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					Nelnet Student Loan Funding, LLC
Nelnet Student Loan Trust 2007-2
Quarterly Servicing Report
Quarterly Distribution Date: 06/27/2011
Collection Period Ending:    05/31/2011

Table of Contents

                                                                                                                                             Page
                                           I.     Principal Parties to the Transaction                                                        2

                                           II.    Explanations, Definitions, Abbreviations                                                    2

                                          III.    Deal Parameters                                                                             3
                                                           A.            Student Loan Portfolio Characteristics
                                                           B.            Notes
                                                           C.            Reserve Fund
                                                           D.            Other Fund Balances

                                          IV.     Transactions for the Time Period                                                            4

                                           V.     Cash Receipts for the Time Period                                                           5

                                          VI.     Payment History and CPRs                                                                    5

                                          VII.    Cash Payment Detail and Available Funds for the Time Period                                 6

                                          VIII.   Waterfall for Distribution                                                                  7

                                          IX.     Distributions                                                                               9
                                                            A.           Distribution Amounts
                                                            B.           Principal Distribution Amount Reconciliation
                                                            C.           Additional Principal Paid
                                                            D.           Reserve Fund Reconciliation
                                                            E.           Note Balances

                                           X.     Portfolio Characteristics                                                                   10
                                                            A.           Statistics
                                                            B.           Weighted Average Payments Made

                                          XI.     Portfolio Characteristics by School and Program                                             10

                                          XII.    Servicer Totals                                                                             10

                                          XIII.   Collateral Tables                                                                           11
                                                  Distribution of the Student Loans by Geographic Location
                                                  Distribution of the Student Loans by Guarantee Agency
                                                  Distribution of the Student Loans by Number of Months Remaining Until Scheduled Maturity
                                                  Distribution of the Student Loans by Borrower Payment Status
                                                  Distribution of the Student Loans by Range of Principal Balance
                                                  Distribution of the Student Loans by Number of Days Delinquent
                                                  Distribution of the Student Loans by Interest Rate
                                                  Distribution of the Student Loans by SAP Interest Rate Index
                                                  Distribution of the Student Loans by Date of Disbursement

                                          XIV.    Trigger Information                                                                         13

                                          XV.     Interest Rates for Next Distribution Date                                                   14

                                          XVI.    Items to Note                                                                               14




                                                                                                                                                    Page 1 of 14
I. Principal Parties to the Transaction

Issuing Entity                      Nelnet Student Loan Trust 2007-2

Depositor                           Nelnet Student Loan Funding, LLC

Master Servicer                     National Education Loan Network, Inc. ("NELN")
                                    Arranges for and oversees the performance of the Subservicer with respect to the trust's student loans. If the Master Servicer breaches any covenant under the master servicing agreement with
                                    respect to a trust's student loan, generally it has to cure the breach, purchase that student loan or reimburse the trust for losses resulting from the breach. The Master Servicer is paid a monthly
                                    servicing fee and is also entitled to receive a carry-over servicing fee for the performance of these services.

Subservicer                         Nelnet, Inc.

Administrator                       National Education Loan Network, Inc. ("NELN")
                                    On each monthly servicing payment date and on each distribution date, directs the Indenture Trustee to make the required distributions from the funds established under the indenture. In addition,
                                    prepares, based on periodic data received from the Subservicer, and provides quarterly and annual distribution statements to the Eligible Lender Trustee and the Indenture Trustee and any
                                    related federal income tax reporting. The Administrator is compensated quarterly for the performance of these services.

Eligible Lender Trustee             Wells Fargo Bank, National Association

Indenture Trustee                   Wells Fargo Bank, National Association
                                    Acts for the benefit of and to protect the interests of the noteholders and acts as paying agent for the notes. Also acts on behalf of the noteholders and represents their interests in the exercise of
                                    their rights under the indenture. The Indenture Trustee is compensated quarterly for these services.

Delaware Trustee                    M&T Trust Company of Delaware

                                    Nelnet Student Loan Trust 2007-2 is a Delaware statutory trust formed by Nelnet Student Loan Funding, LLC pursuant to a trust agreement by and between Nelnet Student Loan Funding, LLC, as
                                    Depositor and initial certificateholder, and M&T Trust Company of Delaware, as Delaware Trustee. The trust was created for the purpose of facilitating the financing of student loans and other
                                    financial assets, and to engage in activity in connection therewith. The Delaware Trustee receives an annual fee and will continue to do so for the life of this trust.

Broker-Dealers                      Bank of America Securities LLC
                                    Citigroup Global Markets Inc.
                                    JP Morgan Securities Inc.
                                    Nelnet Capital, LLC
                                    SunTrust Robinson Humphrey, inc.
                                    Investors and potential investors submit orders through the Broker-Dealers as to the principal amount of auction rate notes they wish to buy, hold or sell. The Broker-Dealers submit their clients'
                                    orders to the Auction Agent. The Broker-Dealers are compensated on each auction rate distribution date for the performance of these services.

Auction Agent                       Deutsche Bank Trust Company Americas
                                    Processes all orders submitted by the Broker-Dealers and determines the interest rate for the upcoming interest period for each series of auction rate notes. The Auction Agent is compensated
                                    annually for the performance of these services.

II. Explanations / D fi i i
II E l      i                    Abbreviations
                   Definitions / Abb i i

Cash Flows                          During any given collection period, monies flow into the collection fund, representing multiple items including but not limited to, borrower payments, government interest benefit and special
                                    allowance payments, investment income, and guarantor claim payments. Expenses are paid from these monies on both a monthly and quarterly basis (including but not limited to the fees
                                    mentioned under "Principal Parties", above, along with principal and interest payments). Any resultant amount (generally occurring after parity equals or exceeds 100% and the principal shortfall
                                    is satisfied), flows from the trust to the Depositor.

Record Date                         with respect to a distribution date, the close of business on the day preceding such distribution date.

Claim Write-Offs                    Amounts not reimbursed by the government guarantees of the Higher Education Act.

CPR                                 Constant Prepayment Rate -- the annualized, compounded SMM (Single Month Mortality) rate. In any given month, the SMM measures the percentage of the beginning pool balance that was
                                    paid back earlier than scheduled.

Principal Shortfall                 Generally, a principal shortfall is generated on the initial distribution date, due to a difference in the calculation of 'principal distribution amount' on the initial distribution date as compared to
                                    subsequent distribution dates. On the initial distribution date, the 'principal distribution amount' is calculated by subtracting the adjusted pool balance as of the end of the collection period from the
                                    outstanding amount of the notes (i.e., initial issuance). On subsequent distribution dates, the amount is calculated (generally) by subtracting the ending adjusted pool balance from the beginning
                                    adjusted pool balance for the applicable collection period. Therefore, the principal shortfall generally represents the variance between the note issuance amount and the funds used and/or set
                                    aside to purchase student loan principal and interest. The difference between these two amounts may be attributable to the proceeds of the notes initially transferred to a reserve fund, a
                                    capitalized interest fund or set aside for payment of costs of issuance related to the closing of the trust.

Parity Ratio                        Represents the comparison between the trust's assets and liabilities. Generally, when the Parity Ratio equals or exceeds 100% and the principal shortfall is satisfied, excess earnings are allowed
                                    to be released from the trust and flow to the Depositor.

