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                                                                   Exhibit 10.27

                    MARKETING EXPENSE REIMBURSEMENT AGREEMENT

         This Marketing Expense Reimbursement Agreement (the "Agreement") is
made and entered into as of the 1st day of January, 1999, by and between Union
Bank and Trust Company, a Nebraska bank and trust company, acting in its own
right and in its capacity as trustee ("Union Bank"), and National Education Loan
Network, Inc., a Nevada Corporation ("NelNet").

         WHEREAS, Union Bank is engaged in a program of marketing, originating,
holding and selling loans made to eligible borrowers in accordance with the
provisions of the Higher Education Act of 1965, as amended, the proceeds of
which are used to pay the costs incurred by students attending post-secondary
educational institutions ("Student Loans"), as well as loans made to borrowers
to pay the costs incurred by students attending educational institutions of
higher learning, and which are not made pursuant to the Higher Education Act of
1965, as amended, and which are not guaranteed thereunder ("Alternative Loans");
and

         WHEREAS, NelNet through its affiliates is engaged in a program of
purchasing, holding and financing Student Loans.

         NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants herein contained, the parties hereto agree as follows:

         1.       Services to be Provided. Union Bank agrees to carry on its
ordinary Student Loan and Alternative Loan marketing efforts in a manner
consistent with its prior efforts, for so long as Union Bank is engaged in a
program of originating Student Loans. Union Bank hereby consents to and
authorizes certain marketing representatives of NelNet and its affiliates, who
are approved by Union Bank from time to time, to act as representatives of Union
Bank solely with respect to marketing of Student Loan and Alternative Loan
originations and purchases.

         2.       Term. This Agreement shall terminate upon the termination of
that certain Amended and Restated Agreement between Union Bank and NelNet dated
as of January 1, 1999.

         3.       Reimbursement of Marketing Costs. "Marketing Costs" as defined
herein shall mean all costs and expenses during the term of this Agreement, in
connection with or arising from marketing, administration and sales activities
related to Student Loans and Alternative Loans (and all administrative and
overhead costs and expenses associated therewith and liabilities and losses
arising therefrom). For each annual period following the date of this Agreement,
Marketing Costs incurred by Union Bank shall be reimbursed and paid as follows:

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         (i)      The first aggregate $240,000.00 of Marketing Costs incurred by
Union Bank shall be paid by Union Bank, without reimbursement;

         (ii)     NelNet shall pay to Union Bank the difference between (A)
sixty percent (60.0%) of all Marketing Costs incurred by Union Bank which exceed
the aggregate of $240,000.00 as set forth in clause (i) above, less (B) forty
percent (40.0%) of Marketing Costs incurred directly by NelNet and its
affiliates (other than Marketing Costs payable by NelNet and its affiliates to
Union Bank or its affiliates hereunder or otherwise).

         Such reimbursements set forth above shall be paid by NelNet to Union
Bank on a monthly basis, upon receipt by NelNet of written billing statements
from Union Bank with respect to such Marketing Costs, with reconciliation at the
end of each calendar year,

         4.       Representations and Warranties of NelNet. NelNet hereby
represents and warrants to Union Bank as follows:

                  (a)      Due Authorization. This Agreement has been duly
authorized by all necessary corporate action on the part of NelNet and has been
duly executed by a duly authorized officer of NelNet, and constitutes a valid
and binding agreement of NelNet enforceable in accordance with its terms, except
as its enforceability may be limited by bankruptcy, insolvency, moratorium,
reorganization and other laws affecting creditors' rights generally.

                  (b)      Due Organization. NelNet is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Nevada and has the requisite corporate power to enter and perform this
Agreement.

                  (c)      Conflicting Instruments. Neither the execution and
delivery of this Agreement nor the consummation of the transactions contemplated
hereby will violate or result in any violation of or be in conflict with or
constitute a default under any terms of the Articles of Incorporation or Bylaws
of NelNet, or of any judgment, decree or order of any court or administrative
body applicable to NelNet, or any term of any agreement or other instrument
applicable to NelNet.

         5.       Representations and Warranties of Union Bank. Union Bank
hereby represents and warrants to NelNet as follows:

                  (a)      Due Authorization. This Agreement has been duly
authorized by all necessary corporate action on the part of Union Bank and has
been duly executed by a duly authorized officer of Union Bank, and constitutes a
valid and binding agreement of Union Bank enforceable in accordance with its
terms, except as its enforceability may be

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limited by bankruptcy, insolvency, moratorium, reorganization and other laws
affecting creditors' rights generally.

