Document:

<PAGE>

                                                                  EXHIBIT 10.130

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

                             BROKER-DEALER AGREEMENT

                                      among

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                as Auction Agent,

                                       and

                          J.P. MORGAN SECURITIES INC.,

                                       and

                             UFS SECURITIES, L.L.C.,
                              as Co-Broker-Dealers

                                   Relating to

                        Nelnet Student Loan Trust 2003-2
                         Student Loan Asset-Backed Notes
                 $95,000,000 Senior Class A-5 Auction Rate Notes
                 $95,000,000 Senior Class A-6 Auction Rate Notes
               $25,885,000 Subordinate Class B Auction Rate Notes

                            Dated as of July 1, 2003

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

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<TABLE>
<S>                                                                                                              <C>
                                                    ARTICLE I
                                      DEFINITIONS AND RULES OF CONSTRUCTION

Section 1.01.     Terms Defined by Reference to the Indenture................................................    1
Section 1.02.     Terms Defined Herein.......................................................................    1
Section 1.03.     Rules of Construction......................................................................    2

                                                    ARTICLE II
                                                   THE AUCTION

Section 2.01.     Purpose: Incorporation by Reference of Auction Procedures and Settlement Procedures........    2
Section 2.02.     Preparation for Each Auction...............................................................    3
Section 2.03.     Auction Schedule: Method of Submission of Orders...........................................    3
Section 2.04.     Notices....................................................................................    5
Section 2.05.     Service Charge to Be Paid to BD............................................................    5
Section 2.06.     Settlement.................................................................................    6

                                                   ARTICLE III
                                                THE AUCTION AGENT

SECTION 3.01.     Duties and Responsibilities................................................................    6
Section 3.02.     Rights of the Auction Agent................................................................    7

                                                    ARTICLE IV
                                                  MISCELLANEOUS

Section 4.01.     Termination................................................................................    7
Section 4.02.     Participant in Depository..................................................................    8
Section 4.03.     Communications.............................................................................    8
Section 4.04.     Entire Agreement...........................................................................    8
Section 4.05.     Benefits...................................................................................    9
Section 4.06.     Amendment: Waiver..........................................................................    9
Section 4.07.     Successors and Assigns.....................................................................    9
Section 4.08.     Severability...............................................................................    9
Section 4.09.     Execution in Counterparts..................................................................    9
Section 4.10.     Governing Law..............................................................................    9
Section 4.11.     No Petition................................................................................    9
</TABLE>

EXHIBIT A         SETTLEMENT PROCEDURES
EXHIBIT B         ORDER FORM
EXHIBIT C         TRANSFER FORM
EXHIBIT D         NOTICE OF A FAILURE TO DELIVER

<PAGE>

         THIS BROKER-DEALER AGREEMENT, dated as of July 1, 2003, among DEUTSCHE
BANK TRUST COMPANY AMERICAS (together with its successors and assigns, the
"Auction Agent"), not in its individual capacity but solely as agent of Zions
First National Bank, as indenture trustee (the "Trustee") under an Indenture of
Trust, dated as of July 1, 2003 (the "Indenture"), between Nelnet Student Loan
Trust 2003-2 (the "Issuer") and the Trustee, pursuant to authority granted to it
in the Auction Agency Agreement dated as of July 1, 2003, among the Issuer, the
Trustee and the Auction Agent (the "Auction Agency Agreement"), J.P. MORGAN
SECURITIES INC. and UFS SECURITIES, L.L.C. (together with their successors and
assigns hereinafter collectively referred to as "BD").

         The Issuer intends to issue (a) $95,000,000 of its Student Loan Asset
Backed Notes, Senior Class A-5 as "Auction Rate Notes," (b) $95,000,000 of its
Student Loan Asset-Backed Notes, Senior Class A-6 as "Auction Rate Notes," and
(c) $25,885,000 of its Student Loan Asset-Backed Notes, Subordinate Class 2003B
as "Auction Rate Notes" (collectively, the "Auction Rate Notes").

         The Indenture provides that the interest rate on the Auction Rate Notes
for each Interest Period after the Initial Period shall, except under certain
conditions, equal the Auction Rate which the Auction Agent advises as the result
of implementation of the Auction Procedures. Pursuant to Section 2.09(a) of the
Auction Agency Agreement, the Auction Agent has entered into this Agreement.

         The Auction Procedures require the participation of one or more
Broker-Dealers.

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Auction Agent, as agent of the Trustee, and BD
agree as follows:

                                    ARTICLE I

                      DEFINITIONS AND RULES OF CONSTRUCTION

         SECTION 1.01 TERMS DEFINED BY REFERENCE TO THE INDENTURE. Capitalized
terms not defined herein shall have the respective meanings specified in or
pursuant to the Indenture and the Auction Agency Agreement.

         SECTION 1.02 TERMS DEFINED HEREIN. As used herein and in the Settlement
Procedures (as defined below), the following terms shall have the following
meanings, unless the context otherwise requires:

         "Auction" shall have the meaning specified in Section 2.01 hereof.

         "Auction Agency Agreement" shall mean the Auction Agency Agreement,
dated as of July 1, 2003, among the Issuer, the Trustee and the Auction Agent
relating to the Auction Rate Notes.

         "Auction Procedures" shall mean the Auction Procedures that are set
forth in Section 2.02 of Appendix A to the Indenture.

<PAGE>

         "Authorized Officer" shall mean each Managing Director, Director, Vice
President, Assistant Vice President and Associate of the Auction Agent assigned
to its Corporate Trust & Agency Services and every other officer or employee of
the Auction Agent designated as an Authorized Officer for purposes of this
Agreement.

         "BD Officer" shall mean each officer or employee of BD designated as a
"BD Officer" for purposes of this Agreement.

         "Broker-Dealer Agreement" shall mean this Broker-Dealer Agreement and
any substantially similar agreement between the Auction Agent and a
Broker-Dealer.

         "Owner" shall mean the beneficial owner of any Auction Rate Notes.

         "Settlement Procedures" shall mean the Settlement Procedures attached
hereto as Exhibit A.