Total Note Factor/                  Represents the remaining portion of the original debt (aggregate basis/tranche basis).
Note Pool Factor




                                                                                                                                                                                                                                                  Page 2 of 14
III. Deal Parameters

A. Student Loan Portfolio Characteristics                                                                                   02/28/2011                 Activity                   05/31/2011
i. Portfolio Principal Balance                                                                                         $     1,091,674,077.95 $         (30,607,962.29) $          1,061,066,115.66
ii. Interest Expected to be Capitalized                                                                                         16,470,136.05                                         16,560,184.07
iii. Pool Balance (i + ii)                                                                                             $     1,108,144,214.00                            $         1,077,626,299.73
iv. Adjusted Pool Balance (Pool Balance + Specified Reserve Fund Balance)                                              $     1,110,914,574.54                            $         1,080,320,365.48
v. Other Accrued Interest                                                                                              $         5,475,976.95                            $             5,418,446.52
vi. Weighted Average Coupon (WAC)                                                                                                      5.545%                                                5.561%
vii. Weighted Average Remaining Months to Maturity (WARM)                                                                              179.37                                                179.03
viii. Number of Loans                                                                                                                 199,700                                               193,439
ix. Number of Borrowers                                                                                                                97,432                                                94,540
x. Average Borrower Indebtedness                                                                                                    11,204.47                                             11,223.46
xi. Portfolio Yield ((Trust Income - Trust Expenses) / (Student Loans + Cash))                                                        0.8822%                                               0.9055%



B. Notes                                             Rule 144A CUSIP                    Reg S CUSIP          Spread        Coupon Rate                03/25/2011                      %                   Interest Due               06/27/2011              %
i. Class A-1L Notes                                    64032F AA2                       U63718 AA5           0.18%          0.00000%            $                  -                0.00%             $                  -     $                   -       0.00%
ii. Class A-2L Notes Rule 144A                         64032F AD6                                            0.25%          0.55800%                    331,992,684.46             29.75%                         483,715.54            301,287,403.02    27.83%
     Class A-2L Notes Reg S                                                              U63718 AD9          0.25%          0.55800%                     32,107,609.71              2.88%                          46,781.00             29,138,046.71     2.69%
iii. Class A-3L Notes Rule 144A                         64032F AG9                                           0.35%          0.65800%                    215,000,000.00             19.26%                         369,393.65            215,000,000.00   19.86%
     Class A-3L Notes Reg S                                                              U63718 AG2          0.35%          0.65800%                    355,000,000.00             31.81%                         609,929.05            355,000,000.00   32.80%
iv. Class A-4 AR-1 Notes                                64032F AK0                       U63718 AK3          Auction        1.44500%                     53,500,000.00              4.79%                                -               53,500,000.00     4.94%
v. Class A-4 AR-2 Notes                                 64032F AH7                       U63718 AH0          Auction        1.44700%                     53,500,000.00              4.79%                                -               53,500,000.00     4.94%
vi. Class B-1 Notes                                     64032F AL8                       U63718 AL1          Auction        1.45600%                     37,500,000.00              3.36%                                -               37,500,000.00     3.46%
vii.Class B-2 Notes                                     64032F AM6                       U63718 AM9          Auction        0.17100%                     37,500,000.00              3.36%                                -               37,500,000.00     3.46%
viii. Total Notes                                                                                                                               $     1,116,100,294.17             100.00%            $         1,509,819.24   $      1,082,425,449.73   100.00%

LIBOR Rate Notes:                                                              Auction Rate Notes:                                              Collection Period:                                                            Record Date                    06/26/2011
LIBOR Rate for Accrual Period                                        0.30800% First Date in Accrual Period                                      First Date in Collection Period                                    03/01/2011 Distribution Date              06/27/2011
First Date in Accrual Period                                        03/25/2011 Last Date in Accrual Period                                      Last Date in Collection Period                                     05/31/2011
Last Date in Accrual Period                                         06/26/2011 Days in Accrual Period
Days in Accrual Period                                                     94


C.     Reserve Fund                                                                                                         02/28/2011                                            05/31/2011
i.     Required Reserve Fund Balance                                                                                                    0.25%                                                 0.25%
ii.    Specified Reserve Fund Balance                                                                                  $         2,770,360.54                            $             2,694,065.75
iii.   Reserve Fund Floor Balance                                                                                      $         2,201,252.74                            $             2,201,252.74
iv.    Reserve Fund Balance after Distribution Date                                                                    $         2,770,360.54                            $             2,694,065.75



D.     Other Fund Balances                                                                                                  02/28/2011                                            05/31/2011
i.     Collection Fund*                                                                                                $        40,566,313.82                            $            35,088,565.15
ii.    Department Rebate Fund                                                                                          $         2,131,196.99                            $             4,019,718.85
iii.   Administration Fund (includes all Sub-accounts) (after the effect of Distributions)                             $             2,190.21                            $                 2,123.34
iv.    Debt Service Fund (after the effect of Distributions)                                                           $           182,291.80                            $               166,485.10
(* For further information regarding Fund detail, see Section VII - J, "Collection Fund Reconciliation".)

Total Fund Balances                                                                                                    $        45,652,353.36                            $            41,970,958.19




                                                                                                                                                                                                                                                                          Page 3 of 14
IV. Transactions for the Time Period                                  03/01/2011 - 05/31/2011

                A.                Student Loan Principal Collection Activity
                                  i.                          Regular Principal Collections                                                                                                          $    12,932,911.32
                                  ii.                         Principal Collections from Guarantor                                                                                                        10,364,390.07
                                  iii.                        Paydown due to Loan Consolidation                                                                                                           12,703,667.50
                                  iv.                         Principal Write-Offs Reimbursed to the Trust                                                                                                          -
                                  v.                          Other System Adjustments                                                                                                                              -
                                  vi.                         Total Principal Collections                                                                                                            $    36,000,968.89

                B.                Student Loan Non-Cash Principal Activity
                                  i.                        Principal Realized Losses - Claim Write-Offs                                                                                             $       248,955.91
                                  ii.                       Principal Realized Losses - Other                                                                                                                  5,508.64
                                  iii.                      Other Adjustments                                                                                                                                 30,449.42
                                  iv.                       Capitalized Interest                                                                                                                          (5,677,920.57)
                                  v.                        Total Non-Cash Principal Activity                                                                                                        $    (5,393,006.60)

                C.                Student Loan Principal Additions
                                  i.                          New Loan Additions                                                                                                                     $              -
                                  ii.                         Add-On Consolidation Loan Additions                                                                                                                   -
                                  iii.                        Total Principal Additions                                                                                                              $              -

                D.                Total Student Loan Principal Activity (Avi + Bv + Ciii)                                                                                                            $    30,607,962.29

                E.                Student Loan Interest Activity
                                  i.                           Regular Interest Collections                                                                                                          $     6,566,482.63
                                  ii.                          Interest Claims Received from Guarantors                                                                                                      534,475.95
                                  iii.                         Late Fees & Other                                                                                                                             162,391.27
                                  iv.                          Interest due to Loan Consolidation                                                                                                            177,758.27
                                  v.                           Interest Write-Offs Reimbursed to the Trust                                                                                                          -
                                  vi.                          Other System Adjustments                                                                                                                             -
                                  vii.                         Transfer of Interest Subsidy and Special Allowance Payments to Department                                                                  (6,165,439.19)
                                                                 Rebate Fund for Remittance
                                  viii.                        Total Interest Collections                                                                                                            $     1,275,668.93

                F.                Student Loan Non-Cash Interest Activity
                                  i.                         Interest Losses - Claim Write-offs                                                                                                      $           340.74
                                  ii.                        Interest Losses - Other                                                                                                                           1,152.34
                                  iii.                       Other Adjustments                                                                                                                                  (288.24)
                                  iv.                        Capitalized Interest                                                                                                                          5,677,920.57
                                  v.                         Total Non-Cash Interest Adjustments                                                                                                     $     5,679,125.41

               G.
               G                  Student L   I t    t Additi
                                  St d t Loan Interest Additions
                                  i.                          New Loan Additions                                                                                                                     $              -
                                  ii.                         Add-On Consolidation Loan Additions                                                                                                                   -
                                  iii.                        Total Interest Additions                                                                                                               $              -

                H.                Total Student Loan Interest Activity (Eviii + Fv + Giii)                                                                                                           $     6,954,794.34

                I.                Defaults Paid this Quarter (Aii + Eii)                                                                                                                             $    10,898,866.02
                J.                Cumulative Defaults Paid to Date                                                                                                                                   $   145,556,616.58

                K.                Claims Filed for the Reporting Period
                                   Claims Status - Beginning (XI)                                                                                                          02/28/2011                     $6,460,840.99
                                   Claims Filed for the Reporting Period                                                                                                                                   8,458,395.36
                                   Defaults Paid this Quarter (Aii)                                                                                                                                      (10,364,390.07)
                                   Claims Written Off this Quarter (Bi)                                                                                                                                     (248,955.91)
                                   Claims Status - Ending (XI)                                                                                                             05/31/2011                     $4,305,890.37

                L.                Servicer Reject Rates
                                   Cumulative Reject Rate                                                                                                                                                      0.0222%
                                   Collection Period Reject Rate*                                                                                                                                              0.0000%
                                  *The Collection Period Reject Rate reflects the percentage of the principal amount of loans that rejected during the Collection Period that were filed for claim
                                  during that same period. Lags in the occurrence of rejects beyond the Collection Period will cause a change in the rate for this Collection Period over time.


