Section 5.02
of the Indenture).

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

         4. You have been previously, or are herewith, provided with the
following items (the items listed in (a), (b), (c), (d) and (f) have been
received and are being retained, on your behalf, by the Issuer or the Servicer):

                  (a) a copy of the Student Loan Purchase Agreement 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);

                                       65

<PAGE>

                  (e) a certificate of an Authorized Representative of the
         Issuer to the effect that (i) the Issuer is not in default in the
         performance of any of its covenants and agreements made in the Student
         Loan Purchase Agreement relating to the Acquired Eligible Loans; (ii)
         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; and (iii) 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; and

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

         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 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 paragraphs 4(d) hereof.

         6. All of the conditions specified in the Student Loan Purchase
Agreement 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.

                                       66

<PAGE>

         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 to be sustained.

         WITNESS my hand this _____________ day of ________________.

                                         NELNET STUDENT LOAN CORPORATION-2

                                         By____________________________
                                         Name_____________________________
                                         Title_______________________________

                                       67<PAGE>
                                                                     Exhibit 4.3

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

                   SERIES 2000 SUPPLEMENTAL INDENTURE OF TRUST

                                 by and between

                        NELNET STUDENT LOAN CORPORATION-2

                                       and

                           ZIONS FIRST NATIONAL BANK,
                                   as Trustee

                           Authorizing the Issuance of

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

                            Dated as of June 1, 2000

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

<PAGE>

                                TABLE OF CONTENTS

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

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

                                   ARTICLE II

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

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

                                   ARTICLE III

                               GENERAL PROVISIONS

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

                                   ARTICLE IV

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

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

<PAGE>

                   SERIES 2000 SUPPLEMENTAL INDENTURE OF TRUST

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

                              W I T N E S S E T H:

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

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

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

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

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

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

                                    ARTICLE I

                         DEFINITIONS AND USE OF PHRASES

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

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

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

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                        2

<PAGE>

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

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

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

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

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

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

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

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

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

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

                                        3

<PAGE>

                                   ARTICLE II

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

         SECTION 2.01. SERIES 2000 NOTE DETAILS.

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

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

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

                                        4

<PAGE>

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

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

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

                                        5

<PAGE>

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

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

         SECTION 2.02. REDEMPTION OF THE SERIES 2000 NOTES.

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

                  (b)      OPTIONAL REDEMPTIONS AND OPTIONAL PURCHASE.

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

                                        6
<PAGE>

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

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

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

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

                  (d)      PARTIAL REDEMPTION.

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

                                        7

<PAGE>

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

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

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

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

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

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

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

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

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

                                       8

<PAGE>

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

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

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

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

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

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

                                   ARTICLE III

                               GENERAL PROVISIONS

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

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

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

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

                                   ARTICLE IV

                           APPLICABILITY OF INDENTURE

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

                                        9

<PAGE>

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

                                    NELNET STUDENT LOAN
                                    CORPORATION-2

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

                                    ZIONS FIRST NATIONAL BANK, as Trustee

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

                                       10

<PAGE>

                                   APPENDIX A

                         CERTAIN TERMS AND PROVISIONS OF
                             THE AUCTION RATE NOTES

                                    ARTICLE I

                                   DEFINITIONS

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

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

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

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

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

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

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

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

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

                                      A-1-2

<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      A-l-3

<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      A-1-4

<PAGE>

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

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

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

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

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

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

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

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

                                      A-l-5

<PAGE>

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

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

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

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

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

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

                                      A-1-6

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                      A-1-7

<PAGE>

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

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

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

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

                                   ARTICLE II

                               TERMS AND ISSUANCE

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

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

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

                                      A-1-8

<PAGE>

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

         Notwithstanding the foregoing:

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

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

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

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

                                      A-1-9

<PAGE>

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

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

                                     A-1-10

<PAGE>

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

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

         SECTION 2.02. AUCTION RATE.

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

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

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

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

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

                                     A-1-11

<PAGE>

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

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

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

                                    and

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

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

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

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

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

                                     A-1-12

<PAGE>

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

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

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

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

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

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

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

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

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

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

                                     A-1-13

<PAGE>

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

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

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

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

                                    and

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

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

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

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

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

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

                                     A-1-14
<PAGE>

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

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

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

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

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

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

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

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

                                     A-1-15

<PAGE>

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

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

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

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

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

                                    (2)      from the Submitted Orders whether:

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

                           exceeds or is equal to the sum of:

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

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

                                     A-1-16

<PAGE>

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

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

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

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

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

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

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

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

                                     A-1-17

<PAGE>

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

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

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

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

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

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

                                     A-1-18

<PAGE>

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

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

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

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

                                     A-1-19

<PAGE>

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

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

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

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

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

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

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

                                     A-1-20

<PAGE>

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

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

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

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

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

                                     A-1-21

<PAGE>

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

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

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

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

                                     A-1-22

<PAGE>

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

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

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

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

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

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

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

         (e)      AUCTION AGENT.

