Document:

<PAGE>
                                                                   Exhibit 10.72
                                  CONFIRMATION

                                                                  October 8,2002

Nelnet Student Loan Trust 2002-2
c/o Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890

Attention: Corporate Trust Administration

         Subject: Student Loan Rate Cap Transaction
         Swap Ref No: ____________________

The purpose of this confirmation is to set forth the terms and conditions of the
above referenced rate cap transaction entered into on the Trade Date specified
below (the "Swap Transaction") between JPMorgan Chase Bank ("JPMorgan") and
Nelnet Student Loan Trust 2002-2 (the "Trust"). This confirmation constitutes a
"Confirmation" as referred to in the Master Agreement specified below.

1. This Confirmation is subject to, and incorporates, the 2000 ISDA Definitions,
(the "ISDA Definitions"), published by the International) Swaps and Derivatives
Association, Inc. ("ISDA"), except that, for purposes of this Confirmation, all
references to "Swap Transactions" in the ISDA Definitions will be deemed to be
references to "Transactions". This Confirmation supplements, forms a part of and
is subject to the ISDA Master Agreement and Schedule thereto dated as of October
8, 2002 (the "Master Agreement") between JPMorgan and the Trust. All provisions
contained in, or incorporated by reference to, the Master Agreement shall govern
this Confirmation except as expressly modified below. In the event of any
inconsistency between this Confirmation, the ISDA Definitions, or the Master
Agreement, as the case may be, this Confirmation will control for purposes of
the Transaction to which this Confirmation relates.

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

TRADE I

Trade Date:                                October 8,2002.

Effective Date:                            October 8,2002.

Floating Rate Payer:                       JPMorgan.

Floating Rate Payer Payment Dates:         Early Payment applies - three (3)
                                           Business Days prior to the applicable
                                           Period End Date or the Termination
                                           Date, as the case may be.

Fixed Rate Payer:                          The Trust.

Fixed Rate Payer Payment Dates:            The 25th day of each March, June,
                                           September, and December, beginning
                                           December 25, 2002, and ending on the
                                           Termination Date, subject to
                                           adjustment in accordance with the
                                           Following Business Day Convention.

<PAGE>

A-1 CAP:

  A-l Cap Notional Amount:                 (i) For the first Calculation Period,
                                           $124,000,000, and (ii) for each
                                           subsequent Calculation Period, the
                                           actual principal amount of the Class
                                           A-l Notes outstanding as of the last
                                           day of such Calculation Period
                                           divided by 2.

  Floating Rate Payments:

     A-1 Cap Rate:                         Adjusted Student Loan Rate.

     Floating Rate:                        Floating Rate Option plus the Spread.

     Floating Rate Option:                 USD-LIBOR-BBA, provided however, that
                                           (i) the term "London Banking Days"
                                           shall mean a Banking Day in New York
                                           and London and (ii) if USD-LIBOR
                                           Reference Banks is used as a fallback
                                           and quotations are not available, the
                                           rate will be the rate in effect for
                                           the previous Calculation Period.

     Spread:                               0.00% (0 bps).

     Floating Rate Designated Maturity:    Three (3) months for every
                                           Calculation Period.

     Floating Rate Reset Dates:            The first day of each Calculation
                                           Period.

     Floating Rate Day Count Fraction:     Actual/360

     Floating Rate Period End Dates:       The 25th day of each March, June,
                                           September, and December beginning
                                           December 25, 2002, and ending on the
                                           Termination Date, subject to
                                           adjustment in accordance with the
                                           Following Business Day Convention.

  Fixed Rate Payments:

     Fixed Rate:                           0.01% ( 1 bp).

     Fixed Rate Day Count Fraction:        Actual/360

  A-l Cap Termination Date:                The earliest of (i) September 25,
                                           2008, (ii) the Distribution Date
                                           following the end of the Collection
                                           Period during which the Pool Balance
                                           is reduced to zero; and (iii) the
                                           Distribution Date on which the
                                           principal balance of all of the Class
                                           A-l Notes is reduced to zero.

