Document:

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                                                                   EXHIBIT 10.98
================================================================================

                             BROKER-DEALER AGREEMENT

                                      among

                             BANKERS TRUST COMPANY,
                                as Auction Agent,

                       NELNET STUDENT LOAN CORPORATION-2,
                                    as Issuer

                                       and

                         BANC OF AMERICA SECURITIES LLC,
                                as Broker-Dealer

                                   Relating to

                        NELNET Student Loan Corporation-2
                     Taxable Student Loan Asset-Backed Notes
              $100,000,000 Senior Class 2001A-5 Auction Rate Notes

                          Dated as of September 1, 2001
================================================================================

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         THIS BROKER-DEALER AGREEMENT dated as of September 1, 2001 among NELNET
STUDENT LOAN CORPORATION-2 ("NELNET-2"), BANKERS TRUST COMPANY, a New York
banking corporation (together with its successors and assigns, the "Auction
Agent") not in its individual capacity but solely as agent of Zions First
National Bank, as trustee (the "Trustee") under an Indenture of Trust dated as
of June 1, 2000 (as previously amended, the "Original Indenture") and the Series
2001B Supplemental Indenture of Trust dated as of September 1, 2001 (the "2001B
Supplemental Indenture," and together with the Original Indenture, the
"Indenture"), each by and between NELNET-2 and the Trustee pursuant to authority
granted to it in the Auction Agency Agreement dated as of September 1, 2001,
among NELNET-2, 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-2 will issue (a) $100,000,000 of its Taxable Student Loan
Asset-Backed Notes, Senior Class 2001A-5, maturing on June 1, 2035, as Auction
Rate Notes (the "Auction Rate Notes").

         The Indenture provides that the interest rate on the Auction Rate Notes
for each Interest Period after the Initial Period shall, except under certain
conditions, equal the Auction Rate which the Auction Agent advises as the result
of implementation of the Auction Procedures. Pursuant to Section 2.09(a) of the
Auction Agency Agreement, the Auction Agent has entered into this Agreement.

         The Auction Procedures require the participation of one or more
Broker-Dealers.

         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-2, the Auction Agent, as agent of the
Trustee, and BD agree as follows:

                                   ARTICLE I

                      DEFINITIONS AND RULES OF CONSTRUCTION

         SECTION 1.01. TERMS DEFINED BY REFERENCE TO THE INDENTURE. Capitalized
terms not defined herein shall have the respective meanings specified in or
pursuant to the Indenture and the Auction Agency Agreement.

         SECTION 1.02. TERMS DEFINED HEREIN. As used herein and in the
Settlement Procedures (as defined below), the following terms shall have the
following meanings, unless the context otherwise requires:

         "Auction" shall have the meaning specified in Section 2.01 hereof.

         "Auction Agency Agreement" shall mean the Auction Agency Agreement
dated as of September 1, 2001, among NELNET-2, the Trustee and the Auction Agent
relating to the Auction Rate Notes.

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         "Auction Procedures" shall mean the Auction Procedures that are set
forth in Appendix A to the 2001B Supplemental Indenture.

         "Authorized Officer" shall mean each Managing Director, Vice President,
Assistant Vice President, Secretary, Assistant Secretary and Assistant Treasurer
of the Auction Agent assigned to its Corporate Trust and Agency Group and every
other officer or employee of the Auction Agent designated as an Authorized
Officer for purposes of this Agreement.

         "BD Officer" shall mean each officer or employee of BD designated as a
"BD Officer" for purposes of this Agreement.

         "Broker-Dealer Agreement" shall mean this Broker-Dealer Agreement and
any substantially similar agreement between the Auction Agent and a
Broker-Dealer.

         "Holder" shall mean the beneficial owner of any Auction Rate Notes.

         "Settlement Procedures" shall mean the Settlement Procedures attached
hereto as Exhibit A.

         SECTION 1.03. RULES OF CONSTRUCTION. Unless the context or use
indicates another or different meaning or intent, the following rules shall
apply to the construction of this Agreement:

                  (a)      Words importing the singular number shall include the
         plural number and vice versa.

                  (b)      The captions and headings herein are solely for
         convenience of reference and shall not constitute a part of this
         Agreement nor shall they affect its meaning, construction or effect.

                  (c)      The words "hereof," "herein," "hereto," and other
         words of similar import refer to this Agreement as a whole.

                  (d)      All references herein to a particular time of day
         shall be to New York City time.

                                   ARTICLE II

                                   THE AUCTION

         SECTION 2.01. PURPOSE: INCORPORATION BY REFERENCE OF AUCTION PROCEDURES
AND SETTLEMENT PROCEDURES.

                  (a)      On each Auction Date, the provisions of the Auction
         Procedures will be followed by the Auction Agent for the purpose of
         determining the Auction Rate Notes Rate for the next Interest Period.
         Each periodic operation of such procedures is hereinafter referred to
         as an "Auction."

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                  (b)      Without prejudice to Section 3.01(a) hereof, all of
         the provisions contained in the Auction Procedures and the Settlement
         Procedures are incorporated herein by reference in their entirety and
         shall be deemed to be a part of this Agreement to the same extent as if
         such provisions were fully set forth herein.

                  (c)      BD agrees to act as, and assumes the obligations of
         and limitations and restrictions placed upon, a Broker-Dealer under
         this Agreement. BD understands that other persons meeting the
         requirements specified in the definition of "Broker-Dealer" contained
         in the 2001B Supplemental Indenture may execute Broker-Dealer
         Agreements and participate as Broker-Dealers in Auctions.

                  (d)      BD and other Broker-Dealers may participate in
         Auctions for their own accounts. However, the Auction Agent may by
         notice to BD and all other Broker-Dealers prohibit all Broker-Dealers
         from submitting Bids in Auctions for their own accounts, provided that
         Broker-Dealers may continue to submit Hold Orders and Sell Orders. The
         Auction Agent shall have no duty or liability with respect to
         monitoring or enforcing the requirements of this Section 2.01(d).

                  (e)      BD agrees to act as, and assumes the obligations of,
         and limitations and restrictions placed upon, a Broker-Dealer under
         this Broker-Dealer Agreement. BD agrees to act as, and assume the
         obligations of and limitations and restrictions placed upon, a
         Broker-Dealer under Appendix A to the 2001B Supplemental Indenture.

         SECTION 2.02. PREPARATION FOR EACH AUCTION.

                  (a)      Not later than 10:30 a.m. on each Auction Date for
         the Auction Rate Notes, the Auction Agent shall advise BD by telephone
         of the All-Hold Rate, the Net Loan Rate, the Applicable LIBOR Rate and
         the Maximum Rate.

                  (b)      In the event that the Auction Date for any Auction
         shall be changed after the Auction Agent has given the notice referred
         to in clause (vi) of paragraph (a) of the Settlement Procedures, the
         Auction Agent, by such means as the Auction Agent deems practicable,
         shall give notice of such change to BD not later than the earliest of
         (i) 9:15 a.m. on the new Auction Date, (ii) 9:15 a.m. on the old
         Auction Date and (iii) 9:15 a.m. the next Interest Payment Date.
         Thereafter, BD shall promptly notify customers of BD that BD believes
         are Existing Holders of such change in the Auction Date.

                  (c)      The Auction Agent from time to time may request BD to
         provide it with the aggregate principal amounts of Auction Rate Notes
         specifically held by each such BD as an Existing Holder and with a list
         of BD's respective customers that BD believes are beneficial owners of
         Auction Rate Notes and the aggregate principal amount of Auction Rate
         Notes beneficially owned by each such customer. BD shall comply with
         any such request, and the Auction Agent shall keep confidential any
         such information, including information received as to the identity of
         Existing Holders and Potential Holders in any Auction, and shall not
         disclose any such information so provided to any person other than the
         Trustee, NELNET-2 and BD, unless the failure to disclose such
         information would be

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         unlawful or if the failure to do so would expose the Auction Agent to
         any loss, liability, claim or damage for which the Auction Agent shall
         not have previously received adequate indemnification satisfactory to
         it.

         SECTION 2.03. AUCTION SCHEDULE: METHOD OF SUBMISSION OF ORDERS.

