X0306 4 2020-03-10 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 2020-03-10 4 A 0 9143 0 A 167580 D Class A Common Stock 2020-03-10 4 F 0 4121 52.20 D 163459 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 2019 paid in stock, which the reporting person became entitled to receive on March 10, 2020. Shares that were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 10, 2020 award by the issuer of 9,143 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, 2020 through March 5, 2020. /s/ Audra Hoffschneider, Attorney-in-Fact for Terry J. Heimes 2020-03-12