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

                                     A-1-23

<PAGE>

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

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

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

         (f)      BROKER-DEALERS.

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

                                     A-1-24

<PAGE>

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

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

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

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

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

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

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

                                     A-1-25

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

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

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

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

                                     A-1-26

<PAGE>

                                   EXHIBIT A-1

                              FORM OF SENIOR NOTES

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

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

REGISTERED NO. R-____                                 REGISTERED $______________

 MATURITY DATE         INTEREST RATE     ORIGINAL ISSUE DATE          CUSIP NO.

December 1, 2032          Variable           June 1, 2000           ____________

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

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

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

<PAGE>

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

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

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

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

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

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

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

                                      A-1-2

<PAGE>

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

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

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

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

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

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

                                      A-1-3

<PAGE>

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

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

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

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

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

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

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

                                      A-1-4

<PAGE>

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

                                      A-1-5

<PAGE>

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

                                              NELNET STUDENT LOAN CORPORATION-2

                                              By _______________________________
                                                 President

                                              By _______________________________
                                                 Secretary

                                     A-1-6

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

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

                                          ZIONS FIRST NATIONAL BANK, as Trustee

                                          By ___________________________________
                                             Authorized Signatory

Authentication Date:

_____________________________

                                      A-1-7

<PAGE>

                                   ASSIGNMENT

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

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

Signature Guaranteed by:

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

                                      A-1-8

<PAGE>

                                   EXHIBIT A-2

                           FORM OF SUBORDINATE NOTES

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

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

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

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

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

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

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

<PAGE>

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

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

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

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

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

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

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

                                      A-2-2

<PAGE>

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

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

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

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

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

                                      A-2-3

<PAGE>

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

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

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

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

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

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

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

                                      A-2-4

<PAGE>

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

                                               NELNET STUDENT LOAN CORPORATION-2

                                               By ______________________________
                                                  President

                                               By ______________________________
                                                  Secretary

                                      A-2-5

<PAGE>
                          CERTIFICATE OF AUTHENTICATION

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

                                           ZIONS FIRST NATIONAL BANK, as Trustee

                                           By __________________________________
                                              Authorized Signatory

Authentication Date:

______________________________

                                      A-2-6

<PAGE>

                                   ASSIGNMENT

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

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

Signature Guaranteed by:

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

                                      A-2-7

<PAGE>

                                    EXHIBIT B

                   SERIES 2000 CLOSING CASH FLOW PROJECTIONS

<PAGE>

                                                              CASH FLOW ANALYSIS

[EDUCATION LOAN GROUP LOGO]

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

PAINEWEBBER INCORPORATED

MAY 30, 2000

<PAGE>

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

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

<PAGE>

                             I. CASH FLOW ASSUMPTIONS

<PAGE>

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

                                                                 FINAL CASH FLOW

                              CASH FLOW ASSUMPTIONS

                              CASH FLOW ASSUMPTIONS
                               A. ISSUE STRUCTURE

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

                              CASH FLOW ASSUMPTIONS

                                B. RELEVANT DATES

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

Prepared by PaineWebber Incorporated                                      Page 2

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

                                                                 FINAL CASH FLOW

                              CASH FLOW ASSUMPTIONS

                        C. INTEREST AND INVESTMENT RATES

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

Prepared by PaineWebber Incorporated                                      Page 3
<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

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

Prepared by PaineWebber Incorporated                                      Page 4
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                      Page 5

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                      Page 6

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                      Page 7

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                      Page 8

<PAGE>

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

                                                                 FINAL CASH FLOW

                             CASH FLOW ASSUMPTIONS
                             H. BORROWER INCENTIVES

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

Prepared by PaineWebber Incorporated                                      Page 9

<PAGE>

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

                                                                 FINAL CASH FLOW

                              CASH FLOW ASSUMPTIONS
                              I. FUNDS AND ACCOUNTS

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

Prepared by PaineWebber Incorporated                                     Page 10

<PAGE>

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

                                                                 FINAL CASH FLOW

                              CASH FLOW ASSUMPTIONS
                              J. FEES AND EXPENSES

Fee # 1

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

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

Fee # 2

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

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

Fee # 3

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

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

Fee # 4

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

         This fee applies to all bonds.

