UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934



Date of Report (Date of earliest event reported)   July 27, 2005
                                                   -------------

                        Nelnet Student Loan Funding, LLC
                        --------------------------------
             (Exact name of registrant as specified in its charter)
                                   Sponsor of
                        Nelnet Student Loan Trust 2005-3

            Delaware                333-118566-03                75-2997993
            --------                -------------                ----------
  (State of other jurisdiction       (Commission               (IRS Employer
       of incorporation)             File Number)           Identification No.)


121 South 13th Street, Suite 201, Lincoln, Nebraska              68508
--------------------------------------------------------------------------------
               (Address of principal executive offices)         (ZipCode)

Registrant's telephone number, including area code (402) 458-2301
                                                   -----------------------------


--------------------------------------------------------------------------------
         (Former name or former address, if changes since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]     Written communications pursuant to Rule 425 under the Securities Act
        (17 CFR230.425)

[ ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
        (17 CFR240.14a-12)

[ ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR240.14(d)-2(b))

[ ]     Pre-commencement communications pursuant to Rule 13e-4(c) un the
        Exchange Act (17 CFR240.13e-4(c))


<PAGE>


ITEM 1.01  ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

        Effective as of July 27, 2005, Nelnet Student Loan Funding, LLC ("Nelnet
Funding") entered into the following agreements: (a) an Indenture of Trust dated
as of July 1, 2005, by and between Nelnet Funding and Zions First National Bank,
as indenture trustee (the "Indenture"); and (b) a Trust Agreement by and between
Nelnet Funding and Wells Fargo Delaware Trust Company, as Delaware trustee (the
"Trust Agreement"). In addition, on July 21, 2005, Nelnet Funding entered into
an Underwriting Agreement among Nelnet Funding, Banc of America Securities LLC
and Credit Suisse First Boston LLC (the "Underwriting Agreement"). The
Indenture, the Trust Agreement and the Underwriting Agreement were executed in
connection with Nelnet Student Loan Trust 2005-3's issuance of $1,343,400,000 of
its student loan asset-backed notes on July 27, 2005. The details of this
issuance are contained in the prospectus supplement filed with the Securities
and Exchange Commission pursuant to Rule 424(b) on July 25, 2005.

        The following agreements were also executed and delivered as of July 1,
2005 by the respective parties thereto: (a) the Loan Purchase Agreement by and
between Nelnet Student Loan Trust 2005-3 acting through Zions First National
Bank as indenture trustee and eligible lender trustee, and Nelnet Funding; (b)
the Master Servicing Agreement by and among National Education Loan Network,
Inc., Nelnet Student Loan Trust 2005-3 and Nelnet Funding; and (c) the
Administration Agreement among Nelnet Student Loan Trust 2005-3, Wells Fargo
Delaware Trust Company, as Delaware trustee, Zions First National Bank, as
indenture trustee, and National Education Loan Network, Inc.

        Kutak Rock LLP, as counsel to Nelnet Student Loan Trust 2005-3,
delivered an opinion dated July 27, 2005, to the effect that the notes will be
treated as debt of Nelnet Student Loan Trust 2005-3 rather than as an interest
in the student loans, and that the trust will not be characterized as an
association or publicly traded partnership taxable as a corporation, each for
federal income tax purposes.

ITEM 2.01  COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.

        The Trust used $1,330,692,301 of the net proceeds from the sale of the
notes to purchase student loans originated under the Federal Family Education
Loan Program.

ITEM 9.01  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(a) Not applicable.

(b) Not applicable.

<PAGE>

(c) Exhibits:

1.1     Underwriting Agreement among Nelnet Student Loan Funding, LLC, Banc of
        America Securities LLC and Credit Suisse First Boston LLC dated as of
        July 21, 2005 (filed herewith).

4.1     Indenture of Trust by and between Nelnet Student Loan Funding, LLC and
        Zions First National Bank, dated as of July 1, 2005 (filed herewith).

4.2     Trust Agreement by and between Nelnet Student Loan Funding, LLC and
        Wells Fargo Delaware Trust Company, as Delaware trustee, dated as of
        July 1, 2005 (filed herewith).

8.1     Opinion of Kutak Rock LLP, dated as of July 27, 2005, with respect to
        certain federal income tax matters (filed herewith).

99.1    Loan Purchase Agreement by and between Nelnet Student Loan Trust 2005-3,
        acting through Zions First National Bank, as indenture trustee, and
        Nelnet Student Loan Funding, LLC, dated as of July 1, 2005 (filed
        herewith).

99.2    Master Servicing Agreement by and among National Education Loan Network,
        Inc., Nelnet Student Loan Trust 2005-3 and Nelnet Student Loan Funding,
        LLC, dated as of July 1, 2005 (filed herewith).

99.3    Administration Agreement among Nelnet Student Loan Trust 2005-3, Wells
        Fargo Delaware Trust Company, as Delaware trustee, Zions First National
        Bank, as indenture trustee, and National Education Loan Network, Inc.,
        dated as of July 1, 2005 (filed herewith).


<PAGE>




                                   SIGNATURES


        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                          NELNET STUDENT LOAN
                                          FUNDING, LLC


                                          By: NELNET STUDENT LOAN FUNDING
                                              MANAGEMENT CORPORATION, as Manager



                                          By: /s/ Jeffrey R. Noordhoek
                                          --------------------------------------
                                             Jeffrey R. Noordhoek
                                             Vice President

Dated:  August 1, 2005


<PAGE>

                                  EXHIBIT INDEX



               Exhibit


(1.1)  Underwriting Agreement
(4.1)  Indenture of Trust
(4.2)  Trust Agreement
(8.1)  Tax Opinion
(99.1) Loan Purchase Agreement
(99.2) Master Servicing Agreement
(99.3) Administration Agreement
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UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)   July 27, 2005
                                                   -------------

                        Nelnet Student Loan Funding, LLC
                        --------------------------------
             (Exact name of registrant as specified in its charter)
                                   Sponsor of
                        Nelnet Student Loan Trust 2005-3

            Delaware                333-118566-03                75-2997993
            --------                -------------                ----------
  (State of other jurisdiction       (Commission               (IRS Employer
       of incorporation)             File Number)           Identification No.)