               M.                 Recovery Rates
                                   Cumulative Recovery Rate                                                                                                                                                   53.8532%
                                   Collection Period Recovery Rate                                                                                                                                             0.0000%
                                  *The Collection Period Recovery Rate reflects the percentage of the principal amount of loans that were recovered during the Collection Period that were
                                  rejected during that same period. Lags in the occurrence of recoveries beyond the Collection Period will cause a change in the rate for this Collection Period
                                  over time.

                N.                Interest Expected to be Capitalized
                                    Interest Expected to be Capitalized - Beginning (III - A-ii)                                                                           02/28/2011                     16,470,136.05
                                    Interest Capitalized into Principal During Collection Period (B-iv)                                                                                                   (5,677,920.57)
                                    Change in Interest Expected to be Capitalized                                                                                                                          5,767,968.59
                                    Interest Expected to be Capitalized - Ending (III - A-ii)                                                                              05/31/2011                $    16,560,184.07




                                                                                                                                                                                                                           Page 4 of 14
V. Cash Receipts for the Time Period                         03/01/2011 - 05/31/2011


               A.                Principal Collections
                                 i.                          Principal Payments Received - Cash                                               $   23,297,301.39
                                 ii.                         Principal Received from Loans Consolidated                                           12,703,667.50
                                 iii.                        Total Principal Collections                                                      $   36,000,968.89

               B.                Interest Collections
                                 i.                          Interest Payments Received - Cash                                                $    7,100,958.58
                                 ii.                         Interest Received from Loans Consolidated                                               177,758.27
                                 iii.                        Interest Payments Received/(Paid) - Transfers to (from) Department Rebate Fund       (6,165,439.19)
                                                               for Interest Subsidy and Special Allowance Payments
                                 iv.                         Late Fees & Other                                                                       162,391.27
                                 v.                          Total Interest Collections                                                       $    1,275,668.93

               C.                Other Reimbursements & Adjustments                                                                           $        8,312.81

               D.                Repurchases/Reimbursements by Servicer/Seller                                                                $             -

               E.                Investment Earnings                                                                                          $      11,794.14

               F.                Total Cash Receipts during Collection Period                                                                 $   37,296,744.77




VI. Payment History and CPRs

          Distribution                     Adjusted             Current Quarter          Cumulative                Prepayment
              Date                       Pool Balance                CPR                    CPR                      Volume
           12/26/2007                  $1,426,969,251.78           11.940%                11.940%                        $43,721,281
           03/25/2008                  $1,407,698,937.72            6.340%                 9.160%                        $21,756,225
           06/25/2008                  $1,392,594,106.15            5.660%                 8.000%                        $19,507,017
           09/25/2008                  $1,372,081,423.45            6.650%                 7.670%                        $22,873,482
           12/26/2008                  $1,352,367,100.88            6.340%                 7.410%                        $21,263,579
           03/25/2009                  $1,326,001,594.12            7.980%                 7.480%                        $26,373,454
           06/25/2009                  $1,304,531,920.62            6.650%                 7.360%                        $21,910,905
           09/25/2009                  $1,281,761,809.22            6.870%                 7.300%                        $22,596,746
           12/28/2009                  $1,260,042,331.21            6.650%                 7.230%                        $21,069,457
           03/25/2010                  $1,228,572,518.75            9.490%                 7.440%                        $29,717,701
           06/25/2010
           06/ 5/ 0 0                  $1,201,043,816.01
                                       $ , 0 ,0 3,8 6 0             8.520%
                                                                    8 5 0%                   530%
                                                                                           7.530%                        $ 6,503, 0
                                                                                                                         $26,503,104
           09/27/2010                  $1,172,282,969.56            9.170%                 7.650%                        $27,943,458
           12/27/2010                  $1,145,976,205.76            8.760%                 7.720%                        $25,738,049
           03/25/2011                  $1,110,914,574.54           11.733%                 7.970%                        $33,865,053
           06/27/2011                  $1,080,320,365.48           10.475%                 8.110%                        $29,829,258




                                                                                                                                                                   Page 5 of 14
VII. Cash Payment Detail and Available Funds for the Time Period                     03/01/2011 - 05/31/2011

                                  Funds Previously Remitted: Collection Account

                                  A.                          Transfer to Administration Fund:
                                                                                      Servicing Fees                                                                                         $    1,047,826.25
                                                                                      Trustee Fees                                                                                           $       15,318.92
                                                                                      Delaware Trustee Fees                                                                                  $             -
                                                                                      Broker-Dealer Fees                                                                                     $        6,370.01
                                                                                      Auction Agent Fees                                                                                     $             -

                                  B.                          Administration Fees                                                                                                            $      137,198.00

                                  C.                          Transfer to the Debt Service Fund:
                                                                                      Interest Accounts
                                                                                         - LIBOR                                                                                             $    1,491,379.01
                                                                                         - Auction                                                                                           $      578,161.10
                                                                                      Retirement Account                                                                                     $   39,148,596.02
                                                                                      Principal Account                                                                                      $             -

                                  D.                          Unpaid Interest Accrued to Depositor                                                                                           $              -

                                  E.                          Consolidation Loan Rebate Fees                                                                                                 $    1,251,270.59

                                  F.                          Other Program Expenses                                                                                                         $              -

                                  G.                          Add-On Consolidation Loan Purchases                                                Principal                   Interest
                                                                                                                                          $                    -    $                    -   $              -

                                  Funds Previously Remitted: Acquisition Fund - Prefunding Account

                                  H.                          New Loan Purchases                                       Principal                  Interest                  Premium
                                                                                                                                    -                          -                         -   $              -

                                  I.                          Add-On Consolidation Loan Purchases                                                Principal                   Interest
                                                                                                                                                               -                         -   $              -

                                  J.                          Collection Fund Reconciliation
                                                              i.                  Beginning Balance:                                                                        02/28/2011       $    40,566,313.82
                                                              ii.                 Transfer to the Debt Service Fund (C)                                                                          (41,218,136.13)
                                                              iii.                Deposits During Collection Period (V - A-iii + B-v + C + D)                                                     37,284,950.63
                                                              iv
                                                              iv.                 Payments out During Collection Period (A + B + D + E + F + G + H)                                               (2 457 983 77)
                                                                                                                                                                                                  (2,457,983.77)
                                                              v.                  Total Investment Income Received for Quarter (V - E)                                                                11,794.14
                                                              vi.                 Excess Reserve Transfer from Prior Quarter while in Principal Shortfall                                            141,598.77
                                                              vii.                Funds transferred from the Interest Accounts                                                                             0.00
                                                              viii.               Consolidation Rebate Fees Due for the Month                                                                       (413,380.02)
                                                              ix.                 Excess Reserve Fund on Deposit from prior distribution reports not previously reflected                            760,027.69
                                                              x.                  Funds Available for Distribution                                                                           $    34,675,185.13




                                                                                                                                                                                                                   Page 6 of 14
VIII. Waterfall for Distribution
                                                                                                                                                                                                  Remaining
                                                                                                                                                                                                 Funds Balance
                 A.                Total Available Funds for Distribution (VII-J-x)                                                                              $   34,675,185.13           $         34,675,185.13

                 B.                To the credit of the Administration Fund to the extent and in the manner provided hereof, an amount sufficient to pay to
                                   the Master Servicer, the Trustee, the Delaware Trustee, the Broker-Dealers and the Auction Agent, pro rate, based on
                                   amounts owed to each party, without preference or priority of any kind, the