Fee # 5

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

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

Fee # 6

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

         This fee applies to all loan portfolios.

Prepared by PaineWebber Incorporated                                     Page 11

<PAGE>

                             II. DEBT ISSUE REPORTS

<PAGE>

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

                                                                 FINAL CASH FLOW

                             SOURCES & USES OF FUNDS

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

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

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

Prepared by PaineWebber Incorporated                                     Page 13
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 14

<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                     Page 15

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 16

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 17

<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                     Page 18

<PAGE>

                           III. LOAN PORTFOLIO REPORTS

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 20

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 21

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 22

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 23

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 24

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 25

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 26

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 27

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 28

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 29

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 30

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 31

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 32
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 33

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 34

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 35

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 36

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 37

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 38

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 39

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 40

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 41
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 42
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 43

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 44

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 45
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 46

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 47

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 48

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 49

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 50

<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

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

Prepared by PaineWebber Incorporated                                     Page 52
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 53
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 54

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 55

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 56

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 57
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 58

<PAGE>

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

                                                                 FINAL CASH FLOW

Prepared by PaineWebber Incorporated                                     Page 59

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 60

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                    Page 61
<PAGE>

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

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

Prepared by PaineWebber Incorporated                                    Page 62
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                   Page 63

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                    Page 64
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                    Page 65
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                    Page 66

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                    Page 67
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 68

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 69

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 70

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 71

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 72

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 73

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 74

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 75

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 76

<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

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

Prepared by PaineWebber Incorporated                                    Page 78

<PAGE>

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

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

Prepared by PaineWebber Incorporated                                    Page 79

<PAGE>

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

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

Prepared by PaineWebber Incorporated                                    Page 80

<PAGE>

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

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

Prepared by PaineWebber Incorporated                                    Page 81

<PAGE>

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

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

Prepared by PaineWebber Incorporated                                    Page 82
<PAGE>

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

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

Prepared by PaineWebber Incorporated                                    Page 83

<PAGE>

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

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

Prepared by PaineWebber Incorporated                                    Page 84

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

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

Prepared by PaineWebber Incorporated                                    Page 85

<PAGE>

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

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

Prepared by PaineWebber Incorporated                                    Page 86

<PAGE>

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

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

Prepared by PaineWebber Incorporated                                    Page 87
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 88

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 89

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 90

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                     Page 91

<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                     Page 92

<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                     Page 93

<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                     Page 94
<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                     Page 95

<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                     Page 96

<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                     Page 97
<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                     Page 98

<PAGE>

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

                                                                 FINAL CASH FLOW

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

<CAPTION>

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

Prepared by PaineWebber Incorporated                                     Page 99

<PAGE>

                              IV. CASH FLOW REPORTS

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                    Page 101

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                    Page 102
<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                    Page 103

<PAGE>

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

                                                                 FINAL CASH FLOW

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

<CAPTION>
                              REVENUE FUND SUMMARY

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

Prepared by PaineWebber Incorporated                                    Page 104

<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                    Page 105
<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                    Page 106

<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

Prepared by PaineWebber Incorporated                                    Page 107
<PAGE>

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

                                                                 FINAL CASH FLOW

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

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

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                    Page 109

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                    Page 110

<PAGE>

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

                                                                 FINAL CASH FLOW

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

Prepared by PaineWebber Incorporated                                    Page 111

<PAGE>

                                    EXHIBIT C

                            NOTICE OF PAYMENT DEFAULT

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

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

                                          ZIONS FIRST NATIONAL BANK, as Trustee

Dated: ___________________________        By ___________________________________

<PAGE>

                                    EXHIBIT D

                        NOTICE OF CURE OF PAYMENT DEFAULT

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

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

                                           ZIONS FIRST NATIONAL BANK, as Trustee

Dated: ____________________________        By __________________________________

<PAGE>

                                    EXHIBIT E

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

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

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

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

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

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

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

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

                                               NELNET STUDENT LOAN CORPORATION-2

Dated: _________________________               By ______________________________

<PAGE>

                                    EXHIBIT F

                      NOTICE ESTABLISHING CHANGE IN LENGTH
                         OF ONE OR MORE AUCTION PERIODS

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

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

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

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

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

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

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

                                               NELNET STUDENT LOAN CORPORATION-2

Dated: ________________________                By ______________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}]]