         SECTION 1.03 RULES OF CONSTRUCTION. Unless the context or use indicates
another or different meaning or intent, the following rules shall apply to the
construction of this Agreement:

                  (a)      Words importing the singular number shall include the
         plural number and vice versa.

                  (b)      The captions and headings herein are solely for
         convenience of reference and shall not constitute a part of this
         Agreement nor shall they affect its meaning, construction or effect.

                  (c)      The words "hereof," "herein," "hereto," and other
         words of similar import refer to this Agreement as a whole.

                  (d)      All references herein to a particular time of day
         shall be to New York City time.

                                   ARTICLE II

                                   THE AUCTION

         SECTION 2.01. PURPOSE: INCORPORATION BY REFERENCE OF AUCTION PROCEDURES
AND SETTLEMENT PROCEDURES.

                  (a)      On each Auction Date for a class of Auction Rate
         Notes, the provisions of the Auction Procedures will be followed by the
         Auction Agent for the purpose of determining the Auction Rate for such
         class for the next Interest Period. Each periodic operation of such
         procedures is hereinafter referred to as an "Auction."

                  (b)      Without prejudice to Section 3.01(a) hereof, all of
         the provisions contained in the Auction Procedures and the Settlement
         Procedures are incorporated herein by reference in their entirety and
         shall be deemed to be a part of this Agreement to the same extent as if
         such provisions were fully set forth herein.

                                        2

<PAGE>

                  (c)      BD agrees to act as, and assumes the obligations of
         and limitations and restrictions placed upon, a Broker-Dealer under
         this Agreement. BD understands that other persons meeting the
         requirements specified in the definition of "Broker-Dealer" contained
         in Article I of Appendix A to the Indenture may execute Broker-Dealer
         Agreements and participate as Broker-Dealers in Auctions.

                  (d)      BD and other Broker-Dealers may participate in
         Auctions for their own accounts. However, the Auction Agent may by
         notice to BD and all other Broker-Dealers prohibit all Broker-Dealers
         from submitting Bids in Auctions for their own accounts, provided that
         Broker-Dealers may continue to submit Hold Orders and Sell Orders. The
         Auction Agent shall have no duty or liability with respect to
         monitoring or enforcing the requirements of this Section 2.01(d).

                  (e)      BD agrees to act as, and assume the obligations of
         and limitations and restrictions placed upon, a Broker-Dealer under
         Appendix A to the Indenture.

         SECTION 2.02. PREPARATION FOR EACH AUCTION.

                  (a)      Not later than 10:30 a.m. on each Auction Date for
         the Auction Rate Notes, the Auction Agent shall advise BD by telephone
         of the All-Hold Rate, the Applicable LIBOR Rate and the Maximum Rate.

                  (b)      In the event that the Auction Date for any Auction
         shall be changed after the Auction Agent has given the notice referred
         to in clause (viii) of paragraph (a) of the Settlement Procedures, the
         Auction Agent, by such means as the Auction Agent deems practicable,
         shall give notice of such change to BD not later than the earliest of
         (i) 9:15 a.m. on the new Auction Date, (ii) 9:15 a.m. on the old
         Auction Date and (iii) 9:15 a.m. the next Interest Payment Date.
         Thereafter, BD shall promptly notify customers of BD that BD believes
         are Existing Owners of such change in the Auction Date.

                  (c)      The Auction Agent from time to time may request BD to
         provide it with the aggregate principal amounts of Auction Rate Notes
         specifically held by each such BD as an Existing Owner and with a list
         of BD's respective customers that BD believes are beneficial owners of
         Auction Rate Notes and the aggregate principal amount of Auction Rate
         Notes beneficially owned by each such customer. BD shall comply with
         any such request, and the Auction Agent shall keep confidential any
         such information, including information received as to the identity of
         Existing Owners and Potential Owners in any Auction, and shall not
         disclose any such information so provided to any person other than the
         Trustee, the Issuer and BD, unless the failure to disclose such
         information would be unlawful or if the failure to do so would expose
         the Auction Agent to any loss, liability, claim or damage for which the
         Auction Agent shall not have previously received adequate
         indemnification satisfactory to it.

         SECTION 2.03. AUCTION SCHEDULE: METHOD OF SUBMISSION OF ORDERS.

                  (a)      The Auction Agent shall conduct Auctions for each
         class of the Auction Rate Notes in accordance with the schedule set
         forth below. Such schedule may be

                                        3

<PAGE>

         changed at any time by the Auction Agent with the consent of the
         Trustee, which consent shall not be unreasonably withheld or delayed.
         The Auction Agent shall give notice of any such change to BD. Such
         notice shall be received prior to the close of business on the Business
         Day next preceding the first Auction Date for that class of Auction
         Rate Notes on which any such change shall be effective.

<TABLE>
<CAPTION>
            TIME                                         EVENT
<S>                                    <C>
By 9:00 a.m.                           Auction Agent obtains One-Month LIBOR

By 10:30 a.m.                          Auction Agent advises the Trustee and the
                                       Broker-Dealers of the All-Hold Rate, the
                                       Applicable LIBOR Rate and the Maximum
                                       Rate, as set forth in Section 2.03(b)(i)
                                       of the Auction Agency Agreement.

9:30 a.m. - 1:00 p.m.                  Auction Agent assembles information
                                       communicated to it by Broker-Dealers as
                                       provided in Section 2.02(a)(ii) of
                                       Appendix A to the Indenture. Submission
                                       Deadline is 1:00 p.m.

Not earlier than 1:00 p.m.             Auction Agent makes determinations
                                       pursuant to Section 2.02(a)(iii) of
                                       Appendix A to the Indenture. Submitted
                                       Bids and Submitted Sell Orders are
                                       accepted and rejected in whole or in part
                                       and Auction Rate Notes are allocated as
                                       provided in Section 2.02(a)(iv) and (v)
                                       of Appendix A to the Indenture.

