X0306 4 2016-03-11 0001258602 NELNET INC NNI 0001269813 NOORDHOEK JEFFREY R 121 SOUTH 13TH STREET SUITE 100 LINCOLN NE 68508 1 Chief Executive Officer Class A Common Stock 2016-03-11 4 A 0 23675 0 A 152994 D Class A Common Stock 2016-03-11 4 F 0 7663 37.95 D 145331 D Class A Common Stock 126462 I By Trust Class A Common Stock 18370 I By Trust Class A Common Stock 190411 I By Trust Issued pursuant to the issuer's Restricted Stock Plan, as the annual personal performance-based incentive bonus compensation for 2015 paid in stock, which the reporting person became entitled to receive on March 11, 2016. Includes 4,919 shares issued pursuant to the issuer's Employee Share Purchase Plan. Shares that were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 11, 2016 award by the issuer of 23,675 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 26, 2016 through March 3, 2016. Shares held by the Jeffrey Noordhoek Post Annuity Irrevocable Trust dated August 29, 2003, of which the reporting person's spouse and children are initial beneficiaries. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. Shares held by The Noordhoek Charitable Remainder Unitrust I (of which the reporting person is the sole noncharitable beneficiary), which reflect a distribution and transfer from the trust to the reporting person of 1,720 shares on December 31, 2015. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. Shares held by the Jeffrey R. Noordhoek Trust, which is a revocable trust for the benefit of the reporting person and his spouse and dependents. Exhibit List Exhibit 24 - Power of Attorney /s/ Kirsten J. Foos, Attorney-In-Fact for Jeffrey R. Noordhoek 2016-03-11