A-2 CAP:

                                       2

<PAGE>

  A-2 Cap Notional Amount:                 (i) For the first Calculation Period,
                                           $136,000,000, and (ii) for each
                                           subsequent Calculation Period, the
                                           actual principal amount of the Class
                                           A-2 Notes outstanding as of the last
                                           day of such Calculation Period
                                           divided by 2.

  Floating Rate Payments:

     A-2 Cap Rate:                         Adjusted Student Loan Rate.

     Floating Rate:                        Floating Rate Option plus the Spread.

     Floating Rate Option:                 USD-LIBOR-BBA, provided however, that
                                           (i) the term "London Banking Days"
                                           shall mean a Banking Day in New York
                                           and London and (ii) if USD-LIBOR
                                           Reference Banks is used as a fallback
                                           and quotations are not available, the
                                           rate will be the rate in effect for
                                           the previous Calculation Period.

     Spread:                               0.03% (3 bps).

     Floating Rate Designated Maturity:    Three (3) months for every
                                           Calculation Period.

     Floating Rate Reset Dates:            The first day of each Calculation
                                           Period.

     Floating Rate Day Count Fraction:     Actual/360

     Floating Rate Period End Dates:       The 25th day of each March, June,
                                           September, and December beginning
                                           December 25, 2002, and ending on the
                                           Termination Date, subject to
                                           adjustment in accordance with the
                                           Following Business Day Convention.

  Fixed Rate Payments:

     Fixed Rate:                           0.01% (1 bp).

     Fixed Rate Day Count Fraction:        Actual/360

     A-2 Cap Termination Date:             The earliest of (i) June 25,2011,
                                           (ii) the Distribution Date following
                                           the end of the Collection Period
                                           during which the Pool Balance is
                                           reduced to zero; and (iii) the
                                           Distribution Date on which the
                                           principal balance of all of the Class
                                           A-2 Notes is reduced to zero.

A-3 CAP:

  A-3 Cap Notional Amount:                 (i) For the first Calculation Period,
                                           $92,500,000, and (ii) for each
                                           subsequent Calculation Period, the
                                           actual principal amount of the Class
                                           A-3 Notes outstanding as of

                                       3
<PAGE>

                                        the last day of such Calculation period
                                        divided by 2.

  Floating Rate Payments:

         A-3 Cap Rate:                  Adjusted Student Loan Rate.

         Floating Rate:                 Floating Rate Option plus the Spread.

         Floating Rate Option:          USD-LIBOR-BBA, provided however, that
                                        (i) the term "London Banking Days" shall
                                        mean a Banking Day in New York and
                                        London and (ii) if USD-LIBOR Reference
                                        Banks is used as a fallback and
                                        quotations are not available, the rate
                                        will be the rate in effect for the
                                        previous Calculation Period.

         Spread:                        0.10% (10 bps).

         Floating Rate Designated       Three (3) months for every Calculation
         Maturity:                      Period.

         Floating Rate Reset Dates:     The first day of each Calculation
                                        Period.

         Floating Rate Day Count        Actual/360
         Fraction:

         Floating Rate Period End       The 25th day of each March, June,
         Dates:                         September, and December beginning
                                        December 25, 2002, and ending on the
                                        Termination Date, subject to adjustment
                                        in accordance with the Following
                                        Business Day Convention.

  Fixed Rate Payments:

         Fixed Rate:                    0.10% (10bp).

         Fixed Rate Day Count           Actual/360
         Fraction:

  A-3 Cap Termination Date:             The earliest of (i) September 25, 2013,
                                        (ii) the Distribution Date following the
                                        end of the Collection Period during
                                        which the Pool Balance is reduced to
                                        zero; and (iii) the Distribution Date on
                                        which the principal balance of all of
                                        the Class A-3 Notes is reduced to zero.

A-4L CAP:

  A-4L CAP NOTIONAL AMOUNT:             (i) For the first Calculation Period,
                                        $176,500,000, and
                                        (ii) for each  subsequent Calculation
                                        Period, the actual principal amount
                                        of the Class A-4L Notes outstanding
                                        as of the last day of such Calculation
                                        Period divided by 2.

