UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)  July 8, 2011
 
Nelnet, Inc.
(Exact name of registrant as specified in its charter)
 
Nebraska
(State or other jurisdiction
of incorporation)	001-31924
(Commission
File Number)	84-0748903
(IRS Employer
Identification No.)	

121 South 13 th Street, Suite 201, Lincoln, Nebraska	68508	
(Address of principal executive offices) 	(Zip Code)	
 
Registrant’s telephone number, including area code  (402) 458-2370
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

 
Item 8.01  Other Events.

On July 11, 2011, Nelnet, Inc. (the “Company”) issued a press release announcing that it closed on a transaction to purchase the residual interest in $1.9 billion of Federal Family Education Loan Program consolidation loans from an affiliate of Greystone & Co., Inc.  The Company acquired the ownership interest in GCO SLIMS Trust-1 (SLIMS Trust) giving the Company rights to the residual interest in GCO Education Loan Funding Trust-I (Trust-I). As a part of the agreement, the Company will become master servicer and administrator for Trust-I and administrator for the SLIMS Trust.

The Company expects the purchase will be immediately accretive to base net income.  The student loans and debt within the trusts will be included in the Company’s consolidated financial statements and increases its student loan portfolio to more than $25 billion.

 A copy of the press release is filed as Exhibit 99.1 to this report.

Item 9.01  Financial Statements and Exhibits.

(d)           Exhibits.
 
Exhibit
No.	 	 
Description	
 	 	 	
99.1	 	Press Release dated July 11, 2011 – “Nelnet Purchases Residual Interest in $1.9 Billion of Federal Student Loans from Greystone & Co., Inc.”	

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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	NELNET, INC.	 	
 	 	 	 	
Dated:  July 11, 2011   	By:	/s/ TERRY J. HEIMES	 	
 	Name:	Terry J. Heimes	 	
 	Title:	Chief Financial Officer	 	

              
 
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Exhibit 99.1
 
Nelnet Purchases Residual Interest in $1.9 Billion of Federal Student Loans from Greystone & Co., Inc.
 
LINCOLN, Neb., July 11, 2011-- Nelnet (NYSE: NNI) today announced that it closed on a transaction to purchase the residual interest in $1.9 billion of Federal Family Education Loan Program consolidation loans from an affiliate of Greystone & Co., Inc.  Nelnet acquired the ownership interest in GCO SLIMS Trust-1 (SLIMS Trust) giving the Company rights to the residual interest in GCO Education Loan Funding Trust-I (Trust-I). As a part of the agreement, Nelnet will become master servicer and administrator for Trust-I and administrator for the SLIMS Trust.
 
The company expects the purchase will be immediately accretive to base net income.  The student loans and debt within the trusts will be included in Nelnet’s consolidated financial statements and increases its student loan portfolio to more than $25 billion.
 
This press release contains forward-looking statements within the meaning of federal securities laws.  These statements are based on management's current expectations as of the date of this release, and are subject to known and unknown risks and uncertainties that may cause actual results or performance to differ materially from those expressed or implied by the forward-looking statements.  Such risks include, among others, risks related to the company's student loan portfolio such as interest rate basis and repricing risk and the use of derivatives to manage exposure to interest rate fluctuations; the company's funding and liquidity requirements to satisfy asset financing needs; the company's ability to maintain and increase volumes under its loan servicing contract with the Department to service federally owned student loans; changes in the student loan and educational credit and services marketplace resulting from the implementation of or changes in applicable laws and regulations; changes in the demand or preferences for educational financing and related services by educational institutions, students, and their families; uncertainties inherent in forecasting future cash flows from student loan assets and related asset-backed securitizations; and changes in general economic and credit market conditions.  For more information, see the "Risk Factors" sections and other cautionary discussions of risks and uncertainties included in documents filed or furnished by the company with the Securities and Exchange Commission.  All information in this release is as of the date of this release.  Although the company may from time to time voluntarily update or revise its forward-looking statements to reflect actual results or changes in the company's expectations, the company disclaims any commitment to do so except as required by securities laws.

Contacts:
Investors, Phil Morgan, +1-402-458-3038
Media, Ben Kiser, +1-402-458-3024