Fitch Rates Nelnet Student Loan Trust 2003-1 Student Loan Asset-Backed Notes.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 4, 2003

Fitch rates the following notes issued by Nelnet Student Loan Trust 2003-1:

Ratings for New Issuance:

--$173,000,000 Floating Rate Class A-1 Student Loan-Backed Notes 'AAA';

--$286,000,000 Floating Rate Class A-2 Student Loan-Backed Notes 'AAA';

--$112,250,000 Floating Rate Class A-3 Student Loan-Backed Notes 'AAA';

--$403,600,000 Floating Rate Class A-4 Student Loan-Backed Notes 'AAA';

--$30,150,000 Floating Rate Class B Student Loan-Backed Notes 'AA';

The ratings are based on the quality of the collateral; the credit enhancement within the trust, the ability of the transaction to pass cash flow stress scenarios at each rating level; and the sound legal structure. The ratings on the class A and class B notes are independent of the interest rate swap agreements between the trust and the swap counterparty, Deutsche Bank (rated 'AA-/F1+' by Fitch).

The ratings reflect the ability of the trust to redeem notes at maturity and pay timely interest. 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 a subservicing agreement with NELnet Loan Services, Inc. The subservicer assumes responsibility for servicing the student loan portfolio. Deutsche Bank Securities Inc. and Banc of America Securities LLC serve as lead underwriters on this transaction.