  Floating Rate Payments:

                                       4

<PAGE>

         A-4L CAP Rate:                 Adjusted Student Loan Rate.

         Floating Rate:                 Floating Rate Option plus the Spread.

         Floating Rate Option:          USD-LIBOR-BBA, provided however, that
                                        (i) the term "London Banking Days" shall
                                        mean a Banking Day in Mew York and
                                        London and (ii) if USD-LIBOR Reference
                                        Banks is used as a fallback and
                                        quotations are not available, the rate
                                        will be the rate in effect for the
                                        previous Calculation Period.

         Spread:                        0.22% (22bps).

         Floating Rate Designated       Three (3) months for every Calculation
         Maturity:                      Period.

         Floating Rate Reset Dates:     The first day of each Calculation
                                        Period.

         Floating Rate Day Count        Actual/360
         Fraction:

         Floating Rate Period End       The 25th day of each March, June,
         Dates:                         September, and December beginning
                                        December 25, 2002, and ending on the
                                        Termination Date, subject to adjustment
                                        in accordance with the Following
                                        Business Day Convention.

  Fixed Rate Payments:

         Fixed Rate:                    0.01% (1 bp).

         Fixed Rate Day Count           Actual/360
         Fraction:

         A-4L Cap Termination Date:     The earliest of (i) September 25, 2024,
                                        (ii) the Distribution Date following the
                                        end of the Collection Period during
                                        which the Pool Balance is reduced to
                                        zero; and (iii) the Distribution Date on
                                        which the principal balance of all of
                                        the Class A-4L Notes is reduced to zero.

B CAP:

  B Cap Notional Amount:                (i) For the first Calculation Period,
                                        $21,000,000, and (ii) for each
                                        subsequent Calculation Period, the
                                        actual principal amount of the Class B
                                        Notes outstanding as of the last day of
                                        such Calculation Period divided by 2.

  Floating Rate Payments:

         B Cap Rate:                    Adjusted Student Loan Rate.

                                       5

<PAGE>

         Floating Rate:                 Floating Rate Option plus the Spread.

         Floating Rate Option:          USD-LIBOR-BBA, provided however, that
                                        (I) the term "London Banking Days" shall
                                        mean a Banking Day in New York and
                                        London and (ii) if USD-LIBOR Reference
                                        Banks is used as a fallback and
                                        quotations are not available, the rate
                                        will be the rate in effect for the
                                        previous Calculation Period.

         Spread:                        0.70% (70bps).

         Floating Rate Designated       Three (3) months for every Calculation
         Maturity:                      Period.

         Floating Rate Reset            The first day of each Calculation
         Dates:                         Period.

         Floating Rate Day Count        Actual/360
         Fraction:

         Floating Rate Period End       The 25th day of each March, June,
         Dates:                         September, and December beginning
                                        December 25, 2002, and ending on the
                                        Termination Date, subject to adjustment
                                        in accordance with the Following
                                        Business Day Convention.

  Fixed Rate Payments:

         Fixed Rate:                    0.01% (1 bp).

         Fixed Rate Day Count           Actual/360
         Fraction:

  B Cap Termination Date:               The earliest of (i) December 25, 2033,
                                        (ii) the Distribution Date following the
                                        end of the Collection Period during
                                        which the Pool Balance is reduced to
                                        zero; and (iii) the Distribution Date on
                                        which the principal balance of all of
                                        the Class B Notes is reduced to zero.

SETTLEMENT:                             On each Floating Rate Payer Payment
                                        Date, the Floating Rate Payer will pay
                                        to the Fixed Rate Payer the greater of
                                        (i) zero and (ii) the sum of the amounts
                                        (to the extent such amount is positive)
                                        determined with respect to the A-l Cap,
                                        the,A-2 Cap, the A-3 Cap, the A-4L Cap
                                        and the B Cap pursuant to the following
                                        formula:

                                             (Floating Rate minus the Cap Rate)
                                             X Notional Amount X Floating Rate
                                             Day Count Fraction;

                                        provided that in no event, shall the
                                        Floating Rate Payer be liable for an
                                        amount in the aggregate in excess of (a)
                                        one half of the B Cap Notional Amount as
                                        of each Floating Rate Payer Payment Date
                                        less (b) all payments the Floating Rate

                                       6

<PAGE>

                                        Payer has made under this Trade I prior
                                        to such Floating Rate Payer Payment Date
                                        net of any payments (other than payments
                                        of interest) made by the Floating
                                        Amount Payer to the Floating Rate Payer
                                        under Trade II.

