Document:

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                                                                   Exhibit 10.29

                               SECOND AMENDMENT OF
                   MARKETING EXPENSE REIMBURSEMENT AGREEMENT

         This Second Amendment of Marketing Expense Reimbursement Agreement (the
"Second Amendment") is made and entered into as of this 21st day of December,
2001, by and between Union Bank and Trust Company, a Nebraska bank and trust
company, acting in its own right and in its capacity as trustee ("Union Bank")
and NELnet, Inc., a Nevada corporation f/k/a National Education Loan Network,
Inc. ("NELnet").

         WHEREAS, the parties hereto entered into that certain Marketing Expense
Reimbursement Agreement dated as of January 1, 1999 (the "Agreement"), and the
parties hereto have also entered into that certain First Amendment of Marketing
Expense Reimbursement Agreement dated as of April 1, 2001 (the "First
Amendment"), and whereas the parties hereto wish to amend the Agreement and the
First Amendment under the terms set forth herein.

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

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

         2.       Reduction of Services to Be Provided by Union Bank. Section 2
of the First Amendment shall be deleted in its entirety and the following
substituted in lieu thereof:

                  Notwithstanding provisions to the contrary contained in
                  Section 1 of the Agreement, Union Bank may, at its option, and
                  in its sole discretion, reduce its Student Loan and
                  Alternative Loan marketing and origination efforts as compared
                  to historic levels of such efforts by reducing its marketing
                  personnel commitment. Union Bank agrees that if it reduces its
                  marketing personnel commitment, it shall enable NELnet to
                  offer employment to such personnel and, at NELnet's reasonable
                  request, continue such personnel as dual employees of NELnet
                  and Union Bank provided, however, that such personnel shall
                  not be entitled to any salary paid by Union Bank or Union Bank
                  employee benefits. NELnet shall provide nonexclusive marketing
                  and promotional services with respect to Student Loan
                  originations under the Union Bank brand name in the states of
                  Nebraska, Kansas, Iowa and portions of the western region of
                  the United States where the Union Bank brand name is currently
                  used to market Student Loans (including Alaska, Arizona,
                  California, Colorado, Hawaii, Oregon, Nevada and Washington),
                  at least at historic levels previously furnished by Union Bank
                  itself in those states, or as the parties may otherwise
                  mutually agree; provided, however, that NELnet

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                  shall not provide such services with respect to Student Loans
                  to borrowers (other than medical students) attending
                  University of Phoenix or Loma Linda College unless Union Bank
                  ceases origination efforts at such educational institutions or
                  otherwise consents to such services being provided by NELnet.

         3.       Reimbursement of Marketing Costs. Section 3 of the First
Amendment shall be deleted in its entirety and the following substituted in lieu
thereof:

         Section 3 of the Agreement shall be deleted in its entirety and the
         following substituted in lieu thereof: "Marketing Costs" as defined
         herein shall mean all direct costs and expenses during the term of this
         Agreement, in connection with or arising from marketing activities by
         Union Bank and NELnet relating to Student Loans, excluding any
         administrative or overhead costs and expenses associated therewith,
         and, following April 1, 2001, excluding any costs for marketing
         representatives and related expenses arising from Student Loan
         activities in the northeastern region of the United States (including,
         without limitation, New York, New Jersey, Connecticut, Pennsylvania,
         Vermont, New Hampshire and Maine) as well as the states of Illinois,
         South Dakota, Minnesota and Texas. Marketing Costs incurred with
         respect to the states of Nebraska, Kansas, Iowa and portions of the
         western region of the United States where the brand name of Union Bank
         is currently used to market Student Loans (including Alaska, Arizona,
         California, Colorado, Hawaii, Oregon, Nevada and Washington) shall be
         included in the computation of Marketing Costs. NELnet and Union Bank
         shall each be responsible for their respective pro rata share of
         Marketing Costs during each calendar year during the term of this
         Agreement, and each party's respective share shall be calculated based
         upon the following formulas:

A. NELnet's annual = All annual Marketing Costs X ($120 million + 75% of annual
       share of      Union Bank originations in excess of $240 Million)/
   Marketing Costs   All Union Bank Student Loan Originations for the year

B.       Union Bank's share of Marketing Costs = all Marketing Costs for the
         year minus NELnet's share of Marketing Costs as calculated pursuant to
         (A) above; and

C.       Union Bank also agrees to pay 25% of the marketing and promotional
         costs (excluding any administrative or overhead costs and expenses
         associated therewith) incurred by NELnet with respect to origination of
         student loans and alternative loans under non-Union Bank brand names as
         they may occur in the states of Alaska, Arizona, California, Colorado,
         Hawaii, Iowa, Kansas, Oregon, Nevada and Washington (the "NELnet Brand
         Loans").

