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$167,000,000 Class A-1 Floating Rate Asset-Backed Senior Notes
$178,000,000 Class A-2 Floating Rate Asset-Backed Senior Notes
$103,000,000 Class A-3 Floating Rate Asset-Backed Senior Notes
$203,000,000 Class A-4 Floating Rate Asset-Backed Senior Notes

$200,000,000 Class A-5a
$68,050,000 Class A-5b 28-Day Auction Rate Notes
$68,050,000 Class A-5c 28-Day Auction Rate Notes
$15,300,000 Class B-1 28-Day Auction Rate Notes
$15,300,000 Class B-2 28-Day Auction Rate Notes

Date of Issue: April 29, 2004

Issue Amount: $1,017,700,000

Securities Offered:

Class A-1 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$167,000,000
Rate: Three-Month LIBOR +.00%
CUSIP: 64031R AW 9

64031RAW9
ISIN: US64031RAW97

Class A-2 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$178,000,000
Rate: Three-Month LIBOR + .03%
CUSIP: 64031R AX 7

64031RAX7
ISIN: US64031RAX70

Class A-3 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$103,000,000
Rate: Three-Month LIBOR + .10%
CUSIP: 64031R AY 5

64031RAY5
ISIN: US64031RAY53

Class A-4 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$203,000,000
Rate: Three-Month LIBOR + .14%
CUSIP: 64031R AZ 2

64031RAZ2
ISIN: US64031RAZ29

Class A-5b 28-Day Auction Rate Notes in the aggregate principal amount of
$68,050,000
CUSIP: 64031R BA 6

64031RBA6
ISIN: US64031RBA68

Class A-5c 28-Day Auction Rate Notes in the aggregate principal amount of
$68,050,000
CUSIP: 64031R BB 4

64031RBB4
ISIN: US64031RBB42

Class B-1 28-Day Auction Rate Notes in the aggregate principal amount of
$15,300,000
CUSIP: 64031R BC 2

64031RBC2
ISIN: US64031RBC25

Class B-2 28-Day Auction Rate Notes in the aggregate principal amount of
$15,300,000
CUSIP: 64031R BD 0

64031RBD0
ISIN: US64031RBD08

Master Servicer: Nelnet, Inc.

Administrator: National Education Loan Network, Inc.

Eligible Lender and Indenture Trustee: Wells Fargo Bank, National Association

Underwriters:

J.P. Morgan
Morgan Stanley
Barclays Capital
Citigroup
SG Cowen

Rating:

Senior Series 2004-2 A-1 Notes, A-2 Notes, A-3 Notes, A-4 Notes, A-5 Notes
AAA Fitch
Aaa Moody's
AAA Standard & Poor's

Subordinate Series 2004-2 B-1 Notes, B-2 Notes
AAA Fitch
A2 Moody's
AA- Standard & Poor's