Fitch Rates NELnet Student Loan Trust 2002-1 Transaction.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 21, 2002

Fitch rates the following notes issued by NELnet Student Loan Trust 2002-1:

Ratings for new issuance:

-- $415,000,000 floating-rate class A-1 student loan-backed notes 'AAA';

-- $585,000,000 floating-rate class A-2 student loan-backed notes 'AAA';

-- $36,270,000 floating-rate class B student loan-backed notes 'A'.

The ratings are based on the quality of the collateral; the reserve fund, initially sized at 30 basis points of the current outstanding student loan pool balance with a minimum of 15 basis points of the original outstanding student loan pool balance, the ability of the transaction to pass stressful cash flow tests at each rating level; and the sound legal structure. In addition, the ratings on the class A-1 and class A-2 notes are based on the 3.5% subordination provided by the class B notes.

The ratings on the class A-1, class A-2 and class B notes are independent of the interest rate swap agreements between the trust and the swap counterparties, Bank of America and JPMorgan Chase.

The ratings reflect the ability of the trust to redeem notes at maturity and pay accrued interest when due. The ratings do not address the ability of the trust to auction the collateral pool prior to the stated maturity of the notes.

The collateral securing the notes are loans originated under the Federal Family Education Loan Program (FFELP). The loans are guaranteed at either 100% or 98% of principal and accrued interest by an eligible guarantor(s), depending on loan origination date, and reinsured by the U.S. Department of Education up to the same amounts.

NELnet, Inc. is the master servicer for the transaction and has entered into subservicing agreements with NELnet Loan Services, Inc., InTuition, Inc., and EFS Services, Inc. The subservicers assume responsibility for servicing the student loan portfolio.

JPMorgan Securities, Inc., and Banc of America Securities LLC served as co-lead underwriters on this transaction.