         Such reimbursements set forth above shall be paid by Union Bank to
         NELnet on a monthly basis, upon receipt by Union Bank of written
         billing statements from NELnet with respect to good faith estimates of
         the above-described costs, with reconciliation to reflect actual costs
         at the end of each calendar year.

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         Union Bank also hereby transfers all of its rights and interest in
         certain software products utilized in connection with Student Loans,
         including without limitation "EnConcert," "Notes on Student Loans,"
         "Notes on Credit," "Notes on Investments," "Union Station," and
         "Student Exchange" (collectively, the "Student Loan Software"). Union
         Bank shall take all reasonable acts necessary to effectuate such
         transfer as reasonably requested by NELnet. NELnet shall assume
         responsibility for any future enhancements or development of the
         Student Loan Software. NELnet shall reimburse Union Bank and its
         affiliates for any expense in connection with Alternative Loans
         originated after January 1, 2000. It is acknowledged that NELnet is
         providing substantial consideration by assuming a greater share of
         Marketing Expenses such as salary expenses related to hiring of
         marketing personnel, marketing expenses related to Alternative Loans,
         software development expenses related to EnConcert and other
         intellectual properly development, and access granted by NELnet to
         Union Bank to all future enhancements to the EnConcert software or
         modifications thereof.

         4.       Purchase Option and Right of First Refusal. In consideration
of the payments set forth in Section 3 C above, Union Bank shall have the right
to purchase 25% of the NELnet Brand Loans made during each calendar year. Said
loan purchases shall occur on such dates and in such quantities as may be
mutually agreed to by the parties; Union Bank's right to purchase shall be
deemed to be waived if not exercised in writing prior to the end of each
calendar year. On each applicable purchase date, Union Bank shall pay to NELnet
an amount equal to the then outstanding principal balance of the NELnet Brand
Loans to be purchased on said sale date, plus interest and special allowance
payments accrued but unpaid with respect to such loans, if any. All NELnet Brand
Loans purchased hereunder will be subject to a life of loan servicing agreement
with NELnet or any of its affiliates. In the event Union Bank desires to sell
any Student Loans owned by or on behalf of Union Bank, Union Bank must give
NELnet a right of first refusal to repurchase said loans, subject to any
existing sale commitments between Union Bank and NELnet or its affiliates.
NELnet shall have the right to purchase such Student Loans from Union Bank for
an amount equal to the then outstanding principal balance of such Student Loans
on the applicable sale date, plus interest and special allowance payments
accrued by unpaid with respect to such loans, if any. On each such purchase
date, NELnet shall also pay to Union Bank a fee equal to the product of (a) the
aggregate principal balance outstanding on the Student Loans purchased on such
date multiplied by (b) the annual rate of fifty basis points (0.50%). NELnet
shall also reimburse Union Bank a portion of the costs paid by Union Bank
pursuant to Section 3 C of this Second Amendment that are associated with any
NELnet Brand Loans to be repurchased. The exact amount to be reimbursed shall be
determined by the mutual agreement of the parties after considering the
remaining life of the NELnet Brand Loans to be repurchased. Within 60 days
written notice from Union Bank of its desire to sell any NELnet Brand Loans,
NELnet shall provide Union Bank written notice of its decision to accept or
reject any right of first refusal granted hereunder. If NELnet rejects its right
of first refusal granted hereunder and arranges for a sale of the Union Bank
Student Loans, then Union Bank shall pay to NELnet any amount by which the sale
price of the Student Loans paid by a third party purchaser exceeds the sum of
101.5% of the outstanding principal balance and 100% of the accrued and unpaid
interest on such Student Loans.

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

Union Bank and Trust Company            NELnet, Inc.

By: /s/ Kenneth L.Backemeyer            By: /s/ Mike Dunlap
    ------------------------------          ------------------------------
Title: Sr. V.P.                         Title: CEO

                                       4<PAGE>
                                                                   Exhibit 10.30

                  AMENDED AND RESTATED PARTICIPATION AGREEMENT

         This Amended and Restated Participation Agreement (the "Agreement") is
made and entered into as of the 1st day of June, 2001, by and between NELnet,
Inc., formerly known as National Education Loan Network, Inc., a Nevada
Corporation ("NELnet"), and Union Bank and Trust Company, a Nebraska banking
corporation and trust company, solely in its capacity as trustee of various
grantor trusts known as Short Term Federal Investment Trusts or other grantor
trusts ("Union Bank").