                  (a)      The Auction Agent shall conduct Auctions for the
         Auction Rate Notes in accordance with the schedule set forth below.
         Such schedule may be changed at any time by the Auction Agent with the
         consent of the Trustee, which consent shall not be unreasonably
         withheld or delayed. The Auction Agent shall give notice of any such
         change to BD. Such notice shall be received prior to the close of
         business on the Business Day next preceding the first Auction Date on
         which any such change shall be effective.

          TIME                                   EVENT

By 9:00 a.m.                  Auction Agent obtains One-Month LIBOR

By 10:30 a.m.                 Auction Agent advises the Broker-Dealers of the
                              applicable All-Hold Rate, the Net Loan Rate, the
                              Applicable LIBOR Rate and the applicable Maximum
                              Rate, as set forth in Section 2.03(b)(i) of the
                              Auction Agency Agreement.

9:30 a.m. - 1:00 p.m.         Auction Agent assembles information communicated
                              to it by Broker-Dealers as provided in Section
                              2.02 of Appendix A to the 2001B Supplemental
                              Indenture. Submission Deadline is 1:00 p.m.

Not earlier than 1:00 p.m.    Auction Agent makes determinations pursuant to
                              Section 2.02 of Appendix A to the 2001B
                              Supplemental Indenture. Submitted Bids and
                              Submitted Sell Orders are accepted and rejected in
                              whole or in part and Auction Rate Notes are
                              allocated as provided in Section 2.02 of Appendix
                              A to the 2001B Supplemental Indenture.

By approximately 3:00 p.m.    Auction Agent advises the Trustee of results of
but no later than the         Auction and of the Auction Rate for the next
close of business             Interest Period as provided in Appendix A to the
                              2001B Supplemental Indenture. Auction Agent gives
                              notice of Auction results as set forth in Section
                              2.04(a) hereof.

                  (b)      BD shall submit Orders to the Auction Agent in
         writing in substantially the form attached hereto as Exhibit B. BD
         shall submit separate Orders to the Auction Agent for each Potential
         Holder or Existing Holder on whose behalf BD is submitting an Order and
         shall not net or aggregate the Orders of Potential Holders or Existing
         Holders on whose behalf BD is submitting Orders.

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                  (c)      BD shall deliver to the Auction Agent (i) a written
         notice, substantially in the form attached hereto as Exhibit C, of
         transfers of Auction Rate Notes, made through BD by an Existing Holder
         to another person other than pursuant to an Auction and (ii) a written
         notice, substantially in the form attached hereto as Exhibit D, of the
         failure of any Auction Rate Notes to be transferred to or by any person
         that purchased or sold Auction Rate Notes through BD pursuant to an
         Auction. The Auction Agent is not required to accept any notice
         delivered pursuant to the terms of the foregoing sentence with respect
         to an Auction unless it is received by the Auction Agent by 3:00 p.m.
         on the Business Day next preceding the applicable Auction Date.

                  (d)      BD agrees to handle its customers' Orders in
         accordance with its duties under applicable securities laws and rules.

         SECTION 2.04. NOTICES.

                  (a)      On each Auction Date, the Auction Agent shall notify
         BD by telephone of the results of the Auction as set forth in paragraph
         (a) of the Settlement Procedures. If requested by BD, the Auction Agent
         shall as soon as practicable on the Business Day next succeeding such
         Auction Date, notify BD in writing, if previously so requested, of the
         disposition of all Orders submitted by BD in the Auction held on such
         Auction Date.

                  (b)      BD shall notify each Existing Holder or Potential
         Holder on whose behalf BD has submitted an Order as set forth in
         paragraph (b) of the Settlement Procedures and take such other action
         as is required of BD pursuant to the Settlement Procedures.

                  (c)      The Auction Agent shall deliver to BD after receipt
         all notices and certificates which the Auction Agent is required to
         deliver to BD pursuant to Article 2 of the Auction Agency Agreement at
         the times and in the manner set forth in the Auction Agency Agreement.

         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 3.05(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) 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 Auction Rate Notes) 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 Auction Rate Notes 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 Auction Rate Notes subject to valid Hold
Orders (determined in accordance with Appendix A to the 2001B Supplemental
Indenture) submitted to the Auction Agent by BD and (iii) the principal amount
of the Auction Rate Notes deemed to be subject to Hold Orders by Existing
Holders pursuant to Appendix A to the 2001B 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 Auction Rate Notes

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through BD transfers those Auction Rate Notes to another Person other than
pursuant to an Auction, then the Broker-Dealer for the Auction Rate Notes 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 Auction Rate Notes. 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 .25 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-2, at NELNET-2'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-2 and the Auction Agent, the prevailing rate,
NELNET-2 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.

         SECTION 2.06. SETTLEMENT.

                  (a)      If any Existing Holder on whose behalf BD has
         submitted a Bid or Sell Order for Auction Rate Notes that was accepted
         in whole or in part fails to instruct its Participant to deliver the
         Auction Rate Notes subject to such Bid or Sell Order against payment
         therefor, BD shall instruct such Participant to deliver such Auction
         Rate Notes against payment therefor and BD may deliver to the Potential
         Holder on whose behalf BD submitted a Bid that was accepted in whole or
         in part a principal amount of the Auction Rate Notes that is less than
         the principal amount of the Auction Rate Notes specified in such Bid to
         be purchased by such Potential Holder. Notwithstanding the foregoing
         terms of this Section 2.06(a), any delivery or non-delivery of Auction
         Rate Notes which represents any departure from the results of an
         Auction, as determined by the Auction Agent, shall be of no effect
         unless and until the Auction Agent shall have been notified of such
         delivery or non-delivery in accordance with the terms of Section
         2.03(c) hereof. The Auction Agent shall have no duty or liability with
         respect to monitoring or enforcing requirements of this Section
         2.06(a).

                  (b)      Neither the Auction Agent, the Trustee nor NELNET-2
         shall have any responsibility or liability with respect to the failure
         of an Existing Holder, a Potential Holder or a Participant or any of
         them to deliver Auction Rate Notes or to pay for Auction Rate Notes
         sold or purchased pursuant to the Auction Procedures or otherwise.

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                                   ARTICLE III

                                THE AUCTION AGENT

         SECTION 3.01. DUTIES AND RESPONSIBILITIES.

                  (a)      The Auction Agent is acting solely as agent for the
         Trustee hereunder and owes no fiduciary duties to any Person by reason
         of this Agreement.

                  (b)      Notwithstanding Section 3.01(a) above, the Auction
         Agent undertakes to perform such duties and only such duties as are
         specifically set forth in this Agreement, the Auction Agency Agreement
         and Appendix A to the 2001B Supplemental Indenture, and no implied
         duties, covenants or obligations shall be read into this Agreement
         against the Auction Agent by reason of anything set forth in the
         Prospectus Supplement or any other offering material employed in
         connection with the offer and sale of the Auction Rate Notes, or
         otherwise.

                  (c)      In the absence of bad faith or negligence on its
         part, the Auction Agent shall not be liable for any action taken,
         suffered, or omitted or for any error of judgment made by it in the
         performance of its duties under this Agreement. The Auction Agent shall
         not be liable for any error of judgment made in good faith unless the
         Auction Agent shall have been negligent in ascertaining (or failing to
         ascertain) the pertinent facts necessary to make such judgment.

         SECTION 3.02. RIGHTS OF THE AUCTION AGENT.

                  (a)      The Auction Agent may conclusively rely and shall be
         fully protected in acting or refraining from acting upon any
         communication authorized by this Agreement and upon any written
         instruction, notice, request, direction, consent, report, certificate,
         share certificate or other instrument, paper or document believed by it
         to be genuine. The Auction Agent shall not be liable for acting upon
         any telephone communication authorized by this Agreement which the
         Auction Agent believes in good faith to have been given by the Trustee
         or by a Broker-Dealer or by their designated agents or representatives.
         The Auction Agent may record telephone communications with such
         Persons.

                  (b)      The Auction Agent may consult with counsel of its own
         choice, and the advice of such counsel shall be full and complete
         authorization and protection in respect of any action taken, suffered
         or omitted by it hereunder in good faith and in reliance thereon.

                  (c)      The Auction Agent shall not be required to advance,
         expend or risk its own funds or otherwise incur or become exposed to
         financial liability in the performance of its duties hereunder.

                  (d)      The Auction Agent may perform its duties and exercise
         its rights hereunder either directly or by or through agents or
         attorneys, and shall not be

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         responsible for any misconduct or negligence on the part of, or for the
         supervision of, any agent or attorney appointed by it with due care
         hereunder.

