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)   February 21, 2006
                                                   -----------------

                                  Nelnet, Inc.
             (Exact name of registrant as specified in its charter)


          Nebraska                 001-31924                  84-0748903
          --------                 ---------                  ----------
(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) 458-2303
                                                   --------------



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:

[ ]     Written communications pursuant to Rule 425 under the Securities Act
        (17 CFR 230.425)

[ ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
        (17 CFR 240.14a-12)

[ ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))

[ ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
        Exchange Act (17 CFR 240.13e-4(c))



<PAGE>


ITEM 2.03.     CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER
               AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT

        Nelnet Student Loan Funding, LLC ("Nelnet Funding"), Nelnet Education
Loan Funding, Inc. and NHELP-III, Inc. are wholly owned subsidiaries of National
Education Loan Network, Inc. National Education Loan Network, Inc. is a wholly
owned subsidiary of Nelnet, Inc.

        On February 21, 2006, Nelnet Student Loan Trust 2006-1 (the "Trust"), of
which Nelnet Funding is the Depositor, and Zions First National Bank, in its
capacity as Indenture Trustee and as Eligible Lender Trustee, executed and
delivered an Indenture of Trust dated as of February 1, 2006, pursuant to which
the Trust issued $2,000,000,000 of Student Loan Asset-Backed Notes (the
"Notes").

        The Trust used approximately $1,454,288,492 of the proceeds from the
sale of the Notes to purchase student loans originated under the Federal Family
Education Loan Program from Nelnet Funding. The student loans the Trust acquired
were purchased from Nelnet Education Loan Funding, Inc. and NHELP-III, Inc. by
Nelnet Funding.

        A description of the transaction and the documents executed in
connection with the transaction are included in the Trust's Form 8-K
(Reg. No. 333-128658-01) filed on February 24, 2006.


<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 hereunto duly authorized.

Dated:  February 24, 2006
                                          NELNET, INC.


                                          By: /s/  Terry J. Heimes
                                          --------------------------------------
                                          Name:    Terry J. Heimes
                                          Title:   Chief Financial Officer
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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)   February 21, 2006
                                                   -----------------

                                  Nelnet, Inc.
             (Exact name of registrant as specified in its charter)

          Nebraska                 001-31924                  84-0748903
          --------                 ---------                  ----------
(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) 458-2303
                                                   --------------

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:

[ ]     Written communications pursuant to Rule 425 under the Securities Act
        (17 CFR 230.425)

[ ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
        (17 CFR 240.14a-12)

[ ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))

[ ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
        Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.03.     CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER
               AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT

        Nelnet Student Loan Funding, LLC ("Nelnet Funding"), Nelnet Education
Loan Funding, Inc. and NHELP-III, Inc. are wholly owned subsidiaries of National
Education Loan Network, Inc. National Education Loan Network, Inc. is a wholly
owned subsidiary of Nelnet, Inc.

        On February 21, 2006, Nelnet Student Loan Trust 2006-1 (the "Trust"), of
which Nelnet Funding is the Depositor, and Zions First National Bank, in its
capacity as Indenture Trustee and as Eligible Lender Trustee, executed and
delivered an Indenture of Trust dated as of February 1, 2006, pursuant to which
the Trust issued $2,000,000,000 of Student Loan Asset-Backed Notes (the
"Notes").

        The Trust used approximately $1,454,288,492 of the proceeds from the
sale of the Notes to purchase student loans originated under the Federal Family
Education Loan Program from Nelnet Funding. The student loans the Trust acquired
were purchased from Nelnet Education Loan Funding, Inc. and NHELP-III, Inc. by
Nelnet Funding.

        A description of the transaction and the documents executed in
connection with the transaction are included in the Trust's Form 8-K
(Reg. No. 333-128658-01) filed on February 24, 2006.
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 hereunto duly authorized.

Dated:  February 24, 2006
                                          NELNET, INC.

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