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, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) 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)

2/1/2010		
(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)

_ 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  	2/1/2010  	 	S (1) (2)	  	50.0000  	D	$16.0200  	629695.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	100.0000  	D	$16.0300  	629595.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	50.0000  	D	$16.0400  	629545.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	100.0000  	D	$16.0500  	629445.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	150.0000  	D	$16.0600  	629295.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	50.0000  	D	$16.0700  	629245.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	500.0000  	D	$16.0900  	628745.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	150.0000  	D	$16.1000  	628595.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	100.0000  	D	$16.1100  	628495.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	100.0000  	D	$16.1200  	628395.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	450.0000  	D	$16.1300  	627945.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	150.0000  	D	$16.1400  	627795.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	100.0000  	D	$16.1500  	627695.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	350.0000  	D	$16.1600  	627345.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	150.0000  	D	$16.1700  	627195.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	1000.0000  	D	$16.1800  	626195.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	350.0000  	D	$16.1900  	625845.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	300.0000  	D	$16.2000  	625545.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	150.0000  	D	$16.2100  	625395.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	500.0000  	D	$16.2200  	624895.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	550.0000  	D	$16.2300  	624345.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	250.0000  	D	$16.2400  	624095.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	200.0000  	D	$16.2500  	623895.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	200.0000  	D	$16.2700  	623695.0000  	I  	By daughter  	
Class A Common Stock  	2/1/2010  	 	S (1) (2)	  	100.0000  	D	$16.2800  	623595.0000  	I  	By daughter  	

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 reporting person as custodian for Alicia Muhleisen under the Nebraska Uniform Transfers to Minors Act pursuant to a Rule 10b5-1 Sales Plan (the "A.M. Plan") entered into on September 15, 2009, which provides for the sale of shares of the issuer's Class A Common Stock, subject to limit price provisions and an expiration date of December 15, 2010. To the extent any future sales occur pursuant to the A.M. Plan, such sales will be publicly disclosed in Form 4 filings with the Securities and Exchange Commission.	
(  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 or sell 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 sales of stock under the plan and the pre-planned trades may be executed at later dates as set forth in the plan.	

Remarks:
This is the first of four Forms 4 that are being filed for Angela L. Muhleisen for transactions made on February 1, 2010.	

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			

Signatures		
/s/ Angie R. Miller, Attorney-in-Fact for Angela L. Muhleisen		2/3/2010	
** 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.	
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