Document:

Exhibit 10.63

                           NOVEMBER 2003 AMENDMENT TO
             APPLICATION AND AGREEMENT FOR STANDBY LETTER OF CREDIT,
                            LOAN PURCHASE AGREEMENTS,
                  AND STANDBY STUDENT LOAN PURCHASE AGREEMENTS

         THIS NOVEMBER 2003 AMENDMENT TO  APPLICATION  AND AGREEMENT FOR STANDBY
LETTER OF CREDIT,  LOAN PURCHASE  AGREEMENTS,  AND STANDBY STUDENT LOAN PURCHASE
AGREEMENT,  dated  effective as of November 20, 2003 (the  "Amendment") is among
NATIONAL  EDUCATION  LOAN NETWORK,  INC.  (formerly  known as Nelnet,  Inc.),  a
corporation  duly organized and validly  existing under the laws of the State of
Nevada ("NELN"),  NELNET, INC. (formerly known as Nelnet Loan Services, Inc.), a
corporation  duly organized and validly  existing under the laws of the State of
Nebraska  ("NELNET"),   NELNET  EDUCATION  LOAN  FUNDING,  INC.,  a  corporation
organized  and  validly  existing  under  the  laws  of the  State  of  Nebraska
("Nebhelp"),  UNION BANK AND TRUST COMPANY, a Nebraska state banking corporation
("Union  Bank),  and BANK OF  AMERICA,  N.A.,  a  national  banking  association
("Bank").

                              PRELIMINARY STATEMENT

         (1)  Pursuant to that certain  Application  and  Agreement  for Standby
Letter of Credit (as amended,  restated,  modified,  and increased  from time to
time,  the  "Letter of Credit  Agreement")  between  NELN and Bank,  Bank issued
letter  of  credit  number  3056073  to Wells  Fargo  Bank  Minnesota,  National
Association, for the account of NELN.

         (2) Pursuant to that certain Loan Purchase Agreement dated May 23, 2003
("Union  Bank  Purchase  Agreement"),  Union  Bank  agreed to  purchase  certain
Eligible  Loans (as defined in the Union  Purchase  Agreement)  from Bank to the
extent and in the manner set forth herein.

         (3) Pursuant to that certain Loan Purchase Agreement dated May 23, 2003
("Nelnet  Purchase  Agreement"),  NELN agreed to purchase certain Eligible Loans
(as defined in the Nelnet Purchase Agreement) from Nebhelp acting by and through
Wells Fargo Bank  Minnesota,  National  Association,  not  individually,  but as
Eligible Lender Trustee to the extent and in the manner set forth herein.

         (4) Pursuant to that certain  Standby  Student Loan Purchase  Agreement
dated May 23,  2003  ("Nebhelp  Purchase  Agreement"),  NELN  agreed to purchase
certain Eligible Loans (as defined in the Union Purchase Agreement) from Nebhelp
to the extent and in the manner set forth herein.

         (5)  NELN,  NELNET,  Nebhelp,  Union  Bank,  and Bank have  entered  an
Amendment  to  Application  and  Agreement  for Standby  Letter of Credit,  Loan
Purchase  Agreements,   and  Standby  Student  Loan  Purchase  Agreements  dated
effective as of October 21, 2003 ("Amendment").

         The Union Bank Purchase Agreement,  the Nelnet Purchase Agreement,  and
the Nebhelp  Purchase  Agreement shall be  individually  referred to herein as a
"Purchase  Agreement"  and  collectively,  as the "Purchase  Agreements".  NELN,
NELNET,  Nebhelp,  and Union  Bank are  collectively  referred  to herein as the
"Nelnet Entities")

                                       1
<PAGE>
                                                                   Exhibit 10.63

         NELN,  Nelnet,  and  Nebhelp  have  requested  that  for an  additional
temporary 30 day period beginning on the Effective Date of this Amendment, loans
Guaranteed by the Colorado  Student Loan Program,  which are otherwise  Eligible
Loans, be included within the definition of "Eligible Loans" for the purposes of
the Letter of Credit Agreement and the Purchase Agreements.

