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)
                                NOVEMBER 5, 2004


                                  NELNET, INC.
             (Exact name of registrant as specified in its charter)


                NEBRASKA                 001-31924              84-0748903
     -----------------------------     -------------         ----------------
      (State or other jurisdiction      (Commission          (I.R.S. Employer
           of incorporation)           File Number)        Identification No.)

                   121 SOUTH 13TH STREET
                          SUITE 201
                      LINCOLN, NEBRASKA                            68508
--------------------------------------------------------       -------------
           (Address of principal executive offices)             (Zip Code)


Registrant's telephone number, including area code (402) 458-2370


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 2.02.  Results of Operations and Financial Condition.
            ----------------------------------------------

               On November 5, 2004, Nelnet, Inc. issued a press release with
        respect to its earnings for the fiscal quarter ended September 30, 2004.


Item 9.01.  Financial Statements and Exhibits.
            ---------------------------------

               A copy of the press release is attached as Exhibit 99.1 to this
        Current Report. Additional information for the quarter, which is
        available on the Registrant's website at www.nelnet.net, is furnished as
        Exhibit 99.2.



<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:  November 5, 2004

                                            NELNET, INC.




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


<PAGE>



                                  EXHIBIT INDEX


Exhibit No.            Description
-----------            -----------

   99.1       Press Release dated November 5, 2004 - "Nelnet reports substantial
              growth in net income and student loan assets"

   99.2       Additional Information Available on the Registrant's Website.
[{"type": "8-K", "sequence": "1", "filename": "n8k.txt", "secsgml_size_bytes": 3448}]
{"company-data": {"conformed-name": "NELNET INC", "cik": "0001258602", "assigned-sic": "6189", "irs-number": "840748903", "state-of-incorporation": "NE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31924", "film-number": "041121123"}, "business-address": {"street1": "121 SOUTH 13TH ST", "street2": "STE 201", "city": "LINCONLN", "state": "NE", "zip": "68508"}, "mail-address": {"street1": "121 SOUTH 13TH ST", "street2": "STE 201", "city": "LINCOLN", "state": "NE", "zip": "68508"}}
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)
                                NOVEMBER 5, 2004

                                  NELNET, INC.
             (Exact name of registrant as specified in its charter)

                NEBRASKA                 001-31924              84-0748903
     -----------------------------     -------------         ----------------
      (State or other jurisdiction      (Commission          (I.R.S. Employer
           of incorporation)           File Number)        Identification No.)

                   121 SOUTH 13TH STREET
                          SUITE 201
                      LINCOLN, NEBRASKA                            68508
--------------------------------------------------------       -------------
           (Address of principal executive offices)             (Zip Code)

Registrant's telephone number, including area code (402) 458-2370

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 2.02.  Results of Operations and Financial Condition.
            ----------------------------------------------

               On November 5, 2004, Nelnet, Inc. issued a press release with
        respect to its earnings for the fiscal quarter ended September 30, 2004.

Item 9.01.  Financial Statements and Exhibits.
            ---------------------------------

               A copy of the press release is attached as Exhibit 99.1 to this
        Current Report. Additional information for the quarter, which is
        available on the Registrant's website at www.nelnet.net, is furnished as
        Exhibit 99.2.
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:  November 5, 2004

                                            NELNET, INC.

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

Exhibit No.            Description
-----------            -----------

   99.1       Press Release dated November 5, 2004 - "Nelnet reports substantial
              growth in net income and student loan assets"

   99.2       Additional Information Available on the Registrant's Website.