X0306 4 2019-03-15 0001258602 NELNET INC NNI 0001269804 HEIMES TERRY J 121 SOUTH 13TH STREET SUITE 100 LINCOLN NE 68508 1 Chief Operating Officer Class A Common Stock 2019-03-15 4 A 0 9441 0 A 163043 D Class A Common Stock 2019-03-15 4 F 0 4606 54.52 D 158437 D Class A Common Stock 50087 I By spouse Issued pursuant to the issuer's Restricted Stock Plan, as the annual personal performance-based incentive bonus compensation for 2018 paid in stock, which the reporting person became entitled to receive on March 15, 2019. Shares that were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 15, 2019 award by the issuer of 9,441 shares of bonus compensation stock. Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the average market closing price of the shares for February 28, 2019 through March 6, 2019. Exhibit List: Exhibit 24 - Power of Attorney /s/ Audra Hoffschneider, Attorney-in-Fact for Terry J. Heimes 2019-03-19