                                   WITNESSETH:

         WHEREAS, NELnet is or will be the beneficial owner of students loans or
participation interests therein ("Eligible Loans") guaranteed and reinsured
pursuant to the Higher Education Act of 1965, as amended (the "Act"), and title
to such Eligible Loans is held by an eligible lender trustee as required under
the Act;

         WHEREAS, NELnet desires to sell, and Union Bank desires to purchase, an
undivided participation interest in such beneficial interest in certain of the
Eligible Loans on the terms and conditions hereinafter set forth.

         NOW, THEREFORE, in consideration of the mutual promises contained
herein, the parties hereto agree as follows;

                      I. PURCHASE OF PARTICIPATION INTEREST

         Section 1.01. Purchase Of Participation Interest.

                  A.       NELnet shall sell (or cause to be sold), and Union
         Bank shall purchase, a participation interest in the fully guaranteed
         portion of beneficial ownership interests in the Eligible Loans (or
         NELnet's direct participation interests therein) with an aggregate
         unpaid principal balance in increments of $100,000.00 (unless otherwise
         agreed by the parties hereto), up to a maximum aggregate total of up to
         $300,000,000.00 (or as the parties may otherwise mutually agree from
         time to time). Union Bank shall pay to NELnet or its designee the
         purchase price of the participation interest to be sold herein, and
         such purchase price shall be equal to one hundred percent (100%) of the
         fully guaranteed portion of the unpaid principal balances and accrued
         and unpaid interest thereon of the Eligible Loans as described in the
         participation certificate with respect to such Eligible Loans, or such
         other price as may be negotiated between the parties based on the
         mutually agreed upon value of the interests in the Eligible Loans. The
         participation interest described herein shall include the promissory
         notes, related documents, and servicing files in connection with the
         Eligible Loans held by an eligible lender trustee. The participation
         interest purchased by Union Bank shall represent a participation
         interest in each and every individual Eligible Loan specifically
         identified in the participation certificate with respect thereto; Union
         Bank is not purchasing an interest in any fungible pool of

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         Eligible Loans. The purchase price shall be paid by wire transfer of
         immediately available funds. Unless Union Bank gives prior written
         consent, any portion of the Eligible Loans which is not guaranteed
         under the 2% risk sharing provisions of the Act shall be retained by
         NELnet and shall not be participated to Union Bank hereunder. It is
         acknowledged that Union Bank will not purchase any participation
         interest in its own right, but rather only in its capacity as trustee
         on behalf of various grantor trusts.

                  B.       The sale and purchase of Eligible Loan participations
         under this Agreement shall be without recourse against NELnet. NELnet
         and Union Bank acknowledge and agree that this Agreement results in a
         pro rata sharing of credit risk proportionate to the respective
         interests of NELnet and Union Bank in the Eligible Loans, both before
         and after any defaults with respect to such Eligible Loans.

         Section 1.02. Participation Certificates. On the date of the first sale
of a participation interest with respect to a portfolio of Eligible Loans, or
thereafter as mutually agreed to by the parties, NELnet shall execute and
deliver (or shall cause to be executed and delivered) to Union Bank a
participation certificate substantially in the form marked as Exhibit "A,"
attached hereto and incorporated herein by this reference, evidencing a
participating equitable ownership interest in the Eligible Loans in that
particular Portfolio. NELnet shall deliver or cause to be delivered to Union
Bank in addition to the executed original of Exhibit "A" a schedule of the
Eligible Loans identifying such loans comprising the portfolio, title to which
shall be retained by an eligible lender trustee under the Act. As NELnet sells
additional Eligible Loans to Union Bank, additional schedules identifying
participated Eligible Loans shall be issued accordingly.