                  (e)      The Auction Agent makes no representation as to the
         adequacy or accuracy of this Broker-Dealer Agreement, the Auction
         Agency Agreement (except as provided in Section 3.01(d) thereof), the
         Auction Rate Notes, or any Prospectus Supplement or other offering
         material used in connection with the offer and sale of the Auction Rate
         Notes.

                                   ARTICLE IV

                                  MISCELLANEOUS

         SECTION 4.01. TERMINATION. Any party may terminate this Agreement at
any time upon five days prior notice to the other party. This Agreement shall
automatically terminate upon the delivery of certificates representing the
Auction Rate Notes pursuant to Section 2.02(c) of Appendix A to the 2001B
Supplemental Indenture, the occurrence of a Payment Default or upon termination
of the Auction Agency Agreement.

         SECTION 4.02. PARTICIPANT IN DEPOSITORY. Either (a) BD is, and shall
remain for the term of this Agreement, a member of, or Participant in, the
Depository, or (b) BD may designate a Participant to act on BD's behalf for
purposes of this Agreement. If BD wishes to designate a different Participant to
act on its behalf, BD shall give the Auction Agent at least two Business Days
prior notice thereof.

         SECTION 4.03. COMMUNICATIONS. Except for (a) communications authorized
to be made by telephone pursuant to this Agreement or the Auction Procedures and
(b) communications in connection with the Auctions (other than those expressly
required to be in writing), all notices, requests and other communications to
any party hereunder shall be in writing (including facsimile or similar writing)
and shall be given to such party, addressed to it, at its address or facsimile
number set forth below:

         If to BD, addressed:                 Banc of America Securities LLC
                                              NC1-005-12-03
                                              Interstate Tower
                                              121 West Trade Street
                                              Charlotte, North Carolina  28255
                                              Attention: Mary Lou Haraburd
                                              Telephone: (704) 386-7777
                                              Telecopy: (704) 386-0249

         If to the Auction Agent, addressed:  Bankers Trust Company
                                              Four Albany Street
                                              New York, New York 10006
                                              Attention: Auction Rate Securities
                                              Telephone: 212-250-6850
                                              Telecopy: 212-250-6215

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or such other address or facsimile number as such party may hereafter specify
for such purpose by notice to the other party. Each such notice, request or
communication shall be effective when delivered at the address specified herein.
Communications shall be given on behalf of BD by a BD Officer and on behalf of
the Auction Agent by an Authorized Officer. BD may record telephone
communications with the Auction Agent.

         SECTION 4.04. ENTIRE AGREEMENT. This Agreement 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 4.05. BENEFITS. Nothing in this Agreement, express or implied,
shall give to any person, other than the Trustee, the Auction Agent and BD and
their respective successors and assigns, any benefit of any legal or equitable
right, remedy or claim under this Agreement.

         SECTION 4.06. AMENDMENT: WAIVER.

                  (a)      This Agreement shall not be deemed or construed to be
         modified, amended, rescinded, cancelled or waived, in whole or in part,
         except by a written instrument signed by a duly authorized
         representative of the party to be charged.

                  (b)      Failure of either party to this Agreement to exercise
         any right or remedy hereunder in the event of a breach of this
         Agreement by the other party shall not constitute a waiver of any such
         right or remedy with respect to any subsequent breach.

                  (c)      The Auction Agent may, but shall have no obligation
         to, execute and deliver any amendment or modification hereto which
         affects the Auction Agent's rights, powers or immunities hereunder.

         SECTION 4.07. SUCCESSORS AND ASSIGNS. This Agreement shall be binding
upon, inure to the benefit of, and be enforceable by, the respective successors
and permitted assigns of each of BD and the Auction Agent. This Agreement may
not be assigned by either party hereto absent the prior written consent of the
other party; provided, however, that this Agreement may be assigned by the
Auction Agent to a successor Auction Agent selected by the Trustee without the
consent of BD.

         SECTION 4.08. SEVERABILITY. If any clause, provision or section of this
Agreement shall be ruled invalid or unenforceable by any court of competent
jurisdiction, the invalidity or unenforceability of such clause, provision or
section shall not affect any remaining clause, provision or section hereof.

         SECTION 4.09. EXECUTION IN COUNTERPARTS. This Agreement 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 4.10. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

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         IN WITNESS WHEREOF, the parties hereto have caused this Broker-Dealer
Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the date first above written.

                                        BANKERS TRUST COMPANY, as Auction Agent

                                        By /s/ Robert Sandt Jr.
                                           _____________________________________
                                        Name   Robert Sandt Jr.
                                              __________________________________
                                        Title __________________________________

                                        BANC OF AMERICA SECURITIES LLC, as
                                        Broker-Dealer

                                        By /s/ Christopher G. Cronk
                                           _____________________________________
                                        Name  Christopher G. Cronk
                                              __________________________________
                                        Title Principal
                                              __________________________________

                                        NELNET STUDENT LOAN CORPORATION-2,
                                        as Issuer

                                        By /s/ Ronald W. Page
                                           _____________________________________
                                           Ronald W. Page, Vice President

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                                    EXHIBIT A

                              SETTLEMENT PROCEDURES

         Capitalized terms used herein shall have the respective meanings
specified in the Indenture and the Broker-Dealer Agreement.

                  (a)      Not later than 3:00 p.m. on each Auction Date, the
         Auction Agent is required to notify by telephone the Broker-Dealers
         that participated in the Auction held on such Auction Date and
         submitted an Order on behalf of any Existing Holder or Potential Holder
         of:

                           (i)      the Auction Rate fixed for the next Interest
                  Period;

                           (ii)     whether there were Sufficient Clearing Bids
                  in such Auction;

                           (iii)    if such Broker-Dealer (a "Seller's
                  Broker-Dealer") submitted a Bid or a Sell Order on behalf of
                  an Existing Holder, whether such Bid or Sell Order was
                  accepted or rejected, in whole or in part, and the principal
                  amount of Auction Rate Notes, if any, to be sold by such
                  Existing Holder;

                           (iv)     if such Broker-Dealer (a "Buyer's
                  Broker-Dealer") submitted a Bid on behalf of a Potential
                  Holder, whether such Bid was accepted or rejected, in whole or
                  in part, and the principal amount of Auction Rate Notes, if
                  any, to be purchased by such Potential Holder;

                           (v)      if the aggregate principal amount of Auction
                  Rate Notes to be sold by all Existing Holders on whose behalf
                  such Broker-Dealer submitted Bids or Sell Orders is different
                  than the aggregate principal amount of Auction Rate Notes to
                  be purchased by all Potential Holders on whose behalf such
                  Broker-Dealer submitted a Bid, the name or names of one or
                  more other Buyer's Broker-Dealers (and the Participant, if
                  any, of each such other Buyer's Broker-Dealer) acting for one
                  or more purchasers of such excess principal amount of Auction
                  Rate Notes and the principal amount of Auction Rate Notes to
                  be purchased from one or more Existing Holders on whose behalf
                  such Broker-Dealer acted by one or more Potential Holders on
                  whose behalf each of such other Buyer's Broker-Dealers acted;
                  and

                           (vi)     if the principal amount of Auction Rate
                  Notes to be purchased by all Potential Holders on whose behalf
                  such Broker-Dealer submitted a Bid exceeds the amount of
                  Auction Rate Notes to be sold by all Existing Holders on whose
                  behalf such Broker-Dealer submitted a Bid or a Sell Order, the
                  name or names of one or more Seller's Broker-Dealers (and the
                  name of the agent member, if any, of each such Seller's
                  Broker-Dealer) acting for one or more sellers of such excess
                  principal amount of Auction Rate Notes and the principal
                  amount of Auction Rate Notes to be sold to one or more
                  Potential Holders on

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                  whose behalf such Broker-Dealer acted by one or more Existing
                  Holders on whose behalf each of such Seller's Broker-Dealers
                  acted;

                           (vii)    unless previously provided, a list of all
                  Applicable Auction Rate Notes Rates and related Interest
                  Periods (or portions thereof) since the last Interest Payment
                  Date; and

                           (viii)   the Auction Date for the next succeeding
                  Auction.