By approximately 3:00 p.m.             Auction Agent advises the Trustee of
but no later than the                  results of Auction and of the Auction
close of business                      Rate for the next Interest Period as
                                       provided in Section 2.02(a)(iii)(B) of
                                       Appendix A to the Indenture. Auction
                                       Agent gives notice of Auction results
                                       as set forth in Section 2.04(a) hereof.
</TABLE>

                  (b)      BD shall submit Orders to the Auction Agent in
         writing in substantially the form attached hereto as Exhibit B. BD
         shall submit separate Orders to the Auction Agent for each Potential
         Owner or Existing Owner on whose behalf BD is submitting an Order and
         shall not net or aggregate the Orders of Potential Owners or Existing
         Owners on whose behalf BD is submitting Orders.

                  (c)      BD shall deliver to the Auction Agent (i) a written
         notice, substantially in the form attached hereto as Exhibit C, of
         transfers of Auction Rate Notes, made through BD by an Existing Owner
         to another person other than pursuant to an Auction and (ii) a written
         notice, substantially in the form attached hereto as Exhibit D, of the
         failure of any Auction Rate Notes to be transferred to or by any person
         that purchased or sold Auction Rate Notes through BD pursuant to an
         Auction. The Auction Agent is not required to accept any notice
         delivered pursuant to the terms of the foregoing sentence with respect
         to an Auction unless it is received by the Auction Agent by 3:00 p.m.
         on the Business Day next preceding the applicable Auction Date.

                                        4

<PAGE>

                  (d)      BD agrees to handle its customers' Orders in
         accordance with its duties under applicable securities laws and rules.

         SECTION 2.04. NOTICES.

                  (a)      On each Auction Date for a class of Auction Rate
         Notes, the Auction Agent shall notify BD by telephone or other
         electronic communication acceptable to the parties of the results of
         the Auction as set forth in paragraph (a) of the Settlement Procedures.
         If requested by BD, the Auction Agent shall as soon as practicable on
         the Business Day next succeeding such Auction Date, notify BD in
         writing, if previously so requested, of the disposition of all Orders
         submitted by BD in the Auction held on such Auction Date.

                  (b)      BD shall notify each Existing Owner or Potential
         Owner on whose behalf BD has submitted an Order as set forth in
         paragraph (b) of the Settlement Procedures and take such other action
         as is required of BD pursuant to the Settlement Procedures.

                  (c)      The Auction Agent shall deliver to BD after receipt
         all notices and certificates which the Auction Agent is required to
         deliver to BD pursuant to Article II of the Auction Agency Agreement at
         the times and in the manner set forth in the Auction Agency Agreement.

         SECTION 2.05. SERVICE CHARGE TO BE PAID TO BD. On each Interest Payment
Date, for the term of this Agreement, the Auction Agent shall pay to BD,
pursuant to Section 3.05(b) of the Auction Agency Agreement, a service charge
for the preceding Interest Period in an amount equal to the product of (a) a
fraction, the numerator of which is the number of days in each Auction Period
occurring during such Interest Period (or, in the case of the initial Interest
Period, the actual number of days elapsed since the date of delivery of the
Auction Rate Notes) and the denominator of which is 360, times (b) the
Broker-Dealer Fee Rate times (c) the sum of (i) the sum of the aggregate
principal amount of the Auction Rate Notes that were (A) the subject of
Submitted Bids of Existing Owners submitted by BD and continued to be held as a
result of such submission and (B) the subject of Submitted Bids of Potential
Owners submitted by BD and purchased as a result of such submission and (ii) the
aggregate principal amount of the Auction Rate Notes subject to valid Hold
Orders (determined in accordance with Section 2.02 (a)(iii)(A) of Appendix A to
the Indenture) submitted to the Auction Agent by BD and (iii) the principal
amount of the Auction Rate Notes deemed to be subject to Hold Orders by Existing
Owners pursuant to Section 2.02(a)(ii)(C) of Appendix A to the Indenture that
were acquired by such Existing Owners through BD in the Auction for such Auction
Period. For purposes of subclause (c)(iii) of the foregoing sentence, if any
Existing Owner who acquired Auction Rate Notes through BD transfers those
Auction Rate Notes to another Person other than pursuant to an Auction, then the
Broker-Dealer for the Auction Rate Notes so transferred shall continue to be BD;
provided, however, that if the transfer was effected by, or if the transferee
is, a Broker-Dealer other than BD, then such Broker-Dealer shall be the
Broker-Dealer for such Auction Rate Notes. If for any reason an Auction is not
held on an Auction Date, there shall be no Broker-Dealer Fee applicable with
respect to such Auction Date. The Broker-Dealer Fee Rate shall be 0.25% per
annum. The Broker-Dealer Fee shall be payable solely out of amounts received by
the Auction Agent pursuant to the Indenture.

                                        5

<PAGE>

         The Broker-Dealer Fee Rate shall be the prevailing rate received by
broker-dealers for rendering comparable services to others. The Auction Agent
shall advise the Issuer, at the Issuer's request, at least annually of its view
of such then current prevailing rate. If the then current Broker-Dealer Fee Rate
is not, in the opinion of the Issuer and the Auction Agent, the prevailing rate,
the Issuer shall change the Broker-Dealer Fee Rate pursuant to the terms hereof
and shall notify the Auction Agent and the Broker-Dealer in writing thereof. Any
change in the Broker-Dealer Fee Rate shall be effective on the Auction Date next
succeeding such change.

         SECTION 2.06. SETTLEMENT.

                  (a)      If any Existing Owner on whose behalf BD has
         submitted a Bid or Sell Order for Auction Rate Notes that was accepted
         in whole or in part fails to instruct its Participant to deliver the
         Auction Rate Notes subject to such Bid or Sell Order against payment
         therefor, BD shall instruct such Participant to deliver such Auction
         Rate Notes against payment therefor and BD may deliver to the Potential
         Owner on whose behalf BD submitted a Bid that was accepted in whole or
         in part a principal amount of the Auction Rate Notes that is less than
         the principal amount of the Auction Rate Notes specified in such Bid to
         be purchased by such Potential Owner. Notwithstanding the foregoing
         terms of this Section 2.06(a), any delivery or non-delivery of Auction
         Rate Notes which represents any departure from the results of an
         Auction, as determined by the Auction Agent, shall be of no effect
         unless and until the Auction Agent shall have been notified of such
         delivery or non-delivery in accordance with the terms of Section
         2.03(c) hereof. The Auction Agent shall have no duty or liability with
         respect to monitoring or enforcing requirements of this Section
         2.06(a).

