FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  	OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5	
                      	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

Butterfield Shelby J	2. Issuer Name and Ticker or Trading Symbol

NELNET INC [ NNI ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    __X__ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)	
(Last)         (First)         (Middle)

C/O NELNET, INC., 121 SOUTH 13TH STREET, SUITE 100	3. Date of Earliest Transaction (MM/DD/YYYY)

7/28/2021		
(Street)

LINCOLN, NE 68508
(City)       (State)       (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person	

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1.Title of Security
(Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code
(Instr. 8)	4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)	
			Code	V	Amount	(A) or (D)	Price				
Class A Common Stock 	7/28/2021 	 	S(1)(2)	  	3319 	D	$73.81 (3)	92191 (4)	I 	By Butterfield GST Non-Exempt Marital Trust 	
Class A Common Stock 	7/28/2021 	 	S(1)(2)	  	1681 	D	$74.38 (5)	90510 (4)	I 	By Butterfield GST Non-Exempt Marital Trust 	
Class A Common Stock 	7/29/2021 	 	S(1)(2)	  	4410 	D	$75.01 (6)	86100 (4)	I 	By Butterfield GST Non-Exempt Marital Trust 	
Class A Common Stock 	7/29/2021 	 	S(1)(2)	  	590 	D	$75.62 (7)	85510 (4)	I 	By Butterfield GST Non-Exempt Marital Trust 	
Class A Common Stock 	7/30/2021 	 	S(1)(2)	  	5000 	D	$75.29 (8)	80510 (4)	I 	By Butterfield GST Non-Exempt Marital Trust 	
Class B Common Stock 	 	 	 	  	 	 	 	307370 (4)	I 	By Butterfield GST Non-Exempt Marital Trust 	
Class B Common Stock 	 	 	 	  	 	 	 	210047 (9)	I 	By Butterfield GST Exempt Marital Trust 	
Class B Common Stock 	 	 	 	  	 	 	 	136641 	D 	 	
Class B Common Stock 	 	 	 	  	 	 	 	1586691 (10)	I 	By corporation 	
Class B Common Stock 	 	 	 	  	 	 	 	100000 (11)	I 	By GRAT 	
Class B Common Stock 	 	 	 	  	 	 	 	98079 (12)	I 	By GRAT 	
Class B Common Stock 	 	 	 	  	 	 	 	87141 (13)	I 	By GRAT 	
Class B Common Stock 	 	 	 	  	 	 	 	73759 (14)	I 	By GRAT 	
Class B Common Stock 	 	 	 	  	 	 	 	83186 (15)	I 	By GRAT 	
Class B Common Stock 	 	 	 	  	 	 	 	87876 (16)	I 	By GRAT 	
Class B Common Stock 	 	 	 	  	 	 	 	73502 (17)	I 	By GRAT 	
Class B Common Stock 	 	 	 	  	 	 	 	86845 (18)	I 	By GRAT 	
Class B Common Stock 	 	 	 	  	 	 	 	13533 (19)	I 	By trust 	
Class B Common Stock 	 	 	 	  	 	 	 	13534 (20)	I 	By trust 	
Class B Common Stock 	 	 	 	  	 	 	 	38291 (21)	I 	By CLAT 	
Class B Common Stock 	 	 	 	  	 	 	 	29967 (22)	I 	By the Estate of Stephen F. Butterfield 	
Class B Common Stock 	 	 	 	  	 	 	 	50325 (23)	I 	By trust 	
Class B Common Stock 	 	 	 	  	 	 	 	50325 (24)	I 	By trust 	
Class B Common Stock 	 	 	 	  	 	 	 	18394 (25)	I 	By trust 	
Class B Common Stock 	 	 	 	  	 	 	 	18394 (26)	I 	By trust 	
Class B Common Stock 	 	 	 	  	 	 	 	100 	I 	By the reporting person as UTMA custodian for daughter 	
Class B Common Stock 	 	 	 	  	 	 	 	100 	I 	By the reporting person as UTMA custodian for son 	

