Document:

<PAGE>
                                                                   Exhibit 10.74

                                                                 [JPMORGAN LOGO]

                                 CAP TRANSACTION

The purpose of this letter agreement is to confirm the terms and conditions of
the Transaction entered into between:

                               JPMORGAN CHASE BANK
                                  ('JPMorgan')

                                       and

                               NELNET INCORPORATED
                              (the 'Counterparty')

on the Trade Date and Identified by the JPMorgan Deal Number specified below
(the Transaction'). This letter agreement constitutes a 'Confirmation' as
referred to in the Master Agreement specified below, and supersedes any previous
confirmation or other writing with respect to the transaction described below.

The definitions and provisions contained in the 2000 ISDA Definitions (the
'Definitions'), as published by the International Swaps and Derivatives
Association, Inc. are incorporated into this Confirmation. In the event of any
inconsistency between those definitions and provisions and this Confirmation,
this Confirmation will govern.

This Confirmation supplements, forms part of, and is subject to, the ISDA Master
Agreement dated as of 20 May 2002, as amended and supplemented from time to
time (the 'Agreement'), between JPMORGAN CHASE BANK ('JPMorgan') and NELNET
INCORPORATED (the 'Counterparty'). All provisions contained in the Agreement
govern this Confirmation except as expressly modified below.

Our Ref: 2000005032231,      Sent: 31 July 2003 21:01                Page 1 of 5

<PAGE>

                                                                 [JPMORGAN LOGO]

The terms of the particular Cap Transaction to which this Confirmation relates
are as follows:

<TABLE>
<S>                              <C>
A.                               TRANSACTION DETAILS:

JPMorgan Deal Number(s):         200000503223.

Notional Amount:                 USD 500,000,000.00

Trade Date:                      30 July 2003

Effective Date:                  01 August 2003

Termination Date:                01 August 2005 subject to adjustment in
                                 accordance with the Modified Following Business
                                 Day Convention.

PREMIUM:

Buyer:                           Counterparty
Premium Amount:                  USD 6,000,000.00
Premium Payment Date:            01 August 2003

Floating Amounts:
Floating Rate Payer (Seller):    JPMorgan

Cap Rate:                        1.5000 percent

Floating Rate Payer Payment
 Dates:                          The 01 September, 01 October, 01 November, 01 December, 01
                                 January, 01 February, 01 March, 01 April, 01 May, 01 June,
                                 01 July and 01 August in each year, from and including 01
                                 September 2003 to and including the Termination Date,
                                 subject to adjustment in accordance with the Modified
                                 Following Business Day Convention and there will be an
                                 adjustment to the Calculation Period.

Floating Rate Option:            USD-LIBOR-BBA

Designated Maturity:             1 Month

Floating Rate Day Count          Actual/360
 Fraction:
                                 The first day in each Calculation Period
Reset Dates:
</TABLE>

Our Ref: 2000005032231        Sent: 31 July 2003 21:01               Page 2 of 5

<PAGE>

                                                                 [JPMORGAN LOGO]

<TABLE>
<S>                                  <C>
Compounding:                         Inapplicable

Business Days:                       New York

Calculation Agent                    JPMorgan, unless otherwise stated in the Agreement.

B.                                   ACCOUNT DETAILS:
Payments to JPMorgan in USD:         JPMORGAN CHASE NEW YORK
                                     JPMORGAN CHASE BANK
                                     BIC: CHASUS33XXX
                                     AC No: 099997979

Payments to Counterparty in USD:     As per your standard settlement instructions.

C.                                   OFFICES

JPMorgan:                            NEW YORK

Counterparty:                        LINCOLN
</TABLE>

Each part represents that (i) it is entering into the Transaction evidenced
hereby as principal (and not as agent or in any other capacity); (ii) the other
party is not acting as a fiduciary for it; (iii) it is not relying upon any
representations except those expressly set forth in the Agreement or this
confirmation; (iv) it has consulted with its own legal, regulatory, tax,
business, investment, financial, and accounting advisors to the extent it has
deemed necessary, and it has made its own investment, hedging, and trading
decisions based upon its own judgement and upon any advice from such advisors as
it has deemed necessary and not upon any view expressed by the other party; and
(v) it is entering into this Transaction with a full understanding of the terms,
conditions and risks thereof and it is capable of and willing to assume those
risks.

