Document:

<PAGE>
                                                                   EXHIBIT 10.93

                       THIRD AMENDMENT TO CREDIT AGREEMENT

THIS THIRD AMENDMENT TO CREDIT AGREEMENT dated effective as of September 26, 204
(the "AMENDMENT") is among NATIONAL EDUCATION LOAN NETWORK, INC. (formerly known
as Nelnet, Inc.), a corporation duly organized and validly existing under the
laws of the State of Nevada ("NELN"), NELNET, INC. (formerly known as Nelnet
Loan Services, Inc.), a corporation duly organized and validly existing under
the laws of the State of Nebraska ("NELNET" and NELN, herein each individually a
"Borrower" and collectively "BORROWERS"), and BANK OF AMERICA, N.A., a national
banking association ("BANK").

                              PRELIMINARY STATEMENT

         (1) Pursuant to that certain Credit Agreement dated as of January 11,
2002, among Borrowers and Bank, Bank made a revolving credit facility available
to Borrowers upon the terms and conditions set forth therein (as amended,
restated, modified, and increased from time to time, the "CREDIT AGREEMENT").

         (2) Borrowers have requested that the Credit Agreement be amended, and
Bank has agreed to amend the Credit Agreement to the extent and in the manner
set forth herein.

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

                                    ARTICLE I
                                   DEFINITIONS

         SECTION 1.01 DEFINED TERMS. All capitalized terms defined in the Credit
Agreement, and not otherwise defined herein shall have the same meanings herein
as in the Credit Agreement. Upon the effectiveness of this Amendment, each
reference (a) in the Credit Agreement to "this Agreement," "hereunder," "herein"
or words of like import shall mean and be a reference to the Credit Agreement,
as amended hereby, (b) in the Note and the other Loan Documents to the Credit
Agreement shall mean and be a reference to the Credit Agreement, as amended
hereby, and (c) in the Loan Documents to any term defined by reference to the
Credit Agreement shall mean and be a reference to such term as defined in the
Credit Agreement, as amended hereby.

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

                                                                 THIRD AMENDMENT
<PAGE>
                                   ARTICLE II
                         AMENDMENTS TO CREDIT AGREEMENT

SECTION 2.01 AMENDMENTS TO SECTION 1.1.

                  (a) The definition of "COLLATERAL" is amended in its entirety
         to read as follows:

                           "COLLATERAL" means the property in which Liens have
                           been granted pursuant to the Security Agreements,
                           whether such Liens are now existing or hereafter
                           arise.

                  (b) The definition of "COMMERCIAL PAPER DEBT" is deleted in
         its entirety.

                  (c) The following definition of "M&I CREDIT AGREEMENT" is
         added thereto:

                           "M&I CREDIT AGREEMENT" means that certain Credit
                           Agreement dated as of September 25, 2003, among
                           Borrowers, the lenders named therein, and M&I
                           Marshall & Ilsley Bank, as Agent.

                  (d) The following definition of "M&I DEBT" is added thereto:

                           "M&I DEBT" means Debt of Borrowers pursuant to the
                           M&I Credit Agreement and Commercial Paper (as defined
                           in the M&I Credit Agreement) Debt backed up by the
                           M&I Credit Agreement, which Debt shall at no time
                           exceed: (a) with respect to the Revolving Commitment
                           (as defined in the M&I Credit Agreement), an
                           outstanding principal amount of $35,000,000; and (b)
                           with respect to the Commercial Paper, an outstanding
                           principal amount of $35,000,000.

                  (e) The definition of "SECURITY AGREEMENT" is deleted in its
         entirety and replaced with the following:

                           "SECURITY AGREEMENTS" means those certain Security
                           Agreements in substantially the form of EXHIBIT "G"
                           hereto between Borrowers and Bank, as agent for the
                           Secured Parties, as the same may be amended or
                           otherwise modified from time to time.

         SECTION 2.02 AMENDMENT TO SECTION 8.1(L). SECTION 8.1(L) of the Credit
Agreement is hereby deleted and replaced with the following new SECTION 8.1(L):

                           (1)      M&I Debt.

         SECTION 2.03 AMENDMENTS TO SECTION 8.2.

                  (a) SECTION 8.2(K) of the Credit agreement is amended by
         deleting the word "and" at the end thereof.

                  (b) SECTION 8.2(L) of the Credit Agreement is amended by
         deleting "." from the end thereof and substituting "; and" in lieu
         thereof.