                  (b)      On each Auction Date, each Broker-Dealer that
         submitted an Order on behalf of any Existing Holder or Potential Holder
         shall:

                           (i)      advise each Existing Holder and Potential
                  Holder on whose behalf such Broker-Dealer submitted a Bid or
                  Sell Order in the Auction on such Auction Date whether such
                  Bid or Sell Order was accepted or rejected, in whole or in
                  part;

                           (ii)     instruct each Potential Holder on whose
                  behalf such Broker-Dealer submitted a Bid that was accepted,
                  in whole or in part, to instruct such Bidder's Participant to
                  pay to such Broker-Dealer (or its Participant) through DTC the
                  amount necessary to purchase the principal amount of Auction
                  Rate Notes to be purchased pursuant to such Bid against
                  receipt of such principal amount of Auction Rate Notes;

                           (iii)    in the case of a Broker-Dealer that is a
                  Seller's Broker-Dealer, instruct each Existing Holder on whose
                  behalf such Broker-Dealer submitted a Sell Order that was
                  accepted, in whole or in part, or a Bid that was accepted, in
                  whole or in part, to instruct such Existing Holder's
                  Participant to deliver to such Broker-Dealer (or its
                  Participant) through DTC the principal amount of Auction Rate
                  Notes to be sold pursuant to such Bid or Sell Order against
                  payment therefor;

                           (iv)     advise each Existing Holder on whose behalf
                  such Broker-Dealer submitted an Order and each Potential
                  Holder on whose behalf such Broker-Dealer submitted a Bid of
                  the Auction Rate for the next Interest Period;

                           (v)      advise each Existing Holder on whose behalf
                  such Broker-Dealer submitted an Order of the next Auction
                  Date; and

                           (vi)     advise each Potential Holder on whose behalf
                  such Broker-Dealer submitted a Bid that was accepted, in whole
                  or in part, of the next Auction Date.

                  (c)      On the basis of the information provided to it
         pursuant to paragraph (a) above, each Broker-Dealer that submitted a
         Bid or Sell Order in an Auction is required to allocate any funds
         received by it pursuant to paragraph (b)(ii) above, and any Auction
         Rate Notes received by it pursuant to paragraph (b)(iii) above, among
         the Potential Holders, if any, on whose behalf such Broker-Dealer
         submitted Bids, the Existing Holders, if any, on whose behalf such
         Broker-Dealer Submitted Bids or Sell Orders in such Auction, and any
         Broker-Dealers identified to it by the Auction Agent following such
         Auction pursuant to paragraph (a)(v) or (a)(vi) above.

                                      A-2
<PAGE>

                  (d)      On each Auction Date:

                           (i)      each Potential Holder and Existing Holder
                  with an Order in the Auction on such Auction Date shall
                  instruct its Participant as provided in (b)(ii) or (b)(iii)
                  above, as the case may be;

                           (ii)     each Seller's Broker-Dealer that is not a
                  Participant in DTC shall instruct its Participant to (A) pay
                  through DTC to the Participant of the Existing Holder
                  delivering Auction Rate Notes to such Broker-Dealer following
                  such Auction pursuant to (b)(iii) above the amount necessary,
                  including accrued interest, if any, to purchase such Auction
                  Rate Notes against receipt of such Auction Rate Notes, and (B)
                  deliver such Auction Rate Notes through DTC to a Buyer's
                  Broker-Dealer (or its Participant) identified to such Seller's
                  Broker-Dealer pursuant to (a)(v) above against payment
                  therefor; and

                           (iii)    each Buyer's Broker-Dealer that is not a
                  Participant in DTC shall instruct its Participant to (A) pay
                  through DTC to a Seller's Broker-Dealer (or its Participant)
                  identified following such Auction pursuant to (a)(vi) above
                  the amount necessary, including accrued interest, if any, to
                  purchase the Auction Rate Notes to be purchased pursuant to
                  (b)(ii) above against receipt of such Auction Rate Notes, and
                  (B) deliver such Auction Rate Notes through DTC to the
                  Participant of the purchaser thereof against payment therefor.

                  (e)      On the first Business Day of the Interest Period next
         succeeding each Auction Date:

                           (i)      each Participant for a Bidder in the Auction
                  on such Auction Date referred to in (d)(i) above shall
                  instruct DTC to execute the transactions described under
                  (b)(ii) or (b)(iii) above for such Auction, and DTC shall
                  execute such transactions;

                           (ii)     each Seller's Broker-Dealer or its
                  Participant shall instruct DTC to execute the transactions
                  described in (d)(ii) above for such Auction, and DTC shall
                  execute such transactions; and

                           (iii)    each Buyer's Broker-Dealer or its
                  Participant shall instruct DTC to execute the transactions
                  described in (d)(iii) above for such Auction, and DTC shall
                  execute such transactions.

                  (f)      If an Existing Holder selling Auction Rate Notes in
         an Auction fails to deliver such Auction Rate Notes (by authorized
         book-entry), a Broker-Dealer may deliver to the Potential Holder on
         behalf of which it submitted a Bid that was accepted a principal amount
         of Auction Rate Notes that is less than the principal amount of Auction
         Rate Notes that otherwise was to be purchased by such Potential Holder.
         In such event, the principal amount of Auction Rate Notes to be so
         delivered shall be determined solely by such Broker-Dealer. Delivery of
         such lesser principal amount of Auction Rate Notes shall constitute
         good delivery. Notwithstanding the foregoing terms of this paragraph
         (f), any delivery or nondelivery of Auction Rate Notes which shall
         represent any departure

                                      A-3
<PAGE>

         from the results of an Auction, as determined by the Auction Agent,
         shall be of no effect unless and until the Auction Agent shall have
         been notified of such delivery or nondelivery in accordance with the
         provisions of the Auction Agent and the Broker-Dealer Agreement.

                                      A-4
<PAGE>

                                   EXHIBIT B-1

                                   ORDER FORM

                   (Submit only one Order on this Order Form)

                        NELNET Student Loan Corporation-2
                     Taxable Student Loan Asset-Backed Notes
              $100,000,000 Senior Class 2001A-5 Auction Rate Notes

                              Maturing June 1, 2035
                             ("Auction Rate Notes")

<PAGE>

                                   EXHIBIT B-2

                                  TRANSFER FORM

                 (To be used only for transfers made other than
                             pursuant to an Auction)

                        NELNET Student Loan Corporation-2
                     Taxable Student Loan Asset-Backed Notes
              $100,000,000 Senior Class 2001A-5 Auction Rate Notes

                              Maturing June 1, 2035
                             ("Auction Rate Notes")

We are (check one):

_____the Existing Holder named below; or

_____the Broker-Dealer for such Existing Holder; or

_____the Participant for such Existing Holder.

         We hereby notify you that such Existing Holder has transferred
$_________* Auction Rate Notes to __________________.

                                     [NAME OF EXISTING HOLDER]

                                     BANC OF AMERICA SECURITIES LLC

                                     [NAME OF PARTICIPANT]

                                     By ________________________________________
                                     Name ______________________________________
                                     Title _____________________________________

-------------------
*        Auction Rate Notes may only be transferred in units of $50,000.

<PAGE>

                                    EXHIBIT C

                         NOTICE OF A FAILURE TO DELIVER

                    (To be used only for failures to deliver
                 Auction Rate Notes sold pursuant to an Auction)

                        NELNET Student Loan Corporation-2
                     Taxable Student Loan Asset-Backed Notes
              $100,000,000 Senior Class 2001A-5 Auction Rate Notes

                              Maturing June 1, 2035
                             ("Auction Rate Notes")

                             COMPLETE EITHER 1 OR 2

         1. We are a Broker-Dealer for ______________ (the "Purchaser"), which
purchased $____________________* of the Auction Rate Notes in the Auction held
on ____________ from the seller of such Auction Rate Notes.

         2. We are a Broker-Dealer for _______________ (the "Seller"), which
sold $_____________* of the Auction Rate Notes in the Auction held on
_______________ to the purchaser of such Auction Rate Notes.

