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<TITLE>NELNET, INC.</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center"><FONT size="2"><B>As filed with the Securities and
Exchange Commission on January&nbsp;30, 2004</B>
</FONT>

<P align="right"><FONT size="2"><B>Registration No.&nbsp;333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

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<DIV align="center"><FONT size="4"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</FONT></DIV>

<P align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
</FONT>

<P align="center"><FONT size="5"><B>FORM S-8</B></FONT>


<P align="center"><FONT size="3"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</FONT>

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<P align="center"><FONT size="6"><B>Nelnet, Inc.</B></FONT>


<P align="center"><FONT size="2"><B>(Exact name of registrant as specified in its charter)</B>
</FONT>

<DIV align="center">
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    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Nebraska</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>84-0748903</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top" nowrap><FONT size="2"><B>(State or other jurisdiction of incorporation or organization)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top" nowrap><FONT size="2">
<B>(I.R.S. Employer Identification No.)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top" nowrap><FONT size="2"><B>121 South 13th Street</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top" nowrap><FONT size="2"><B>Suite&nbsp;201</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top" nowrap><FONT size="2"><B>Lincoln, Nebraska</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>68508</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top" nowrap><FONT size="2"><B>(Address of Principal Executive Offices)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top" nowrap><FONT size="2">
<B>(Zip Code)</B></FONT></TD>
</TR>
</TABLE>
</DIV>


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<P align="center"><FONT size="2"><B>NELNET, INC. EMPLOYEE SHARE PURCHASE PLAN<BR>
NELNET, INC. DIRECTORS STOCK COMPENSATION PLAN<BR>
NELNET, INC. RESTRICTED STOCK PLAN</B><BR>
<B>(Full title of the plan)</B>
</FONT>


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<P align="center"><FONT size="2"><B>Terry J. Heimes<BR>
Chief Financial Officer<BR>
Nelnet, Inc.<BR>
121 South 13th Street<BR>
Suite&nbsp;201<BR>
Lincoln, Nebraska 68508<BR>
(Name and address of agent for service)<BR>
(402)&nbsp;458-2303<BR>
(Telephone number, including area code, of agent for service)</B>
</FONT>


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<P align="center"><FONT size="2">Copies to:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Gerald S. Tanenbaum, Esq</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Daniel F. Kaplan, Esq.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Cahill Gordon
&#038; Reindel </FONT><FONT size="1">LLP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Perry, Guthery, Haase &#038; Gessford, P.C., L.L.O.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">80 Pine Street</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
233 South 13th Street, Suite&nbsp;1400</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">New York, New York 10005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Lincoln, Nebraska 68508</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(212) 701-3000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(402) 476-9200</FONT></TD>
</TR>
</TABLE>
</DIV>

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<P align="center"><FONT size="2">CALCULATION OF REGISTRATION FEE
</FONT>

<DIV align="center">
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    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Title of Securities to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered (1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price Per Share (2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate Offering Price (2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration Fee (2)</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px;text-indent:-10px"><FONT size="2">Class&nbsp;A Common Stock, par
value $0.01 per share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">2,100,000 shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>

<TD align="right"><FONT size="2">23.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">48,825,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">6,186.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents 1,000,000 shares issuable under the Nelnet, Inc. Employee
Share Purchase Plan, 100,000 shares issuable under the Nelnet, Inc.
Directors Stock Compensation Plan and 1,000,000 shares issuable under the
Nelnet, Inc. Restricted Stock Plan. In addition, pursuant to Rule&nbsp;416
under the Securities Act, this Registration Statement will cover such
indeterminate number of shares of Class&nbsp;A Common Stock of Nelnet, Inc.
that may be issued in respect of stock splits, stock dividends and similar
transactions.
</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The price of
$23.25 per share, which was the
average of the high and low prices of the Registrant&#146;s
Class&nbsp;A Common Stock on the New York Stock Exchange on
January&nbsp;26, 2004, is set forth solely for the purposes of
calculating the registration fee in accordance with
Rule&nbsp;457(c) under the Securities Act of 1933, as amended.
</FONT></TD>
</TR>
</TABLE>