                                        2                        THIRD AMENDMENT
<PAGE>
                  (c) SECTION 8.2 of the Credit Agreement is amended by adding
         the following new SECTION 8.2(M) thereto:

                           (m) Liens in the Collateral in favor of M&I Marshall
                  & Ilsley Bank, as Agent, securing the M&I Debt, so long as
                  such Liens are pari passu or subordinate to the Liens in the
                  Collateral in favor of Bank.

                                   ARTICLE III
                           CONDITIONS TO EFFECTIVENESS

         SECTION 3.01 CONDITIONS TO EFFECTIVENESS. This Amendment shall become
effective upon the satisfaction of or receipt by Bank of the following, each in
form and substance satisfactory to Bank and in such number of counterparts as
may be reasonably requested by Bank:

                  (a) This Amendment duly executed by Borrowers, Bank, and each
         Guarantor (as defined in the Guaranty).

                  (b) A certificate of incumbency for each Borrower certified by
         its Secretary or an Assistant Secretary certifying (i) the name of each
         of its officers who is authorized to sign this Amendment, (ii) a true
         and correct copy of the Resolutions of the Board of Directors of each
         Borrower which authorize its execution and delivery of this Amendment,
         and the performance of the Loan Documents as amended hereby, including,
         with respect to National Education Loan Network, Inc., Resolutions of
         its Board of Directors authorizing the execution of the Security
         Agreement described in SECTION 3.01(C) below, (iii) the certificate of
         incorporation and bylaws of each Borrower (including name change
         amendments thereto), and (iv) certificates of existence and good
         standing for each Borrower from its respective state of incorporation.

                  (c) A duly executed Security Agreement between National
         Education Loan Network, Inc. and Bank.

                  (d) Evidence that the following have been duly executed
         contemporaneously herewith: (i) the Credit Agreement (the "M&I CREDIT
         AGREEMENT") dated as of September 25, 2003, among Borrowers, the
         lenders named therein, and M&I Marshall & Ilsley Bank, as Agent; and
         (ii) the Intercreditor Agreement dated as of September 25, 2003, among
         M&I Marshall & Ilsley Bank, SunTrust Bank, First National Bank of
         Omaha, Fifth Third Bank, Bank and Farmers & Merchants Bank.

                  (e) The Second Amendment to Credit Agreement and First
         Amendment to Application and Agreement For Standby Letter of Credit
         duly executed by Borrowers, Bank, and each Guarantor (as defined in the
         Guaranty).

                  (f) Bank shall have received such other instruments and
         documents incidental and appropriate to the transactions provided for
         herein as Bank or its counsel may reasonably request, and all such
         documents shall be in form and content satisfactory to Bank.

                                        3
                                                                 THIRD AMENDMENT
<PAGE>
                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

         In order to induce Bank to enter into this Amendment, Borrowers hereby
represent and warrant to Bank as follows;

         SECTION 4.01 CREDIT AGREEMENT. After giving effect to the execution and
delivery of this Amendment and the consummation of the transactions contemplated
hereby, and with this Amendment constituting one of the Loan Documents, the
representations and warranties set forth in ARTICLE VI of the Credit Agreement
are true and correct on the date hereof as though made on and as of such date.

         SECTION 4.02 NO DEFAULT. After giving effect to the execution and
delivery of this Amendment and the consummation of the transactions contemplated
hereby, no Default or Event of Default has occurred and is continuing as of the
date hereof.

                                    ARTICLE V
                                  MISCELLANEOUS

         SECTION 5.01 AFFIRMATION OF LOAN DOCUMENTS. Borrowers hereby
acknowledge and agree that all of their obligations under the Credit Agreement,
as amended hereby, and the other Loan Documents, including but not limited to
the obligations of NELN under the Security Agreement, shall remain in full force
and effect following the execution and delivery of this Amendment, and such
obligations are hereby affirmed, ratified, and confirmed by Borrowers.

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

         SECTION 5.03 SUCCESSORS AND ASSIGNS. This Amendment shall be binding
upon and inure to the benefit of the Borrowers and Bank and their respective
successors and assigns.

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

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

         SECTION 5.06 GOVERNING LAW. This Amendment shall be governed by, and
construed in accordance with, the laws of the State of Texas.

                                        4                        Third Amendment
<PAGE>
         Section 5.07 FINAL AGREEMENT OF THE PARTIES. THE CREDIT AGREEMENT
(INCLUDING THE EXHIBITS THERETO), AS AMENDED BY THIS AMENDMENT, THE NOTE, AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES.