                  (b)      None of the Auction Agent, the Trustee or the Issuer
         shall have any responsibility or liability with respect to the failure
         of an Existing Owner, a Potential Owner or a Participant or any of them
         to deliver Auction Rate Notes or to pay for Auction Rate Notes sold or
         purchased pursuant to the Auction Procedures or otherwise.

                                   ARTICLE III

                                THE AUCTION AGENT

         SECTION 3.01. DUTIES AND RESPONSIBILITIES.

                  (a)      The Auction Agent is acting solely as agent for the
         Trustee hereunder and owes no fiduciary duties to any Person by reason
         of this Agreement. The parties acknowledge that the Trustee has no
         responsibility or liability for the Auction Agent's performance or
         conduct under this Agreement.

                  (b)      Notwithstanding Section 3.01(a) above, the Auction
         Agent undertakes to perform such duties and only such duties as are
         specifically set forth in this Agreement, the Auction Agency Agreement
         and Appendix A to the Indenture, and no implied duties, covenants or
         obligations shall be read into this Agreement against the Auction Agent
         by reason of anything set forth in the Prospectus Supplement or any
         other offering material employed in connection with the offer and sale
         of the Auction Rate Notes, or otherwise.

                                        6

<PAGE>

                  (c)      In the absence of bad faith or negligence on its
         part, the Auction Agent shall not be liable for any action taken,
         suffered, or omitted or for any error of judgment made by it in the
         performance of its duties under this Agreement. The Auction Agent 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 necessary to make such judgment.

         SECTION 3.02. RIGHTS OF THE AUCTION AGENT.

                  (a)      The Auction Agent may conclusively rely and shall be
         fully protected in acting or refraining from acting upon any
         communication authorized by this Agreement and upon any written
         instruction, notice, request, direction, consent, report, certificate,
         share certificate or other instrument, paper or document believed by it
         to be genuine. The Auction Agent shall not be liable for acting upon
         any telephone communication or other electronic communication
         acceptable to the parties authorized by this Agreement which the
         Auction Agent believes in good faith to have been given by the Trustee
         or by a Broker-Dealer or by their designated agents or representatives.
         To the extent permitted by law, the Auction Agent may record telephone
         communications with such Persons.

                  (b)      The Auction Agent may consult with counsel of its own
         choice, and the advice of such counsel shall be full and complete
         authorization and protection in respect of any action taken, suffered
         or omitted by it hereunder in good faith and in reliance thereon.

                  (c)      The Auction Agent shall not be required to advance,
         expend or risk its own funds or otherwise incur or become exposed to
         financial liability in the performance of its duties hereunder.

                  (d)      The Auction Agent may perform its duties and exercise
         its rights hereunder either directly or by or through agents or
         attorneys, and shall not be responsible for any misconduct or
         negligence on the part of, or for the supervision of, any agent or
         attorney appointed by it with due care hereunder.

                  (e)      The Auction Agent makes no representation as to the
         adequacy or accuracy of this Broker-Dealer Agreement, the Auction
         Agency Agreement (except as provided in Section 3.01(d) thereof), the
         Auction Rate Notes, or any Prospectus Supplement or other offering
         material used in connection with the offer and sale of the Auction Rate
         Notes.

                                   ARTICLE IV

                                  MISCELLANEOUS

         SECTION 4.01. TERMINATION. Any party may terminate this Agreement at
any time upon five days prior notice to the other party. This Agreement shall
automatically terminate upon the delivery of certificates representing the
Auction Rate Notes pursuant to Section 2.09 of the Indenture, the occurrence of
a Payment Default or upon termination of the Auction Agency Agreement.

                                        7

<PAGE>

         SECTION 4.02. PARTICIPANT IN DEPOSITORY. Either (a) BD is, and shall
remain for the term of this Agreement, a member of, or Participant in, the
Depository, or (b) BD may designate a Participant to act on BD's behalf for
purposes of this Agreement. If BD wishes to designate a different Participant to
act on its behalf, BD shall give the Auction Agent at least two Business Days
prior notice thereof.

         SECTION 4.03. COMMUNICATIONS. Except for (a) communications authorized
to be made by telephone pursuant to this Agreement or the Auction Procedures and
(b) communications in connection with the Auctions (other than those expressly
required to be in writing), all notices, requests and other communications to
any party hereunder shall be in writing (including facsimile or similar writing)
and shall be given to such party, addressed to it, at its address or facsimile
number set forth below:

         If to BD, addressed:                       J.P. Morgan Securities Inc.
                                                    270 Park Avenue, 10th Floor
                                                    New York, New York 10017
                                                    Attention: Kevin C. O'Connor
                                                    Telephone: (212) 834-7182
                                                    Telecopy: (212) 834-6736

         If to BD, addressed:                       UFS Securities, L.L.C.
                                                    6801 South 27th Street
                                                    Lincoln, Nebraska 68512
                                                    Attention: Mark E. Portz
                                                    Telephone: (402) 484-9326
                                                    Facsimile: (402) 484-9331

         If to the Auction Agent, addressed:        Deutsche Bank Trust Company
                                                    Americas
                                                    60 Wall Street - 27th Floor
                                                    New York, New York 10005
                                                    Attention: Corporate Trust
                                                    & Agency Services
                                                    Telephone: (212) 250-6647
                                                    Telecopy: (212) 797-8600

or such other address or facsimile number as such party may hereafter specify
for such purpose by notice to the other party. Each such notice, request or
communication shall be effective when delivered at the address specified herein.
Communications shall be given on behalf of BD by a BD Officer and on behalf of
the Auction Agent by an Authorized Officer. BD may record telephone
communications with the Auction Agent.