                                        On each Fixed Rate Payer Payment Date,
                                        the Fixed Rate Payer will pay to the
                                        Floating Rate Payer the sum of the
                                        amounts determined with respect to the
                                        A-l Cap, the A-2 Cap, the A-3 Cap, the
                                        A-4L Cap and the B Cap pursuant to the
                                        following formula:

                                             Fixed Rate X Notional Amount X
                                             Fixed Rate Day Count Fraction.

                                       7
<PAGE>

TRADE II

Trade Date:                                October 8,2002.

Effective Date:                            October 8,2002.

Floating Amount Payer:                     The Trust

Termination Date:                          The earliest of (i) December 25,2033,
                                           (ii) the Distribution Date following
                                           the end of the Collection Period
                                           during which the Pool Balance is
                                           reduced to zero; and (iii) the
                                           Distribution Date on which the
                                           principal balance of all the Class
                                           A-l Notes, Class A-2 Notes, Class A-3
                                           Notes, Class A-4L Notes and the Class
                                           B Notes are reduced to zero.

Floating Amount:                           An aggregate amount equal to any
                                           Floating Rate Payments made by the
                                           Floating Rate Payer to the Fixed Rate
                                           Payer under Trade I with respect to
                                           the corresponding Calculation Period.

Floating Rate Period End Dates:            The 25th day of each March, June,
                                           September, and December beginning
                                           December 25,2002, and ending on the
                                           Termination Date, subject to
                                           adjustment in accordance with the
                                           Following Business Day Convention.

Settlement:                                The Floating Amount Payer shall pay
                                           the Floating Rate Payer under Trade I
                                           the Floating Amount on each Floating
                                           Rate Payer Payment Date.

                                           Notwithstanding the foregoing, the
                                           Floating Amount Payer shall be
                                           obligated to pay the Floating Amount
                                           on a Floating Rate Payer Payment Date
                                           only if:

                                                (i) the Floating Rate Payer's
                                                obligations under Trade I with
                                                respect to the applicable
                                                Floating Rate Payer Payment Date
                                                have been satisfied; and

                                                (ii) to the extent that
                                                sufficient Available Funds are
                                                in the Collection Fund to make
                                                the scheduled payment in
                                                accordance with Section
                                                5.03(c)(xii) of the Indenture or
                                                sufficient funds are available
                                                in the Reserve Fund to make the
                                                scheduled payment in accordance
                                                with Section 5.04 of the
                                                Indenture.

                                           If the Floating Amount is not paid on
                                           a Floating Rate Payer Payment Date in
                                           full, the unpaid amount, together
                                           with interest thereon at a rate of
                                           USD-LIBOR-BBA accrued on a basis of
                                           Actual/360 shall be paid on the next
                                           succeeding Floating Rate Payer
                                           Payment Date on which funds are
                                           available therefore in accordance
                                           with the Indenture. On any day, the
                                           rate shall be the then current
                                           USD-LIBOR-BBA rate determined as set
                                           forth in the Trade I.

                                        8

<PAGE>

3. ADDITIONAL PROVISIONS:

         (a)      Business Days. New York

         (b)      Calculation Agent. Nelnet, Inc (the "Administrator"), as
appointed by the Trust. The Administrator shall act as Calculation Agent
pursuant to the terms of the Administration Agreement and in accordance with the
terms of the Schedule.

         (c)      Governing Law. New York law.