         Section 1.03. Distribution of Payments Received. Upon transfer of a
participation interest with respect to particular portfolio Eligible Loans,
Union Bank shall be entitled to one hundred percent (100%) of payments and
income received with respect to the participated portion of the Eligible Loans
contained in such participation certificate, less a fee ("NELnet's Fee")
deducted and paid to NELnet equal to the difference between (i) the total of
interest received with respect to such Eligible Loans contained in a
participation certificate, and (ii) the amount equal to the annualized rate of
75 basis points (0,75%) over the 91-day U.S. Treasury Bill auctioned weekly,
multiplied by the average quarterly aggregate outstanding principal balances of
the Eligible Loans contained in the participation certificate. NELnet shall pay
for all administration costs, all servicing costs incurred by its servicing
agent ("Servicer") and any other costs incidental to or associated with
ownership, administration, servicing, and collection of the Eligible Loans; all
such costs shall be deducted from and paid from NELnet's Fee. NELnet's Fee
shall be payable on a quarterly basis. NELnet agrees to account and deliver to
Union Bank, all sums of principal, interest, special allowance payments,
interest subsidy payments, or other income received by NELnet on account of the
Eligible Loans during the term of the participation certificates. NELnet shall
forward such payments to Union Bank no less frequently than on a quarterly
basis, or as otherwise mutually agreed upon by the parties hereto. NELnet shall
cause Servicer to furnish to Union Bank a statement showing the amount of the
balances of each of the Eligible Loans covered by a participation certificate,
and specific information on the individual Eligible Loans as Union Bank may
reasonably require from time to time, subject to the abilities of Servicer.
Union Bank shall have access to inspect documents in

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connection with the Eligible Loans covered by a participation certificate at
Servicer on a day to day basis. In no event shall any payments required under
this Agreement be construed as fees to be paid in excess of any amounts as may
be otherwise permitted under the Act.

         Section 1.04. Possession and Control of the Eligible Loans. NELnet, by
and through an eligible lender trustee, shall cause all of the Eligible Loans to
be administered, serviced and collected in accordance with the requirements of
the Act, the regulations promulgated thereunder, and any rules adopted by the
applicable guarantee agency or Secretary of Education. The costs and expenses
associated with the administration, servicing and collection of the Eligible
Loans shall be paid by NELnet. Promissory notes and other documents evidencing
or relating to the Eligible Loans shall be retained by Servicer for safekeeping
as custodian in connection with a loan servicing agreement between NELnet and
Servicer for the benefit of Union Bank. NELnet shall cause Servicer to segregate
the Eligible Loans in a separate portfolio for servicing purposes for the
benefit of Union Bank. After purchase of the participation interests pursuant to
this Agreement, all actions and decisions concerning the Eligible Loans so
participated shall be made by Union Bank and such decisions shall be binding
upon NELnet. NELnet, through Servicer, will maintain customary books and records
relating to the Eligible Loans participated hereunder, which shall be made
available to Union Bank for inspection or copying.

         Section 1.05, Characteristics of Eligible Loans. There is in force and
effect, and NELnet shall maintain in force and effect, for each of the Eligible
Loans, a guarantee (to the maximum extent permitted under the Act of the
principal and interest of each of the Eligible Loans) from a guarantee agency
approved by Union Bank which has entered into a contract of federal reinsurance
with the Secretary of Education as to the Eligible Loans. In addition, the
Eligible Loans shall have all of the characteristics which NELnet warrants and
represents in Section 2.03 of this Agreement.

         Section 1.06. Volume of Participations. NELnet shall cause the
principal amount of Eligible Loans participated hereunder not to exceed the
aggregate amount of $300,000,000.00, and may reduce the principal amount of
Eligible Loans participated hereunder to the aggregate amount of $0.

                  II. REPRESENTATIONS AND WARRANTIES OF NELnet

         NELnet hereby represents and warrants to Union Bank as follows:

         Section 2.01. An eligible lender trustee is the legal owner of the
Eligible Loans and the Eligible Loans or participation interests therein are not
subject to any lien, pledge, participation, or encumbrance other than the
participation interest being sold pursuant to this Agreement. NELnet shall not
consent to any sale, assignment, transfer, encumbrance, or other disposition of
the Eligible Loans, except for the sale of the participation interest
contemplated herein, the transfer of Eligible Loans to the applicable guarantee
agency or the Secretary of Education pursuant to the guarantee claim process,
the transfer to an eligible lender trustee on behalf of NELnet, or as law or
regulation may require.

         Section 2.02. Each of the Eligible Loans is the valid and binding
obligation of the borrower thereon enforceable in accordance with
its terms, except to the extent that enforceability may be

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affected by any applicable bankruptcy, insolvency, reorganization or other
similar laws or enactments now or hereafter enacted by state or federal
government affecting the enforcement of creditors rights generally, regardless
of whether such enforceability is considered a proceeding in equity or at law.