         Accordingly, in consideration of the foregoing and the mutual covenants
set forth herein, the parties hereto agree as follows:

                                   ARTICLE I
                                   DEFINITIONS

         Section  1.01  Defined  Terms.  All  capitalized  terms  defined in the
Purchase  Agreements,  and not  otherwise  defined  herein  shall  have the same
meanings herein as in the Purchase  Agreements.  Upon the  effectiveness of this
Amendment,  each  reference  in the Letter of Credit  Agreement  or any Purchase
Agreement  to "this  Agreement,"  "hereunder,"  "herein" or words of like import
shall mean and be a reference to the Letter of Credit Agreement and the Purchase
Agreements, each as amended hereby.

         Section  1.02  References,   Etc.  The  words  "hereof,"  "herein"  and
"hereunder"  and words of similar import when used in this Amendment shall refer
to  this  Amendment  as a  whole  and not to any  particular  provision  of this
Amendment. In this Amendment, unless a clear contrary intention appears the word
"including" (and with correlative  meaning  "include") means including,  without
limiting the generality of any description  preceding such term. No provision of
this Amendment  shall be  interpreted  or constructed  against any person solely
because that person or its legal representative drafted such provision.

                                   ARTICLE II
        AMENDMENTS TO LETTER OF CREDIT AGREEMENT AND PURCHASE AGREEMENTS

         Section 2.01  Amendments.  Section 2 of the Letter of Credit  Agreement
shall be amended by adding the following to the end thereof:

         "Notwithstanding anything to the contrary set forth herein, in addition
         to the deposits  required  above,  in the event any  Eligible  Loan (as
         defined in the Loan  Purchase  Agreements)  which is  guaranteed by the
         Colorado Student Loan Program,  or any successor thereto or assignee or
         transferee therefrom,  is owned by Nelnet Education Loan Funding, Inc.,
         acting   through   Wells  Fargo   Bank,   National   Association,   not
         individually,   but  as  Eligible  Lender  Trustee   ("Eligible  Lender
         Trustee")  and  continues to be pledged as  collateral  pursuant to the
         Trust  Indenture  dated November 15, 1985, as amended and  supplemented
         from time to time, between Nelnet Education Loan Funding,  Inc. and the
         Eligible Lender Trustee,  on or after December 19, 2003, then,  without
         any notice or demand of Bank of America,  Applicant  shall  immediately
         deposit  with  Bank  of  America,  as  cash  security  for  Applicant's
         obligations to Bank of America under this Application and Agreement, an
         amount equal to 110% of the  principal  amount of such  Eligible  Loans
         guaranteed by the Colorado Student Loan Program."

         Section 2.02 Amendment to Nebhelp Purchase Agreement. The definition of
"Guarantee  Agency"  set forth in Section 1 of the  Nebhelp  Purchase  Agreement
shall be amended in its entirety to read as follows:  "Guarantee  Agency" means:
(i) National  Student Loan Program,  Inc. (NSLP);  (ii) USA Funds (USAF);  (iii)
Tennessee Student  Assistance  Corporation  (TSAC);  (iv) California Student Aid

                                       2
<PAGE>
                                                                   Exhibit 10.63

Commission  (CSAC);  (v)  Great  Lakes  Higher  Education  Guaranty  Corporation
(GLHEGC); (vi) Pennsylvania Higher Education Assistance Authority (PHEAA); (vii)
with respect to FFELP Loans  transferred  from the Seller to the Purchaser on or
before December 19, 2003, the Colorado  Student Loan Program (CSLP);  and (viii)
any other Guaranty  Agency with which both  Purchaser and Bank of America,  N.A.
have entered into  Guarantee  Agreements  or which are approved by Purchaser and
Bank of America,  N.A., from time to time, each of which administers a Guarantee
Program within a State or any successors and assigns thereof  administering  the
Guarantee Program, and each of which has entered into a Guarantee Agreement with
the Trustee on behalf of the Seller."