121 South 13th Street, Suite 201, Lincoln, Nebraska              68508
--------------------------------------------------------------------------------
               (Address of principal executive offices)         (ZipCode)

Registrant's telephone number, including area code (402) 458-2301
                                                   -----------------------------

--------------------------------------------------------------------------------
         (Former name or former address, if changes since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]     Written communications pursuant to Rule 425 under the Securities Act
        (17 CFR230.425)

[ ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
        (17 CFR240.14a-12)

[ ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR240.14(d)-2(b))

[ ]     Pre-commencement communications pursuant to Rule 13e-4(c) un the
        Exchange Act (17 CFR240.13e-4(c))
ITEM 1.01  ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

        Effective as of July 27, 2005, Nelnet Student Loan Funding, LLC ("Nelnet
Funding") entered into the following agreements: (a) an Indenture of Trust dated
as of July 1, 2005, by and between Nelnet Funding and Zions First National Bank,
as indenture trustee (the "Indenture"); and (b) a Trust Agreement by and between
Nelnet Funding and Wells Fargo Delaware Trust Company, as Delaware trustee (the
"Trust Agreement"). In addition, on July 21, 2005, Nelnet Funding entered into
an Underwriting Agreement among Nelnet Funding, Banc of America Securities LLC
and Credit Suisse First Boston LLC (the "Underwriting Agreement"). The
Indenture, the Trust Agreement and the Underwriting Agreement were executed in
connection with Nelnet Student Loan Trust 2005-3's issuance of $1,343,400,000 of
its student loan asset-backed notes on July 27, 2005. The details of this
issuance are contained in the prospectus supplement filed with the Securities
and Exchange Commission pursuant to Rule 424(b) on July 25, 2005.

        The following agreements were also executed and delivered as of July 1,
2005 by the respective parties thereto: (a) the Loan Purchase Agreement by and
between Nelnet Student Loan Trust 2005-3 acting through Zions First National
Bank as indenture trustee and eligible lender trustee, and Nelnet Funding; (b)
the Master Servicing Agreement by and among National Education Loan Network,
Inc., Nelnet Student Loan Trust 2005-3 and Nelnet Funding; and (c) the
Administration Agreement among Nelnet Student Loan Trust 2005-3, Wells Fargo
Delaware Trust Company, as Delaware trustee, Zions First National Bank, as
indenture trustee, and National Education Loan Network, Inc.

        Kutak Rock LLP, as counsel to Nelnet Student Loan Trust 2005-3,
delivered an opinion dated July 27, 2005, to the effect that the notes will be
treated as debt of Nelnet Student Loan Trust 2005-3 rather than as an interest
in the student loans, and that the trust will not be characterized as an
association or publicly traded partnership taxable as a corporation, each for
federal income tax purposes.

ITEM 2.01  COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.

        The Trust used $1,330,692,301 of the net proceeds from the sale of the
notes to purchase student loans originated under the Federal Family Education
Loan Program.

ITEM 9.01  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(a) Not applicable.

(b) Not applicable.
(c) Exhibits:

1.1     Underwriting Agreement among Nelnet Student Loan Funding, LLC, Banc of
        America Securities LLC and Credit Suisse First Boston LLC dated as of
        July 21, 2005 (filed herewith).

4.1     Indenture of Trust by and between Nelnet Student Loan Funding, LLC and
        Zions First National Bank, dated as of July 1, 2005 (filed herewith).

4.2     Trust Agreement by and between Nelnet Student Loan Funding, LLC and
        Wells Fargo Delaware Trust Company, as Delaware trustee, dated as of
        July 1, 2005 (filed herewith).

8.1     Opinion of Kutak Rock LLP, dated as of July 27, 2005, with respect to
        certain federal income tax matters (filed herewith).

99.1    Loan Purchase Agreement by and between Nelnet Student Loan Trust 2005-3,
        acting through Zions First National Bank, as indenture trustee, and
        Nelnet Student Loan Funding, LLC, dated as of July 1, 2005 (filed
        herewith).

99.2    Master Servicing Agreement by and among National Education Loan Network,
        Inc., Nelnet Student Loan Trust 2005-3 and Nelnet Student Loan Funding,
        LLC, dated as of July 1, 2005 (filed herewith).

99.3    Administration Agreement among Nelnet Student Loan Trust 2005-3, Wells
        Fargo Delaware Trust Company, as Delaware trustee, Zions First National
        Bank, as indenture trustee, and National Education Loan Network, Inc.,
        dated as of July 1, 2005 (filed herewith).
SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                          NELNET STUDENT LOAN
                                          FUNDING, LLC

                                          By: NELNET STUDENT LOAN FUNDING
                                              MANAGEMENT CORPORATION, as Manager

                                          By: /s/ Jeffrey R. Noordhoek
                                          --------------------------------------
                                             Jeffrey R. Noordhoek
                                             Vice President

Dated:  August 1, 2005
EXHIBIT INDEX

               Exhibit

(1.1)  Underwriting Agreement
(4.1)  Indenture of Trust
(4.2)  Trust Agreement
(8.1)  Tax Opinion
(99.1) Loan Purchase Agreement
(99.2) Master Servicing Agreement
(99.3) Administration Agreement