         Section 2.03. Less than thirty percent (30%) of the aggregate unpaid
principal balances and interest accrued thereon of Eligible Loans are, and
during the term of this Agreement shall, consist of Eligible Loans, the
proceeds of which funded tuition to private educational institutions offering
only non-baccalaureate degrees or degrees which may be earned in two years or
less (otherwise known as proprietary school loans). In addition, the average
balance of indebtedness (ABI) of the Eligible Loans is and shall be equal to or
greater than (and thus representative of) the ABI of guaranteed student loans
which NELnet owns in its overall portfolio from time to time. In addition, none
of the Eligible Loans as of the date of this Agreement shall be more than thirty
(30) days delinquent, unless otherwise agreed by the parties hereto,

         Section 2.04. Each of the Eligible Loans shall be guaranteed by a
guarantee contract issued by one of the following authorized guaranteed
agencies: Nebraska Student Loan Program; United States Aid Fund; Arizona
Education Loan Program, Iowa College Aid Commission; Colorado Student Loan
Program; Northstar Guarantee, Inc.; Great Lakes Higher Education Corporation; or
any other guarantee agency approved by Union Bank.

         Section 2.05. Title to the Eligible Loans shall be held by an "Eligible
Lender" under the Act during the terms of this Agreement.

         Section 2.06. Execution, delivery and performance of this Agreement by
NELnet (i) has been duly authorized or ratified effective as of the date of
execution by all necessary corporate action on the part of NELnet; (ii) does not
and will not contravene the laws of the State of Nebraska, providing for the
organization and governing of NELnet; (iii) does not and will not conflict with,
or result in a violation of, any applicable laws; (iv) does not and will not
require any consent or approval of any creditor or constitute a violation of or
default under any agreement or instrument to which NELnet is a party whereby it
or any of its property may be bound.

                III. REPRESENTATIONS AND WARRANTIES OF UNION BANK.

         Union Bank hereby represents and warrants to NELnet as follows:

         Section 3.01, The execution, delivery and performance of this Agreement
by Union Bank (i) has been duly authorized by all necessary corporate action on
the part of Union Bank; (ii) does not and will not contravene the laws of the
State of Nebraska providing for the organization and governing of Union Bank;
(iii) does not and will not conflict with, or result in a violation, any
applicable law; (iv) does not and will not require any consent or approval of
any creditor or constitute a violation of or default under any agreement or
instrument to which Union Bank is a party whereby it or any of its property may
be bound.

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                              IV. TERM OF AGREEMENT

         Section 4.01. The term of this Agreement shall be 364 days from the
date of execution of this Agreement. The term of this Agreement or any portions
thereof, may be terminated earlier by Union Bank or NELnet upon five (5)
business days prior notice to the other party. This Agreement shall
automatically renew for successive 364-day terms, without necessity of any
further documentation, unless either party hereto gives notice to the other
party of intent to terminate at the end of the then current term or renewal.
Upon termination of the participation certificate, NELnet shall have the option,
without the obligation, to purchase back from Union Bank the participation
interest in the Eligible Loans comprising the terminated participation
certificate for a purchase price equal to the aggregate of the full unpaid
principal balances and accrued and unpaid interest thereon of the participated
portion of all the Eligible Loans covered in the terminated participation
certificate. In order to exercise such option to purchase, NELnet must give
written notice to Union Bank at least three days prior to termination of the
participation certificate; if the option is exercised, such purchase shall be
closed upon the termination of the participation certificate. In the event
NELnet does not exercise its option to purchase Eligible Loans contained in any
participation certificate, upon the termination of the participation
certificate, NELnet shall immediately transfer or cause its eligible lender
trustee to transfer to Union Bank or its designee legal title and any
unparticipated beneficial interest to the underlying Eligible Loans comprising
the participation certificate, or NELnet's participation interest therein, and
NELnet shall immediately deliver or cause its eligible lender trustee to deliver
to Union Bank an executed bill of sale, an executed blanket endorsement, notice
to borrowers, possession of the promissory notes and loan files, all payments
and income yielded from the underlying Eligible Loans, and other documentation
reasonably required by Union Bank and acceptable in form to Union Bank which is
effective to transfer all of NELnet's right, title and interest in and to such
underlying Eligible Loans or NELnet's participation interest therein, to Union
Bank, free and clear of any lien or encumbrances of any nature and without
payment of further consideration; Union Bank shall pay to NELnet any outstanding
principal and interest representing previously unparticipated portions of such
Eligible Loans. If NELnet exercises its option to purchase the participated
Eligible Loans as permitted above, NELnet may deal in the same as it deems
proper, including financing the Eligible Loans under such indentures. The
parties agree that this Agreement has not been undertaken for the purpose of
recognizing gains or decreasing losses resulting from market value changes in
the Eligible Loans.

