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Learning from the Results of Our Servicing Volume Allocation

September 15, 2010

Nelnet has been notified of its servicing volume allocation percentage from the Department of Education (Department) for the 2010-2011 academic year: We expect to receive 16% of the new Direct Loan servicing volume. This is the result of finishing fourth in the measures used by the Department to determine servicing volume allocations, including default calculations on the portfolio we service for the Department and the results of the quarterly customer service surveys of borrowers, schools, and FSA (Federal Student Aid; Department) personnel.

We are disappointed in our ranking. We strive to provide exceptional customer service and keep schools and students as our #1 priority. With these principles at our core, we are taking accountability for our performance and are determined to improve and be the best servicer for students, schools, and the Department.

To be the best, we will consider each interaction with a customer as an opportunity to get better. In addition, several teams have been formed to evaluate specific data, form strategies for improvement, and drive results over the coming weeks and months, as improving our customer service and default calculations is a top priority.

We have a challenge before us: To serve you and your students in a manner that you appreciate and value. We are extremely confident that with our talented and determined associates, we will meet the challenge and complete the hard work necessary to be the best servicer.

As always, we will be open and transparent in our communication regarding our ranking. We have provided more detailed information about the measures on our website. In addition, we would appreciate your feedback on how we can improve. Do not hesitate to call or comment on my blog with your ideas.

Sincerely,

Jim Harris

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