         We hereby notify you that (check one) --

_____the Seller failed to deliver such Auction Rate Notes to the Purchaser

_____the Purchaser failed to make payment to the Seller upon delivery of such
Auction Rate Notes

                                     BANC OF AMERICA SECURITIES LLC

                                     By ________________________________________
                                     Name ______________________________________
                                     Title _____________________________________

-------------------
*        Auction Rate Notes may only be transferred in units of $50,000.<PAGE>

                                                                   EXHIBIT 10.99

================================================================================

                             BROKER-DEALER AGREEMENT

                                      among

                             BANKERS TRUST COMPANY,
                                as Auction Agent,

                       NELNET STUDENT LOAN CORPORATION-1,
                                    as Issuer

                                       and

                          J.P. MORGAN SECURITIES INC.,
                                as Broker-Dealer

                                   Relating to

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
     $48,300,000 Senior Class 1996A-2 Auction Rate Securities(sm) (ARS(sm))

                          Dated as of February 11, 2002

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                        Page
<S>             <C>                                                                     <C>
                                    ARTICLE I

                      DEFINITIONS AND RULES OF CONSTRUCTION

Section 1.01.      Terms Defined by Reference to the Indenture........................    1
Section 1.02.      Terms Defined Herein...............................................    1
Section 1.03.      Rules of Construction..............................................    2

                                   ARTICLE II

                                   THE AUCTION

Section 2.01.      Purpose: Incorporation by Reference of Auction Procedures and
                   Settlement Procedures..............................................    2
Section 2.02.      Preparation for Each Auction.......................................    3
Section 2.03.      Auction Schedule: Method of Submission of Orders...................    3
Section 2.04.      Notices............................................................    5
Section 2.05.      Service Charge to Be Paid to BD....................................    5
Section 2.06.      Settlement.........................................................    6

                                   ARTICLE III

                                THE AUCTION AGENT

Section 3.01.      Duties and Responsibilities........................................    6
Section 3.02.      Rights of the Auction Agent........................................    7

                                   ARTICLE IV

                                  MISCELLANEOUS

Section 4.01.      Termination........................................................    7
Section 4.02.      Participant in Depository..........................................    7
Section 4.03.      Communications.....................................................    8
Section 4.04.      Entire Agreement...................................................    8
Section 4.05.      Benefits...........................................................    8
Section 4.06.      Amendment: Waiver..................................................    8
Section 4.07.      Successors and Assigns.............................................    9
Section 4.08.      Severability.......................................................    9
Section 4.09.      Execution in Counterparts..........................................    9
Section 4.10.      Governing Law......................................................    9

EXHIBIT A       SETTLEMENT PROCEDURES
EXHIBIT B-1     ORDER FORM
</TABLE>

<PAGE>

EXHIBIT B-2        TRANSFER FORM

EXHIBIT C          NOTICE OF A FAILURE TO DELIVER

                                       ii

<PAGE>

         THIS BROKER-DEALER AGREEMENT dated as of February 11, 2002 among NELNET
STUDENT LOAN CORPORATION-1 (formerly known as Union Financial Services-1, Inc.)
("NELNET-1"), BANKERS TRUST COMPANY, a New York banking corporation (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 Amended and Restated Indenture of Trust dated as of
June 15, 1996 (the "Indenture"), by and between NELNET-1 and the Trustee
pursuant to authority granted to it in the Amended and Restated Auction Agency
Agreement dated as of June 15, 1996, among NELNET-1, the Trustee and the Auction
Agent (the "Auction Agency Agreement"), and J.P. MORGAN SECURITIES INC.
(together with its successors and assigns hereinafter referred to as "BD").

         NELNET-1 has issued $48,300,000 of its Taxable Student Loan
Asset-Backed Notes, Senior Class 1996A-2, maturing on July 1, 2014, as Auction
Rate Securities(sm) (the "ARS(sm)").

         The Indenture provides that the interest rate on the ARS for each
Interest Period after the Initial Period shall, except under certain conditions,
equal the Auction Rate which the Auction Agent advises as the result of
implementation of the Auction Procedures. Pursuant to Section 2.9(a) of the
Auction Agency Agreement, the Auction Agent has entered into this Agreement.

         The Auction Procedures require the participation of one or more
Broker-Dealers.

         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

                      DEFINITIONS AND RULES OF CONSTRUCTION

         SECTION 1.01. TERMS DEFINED BY REFERENCE TO THE INDENTURE. Capitalized
terms not defined herein shall have the respective meanings specified in or
pursuant to the Indenture and the Auction Agency Agreement.

         SECTION 1.02. TERMS DEFINED HEREIN. As used herein and in the
Settlement Procedures (as defined below), the following terms shall have the
following meanings, unless the context otherwise requires:

         "Auction" shall have the meaning specified in Section 2.01 hereof.

         "Auction Agency Agreement" shall mean the Amended and Restated Auction
Agency Agreement dated as of June 15, 1996, among NELNET-1, the Trustee and the
Auction Agent relating to the ARS.

         "Auction Procedures" shall mean the Auction Procedures that are set
forth in Appendix A to the Indenture.

<PAGE>

         "Authorized Officer" shall mean each Managing Director, Vice President,
Assistant Vice President, Secretary, Assistant Secretary and Assistant Treasurer
of the Auction Agent assigned to its Corporate Trust and Agency Group and every
other officer or employee of the Auction Agent designated as an Authorized
Officer for purposes of this Agreement.

         "BD Officer" shall mean each officer or employee of BD designated as a
"BD Officer" for purposes of this Agreement.

         "Broker-Dealer Agreement" shall mean this Broker-Dealer Agreement and
any substantially similar agreement between the Auction Agent and a
Broker-Dealer.

         "Holder" shall mean the beneficial owner of any ARS.

         "Settlement Procedures" shall mean the Settlement Procedures attached
hereto as Exhibit A.

         SECTION 1.03. RULES OF CONSTRUCTION. Unless the context or use
indicates another or different meaning or intent, the following rules shall
apply to the construction of this Agreement:

                  (a)      Words importing the singular number shall include the
         plural number and vice versa.

                  (b)      The captions and headings herein are solely for
         convenience of reference and shall not constitute a part of this
         Agreement nor shall they affect its meaning, construction or effect.

                  (c)      The words "hereof," "herein," "hereto," and other
         words of similar import refer to this Agreement as a whole.

                  (d)      All references herein to a particular time of day
         shall be to New York City time.

                                   ARTICLE II

                                   THE AUCTION

         SECTION 2.01. PURPOSE: INCORPORATION BY REFERENCE OF AUCTION PROCEDURES
AND SETTLEMENT PROCEDURES.

                  (a)      On each Auction Date, the provisions of the Auction
         Procedures will be followed by the Auction Agent for the purpose of
         determining the Applicable ARS Rate for the next Interest Period. Each
         periodic operation of such procedures is hereinafter referred to as an
         "Auction."

                  (b)      Without prejudice to Section 3.01(a) hereof, all of
         the provisions contained in the Auction Procedures and the Settlement
         Procedures are incorporated herein by reference in their entirety and
         shall be deemed to be a part of this Agreement to the same extent as if
         such provisions were fully set forth herein.

                                       2
<PAGE>

                  (c)      BD agrees to act as, and assumes the obligations of
         and limitations and restrictions placed upon, a Broker-Dealer under
         this Agreement. BD understands that other persons meeting the
         requirements specified in the definition of "Broker-Dealer" contained
         in the Indenture may, with the prior written consent of the Market
         Agent, execute Broker-Dealer Agreements and participate as
         Broker-Dealers in Auctions.

                  (d)      BD and other Broker-Dealers may participate in
         Auctions for their own accounts. However, the Auction Agent may by
         notice to BD and all other Broker-Dealers prohibit all Broker-Dealers
         from submitting Bids in Auctions for their own accounts, provided that
         Broker-Dealers may continue to submit Hold Orders and Sell Orders. The
         Auction Agent shall have no duty or liability with respect to
         monitoring or enforcing the requirements of this Section 2.01(d).

                  (e)      BD agrees to act as, and assumes the obligations of,
         and limitations and restrictions placed upon, a Broker-Dealer under
         this Broker-Dealer Agreement. BD agrees to act as, and assume the
         obligations of and limitations and restrictions placed upon, a
         Broker-Dealer under Appendix A to the Indenture.

         SECTION 2.02. PREPARATION FOR EACH AUCTION.

                  (a)      Not later than 10:30 a.m. on each Auction Date for
         the ARS, the Auction Agent shall advise BD by telephone of the All-Hold
         Rate and the Maximum Rate.

