NELNET INC

Nelnet is an operating holding company primarily engaged in consumer lending, loan servicing, payments, and technology-enabled services, with many activities focused on the education sector. The company operates directly and through its wholly owned and majority-owned subsidiaries, managing its businesses on an integrated basis. Nelnet's largest operating and technology platforms support loan servicing and education-related technology and payment solutions. A significant portion of its revenue comes from net interest income on a portfolio of federally insured student loans, largely serviced by the company. Nelnet has expanded its business mix to include banking and other financial services through its bank and other subsidiaries, asset management and related customer-facing servicing, real estate development and management, reinsurance operations, renewable energy development, and strategic interests in early-stage, emerging growth, and other operating enterprises. The company earns substantially all of its revenue from external customers in the United States, and substantially all of its long-lived assets are located in the United States. Nelnet was formed as a Nebraska corporation in 1978 to service federal student loans. It became a leading originator, holder, and servicer of federal student loans, primarily those under the Federal Family Education Loan Program (FFEL Program). The Health Care and Education Reconciliation Act of 2010 discontinued new FFEL Program loan originations effective July 1, 2010, requiring new federal student loans to be made through the Federal Direct Loan Program. This law does not change existing FFELP loan terms, and Nelnet no longer originates FFELP loans.