                                     Servicing Fee (to the extent remaining unpaid following the Monthly Servicing Payment Date) - Current Month                 $     344,044.00            $         34,331,141.13
                                     Trustee Fee - Current Quarter                                                                                               $      15,808.87            $         34,315,332.26
                                     Delaware Trustee Fee - Current Year                                                                                         $            -      $   -   $         34,315,332.26
                                     Broker-Dealer Fee - Reserved for payments prior to next Monthly Distribution Date                                           $       2,123.34            $         34,313,208.92
                                     Auction Agent Fee - Current Year                                                                                            $            -      $   -   $         34,313,208.92

                                   respectively, due and payable prior to the next succeeding Monthly Distribution Date, in each case, together with such
                                   fees remaining unpaid from prior Monthly Distribution Dates ;

                 C.                To pay to the Administrator, the Administration Fee due on such Quarterly Distribution Date - Current Month                   $      44,901.09            $         34,268,307.83
                                   and all unpaid Administration Fees from prior Monthly Distribution Dates;                                                     $            -              $         34,268,307.83

                 D.                To the credit of the Interest Account to the extent and in the manner provided hereof to provide for the payment of
                                   interest on the Class A Notes:
                                   i.                               Class A-1L                                                                                   $            -              $         34,268,307.83
                                   ii.                              Class A-2L                                                                                   $     176,832.18            $         34,091,475.65
                                   iii.                             Class A-3L                                                                                   $     326,440.90            $         33,765,034.75
                                   iv.                              Class A-4 AR-1                                                                               $      59,748.80            $         33,705,285.95
                                   v.                               Class A-4 AR-2                                                                               $      59,748.80            $         33,645,537.15
                                   vi.                              Total Class A Noteholders' Interest Distribution                                             $     622,770.68

                                   or (B) the payment of Issuer Derivative Payments (excluding Termination Payments other than Priority Termination
                                   Payments), payable therefrom, pro-rata, based on amounts owed to each such party, without preference or priority
                                   of any kind payable therefrom;                                                                                                $             -             $         33,645,537.15

                 E.                To the credit of the Interest Account to the extent and in the manner provided hereof to provide for the payment of
                                   interest on the Class B Notes:
                                   i.                               Class B-1                                                                                    $      42,000.00            $         33,603,537.15
                                   ii.                              Class B-2                                                                                    $       4,987.50            $         33,598,549.65

                 F.                To the Depositor an amount equal to the unpaid interest accrued on the Financed Eligible Loans subsequent to
                                   the Cutoff Date but prior to the Date of Issuance, until such amount has been paid in full;                                   $             -             $         33,598,549.65

                 G.                If such Monthly Distribution Date is a Quarterly Distribution Date, to the credit of the Retirement Account for payment
                                   to the Class A Noteholders, the Class A Principal Distribution Amount:
                                   i.                                                                                     A-1L
                                                                   Class A Principal Distribution Amount on the Class A 1L Notes,                                $             -             $         33,598,549.65
                                   ii.                             Class A Principal Distribution Amount on the Class A-2L Notes,                                $   33,598,549.65           $                   -
                                   iii.                            Class A Principal Distribution Amount on the Class A-3L Notes,                                $             -             $                   -
                                   iv.                             Pro-Rata Class A Principal Distribution Amount on the Class A-4 AR-1 Notes and                $             -             $                   -
                                   v.                              Pro-Rata Class A Principal Distribution Amount on the Class A-4 AR-2 Notes;                   $             -             $                   -
                                   vi.                             Total Class A Noteholders' Principal Distribution                                             $   33,598,549.65

                 H.                If such Monthly Distribution Date is a Quarterly Distribution Date, on and after the Stepdown Date, and provided that
                                   no Trigger Event is in effect on such Monthly Distribution Date, to the credit of the Retirement Account for payment
                                   to the Class B Noteholders, the Class B Principal Distribution Amount: (see Section XIV - C&D for further detail)
                                   i.                               Pro-Rata Class B Principal Distribution Amount on the Class B-1 Notes, and                   $             -             $                   -
                                   ii.                              Pro-Rata Class B Principal Distribution Amount on the Class B-2 Notes;                       $             -             $                   -
                                   iii.                             Total Class B Noteholders' Principal Distribution                                            $             -

                  I.               If such Monthly Distribution Date is a Quarterly Distribution Date, to the credit of the Reserve Fund, the amount, if any,
                                   necessary to reinstate the balance of the Reserve Fund up to the Specified Reserve Fund Balance;                              $             -             $                   -

                 J.                If such Monthly Distribution Date is a Quarterly Distribution Date, to pay to the Master Servicer, the aggregate unpaid
                                   amount of any Carryover Servicing Fees, if any;                                                                               $             -             $                   -

                 K.                If such Monthly Distribution Date is a Quarterly Distribution Date, to the credit of the Interest Account to the extent and
                                   in the manner provided for the payment of any Carry-Over Amount (and interest thereon) with respect to the Class A
                                   Notes:
                                   i.                              Carry-Over Amount on the Class A-4 AR-1 Notes, and                                            $             -             $                   -
                                   ii.                             Carry-Over Amount on the Class A-4 AR-2 Notes;                                                $             -             $                   -
                                   iii.                            Total Class A Carry-Over Amounts                                                              $             -




                                                                                                                                                                                                                       Page 7 of 14
VIII. Waterfall for Distribution (continued)


                 L.                  If such Monthly Distribution Date is a Quarterly Distribution Date, to the credit of the Interest Account to the extent and
                                     in the manner provided for the payment of any Carry-Over Amount (and interest thereon) with respect to the Class B
                                     Notes:
                                     i.                              Carry-Over Amount on the Class B-1 Notes, and                                                    $   -   $   -
                                     ii.                             Carry-Over Amount on the Class B-2 Notes;                                                        $   -   $   -
                                     iii.                            Total Class B Carry-Over Amounts                                                                 $   -

                 M.                  If such Monthly Distribution Date is a Quarterly Distribution Date, to pay to the Counterparties, pro rata, without preference
                                     or priority of any kind, any accrued and unpaid Termination Payments due to each such Counterparty under the applicable
                                     Derivative Product;                                                                                                              $   -   $   -

                 N.                  If such Monthly Distribution Date is a Quarterly Distribution Date, in the event the Financed Eligible Loans are not sold
                                     pursuant to the optional purchase or mandatory auction provisions, to the credit of the Retirement Account as additional
                                     Principal Distribution Amount to pay as an accelerated payment of principal balance of the Notes then Outstanding, to the
                                     Noteholders, the Class A-1L Notes, Class A-2L Notes, Class A-3L Notes, Class A-4 AR-1 Notes, Class A-4 AR-2 Notes,
                                     Class B-1 and Class B-2 Notes in the same order and priority until the principal amount of the Notes is paid in full
                                     i.                              Class A-1L                                                                                       $   -   $   -
                                     ii.                             Class A-2L                                                                                       $   -   $   -
                                     iii.                            Class A-3L                                                                                       $   -   $   -
                                     iv.                             Class A-4 AR-1                                                                                   $   -   $   -
                                     v.                              Class A-4 AR-2                                                                                   $   -   $   -
                                     vi.                             Class B-1                                                                                        $   -   $   -
                                     vii.                            Class B-2                                                                                        $   -   $   -

                 O.                  Subject to the remaining provisions, if such Monthly Distribution Date is a Quarterly Distribution Date, any remaining
                                     Available Funds, at the option of the Issuer, will be
                                     i.                              deposited to the Debt Service Fund and used to redeem Class B Notes, pursuant to the
                                                                     Auction Rate Notes Optional Redemption provision, if the Senior Parity Ratio will be at
                                                                     least 103% after the redemption of such Class B Notes or                                         $   -   $   -
                                     ii.                             released to the Issuer.                                                                          $   -   $   -