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<P align="center"><FONT size="2">&nbsp;
</FONT>

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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<TR><TD colspan="9"><A HREF="#000">PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">ITEM 1. PLAN INFORMATION.*</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.*</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">ITEM 4. DESCRIPTION OF SECURITIES.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">ITEM 8. EXHIBITS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">ITEM 9. UNDERTAKINGS.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y92467exv5w1.htm">OPINION OF PERRY, GUTHERY, HAASE & GESSFORD PC LLO</A></TD></TR>
<TR><TD colspan="9"><A HREF="y92467exv23w1.htm">CONSENT OF KPMG LLP</A></TD></TR>
</TABLE>
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<!-- link1 "PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center"><FONT size="2"><B>PART I</B>
</FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED<BR>
IN THE SECTION 10(a) PROSPECTUS</B>
</FONT>

<!-- link2 "ITEM 1. PLAN INFORMATION.*" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 1.&nbsp;&nbsp;&nbsp;PLAN INFORMATION.*</B>
</FONT>

<!-- link2 "ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.*" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 2.&nbsp;&nbsp;&nbsp;REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.*</B>
</FONT>


<P>
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<TR valign="top">
 <TD width="3%" nowrap align="left"><FONT size="2">*</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">As permitted by Rule&nbsp;428 under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), this Registration Statement omits the information
specified in Part&nbsp;I of Form S-8. The documents containing the information
specified in Part&nbsp;I will be delivered to the participants in the plans
covered by this Registration Statement as required by Rule&nbsp;428(b). Such
documents are not being filed with the Securities and Exchange Commission
(the &#147;Commission&#148;) as part of this Registration Statement or as
prospectuses or prospectus supplements pursuant to Rule 424(b) under the
Securities Act.
</FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2">I-1
</FONT>

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<!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
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<P align="center"><FONT size="2"><B>PART II</B>
</FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED<BR>
IN THE REGISTRATION STATEMENT</B>
</FONT>

<!-- link2 "ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE." -->
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<P align="left"><FONT size="2"><B>ITEM 3.&nbsp;&nbsp;&nbsp;INCORPORATION OF DOCUMENTS BY REFERENCE.</B>
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been filed by Nelnet, Inc. (the &#147;Registrant&#148;)
with the Commission pursuant to the Securities Exchange Act of 1934, as amended
(the &#147;Exchange Act&#148;), and are hereby incorporated by reference:
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" nowrap align="right"><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">the prospectus filed pursuant to Rule 424(b)
under the Securities Act on December&nbsp;11, 2003; and
</FONT></TD>
</TR>
</TABLE>


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" nowrap align="right"><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">the description of Class&nbsp;A Common Stock in the
Registration Statement on Form 8-A (File No.&nbsp;001-31924) filed
on December&nbsp;8, 2003 under Section&nbsp;12 of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
including any amendment or report for the purpose of updating
such description.
</FONT></TD>
</TR>
</TABLE>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant with the Commission pursuant to
Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference herein and to be a part hereof from the date
any such document is filed.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statements contained in a document incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained in this Registration
Statement or in any other subsequently filed document which also is
incorporated by reference herein modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed to constitute a part of
this Registration Statement except as so modified or superseded.
</FONT>

<!-- link2 "ITEM 4. DESCRIPTION OF SECURITIES." -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 4.&nbsp;&nbsp;&nbsp;DESCRIPTION OF SECURITIES.</B>
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the Registrant&#146;s Class&nbsp;A Common Stock to be offered
pursuant to this Registration Statement has been incorporated by reference into
this Registration Statement as described in Item&nbsp;3 of this Part&nbsp;II.
</FONT>

<!-- link2 "ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL." -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 5.&nbsp;&nbsp;&nbsp;INTERESTS OF NAMED EXPERTS AND COUNSEL.</B>
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.
</FONT>

<!-- link2 "ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS." -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 6.&nbsp;&nbsp;&nbsp;INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B>
</FONT>

