[December 20, 2013]

Fitch Comments on Request for Confirmation for Nelnet Student Loan Trust, Series 2006-1

Fitch Ratings currently maintains ratings on student loan bonds issued by Nelnet Student Loan Trust, Series 2006-1 (full list detailed below). Nelnet is requesting a confirmation of the current ratings assigned to the trust in connection with the proposed termination of the currency swap currently in place with Deutsche Bank AG, the conversion of the A-6 senior note to U.S. dollars, and the setting the spread of the A-6 senior note at 3M (News - Alert) LIBOR + 45 basis points, all in conjunction with the issuance of the Third Supplemental Indenture. Consistent with its statements on policies regarding rating confirmations in structured finance transactions (Jan. 13, 2009) and student loan confirms (May 8, 2009), Fitch is treating this request as a notification.

Based on the information provided, termination of the currency swap currently in place with Deutsche Bank AG, the conversion of the A-6 senior note to U.S. dollars, the setting the spread of the A-6 senior note at 3M LIBOR + 45 basis points, and the issuance of the Third Supplemental Indenture will not have a material impact on the existing ratings. This determination only addresses the effect of the amendments on the current ratings assigned by Fitch to the securities listed below. This determination does not address whether this change is permitted by the terms of the documents, nor does it address whether this change is in the best interests of, or prejudicial to, some or all of the holders of the securities listed.

Fitch's ratings on the above-mentioned trusts remain unchanged and are as follows:

Nelnet Student Loan Trust 2006-1:

--Class A-4 'AAAsf'; Rating Watch Negative;

--Class A-5 'AAAsf'; Rating Watc Negative;

--Class A-6 'AAAsf'; Rating Watch Negative;

--Class B 'BBB-sf'; Outlook Stable.

Additional information is available at 'www.fitchratings.com'

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' dated May 24, 2013;

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS (News - Alert) Criteria' dated May 17, 2013.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria -- Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON (News - Alert) THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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