         (d)      Notice of Payment Amounts. The Calculation Agent shall provide
notice to the Floating Rate Payer and the Fixed Rate Payer by at least 1:00 p.m.
(New York City time) 1 Business Day prior to the Floating Rate Payer Payment
Date with respect to Trade 1 of whether the Floating Rate Payer is required to
make a payment and, if so, the amount of such payment together with reasonable
details as to how the amounts were calculated. Notwithstanding anything herein
to the contrary, if notice is received by the Floating Rate Payer after 1:00
p.m. (New York City time) 1 Business Day prior to each such Floating Rate Payer
Payment Date, the Floating Rate Payer Payment Date shall be one Business Day
after the day such notice is deemed to be received. For purposes hereof, any
notice received on any day after 1:00 p.m. and/or any day that is not a Business
Day shall be deemed received on the next Business Day.

         (e)      Termination Payments: In the case of any early termination of
this Transaction as a result of an Event of Default where the Trust is the
Defaulting Party, any amount payable by the Trust pursuant to Section 6(e) of
the Master Agreement shall be capped at an amount equal to the product of (x)
0.10% (10 bps) and (y) the sum of the A-l Cap Notional Amount, A-2 Cap Notional
Amount, the A-3 Cap Notional Amount, the A-4L Cap Notional Amount and B Cap
Notional Amount as of the Early Termination Date. In the case of any early
termination of this Transaction in which an amount is payable by JPMorgan
pursuant to Section 6(e) of the Master Agreement, such amount shall be capped at
amount not to exceed (a) one half of the B Cap Notional Amount as of the date
of such early termination less (b) all payments the Floating Rate Payer has made
under Trade I prior to such early termination date net of any payments (other
than payments of interest) made by the Floating Amount Payer to the Floating
Rate Payer under Trade II.

4. ACCOUNT DETAILS:

Payments to Party A:

         For the Account of:          JPMorgan

                                      JPMorgan Chase Bank
                                      ABA #021-000-021
                                      Account No. 999-97-341
                                      Attn: Structured Products Trading

         For payment inquiries:       JPMorgan Chase Bank
                                      Structured Products Trading
                                      270 Park Avenue
                                      8th Floor
                                      New York, New York 10017

                                      Attn: Jaynita K. Pala
                                      Telephone No.: 212-834-7553
                                      Facsimile No.: 212-834-6187

Payments to the Trust:

                                        9

<PAGE>

         For the Account of:          Nelnet Student Loan Trust 2002-2

                                      Zions First National Bank
                                      Salt Lake City, UT
                                      ABA: 124000054
                                      FFC A/C: #80-000219
                                      Ref: Nelnet 2002-2 Trust
                                      Attn: Sandy Stevens
                                      Phone: 720-947-7479

         Legal Department - Capital   Wilmington Trust Company
         Markets
         For payment inquiries:

                                      Rodney Square North
                                      1100 North market Street

                                      Wilmington, Delaware 19890
                                      Attention: Corporate Trust Administration
                                      Facsimile No.: (302) 651-3882
                                      Telephone No.: (302) 651-1000
                                      Electronic Messaging System Details: None

5.OFFICES:

         (a)      The Office of JPMorgan for this Transaction is 270 Park
Avenue, 40th Floor, New York, New York 10017-2070, Attention: Legal Department
- Capital Markets. Except as otherwise provided in the Schedule to the
Agreement, the foregoing shall be the address for notices or communications to
JPMorgan.

         (b)      The Office of the Trust for this Transaction is Nelnet Student
Loan Trust 2002-2 c/o Wilmington Trust Company, Rodney Square North, 1100 North
Market Street, Attention: Corporate Trust Administration, Wilmington, Delaware
19890; with copies to; Zions First National Bank, 717 17th Street, Suite 301,
Denver, Colorado 80202, Attention: Corporate Trust; and Nelnet, Inc., 121 South
13th  Street, Suite 301, Lincoln, Nebraska 68505, Attention: Terry J. Heimes.

6.ADDITIONAL DEFINITIONS:

         The following terms shall have the meanings set forth below when used
in this Confirmation:

         "Calculation Period" means, in respect of a Swap Transaction and a
party, each period from, and including, one Period End Date of that party to,
but excluding, the next following applicable Period End Date during the Term of
the Swap Transaction, except that (a) the initial Calculation Period for the
party will commence on, and include, the Effective Date, and (b) the final
Calculation Period for the party will end on, but exclude, the Termination Date.