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code
(Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	6. Date Exercisable and Expiration Date	7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)	8. Price of Derivative Security
(Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					

Explanation of Responses:	
(1) 	These shares were sold by the Stephen F. Butterfield GST Non-Exempt Marital Trust pursuant to a Rule 10b5-1 Trading Plan adopted by such trust on June 3, 2021 for purposes of meeting long-term estate planning and diversification objectives of such trust.	
(2) 	Rule 10b5-1, promulgated under the Securities Exchange Act of 1934, allows significant shareholders of a company who are not in possession of material non-public information to establish pre-arranged plans to buy, sell, or otherwise transfer a specified number of shares of such company's stock. Once a plan is established, the shareholder does not retain or exercise any discretion over transfers of stock under the plan and the pre-planned trades may be executed at later dates as set forth in the plan.	
(3) 	The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $73.19 to $74.17, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (3), (5), (6), (7) and (8) to this Form 4.	
(4) 	Shares held by the Stephen F. Butterfield GST Non-Exempt Marital Trust (the "Butterfield GST Non-Exempt Marital Trust"), an estate planning trust for the family of Stephen F. Butterfield. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.	
(5) 	The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $74.19 to $74.71, inclusive.	
(6) 	The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $74.31 to $75.30, inclusive.	
(7) 	The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.42 to $75.75, inclusive.	
(8) 	The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.01 to $75.69, inclusive.	
(9) 	Shares held by the Stephen F. Butterfield GST Exempt Marital Trust, an estate planning trust for the family of Stephen F. Butterfield. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.	
(10) 	Shares held by Union Financial Services, Inc. ("UFS"), of which the Butterfield GST Non-Exempt Marital Trust owns 50.0% of the outstanding capital stock and the Executive Chairman of the issuer owns the other 50.0% of the outstanding capital stock. The reporting person reports beneficial ownership of all the shares held by UFS, but disclaims beneficial ownership of the shares held by UFS except to the extent of her pecuniary interest therein.	
(11) 	Shares held by a grantor retained annuity trust ("GRAT") established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.	
(12) 	Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.	
(13) 	Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.	
(14) 	Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.	
(15) 	Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.	
(16) 	Shares held by a separate GRAT established by the reporting person on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.	
(17) 	Shares held by a GRAT established by Stephen F. Butterfield on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.	
(18) 	Shares held by a separate GRAT established by Stephen F. Butterfield on December 18, 2015. The reporting person reports beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.	
(19) 	Shares held by a trust for the benefit of the reporting person's daughter established under the restated agreement for the Stephen F. Butterfield Revocable Living Trust, which became irrevocable upon the passing of Mr. Butterfield on April 16, 2018.	
(20) 	Shares held by a trust for the benefit of the reporting person's son established under the restated agreement for the Stephen F. Butterfield Revocable Living Trust, which became irrevocable upon the passing of Mr. Butterfield on April 16, 2018.	
(21) 	Shares held by a charitable lead annuity trust ("CLAT") established by Stephen F. Butterfield, of which CLAT the descendants of the reporting person are included as remainder beneficiaries. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.	
(22) 	Shares held by the Estate of Stephen F. Butterfield (the "Butterfield Estate"), for which the reporting person is the personal representative. The reporting person disclaims beneficial ownership of the shares held by the Butterfield Estate, except to the extend of her pecuniary interest therein.	
(23) 	Shares held by a trust, of which the daughter of the reporting person is the beneficiary.	
(24) 	Shares held by a trust, of which the son of the reporting person is the beneficiary.	
(25) 	Shares held by a trust for the benefit of the reporting person's daughter.	
(26) 	Shares held by a trust for the benefit of the reporting person's son.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
Butterfield Shelby J
C/O NELNET, INC.
121 SOUTH 13TH STREET, SUITE 100
LINCOLN, NE 68508		X			

Signatures		
/s/ Audra Hoffschneider, Attorney-in-Fact for Shelby J. Butterfield		7/30/2021	
**Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).	
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.