         Section 2.03 Amendment to Union Bank Purchase Agreement. The definition
of  "Guarantee  Agency"  set  forth in  Section  1 of the  Union  Bank  Purchase
Agreement shall be amended in its entirety to read as follows:

                  "Guarantee  Agency" means:  (i) National Student Loan Program,
         Inc. (NSLP); (ii) USA Funds (USAF);  (iii) Tennessee Student Assistance
         Corporation  (TSAC); (iv) California Student Aid Commission (CSAC); (v)
         Great  Lakes  Higher  Education  Guaranty  Corporation  (GLHEGC);  (vi)
         Pennsylvania Higher Education Assistance Authority (PHEAA);  (vii) with
         respect to FFELP Loans  transferred  to Nelnet  Education Loan Funding,
         Inc.,  acting by and  through  Wells  Fargo  Bank  Minnesota,  National
         Association,  not individually,  but as Eligible Lender Trustee,  on or
         before December 19, 2003, the Colorado Student Loan Program (CSLP), and
         (viii) any other  Guaranty  Agency with which  Seller has entered  into
         Guarantee  Agreements  or which are  approved  by Seller,  from time to
         time, each of which  administers a Guarantee  Program within a State or
         any successors and assigns thereof administering the Guarantee Program,
         and each of which  has  entered  into a  Guarantee  Agreement  with the
         Seller."

                                  ARTICLE III
                           CONDITIONS TO EFFECTIVENESS

         Section 3.01 Conditions to  Effectiveness.  This Amendment shall become
effective upon receipt by Bank of this Amendment duly executed by NELN,  NELNET,
Nebhelp and Union Bank.

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

         In order to induce  Bank to enter  into  this  Amendment,  each  Nelnet
Entity hereby  represents and warrants to Bank, that, after giving effect to the
execution  and  delivery  of  this  Amendment  and  the   consummation   of  the
transactions  contemplated  hereby, all representations and warranties set forth
in the Letter of Credit and the  Purchase  Agreement  by such Nelnet  Entity are
true and correct on the date hereof as though made on and as of such date.

                                   ARTICLE V
                                  MISCELLANEOUS

         Section  5.01   Affirmation  of  Documents.   Nelnet   Entities  hereby
acknowledge and agree that all of their  obligations  under the Letter of Credit
Agreement and the Purchase Agreements, as amended hereby, and the obligations of
NELNET under the Continuing  Guaranty  dated May 23, 2003,  shall remain in full
force and effect  following the execution  and delivery of this  Amendment,  and
such  obligations  are  hereby  affirmed,  ratified,  and  confirmed  by  Nelnet
Entities.

                                       3
<PAGE>
                                                                   Exhibit 10.63

         Section 5.02 Costs and Expenses. Nelnet Entities agree to pay on demand
all costs and  expenses  incurred by Bank in  connection  with the  preparation,
execution, delivery, filing, administration, and recording of this Amendment and
any other agreements delivered in connection with or pursuant to this Amendment,
including, without limitation, the fees and out-of-pocket expenses of Haynes and
Boone, LLP, counsel to Bank.

         Section 5.03  Successors and Assigns.  This Amendment  shall be binding
upon  and  inure to the  benefit  of the  Nelnet  Entities  and  Bank and  their
respective successors and assigns.

         Section  5.04  Captions.  The  captions  in this  Amendment  have  been
inserted  for  convenience  only and shall be given no  substantive  meaning  or
significance   whatsoever  in  construing  the  terms  and  provisions  of  this
Amendment.

         Section 5.05 Counterparts. This Amendment may be executed in any number
of counterparts and by different parties hereto in separate  counterparts,  each
of which  when so  executed  and  delivered  either in  original,  facsimile  or
electronic  form,  shall be  deemed  to be an  original  but all of which  taken
together shall constitute but one and the same instrument.

         Section 5.06 Governing  Law. This  Amendment  shall be governed by, and
construed in accordance with, the laws of the State of Texas.