                  (b)      In the event that the Auction Date for any Auction
         shall be changed after the Auction Agent has given the notice referred
         to in clause (vi) of paragraph (a) of the Settlement Procedures, the
         Auction Agent, by such means as the Auction Agent deems practicable,
         shall give notice of such change to BD not later than the earliest of
         (i) 9:15 a.m. on the new Auction Date, (ii) 9:15 a.m. on the old
         Auction Date and (iii) 9:15 a.m. the next Interest Payment Date.
         Thereafter, BD shall promptly notify customers of BD that BD believes
         are Existing Holders of such change in the Auction Date.

                  (c)      The Auction Agent from time to time may request BD to
         provide it with the aggregate principal amounts of ARS specifically
         held by each such BD as an Existing Holder and with a list of BD's
         respective customers that BD believes are beneficial owners of ARS and
         the aggregate principal amount of ARS beneficially owned by each such
         customer. BD shall comply with any such request, and the Auction Agent
         shall keep confidential any such information, including information
         received as to the identity of Existing Holders and Potential Holders
         in any Auction, and shall not disclose any such information so provided
         to any person other than the Trustee, NELNET-1 and BD, unless the
         failure to disclose such information would be unlawful or if the
         failure to do so would expose the Auction Agent to any loss, liability,
         claim or damage for which the Auction Agent shall not have previously
         received adequate indemnification satisfactory to it.

         SECTION 2.03. AUCTION SCHEDULE: METHOD OF SUBMISSION OF ORDERS.

                  (a)      The Auction Agent shall conduct Auctions for the ARS
         in accordance with the schedule set forth below. Such schedule may be
         changed at any time by the

                                       3

<PAGE>

         Auction Agent with the consent of the Trustee, which consent shall not
         be unreasonably withheld or delayed. The Auction Agent shall give
         notice of any such change to BD. Such notice shall be received prior to
         the close of business on the Business Day next preceding the first
         Auction Date on which any such change shall be effective.

<TABLE>
<CAPTION>
       TIME                                                 EVENT
<S>                                    <C>
By 9:00 a.m.                           Auction Agent obtains One-Month LIBOR

By 10:30 a.m.                          Auction Agent advises the Broker-Dealers of
                                       the applicable All-Hold Rate and the
                                       applicable Maximum Rate, as set forth in
                                       Section 2.3(b)(i) of the Auction Agency
                                       Agreement.

9:30 a.m. - 12:30 p.m.                 Auction Agent assembles information
                                       communicated to it by Broker-Dealers as
                                       provided in Section 2.02 of Appendix A to
                                       the Indenture. Submission Deadline is 12:30
                                       p.m.

Not earlier than 12:30 p.m.            Auction Agent makes determinations pursuant
                                       to Section 2.02 of Appendix A to the
                                       Indenture. Submitted Bids and Submitted Sell
                                       Orders are accepted and rejected in whole or
                                       in part and ARS are allocated as provided in
                                       Section 2.02 of Appendix A to the Indenture.

By approximately 3:00 p.m.             Auction Agent advises the Trustee of results
but no later than the                  of Auction and of the Auction Rate for the
close of business                      next Interest Period as provided in Appendix
                                       A to the Indenture. Auction Agent gives
                                       notice of Auction results as set forth in
                                       Section 2.04(a) hereof.
</TABLE>

                  (b)      BD shall submit Orders to the Auction Agent in
         writing in substantially the form attached hereto as Exhibit B. BD
         shall submit separate Orders to the Auction Agent for each Potential
         Holder or Existing Holder on whose behalf BD is submitting an Order and
         shall not net or aggregate the Orders of Potential Holders or Existing
         Holders on whose behalf BD is submitting Orders.

                  (c)      BD shall deliver to the Auction Agent (i) a written
         notice, substantially in the form attached hereto as Exhibit C, of
         transfers of ARS, made through BD by an Existing Holder to another
         person other than pursuant to an Auction and (ii) a written notice,
         substantially in the form attached hereto as Exhibit D, of the failure
         of any ARS to be transferred to or by any person that purchased or sold
         ARS through BD pursuant to an Auction. The Auction Agent is not
         required to accept any notice delivered pursuant to the terms of the
         foregoing sentence with respect to an Auction unless it is received by
         the Auction Agent by 3:00 p.m. on the Business Day next preceding the
         applicable Auction Date.

                  (d)      BD agrees to handle its customers' Orders in
         accordance with its duties under applicable securities laws and rules.

                                       4

<PAGE>

         SECTION 2.04. NOTICES.

                  (a)      On each Auction Date, the Auction Agent shall notify
         BD by telephone of the results of the Auction as set forth in paragraph
         (a) of the Settlement Procedures. If requested by BD, the Auction Agent
         shall as soon as practicable on the Business Day next succeeding such
         Auction Date, notify BD in writing, if previously so requested, of the
         disposition of all Orders submitted by BD in the Auction held on such
         Auction Date.

                  (b)      BD shall notify each Existing Holder or Potential
         Holder on whose behalf BD has submitted an Order as set forth in
         paragraph (b) of the Settlement Procedures and take such other action
         as is required of BD pursuant to the Settlement Procedures.

                  (c)      The Auction Agent shall deliver to BD after receipt
         all notices and certificates which the Auction Agent is required to
         deliver to BD pursuant to Section 2 of the Auction Agency Agreement at
         the times and in the manner set forth in the Auction Agency Agreement.

         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 3.05(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) 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 A to the 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 A
to the 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 .25 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

                                       5

<PAGE>

in the Broker-Dealer Fee Rate shall be effective on the Auction Date next
succeeding such change.

         SECTION 2.06. SETTLEMENT.

                  (a)      If any Existing Holder on whose behalf BD has
         submitted a Bid or Sell Order for ARS that was accepted in whole or in
         part fails to instruct its Participant to deliver the ARS subject to
         such Bid or Sell Order against payment therefor, BD shall instruct such
         Participant to deliver such ARS against payment therefor and BD may
         deliver to the Potential Holder on whose behalf BD submitted a Bid that
         was accepted in whole or in part a principal amount of the ARS that is
         less than the principal amount of the ARS specified in such Bid to be
         purchased by such Potential Holder. Notwithstanding the foregoing terms
         of this Section 2.06(a), any delivery or non-delivery of ARS which
         represents any departure from the results of an Auction, as determined
         by the Auction Agent, shall be of no effect unless and until the
         Auction Agent shall have been notified of such delivery or non-delivery
         in accordance with the terms of Section 2.03(c) hereof. The Auction
         Agent shall have no duty or liability with respect to monitoring or
         enforcing requirements of this Section 2.06(a).

                  (b)      Neither the Auction Agent, the Trustee nor NELNET-1
         shall have any responsibility or liability with respect to the failure
         of an Existing Holder, a Potential Holder or a Participant or any of
         them to deliver ARS or to pay for ARS sold or purchased pursuant to the
         Auction Procedures or otherwise.

                                  ARTICLE III

                                THE AUCTION AGENT

         SECTION 3.01. DUTIES AND RESPONSIBILITIES.

                  (a)      The Auction Agent is acting solely as agent for the
         Trustee hereunder and owes no fiduciary duties to any Person by reason
         of this Agreement.

                  (b)      Notwithstanding Section 3.01(a) above, the Auction
         Agent undertakes to perform such duties and only such duties as are
         specifically set forth in this Agreement, the Auction Agency Agreement
         and Appendix A to the Indenture, and no implied duties, covenants or
         obligations shall be read into this Agreement against the Auction Agent
         by reason of anything set forth in the Prospectus Supplement or any
         other offering material employed in connection with the offer and sale
         of the ARS, or otherwise.

                  (c)      In the absence of bad faith or negligence on its
         part, the Auction Agent shall not be liable for any action taken,
         suffered, or omitted or for any error of judgment made by it in the
         performance of its duties under this Agreement. The Auction Agent shall
         not be liable for any error of judgment made in good faith unless the
         Auction Agent shall have been negligent in ascertaining (or failing to
         ascertain) the pertinent facts necessary to make such judgment.

                                       6

<PAGE>

         SECTION 3.02. RIGHTS OF THE AUCTION AGENT.