         SECTION 4.04. ENTIRE AGREEMENT. This Agreement contains the entire
agreement between the parties relating to the subject matter hereof, and there
are no other representations, endorsements, promises, agreements or
understandings, oral, written or inferred, between the parties relating to the
subject matter hereof.

                                        8

<PAGE>

         SECTION 4.05. BENEFITS. Nothing in this Agreement, express or implied,
shall give to any person, other than the Trustee, the Auction Agent and BD and
their respective successors and assigns, any benefit of any legal or equitable
right, remedy or claim under this Agreement.

         SECTION 4.06. AMENDMENT: WAIVER.

                  (a)      This Agreement shall not be deemed or construed to be
         modified, amended, rescinded, cancelled or waived, in whole or in part,
         except by a written instrument signed by a duly authorized
         representative of the party to be charged.

                  (b)      Failure of either party to this Agreement to exercise
         any right or remedy hereunder in the event of a breach of this
         Agreement by the other party shall not constitute a waiver of any such
         right or remedy with respect to any subsequent breach.

                  (c)      The Auction Agent may, but shall have no obligation
         to, execute and deliver any amendment or modification hereto which
         affects the Auction Agent's rights, powers or immunities hereunder.

         SECTION 4.07. SUCCESSORS AND ASSIGNS. This Agreement shall be binding
upon, inure to the benefit of, and be enforceable by, the respective successors
and permitted assigns of each of BD and the Auction Agent. This Agreement may
not be assigned by either party hereto absent the prior written consent of the
other party; provided, however, that this Agreement may be assigned by the
Auction Agent to a successor Auction Agent selected by the Trustee without the
consent of BD.

         SECTION 4.08. SEVERABILITY. If any clause, provision or section of this
Agreement shall be ruled invalid or unenforceable by any court of competent
jurisdiction, the invalidity or unenforceability of such clause, provision or
section shall not affect any remaining clause, provision or section hereof.

         SECTION 4.09. EXECUTION IN COUNTERPARTS. This Agreement may be executed
in several counterparts, each of which shall be an original and all of which
shall constitute but one and the same instrument.

         SECTION 4.10. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

         SECTION 4.11. NO PETITION. BD will not at any time institute against
the Issuer any bankruptcy proceeding under any United States federal or State
bankruptcy or similar law in connection with any obligations of the Issuer under
this Agreement.

                                        9

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Broker-Dealer
Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the date first above written.

                                          DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                          as Auction Agent

                                          By /s/ Linda Reale
                                             ___________________________________
                                             Linda Reale, Vice President

                                          J.P. MORGAN SECURITIES INC., as
                                          Broker-Dealer

                                          By /s/ Kevin C. O'Connor
                                             ___________________________________
                                             Kevin C. O'Connor, Vice President

                                          UFS SECURITIES, L.L.C., as
                                          Co-Broker-Dealer

                                          By /s/ Mark E. Portz
                                             ___________________________________
                                             Mark E. Portz, Vice President

                                       10

<PAGE>

                                    EXHIBIT A

                              SETTLEMENT PROCEDURES

         Capitalized terms used herein shall have the respective meanings
specified in the Indenture and the Broker-Dealer Agreement.

                  (a)      Not later than 3:00 p.m. on each Auction Date for a
         class of Auction Rate Notes, the Auction Agent is required to notify by
         telephone or other electronic communication acceptable to the parties
         the Broker-Dealers that participated in the Auction held on such
         Auction Date and submitted an Order on behalf of any Existing Owner or
         Potential Owner of:

                           (i)      the Auction Rate fixed for the next Interest
                  Period;

                           (ii)     whether there were Sufficient Clearing Bids
                  in such Auction;

                           (iii)    if such Broker-Dealer (a "Seller's
                  Broker-Dealer") submitted a Bid or a Sell Order on behalf of
                  an Existing Owner, whether such Bid or Sell Order was accepted
                  or rejected, in whole or in part, and the principal amount of
                  Auction Rate Notes, if any, to be sold by such Existing Owner;

                           (iv)     if such Broker-Dealer (a "Buyer's
                  Broker-Dealer") submitted a Bid on behalf of a Potential
                  Owner, whether such Bid was accepted or rejected, in whole or
                  in part, and the principal amount of Auction Rate Notes, if
                  any, to be purchased by such Potential Owner;

                           (v)      if the aggregate principal amount of Auction
                  Rate Notes to be sold by all Existing Owners on whose behalf
                  such Broker-Dealer submitted Bids or Sell Orders is different
                  than the aggregate principal amount of Auction Rate Notes to
                  be purchased by all Potential Owners on whose behalf such
                  Broker-Dealer submitted a Bid, the name or names of one or
                  more other Buyer's Broker-Dealers (and the Participant, if
                  any, of each such other Buyer's Broker-Dealer) acting for one
                  or more purchasers of such excess principal amount of Auction
                  Rate Notes and the principal amount of Auction Rate Notes to
                  be purchased from one or more Existing Owners on whose behalf
                  such Broker-Dealer acted by one or more Potential Owners on
                  whose behalf each of such other Buyer's Broker-Dealers acted;
                  and

                           (vi)     if the principal amount of Auction Rate
                  Notes to be purchased by all Potential Owners on whose behalf
                  such Broker-Dealer submitted a Bid exceeds the amount of
                  Auction Rate Notes to be sold by all Existing Owners on whose
                  behalf such Broker-Dealer submitted a Bid or a Sell Order, the
                  name or names of one or more Seller's Broker-Dealers (and the
                  name of the agent member, if any, of each such Seller's
                  Broker-Dealer) acting for one or more sellers of such excess
                  principal amount of Auction Rate Notes and the principal
                  amount of Auction Rate Notes to be sold to one or more
                  Potential Owners on

<PAGE>

                  whose behalf such Broker-Dealer acted by one or more Existing
                  Owners on whose behalf each of such Seller's Broker-Dealers
                  acted;

                           (vii)    unless previously provided, a list of all
                  Applicable Auction Note Interest Rates and related Interest
                  Periods (or portions thereof) since the last Interest Payment
                  Date; and

                           (viii)   the Auction Date for the next succeeding
                  Auction.