         Section  5.07  FINAL  AGREEMENT  OF THE  PARTIES.  THE LETTER OF CREDIT
AGREEMENT  AND THE PURCHASE  AGREEMENTS  (INCLUDING  THE EXHIBITS  THERETO),  AS
AMENDED BY THIS  AMENDMENT,  REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND
MAY NOT BE  CONTRADICTED  BY EVIDENCE OF PRIOR,  CONTEMPORANEOUS,  OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES.

   [Remainder of Page Intentionally Left Blank; Signatures Begin on Next Page]

                                       4
<PAGE>
                                                                   Exhibit 10.63

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective  officers  thereunto duly authorized as of the date
first above written.

                      NELNET ENTITIES

                      NATIONAL EDUCATION LOAN NETWORK, INC.
                      NELNET, INC.

                      By:    /s/ Terry J. Heimes
                             ---------------------------------------------------
                             Name:    Terry J. Heimes, Chief Financial Officer

                      NELNET EDUCATION LOAN FUNDING, INC.

                      By:    /s/ Terry J. Heimes
                             ---------------------------------------------------
                             Name:    /s/ Terry J. Heimes
                                      ------------------------------------------
                             Title:   /s/ Chief Financial Officer
                                      ------------------------------------------

                      UNION BANK AND TRUST COMPANY, INDIVIDUALLY AND AS TRUSTEE

                      By:    /s/ Angie Muhleisen
                             ---------------------------------------------------
                             Name:    /s/ Angie Muhleisen
                                      ------------------------------------------
                             Title:   /s/ President and CEO
                                      ------------------------------------------
<PAGE>
                                                                   Exhibit 10.63

                      BANK OF AMERICA, N. A.,

                      By:    /s/ Shelley Harper
                             ---------------------------------------------------
                             Shelley K. Harper, PrincipalExhibit 10.64

                           DECEMBER 2003 AMENDMENT TO
             APPLICATION AND AGREEMENT FOR STANDBY LETTER OF CREDIT,
                            LOAN PURCHASE AGREEMENTS,
                  AND STANDBY STUDENT LOAN PURCHASE AGREEMENTS

         THIS DECEMBER 2003 AMENDMENT TO  APPLICATION  AND AGREEMENT FOR STANDBY
LETTER OF CREDIT,  LOAN PURCHASE  AGREEMENTS,  AND STANDBY STUDENT LOAN PURCHASE
AGREEMENT,  dated  effective as of December 19, 2003 (the  "Amendment") is among
NATIONAL  EDUCATION  LOAN NETWORK,  INC.  (formerly  known as Nelnet,  Inc.),  a
corporation  duly organized and validly  existing under the laws of the State of
Nevada ("NELN"),  NELNET, INC. (formerly known as Nelnet Loan Services, Inc.), a
corporation  duly organized and validly  existing under the laws of the State of
Nebraska  ("NELNET"),   NELNET  EDUCATION  LOAN  FUNDING,  INC.,  a  corporation
organized  and  validly  existing  under  the  laws  of the  State  of  Nebraska
("Nebhelp"),  UNION BANK AND TRUST COMPANY, a Nebraska state banking corporation
("Union  Bank),  and BANK OF  AMERICA,  N.A.,  a  national  banking  association
("Bank").

                              PRELIMINARY STATEMENT

         (1)  Pursuant to that certain  Application  and  Agreement  for Standby
Letter of Credit (as amended,  restated,  modified,  and increased  from time to
time,  the  "Letter of Credit  Agreement")  between  NELN and Bank,  Bank issued
letter  of  credit  number  3056073  to Wells  Fargo  Bank  Minnesota,  National
Association, for the account of NELN.

         (2) Pursuant to that certain Loan Purchase Agreement dated May 23, 2003
("Union  Bank  Purchase  Agreement"),  Union  Bank  agreed to  purchase  certain
Eligible  Loans (as defined in the Union Bank Purchase  Agreement)  from Bank to
the extent and in the manner set forth herein.