                                                                                                                                                                                      Page 8 of 14
IX. Distributions
A.
Distribution Amounts                              Combined                   Class A-1            Class A-2 144A           Class A-2 Reg S            Class A-3 144A           Class A-3 Reg S                Class A-4 AR-1            Class A-4 AR-2               Class B-1              Class B-2
i. Quarterly Interest Due               $              1,509,819.24      $                -   $          483,715.54    $              46,781.00   $           369,393.65   $             609,929.05    $                       -    $                    -    $                   -   $                  -
ii. Quarterly Interest Paid                            1,509,819.24                       -              483,715.54                   46,781.00               369,393.65                 609,929.05                            -                         -                        -                      -
iii. Interest Shortfall                 $                       -        $                -   $                  -     $                    -     $                  -     $                    -      $                       -    $                    -    $                   -   $                  -

iv. Interest Carryover Due              $                            -   $                -   $                 -      $                   -      $                  -     $                   -       $                       -    $                    -    $                   -   $                  -
v. Interest Carryover Paid                                           -                    -                     -                          -                         -                         -                               -                         -                        -                      -
vi. Interest Carryover                  $                            -   $                -   $                 -      $                   -      $                  -     $                   -       $                       -    $                    -    $                   -   $                  -

vii. Quarterly Principal Paid           $               33,674,844.44    $                -   $       30,705,281.44    $           2,969,563.00   $                  -     $                   -       $                       -    $                    -    $                   -   $                  -

viii. Total Distribution Amount         $               35,184,663.68    $                -   $       31,188,996.98    $           3,016,344.00   $           369,393.65   $            609,929.05     $                       -    $                    -    $                   -   $                  -


B.                                                                                                                                                                                                    E.
Principal Distribution Amount Reconciliation                                                                                                                                                          Note Balances                       03/25/2011              Paydown Factors          06/27/2011
i. Adjusted Pool Balance as of                                             02/28/2011         $    1,110,914,574.54                                                                                   i. Total Note Factor                     0.7440668628         0.0224498963             0.7216169665
ii. Adjusted Pool Balance as of                                            05/31/2011              1,080,320,365.48
iii. Excess                                                                                   $       30,594,209.06                                                                                   ii.   A-1 Note Balance        $                     -                           $                   -
iv. Principal Shortfall for preceding Distribution Date                                                6,087,346.09                                                                                         A-1 Note Pool Factor                         -               -                               -
v. Amount Due on a Note Final Maturity Date                                                                     -
vi. Total Principal Distribution Amount as defined by Indenture                               $       36,681,555.15                                                                                   iii. A-2 Rule 144A Note Bala $         331,992,684.46                           $     301,287,403.02
vii. Actual Principal Distribution Amount based on amounts in Collection Fund                        (33,598,549.65)                                                                                       A-2 Note Pool Factor                0.6421521943        0.0593912600               0.5827609343
viii. Principal Distribution Amount Shortfall                                                 $        3,083,005.50
ix. Senior Noteholders' Principal Distribution Amount                                         $       33,598,549.65                                                                                         A-2 Reg S Note Balance $          32,107,609.71                           $      29,138,046.71
                                                                                                                                                                                                            A-2 Note Pool Factor               0.6421521942        0.0593912600               0.5827609342
Principal Distribution from Reserve Fund Excess (D-v)                                         $           76,294.79
                                                                                                                                                                                                      iv. A-3 Rule 144A Note Bala $          215,000,000.00                           $     215,000,000.00
Total Principal Distribution Amount Paid                                                      $       33,674,844.44                                                                                       A-3 Note Pool Factor                 1.0000000000        0.0000000000               1.0000000000

                                                                                                                                                                                                            A-3 Reg S Note Balance $         355,000,000.00                           $     355,000,000.00
C.                                                                                                                                                                                                          A-3 Note Pool Factor               1.0000000000        0.0000000000               1.0000000000
Additional Principal Paid
i. Notes Outstanding Principal Balance                                                        $    1,116,100,294.17                                                                                   v.    A-4 AR -1 Note Balance $          53,500,000.00                           $      53,500,000.00
ii. Less: Principal Distribution Amount                                                              (33,674,844.44)                                                                                        A-4 AR-1 Note Pool Fact            1.0000000000        0.0000000000               1.0000000000
iii. Basis for Parity Calculation                                            06/27/2011       $    1,082,425,449.73
iv. Adjusted Pool Balance                                                                                                                                                                             vi. A-4 AR-2 Note Balance $             53,500,000.00                           $      53,500,000.00
      Student Loan Principal Balance                                                          $    1,061,066,115.66                                                                                       A-4 AR-2 Note Pool Fact              1.0000000000        0.0000000000               1.0000000000
      Interest Expected to be Capitalized                                                             16,560,184.07
      Reserve Fund Balance                                                                             2,694,065.75                                                                                   vii. B-1 Note Balance         $         37,500,000.00                           $      37,500,000.00
                                                                                                                                                                                                           B-1 Note Pool Factor                1 0000000000
                                                                                                                                                                                                                                               1.0000000000        0 0000000000
                                                                                                                                                                                                                                                                   0.0000000000               1.0000000000
                                                                                                                                                                                                                                                                                              1 0000000000
v.Total Assets for Parity Ratio                                              05/31/2011       $    1,080,320,365.48 *
vi. Parity %                                                                                                 99.81%                                                                                   viii. B-2 Note Balance        $         37,500,000.00                           $      37,500,000.00
Apply Excess Reserve to Unpaid Principal of Notes                                                               Yes                                                                                   viii. B-2 Note Balance                  37,500,000.00                           $      37,500,000.00
* See Section XVI. Items to Note                                                                                                                                                                             B-2 Note Pool Factor              1.0000000000        0.0000000000               1.0000000000


D.
Reserve Fund Reconciliation
i. Beginning of Period Balance                                               02/28/2011       $        2,770,360.54
ii. Amounts, if any, necessary to reinstate the balance (VIII - I)                                              -
iii. Total Reserve Fund Balance Available                                                     $        2,770,360.54
iv. Required Reserve Fund Balance                                                                      2,694,065.75
v. Excess Reserve - Apply to Unpaid Principal                                                 $           76,294.79
vi. Ending Reserve Fund Balance                                                               $        2,694,065.75




                                                                                                                                                                                                                                                                                          Page 9 of 14
X. Portfolio Characteristics

A. Statistics

                                                                         WAC                                                  Number of Loans                                  WARM                                Principal Amount                                             %
Status                                                 02/28/2011                       05/31/2011                   02/28/2011            05/31/2011            02/28/2011           05/31/2011         02/28/2011                05/31/2011                  02/28/2011             05/31/2011
Interim:
 In School
   Subsidized Loans                                                    4.797%                      4.741%                     10,008                     7,614                146                  147      $29,595,212.49               $23,007,373.34                     2.71%                   2.17%
   Unsubsidized Loans                                                  4.952%                      4.899%                      7,096                     5,354                145                  146      $24,780,729.55               $18,913,879.55                     2.27%                   1.78%
 Grace
   Subsidized Loans                                                    5.002%                      5.031%                      3,456                     5,086                124                  124       $9,678,190.66               $13,962,597.00                     0.89%                   1.32%
   Unsubsidized Loans                                                  4.918%                      5.093%                      2,416                     3,611                124                  125       $8,332,153.80               $11,974,687.56                     0.76%                   1.13%
Total Interim                                                          4.891%                      4.907%                     22,976                    21,665                140                  138      $72,386,286.50               $67,858,537.45                     6.63%                   6.40%
Repayment
 Active
  0-30 Days Delinquent                                                 5.715%                      5.723%                     99,007                    99,950                175                  176     $570,823,555.62              $571,642,004.03                52.29%                   53.87%
  31-60 Days Delinquent                                                5.609%                      5.639%                      7,211                     5,651                170                  172      $39,085,885.90               $30,540,509.67                 3.58%                    2.88%
  61-90 Days Delinquent                                                5.560%                      5.738%                      4,451                     2,275                170                  175      $22,396,254.92               $12,591,584.27                 2.05%                    1.19%
  91-120 Days Delinquent                                               5.460%                      5.452%                      2,514                     2,051                173                  169      $13,244,602.58               $10,695,956.49                 1.21%                    1.01%
  121-150 Days Delinquent                                              5.389%                      5.460%                      1,347                     2,128                159                  157       $6,890,562.99               $10,537,048.73                 0.63%                    0.99%
  151-180 Days Delinquent                                              5.624%                      5.574%                        991                     1,461                175                  165       $5,407,019.26                $7,520,144.26                 0.50%                    0.71%
  181-210 Days Delinquent                                              5.463%                      5.219%                        866                     1,390                160                  164       $4,291,543.05                $6,774,119.90                 0.39%                    0.64%
  211-240 Days Delinquent                                              5.245%                      5.429%                        891                       818                147                  141       $4,269,050.54                $3,588,999.51                 0.39%                    0.34%
  241-270 Days Delinquent                                              5.450%                      5.711%                        699                       657                165                  163       $3,504,175.01                $3,338,208.59                 0.32%                    0.31%
  271-300 Days Delinquent                                              5.587%                      5.474%                        774                       618                154                  137       $3,567,842.85                $2,626,558.79                 0.33%                    0.25%
  >300 Days Delinquent                                                 5.114%                      5.363%                        502                       485                150                  127       $2,298,300.63                $1,929,489.40                 0.21%                    0.18%