                  (b)      On each Auction Date, each Broker-Dealer that
         submitted an Order on behalf of any Existing Owner or Potential Owner
         shall:

                           (i)      advise each Existing Owner and Potential
                  Owner on whose behalf such Broker-Dealer submitted a Bid or
                  Sell Order in the Auction on such Auction Date whether such
                  Bid or Sell Order was accepted or rejected, in whole or in
                  part;

                           (ii)     instruct each Potential Owner on whose
                  behalf such Broker-Dealer submitted a Bid that was accepted,
                  in whole or in part, to instruct such Bidder's Participant to
                  pay to such Broker-Dealer (or its Participant) through DTC the
                  amount necessary to purchase the principal amount of Auction
                  Rate Notes to be purchased pursuant to such Bid against
                  receipt of such principal amount of Auction Rate Notes;

                           (iii)    in the case of a Broker-Dealer that is a
                  Seller's Broker-Dealer, instruct each Existing Owner on whose
                  behalf such Broker-Dealer submitted a Sell Order that was
                  accepted, in whole or in part, or a Bid that was accepted, in
                  whole or in part, to instruct such Existing Owner's
                  Participant to deliver to such Broker-Dealer (or its
                  Participant) through DTC the principal amount of Auction Rate
                  Notes to be sold pursuant to such Bid or Sell Order against
                  payment therefor;

                           (iv)     advise each Existing Owner on whose behalf
                  such Broker-Dealer submitted an Order and each Potential Owner
                  on whose behalf such Broker-Dealer submitted a Bid of the
                  Auction Rate for the next Interest Period;

                           (v)      advise each Existing Owner on whose behalf
                  such Broker-Dealer submitted an Order of the next Auction
                  Date; and

                           (vi)     advise each Potential Owner on whose behalf
                  such Broker-Dealer submitted a Bid that was accepted, in whole
                  or in part, of the next Auction Date.

                  (c)      On the basis of the information provided to it
         pursuant to paragraph (a) above, each Broker-Dealer that submitted a
         Bid or Sell Order in an Auction is required to allocate any funds
         received by it pursuant to paragraph (b)(ii) above, and any Auction
         Rate Notes received by it pursuant to paragraph (b)(iii) above, among
         the Potential Owners, if any, on whose behalf such Broker-Dealer
         submitted Bids, the Existing Owners, if any, on whose behalf such
         Broker-Dealer submitted Bids or Sell Orders in such Auction, and any
         Broker-Dealers identified to it by the Auction Agent following such
         Auction pursuant to paragraph (a)(v) or (a)(vi) above.

                                       A-2

<PAGE>

                  (d)      On each Auction Date:

                           (i)      each Potential Owner and Existing Owner with
                  an Order in the Auction on such Auction Date shall instruct
                  its Participant as provided in (b)(ii) or (b)(iii) above, as
                  the case may be;

                           (ii)     each Seller's Broker-Dealer that is not a
                  Participant in DTC shall instruct its Participant to (A) pay
                  through DTC to the Participant of the Existing Owner
                  delivering Auction Rate Notes to such Broker-Dealer following
                  such Auction pursuant to (b)(iii) above the amount necessary,
                  including accrued interest, if any, to purchase such Auction
                  Rate Notes against receipt of such Auction Rate Notes, and (B)
                  deliver such Auction Rate Notes through DTC to a Buyer's
                  Broker-Dealer (or its Participant) identified to such Seller's
                  Broker-Dealer pursuant to (a)(v) above against payment
                  therefor; and

                           (iii)    each Buyer's Broker-Dealer that is not a
                  Participant in DTC shall instruct its Participant to (A) pay
                  through DTC to a Seller's Broker-Dealer (or its Participant)
                  identified following such Auction pursuant to (a)(vi) above
                  the amount necessary, including accrued interest, if any, to
                  purchase the Auction Rate Notes to be purchased pursuant to
                  (b)(ii) above against receipt of such Auction Rate Notes, and
                  (B) deliver such Auction Rate Notes through DTC to the
                  Participant of the purchaser thereof against payment therefor.

                  (e)      On the first Business Day of the Interest Period next
         succeeding each Auction Date:

                           (i)      each Participant for a Bidder in the Auction
                  on such Auction Date referred to in (d)(i) above shall
                  instruct DTC to execute the transactions described under
                  (b)(ii) or (b)(iii) above for such Auction, and DTC shall
                  execute such transactions;

                           (ii)     each Seller's Broker-Dealer or its
                  Participant shall instruct DTC to execute the transactions
                  described in (d)(ii) above for such Auction, and DTC shall
                  execute such transactions; and

                           (iii)    each Buyer's Broker-Dealer or its
                  Participant shall instruct DTC to execute the transactions
                  described in (d)(iii) above for such Auction, and DTC shall
                  execute such transactions.

                  (f)      If an Existing Owner selling Auction Rate Notes in an
         Auction fails to deliver such Auction Rate Notes (by authorized
         book-entry), a Broker-Dealer may deliver to the Potential Owner on
         behalf of which it submitted a Bid that was accepted a principal amount
         of Auction Rate Notes that is less than the principal amount of Auction
         Rate Notes that otherwise was to be purchased by such Potential Owner.
         In such event, the principal amount of Auction Rate Notes to be so
         delivered shall be determined solely by such Broker-Dealer. Delivery of
         such lesser principal amount of Auction Rate Notes shall constitute
         good delivery. Notwithstanding the foregoing terms of this paragraph
         (f), any delivery or nondelivery of Auction Rate Notes which shall
         represent any departure

                                       A-3

<PAGE>

         from the results of an Auction, as determined by the Auction Agent,
         shall be of no effect unless and until the Auction Agent shall have
         been notified of such delivery or nondelivery in accordance with the
         provisions of the Auction Agent and the Broker-Dealer Agreement.

