THE REST OF THE PERKS (cont’d.)DRESS CODEBusiness casual Monday - Thursday with more casual dress allowed on Friday. Business

attire is requested on occasion with adequate notice.

ASSOCIATE SHARE PURCHASE PROGRAMEligible the first full quarter following six months of service. Allows for the purchase of

Nelnet stock through payroll deduction at a 15% discount from fair market price.

SERVICE AWARDSEvery five years of employment, associates will be recognized for their service and

presented with a Service Award.

EDUCATION BENEFITSEligible for reimbursement of tuition, fees and books on the first day of the month

following six months of employment. At Nelnet’s discretion, any degree program that

can be justified as a benefit to Nelnet will be allowed. Non-degree-seeking associates

may apply for individual classes and certificate programs to be reimbursed based on

applicability to their job/manager recommendation. Reimbursement is based on grade

received and part-time or full-time status. 100% pre-tax reimbursement for “A” and

90% for “B” to a maximum of $5,250 per calendar year.

PAY PERIODSPay days are bi-weekly (26/year) and account for 80 hours of work.

DIRECT DEPOSITNelnet offers associates the option to have their pay electronically deposited into their

own bank account(s). This is the fastest and safest way to get earnings deposited

to a personal bank account and have the money credited for immediate use. Direct

deposit normally begins on the second pay period following receipt of the completed

authorization form.

FITNESS MEMBERSHIP REIMBURSEMENTEligibility for this program is the first day of the month following 30 days of employment

for all Nelnet full-time and part-time associates.

Nelnet provides reimbursement for fitness memberships for associates only. Approved

fitness centers must be licensed, have a physical location and be willing to provide

proof of utilization. In addition to exercise programs, including aerobics, yoga and/or

martial arts, personal trainer fees can also be covered under this program; however,

social club memberships are not covered.

To support Nelnet’s goal of encouraging better health consumerism, Nelnet will

reimburse $20 per month for a fitness membership. In addition, a one-time initiation

or sign-on fee of up to $50 will be reimbursed. Annual dues or renewal fees are not

reimbursable under this program. In accordance with IRS regulations, all reimbursements

under this program must be considered taxable income.

WHO WE ARE

“ Nelnet’s vision, core values and mission are more than just words

on paper. They are the internal and external expression of who we

are, what we believe and how we conduct business.”

- Mike Dunlap, Chairman

VISION

Making educational dreams possibleSM

CORE VALUES

• Customers are number one

• We will create an environment in which associates can succeed and are treated with dignity and respect

• Truth, honesty, integrity and clear, open communication are fundamental to our success

• Our goal is to create a diversified educational services company that preserves intellectual capital

MISSION

Nelnet, a diversified educational services company, will consistently

deliver premier solutions and quality services. Schools and their

students are our primary focus.

ASSOCIATE ATTRIBUTES OF A PERFORMANCE-BASED ORGANIZATION

• Accountability • Ethics and integrity• Communication/feedback • Great people• Pay for performance • Opportunity• Continuous improvement • Recognition• Teamwork • Results

©2007 Nelnet, Inc. All rights reserved. Nelnet is a registered service mark of Nelnet, Inc. 6/07

NOW THAT YOU WORK FOR US,here’s how we work for you.

ASSOCIATE BENEFITS

www.nelnet.com

YOUR TIME AWAYEARNED TIME OFFFull-time non-exempt associates0 - 4 years . . . . . . . . . . . . . . . . . . . . . . . 5.54 hours/pay period (18 days per year)5 - 9 years . . . . . . . . . . . . . . . . . . . . . . . 7.38 hours/pay period (24 days per year)

10+ years . . . . . . . . . . . . . . . . . . . . . . . 8.31 hours/pay period (27 days per year)

Full-time exempt associates0 - 4 years . . . . . . . . . . . . . . . . . . . . . . . 6.77 hours/pay period (22 days per year)5 - 9 years . . . . . . . . . . . . . . . . . . . . . . . 8.62 hours/pay period (28 days per year)

10+ years . . . . . . . . . . . . . . . . . . . . . . . 9.54 hours/pay period (31 days per year)

Regular part-time non-exempt associates (32 - 39 hours per week)0 - 4 years . . . . . . . . . . . . . . . . . . . . . . . 3.50 hours/pay period (13 days per year)5 - 9 years . . . . . . . . . . . . . . . . . . . . . . . 4.85 hours/pay period (18 days per year)

10+ years . . . . . . . . . . . . . . . . . . . . . . . 5.38 hours/pay period (20 days per year)

Regular part-time exempt associates (32 - 39 hours per week)0 - 4 years . . . . . . . . . . . . . . . . . . . . . . . 4.58 hours/pay period (17 days per year)

5 - 9 years . . . . . . . . . . . . . . . . . . . . . . . 5.92 hours/pay period (22 days per year)

10+ years . . . . . . . . . . . . . . . . . . . . . . . 6.46 hours/pay period (24 days per year)

Part-time non-exempt associates (20 - 31 hours per week)0 - 4 years . . . . . . . . . . . . . . . . . . . . . . . 1.73 hours/pay period (9 days per year)5 - 9 years . . . . . . . . . . . . . . . . . . . . . . . 2.31 hours/pay period (12 days per year)

10+ years . . . . . . . . . . . . . . . . . . . . . . . 2.50 hours/pay period (13 days per year)

Part-time exempt associates (20 - 31 hours per week)0 - 4 years . . . . . . . . . . . . . . . . . . . . . . . 2.50 hours/pay period (13 days per year)5 - 9 years . . . . . . . . . . . . . . . . . . . . . . . 3.08 hours/pay period (16 days per year)10+ years . . . . . . . . . . . . . . . . . . . . . . . 3.27 hours/pay period (17 days per year)

10 PAID HOLIDAYS PER YEAR

BEREAVEMENT LEAVE

FAMILY AND MEDICAL LEAVE ACT (FMLA)

PERSONAL LEAVE OF ABSENCE

TAKE CARE OF YOU AND YOURSHEALTH INSURANCE PLANS (Summary available upon request.)