<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s articles of incorporation contain a provision which
limits the personal liability of each of its directors for monetary damages for
breaches of fiduciary duty as a director to the Registrant or its shareholders,
except for liability of a director for the following:
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" nowrap align="right"><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">breach of the duty of loyalty to the Registrant or its
shareholders for acts or omissions not in good faith or involving
intentional misconduct or a knowing violation of law;
</FONT></TD>
</TR>
</TABLE>



<P align="center"><FONT size="2">II-1
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<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" nowrap align="right"><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">any transaction from which the director derived an improper personal benefit; or
</FONT></TD>
</TR>
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<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" nowrap align="right"><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">violations under provisions of the Nebraska Business Corporation Act relating to unlawful payments of dividends or
unlawful stock purchases or redemptions.
</FONT></TD>
</TR>
</TABLE>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inclusion of this provision in the Registrant&#146;s articles of
incorporation may have the effect of reducing the likelihood of derivative
litigation against directors, and may discourage or deter shareholders or
management from bringing a lawsuit against directors for breach of their duty
of care, even though such an action, if successful, might otherwise have
benefited the Registrant and its shareholders. The Registrant&#146;s by-laws also
contain provisions indemnifying its directors and officers to the fullest
extent permitted by the Nebraska Business Corporation Act. Management believes
that these provisions will assist the Registrant in attracting and retaining
qualified individuals to serve as directors.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s articles of incorporation and its by-laws provide that
the Registrant will indemnify each person who was or is made a party or
threatened to be made a party to or is otherwise involved in any action, suit
or proceeding, whether civil, criminal, administrative or investigative, by
reason of the fact that he or she or a person of whom he or she is the legal
representative is or was a director or an officer of the Registrant, to the
fullest extent allowed by the Nebraska Business Corporation Act. This right of
indemnification shall include the right to be paid by the Registrant the
expenses, including attorneys&#146; fees, incurred in defending any such proceeding
in advance of its final disposition. However, if Nebraska law so requires, the
advancement of such expenses will only be made upon the delivery to the
Registrant of an undertaking by or on behalf of such person to repay all
amounts so advanced if it shall ultimately be determined by final judicial
decision, from which there is no further right to appeal, that such person is
not entitled to be indemnified for such expenses by the Registrant.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Registrant&#146;s articles of incorporation and its by-laws
provide that the Registrant may maintain insurance to protect itself and any
director, officer, employee or agent of the Registrant against any expense,
liability or loss, whether or not the Registrant would have the power to
indemnify a person against any expense, liability or loss under Nebraska law.
The Registrant&#146;s articles of incorporation and its by-laws further provide that
the Registrant may, to the extent permitted by the board of directors, grant
rights to indemnification, and rights to advancement of expenses, to any
employee or agent of the Registrant. The Registrant has obtained insurance for
the benefit of its officers and directors insuring such persons against
liabilities, including liabilities under the securities laws.
</FONT>

<!-- link2 "ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED." -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 7.&nbsp;&nbsp;&nbsp;EXEMPTION FROM REGISTRATION CLAIMED.</B>
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>

<!-- link2 "ITEM 8. EXHIBITS." -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 8.&nbsp;&nbsp;&nbsp;EXHIBITS.</B>
</FONT>

<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exhibits to this Registration Statement are listed in the Exhibit
Index on page II-6 of this Registration Statement, which index is incorporated
herein by reference.
</FONT>

<!-- link2 "ITEM 9. UNDERTAKINGS." -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 9.&nbsp;&nbsp;&nbsp;UNDERTAKINGS.</B>
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</FONT>



<P align="center"><FONT size="2">11-2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left" style="margin-left:10%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of
the Securities Act&nbsp;of 1933;
</FONT>


<P align="left" style="margin-left:10%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the most
recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information
set forth in the Registration Statement. Notwithstanding the
foregoing, any increase or decrease in the volume of securities
offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected
in the form of prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes and volume and price
represent no more than a 20% change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148;
table in the effective Registration Statement;
</FONT>


<P align="left" style="margin-left:10%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to include any material information with respect to the
plan of distribution not previously disclosed in the registration
statement or any material change to such information in the
Registration Statement;
</FONT>