         (3) Pursuant to that certain Loan Purchase Agreement dated May 23, 2003
("Nelnet  Purchase  Agreement"),  NELN agreed to purchase certain Eligible Loans
(as defined in the Nelnet Purchase Agreement) from Nebhelp acting by and through
Wells Fargo Bank  Minnesota,  National  Association,  not  individually,  but as
Eligible Lender Trustee to the extent and in the manner set forth herein.

         (4) Pursuant to that certain  Standby  Student Loan Purchase  Agreement
dated May 23,  2003  ("Nebhelp  Purchase  Agreement"),  NELN  agreed to purchase
certain Eligible Loans (as defined in the Union Purchase Agreement) from Nebhelp
to the extent and in the manner set forth herein.

         (5)  NELN,  NELNET,  Nebhelp,  Union  Bank,  and Bank have  entered  an
Amendment  to  Application  and  Agreement  for Standby  Letter of Credit,  Loan
Purchase  Agreements,   and  Standby  Student  Loan  Purchase  Agreements  dated
effective as of October 21, 2003 ("Amendment").

         (6)  NELN,  NELNET,  Nebhelp,  Union  Bank,  and Bank have  entered  an
additional  Amendment to Application and Agreement for Standby Letter of Credit,
Loan Purchase  Agreements,  and Standby Student Loan Purchase  Agreements  dated
effective as of November 20, 2003 ("November Amendment").

                                       1
<PAGE>
                                                                   Exhibit 10.64

         The Union Bank Purchase Agreement,  the Nelnet Purchase Agreement,  and
the Nebhelp  Purchase  Agreement shall be  individually  referred to herein as a
"Purchase  Agreement"  and  collectively,  as the "Purchase  Agreements".  NELN,
NELNET,  Nebhelp,  and Union  Bank are  collectively  referred  to herein as the
"Nelnet Entities")

         NELN,  Nelnet,  and  Nebhelp  have  requested  that  for an  additional
temporary 60 day period beginning on the Effective Date of this Amendment, loans
Guaranteed by the Colorado  Student Loan Program,  which are otherwise  Eligible
Loans, be included within the definition of "Eligible Loans" for the purposes of
the Letter of Credit Agreement and the Purchase Agreements.

         Accordingly, in consideration of the foregoing and the mutual covenants
set forth herein, the parties hereto agree as follows:

                                   ARTICLE I
                                   DEFINITIONS

         Section  1.01  Defined  Terms.  All  capitalized  terms  defined in the
Purchase  Agreements,  and not  otherwise  defined  herein  shall  have the same
meanings herein as in the Purchase  Agreements.  Upon the  effectiveness of this
Amendment,  each  reference  in the Letter of Credit  Agreement  or any Purchase
Agreement  to "this  Agreement,"  "hereunder,"  "herein" or words of like import
shall mean and be a reference to the Letter of Credit Agreement and the Purchase
Agreements, each as amended hereby.

         Section  1.02  References,   Etc.  The  words  "hereof,"  "herein"  and
"hereunder"  and words of similar import when used in this Amendment shall refer
to  this  Amendment  as a  whole  and not to any  particular  provision  of this
Amendment. In this Amendment, unless a clear contrary intention appears the word
"including" (and with correlative  meaning  "include") means including,  without
limiting the generality of any description  preceding such term. No provision of
this Amendment  shall be  interpreted  or constructed  against any person solely
because that person or its legal representative drafted such provision.

