Exhibit 10.1


                                  NELNET, INC.
                      AMENDED EXECUTIVE OFFICERS BONUS PLAN
                          (Effective November 14, 2006)

1.      PURPOSE. Nelnet, Inc. has established this Nelnet, Inc. Executive
        Officers Bonus Plan in order to provide the Company's Co-Chief Executive
        Officers with an opportunity to earn annual bonus compensation based
        upon the Company's consolidated net income before taxes, as an incentive
        and reward for their leadership, ability and exceptional services.

2.      DEFINITIONS. For purposes of the Plan, the following terms shall be
        defined as set forth below:

        a.      "Award" means the amount of bonus compensation to which an
                Eligible Employee is entitled for each Plan Year in accordance
                with sections 4 and 5 of the Plan.

        b.      "Base Net Income" means the Company's annual base net income for
                the Plan Year as calculated and reported in the Company's
                earnings releases and filings.

        c.      "Base Net Income Per Share" means Base Net Income divided by
                weighted average basic number of common shares outstanding as of
                the end of the Plan Year.

        d.      "Board" means the Board of Directors of the Company.

        e.      "Code" means the Internal Revenue Code of 1986, as amended,
                including applicable regulations thereunder.

        f.      "Committee" means the Compensation Committee of the Board.

        g.      "Company" means Nelnet, Inc., a Nebraska corporation, or any
                successor corporation.

        h.      "Eligible Employee" means each of the Co-Chief Executive
                Officers of the Company.

        i.      "Plan" means the Nelnet, Inc. Executive Officers Bonus Plan, as
                amended from time to time.

        j.      "Plan Year" means a calendar year or such other period
                established by the Committee.

        k.      "Investment Grade Credit Rating" means a credit rating by
                Standard & Poor's and Moody's Investor Services of "BBB" or
                higher.

3.      ADMINISTRATION. The Plan shall be administered by the Committee. The
        Committee shall have the authority to adopt, alter and repeal such
        administrative rules, guidelines and practices governing the Plan as it
        shall deem advisable and to interpret the terms and provisions of the
        Plan. All determinations made by the Committee with respect to the Plan
        and Awards thereunder shall be final and binding on all persons,
        including the Company and all Eligible Employees.


4.      DETERMINATION OF AWARDS. The amount of the Award payable to each
        Eligible Employee for each Plan Year shall equal $500,000 for every
        $1.00 of Base Net Income Per Share for the Plan Year, or the pro-rata
        share thereof. For example if Base Net Income Per Share equals $2.50 the
        Award to each Eligible Employee would equal $1,250,000. Notwithstanding
        the forgoing, Eligible Employees shall not be entitled to any Award in
        any Plan Year in which the Company fails to maintain an Investment Grade
        Credit Rating.

5.      PAYMENT OF AWARD. The Award of each Eligible Employee for a Plan Year
        shall be paid in cash after the Company's earnings for the Plan Year
        have been finalized and announced to the public. If an Eligible Employee
        dies after the end of a Plan Year but before receiving payment of any
        Award, the amount of such Award shall be paid to a designated
        beneficiary or, if no beneficiary has been designated, to the Eligible
        Employee's estate, in the form of a lump sum payment in cash as soon as
        practicable after the Award for the Plan Year has been determined.

6.      NONTRANSFERABILITY. No Award or rights under this Plan may be
        transferred assigned other than by will or by the laws of descent and
        distribution.

7.      AMENDMENTS AND TERMINATION. The Board may terminate the Plan at any time
        and may amend it from time to time; provided, however, that no
        termination or amendment of the Plan shall adversely affect the rights
        of an Eligible Employee or a beneficiary to a previously earned Award.

8.      GENERAL PROVISIONS.

        a.      Nothing set forth in this Plan shall prevent the Board from
                adopting other or additional compensation arrangements. Neither
                the adoption of the Plan or any Award hereunder shall confer
                upon an Eligible Employee any right to continued employment.

        b.      No member of the Board or the Committee, nor any officer or
                employee of the Company acting on behalf of the Board or the
                Committee, shall be personally liable for any action,
                determination or interpretation taken or made with respect to
                the Plan, and all members of the Board or the Committee and all
                officers or employees of the Company acting on their behalf
                shall, to the extent permitted by law, be fully indemnified and
                protected by the Company in respect of any such action,
                determination or interpretation.

9.      EFFECTIVE DATE. The Amended Plan shall be effective as of January 1,
        2007.