Exhibit 21.1

List of Direct and Indirect Subsidiaries of Nelnet, Inc. as of December 31, 2022

	Name	Organized in	Relationship to Nelnet Inc.	Percentage Ownership
1	1867 - AGATE20, LLC	Nebraska	Indirect	100.00
2	1867 - Excelsior, LLC	Nebraska	Indirect	100.00
3	1867 - GS20, LLC	Nebraska	Indirect	100.00
4	1867 - GS22CO, LLC	Nebraska	Indirect	100.00
5	1867-Nexcel22A,LLC	Delaware	Indirect	100.00
6	1867 - NUG21, LLC	Nebraska	Indirect	100.00
7	1867 - NY1, LLC	Nebraska	Indirect	100.00
8	1867 - RP, LLC	Nebraska	Indirect	100.00
9	1867 - RP20, LLC	Nebraska	Indirect	100.00
10	1867-RP23, LLC	Nebraska	Indirect	100.00
11	1867-REV23, LLC	Nebraska	Indirect	100.00
12	1867 - SOL21, LLC	Nebraska	Indirect	100.00
13	1867 - SOL22 LLC	Nebraska	Indirect	100.00
14	1867 - SOL23 LLC	Nebraska	Indirect	100.00
15	1867 - SR, LLC	Nebraska	Indirect	100.00
16	1867-SRiver22, LLC	Nebraska	Indirect	100.00
17	1867 Capital-1, LLC	Nebraska	Direct	100.00
18	1867-C2, LLC	Nebraska	Indirect	100.00
19	1867-C2-NY, LLC	Nebraska	Indirect	100.00
20	ACM F Acquisition, LLC	Nebraska	Indirect	100.00
21	CampusGuard LLC	Nebraska	Indirect	100.00
22	Community Development Opportunity Fund V, LLC	Nebraska	Indirect	100.00
23	Community Development Opportunity Fund VI, LLC	Nebraska	Direct	100.00
24	Community Development Opportunity Fund VII, LLC	Nebraska	Direct	100.00
25	Community Development Opportunity Fund VIII, LLC	Nebraska	Indirect	100.00
26	EFS Finance Co., LLC	Nebraska	Indirect	100.00
27	FACTS Education Corporation	Nebraska	Indirect	100.00
28	FACTS Education Solutions, LLC	Arizona	Indirect	100.00
29	First National Life Insurance Company of the USA, Inc.	Nebraska	Indirect	100.00
30	Nelnet Accident Captive Insurance, LLC	Utah	Indirect	100.00
31	FM Systems LLC	Delaware	Indirect	100.00
32	Great Lakes Educational Loan Services, Inc.	Wisconsin	Indirect	100.00
33	HigherSchool Publishing Company	Illinois	Indirect	100.00
34	Municipal Tax Investment, LLC	Nebraska	Direct	100.00
35	Municipal Tax Property, LLC	Nebraska	Indirect	100.00
36	National Education Loan Network, Inc.	Nebraska	Direct	100.00
37	Nelnet Academic Services, LLC	Nebraska	Indirect	100.00
38	Nelnet Bank, Inc	Utah	Direct	100.00
39	Nelnet Business Solutions - Canada Inc.	Ontario	Indirect	100.00
40	Nelnet Business Solutions, Inc.	Nebraska	Indirect	100.00
41	Nelnet Core Assurance LLC	Utah	Indirect	100.00
42	Nelnet Captive Insurance Company LLC	Utah	Indirect	100.00

