Document:

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                                                                  Exhibit 10.138

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                   FIRST AMENDMENT TO BROKER-DEALER AGREEMENT

                                      among

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                as Auction Agent,

                       NELNET STUDENT LOAN CORPORATION-1,
                                    as Issuer

                                       and

                         BANC OF AMERICA SECURITIES LLC,
                                as Broker-Dealer

                                   Relating to

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
     $75,500,000 Senior Class 1996A-6 Auction Rate Securities(SM) (ARS(SM))

                           Dated as of October 1, 2003

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         THIS FIRST AMENDMENT TO BROKER-DEALER AGREEMENT dated as of October 1,
2003 (this "Amendment") among NELNET STUDENT LOAN CORPORATION-1 (formerly known
as Union Financial Services-1, Inc.) ("NELNET-1"), DEUTSCHE BANK TRUST COMPANY
AMERICAS (formerly known as Bankers Trust Company) (together with its successors
and assigns, the "Auction Agent"), not in its individual capacity but solely as
agent of Zions First National Bank, as successor trustee (the "Trustee") under
the Second Amended and Restated Indenture of Trust dated as of November 1, 1996
(the "Indenture") and the Series 1996C Supplemental Indenture of Trust dated as
of November 1, 1996 (the "Supplemental Indenture"), each by and between NELNET-1
and the Trustee pursuant to authority granted to it in the Auction Agency
Agreement dated as of November 1, 1996, among NELNET-1, 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").

         NELNET-1 has previously issued $75,500,000 of its Taxable Student Loan
Asset-Backed Notes, Senior Class 1996A-6, as Auction Rate Securities(sm)
(collectively, the "ARS(sm)").

         The Auction Procedures set forth in the Auction Agency Agreement and
the Supplemental 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 October 15, 2002 (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, NELNET-1, 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 Supplemental Indenture, the Original BD
Agreement and the Auction Agency Agreement.

                                   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 3.5(b)
                  of the Auction Agency Agreement, a service charge for the
                  succeeding Interest Period in an amount equal to the sum of
                  the product of (a)

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                  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 ARS) 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 ARS that were (A) the subject of
                  Submitted Bids of Existing Holders submitted by BD and
                  continued to be held as a result of such submission and (B)
                  the subject of Submitted Bids of Potential Holders submitted
                  by BD and purchased as a result of such submission and (ii)
                  the aggregate principal amount of the ARS subject to valid
                  Hold Orders (determined in accordance with Appendix B to the
                  Supplemental Indenture) submitted to the Auction Agent by BD
                  and (iii) the principal amount of the ARS deemed to be subject
                  to Hold Orders by Existing Holders pursuant to Appendix B to
                  the Supplemental Indenture that were acquired by such Existing
                  Holders through BD in the Auction for such Auction Period. For
                  purposes of subclause (c)(iii) of the foregoing sentence, if
                  any Existing Holder who acquired ARS through BD transfers
                  those ARS to another Person other than pursuant to an Auction,
                  then the Broker-Dealer for the ARS 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 ARS. 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 .125 of 1% 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 NELNET-1,
                  at NELNET-1'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 NELNET-1 and
                  the Auction Agent, the prevailing rate, NELNET-1 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.

                                  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

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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.

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         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

                                    NELNET STUDENT LOAN CORPORATION-1,
                                    as Issuer

                                    By /s/ Terry J. Heimes
                                       _________________________________________
                                       Terry J. Heimes, Vice President

                                       4<PAGE>
                                                                  EXHIBIT 10.139

                                                                 [JPMorgan LOGO]

                        TERMINATION OF A CAP TRANSACTION

The purpose of this letter agreement is to confirm the total  termination of the
Cap Transaction entered into between:

                               JPMORGAN CHASE BANK
                                  ('JPMorgan')

                                       and

                               NELNET INCORPORATED
                              (the 'Counterparty')

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

A.                                 TRANSACTION DETAILS:

JPMorgan Deal Number(s):           2000005032231

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.

FEE PAYABLE TO COUNTERPARTY:       USD 5,987,500.00
PAYMENT DATE:                      20 OCTOBER 2003

Effective as of 16 October 2003 the Cap Transaction(s) shall be terminated and
after payment of the fee, neither party shall have any obligation to the other
party thereunder.

B.                                 ACCOUNT DETAILS:

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

C.                                 OFFICES

JPMorgan:                          NEW YORK

Counterparty:                      LINCOLN

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                                                                 [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 J. Heimes
-----------------------------------

Name: Terry J. Heimes

Title: CFO

Your reference number: 5032231

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                                                                 [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.

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