<SEC-DOCUMENT>0001437749-12-008742.txt : 20120821
<SEC-HEADER>0001437749-12-008742.hdr.sgml : 20120821
<ACCEPTANCE-DATETIME>20120821123026
ACCESSION NUMBER:		0001437749-12-008742
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120806
FILED AS OF DATE:		20120821
DATE AS OF CHANGE:		20120821

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MUHLEISEN ANGIE
		CENTRAL INDEX KEY:			0001269812

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31924
		FILM NUMBER:		121047201

	MAIL ADDRESS:	
		STREET 1:		3643 S 48TH STREET P O BOX 82535
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68501-2535

	FORMER NAME:	
		FORMER CONFORMED NAME:	MULHEISEN ANGIE
		DATE OF NAME CHANGE:	20031110

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NELNET INC
		CENTRAL INDEX KEY:			0001258602
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		IRS NUMBER:				840748903
		STATE OF INCORPORATION:			NE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		121 SOUTH 13TH ST
		STREET 2:		STE 201
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508
		BUSINESS PHONE:		402-458-2370

	MAIL ADDRESS:	
		STREET 1:		121 SOUTH 13TH ST
		STREET 2:		STE 201
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508
</SEC-HEADER>
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    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2012-08-06</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001269812</rptOwnerCik>
            <rptOwnerName>MUHLEISEN ANGIE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FARMERS &amp; MERCHANTS INVESTMENT INC.</rptOwnerStreet1>
            <rptOwnerStreet2>6801 SOUTH 27TH STREET</rptOwnerStreet2>
            <rptOwnerCity>LINCOLN</rptOwnerCity>
            <rptOwnerState>NE</rptOwnerState>
            <rptOwnerZipCode>68512</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isTenPercentOwner>1</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2012-08-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <footnoteId id="F2"/>
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            <transactionAmounts>
                <transactionShares>
                    <value>12500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>23.5403</value>
                    <footnoteId id="F3"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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                    <value>999890</value>
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            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>By spouse</value>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
                <value>2012-08-20</value>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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                <value>Class A Common Stock</value>
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                <value>Class A Common Stock</value>
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            <postTransactionAmounts>
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                    <value>524102</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By adult daughter</value>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Stock</value>
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                    <value>524102</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>By adult son</value>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Stock</value>
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                    <value>I</value>
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                <value>Class A Common Stock</value>
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                    <value>By GRAT</value>
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            <securityTitle>
                <value>Class A Common Stock</value>
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            <postTransactionAmounts>
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                    <value>404500</value>
                    <footnoteId id="F8"/>
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            <ownershipNature>
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                    <value>I</value>
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                <natureOfOwnership>
                    <value>By corporation</value>
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    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These shares were sold by Dan Muhleisen pursuant to a Rule 10b5-1 Sales Plan (the &quot;Plan&quot;) entered into on March 8, 2012, which provides for the sale of shares of the issuer's Class A Common Stock, subject to limit price provisions and an expiration date of January 5, 2013. To the extent any future sales occur pursuant to the Plan, such sales will be publicly disclosed in Form 4 filings with the Securities and Exchange Commission (the &quot;SEC&quot;).</footnote>
        <footnote id="F2">Rule 10b5-1, promulgated under the Securities Exchange Act of 1934, allows significant shareholders of a company who are not in possession of material non-public information to establish pre-arranged plans to buy or sell a specified number of shares of such company's stock. Once a plan is established, the shareholder does not retain or exercise any discretion over sales of stock under the plan and the pre-planned trades may be executed at later dates as set forth in the plan.</footnote>
        <footnote id="F3">The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $23.3900 to $24.0500 inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within such range.</footnote>
        <footnote id="F4">The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.3000 to $24.6600 inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within such range.</footnote>
        <footnote id="F5">These shares include 88,864 shares that the reporting person holds jointly with her spouse.</footnote>
        <footnote id="F6">Shares held by the Angela L. Muhleisen Grantor Retained Annuity Trust dated August 29, 2003. 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 her pecuniary interests therein.</footnote>
        <footnote id="F7">Shares held by the Dan D. Muhleisen Grantor Retained Annuity Trust dated August 29, 2003. 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 her pecuniary interests therein.</footnote>
        <footnote id="F8">Shares held by Farmers &amp; Merchants Investment Inc. (&quot;F&amp;M&quot;), of which the reporting person is a director and co-president and owns or controls approximately 38.6% of the outstanding capital stock. The reporting person continues to report beneficial ownership of all the shares held by F&amp;M, but disclaims beneficial ownership of the shares held by F&amp;M except to the extent of her pecuniary interests therein.</footnote>
    </footnotes>

    <remarks>Exhibit List
Exhibit 24 - Power of Attorney</remarks>

    <ownerSignature>
        <signatureName>/s/ Kirsten Hoppe, Attorney-in-Fact for Angela L. Muhleisen</signatureName>
        <signatureDate>2012-08-21</signatureDate>
    </ownerSignature>
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<TYPE>EX-24
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Know all by these presents, that the undersigned hereby constitutes and appoints each of William J. Munn, Daniel F. Kaplan, Philip J. Morgan, and Kirsten Hoppe, or any of them signing or otherwise acting singly, and with full power of substitution, the undersigned's true and lawful attorney-in-fact to:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">prepare, execute in the undersigned&#8217;s name and on the undersigned&#8217;s behalf, and submit to the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) a Form ID, including amendments thereto, and any other documents necessary or appropriate to obtain codes, passwords, and passphrases enabling the undersigned to make electronic filings with the SEC of reports required by Section 16(a) of the Securities Exchange Act of 1934 or any rule or regulation of the SEC;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">execute for and on behalf of the undersigned, in the undersigned's capacity as an officer and/or director of Nelnet, Inc. (the &#8220;Company&#8221;), Forms&#160;3, 4, and 5 in accordance with Section&#160;16(a) of the Securities Exchange Act of 1934 and the rules thereunder;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">execute for and on behalf of the undersigned, in connection with proposed sales by the undersigned pursuant to Rule 144 under the Securities Act of 1933 of securities issued by the Company, notices on Form 144 in accordance with Rule 144 under the Securities Act of 1933;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form&#160;3, 4, 5 or Form 144, complete and execute any amendment or amendments thereto, and timely file such form with the SEC and any securities exchange or similar authority; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted.&#160;&#160;The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section&#160;16 of the Securities Exchange Act of 1934 or Rule 144 under the Securities Act of 1933.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms&#160;3, 4, 5 and Form 144 with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All powers of attorney previously executed by the undersigned in connection with the filing of Forms 3, 4, 5 and/or Form 144 with respect to the undersigned&#8217;s holdings of and transactions in securities issued by the Company required by Section 16(a) of the Securities Exchange Act of 1934 or Rule 144 under the Securities Act of 1933 are hereby revoked and superseded by this Power of Attorney.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 31st day of July, 2012.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 198pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="TEXT-DECORATION: underline"><font style="DISPLAY: inline">/s/ Angie Muh</font><font style="DISPLAY: inline">leisen</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160;&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 198pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font>Angie Muhleisen</font></div>

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