<P align="left"><FONT size="2"><I>provided, however</I>, that paragraphs (1)(i) and (1)(ii) do not apply if the
information required to be included in the post-effective amendment by those
paragraphs is contained in periodic reports filed by the Registrant pursuant to
Section&nbsp;13 or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the Registration Statement.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the
Securities Act of 1933, each post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit&#146;s plan&#146;s annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act of 1933 and will be governed by the final adjudication of such issue.
</FONT>

<P align="center"><FONT size="2">11-3
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the
Registrant. certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Lincoln, State of Nebraska, on
January&nbsp;30, 2004.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NELNET, INC.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ Michael S. Dunlap<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Michael S. Dunlap</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Chairman and Co-Chief Executive Officer<BR>
(Co-Principal Executive Officer)</FONT></TD>
</TR>
</TABLE>
</DIV>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned directors of Nelnet, Inc., do hereby constitute and
appoint Michael S. Dunlap, Stephen F. Butterfield and Terry J. Heimes, and each
and any of them, our true and lawful attorneys-in-fact and agents to sign one
or more Registration Statements on Form S-8 and all amendments and
post-effective amendments to this Registration Statement on Form S-8 and to
file the same, with all exhibits thereto, and any other documents in connection
therewith, with the Securities and Exchange Commission under the Securities Act
of 1933, granting unto said attorneys-in-fact and agents full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully and to all intents and
purposes as each might or could do in person, hereby ratifying and confirming
each act that said attorneys-in-fact and agents may lawfully do or cause to be
done by virtue thereof.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/Michael S. Dunlap</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Chairman and
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January&nbsp;30, 2004</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Michael S. Dunlap</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Co-Chief Executive Officer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Co-Principal Executive Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/Stephen F. Butterfield</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Vice Chairman and
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January&nbsp;30, 2004</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Stephen F. Butterfield</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Co-Chief Executive Officer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Co-Principal Executive Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/Terry J. Heimes</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Chief Financial Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January&nbsp;30, 2004</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">Terry J. Heimes</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Principal Financial Officer and</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/Don R. Bouc </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
President and Director
</FONT></TD>


    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January&nbsp;30, 2004</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Don R. Bouc</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Principal Accounting Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/James P. Abel</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January&nbsp;30, 2004</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">James P. Abel</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</DIV>



<P align="center"><FONT size="2">II-4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ Thomas E.
Henning</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January&nbsp;30, 2004</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">Thomas E. Henning</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>






<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ Michael Reardon</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR
 size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January&nbsp;30, 2004</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">Michael Reardon</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Arturo Moreno</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><HR
 size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January&nbsp;30, 2004</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">Arturo Moreno</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Brian J.
O&#146;Connor</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><HR
 size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January&nbsp;30, 2004</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">Brian J. O&#146;Connor</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ James H. Van Horn</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><HR
 size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January&nbsp;30, 2004</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">James H. Van Horn</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="center"><FONT size="2">II-5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>&nbsp;</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Nelnet, Inc. Employee Share Purchase Plan (incorporated by
reference to Exhibit&nbsp;4.14 to the Registration Statement on
Form&nbsp;S-1 dated August&nbsp;19, 2003, as amended (Registration No.
333-108070)).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Nelnet, Inc. Directors Stock Compensation Plan (incorporated by
reference to Exhibit&nbsp;4.13 to the Registration Statement on Form
S-1 dated August&nbsp;19, 2003, as amended (Registration No.
333-108070)).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Nelnet, Inc. Restricted Stock Plan (incorporated by reference to
Exhibit&nbsp;4.12 to the Registration Statement on Form&nbsp;S-1 dated
August&nbsp;19, 2003, as amended (Registration No.&nbsp;333-108070)).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Perry, Guthery, Haase &#038; Gessford, P.C., L.L.O.
regarding the legality of the securities being registered.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of KPMG LLP, Independent Auditors.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Perry, Guthery, Haase &#038; Gessford, P.C., L.L.O (included
in Exhibit&nbsp;5.1).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Powers of Attorney authorizing execution of registration statement
on Form&nbsp;S-8 on behalf of certain directors and officers of Nelnet,
Inc. (included on the signature page to this registration
statement<B>)</B>.</FONT></TD>
</TR>
</TABLE>
</DIV>