                                   ARTICLE II
        AMENDMENTS TO LETTER OF CREDIT AGREEMENT AND PURCHASE AGREEMENTS

         Section 2.01  Amendments.  Section 2 of the Letter of Credit  Agreement
shall be amended by adding the following to the end thereof:

         "Notwithstanding anything to the contrary set forth herein, in addition
         to the deposits  required  above,  in the event any  Eligible  Loan (as
         defined in the Loan  Purchase  Agreements)  which is  guaranteed by the
         Colorado Student Loan Program,  or any successor thereto or assignee or
         transferee therefrom,  is owned by Nelnet Education Loan Funding, Inc.,
         acting   through   Wells  Fargo   Bank,   National   Association,   not
         individually,   but  as  Eligible  Lender  Trustee   ("Eligible  Lender
         Trustee")  and  continues to be pledged as  collateral  pursuant to the
         Trust  Indenture  dated November 15, 1985, as amended and  supplemented
         from time to time, between Nelnet Education Loan Funding,  Inc. and the
         Eligible Lender Trustee,  on or after February 20, 2004, then,  without
         any notice or demand of Bank of America,  Applicant  shall  immediately
         deposit  with  Bank  of  America,  as  cash  security  for  Applicant's
         obligations to Bank of America under this Application and Agreement, an
         amount equal to 110% of the  principal  amount of such  Eligible  Loans
         guaranteed by the Colorado Student Loan Program."

                                       2
<PAGE>
                                                                   Exhibit 10.64

         Section 2.02 Amendment to Nebhelp Purchase Agreement. The definition of
"Guarantee  Agency"  set forth in Section 1 of the  Nebhelp  Purchase  Agreement
shall be amended in its entirety to read as follows:  "Guarantee  Agency" means:
(i) National  Student Loan Program,  Inc. (NSLP);  (ii) USA Funds (USAF);  (iii)
Tennessee Student  Assistance  Corporation  (TSAC);  (iv) California Student Aid
Commission  (CSAC);  (v)  Great  Lakes  Higher  Education  Guaranty  Corporation
(GLHEGC); (vi) Pennsylvania Higher Education Assistance Authority (PHEAA); (vii)
with respect to FFELP Loans  transferred  from the Seller to the Purchaser on or
before February 20, 2004, the Colorado  Student Loan Program (CSLP);  and (viii)
any other Guaranty  Agency with which both  Purchaser and Bank of America,  N.A.
have entered into  Guarantee  Agreements  or which are approved by Purchaser and
Bank of America,  N.A., from time to time, each of which administers a Guarantee
Program within a State or any successors and assigns thereof  administering  the
Guarantee Program, and each of which has entered into a Guarantee Agreement with
the Trustee on behalf of the Seller."

         Section 2.03 Amendment to Union Bank Purchase Agreement. The definition
of  "Guarantee  Agency"  set  forth in  Section  1 of the  Union  Bank  Purchase
Agreement shall be amended in its entirety to read as follows:

                  "Guarantee  Agency" means:  (i) National Student Loan Program,
         Inc. (NSLP); (ii) USA Funds (USAF);  (iii) Tennessee Student Assistance
         Corporation  (TSAC); (iv) California Student Aid Commission (CSAC); (v)
         Great  Lakes  Higher  Education  Guaranty  Corporation  (GLHEGC);  (vi)
         Pennsylvania Higher Education Assistance Authority (PHEAA);  (vii) with
         respect to FFELP Loans  transferred  to Nelnet  Education Loan Funding,
         Inc.,  acting by and  through  Wells  Fargo  Bank  Minnesota,  National
         Association,  not individually,  but as Eligible Lender Trustee,  on or
         before February 20, 2004, the Colorado Student Loan Program (CSLP), and
         (viii) any other  Guaranty  Agency with which  Seller has entered  into
         Guarantee  Agreements  or which are  approved  by Seller,  from time to
         time, each of which  administers a Guarantee  Program within a State or
         any successors and assigns thereof administering the Guarantee Program,
         and each of which  has  entered  into a  Guarantee  Agreement  with the
         Seller."

                                  ARTICLE III
                           CONDITIONS TO EFFECTIVENESS

         Section 3.01 Conditions to  Effectiveness.  This Amendment shall become
effective upon receipt by Bank of this Amendment duly executed by NELN,  NELNET,
Nebhelp and Union Bank.