                                V. MISCELLANEOUS

         Section 5.01. Assignment. The rights of Union Bank under this Agreement
are assignable or may be sub-participated, pledged, exchanged or otherwise
disposed of in whole or in part, without the prior written consent of NELnet,
but any such purchase shall be through an eligible lender or eligible lender
trustee, as required by the Act. The rights and obligations of NELnet under this
Agreement may not be assigned in whole or in part without the prior written
consent of Union Bank, except to an eligible lender trustee holding Eligible
Loans on behalf of NELnet. This Agreement shall be binding upon the parties
hereto, and their permitted successors and assigns.

         Section 5.02. Applicable Laws. This Agreement shall be governed by and
construed in accordance with the laws of the State of Nebraska.

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         Section 5.03. No Partnership. This Agreement shall not be construed to
create a partnership or joint venture between Union Bank and NELnet. The
transaction evidenced by this Agreement is a loan participation transaction
pursuant to which Union Bank and NELnet are participating in the Eligible Loans.

         Section 5.04. Amendment. This Agreement may be modified or otherwise
amended only if such modification or amendment is in writing and signed by both
NELnet and Union Bank. This Agreement expressly supersedes, terminates and
replaces that certain Agreement dated as of September 21, 1999, between NELnet
and Union Bank.

         Section 5.05. Notices. All notices and other communications under this
Agreement shall be deemed to have been duly given if delivered or mailed by
regular United States mail, sufficient postage pre-paid, addressed as follows:

         If to NELnet:

         NELnet, Inc.
         ATTN: Don Bouc
         121 S. 13th Street
         Suite #301
         Lincoln, NE 68508

         and if to Union Bank:

         Union Bank and Trust Company
         ATTN: Mr. Ken Backemeyer, Sr. Vice President
         P.O. Box 82529
         Lincoln, NE 68501-2529

or to any such address as either party may direct in writing delivered to the
other party as set forth herein.

         Section 5.06. Continuing Representations. The warranties and
representations of the parties contained in Articles II and III herein shall
survive execution of this Agreement and bind the parties hereto as continuing
covenants.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

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         IN WITNESS WHEREOF, the parties have caused this Amended and Restated
Participation Agreement to be executed by officers duly authorized as of the day
first above written.

                                         NELnet, Inc., a Nevada Corporation

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

                                         UNION BANK AND TRUST COMPANY, A
                                         Nebraska Banking Corporation and Trust
                                         Company, In Its Capacity As Trustee

                                  By:    /s/ Ken Backemeyer
                                         -------------------------------------
                                  Title: Senior Vice President

                                        7

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                            PARTICIPATION CERTIFICATE

         Pursuant to that certain Participation Agreement (the "Agreement")
dated June_________, 2001, by and between Union Bank and Trust Company in its
capacity as trustee and NELnet, Inc. ("NELnet"), NELnet hereby issues and
delivers this Participation Certificate to evidence Union Bank and Trust Company
as Trustee's participation interests in student assistance loans guaranteed
under the Higher Education Act of 1965, as amended, which are identified by the
schedule marked as Exhibit "A", attached hereto and incorporated herein by this
reference, which loans or participation interests therein are owned by NELnet
and are serviced by UNIPAC Service Corporation or InTuition, Inc. and designated
a separate account, in accordance with the Agreement. This Participation
Certificate shall be governed, in all respects, by the Agreement, the terms of
which are incorporated herein by this reference as if fully stated herein.

         DATED the___________day of______________, 2001.

                                         NELnet, Inc., a Nevada Corporation

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

Accepted this_______day of________________, 2001.

                                         UNION BANK AND TRUST COMPANY, A
                                         Nebraska Banking  Corporation and Trust
                                         Company, In Its Capacity As Trustee

                                  By:    /s/ Ken Backemeyer
                                         -------------------------------------
                                  Title: Senior Vice President

                                   EXHIBIT "A"

                                        8

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