         "Expected Interest Collections" means, with respect to any Collection
Period, the sum of (i) the amount of interest accrued, net of amounts required
to be paid to the Department or to be repaid to Guarantors or borrowers, with
respect to the Financed Eligible Loans for such Collection Period (whether or
not such interest is actually paid) and (ii) all Interest Benefit Payments and
Special Allowance Payments expected to be received by the Trustee for such
Collection Period (whether or not actually received), net of amounts required to
be paid to the Department, with respect to the Financed Eligible Loans, to the
extent not included in (i) above, and (iii) investment earnings on all
Investment Securities held by the Trustee available for deposit in the
Collection Fund for such Distribution Date.

                                       10

<PAGE>

         "Adjusted Student Loan Rate" means, with respect to any Calculation
Period, the product of (a) the quotient obtained by dividing (i) 360 by (ii) the
actual number of days elapsed in the relevant Calculation Period and (b) the
percentage equivalent (not less than zero percent) of a fraction (i) the
numerator of which is equal to Expected Interest Collections for the Collection
Period relating to such Calculation Period less the Servicing Fee with respect
to such relevant Collection Period and the Administration Fee and the Derivative
Product Fees payable on the relevant Floating Rate Payer Payment Date, and (ii)
the denominator of which is the Pool Balance as of the first day of such
Collection Period.

         In addition, the terms "Administration Agreement", "Administration
Fee", "Administrator", "Available Funds", "ClassA- 1 Notes", "Class A-2 Notes",
"Class A-3 Notes", "Class A-4L Notes", "Class B Notes", "Collection Fund",
"Collection Period", "Department", "Derivative Product Fees", "Derivative
Product Payments", "Distribution Date", "Eligible Lender Trustee", "Guarantor",
"Indenture", "Interest Benefit Payments", "Investment Securities ", "Notes",
"Pool Balance", "Servicing Fee", "Reserve Fund", "Special Allowance Payments",
"Specified Reserve Fund Balance" and "Financed Eligible Loans " shall have the
meanings when used in this Confirmation as ascribed to them in (i) the Trust
Agreement, dated as of September 1,2002, by and among Nelnet Student Loan
Funding, LLC, as the Initial Certificate holder and sponsor, and Wilmington
Trust Company (in its individual capacity, the "Trust Company," ("Trust
Company") and solely in its capacity thereunder, the "Delaware Trustee"),
entered into in order to establish Nelnet Student Loan Trust 2002-2; or (ii) the
Indenture of Trust, dated as of September 1, 2002 (the "Indenture"), by and
between Nelnet Student Loan Trust 2002-2 (the "Issuer"), and Zions First
National Bank, (together with its successors, the "Trustee"), as trustee
thereunder.

                                       11

<PAGE>

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

                                        Very truly yours,

                                        JPMORGAN CHASE BANK

                                        By: /s/ Don Thompson
                                            --------------------------------
                                        Name: DON THOMPSON
                                        Title: MANAGING DIRECTOR AND
                                               ASSOCIATE GENERAL COUNSEL
Accepted and Confirmed as of
the date first written above.

NELNET STUDENT LOAN TRUST 2002-2

BY: WILMINGTON TRUST COMPANY,
    not in its individual capacity but solely in its
    capacity as Trustee of the Nelnet Student Loan
    Trust 2002-2

By: /s/ Janel R. Havrilla
    ------------------------------------
      Name: JANEL R. HAVRILLA
      Title: FINANCIAL SERVICES OFFICER

                                       12[BANK OF AMERICA LOGO]

<TABLE>
<S>                         <C>
To:                         Nelnet Loan Services, Inc. and Nelnet Inc.
                            121 S. 13th Street, Suite 301
                            Lincoln, NE 68508
Attn:                       Julie Waltke
Telephone:                  402-458-2310
Fax:                        402-458-2399

From:                       Bank of America, N. A.
                            233 South Wacker Drive - Suite 2800
                            Chicago
                            Illinois 60606
                            U.S.A.
Department:                 Swaps Operations
Telephone:                  (+1)312 234 2732
Fax:                        (+1)312 234 3603