                  (a)      The Auction Agent may conclusively rely and shall be
         fully protected in acting or refraining from acting upon any
         communication authorized by this Agreement and upon any written
         instruction, notice, request, direction, consent, report, certificate,
         share certificate or other instrument, paper or document believed by it
         to be genuine. The Auction Agent shall not be liable for acting upon
         any telephone communication authorized by this Agreement which the
         Auction Agent believes in good faith to have been given by the Trustee
         or by a Broker-Dealer or by their designated agents or representatives.
         The Auction Agent may record telephone communications with such
         Persons.

                  (b)      The Auction Agent may consult with counsel of its own
         choice, and the advice of such counsel shall be full and complete
         authorization and protection in respect of any action taken, suffered
         or omitted by it hereunder in good faith and in reliance thereon.

                  (c)      The Auction Agent shall not be required to advance,
         expend or risk its own funds or otherwise incur or become exposed to
         financial liability in the performance of its duties hereunder.

                  (d)      The Auction Agent may perform its duties and exercise
         its rights hereunder either directly or by or through agents or
         attorneys, and shall not be responsible for any misconduct or
         negligence on the part of, or for the supervision of, any agent or
         attorney appointed by it with due care hereunder.

                  (e)      The Auction Agent makes no representation as to the
         adequacy or accuracy of this Broker-Dealer Agreement, the Auction
         Agency Agreement (except as provided in Section 3.1(d) thereof), the
         ARS, or any Private Placement Memorandum or other offering material
         used in connection with the offer and sale of the ARS.

                                   ARTICLE IV

                                  MISCELLANEOUS

         SECTION 4.01. TERMINATION. Any party may terminate this Agreement at
any time upon five days prior notice to the other party. This Agreement shall
automatically terminate upon the delivery of certificates representing the ARS
pursuant to Section 2.02(c) of Appendix A to the Indenture, the occurrence of a
Payment Default or upon termination of the Auction Agency Agreement.

         SECTION 4.02. PARTICIPANT IN DEPOSITORY. Either (a) BD is, and shall
remain for the term of this Agreement, a member of, or Participant in, the
Depository, or (b) BD may designate a Participant to act on BD's behalf for
purposes of this Agreement. If BD wishes to designate a different Participant to
act on its behalf, BD shall give the Auction Agent at least two Business Days
prior notice thereof.

                                       7

<PAGE>

         SECTION 4.03. COMMUNICATIONS. Except for (a) communications authorized
to be made by telephone pursuant to this Agreement or the Auction Procedures and
(b) communications in connection with the Auctions (other than those expressly
required to be in writing), all notices, requests and other communications to
any party hereunder shall be in writing (including facsimile or similar writing)
and shall be given to such party, addressed to it, at its address or facsimile
number set forth below:

         If to BD, addressed:                     J.P. Morgan Securities Inc.
                                                  60 Wall Street, 33rd Floor
                                                  New York, New York 10260
                                                  Attention: Kevin C. O'Connor
                                                  Telephone: 212-648-0989
                                                  Telecopy: 212-648-5628

         If to the Auction Agent, addressed:      Bankers Trust Company
                                                  100 Plaza One, 6th Floor
                                                  Jersey City, New Jersey  07311
                                                  Attention:  Corporate Trust &
                                                  Agency Services
                                                  Telephone: 212-250-6850
                                                  Telecopy: 212-250-6215

or such other address or facsimile number as such party may hereafter specify
for such purpose by notice to the other party. Each such notice, request or
communication shall be effective when delivered at the address specified herein.
Communications shall be given on behalf of BD by a BD Officer and on behalf of
the Auction Agent by an Authorized Officer. BD may record telephone
communications with the Auction Agent.

         SECTION 4.04. ENTIRE AGREEMENT. This Agreement 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 4.05. BENEFITS. Nothing in this Agreement, express or implied,
shall give to any person, other than the Trustee, the Auction Agent and BD and
their respective successors and assigns, any benefit of any legal or equitable
right, remedy or claim under this Agreement.

         SECTION 4.06. AMENDMENT: WAIVER.

                  (a)      This Agreement shall not be deemed or construed to be
         modified, amended, rescinded, cancelled or waived, in whole or in part,
         except by a written instrument signed by a duly authorized
         representative of the party to be charged.

                  (b)      Failure of either party to this Agreement to exercise
         any right or remedy hereunder in the event of a breach of this
         Agreement by the other party shall not constitute a waiver of any such
         right or remedy with respect to any subsequent breach.

                                       8

<PAGE>

                  (c)      The Auction Agent may, but shall have no obligation
         to, execute and deliver any amendment or modification hereto which
         affects the Auction Agent's rights, powers or immunities hereunder.

         SECTION 4.07. SUCCESSORS AND ASSIGNS. This Agreement shall be binding
upon, inure to the benefit of, and be enforceable by, the respective successors
and permitted assigns of each of BD and the Auction Agent. This Agreement may
not be assigned by either party hereto absent the prior written consent of the
other party; provided, however, that this Agreement may be assigned by the
Auction Agent to a successor Auction Agent selected by the Trustee without the
consent of BD.

         SECTION 4.08. SEVERABILITY. If any clause, provision or section of this
Agreement shall be ruled invalid or unenforceable by any court of competent
jurisdiction, the invalidity or unenforceability of such clause, provision or
section shall not affect any remaining clause, provision or section hereof.

         SECTION 4.09. EXECUTION IN COUNTERPARTS. This Agreement 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 4.10. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

                                       9

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Broker-Dealer
Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the date first above written.

                              BANKERS TRUST COMPANY, as Auction Agent

                              By /s/ Jody Sanchez
                                ______________________________________
                              Name Jody Sanchez
                                  ____________________________________
                              Title Assistant Vice President
                                   ___________________________________

                              J.P. MORGAN SECURITIES INC., as
                              Broker-Dealer

                              By /s/ Thomas F. Gallo
                                _______________________________________
                                Thomas F. Gallo, Vice President

                              NELNET STUDENT LOAN CORPORATION-1, as Issuer

                              By /s/ Jeffrey R. Noordhoek
                                _______________________________________
                                Jeffrey R. Noordhoek, Secretary and Treasurer

                                       10

<PAGE>

                                    EXHIBIT A

                              SETTLEMENT PROCEDURES

         Capitalized terms used herein shall have the respective meanings
specified in the Indenture and the Broker-Dealer Agreement.

                  (a)      Not later than 3:00 p.m. on each Auction Date, the
         Auction Agent is required to notify by telephone the Broker-Dealers
         that participated in the Auction held on such Auction Date and
         submitted an Order on behalf of any Existing Holder or Potential Holder
         of:

                           (i)      the Auction Rate fixed for the next Interest
                  Period;

                           (ii)     whether there were Sufficient Clearing Bids
                  in such Auction;

                           (iii)    if such Broker-Dealer (a "Seller's
                  Broker-Dealer") submitted a Bid or a Sell Order on behalf of
                  an Existing Holder, whether such Bid or Sell Order was
                  accepted or rejected, in whole or in part, and the principal
                  amount of ARS, if any, to be sold by such Existing Holder;

                           (iv)     if such Broker-Dealer (a "Buyer's
                  Broker-Dealer") submitted a Bid on behalf of a Potential
                  Holder, whether such Bid was accepted or rejected, in whole or
                  in part, and the principal amount of ARS, if any, to be
                  purchased by such Potential Holder;

                           (v)      if the aggregate principal amount of ARS to
                  be sold by all Existing Holders on whose behalf such
                  Broker-Dealer submitted Bids or Sell Orders is different than
                  the aggregate principal amount of ARS to be purchased by all
                  Potential Holders on whose behalf such Broker-Dealer submitted
                  a Bid, the name or names of one or more other Buyer's
                  Broker-Dealers (and the Participant, if any, of each such
                  other Buyer's Broker-Dealer) acting for one or more purchasers
                  of such excess principal amount of ARS and the principal
                  amount of ARS to be purchased from one or more Existing
                  Holders on whose behalf such Broker-Dealer acted by one or
                  more Potential Holders on whose behalf each of such other
                  Buyer's Broker-Dealers acted; and

                           (vi)     if the principal amount of ARS to be
                  purchased by all Potential Holders on whose behalf such
                  Broker-Dealer submitted a Bid exceeds the amount of ARS to be
                  sold by all Existing Holders on whose behalf such
                  Broker-Dealer submitted a Bid or a Sell Order, the name or
                  names of one or more Seller's Broker-Dealers (and the name of
                  the agent member, if any, of each such Seller's Broker-Dealer)
                  acting for one or more sellers of such excess principal amount
                  of ARS and the principal amount of ARS to be sold to one or
                  more Potential Holders on whose behalf such Broker-Dealer
                  acted by one or more Existing Holders on whose behalf each of
                  such Seller's Broker-Dealers acted;

<PAGE>

                           (vii)    unless previously provided, a list of all
                  Applicable ARS Rates and related Interest Periods (or portions
                  thereof) since the last Interest Payment Date; and

                           (viii)   the Auction Date for the next succeeding
                  Auction.