Deferment
 Subsidized Loans                                                      5.090%                      5.103%                     20,089                    17,530                190                  189      $84,435,958.93               $74,214,031.21                     7.73%                   6.99%
 Unsubsidized Loans                                                    5.251%                      5.258%                     14,553                    12,786                200                  201      $85,617,315.41               $76,427,914.75                     7.84%                   7.20%

Forbearance
 Subsidized Loans                                                      5.559%                      5.516%                     11,412                    12,401                196                  193      $66,702,477.83               $70,858,262.71                     6.11%                   6.68%
 Unsubsidized Loans                                                    5.739%                      5.699%                      9,778                    10,638                209                  204     $100,292,404.94              $105,600,060.23                     9.19%                   9.95%

Total Repayment                                                        5.596%                      5.608%                    175,085                 170,839                  182                  182   $1,012,826,950.46              $988,884,892.54                 92.78%                  93.20%
 Claims In Process                                                     4.872%                      5.275%                      1,639                     930                  140                  157       $6,460,840.99                $4,305,890.37                  0.59%                   0.41%
 Aged Claims Rejected                                                  0.000%                      3.390%                          0                       5                    0                   94               $0.00                   $16,795.30                  0.00%                   0.00%
Grand Total                                                            5.545%                      5.561%                    199,700                 193,439                  179                  179    $1,091,674,077.95            $1,061,066,115.66               100.00%                 100.00%

B. Weighted Average Payments Made*
                                                            Weighted Average Time
Status                                                     until Repayment (months)
 In School                                                          (26.74)
 Grace                                                               (3.80)
 Deferment                                                          (19.24)
 Forbearance                                                         (4.54)
 Total Weighted Average                                             (13.58)

                                                             Weighted Average Time
Status                                                       in Repayment (months)
 Deferment                                                           38.42
 Forbearance                                                         37.73
 Repayment                                                           39.84
 Claims                                                              42.40
 Total Weighted Average                                              39.60

*Percentage of Loan Pool by Status is provided in section X. A. above

XI. Portfolio Characteristics by School and Program as of                        05/31/2011

Loan Type                                                  WAC                            WARM                   Number of Loans        Principal Amount             %
 Stafford - Subsidized                                                 4.755%                          122                   94,871          $282,137,894.69              26.59%
 Stafford - Unsubsidized                                               4.879%                          128                   66,093           $283,607,966.93             26.73%
 GradPLUS Loans                                                        8.500%                          132                       36               $270,419.74              0.03%
 PLUS Loans                                                            6.522%                           95                    5,353            $29,341,073.77              2.77%
 SLS Loans                                                             3.474%                           77                      156               $439,492.92              0.04%                                              XII. Servicer Totals             05/31/2011
 Consolidation Loans                                                   6.406%                          251                   26,930          $465,269,267.61              43.85%
 Total                                                                 5.561%                          179                  193,439         $1,061,066,115.66            100.00%                                                      $1,061,066,115.66 Nelnet, Inc.


School Type
 Consolidation Uncoded*                                                6.406%                          251                    26,930        $465,269,267.61               43.85%
 Four Year Institution                                                 4.976%                          124                   133,620         $514,782,783.69              48.52%
 Community/2-Year                                                      4.650%                          120                    23,775          $56,458,456.71               5.32%
 Vocational/Trade                                                      3.919%                          115                     8,909          $23,983,865.12               2.26%
 Unknown                                                               3.905%                          101                       205             $571,742.53               0.05%
 Total                                                                 5.561%                          179                   193,439       $1,061,066,115.66             100.00%

*Refers to consolidation loans for which the school type applicable to the loans the borrower consolidated is unavailable.