43	Nelnet Harmony Captive Insurance, LLC	Utah	Indirect	100.00
44	Nelnet Tenant Insurance Company LLC	Utah	Indirect	100.00
45	Nelnet Community Engagement, LLC	Nebraska	Indirect	100.00
46	Nelnet Diversified Solutions, LLC	Nebraska	Direct	100.00
47	Nelnet Education Loan Funding, Inc.	Nebraska	Indirect	100.00
48	Nelnet FFELP Student Loan Warehouse-I, LLC	Delaware	Indirect	100.00
49	Nelnet Finance Corp.	Nebraska	Indirect	100.00
50	Nelnet Fund Management, LLC	Nebraska	Direct	100.00
51	Nelnet Government Services, LLC	Nebraska	Indirect	100.00
52	Nelnet Insurance Services, LLC	Nebraska	Indirect	100.00
53	Nelnet International Pty Ltd	Australia	Indirect	100.00
54	Nelnet Loan Acquisition Corporation	Lincoln	Indirect	100.00
55	Nelnet Management Corporation -1	Nevada	Indirect	100.00
56	Nelnet Philippines, Inc	Philippines	Indirect	100.00
57	Nelnet Private Education Loan Funding, LLC	Delaware	Indirect	100.00
58	Nelnet Private Student Loan Financing Corporation	Nebraska	Indirect	100.00
59	Nelnet Private Student Loan Warehouse-2, LLC	Delaware	Indirect	100.00
60	Nelnet Private Student Loan Warehouse-I, LLC	Delaware	Indirect	100.00
61	Nelnet Real Estate Ventures, LLC	Nebraska	Indirect	100.00
62	Nelnet Servicing, LLC	Nebraska	Indirect	100.00
63	Nelnet Solar, LLC	Nebraska	Direct	100.00
64	Nelnet Student Loan Depositor, LLC	Nebraska	Indirect	100.00
65	Nelnet Student Loan Funding II Management Corporation	Nebraska	Indirect	100.00
66	Nelnet Student Loan Funding II, LLC	Delaware	Indirect	100.00
67	Nelnet Student Loan Funding III, LLC	Delaware	Indirect	100.00
68	Nelnet Student Loan Funding Management Corporation	Nevada	Indirect	100.00
69	Nelnet Student Loan Funding, LLC	Delaware	Indirect	100.00
70	Nelnet Sustainable Ventures, LLC	Nebraska	Indirect	100.00
71	Nelnet UNL Alliance, LLC	Nebraska	Direct	100.00
72	NHELP – II, LLC	Delaware	Indirect	100.00
73	NHELP – III, LLC	Delaware	Indirect	100.00
74	Nelnet Payment Services, LLC	Nebraska	Indirect	100.00
75	Wachovia Education Loan Funding LLC	Delaware	Indirect	100.00
76	CampusGuard Pty Ltd	Australia	Indirect	100.00
77	Community Development Opportunity Fund III, LLC	Nebraska	Indirect	100.00
78	Community Development Opportunity Fund I, LLC	Nebraska	Direct	99.91
79	Bodega Avenue Solar LLC	California	Indirect	99.00
80	Briggs Solar Lessee, LLC	Rhode Island	Indirect	99.00
81	C2 CT Fund 1 Holdings, LLC	Delaware	Indirect	99.00
82	CZ Solar Tenant, LLC	Delaware	Indirect	99.00
83	GSPP NN Fund II, LLC	New York	Indirect	99.00
84	KE-TE Holdco Series 2022-1, LLC	Delaware	Indirect	99.00
85	Kearsarge NYMA MT, LLC	Massachusetts	Direct	99.00
86	RenewProp Lessee 1, LLC	Delaware	Indirect	99.00
87	RenewProp Lessee 2, LLC	Delaware	Indirect	99.00
88	Solar Projectco 12 Tenant, LLC	Delaware	Indirect	99.00
89	Virgo Charlestown NY Holdco, LLC	Delaware	Direct	99.00

90	Virgo Skipjack Holdco, LLC	Delaware	Direct	99.00
91	Iris 3 TenantCo, LLC	Delaware	Indirect	99.00
92	NY CSG 2 Holdings, LLC	Delaware	Indirect	99.00
93	Hope Solar Farm, LLC	Delaware	Indirect	99.00
94	Catlin Solar 1 LLC	New York	Indirect	99.00
95	Saratoga Solar, LLC	New York	Indirect	99.00
96	Cortland-Virgil Road, LLC	Delaware	Indirect	99.00
97	East River Solar, LLC	Delaware	Indirect	99.00
98	Lime Hollow Solar, LLC	Delaware	Indirect	99.00
99	McLean Solar 1, LLC	Delaware	Indirect	99.00
100	McLean Solar 2, LLC	Delaware	Indirect	99.00
101	Route 13 Solar, LLC	Delaware	Indirect	99.00
102	C2 WM New Jersey 1, LLC	Delaware	Indirect	99.00
103	C2 WM Arizona 1, LLC	Delaware	Indirect	99.00
104	C2 WM Arizona 2 Solar, LLC	Delaware	Indirect	99.00
105	C2 WM Arizona 3 Solar, LLC	Delaware	Indirect	99.00
106	C2 WM Arizona 4 Solar, LLC	Delaware	Indirect	99.00
107	C2 WM Arizona 5 Solar, LLC	Delaware	Indirect	99.00
108	C2 WM Arizona 6 Solar, LLC	Delaware	Indirect	99.00
109	C2 WM Arizona 7 Solar, LLC	Delaware	Indirect	99.00
110	C2 WM Arizona 8 Solar, LLC	Delaware	Indirect	99.00
111	C2 WM Arizona 9 Solar, LLC	Delaware	Indirect	99.00
112	C2 WM Arizona 10 Solar, LLC	Delaware	Indirect	99.00
113	C2 Woodbury Solar, LLC	Delaware	Indirect	99.00
114	C2 RI Hopkinton, LLC	Delaware	Indirect	99.00
115	Route 149 LLC	Vermont	Indirect	99.00
116	Shields Drive LLC	Vermont	Indirect	99.00
117	Blissville Road LLC	Vermont	Indirect	99.00
118	Upper Road LLC	Vermont	Indirect	99.00
119	C2 WM Laurens Leasing, LLC	Delaware	Indirect	99.00
120	KE-21005, LLC	California	Indirect	99.00
121	SynerGen Panorama, LLC	Maryland	Indirect	99.00
122	Chester NY1, LLC	Delaware	Indirect	99.00
123	Greenville NY1, LLC	Delaware	Indirect	99.00
124	Westtown NY1, LLC	Delaware	Indirect	99.00
125	1st Source Solar 2, LLC	Delaware	Direct	90.00
126	1st Source Solar 3, LLC	Delaware	Direct	90.00
127	1st Source Solar 5, LLC	Delaware	Direct	90.00
128	1st Source Solar 6, LLC	Delaware	Indirect	90.00
129	Whitetail Rock Capital Management, LLC	Nebraska	Indirect	90.00
130	Whitetail Rock Fund Management, LLC	Nebraska	Indirect	90.00
131	Linn Station Partners, LLC	Kentucky	Indirect	90.00
132	SRC Partnership 2, LLC	Delaware	Indirect	89.10
133	SSI MN Tranche 1, LLC	Delaware	Indirect	89.10
134	Virgo KAM Holdco, LLC	Delaware	Indirect	89.10
135	Wenonah Holdings LLC	Delaware	Indirect	89.10
136	Illinois PV Fulton 1, LLC	Illinois	Indirect	89.10

