Exhibit 12.1

NELNET, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2010			2009			2008			2007			2006			2005
	(dollars in thousands)
Income from continuing operations
before taxes and minority interest	$	302,454			215,698			44,740			57,145			102,395			279,258
Income from equity investments		(131	)		(32	)		(29	)		(1,144	)		(536	)		(1,637	)
Distributions from equity investments		-			-			-			747			149			625
Interest on uncertain tax positions
included in pre-tax income		293			(574	)		72			86			-			-
Income before fixed charges		302,616			215,092			44,783			56,834			102,008			278,246
Plus: fixed charges		233,963			386,992			1,027,875			1,504,268			1,242,802			621,309
Earnings (as defined)	$	536,579			602,084			1,072,658			1,561,102			1,344,810			899,555
Interest and amortization expense	$	232,860			384,862			1,026,489			1,502,662			1,241,174			620,111
Rent expense (interest portion)		1,396			1,556			1,458			1,692			1,628			1,198
Interest included in interest expense not
related to third party indebtedness		(293	)		574			(72	)		(86	)		-			-
Total fixed charges	$	233,963			386,992			1,027,875			1,504,268			1,242,802			621,309
"Earnings" divided by fixed charges		2.29			1.56			1.04			1.04			1.08			1.45