Our Ref: 2000005032231         Sent: 31 July 2003 21:01              Page 3 of 5

<PAGE>

                                                                 [JPMORGAN LOGO]

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing a copy of this Confirmation and returning it to us or by
sending to us a letter, telex, or facsimile substantially similar to this
letter, which letter, telex or facsimile sets forth the material terms of the
Transaction to which this Confirmation relates and indicates agreement to those
terms. When referring to this Confirmation, please indicate: JPMorgan Deal
Number(s): 2000005032231

On Behalf of JP Morgan Securities Inc.
As Agent for JPMorgan Chase Bank

/s/ Deborah Hooper
----------------------------------------------

Name: Deborah Hooper

Title: Vice President

Accepted and confirmed as of the date first written:
NELNET INCORPORATED

/s/ Terry Heimes
-----------------------------------------------
       Terry Heimes
Name: _________________________________________

Title: ________________________________________

Your reference number: ________________________

Our Ref: 2000005032231         Sent: 31 July 2003 21:01              Page 4 of 5

<PAGE>

                                                                 [JPMORGAN LOGO]

Client Service Group
All queries regarding confirmations should be sent to:

JPMorgan Chase Bank and J P Morgan Ltd.

Contacts
JPMorgan Contact         Telephone Number

CLIENT SERVICE           (001) 7182427553
GROUP

Group E-mail address:
Facsimile:               (001) 8888033606
Telex:
Cable:

Please quote the JPMorgan deal number(s): 2000005032231.

Our Ref: 200000503223]        Sent: 31 July 2003 21:01               Page 5 of 5<PAGE>
                                                                   Exhibit 10.75
                                 [JPMORGAN LOGO]

JPMORGAN CHASE BANK
Global Derivative Operations
4 Metrotech Center, 17th Floor
Brooklyn, New York 11245

                         INTEREST RATE SWAP CONFIRMATION
                              AMENDED AND RESTATED

TO       : NELNET INC.
           C.O WILMINGTON TRUST COMPANY
           RODNEY SQUARE NORTH
           1100 NORTH MARKET STREET
           WILMINGTON DE 19890
           USA

ATTN     : Swap Operations
FAX      : 1-402-458-2399
DATE     : 13 August 2003
RE       : Transaction Reference No. 0001721641 / 66108781

         The purpose of this letter agreement is to confirm the terms and
conditions of the Transaction entered into between us on the Trade Date below,
It constitutes a "Confirmation" as referred to in the ISDA Master Agreement
described below.

         The definitions and provisions contained in the 2000 ISDA Definitions
as published by the International Swaps and Derivatives Association, Inc.
("ISDA") are incorporated into this Confirmation. In the event of any
inconsistency between those definitions and provisions and this Confirmation,
this Confirmation will govern.

      1. This Confirmation supplements, forms part of, and is subject to, the
         Master Agreement dated as of 20 May 2002, as amended and supplemented
         from time to time (the "Agreement"), between JPMorgan Chase Bank
         ("JPMorgan") and NELNET INC. ("Counterparty"). All provisions contained
         in the Agreement govern this Confirmation except as expressly modified
         below.

      2. The terms of the particular Transaction to which this Confirmation
         relates are as follows:

         NOTIONAL AMOUNT:           USD 1,000,000,000.00

         TRADE DATE:                4 August 2003

         EFFECTIVE DATE:            25 August 2003

         TERMINATION DATE:          25 August 2005, subject to adjustment in
                                    accordance with the Following Business Day
                                    Convention.