137	Clinton Solar 4 LLC	Illinois	Indirect	89.10
138	Vermilion Solar 1 LLC	Illinois	Indirect	89.10
139	Tower Road Solar, LLC	Delaware	Indirect	89.10
140	Pine Road Solar, LLC	Delaware	Indirect	89.10
141	Lindstrom Solar LLC	Minnesota	Indirect	89.10
142	Saint Cloud Solar LLC	Minnesota	Indirect	89.10
143	Winsted Solar LLC	Minnesota	Indirect	89.10
144	USS East Hauer Watt Solar LLC	Delaware	Indirect	89.10
145	USS Kost Trail Solar LLC	Delaware	Indirect	89.10
146	USS King 2 LLC	Delawaare	Indirect	89.10
147	USS Eggo Solar LLC	Delaware	Indirect	89.10
148	USS Webster Solar LLC	Delaware	Indirect	89.10
149	USS Lake Patterson Solar LLC	Delaware	Indirect	89.10
150	USS DVL Solar LLC	Delaware	Indirect	89.10
151	Minnesota Solar CSG 5, LLC	Delaware	Indirect	89.10
152	Straight Garden LLC	Minnesota	Indirect	89.10
153	Falls Creek Garden LLC	Minnesota	Indirect	89.10
154	Chub Garden LLC	Minnesota	Indirect	89.10
155	Strandness Garden LLC	Minnesota	Indirect	89.10
156	Star Garden LLC	Minnesota	Indirect	89.10
157	Maston Garden LLC	Minnesota	Indirect	89.10
158	Loon Garden LLC	Minnesota	Indirect	89.10
159	Buffalo Garden LLC	Minnesota	Indirect	89.10
160	Leven Garden LLC	Minnesota	Indirect	89.10
161	Zumbro Garden LLC	Minnesota	Indirect	89.10
162	Erin Garden LLC	Minnesota	Indirect	89.10
163	Mud Garden LLC	Minnesota	Indirect	89.10
164	WSD-NN 59th Avenue and Elliot Storage, LLC	Delaware	Indirect	88.00
165	44 Trade Center, LLC	Missouri	Indirect	85.00
166	TC Westport, LLC	Missouri	Indirect	85.00
167	Owen Ridge Campus, LLC	Missouri	Indirect	85.00
168	Hanley Plaza, LLC	Missouri	Indirect	85.00
169	ENRG-Nelnet, LLC	Nebraska	Indirect	80.00
170	ENRG Farms Building 01, LLC	Nebraska	Indirect	80.00
171	ENRG Farms Building 02, LLC	Nebraska	Indirect	80.00
172	ENRG Farms Building 03, LLC	Nebraska	Indirect	80.00
173	GRNE Solarfield 05, LLC	Illinois	Indirect	80.00
174	GRNE Solarfield 06, LLC	Illinois	Indirect	80.00
175	GRNE Solarfield 07, LLC	Illinois	Indirect	80.00
176	GRNE Solarfield 08, LLC	Illinois	Indirect	80.00
177	GRNE Solarfield 09, LLC	Illinois	Indirect	80.00
178	GRNE Solarfield 10, LLC	Illinois	Indirect	80.00
179	GRNE Solarfield 11, LLC	Illinois	Indirect	80.00
180	GRNE Solarfield 12, LLC	Illinois	Indirect	80.00
181	GRNE Solarfield 13, LLC	Illinois	Indirect	80.00
182	GRNE Solarfield 14, LLC	Illinois	Indirect	80.00
183	GRNE Solarfield 15, LLC	Illinois	Indirect	80.00

