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
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                      	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 *

MUHLEISEN ANGIE	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 FARMERS & MERCHANTS INVESTMENT INC., 6801 SOUTH 27TH STREET	3. Date of Earliest Transaction (MM/DD/YYYY)

6/16/2021		
(Street)

LINCOLN, NE 68512
(City)       (State)       (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

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

___ Form filed by One Reporting Person
_ X _ 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 	6/16/2021 	 	G(1)	  V	1000000 	D	$0 	1134994 (2)	D 	 	
Class A Common Stock 	6/16/2021 	 	G(1)	  V	1000000 	A	$0 	1194063 (3)	D 	 	
Class A Common Stock 	 	 	 	  	 	 	 	52344 (4)	D 	 	
Class A Common Stock 	 	 	 	  	 	 	 	692885 	I 	By adult daughter 	
Class A Common Stock 	 	 	 	  	 	 	 	681538 	I 	By adult son 	
Class A Common Stock 	 	 	 	  	 	 	 	276000 (5)	I 	By Dynasty Trust 	
Class A Common Stock 	 	 	 	  	 	 	 	276000 (6)	I 	By Dynasty Trust 	
Class A Common Stock 	 	 	 	  	 	 	 	88070 (7)	I 	By trust 	
Class A Common Stock 	 	 	 	  	 	 	 	88070 (8)	I 	By trust 	
Class A Common Stock 	 	 	 	  	 	 	 	88020 (9)	I 	By trust 	
Class A Common Stock 	 	 	 	  	 	 	 	88010 (10)	I 	By trust 	
Class A Common Stock 	 	 	 	  	 	 	 	52049 (11)	I 	By GRAT 	
Class A Common Stock 	 	 	 	  	 	 	 	54784 (12)	I 	By GRAT 	
Class A Common Stock 	 	 	 	  	 	 	 	46553 (13)	I 	By GRAT 	
Class A Common Stock 	 	 	 	  	 	 	 	48982 (14)	I 	By GRAT 	
Class A Common Stock 	 	 	 	  	 	 	 	34693 (15)	I 	By GRAT 	
Class A Common Stock 	 	 	 	  	 	 	 	36516 (16)	I 	By GRAT 	
Class A Common Stock 	 	 	 	  	 	 	 	37441 (17)	I 	By GRAT 	
Class A Common Stock 	 	 	 	  	 	 	 	39173 (18)	I 	By GRAT 	
Class A Common Stock 	 	 	 	  	 	 	 	38357 (19)	I 	By GRAT 	
Class A Common Stock 	 	 	 	  	 	 	 	39866 (20)	I 	By GRAT 	
Class A Common Stock 	 	 	 	  	 	 	 	10000 (21)	I 	By 2020 Dynasty Trust 	
Class A Common Stock 	 	 	 	  	 	 	 	10000 (22)	I 	By 2020 Dynasty Trust 	

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) 	On June 16, 2021, Dan D. Muhleisen gifted 1,000,000 shares to his spouse Angela L. Muhleisen. Such gift was made for estate planning purposes.	
(2) 	These shares are held by Dan D. Muhleisen, and include shares distributed to Mr. Muhleisen by grantor retained annuity trusts as discussed in footnotes (11) through (14) below.	
(3) 	These shares are held by Angela L. Muhleisen, and include shares distributed to Ms. Muhleisen by grantor retained annuity trusts as discussed in footnotes (15) through (20) below.	
(4) 	These shares are held jointly by Angela L. Muhleisen and Dan D. Muhleisen.	
(5) 	Shares gifted to and held by a Dynasty Trust established by the reporting persons in 2012, of which the adult daughter of the reporting persons is the initial beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(6) 	Shares gifted to and held by a Dynasty Trust established by the reporting persons in 2012, of which the adult son of the reporting persons is the initial beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(7) 	Shares held by the Alicia L. Muhleisen Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting persons is the beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(8) 	Shares held by the D. Muhleisen Post-Annuity Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting persons is the beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(9) 	Shares held by the A. Muhleisen Post-Annuity Irrevocable Trust dated 8/29/2003, of which the adult son of the reporting persons is the beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(10) 	Shares held by the Jason D. Muhleisen Irrevocable Trust dated 8/29/2003, of which the adult son of the reporting persons is the beneficiary. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(11) 	Shares held by a Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Mr. Muhleisen of 7,951 shares on June 10, 2021. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(12) 	Shares held by a separate Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Mr. Muhleisen of 5,216 shares on June 10, 2021. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(13) 	Shares held by a separate Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Mr. Muhleisen of 13,447 shares on June 10, 2021. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(14) 	Shares held by a separate Dan D. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Mr. Muhleisen of 11,018 shares on June 10, 2021. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(15) 	Shares held by an Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 5,307 shares on June 10, 2021. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(16) 	Shares held by a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 3,484 shares on June 10, 2021. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(17) 	Shares held by a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 2,559 shares on June 10, 2021. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(18) 	Shares held by a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 827 shares on June 10, 2021. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(19) 	Shares held by a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 1,643 shares on June 10, 2021. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(20) 	Shares held by a separate Angela L. Muhleisen Grantor Retained Annuity Trust dated June 10, 2020, which reflect an annuity distribution from the trust to Ms. Muhleisen of 134 shares on June 10, 2021. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(21) 	Shares held by a Dynasty Trust established by Ms. Muhleisen in 2020, of which the adult daughter and the adult son of the reporting persons are the initial beneficiaries. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	
(22) 	Shares held by a Dynasty Trust established by Mr. Muhleisen in 2020, of which the adult daughter and the adult son of the reporting persons are the initial beneficiaries. The reporting persons continue to report beneficial ownership of all the shares held by the trust, but disclaim beneficial ownership of the shares held by the trust except to the extent of each such reporting person's pecuniary interest therein.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
MUHLEISEN ANGIE
C/O FARMERS & MERCHANTS INVESTMENT INC.
6801 SOUTH 27TH STREET
LINCOLN, NE 68512		X			
Muhleisen Dan D
6321 DOECREEK CIRCLE
LINCOLN, NE 68516		X			

Signatures		
/s/ Audra Hoffschneider, Attorney-in-Fact for Angela L. Muhleisen		6/22/2021	
**Signature of Reporting Person		Date
	
/s/ Audra Hoffschneider, Attorney-in-Fact for Dan D. Muhleisen		6/22/2021	
**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.