                  (b)      Due Organization. Union Bank is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Nebraska and has the requisite corporate power to enter and perform this
Agreement.

                  (c)      Conflicting Instruments. Neither the execution and
delivery of this Agreement nor the consummation of the transactions contemplated
hereby will violate or result in any violation of or be in conflict with or
constitute a default under any terms of the Articles of Incorporation or Bylaws
of Union Bank, or of any judgment, decree or order of any court or
administrative body applicable to Union Bank, or any term of any agreement or
other instrument applicable to Union Bank.

         6.       Assignment. Neither this Agreement nor any rights or
obligations hereunder may be assigned by either party without the prior written
consent of the other.

         7.       Miscellaneous.

                  (a)      This Agreement may not be modified, amended, altered
or supplemented except upon the execution and delivery of a written agreement
executed by all of the parties hereto.

                  (b)      Unless otherwise expressly provided herein, all
notices, requests, demands or other instruments which may or are required to be
given by either party to the other, shall be in writing, and each shall be
deemed to have been properly given when served personally on an officer of the
party to whom such notice is to be given, or upon expiration of a period of 48
hours from and after the postmark thereof when mailed postage prepaid by
registered or certified mail, requesting return receipt, addressed as follows;

If to NelNet:

         National Education Loan Network, Inc.
         121 S. 13th Street, Suite 301
         Lincoln Square
         Lincoln, Nebraska 68508
         Attn: Don Bouc
         Telephone: (402) 458-2300
         Facsimile: (402) 458-2399

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If to Union Bank:

         Union Bank and Trust Company
         P.O. Box 82529
         Lincoln, Nebraska 68501-2529
         Attn: Ken Backemeyer
         Telephone: (402) 420-2811
         Facsimile: (402) 483-8286

Any party may change the address and name of addressee to which subsequent
notices are to be sent to it, by notice to the others given as aforesaid, but
any such notice of change, if sent by mail, shall not be effective until the 5th
day after it is mailed.

                  (c)      This Agreement shall be governed by and construed in
accordance with the laws of the State of Nebraska.

                  (d)      Nothing in this Agreement shall be deemed or
constated to create a joint venture or partnership between the parties hereto.

            [The remainder of this page is intentionally left blank.]

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         IN WITNESS WHEREOF, the parties hereto have caused this Marketing
Expense Reimbursement Agreement to be duly executed as of the day and year first
written above.

                                 UNION BANK AND TRUST COMPANY
                                 In its Own Right and in its Capacity as Trustee

                                 By: /s/ Mike Dunlap
                                     -------------------------------------------
                                 Title:  E.V.P

                                 NATIONAL EDUCATION LOAN NETWORK, INC.

                                 By: /s/ Don Bouc
                                     -------------------------------------------
                                     Don Bouc
                                     President

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                                                                   Exhibit 10.28

                               FIRST AMENDMENT OF
                   MARKETING EXPENSE REIMBURSEMENT AGREEMENT

                  This First Amendment of Marketing Expense Reimbursement
         Agreement (the "Amendment") is made and entered into as of this 1st day
         of April, 2001, by and between Union Bank and Trust Company, a Nebraska
         bank and trust company, acting in its own right and in its capacity as
         trustee ("Union Bank") and NELnet, Inc., a Nevada corporation f/k/a
         National Education Loan Network, Inc. ("NELnet").

                  WHEREAS, the parties hereto entered into that certain
         Marketing Expense Reimbursement Agreement dated as of January 1, 1999
         (the "Agreement"), and the parties hereto wish to amend the Agreement
         under the terms set forth herein.

                  NOW, THEREFORE, in consideration of the foregoing premises
         and the mutual covenants herein contained, the parties hereto agree as
         follows:

                  1.       Definitions. Unless otherwise expressly stated
         herein, capitalized terms in this Amendment shall have the same
         meanings given to them in the Agreement.