                                                                                                                                                                                                                                                                                    Page 10 of 14
XIII. Collateral Tables as of             05/31/2011

Distribution of the Student Loans by Geographic Location *                                                    Distribution of the Student Loans by Guarantee Agency
Location                                Number of Loans         Principal Balance     Percent by Principal    Guarantee Agency              Number of Loans         Principal Balance          Percent by Principal
Alabama                                                 2,928       $16,939,535.98                    1.60%   COAC                                       21,067           $354,337,216.93                      33.39%
Alaska                                                    795        $4,362,113.61                    0.41%   SHESC                                      43,691           $134,290,519.00                      12.66%
Alberta, Canada                                             4            $35,560.34                   0.00%   RIHEAA                                     31,709           $125,589,624.56                      11.84%
American Samoa                                             16          $137,249.19                    0.01%   NSLP                                       16,548           $104,771,361.37                        9.87%
Arizona                                                   621        $5,285,266.65                    0.50%   TGSLC                                      10,730            $77,336,394.70                        7.29%
Arkansas                                                  614        $5,096,731.21                    0.48%   ISAC                                       12,491            $37,147,102.32                        3.50%
Armed Forces Atlantic                                       8            $49,925.02                   0.01%   USAF                                       10,451            $30,985,076.62                        2.92%
Armed Forces Europe                                       115          $967,844.74                    0.09%   GHEAC                                       6,326            $30,751,319.19                        2.90%
Armed Forces Pacific                                       68          $359,448.63                    0.03%   ASA                                         6,487            $28,668,004.48                        2.70%
British Columbia, Canada                                   11            $98,290.45                   0.01%   GLHEC                                       4,115            $27,653,601.50                        2.61%
California                                              2,107       $19,707,253.43                    1.86%   KHEAA                                       5,874            $22,661,450.90                        2.14%
Colorado                                                1,131       $10,428,062.08                    0.98%   OGSLP                                       6,182            $17,865,915.46                        1.68%
Connecticut                                             4,801       $24,307,644.80                    2.29%   ECMC                                        2,419            $16,274,444.36                        1.53%
Delaware                                                  234        $1,852,144.83                    0.18%   CSAC                                        3,114            $11,971,369.89                        1.13%
District Of Columbia                                      730        $4,351,075.30                    0.41%   NJOSA                                       3,469            $11,632,560.53                        1.10%
Florida                                                 2,827       $24,752,721.63                    2.33%   MSLP                                        2,655             $8,805,004.71                        0.83%
Foreign Country                                            76          $752,660.13                    0.07%   NELA                                        2,342             $8,640,850.07                        0.81%
Georgia                                                26,504      $114,285,649.97                   10.77%   PHEAA                                       1,636             $3,384,767.29                        0.32%
Guam                                                      639        $3,045,859.61                    0.29%   LOSFA                                         895             $3,011,029.55                        0.28%
Hawaii                                                  1,123        $7,307,144.15                    0.69%   FAME                                           43             $1,881,178.19                        0.18%
Idaho                                                     281        $3,607,317.21                    0.34%   TSAC                                          776             $1,880,385.84                        0.18%
Illinois                                               13,663       $68,090,180.82                    6.42%   SLGFA                                         175               $724,648.49                        0.07%
Indiana                                                   568        $6,061,830.60                    0.57%   ICSAC                                         209               $479,405.29                        0.05%
Iowa                                                    1,464       $10,591,680.83                    1.00%   OSFA                                           31               $315,425.69                        0.03%
Kansas                                                  3,060       $23,107,311.40                    2.18%   MGA                                             4                  $7,458.73                       0.00%
Kentucky                                                1,929       $15,098,755.27                    1.42%   Total                                     193,439         $1,061,066,115.66                     100.00%
Louisiana                                               3,136       $21,203,791.72                    2.00%
Maine                                                   1,240        $8,667,199.95                    0.82%
Manitoba                                                    2             $8,652.14                   0.00%
Maryland                                                3,081       $20,878,436.83                    1.97%   Distribution of the Student Loans by # of Months Remaining Until Scheduled Maturity
Massachusetts                                           8,010       $34,937,787.20                    3.29%   Number of Months              Number of Loans           Principal Balance        Percent by Principal
Michigan                                                  862       $11,032,935.51                    1.04%     0 to 23                                    1,034                $588,478.20                      0.06%
Minnesota                                               2,325       $14,364,955.15                    1.35%    24 to 35                                      561                $775,331.43                      0.07%
Mississippi                                               349        $3,135,068.45                    0.30%    36 to 47                                      767              $1,346,944.51                      0.13%
Missouri                                                6,986       $48,383,663.00                    4.56%    48 to 59                                    2,261              $5,552,833.95                      0.52%
Montana                                                   173        $1,758,319.78                    0.17%    60 to 71                                    4,467             $14,522,401.09                      1.37%
Nebraska                                                  497        $5,574,715.07                    0.53%    72 to 83                                    9,168             $24,499,891.82                      2.31%
Nevada                                                    840        $7,528,313.36                    0.71%    84 to 95                                   21,409             $66,108,155.78                      6.23%
           p
New Hampshire                                             794           ,   ,
                                                                     $4,094,802.62                    0.39%    96 to 107                                    ,
                                                                                                                                                          29,002                 ,   ,
                                                                                                                                                                            $104,787,828.00                      9.88%
New Jersey                                              6,213       $32,721,069.84                    3.08%   108 to 119                                  40,507            $153,241,549.91                    14.44%
New Mexico                                                393        $4,088,647.91                    0.39%   120 to 131                                  31,634            $127,077,258.87                    11.98%
New York                                               48,756      $207,514,428.34                   19.56%   132 to 143                                  14,902             $67,943,408.31                      6.40%
North Carolina                                          3,628       $21,048,847.89                    1.98%   144 to 155                                   6,566             $27,602,182.29                      2.60%
North Dakota                                              135        $1,129,146.65                    0.11%   156 to 167                                   4,392             $21,422,281.41                      2.02%
Northern Mariana Islands                                   13          $147,915.46                    0.01%   168 to 179                                   2,918             $17,362,588.56                      1.64%
Nova Scotia, Canada                                         4            $12,464.72                   0.00%   180 to 191                                   1,859             $15,188,087.61                      1.43%
Ohio                                                    3,288       $34,119,112.07                    3.22%   192 to 203                                   4,551             $59,409,030.03                      5.60%
Oklahoma                                                6,154       $19,485,581.16                    1.84%   204 to 215                                   1,536             $20,111,298.61                      1.90%
Ontario, Canada                                            27          $181,565.78                    0.02%   216 to 227                                   1,327             $20,061,656.70                      1.89%
Oregon                                                  2,097       $14,198,140.16                    1.34%   228 to 239                                   1,441             $24,658,884.36                      2.32%
Pennsylvania                                            4,770       $32,150,522.78                    3.03%   240 to 251                                     868             $15,892,239.03                      1.50%
Puerto Rico                                               248        $2,246,087.88                    0.21%   252 to 263                                   1,700             $38,174,774.78                      3.60%
Quebec                                                      5            $19,485.14                   0.00%   264 to 275                                   1,927             $23,602,712.80                      2.22%
Rhode Island                                           10,106       $35,343,542.97                    3.33%   276 to 287                                   2,271             $27,786,716.57                      2.62%
Saskatchewan                                                8            $12,008.91                   0.00%   288 to 299                                   2,681             $32,178,944.93                      3.03%
South Carolina                                          1,326        $8,252,130.97                    0.78%   300 to 311                                     978             $19,437,781.92                      1.83%
South Dakota                                              186        $2,140,113.76                    0.20%   312 to 323                                     920             $39,532,195.51                      3.73%
Tennessee                                                 667        $5,416,960.12                    0.51%   324 to 335                                     319             $14,624,058.99                      1.38%
Texas                                                   2,138       $17,981,989.62                    1.70%   336 to 347                                     453             $21,387,471.91                      2.02%
Unknown                                                   126        $1,131,376.20                    0.11%   348 to 360                                     616             $35,143,175.68                      3.31%
Utah                                                      873       $11,795,446.13                    1.11%   361 and Greater                                404             $21,045,952.10                      1.98%
Vermont                                                   322        $1,757,996.59                    0.17%   Total                                      193,439          $1,061,066,115.66                   100.00%
Virgin Islands                                             95          $590,656.19                    0.06%
Virginia                                                4,063       $26,849,352.98                    2.53%
Washington                                              1,592       $14,320,828.88                    1.35%
West Virginia                                             198        $2,291,837.40                    0.22%
Wisconsin                                               1,206       $10,541,725.09                    0.99%
Wyoming                                                   190        $1,329,235.41                    0.13%
Total                                                193,439     $1,061,066,115.66                 100.00%




                                                                                                                                                                                                                         Page 11 of 14
XIII. Collateral Tables as of              05/31/2011           (continued from previous page)

Distribution of the Student Loans by Borrower Payment Status                                                   Distribution of the Student Loans by Number of Days Delinquent
Payment Status                           Number of Loans          Principal Balance    Percent by Principal    Days Delinquent               Number of Loans           Principal Balance        Percent by Principal
Repayment:                                                                                                       0 to 30                                 174,611             $964,699,655.00                    90.92%
 Year 1                                                42,722        $147,376,417.31                 13.89%     31 to 60                                   5,808              $31,426,793.54                      2.96%
 Year 2                                                31,462        $120,467,905.27                 11.35%     61 to 90                                   2,327              $12,926,970.50                      1.22%
 Year 3                                                45,892        $178,910,313.19                 16.86%     91 to 120                                  2,106              $11,109,887.38                      1.05%
 Year 4 or Greater                                     73,363        $614,311,479.89                 57.90%    121 and Greater                             8,587              $40,902,809.24                      3.86%
Total                                                 193,439      $1,061,066,115.66                100.00%    Total                                     193,439           $1,061,066,115.66                   100.00%