184	GRNE Solarfield 16, LLC	Illinois	Indirect	80.00
185	Defenders CS, LLC	Illinois	Indirect	80.00
186	GRNE-Nelnet, LLC	Nebraska	Indirect	80.00
187	Residential Solar Holdings, LLC	Nebraska	Indirect	80.00
188	GSD, LLC	Nebraska	Indirect	80.00
189	NGWeb Solutions, LLC	Nebraska	Indirect	80.00
190	Community Development Opportunity Fund II, LLC	Nebraska	Direct	68.93
191	Nanocapital I, LLC	Nebraska	Indirect	65.83
192	1867 - NelKSI, LLC	Nebraska	Indirect	65.00
193	PI Timberline, LLC	Missouri	Direct	56.67
194	330-333 Building Acquisition Corporation	Nebraska	Indirect	50.00
195	330-333 Building, LLC	Nebraska	Indirect	50.00
196	401 Building Acquisition Corporation	Nebraska	Indirect	50.00
197	401 Building, LLC	Nebraska	Indirect	50.00
198	4600 Innovation Drive, LLC	Nebraska	Indirect	50.00
199	7200 WorldCom, LLC	Nebraska	Indirect	50.00
200	BenefitEd, LLC	Nebraska	Indirect	50.00
201	Community Development Opportunity Fund IV, LLC	Nebraska	Direct	50.00
202	EADO, LLC	Nebraska	Indirect	50.00
203	Invite Education, LLC	Delaware	Direct	50.00
204	LT&T Collection, LLC	Nebraska	Indirect	50.00
205	Lumberworks Lofts Acquisition Corporation	Nebraska	Indirect	50.00
206	Lumberworks Lofts, LLC	Nebraska	Indirect	50.00
207	Telegraph Lofts West, LLC	Nebraska	Indirect	50.00
208	West Haymarket Holding Company, LLC	Nebraska	Indirect	50.00
209	Canopy Park, LLC	Nebraska	Indirect	50.00
210	Lincoln Lodging, LLC	Nebraska	Indirect	50.00
211	Telgraph Lofts East, LLC	Nebraska	Indirect	50.00
212	Telegraph Flats, LLC	Nebraska	Indirect	49.96
213	CZ Solar Landlord, LLC	Delaware	Indirect	48.51
214	RenewProp Lessor 1, LLC	Delaware	Indirect	48.51
215	RenewProp Lessor 2, LLC	Delaware	Indirect	48.51
216	Solar Projectco 12 Landlord, LLC	Delaware	Indirect	48.51
217	Iris 3 Landlord, LLC	Delaware	Indirect	48.51
218	1867 - Kear21, LLC	Nebraska	Indirect	46.00
219	Kearsarge NN Fund II MT LLC	Massachusetts	Indirect	45.54
220	ALLO Holdings, LLC	Nebraska	Direct	45.23
221	KSI II Holdco D, LLC	Delaware	Indirect	43.55
222	DU Vista GP LLC	Delaware	Indirect	43.28
223	Brookhollow Business Park, LLC	Nevada	Indirect	37.50
224	Kearsarge NYMA LLC	Massachusetts	Direct	34.65
225	Atrium Building, LLC	Nebraska	Indirect	34.47
226	Florence Business Center, LLC	Kentucky	Indirect	33.33
227	12100.5 West Center, LLC	Nebraska	Indirect	33.33
228	Reach Receivables, LLC	Delaware	Indirect	29.90
228	Iris 1 TenantCo, LLC	Delaware	Indirect	27.90
229	1867 - NELKSI21, LLC	Nebraska	Indirect	27.00

230	KSI II Holdco E, LLC	Delaware	Indirect	26.73
231	TDP Phase Three, LLC	Nebraska	Indirect	25.00
232	Portsmouth Distribution Center, LLC	Virginia	Indirect	25.00

Note: This list does not include Nelnet Student Loan Trusts utilized in asset backed security financings.