Effective . . . . . . . . . . . . . First day of the month following 30 days of employment

Consumer Driven Health Plan (CDHP), with optional Health Savings Account (HSA) (offered by Great-West Healthcare) - In- and out-of-network benefits, no primary care

physician required

Open Access (offered by Great-West Healthcare) - In- and out-of-network benefits,

no primary care physician required, self-referral to specialists allowed

Out-of-Area Medical Plan - Offered to associates who do not live in covered network areas

Dental Plan (offered by Great-West Healthcare) - Preventative, basic, major and

orthodontic services; open access to all dental providers

LONG-TERM DISABILITYAfter one year of service, associates working 20 hours or more per week will receive 60%

of their regular pay beginning on day 181 of a serious medical condition, if approved.

SUPPLEMENTAL INSURANCEAssociates have the option to purchase voluntary short-term disability, accident insurance

and cancer insurance from Colonial Insurance. Supplemental insurance is available on

the first day of the month following 30 days of employment.

THE REST OF THE PERKS401(k) AND ROTH 401(k)Available the first day of the month following six months of service. In 2007, associates

may defer up to $15,500 of their compensation to the 401(k) (pre-tax contributions)

and/or Roth 401(k) (post-tax contributions). Associates who are 50 by the end of

2007 may contribute up to $5,000 in catch-up contributions. Both 401(k) and Roth

401(k) contributions are matched at 100% on the first 3% and 50% on the next 2% of

compensation (catch-up contributions are not matched). Associates are vested 100%

immediately, and a loan provision exists for hardship under both plans.

ASSOCIATE REFERRAL PROGRAMAssociates are eligible the first day of employment to receive a financial incentive for

referrals hired under the guidelines of the Nelnet Associate Referral Program.

TAX-SAVING BENEFITS• Pre-tax medical, dental, vision and Voluntary AD&D premiums• Dependent Care Account: $5,000 annual maximum per household• Health Care Account: $5,000 annual maximum per associate• Health Savings Account (HSA): $5,650 maximum includes company contribution

PERFORMANCE-BASED INCENTIVEPerformance-based incentive offered to reward associates for their contributions to

the success and profitability of the company. Amounts and eligibility requirements

communicated on an annual basis.

WORK/LIFE BENEFITS• Child care discounts• Sick/emergency back-up care• Child and elder care resource and referral• Employee Assistance Program (EAP) and GuidanceResources Program• Parenting questions answered• Internet resources• Respite back-up adult/elder care• Weekend babysitter referral• Pet resource and referral• Discounts and services• Mayo Clinic lifestyle coaching

SCHOLARS PROGRAMAwards scholarships to children of Nelnet associates, up to $5,000.

* Chart represents cost for associates working 32 or more hours per week. Associates who work 20 to 31 hours are also eligible for medical benefits, but will pay double the medical premium listed herein.

LOOKING OUT FOR YOUR FAMILY’S FUTURETERM LIFE/AD&D INSURANCE (all part-time and full-time associates)Effective . . . . . . . . . . . . . .First day of month following 30 days of employment

Cost. . . . . . . . . . . . . . . . . .100% company paid

Amount . . . . . . . . . . . . . . . Two times annual salary (max $500,000)/four times annual

salary if accidental death

VOLUNTARY TERM LIFE AND ACCIDENTAL DEATH & DISMEMBERMENTAvailable on the first day of the month following 30 days of employment for all part-time

and full-time associates, their spouses and their children for an extra premium.

SHORT-TERM DISABILITY/MEDICAL LEAVE PAYAfter one year of service, associates may receive pay if they qualify for FMLA after five

consecutive days of a certifiable serious health condition.

Non-exempt associates• 1 - 4 years of service, receive 100% pay up to six weeks• 5 - 9 years of service, receive 100% pay up to six weeks, 75% for weeks 7 - 12• 10+ years of service, receive 100% pay up to six weeks, 75% for weeks 7 - 12,

50% for weeks 13 - 18 and 25% for weeks 19 - 24

Exempt associates• 1+ years of service, receive 100% pay up to six weeks, 75% for weeks 7 - 12,

50% for weeks 13 - 18 and 25% for weeks 19 - 24.

WELLNESS PROGRAMAn online application that reviews health care trends and assesses the overall health care costs and health risks of individuals and our organization. The Wellness Program also creates an incentive-based, individualized action plan for each participating associate, based upon individual health risks. Participants in the program complete an online health assessment and participate in an on-site health screening. After the data is assessed, each participant will have access to their

personal, portable medical record.

Please note that participation in Nelnet’s Wellness Program is required to enroll in a medical plan.

Assoc. only $36.00 $47.00 $5.00 $1.00 $2.75

Assoc. & child(ren) $71.00 $95.00 $9.00 $4.84

Assoc. & spouse/partner $77.00 $102.00 $11.00 $5.82

Assoc. & family $115.00 $152.00 $13.00 $7.90

Plan A Plan B

Medical Dental VisionCDHP Open Access

HEALTH INSURANCE COST (per pay period)

Vision Plan A (offered by Great-West Healthcare) - Available for associates only, $80 per

calendar year reimbursement for eligible expenses

Vision Plan B (offered by EyeMed) - Available for associates and dependents, copay and

schedule-based vision benefits