<P align="center"><FONT size="2">II-6
</FONT>

</BODY>
</HTML>
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{"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": "S-8", "act": "33", "file-number": "333-112374", "film-number": "04556809"}, "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"}}
NELNET, INC.
Table of Contents
As filed with the Securities and
Exchange Commission on January 30, 2004
Registration No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Nelnet, Inc.
(Exact name of registrant as specified in its charter)
Nebraska
84-0748903
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
121 South 13th Street
Suite 201
Lincoln, Nebraska
68508
(Address of Principal Executive Offices)
(Zip Code)
NELNET, INC. EMPLOYEE SHARE PURCHASE PLAN
NELNET, INC. DIRECTORS STOCK COMPENSATION PLAN
NELNET, INC. RESTRICTED STOCK PLAN
(Full title of the plan)
Terry J. Heimes
Chief Financial Officer
Nelnet, Inc.
121 South 13th Street
Suite 201
Lincoln, Nebraska 68508
(Name and address of agent for service)
(402) 458-2303
(Telephone number, including area code, of agent for service)
Copies to:
Gerald S. Tanenbaum, Esq
Daniel F. Kaplan, Esq.
Cahill Gordon
& Reindel
LLP
Perry, Guthery, Haase & Gessford, P.C., L.L.O.
80 Pine Street
233 South 13th Street, Suite 1400
New York, New York 10005
Lincoln, Nebraska 68508
(212) 701-3000
(402) 476-9200
CALCULATION OF REGISTRATION FEE
Title of Securities to be
Amount to be
Proposed Maximum
Proposed Maximum
Amount of
Registered
Registered (1)
Offering Price Per Share (2)
Aggregate Offering Price (2)
Registration Fee (2)
Class A Common Stock, par
value $0.01 per share
2,100,000 shares
$
23.25
$
48,825,000
$
6,186.13
(1)
Represents 1,000,000 shares issuable under the Nelnet, Inc. Employee
Share Purchase Plan, 100,000 shares issuable under the Nelnet, Inc.
Directors Stock Compensation Plan and 1,000,000 shares issuable under the
Nelnet, Inc. Restricted Stock Plan. In addition, pursuant to Rule 416
under the Securities Act, this Registration Statement will cover such
indeterminate number of shares of Class A Common Stock of Nelnet, Inc.
that may be issued in respect of stock splits, stock dividends and similar
transactions.
(2)
The price of
$23.25 per share, which was the
average of the high and low prices of the Registrant's
Class A Common Stock on the New York Stock Exchange on
January 26, 2004, is set forth solely for the purposes of
calculating the registration fee in accordance with
Rule 457(c) under the Securities Act of 1933, as amended.
TABLE OF CONTENTS
PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
ITEM 1. PLAN INFORMATION.*
ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.*
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
ITEM 4. DESCRIPTION OF SECURITIES.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
ITEM 8. EXHIBITS.
ITEM 9. UNDERTAKINGS.
SIGNATURES
EXHIBIT INDEX
OPINION OF PERRY, GUTHERY, HAASE & GESSFORD PC LLO
CONSENT OF KPMG LLP
Table of Contents
PART I
INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS
ITEM 1.   PLAN INFORMATION.*
ITEM 2.   REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.*
*
As permitted by Rule 428 under the Securities Act of 1933, as amended
(the "Securities Act"), this Registration Statement omits the information
specified in Part I of Form S-8. The documents containing the information
specified in Part I will be delivered to the participants in the plans
covered by this Registration Statement as required by Rule 428(b). Such
documents are not being filed with the Securities and Exchange Commission
(the "Commission") as part of this Registration Statement or as
prospectuses or prospectus supplements pursuant to Rule 424(b) under the
Securities Act.
I-1
Table of Contents
PART II
INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT
ITEM 3.   INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents have been filed by Nelnet, Inc. (the "Registrant")
with the Commission pursuant to the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), and are hereby incorporated by reference:
(1)
the prospectus filed pursuant to Rule 424(b)
under the Securities Act on December 11, 2003; and
(2)
the description of Class A Common Stock in the
Registration Statement on Form 8-A (File No. 001-31924) filed
on December 8, 2003 under Section 12 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"),
including any amendment or report for the purpose of updating
such description.
All documents filed by the Registrant with the Commission pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference herein and to be a part hereof from the date
any such document is filed.