                  2.       Reduction of Services to Be Provided by Union Bank.
         Notwithstanding provisions to the contrary contained in Section 1 of
         the Agreement, Union Bank may, at its option, and in its sole
         discretion, reduce its Student Loan and Alternative Loan marketing and
         origination efforts as compared to historic levels of such efforts by
         reducing its marketing personnel commitment. Union Bank agrees that if
         it reduces its marketing personnel commitment, it shall enable NELnet
         to offer employment to such personnel and, at NELnet's reasonable
         request, continue such personnel as dual employees of NELnet and Union
         Bank provided, however, that such personnel shall not be entitled to
         any salary paid by Union Bank or Union Bank employee benefits. NELnet
         shall provide nonexclusive marketing and promotional services with
         respect to Student Loans originations under the Union Bank brand name
         in the states of Nebraska, Kansas, Iowa and portions of the western
         region of the United States where the Union Bank brand name is
         currently used to market Student Loans (including Arizona, California,
         Oregon, Washington and Hawaii), at least at historic levels previously
         furnished by Union Bank itself in those states, or as the parties may
         otherwise mutually agree; provided, however, that NELnet shall not
         provide such services with respect to Student Loans to borrowers (other
         than medical students) attending University of Phoenix or Loma Linda
         College unless Union Bank ceases origination efforts at such
         educational institutions or otherwise consents to such services being
         provided by NELnet.

                  3.       Reimbursement of Marketing Costs. Section 3 of the
         Agreement shall be deleted in its entirely and the following
         substituted in lieu thereof;

                  "Marketing Costs" as defined herein shall mean all direct
                  costs and expenses during the term of this Agreement, in
                  connection with or arising from marketing activities by Union
                  Bank and NELnet relating to Student Loans, excluding any
                  administrative or overhead costs and expenses associated
                  therewith, and, following April 1, 2001, excluding any costs
                  for marketing representatives and related expenses arising
                  from

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                  Student Loan activities in the northeastern region of the
                  United States (including, without limitation, New York, New
                  Jersey, Connecticut, Pennsylvania, Vermont, New Hampshire and
                  Maine) as well as the states of Illinois, South Dakota,
                  Minnesota, Texas and Colorado. Marketing Costs incurred with
                  respect to the states of Nebraska, Kansas, Iowa and portions
                  of the western region of the United States where the brand
                  name of Union Bank is currently used to market Student Loans
                  (including Arizona, California, Oregon, Washington and Hawaii)
                  shall be included in the computation of Marketing Costs.
                  NELnet and Union Bank shall each be responsible for their
                  respective pro rata share of Marketing Costs during each
                  calendar year during the term of this Agreement, and each
                  party's respective share shall be calculated based upon the
                  following formulas:

A. NELnet's annual = All annual Marketing Costs X ($120 million - 75% of annual
       share of      Union Bank originations in excess of $240 Million)/
   Marketing Costs   All Union Bank Student Loan Originations for the year

B.       Union Bank's share of Marketing Costs = all Marketing Costs for the
         year minus NELnet's share of Marketing Costs as calculated pursuant to
         (A) above.

         Union Bank hereby transfers all of its rights and interest in certain
         software products utilized in connection with Student Loans, including
         without limitation "EnConcert," "Notes on Student Loans," "Notes on
         Credit," "Notes on Investments," "Union Station," and "Student
         Exchange" (collectively, the "Student Loan Software"). Union Bank shall
         take all reasonable acts necessary to effectuate such transfer as
         reasonably requested by NELnet. NELnet shall assume responsibility for
         any future enhancements or development of the Student Loan Software.
         NELnet shall reimburse Union Bank and its affiliates for any expense in
         connection with Alternative Loans originated after January 1, 2000. It
         is acknowledged that NELnet is providing substantial consideration by
         assuming a greater share of Marketing Expenses such as salary expenses
         related to hiring of marketing personnel, marketing expenses related to
         Alternative Loans, software development expenses related to EnConcert
         and other intellectual property development, and access granted by
         NELnet to Union Bank to all future enhancements to the EnConcert
         software or modifications thereof.

                  4.       Origination Fees. Union Bank shall amend origination
         services agreements with NELnet or any affiliate thereof in order to
         adjust origination fees to the market rate of $25 per Student Loan,
         effective April 1, 2001,

                  5.       Effect of Amendment. Unless expressly modified or
         amended by this Amendment, all terms and provision contained in the
         Agreement shall remain in full force and effect without modification.

         Union Bank and Trust Company           NELnet, Inc.

         By: /s/ Mike Dunlap                    By: /s/ Don Bouc
             ------------------------               -------------------------
         Title: CEO                             Title: President

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