Exhibit 99.1


- --------------------------------------------------------------------------------
NELNET   121 South 13th Street, Suite 400   P 402 458 2370    www.nelnet.net
         Lincoln, NE  68506                 F 402 458 2344    NELNET CORPORATE
                                                              SERVICES, INC.
- --------------------------------------------------------------------------------


Media Contact: Sheila Odom, 402.458.2329
Investor Contact: Cheryl Watson, 317.469.2064

For immediate release

NELNET ANNOUNCES STOCK REPURCHASE PROGRAM

Lincoln, Neb. - Nelnet (NYSE: NNI), a leading education finance and education
services company, announced today that its Board of Directors has approved a
stock repurchase program under which Nelnet may buy back up to a total of
5,000,000 shares of its Class A Common Stock, which constitutes approximately
10% of the total of its outstanding Class A and Class B Common Stock. The timing
and amount of repurchases, if any, will depend on market conditions, share
price, trading volume, and other factors, including compliance with provisions
of credit agreements and trading restriction periods during which the Company
and its insiders are restricted from trading in the Company's securities. There
is no assurance that the Company will repurchase shares during the approved
period ending January 31, 2008.

Shares may be repurchased from time to time on the open market, through private
transactions, or otherwise. Purchases will be reported on a quarterly basis in
the Company's reports filed with the Securities and Exchange Commission.
Purchases may be commenced, suspended, or discontinued at any time.

"The authorization of this program reflects our long-term focus on the education
services industry and our belief in Nelnet's fundamental value. At the current
price levels, and potentially in the future, it may make sense to use our
capital to repurchase shares," commented Mike Dunlap, Nelnet Chairman and
co-Chief Executive Officer.

Additional information regarding Nelnet may be found at www.nelnet.net.

                                       ###

Nelnet is one of the leading education finance companies in the United States
and is focused on providing quality products and services to students and
schools nationwide. Nelnet ranks among the nation's leaders in terms of total
net student loan assets with $21.3 billion as of March 31, 2006. Headquartered
in Lincoln, Nebraska, it originates, consolidates, securitizes, holds, and
services student loans, principally loans originated under the Federal Family
Education Loan Program of the U.S. Department of Education, which we refer to as
the FFEL Program or the FFELP.



Information contained in this press release, other than historical information,
may be considered forward-looking in nature and is subject to various risks,
uncertainties, and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, estimated, or
expected. Among the key factors that may have a direct bearing on Nelnet's stock
repurchase program and Nelnet's operating results, performance, or financial
condition expressed or implied by the forward-looking statements are the effect
of market conditions and liquidity and capital resources, relative increases in
the yield which could be obtained from alternative investment of the funds that
otherwise may be used to repurchase stock, changes in the terms of student loans
and the educational credit marketplace, changes in the demand for educational
financing or in financing preferences of educational institutions, students and
their families, or changes in the general interest rate environment and in the
securitization markets for education loans.