Distribution of the Student Loans by Range of Principal Balance                                                Distribution of the Student Loans by Interest Rate
Principal balance                       Number of Loans           Principal Balance    Percent by Principal    Interest Rate                 Number of Loans            Principal Balance       Percent by Principal
  $499.99 Or Less                                        7,906         $2,257,346.84                   0.21%   1.99% or less                                22,343             $68,093,146.60                     6.42%
  $500.00 to $999.99                                    12,298         $9,442,966.66                   0.89%   2.00% to 2.49%                               55,584            $175,798,398.63                   16.57%
 $1,000.00 to $1,999.99                                 29,051        $43,668,334.30                   4.12%   2.50% to 2.99%                                  265              $1,707,149.00                     0.16%
 $2,000.00 to $2,999.99                                 47,698       $120,612,898.05                  11.37%   3.00% to 3.49%                                5,971             $22,925,845.37                     2.16%
 $3,000.00 to $3,999.99                                 25,719        $88,524,957.86                   8.34%   3.50% to 3.99%                                  616             $11,658,031.64                     1.10%
 $4,000.00 to $5,999.99                                 30,308       $148,898,658.19                  14.03%   4.00% to 4.49%                                  853             $19,945,634.94                     1.88%
 $6,000.00 to $7,999.99                                 10,165        $69,228,192.54                   6.52%   4.50% to 4.99%                                1,484             $30,332,695.53                     2.86%
 $8,000.00 to $9,999.99                                  8,542        $75,106,728.39                   7.08%   5.00% to 5.49%                                2,098             $42,697,148.32                     4.02%
$10,000.00 to $14,999.99                                 8,474       $103,231,226.98                   9.73%   5.50% to 5.99%                                1,736             $38,658,147.71                     3.64%
$15,000.00 to $19,999.99                                 4,185        $72,411,945.14                   6.82%   6.00% to 6.49%                                1,415             $34,965,955.24                     3.30%
$20,000.00 to $24,999.99                                 2,897        $64,853,465.40                   6.11%   6.50% to 6.99%                               85,947            $404,705,003.79                   38.14%
$25,000.00 to $29,999.99                                 2,065        $56,544,119.73                   5.33%   7.00% to 7.49%                                8,651            $116,550,713.31                   10.98%
$30,000.00 to $34,999.99                                 1,210        $39,196,482.97                   3.69%   7.50% to 7.99%                                1,204             $26,643,459.85                     2.51%
$35,000.00 to $39,999.99                                   824        $30,778,324.44                   2.90%   8.00% to 8.49%                                2,669             $47,880,461.47                     4.51%
$40,000.00 to $44,999.99                                   518        $21,905,648.01                   2.06%   8.50% to 8.99%                                2,603             $18,504,324.26                     1.74%
$45,000.00 to $49,999.99                                   315        $14,975,709.46                   1.41%   9.00% or greater                                  0                      $0.00                     0.00%
$50,000.00 to $54,999.99                                   258        $13,533,783.27                   1.28%   Total                                      193,439           $1,061,066,115.66                  100.00%
$55,000.00 to $59,999.99                                   180        $10,361,262.59                   0.98%
$60,000.00 to $64,999.99                                   137         $8,540,552.04                   0.81%   Distribution of the Student Loans by SAP Interest Rate Index
$65,000.00 to $69,999.99                                   113         $7,617,176.62                   0.72%   SAP Interest Rate             Number of Loans            Principal Balance       Percent by Principal
$70,000.00 to $74,999.99                                    94         $6,789,679.40                   0.64%   90 Day CP Index                            188,703           $1,050,075,780.92                   98.96%
$75,000.00 to $79,999.99                                    76         $5,874,108.35                   0.55%   91 Day T-Bill Index                          4,736              $10,990,334.74                     1.04%
$80,000.00 to $84,999.99                                    66         $5,420,629.43                   0.51%   Total                                      193,439           $1,061,066,115.66                  100.00%
$85,000.00 to $89,999.99                                    41         $3,579,627.81                   0.34%
$90,000.00 and Greater                                     299        $37,712,291.19                   3.55%   Distribution of the Student Loans by Date of Disbursement
Total                                                 193,439      $1,061,066,115.66                100.00%    Disbursement Date             Number of Loans          Principal Balance         Percent by Principal
                                                                                                               Post-October 1, 1993                       192,529         $1,059,325,773.61                     99.84%
                                                                                                               Pre-October,
                                                                                                               Pre October 1993                               910             $1,740,342.05
                                                                                                                                                                              $1 740 342 05                       0 16%
                                                                                                                                                                                                                  0.16%
                                                                                                               Total                                      193,439         $1,061,066,115.66                    100.00%




                                                                                                                                                                                                                          Page 12 of 14
XIV. Trigger Information

               A.             The Depositor or its assignee has the option to purchase all of the Financed Eligible Loans on the earlier of
                              (a) the September 2021 Quarterly Distribution Date and (b) the date that is the 10th business day preceding
                              the Quarterly Distribution Date next succeeding the last day of the collection period on which the then
                              outstanding Pool Balance is 10% or less of the Initial Pool Balance (each, an "Optional Purchase Date").

                              1. Is this Distribution Date the September 2021 Distribution Date?                                               No

                              2. What is the percent of the current Pool Balance to the Initial Pool Balance?                                 73.43%

                            i. Were the Financed Eligible Loans optionally purchased during the previous collection period,                             No
                               or are they being purchased on this Distribution Date?

               B.             If the Depositor or any assignee does not exercise its option to purchase Financed Eligible Loans pursuant to
                              "A" (above), the Trustee (or its designated agent) shall, promptly after the business day next succeeding the
                              Optional Purchase Date, offer for sale Financed Eligible Loans in an amount sufficient to redeem all Notes
                              Outstanding on such Quarterly Distribution Date, and any such sale shall be consummated on or before such
                              Quarterly Distribution Date (the "Trust Auction Date").

                              1. Has the Depositor or any assignee not exercised its option pursuant to "A" above?                             N/A

                            i. Shall the Trustee offer for sale the Financed Eligible Loans?                                                            No

               C.             If the current Quarterly Distribution Date is on and after the Stepdown Date and provided no Trigger
                              Event is in effect on such Quarterly Distribution Date, then a Principal Distribution amount can be
                              allocated to the Class B Noteholders.

                              Stepdown Date - the earlier to occur of:
                              1. The September 2013 Quarterly Distribution Date
                                            AND
                              2. The first date on which all the Class A Notes are no longer outstanding
                            i. Has the Stepdown Date occurred?                                                                                          No
                                 -AND-
                              Trigger Event
                              1. Are the Class A Notes Outstanding?                                                                            Yes
                                 ( if Yes, then continue)
                               2. Does the Outstanding Amount of the Notes, after giving effect to distributions to be made
                                  on this Quarterly Distribution Date, exceed the Pool Balance plus amounts on deposit in
                                  the Reserve Fund at the end of the preceding collection period?                                              Yes
                                            OR
                               3. Have the Financed Eligible Loans not been sold pursuant to the optional purchase
                                  or mandatory auction provisions of the Indenture? (see "A & B" above)                                        N/A
                            ii. Is the Trigger Event in effect?                                                                                        Yes
                           iii. Can a Principal Distribution Amount be allocated to the Class B Noteholders?                                           No

               D.             Class B Percentage
                              1. Prior to the Stepdown Date or on any Quarterly Distribution Date on which a Trigger Event
                                  is in effect, the Class B Percentage will be equal to zero;
                                              OR
                              2. On and after the Stepdown Date and provided that no Trigger Event is in effect, the Class B
                                 Percentage will be equal to a fraction expressed as a percentage, the numerator of which
                                 is the aggregate Outstanding Amount of the Class B Notes and the denominator of which
                                 is the aggregate Outstanding Amount of all Notes:
                            i. Class B Percentage for this Quarterly Distribution Date                                                                 0.00%




                                                                                                                                                               Page 13 of 14
XV. Interest Rates for Next Distribution Date

          Class of Notes                    Rule 144A CUSIP                Reg S CUSIP                 Spread                 Coupon Rate
            A-1L Notes                        64032F AA2                   U63718 AA5                     -                  Paid 09/25/2009
            A-2L Notes                        64032F AD6                   U63718 AD9                  0.25%                    0.49650%
            A-3L Notes                        64032F AG9                   U63718 AG2                  0.35%                    0.59650%
          A-4 AR-1 Notes                      64032F AK0                   U63718 AK3                     -                 Auction Rate Notes
          A-4 AR-2 Notes                      64032F AH7                   U63718 AH0                     -                 Auction Rate Notes
             B-1 Notes                        64032F AL8                   U63718 AL1                     -                 Auction Rate Notes
             B-2 Notes                        64032F AM6                   U63718 AM9                     -                 Auction Rate Notes

LIBOR Rate for Accrual Period                                                      0.24650%
First Date in Accrual Period                                                      06/27/2011
Last Date in Accrual Period                                                       09/25/2011
Days in Accrual Period                                                                   91


XVI. Items to Note

The Principal Shortfall as of the 06/25/2011 Quarterly Distribution Date is $3,083,005.50.

The Carryover Servicing Fees that remain unpaid on this Quarterly Distribution Date are $185,759.14.

The Net Loan Rate as of 03/31/11 is 1.6291%.

The next A-4 AR-1 Auction Distribution Date is 07/15/2011.                           04/22/11                 07/15/11

The next A-4 AR-2 Auction Distribution Date is 07/13/2011.                           04/20/11                 07/13/11

The next B-1 Auction Distribution Date is 07/01/2011.                                04/08/11                 07/01/11

The next B-2 Auction Distribution Date is 06/29/2011.                                04/06/11                 06/29/11

*Other Accrued Interest was removed from the parity calculation. This ensures that assets and liabilities are in balance and reflects the general
understanding of parity in the Nelnet Student Loan Trust transactions.
(Other Accrued Interest is interest accrued to the borrower's account that is not expected to be capitalized.)




                                                                                                                                                    Page 14 of 14

				
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