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

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

                              BORROWERS

                              NATIONAL EDUCATION LOAN NETWORK, INC.
                              NELNET, INC.

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

                       SIGNATURE PAGE TO THIRD AMENDMENT
<PAGE>
                              BANK OF AMERICA, N. A.,
                              as Bank

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

                       SIGNATURE PAGE TO THIRD AMENDMENT<PAGE>
                                                                   Exhibit 10.94
                                  AMENDMENT TO
             APPLICATION AND AGREEMENT FOR STANDBY LETTER OF CREDIT,
                            LOAN PURCHASE AGREEMENTS,
                   AND STANDBY STUDENT LOAN PURCHASE AGREEMENTS

      THIS AMENDMENT TO APPLICATION AND AGREEMENT FOR STANDBY LETTER OF CREDIT,
LOAN PURCHASE AGREEMENTS, AND STANDBY STUDENT LOAN PURCHASE AGREEMENT, dated
effective as of October 21, 2003 (the "AMENDMENT") is among NATIONAL EDUCATION
LOAN NETWORK, INC. (formerly known as Nelnet, Inc.), a corporation duly
organized and validly existing under the laws of the State of Nevada ("NELN"),
NELNET, INC. (formerly known as Nelnet Loan Services, Inc.), a corporation duly
organized and validly existing under the laws of the State of Nebraska
("NELNET"), NELNET EDUCATION LOAN FUNDING, INC., a corporation organized and
validly existing under the laws of the State of Nebraska ("NEBHELP"),UNION BANK
AND TRUST COMPANY, a Nebraska state banking corporation ("UNION BANK), and BANK
OF AMERICA, N.A., a national banking association ("BANK").

                              PRELIMINARY STATEMENT

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

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

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

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

      The Union Bank Purchase Agreement, the Nelnet Purchase Agreement, and the
Nebhelp Purchase Agreement shall be individually referred to herein as a
"PURCHASE AGREEMENT" and collectively, as the "PURCHASE AGREEMENTS". NIELN,
NELNET, Nebhelp, and Union Bank are collectively referred to herein as the
"NELNET ENTITIES")

      NELN, Nelnet, and Nebhelp have requested that for a temporary 30 day
period beginning on the Effective Date of this Amendment, loans Guaranteed by
the Colorado Student Loan Program, which are otherwise Eligible Loans, be
included within the definition of "Eligible Loans" for the purposes of the
Letter of Credit Agreement and the Purchase Agreements.
<PAGE>
      Accordingly, in consideration of the foregoing and the mutual covenants
set forth herein, the parties hereto agree as follows:

                                    ARTICLE I
                                  DEFINITIONS

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

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

                                   ARTICLE II
        AMENDMENTS TO LETTER OF CREDIT AGREEMENT AND PURCHASE AGREEMENTS

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

      "Notwithstanding anything to the contrary set forth herein, in addition to
      the deposits required above, in the event any Eligible Loan (as defined in
      the Loan Purchase Agreements) which is guaranteed by the Colorado Student
      Loan Program, or any successor thereto or assignee or transferee
      therefrom; is owned by Nelnet Education Loan Funding, Inc., acting
      through Wells Fargo Bank, National Association, not: individually, but as
      Eligible Lender Trustee ("ELIGIBLE LENDER TRUSTEE") and continues to be
      pledged as collateral pursuant to the Trust Indenture dated November 15,
      1985, as amended and supplemented from time to time, between Nelnet
      Education Loan Funding, Inc. and the Eligible Lender Trustee, on or after
      November 20, 2003, then, without any notice or demand of Bank of America,
      Applicant shall immediately deposit with Bank of America, as cash
      security for Applicant's obligations to Bank of America under this
      Application and Agreement, an amount equal to 110% of the principal amount
      of such Eligible Loans guaranteed by the Colorado Student Loan Program."