                                                                     Page 1 of 5

<PAGE>

Confirmation - Swap Transaction                JPMorgan Ref: 0001721641/66108781

         FLOATING AMOUNTS (1):

         FLOATING RATE PAYER:       COUNTERPARTY

         FLOATING RATE PAYER
         PAYMENT DATES:             25 November, 25 February, 25 May, 25 August
                                    of each year commencing with 25 November
                                    2003 and ending with, and including, the
                                    Termination Date, subject to adjustment in
                                    accordance with the Following Business Day
                                    Convention.

         FLOATING RATE FOR INITIAL
         CALCULATION PERIOD:        TO BE DETERMINED

         FLOATING RATE OPTION:      USD - TBILL - H.15

         SPREAD:                    plus 0.342500 percent

         METHOD OF AVERAGING:       Unweighted Average Rate

         RESET DATES:               Weekly

         COMPOUNDING:               Not Applicable

         FLOATING RATE DAY COUNT
         FRACTION:                  Actual/Actual

         BUSINESS DAYS:             New York

         FLOATING AMOUNTS (2):

         FLOATING RATE PAYER:       JPMORGAN

         FLOATING RATE PAYER
         PAYMENT DATES:             25 November, 25 February, 25 May, 25 August
                                    of each year commencing with 25 November
                                    2003 and ending with, and including, the
                                    Termination Date, subject to adjustment in
                                    accordance with the Following Business Day
                                    Convention.

         FLOATING RATE FOR INITIAL
         CALCULATION PERIOD:        TO BE DETERMINED

         FLOATING RATE OPTION:      USD - LIBOR - BBA

         SPREAD:                    None

         DESIGNATED MATURITY:       3 Months

                                                                     Page 2 of 5

<PAGE>

Confirmation - Swap Transaction                JPMorgan Ref: 0001721641/66108781

         RESET DATES:               The first day of each Calculation Period.

         COMPOUNDING:               Not Applicable

         FLOATING RATE DAY COUNT
         FRACTION:                  Actual/360

         BUSINESS DAYS :            NEW YORK

         CALCULATION AGENT:         JPMorgan, unless otherwise specified in the
                                    Agreement.

      3. ACCOUNT DETAILS

            PAYMENTS TO JPMORGAN:

                                    JPMORGAN CHASE BANK, NEW YORK, JPMORGAN,NY
                                    ABA# 021000021, A/C# 900-900-1364

            PAYMENTS TO COUNTERPARTY:

                                    To be Advised

      4. OFFICE, ADDRESS AND TELEPHONE NUMBER FOR NOTICES IN CONNECTION WITH
         THIS TRANSACTION

                  (A) COUNTERPARTY: its Office in
                                    C.0 WILMINGTON TRUST COMPANY
                                    RODNEY SQUARE NORTH
                                    1100 NORTH MARKET STREET
                                    WILMINGTON DE19890
                                    USA

                  (B) JPMORGAN: its head Office in
                                    New York c/o Global Derivative
                                    Operations 4 Metrotech Center, 17th Floor
                                    Brooklyn, New York 11245

      5. DOCUMENTS TO BE DELIVERED

         Each party shall deliver to the other, at the time of its execution of
         this Confirmation, evidence of the incumbency and specimen signature of
         the person(s) executing this Confirmation, unless such evidence has
         been previously supplied and remains true and in effect.

      6. RELATIONSHIP BETWEEN PARTIES

         Each party will be deemed to represent to the other party on the date
         on which it enters into a Transaction that (absent a written agreement
         between the parties that expressly imposes affirmative obligations to
         the contrary for that Transaction):-

                                                                     Page 3 of 5

<PAGE>

Confirmation - Swap Transaction                JPMorgan Ref: 0001721641/66108781

         (a) Non-Reliance. It is acting for its own account, and it has made its
         own independent decisions to enter into that Transaction and as to
         whether that Transaction is appropriate or proper for it based upon its
         own judgement and upon advice from such advisers as it has deemed
         necessary. It is not relying on any communication (written or oral) of
         the other party as investment advice or as a recommendation to enter
         into that Transaction; it being understood that information and
         explanations related to the terms and conditions of a Transaction shall
         not be considered investment advice or a recommendation to enter into
         that Transaction. No communication (written or oral) received from the
         other party shall be deemed to be an assurance or guarantee as to the
         expected results of that Transaction.