                                       A-4

<PAGE>

                                    EXHIBIT B

                                   ORDER FORM

                   (Submit only one Order on this Order Form)

                        Nelnet Student Loan Trust 2003-2
                         Student Loan Asset-Backed Notes
                [$95,000,000 Senior Class A-5 Auction Rate Notes]
                [$95,000,000 Senior Class A-6 Auction Rate Notes]
              [$25,885,000 Subordinate Class B Auction Rate Notes]

                 Maturing [October 25, 2038] [October 25, 2039]
                             ("Auction Rate Notes")

<PAGE>

                                    EXHIBIT C

                                  TRANSFER FORM

                 (To be used only for transfers made other than
                             pursuant to an Auction)

                        Nelnet Student Loan Trust 2003-2
                         Student Loan Asset-Backed Notes
                [$95,000,000 Senior Class A-5 Auction Rate Notes]
                [$95,000,000 Senior Class A-6 Auction Rate Notes]
              [$25,885,000 Subordinate Class B Auction Rate Notes]

                 Maturing [October 25, 2038] [October 25, 2039]
                             ("Auction Rate Notes")

We are (check one):

_____ the Existing Owner named below; or

_____ the Broker-Dealer for such Existing Owner; or

_____ the Participant for such Existing Owner.

         We hereby notify you that such Existing Owner has transferred
$_________* Auction Rate Notes to __________________.

                                          [NAME OF EXISTING OWNER]

                                          [BROKER-DEALER]

                                          [NAME OF PARTICIPANT]

                                          By ___________________________________
                                          Name _________________________________
                                          Title ________________________________

----------------------
*Auction Rate Notes may only be transferred in units of $50,000.

<PAGE>

                                    EXHIBIT D

                         NOTICE OF A FAILURE TO DELIVER

                    (To be used only for failures to deliver
                 Auction Rate Notes sold pursuant to an Auction)

                        Nelnet Student Loan Trust 2003-2
                        Student Loan Asset-Backed Notes
               [$95,000,000 Senior Class A-5 Auction Rate Notes]
               [$95,000,000 Senior Class A-6 Auction Rate Notes]
              [$25,885,000 Subordinate Class B Auction Rate Notes]

                 Maturing [October 25, 2038] [October 25, 2039]
                             ("Auction Rate Notes")

                             COMPLETE EITHER 1 OR 2

         1.       We are a Broker-Dealer for ______________ (the "Purchaser"),
which purchased $____________________* of the Auction Rate Notes in the Auction
held on ____________ from the seller of such Auction Rate Notes.

         2.       We are a Broker-Dealer for _______________ (the "Seller"),
which sold $_____________* of the Auction Rate Notes in the Auction held on
_______________ to the purchaser of such Auction Rate Notes.

         We hereby notify you that (check one) --

_____ the Seller failed to deliver such Auction Rate Notes to the Purchaser

_____ the Purchaser failed to make payment to the Seller upon delivery of such
Auction Rate Notes

                                          [BROKER-DEALER]

                                          By ___________________________________
                                          Name _________________________________
                                          Title_________________________________

-----------------------
*Auction Rate Notes may only be transferred in units of $50,000.<PAGE>

                                                                  EXHIBIT 10.131

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

                   FIRST AMENDMENT TO BROKER-DEALER AGREEMENT

                                     between

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                as Auction Agent,

                                       and

                         BANC OF AMERICA SECURITIES LLC,
                                as Broker-Dealer

                                   Relating to

                       Nelnet Education Loan Funding, Inc.
                         Student Loan Asset-Backed Notes
              $100,000,000 Senior Class 2003A-2 Auction Rate Notes
              $100,000,000 Senior Class 2003A-4 Auction Rate Notes
               $75,000,000 Senior Class 2003A-6 Auction Rate Notes
               $75,000,000 Senior Class 2003A-8 Auction Rate Notes
              $75,000,000 Senior Class 2003A-10 Auction Rate Notes
              $75,000,000 Senior Class 2003A-12 Auction Rate Notes
            $15,000,000 Subordinate Class 2003B-2 Auction Rate Notes

                           Dated as of October 1, 2003

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

<PAGE>

         THIS FIRST AMENDMENT TO BROKER-DEALER AGREEMENT dated as of October 1,
2003 (this "Amendment") between DEUTSCHE BANK TRUST COMPANY AMERICAS (together
with its successors and assigns, the "Auction Agent"), not in its individual
capacity but solely as agent of Wells Fargo Bank Minnesota, National
Association, as indenture trustee (the "Trustee") under an Indenture of Trust,
dated as of June 1, 2003 (the "Original Indenture"), among Nelnet Education Loan
Funding, Inc. (the "Issuer"), the Trustee and Wells Fargo Bank Minnesota,
National Association, as eligible lender trustee, and the Series 2003-1
Supplemental Indenture of Trust, dated as of June 1, 2003 (the "Supplemental
Indenture," and together with the Original Indenture, the "Indenture"), between
the Issuer and the Trustee, pursuant to authority granted to it in the Auction
Agency Agreement dated as of June 1, 2003, among the Issuer, the Trustee and the
Auction Agent (the "Auction Agency Agreement"), and BANC OF AMERICA SECURITIES
LLC (together with its successors and assigns hereinafter referred to as "BD").

         The Issuer has previously issued (a) $100,000,000 of its Student Loan
Asset-Backed Notes, Senior Class 2003A-2 as Auction Rate Notes, (b) $100,000,000
of its Student Loan Asset-Backed Notes, Senior Class 2003A-4 as Auction Rate
Notes, (c) $75,000,000 of its Student Loan Asset-Backed Notes, Senior Class
2003A-6 as Auction Rate Notes, (d) $75,000,000 of its Student Loan Asset-Backed
Notes, Senior Class 2003A-8 as Auction Rate Notes, (e) $75,000,000 of its
Student Loan Asset-Backed Notes, Senior Class 2003A-10 as Auction Rate Notes,
(f) $75,000,000 of its Student Loan Asset-Backed Notes, Senior Class 2003A-12 as
Auction Rate Notes, and (g) $15,000,000 of its Student Loan Asset-Backed Notes,
Subordinate Class 2003B-2 as Auction Rate Notes (collectively, the "Auction Rate
Notes").