      SECTION 2.02 AMENDMENT TO NEBHELP PURCHASE AGREEMENT. The definition of
"Guarantee Agency" set forth in Section 1 of the Nebhelp Purchase Agreement
shall be amended in its entirety to read as follows: "Guarantee Agency" means;
(i) National Student Loan Program, Inc. (NSLP); (ii) USA Funds (USAF);
(iii)Tennessee Student Assistance Corporation (TSAC); (iv) California Student
Aid Commission (CSAC); (v) Great Lakes Higher Education Guaranty Corporation
(GLHEGC); (vi) Pennsylvania Higher Education Assistance Authority (PHEAA); (vii)
with respect to FWLP Loans transferred FROM the Seller to the Purchaser on or
before November 20, 2003, the Colorado Student Loan Program (CSLP);and (viii)
any other Guaranty Agency with which both Purchaser and Bank of America, N.A.
have entered into Guarantee Agreements or which are approved by Purchaser and
Bank of America, N.A., from time to time, each of which administers a Guarantee
Program within a State or any successors

                                       2
<PAGE>
and assigns thereof administering the Guarantee Program, and each of which has
entered into a Guarantee Agreement with the Trustee on behalf of the Seller."

      SECTION 2.03 AMENDMENT TO UNION BANK PURCHASE AGREEMENT. The definition of
"Guarantee Agency" set forth in Section 1 of the Union Bank Purchase Agreement
shall be amended in its entirety to read as follows:

            "Guarantee Agency" means: (i) National Student Loan Program, Inc.
      (NSLP); (ii) USA Funds (USAF); (iii) Tennessee Student Assistance
      Corporation (TSAC); (iv) California Student Aid Commission (CSAC); (v)
      Great Lakes Higher Education Guaranty Corporation (GLHEGC); (vi)
      Pennsylvania Higher Education Assistance Authority (PHEAA); (vii) with
      respect to FFELP Loans transferred to Nelnet Education Loan Funding, Inc.,
      acting by and through Wells Fargo Bank Minnesota, National' Association,
      not individually, but as Eligible Lender Trustee, on or before November
      20, 2003, the Colorado Student Loan Program (CSLP), and (viii) any other
      Guaranty Agency with which Seller has entered into Guarantee Agreements or
      which are approved by Seller, from time to time, each of which administers
      a Guarantee Program within a State or any successors and assigns thereof
      administering the Guarantee Program, and each of which has entered into a
      Guarantee Agreement with the Seller."

                                     ARTICLE III
                           CONDITIONS TO EFFECTIVENESS

      SECTION 3.01 CONDITIONS TO EFFECTIVENESS. This Amendment shall become
effective upon receipt by Bank of this Amendment duly executed by NELN,
NELNET,Nebhelp and Union Bank.

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

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

                                    ARTICLE V
                                 MISCELLANEOUS

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

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

                                       3
<PAGE>
      SECTION 5.03 SUCCESSORS and ASSIGNS. This Amendment shall be binding upon
and inure to the benefit of the Nelnet Entities and Bank and their respective
successors and assigns.

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

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

      SECTION.5.06 GOVERNING LAW, This Amendment shall be governed by, and
construed IN accordance with, the laws of the State of Texas.

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

  [Remainder of Page Intentionally Left Blank; Signatures Begin on Next Page]
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to he
executed by their respective officers thereunto duly authorized as of the date
first above written.

                             NELNET ENTITIES

                             NATIONAL EDUCATION LOAN NETWORK, INC.
                             NELNET, INC.

                             By: /s/ Jim Kruger
                                ----------------------------------------
                                 Name: Jim Kruger
                                 Title:VP

                             NELNET EDUCATION LOAN FUNDING, INC.

                             By: /s/ Jim Kruger
                                 ----------------------------------------
                                 Name: Jim Kruger
                                 Title:Secretary/Treasurer

                             UNION BANK AND TRUST COMPANY,
                             INDIVIDUALLY AND AS TRUSTEE

                             By:
                                ----------------------------------------
                                 Name:
                                 Title:

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

                           NELNET ENTITIES

                           NATIONAL EDUCATION LOAN NETWORK,
                           INC.

                           NELNET INC.

                           By:
                              ----------------------------------------------
                              Name: Terry J, Heimes, Chief Financial Officer

                           NELNET EDUCATION LOAN FUNDING, INC,

                           By:
                              ----------------------------------------------
                               Name;
                               Title:

                           UNION BANK AND TRUST COMPANY,
                           INDIVIDUALLY AND AS TRUSTEE

                           By: /s/ Kenneth L. Backemeyer
                              ----------------------------------------------
                               Name: Kenneth L. Backemeyer
                               Title: Sr V.P.

                          SIGNATURE PACE TO AMENDMENT
<PAGE>
                          BANK OF AMERICA, N. A.,

                          BY: /s/ Shelly K. Harper
                              ----------------------------------------------
                              Shelly K. Harper, Principal

                          SIGNATURE PACE TO AMENDMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]