Any statements contained in a document incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained in this Registration
Statement or in any other subsequently filed document which also is
incorporated by reference herein modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed to constitute a part of
this Registration Statement except as so modified or superseded.
ITEM 4.   DESCRIPTION OF SECURITIES.
The description of the Registrant's Class A Common Stock to be offered
pursuant to this Registration Statement has been incorporated by reference into
this Registration Statement as described in Item 3 of this Part II.
ITEM 5.   INTERESTS OF NAMED EXPERTS AND COUNSEL.
Not
applicable.
ITEM 6.   INDEMNIFICATION OF DIRECTORS AND OFFICERS.
The Registrant's articles of incorporation contain a provision which
limits the personal liability of each of its directors for monetary damages for
breaches of fiduciary duty as a director to the Registrant or its shareholders,
except for liability of a director for the following:
•
breach of the duty of loyalty to the Registrant or its
shareholders for acts or omissions not in good faith or involving
intentional misconduct or a knowing violation of law;
II-1
Table of Contents
•
any transaction from which the director derived an improper personal benefit; or
•
violations under provisions of the Nebraska Business Corporation Act relating to unlawful payments of dividends or
unlawful stock purchases or redemptions.
The inclusion of this provision in the Registrant's articles of
incorporation may have the effect of reducing the likelihood of derivative
litigation against directors, and may discourage or deter shareholders or
management from bringing a lawsuit against directors for breach of their duty
of care, even though such an action, if successful, might otherwise have
benefited the Registrant and its shareholders. The Registrant's by-laws also
contain provisions indemnifying its directors and officers to the fullest
extent permitted by the Nebraska Business Corporation Act. Management believes
that these provisions will assist the Registrant in attracting and retaining
qualified individuals to serve as directors.
The Registrant's articles of incorporation and its by-laws provide that
the Registrant will indemnify each person who was or is made a party or
threatened to be made a party to or is otherwise involved in any action, suit
or proceeding, whether civil, criminal, administrative or investigative, by
reason of the fact that he or she or a person of whom he or she is the legal
representative is or was a director or an officer of the Registrant, to the
fullest extent allowed by the Nebraska Business Corporation Act. This right of
indemnification shall include the right to be paid by the Registrant the
expenses, including attorneys' fees, incurred in defending any such proceeding
in advance of its final disposition. However, if Nebraska law so requires, the
advancement of such expenses will only be made upon the delivery to the
Registrant of an undertaking by or on behalf of such person to repay all
amounts so advanced if it shall ultimately be determined by final judicial
decision, from which there is no further right to appeal, that such person is
not entitled to be indemnified for such expenses by the Registrant.
In addition, the Registrant's articles of incorporation and its by-laws
provide that the Registrant may maintain insurance to protect itself and any
director, officer, employee or agent of the Registrant against any expense,
liability or loss, whether or not the Registrant would have the power to
indemnify a person against any expense, liability or loss under Nebraska law.
The Registrant's articles of incorporation and its by-laws further provide that
the Registrant may, to the extent permitted by the board of directors, grant
rights to indemnification, and rights to advancement of expenses, to any
employee or agent of the Registrant. The Registrant has obtained insurance for
the benefit of its officers and directors insuring such persons against
liabilities, including liabilities under the securities laws.
ITEM 7.   EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8.   EXHIBITS.
The exhibits to this Registration Statement are listed in the Exhibit
Index on page II-6 of this Registration Statement, which index is incorporated
herein by reference.
ITEM 9.   UNDERTAKINGS.
The undersigned Registrant hereby undertakes:
(1)     To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
11-2
Table of Contents
(i)     to include any prospectus required by Section 10(a)(3) of
the Securities Act of 1933;
