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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DxbGHXQKdnkRs7YWFZLBR36yx7HyD3IHYhXi3c4a3QwqR+M/uIUxMlBgPlij+Ivf
 JXuVIKQOCtmZefvucul/tQ==

<SEC-DOCUMENT>0001005477-04-004334.txt : 20041202
<SEC-HEADER>0001005477-04-004334.hdr.sgml : 20041202
<ACCEPTANCE-DATETIME>20041202154615
ACCESSION NUMBER:		0001005477-04-004334
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041201
FILED AS OF DATE:		20041202
DATE AS OF CHANGE:		20041202

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BOUC DON R
		CENTRAL INDEX KEY:			0001269792

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31924
		FILM NUMBER:		041180678

	MAIL ADDRESS:	
		STREET 1:		121 SOUTH 13TH STREET STE 201
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NELNET INC
		CENTRAL INDEX KEY:			0001258602
		STANDARD INDUSTRIAL CLASSIFICATION:	ASSET-BACKED SECURITIES [6189]
		IRS NUMBER:				840748903
		STATE OF INCORPORATION:			NE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		121 SOUTH 13TH ST
		STREET 2:		STE 201
		CITY:			LINCONLN
		STATE:			NE
		ZIP:			68508

	MAIL ADDRESS:	
		STREET 1:		121 SOUTH 13TH ST
		STREET 2:		STE 201
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001258602</issuerCik>
        <issuerName>NELNET INC</issuerName>
        <issuerTradingSymbol>NNI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001269792</rptOwnerCik>
            <rptOwnerName>BOUC DON R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>121 SOUTH 13TH STREET, SUITE 201</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LINCOLN</rptOwnerCity>
            <rptOwnerState>NE</rptOwnerState>
            <rptOwnerZipCode>68508</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-12-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>50000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>25</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>formerly by Great Plains Financial LLC</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.</footnote>
        <footnote id="F2">The reporting person directly owns 1,138,487 shares of Class A Common Stock, and indirectly owns the following shares of Class A Common Stock: (a) 265,149 shares held by the Don R. Bouc Five Year Grantor Retained Annuity Trust (&quot;GRAT&quot;), (b) 265,149 shares held by the Nancy L. Bouc Five Year GRAT, (c) 180,627 shares held by the Don R. Bouc Three Year GRAT, (d) 180,627 shares held by the Nancy L. Bouc Three Year GRAT, and (e) 34,851 shares held by the reporting person's spouse.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/Edward P. Martinez, Attorney-in-Fact for Don R. Bouc</signatureName>
        <signatureDate>2004-12-02</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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