Date:                       25th July 2003

Our Reference No:           3108646
Reference Name:             Jay Saunders
Internal Tracking No:       13031110
</TABLE>

Dear Sir/Madam,

The purpose of this letter agreement is to conform the terms and conditions of
the Transaction entered into between Nelnet Loan Services, Inc. and Nelnet Inc.
and Bank of America, N.A. (each a "party" and together "the parties") on the
Trade Date specified below (the "Transaction"). This letter agreement
constitutes a "Confirmation" as referred to in the ISDA Master Agreement
specified below (the "Agreement").

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

This Confirmation supplements, forms part of, and is subject to, the ISDA Master
Agreement dated as of 20th August 2001, as amended and supplemented from time to
time, between the parties. All provisions contained, in the Agreement govern
this Confirmation except as expressly modified below.

In this Confirmation "Party A" means Bank of America, N.A. and "Party B" means
Nelnet Loan Services, Inc. and Nelnet Inc..

                                                                               1

<PAGE>

GENERAL TERMS:

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

<TABLE>
<S>                              <C>
         Notional Amount:        USD 1,000,000,000.00

         Trade Date:             25th July 2003

         Effective Date:         25th July 2003

         Termination Date:       26th July 2004, subject to adjustment in accordance with the
                                 Modified Following Business Day Convention

FIXED AMOUNTS:

         Fixed Rate Payer:       Party B

         Fixed Rate Payer        The 25th of each Month, commencing on 25th August 2003
         Payment Dates:          and ending on the Termination Date, subject to adjustment in
                                 accordance with the Modified Following Business Day Convention

         Fixed Rate:             1.18000 per cent

         Fixed Rate Day
         Count Fraction:         Actual/360

FLOATING AMOUNTS:

         Floating Rate Payer:    Party A

         Floating Rate
         Payer Payment Dates:    The 25th of each Month, commencing on 25th August 2003
                                 and ending on the Termination Date, subject to adjustment in
                                 accordance with the Modified Following Business Day
                                 Convention

         Floating Rate for
         initial Calculation
         Period:                 1.10000 per cent

         Floating Rate Option:   USD-LIBOR-BBA

         Designated Maturity:    1 Month

         Spread:                 None

         Floating Rate Day
         Count Fraction:         Actual/360

         Reset Dates:            First day of each Calculation Period
</TABLE>

                                                                               2

<PAGE>

BUSINESS DAYS:                   NewYork and London

CALCULATION AGENT:               Party A

RECORDING OF Conversations:

Each party to this Transaction acknowledges and agrees to the tape recording of
conversations between the parties to this Transaction whether by one or other or
both of the parties or their agents, and that any such tape recordings may be
submitted in evidence in any Proceedings relating to the Agreement and/or this
Transaction.

ACCOUNT DETAILS:

<TABLE>
<S>                          <C>              <C>
    Account for payments to
    Party A:                                  USD
                             Pay to:          Bank of America, N.A., New York
                             ABA#:            026009593
                             Favour:          Bank of America, N.A., Charlotte
                             Account Number:  6550219386
                             Swift Code:      BOFAUS6SGDS

    Account for payments to
    Party B:                                  USD
                             Pay to:          Union Bank and Trust, Lincoln
                             ABA#:            104910795
                             Favour:          NelNet, Inc.
                             Account Number: 6014352
</TABLE>

OFFICES:

    The Office of Party A
    for this
    Transaction is:          Charlotte - NC, United States
                             Please send reset notices to fax no.
                               (+1 312) 234-3603.

    The Office of Party B
    for this
    Transaction is:          Lincoln - NE, United States

Please confirm that the foregoing correctly sets forth the terms and conditions
of our agreement by returning via telecopier an executed copy of this
Confirmation to the attention of Global Derivative Operations (fax no.
(+1 312)234 3603).

                            Accepted and confirmed as of the date first written:
Bank of America, N.A.       Nelnet Loan Services, Inc. and Nelnet Inc.

                                                                               3

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