                                       3
<PAGE>
                                                                   Exhibit 10.64

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

         In order to induce  Bank to enter  into  this  Amendment,  each  Nelnet
Entity hereby  represents and warrants to Bank, that, after giving effect to the
execution  and  delivery  of  this  Amendment  and  the   consummation   of  the
transactions  contemplated  hereby, all representations and warranties set forth
in the Letter of Credit and the  Purchase  Agreement  by such Nelnet  Entity are
true and correct on the date hereof as though made on and as of such date.

                                   ARTICLE V
                                  MISCELLANEOUS

         Section  5.01   Affirmation  of  Documents.   Nelnet   Entities  hereby
acknowledge and agree that all of their  obligations  under the Letter of Credit
Agreement and the Purchase Agreements, as amended hereby, and the obligations of
NELNET under the Continuing  Guaranty  dated May 23, 2003,  shall remain in full
force and effect  following the execution  and delivery of this  Amendment,  and
such  obligations  are  hereby  affirmed,  ratified,  and  confirmed  by  Nelnet
Entities.

         Section 5.02 Costs and Expenses. Nelnet Entities agree to pay on demand
all costs and  expenses  incurred by Bank in  connection  with the  preparation,
execution, delivery, filing, administration, and recording of this Amendment and
any other agreements delivered in connection with or pursuant to this Amendment,
including, without limitation, the fees and out-of-pocket expenses of Haynes and
Boone, LLP, counsel to Bank.

         Section 5.03  Successors and Assigns.  This Amendment  shall be binding
upon  and  inure to the  benefit  of the  Nelnet  Entities  and  Bank and  their
respective successors and assigns.

         Section  5.04  Captions.  The  captions  in this  Amendment  have  been
inserted  for  convenience  only and shall be given no  substantive  meaning  or
significance   whatsoever  in  construing  the  terms  and  provisions  of  this
Amendment.

         Section 5.05 Counterparts. This Amendment may be executed in any number
of counterparts and by different parties hereto in separate  counterparts,  each
of which  when so  executed  and  delivered  either in  original,  facsimile  or
electronic  form,  shall be  deemed  to be an  original  but all of which  taken
together shall constitute but one and the same instrument.

         Section 5.06 Governing  Law. This  Amendment  shall be governed by, and
construed in accordance with, the laws of the State of Texas.

         Section  5.07  FINAL  AGREEMENT  OF THE  PARTIES.  THE LETTER OF CREDIT
AGREEMENT  AND THE PURCHASE  AGREEMENTS  (INCLUDING  THE EXHIBITS  THERETO),  AS
AMENDED BY THIS  AMENDMENT,  REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND
MAY NOT BE  CONTRADICTED  BY EVIDENCE OF PRIOR,  CONTEMPORANEOUS,  OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES.

   [Remainder of Page Intentionally Left Blank; Signatures Begin on Next Page]

                                       4
<PAGE>
                                                                   Exhibit 10.64

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective  officers  thereunto duly authorized as of the date
first above written.

                       NELNET ENTITIES

                       NATIONAL EDUCATION LOAN NETWORK, INC.
                       NELNET, INC.

                       By:    /s/ Terry J. Heimes
                              --------------------------------------------------
                              Name:    Terry J. Heimes, Chief Financial Officer

                       NELNET EDUCATION LOAN FUNDING, INC.

                       By:    /s/ Terry J. Heimes
                              --------------------------------------------------
                              Name:    /s/ Terry J. Heimes
                                       -----------------------------------------
                              Title:   /s/ Chief Financial Officer
                                       -----------------------------------------

                       UNION BANK AND TRUST COMPANY, INDIVIDUALLY AND AS TRUSTEE

                       By:    /s/ Kenneth Backemeyer
                              --------------------------------------------------
                              Name:    /s/ Kenneth Backemeyer
                                       -----------------------------------------
                              Title:   /s/ Senior Vice President
                                       -----------------------------------------

<PAGE>
                                                                   Exhibit 10.64

                       BANK OF AMERICA, N. A.,

                       By:    /s/ Shelley Harper
                              --------------------------------------------------
                              Shelley K. Harper, Principal

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]