(ii)     to reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the most
recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information
set forth in the Registration Statement. Notwithstanding the
foregoing, any increase or decrease in the volume of securities
offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected
in the form of prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes and volume and price
represent no more than a 20% change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee"
table in the effective Registration Statement;
(iii)     to include any material information with respect to the
plan of distribution not previously disclosed in the registration
statement or any material change to such information in the
Registration Statement;
provided, however
, that paragraphs (1)(i) and (1)(ii) do not apply if the
information required to be included in the post-effective amendment by those
paragraphs is contained in periodic reports filed by the Registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the Registration Statement.
(2)     That, for the purpose of determining any liability under the
Securities Act of 1933, each post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3)     To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit's plan's annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act of 1933 and will be governed by the final adjudication of such issue.
11-3
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant. certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Lincoln, State of Nebraska, on
January 30, 2004.
NELNET, INC.
/s/ Michael S. Dunlap
Michael S. Dunlap
Chairman and Co-Chief Executive Officer
(Co-Principal Executive Officer)
We, the undersigned directors of Nelnet, Inc., do hereby constitute and
appoint Michael S. Dunlap, Stephen F. Butterfield and Terry J. Heimes, and each
and any of them, our true and lawful attorneys-in-fact and agents to sign one
or more Registration Statements on Form S-8 and all amendments and
post-effective amendments to this Registration Statement on Form S-8 and to
file the same, with all exhibits thereto, and any other documents in connection
therewith, with the Securities and Exchange Commission under the Securities Act
of 1933, granting unto said attorneys-in-fact and agents full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully and to all intents and
purposes as each might or could do in person, hereby ratifying and confirming
each act that said attorneys-in-fact and agents may lawfully do or cause to be
done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
/s/Michael S. Dunlap
Chairman and
January 30, 2004
Michael S. Dunlap
Co-Chief Executive Officer
(Co-Principal Executive Officer)
/s/Stephen F. Butterfield
Vice Chairman and
January 30, 2004
Stephen F. Butterfield
Co-Chief Executive Officer
(Co-Principal Executive Officer)
/s/Terry J. Heimes
Chief Financial Officer
January 30, 2004
Terry J. Heimes
(Principal Financial Officer and
/s/Don R. Bouc
President and Director
January 30, 2004
Don R. Bouc
(Principal Accounting Officer)
/s/James P. Abel
Director
January 30, 2004
James P. Abel
II-4
Table of Contents
Signature
Title
Date
/s/ Thomas E.
Henning
Director
January 30, 2004
Thomas E. Henning
/s/ Michael Reardon
Director
January 30, 2004
Michael Reardon
/s/ Arturo Moreno
Director
January 30, 2004
Arturo Moreno
/s/ Brian J.
O'Connor
Director
January 30, 2004
Brian J. O'Connor
/s/ James H. Van Horn
Director
January 30, 2004
James H. Van Horn
II-5
Table of Contents
EXHIBIT INDEX
Exhibit
Number
Exhibit
4.1
Nelnet, Inc. Employee Share Purchase Plan (incorporated by
reference to Exhibit 4.14 to the Registration Statement on
Form S-1 dated August 19, 2003, as amended (Registration No.
333-108070)).
4.2
Nelnet, Inc. Directors Stock Compensation Plan (incorporated by
reference to Exhibit 4.13 to the Registration Statement on Form
S-1 dated August 19, 2003, as amended (Registration No.
333-108070)).
4.3
Nelnet, Inc. Restricted Stock Plan (incorporated by reference to
Exhibit 4.12 to the Registration Statement on Form S-1 dated
August 19, 2003, as amended (Registration No. 333-108070)).
5.1
Opinion of Perry, Guthery, Haase & Gessford, P.C., L.L.O.
regarding the legality of the securities being registered.
23.1
Consent of KPMG LLP, Independent Auditors.
23.2
Consent of Perry, Guthery, Haase & Gessford, P.C., L.L.O (included
in Exhibit 5.1).
24.1
Powers of Attorney authorizing execution of registration statement
on Form S-8 on behalf of certain directors and officers of Nelnet,
Inc. (included on the signature page to this registration
statement
)
.
II-6