         (b) Assessment and Understanding. It is capable of assessing the merits
         of and understanding (on its own behalf or through independent
         professional advice), and understands and accepts, the terms,
         conditions and risks of that Transaction. It is capable of assuming,
         and assumes the risks of that Transaction.

         (c) Status of Parties. The other party is not acting as a fiduciary for
         or an adviser to it in respect of that Transaction.

         Please confirm that the foregoing correctly sets forth the terms of our
         agreement by executing a copy of this Confirmation and returning it to
         us.

                                    Yours sincerely,

                                    JPMORGAN CHASE BANK

                                    BY: /s/ Deborah Hooper
                                        ------------------
                                    Name:  DEBORAH HOOPER
                                    Title: VICE PRESIDENT

         Confirmed as of the date first
         above written:

         NELNET INC.

         By: /s/ Terry Heimes
             ---------------------------

         Name: Terry Heimes
               -------------------------
         Title: CFO
                ------------------------
         apl/(a)kw

                                                                     Page 4 of 5
<PAGE>

Confirmation - Swap Transaction                JPMorgan Ref: 0001721641/66108781

                    GLOBAL DERIVATIVE OPERATIONS CONTACT LIST

                                 CONFIRMATIONS

                                   TELEPHONE                         FACSIMILE

SINGLE AND CROSS CURRENCY SWAPS. FRA'S AND INTEREST RATE OPTIONS

Return executed confirmations / Send your confirmations to: (718) 242-9260
/9262 / 9263

Discrepancies with Confirm: (718) 242-7294 / 7296 / 3100 (718) 242-9260 /
9262/9263

If you did not receive our Confirmation: (718) 242-3313 / 3089 / 3323 (718)
242-9260 / 9262 / 9263

                               RATE RESET ADVICES
       (SINGLE AND CROSS CURRENCY SWAPS, FRA'S AND INTEREST RATE OPTIONS)

JPMORGAN CHASE BANK. LONDON BRANCH

If you did not receive a Rate Reset Advice: 44(0) 1202 347715 44(0) 1202 343440
Email: clientfocus_group@jpmorgan.com

J.P.MORGAN CHASE BANK. NEW YORK BRANCH

If you did not receive a Rate Reset Advice: (718) 242-3121 / 7359 (718) 242-4206

                                    PAYMENTS
        (SINGLE AND CROSS CURRENCY SWAPS, FRA'S AND INTEREST RATE OPTIONS)

J.P.MORGAN CHASE BANK. LONDON BRANCH

<TABLE>
<S>                                      <C>                           <C>
Pre-Settlement:                          44(0)1202-347715              44(0)1202 343440
Post-Settlement:                         44(0)1202-347818              44(0)1202-343440
</TABLE>

Email: clientfocus_group@jpmorgan.com

<TABLE>
<S>                                             <C>
ASIA SPECIFIC;
Maite Gielissen:                                44(0) 1202 34 7420
Michael Stavonhagen:                            44(0) 1202 34 7607
Jacqueline Deakin:                              44(0) 1202 34 6651
Harvey Haynes:                                  44(0) 1202 34 3044
Facsimile:                                      44(0) 1202 34 2003
</TABLE>

Email: asian-client-queries@jpmorgan.com

JPMORGAN CHASE BATIK, NEW YORK BRANCH

Pre-Settlement:                (718) 242-3187 / 2827 / 3098(718) 242-5826
Customer Service:                          (718) 242-7294 / 7296
(718) 242-4216
Email: ny.pre.customer.service@jpmorgan.com
Email: ny.post.customer.service@jpmorgan.com

JPMorgan Chase Bank, London S.W.I.F.T BIC (CHASGB2L) Telex 94060015
JPMorgan Chase Bank, New York S.W.I.F.T BIC (CHASUS33) Telex 420120 CMB UW

                                                                     Page 5 of 5

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