                  (b)      On each Auction Date, each Broker-Dealer that
         submitted an Order on behalf of any Existing Holder or Potential Holder
         shall:

                           (i)      advise each Existing Holder and Potential
                  Holder on whose behalf such Broker-Dealer submitted a Bid or
                  Sell Order in the Auction on such Auction Date whether such
                  Bid or Sell Order was accepted or rejected, in whole or in
                  part;

                           (ii)     instruct each Potential Holder on whose
                  behalf such Broker-Dealer submitted a Bid that was accepted,
                  in whole or in part, to instruct such Bidder's Participant to
                  pay to such Broker-Dealer (or its Participant) through DTC the
                  amount necessary to purchase the principal amount of ARS to be
                  purchased pursuant to such Bid against receipt of such
                  principal amount of ARS;

                           (iii)    in the case of a Broker-Dealer that is a
                  Seller's Broker-Dealer, instruct each Existing Holder on whose
                  behalf such Broker-Dealer submitted a Sell Order that was
                  accepted, in whole or in part, or a Bid that was accepted, in
                  whole or in part, to instruct such Existing Holder's
                  Participant to deliver to such Broker-Dealer (or its
                  Participant) through DTC the principal amount of ARS to be
                  sold pursuant to such Bid or Sell Order against payment
                  therefor;

                           (iv)     advise each Existing Holder on whose behalf
                  such Broker-Dealer submitted an Order and each Potential
                  Holder on whose behalf such Broker-Dealer submitted a Bid of
                  the Auction Rate for the next Interest Period;

                           (v)      advise each Existing Holder on whose behalf
                  such Broker-Dealer submitted an Order of the next Auction
                  Date; and

                           (vi)     advise each Potential Holder on whose behalf
                  such Broker-Dealer submitted a Bid that was accepted, in whole
                  or in part, of the next Auction Date.

                  (c)      On the basis of the information provided to it
         pursuant to paragraph (a) above, each Broker-Dealer that submitted a
         Bid or Sell Order in an Auction is required to allocate any funds
         received by it pursuant to paragraph (b)(ii) above, and any ARS
         received by it pursuant to paragraph (b)(iii) above, among the
         Potential Holders, if any, on whose behalf such Broker-Dealer submitted
         Bids, the Existing Holders, if any, on whose behalf such Broker-Dealer
         Submitted Bids or Sell Orders in such Auction, and any Broker-Dealers
         identified to it by the Auction Agent following such Auction pursuant
         to paragraph (a)(v) or (a)(vi) above.

                                      A-2

<PAGE>

                  (d)      On each Auction Date:

                           (i)      each Potential Holder and Existing Holder
                  with an Order in the Auction on such Auction Date shall
                  instruct its Participant as provided in (b)(ii) or (b)(iii)
                  above, as the case may be;

                           (ii)     each Seller's Broker-Dealer that is not a
                  Participant in DTC shall instruct its Participant to (A) pay
                  through DTC to the Participant of the Existing Holder
                  delivering ARS to such Broker-Dealer following such Auction
                  pursuant to (b)(iii) above the amount necessary, including
                  accrued interest, if any, to purchase such ARS against receipt
                  of such ARS, and (B) deliver such ARS through DTC to a Buyer's
                  Broker-Dealer (or its Participant) identified to such Seller's
                  Broker-Dealer pursuant to (a)(v) above against payment
                  therefor; and

                           (iii)    each Buyer's Broker-Dealer that is not a
                  Participant in DTC shall instruct its Participant to (A) pay
                  through DTC to a Seller's Broker-Dealer (or its Participant)
                  identified following such Auction pursuant to (a)(vi) above
                  the amount necessary, including accrued interest, if any, to
                  purchase the ARS to be purchased pursuant to (b)(ii) above
                  against receipt of such ARS, and (B) deliver such ARS through
                  DTC to the Participant of the purchaser thereof against
                  payment therefor.

                  (e)      On the first Business Day of the Interest Period next
         succeeding each Auction Date:

                           (i)      each Participant for a Bidder in the Auction
                  on such Auction Date referred to in (d)(i) above shall
                  instruct DTC to execute the transactions described under
                  (b)(ii) or (b)(iii) above for such Auction, and DTC shall
                  execute such transactions;

                           (ii)     each Seller's Broker-Dealer or its
                  Participant shall instruct DTC to execute the transactions
                  described in (d)(ii) above for such Auction, and DTC shall
                  execute such transactions; and

                           (iii)    each Buyer's Broker-Dealer or its
                  Participant shall instruct DTC to execute the transactions
                  described in (d)(iii) above for such Auction, and DTC shall
                  execute such transactions.

                  (f)      If an Existing Holder selling ARS in an Auction fails
         to deliver such ARS (by authorized book-entry), a Broker-Dealer may
         deliver to the Potential Holder on behalf of which it submitted a Bid
         that was accepted a principal amount of ARS that is less than the
         principal amount of ARS that otherwise was to be purchased by such
         Potential Holder. In such event, the principal amount of ARS to be so
         delivered shall be determined solely by such Broker-Dealer. Delivery of
         such lesser principal amount of ARS shall constitute good delivery.
         Notwithstanding the foregoing terms of this paragraph (f), any delivery
         or nondelivery of ARS which shall represent any departure from the
         results of an Auction, as determined by the Auction Agent, shall be of
         no effect unless and until the Auction Agent shall have been notified
         of such delivery or

                                      A-3

<PAGE>

         nondelivery in accordance with the provisions of the Auction Agent and
         the Broker-Dealer Agreement.

                                      A-4

<PAGE>

                                   EXHIBIT B-1

                                   ORDER FORM

                   (Submit only one Order on this Order Form)

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
            $48,300,000 Senior Class 1996A-2 Auction Rate Securities

                             Auction Rate Securities
                              Maturing July 1, 2014
                                     ("ARS")

<PAGE>

                                   EXHIBIT B-2

                                  TRANSFER FORM

                 (To be used only for transfers made other than
                             pursuant to an Auction)

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
            $48,300,000 Senior Class 1996A-2 Auction Rate Securities

                             Auction Rate Securities
                              Maturing July 1, 2014
                                     ("ARS")

We are (check one):

_____ the Existing Holder named below; or

_____ the Broker-Dealer for such Existing Holder; or

_____ the Participant for such Existing Holder.

         We hereby notify you that such Existing Holder has transferred
$_________* ARS to __________________.

                                          [NAME OF EXISTING HOLDER]

                                          [NAME OF BROKER-DEALER]

                                          [NAME OF PARTICIPANT]

                                          By______________________________
                                          Name____________________________
                                          Title___________________________

-----------------------------

*ARS may only be transferred in units of $100,000.

<PAGE>

                                    EXHIBIT C

                         NOTICE OF A FAILURE TO DELIVER

                    (To be used only for failures to deliver
                        ARS sold pursuant to an Auction)

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
            $48,300,000 Senior Class 1996A-2 Auction Rate Securities

                             Auction Rate Securities
                              Maturing July 1, 2014
                                     ("ARS")

                             COMPLETE EITHER 1 OR 2

         1.       We are a Broker-Dealer for ______________ (the "Purchaser"),
which purchased $____________________* of the ARS in the Auction held on
____________ from the seller of such ARS.

         2.       We are a Broker-Dealer for _______________ (the "Seller"),
which sold $_____________* of the ARS in the Auction held on _______________ to
the purchaser of such ARS.

         We hereby notify you that (check one) --

_______  the Seller failed to deliver such ARS to the Purchaser

_______  the Purchaser failed to make payment to the Seller upon delivery of
         such ARS

                                            [NAME OF BROKER-DEALER]

                                            By_______________________________
                                            Name_____________________________
                                            Title____________________________

-------------------------

*ARS may only be transferred in units of $100,000.

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