Nelnet Student Loan Trust 2019-7

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$210,300,000 Class A-1 Floating Rate Asset-Backed Senior Notes
$200,000,000 Class A-2 Floating Rate Asset Backed Senior Notes
$10,500,000 Class B Floating Rate Asset Backed Subordinate Notes

Date of Issue: December 19, 2019

Issue Amount: $420,800,000

Securities Offered:

Class A-1 Floating Rate Asset-Backed Notes in the aggregate principal amount of
$210,300,000
Rate: One-Month LIBOR +0.50%
CUSIP: 64034WAA3
ISIN: US63716AA9


Class A-2 Floating Rate Asset-Backed Notes in the aggregate principal amount of
$200,000,000
Rate: One-Month LIBOR +1.00%
CUSIP: 64034WAB1
ISIN: US63716AB7


Class B Floating Rate Asset-Backed Notes in the aggregate principal amount of
$10,500,000
Rate: One-Month LIBOR +1.75%
CUSIP: 64034WAD7
ISIN: US63716AD3

Master Servicer and Administrator: National Education Loan Network, Inc.

Indenture Trustee: U.S. Bank National Association

Eligible Lender Trustee: U.S. Bank National Association

Lead Managers:
RBC Capital Markets
BMO Capital Markets
Citigroup


Initial Rating:
Senior Series 2019-7 A-1 Notes
Aaa Moody's
AAA S&P


Senior Series 2019-7 A-2 Notes
Aaa Moody's
AA+ S&P


Subordinate Series 2019-1 B Notes
Aaa Moody's
A S&P