Nelnet becomes joint owner of Premiere Credit of North America

Jan 29, 2004

(Lincoln, NE) - Today, Nelnet, Inc. announced it has acquired fifty percent of Premiere Credit of North America, LLC. Headquartered in Indianapolis, Indiana, Premiere Credit is a collection firm specializing in past due debts and accounts receivables for a number of companies nationwide, including those related to higher education and medical care.

Premiere Credit joins Nelnet's existing lines of business in education finance and was recently recognized with a Growth 100 Award by the Johnson Center for Entrepreneurship and Innovation at Indiana University's Kelley School of Business.

"Premiere's successful growth strategy and experience in higher education debt management complements Nelnet's focus on keeping student loan default and delinquency rates low," commented Steve Butterfield, Nelnet Vice Chairman and Co-CEO. "Nelnet looks to gain efficiencies in the debt management support we provide to our customers by integrating Premiere's services with our existing education finance operations."

Premiere will maintain its Indianapolis headquarters and co-founders David Hoeft and Todd Wolfe will continue to lead the company, which includes approximately 45 employees.

"From a Premiere perspective, we are very pleased to have developed this relationship with Nelnet," said David Hoeft. "We see this as a very positive blend of expertise, resources, and business objectives, affording us a more direct insight into the needs of our higher education customers."

Additional information regarding Premiere Credit and the company's recent recognitions is available at www.premierecredit.com.

Nelnet is one of the leading educational finance companies in the United States and is focused on providing quality student loan products and services to students and schools nationwide. With over $11 billion in total assets, Nelnet originates in excess of $2 billion for itself and its service partners annually, services more than $18 billion in student loans, and provides servicing software for an additional $27 billion in student loans. Nelnet ranks among the nation's leaders in terms of total student loan assets.

Nelnet offers a broad range of student loan and financial services and technology-based products, including student loan origination and lending, guarantee servicing, and a suite of software solutions. Our products are designed to simplify the student loan process by automating financial aid delivery, loan processing, and funds disbursement. Our services help to facilitate and streamline education finance for all involved in the industry, including student and parent borrowers, lenders, financial aid officers, guaranty agencies, governmental agencies, servicers, and the capital markets. Additional information is available at www.nelnet.net.

Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or expected. Among the key factors that may have a direct bearing on Nelnet's operating results, performance, or financial condition are changes in terms of student loans and the educational credit marketplace, changes in the demand for educational financing or in financing preferences of educational institutions, students and their families, or changes in the general interest rate environment and in the securitization markets for education loans.