         The Auction Procedures set forth in the Auction Agency Agreement and
the Indenture to satisfy such requirement require the participation of one or
more Broker-Dealers and the parties hereto have previously entered into a
Broker-Dealer Agreement dated as of June 1, 2003 (the "Original BD Agreement").

         Pursuant to Section 4.06 of the Original BD Agreement, the parties
hereto hereby desire to amend the Original BD Agreement by execution of this
Amendment as described below.

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Auction Agent, as agent of the Trustee, and BD
agree as follows:

                                    ARTICLE I

                           TERMS DEFINED BY REFERENCE

         Capitalized terms not defined herein shall have the respective meanings
specified in or pursuant to the Indenture, the Original BD Agreement and the
Auction Agency Agreement.

<PAGE>

                                   ARTICLE II

             AMENDMENTS TO SECTION 2.05 OF THE ORIGINAL BD AGREEMENT

         Section 2.05 of the Original BD Agreement is herby amended and restated
in its entirety as follows:

                           SECTION 2.05. SERVICE CHARGE TO BE PAID TO BD. On
                  each Interest Payment Date, for the term of this Agreement,
                  the Auction Agent shall pay to BD, pursuant to Section 3.05(b)
                  of the Auction Agency Agreement, a service charge for the
                  preceding Interest Period in an amount equal to the product of
                  (a) a fraction, the numerator of which is the number of days
                  in each Auction Period occurring during such Interest Period
                  (or, in the case of the initial Interest Period, the actual
                  number of days elapsed since the date of delivery of the
                  Auction Rate Notes) and the denominator of which is 360, times
                  (b) the Broker-Dealer Fee Rate times (c) the sum of (i) the
                  sum of the aggregate principal amount of the Auction Rate
                  Notes that were (A) the subject of Submitted Bids of Existing
                  Owners submitted by BD and continued to be held as a result of
                  such submission and (B) the subject of Submitted Bids of
                  Potential Owners submitted by BD and purchased as a result of
                  such submission and (ii) the aggregate principal amount of the
                  Auction Rate Notes subject to valid Hold Orders (determined in
                  accordance with Section 2.02 (a)(iii)(A) of Appendix A to the
                  Supplemental Indenture) submitted to the Auction Agent by BD
                  and (iii) the principal amount of the Auction Rate Notes
                  deemed to be subject to Hold Orders by Existing Owners
                  pursuant to Section 2.02(a)(ii)(C) of Appendix A to the
                  Supplemental Indenture that were acquired by such Existing
                  Owners through BD in the Auction for such Auction Period. For
                  purposes of subclause (c)(iii) of the foregoing sentence, if
                  any Existing Owner who acquired Auction Rate Notes through BD
                  transfers those Auction Rate Notes to another Person other
                  than pursuant to an Auction, then the Broker-Dealer for the
                  Auction Rate Notes so transferred shall continue to be BD;
                  provided, however, that if the transfer was effected by, or if
                  the transferee is, a Broker-Dealer other than BD, then such
                  Broker-Dealer shall be the Broker-Dealer for such Auction Rate
                  Notes. If for any reason an Auction is not held on an Auction
                  Date, there shall be no Broker-Dealer Fee applicable with
                  respect to such Auction Date. The Broker-Dealer Fee Rate shall
                  be 0.125% per annum. The Broker-Dealer Fee shall be payable
                  solely out of amounts received by the Auction Agent pursuant
                  to the Indenture.

                           The Broker-Dealer Fee Rate shall be the prevailing
                  rate received by broker-dealers for rendering comparable
                  services to others. The Auction Agent shall advise the Issuer,
                  at the Issuer's request, at least annually of its view of such
                  then current prevailing rate. If the then current
                  Broker-Dealer Fee Rate is not, in the opinion of the Issuer
                  and the Auction Agent, the prevailing rate, the Issuer shall
                  change the Broker-Dealer Fee Rate pursuant to the terms hereof
                  and shall notify the Auction Agent and the Broker-Dealer in
                  writing thereof. Any change in the Broker-Dealer Fee Rate
                  shall be effective on the Auction Date next succeeding such
                  change.

                                        2

<PAGE>

                                   ARTICLE III

                                  MISCELLANEOUS

         SECTION 3.01. ENTIRE AGREEMENT. This Amendment contains the entire
agreement between the parties relating to the subject matter hereof, and there
are no other representations, endorsements, promises, agreements or
understandings, oral, written or inferred, between the parties relating to the
subject matter hereof.

         SECTION 3.02. SEVERABILITY. If any clause, provision or section of this
Amendment shall be ruled invalid or unenforceable by any court of competent
jurisdiction, the invalidity or unenforceability of such clause, provision or
section shall not affect any remaining clause, provision or section hereof.

         SECTION 3.03. EXECUTION IN COUNTERPARTS. This Amendment may be executed
in several counterparts, each of which shall be an original and all of which
shall constitute but one and the same instrument.

         SECTION 3.04. GOVERNING LAW. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York.

         SECTION 3.05. TERMINATION OF THIS AMENDMENT. This Amendment shall
expire on October 1, 2004 and each October 1 thereafter unless the fee described
in Section 2.05 of this Amendment is extended or modified for a subsequent year
by written notification from the Broker-Dealer to the Issuer and the Auction
Agent prior to each October 1. Any modification of the fee described in Section
2.05 of this Amendment shall be effective only upon execution of a letter
agreement or amendment to the Original Broker-Dealer Agreement executed by each
of the parties hereto.

                                        3

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to Broker-Dealer Agreement to be duly executed and delivered by their proper and
duly authorized officers as of the date first above written.

                                          DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                          as Auction Agent

                                          By     /s/ Linda Reale
                                             ___________________________________
                                          Name   Linda Reale
                                               _________________________________
                                          Title  VP
                                               ________________________________

                                          BANC OF AMERICA SECURITIES LLC
                                          Broker-Dealer

                                          By  /s/ Christopher G. Cronk
                                             ___________________________________
                                             Christopher G. Cronk, Managing
                                             Director

                                       4

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