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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AGUreXQGqQslMzoCkL3bhbJA+lqcz3mWepN3PB2edUgOzVVyfCW3EP5mOgFH0snq
 9/Zyh0rULrGMy2ApBFVoNw==

<SEC-DOCUMENT>0001005477-05-000451.txt : 20050208
<SEC-HEADER>0001005477-05-000451.hdr.sgml : 20050208
<ACCEPTANCE-DATETIME>20050208134156
ACCESSION NUMBER:		0001005477-05-000451
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050208
DATE AS OF CHANGE:		20050208

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NELNET INC
		CENTRAL INDEX KEY:			0001258602
		STANDARD INDUSTRIAL CLASSIFICATION:	ASSET-BACKED SECURITIES [6189]
		IRS NUMBER:				840748903
		STATE OF INCORPORATION:			NE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		121 SOUTH 13TH ST
		STREET 2:		STE 201
		CITY:			LINCONLN
		STATE:			NE
		ZIP:			68508

	MAIL ADDRESS:	
		STREET 1:		121 SOUTH 13TH ST
		STREET 2:		STE 201
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31924
		FILM NUMBER:		05583174

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		303 696 5405

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 5
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2004-12-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <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>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-12-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7731</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1155143</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The gift reported in this Form 5 was effected pursuant to a Rule 10b5-1 trading plan.</footnote>
        <footnote id="F2">Reporting person directly owns 1,155,143 shares of Class A Common Stock (including 88,864 shares held jointly with spouse) and is deemed to be the indirect beneficial owner of the following shares of Class A Common Stock: 11,068,604 shares held by Packers Service Group, Inc. (&quot;Packers&quot;); 4,500 shares held by Farmers &amp; Merchants Investment, Inc. (&quot;Farmers&quot;); 795,521 shares held by the Angela L. Muhleisen Grantor Retained Annuity Trust (&quot;GRAT&quot;); 795,521 shares held by the Daniel D. Muhleisen GRAT; and 905,479 shares held by her spouse. The reporting person disclaims beneficial ownership of the securities held by Packers and Farmers except to the extent of her pecuniary interest in the holders thereof, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/William J. Munn, Attorney-in-Fact for Angie Muhleisen/</signatureName>
        <signatureDate>2005-02-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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