ADMINISTRATION AGREEMENT



                                      among



                        NELNET STUDENT LOAN TRUST 2004-3,

                                    as Issuer







                            WILMINGTON TRUST COMPANY,

                              as Delaware Trustee,







                           ZIONS FIRST NATIONAL BANK,

                              as Indenture Trustee







                                       and







           NATIONAL EDUCATION LOAN NETWORK, INC., F/K/A NELNET, INC.,

                                as Administrator











                            Dated as of July 1, 2004



--------------------------------------------------------------------------------









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                                Table of Contents



                                                                            Page





02-134797.01



Section 1.     Duties of the Administrator.....................................2

Section 2.     Statements to Registered Owners.................................3

Section 3.     Annual Statements as to Compliance; Notice of Default;

               Financial Statements............................................4

Section 4.     Representations of Administrator................................4

Section 5.     Liability of Administrator; Indemnities.........................5

Section 6.     Limitation on Liability of Administrator and Others.............7

Section 7.     Administrator May Own Notes.....................................7

Section 8.     Records.........................................................7

Section 9.     Compensation....................................................7

Section 10.    Additional Information to be Furnished..........................7

Section 11.    Independence of the Administrator...............................7

Section 12.    No Joint Venture................................................8

Section 13.    Other Activities of the Administrator...........................8

Section 14.    Term of Agreement; Resignation and Removal of Administrator;

               Waiver of Past Defaults.........................................8

Section 15.    Action upon Termination, Resignation or Removal.................9

Section 16.    Notices........................................................10

Section 17.    Amendments.....................................................10

Section 18.    Successors and Assigns.........................................10

Section 19.    Governing Law..................................................11

Section 20.    Headings.......................................................11

Section 21.    Counterparts...................................................11

Section 22.    Severability...................................................11

Section 23.    Limitation of Liability of Delaware Trustee and Indenture

               Trustee........................................................11

Section 24.    No Petition....................................................11



EXHIBIT A       POWER OF ATTORNEY

EXHIBIT B       ADMINISTRATOR INSTRUCTION CERTIFICATE NELNET STUDENT LOAN

                TRUST 2004-3





{PAGE}



        THIS ADMINISTRATION AGREEMENT dated as of July 1, 2004 (as amended from

time to time, this "Administration Agreement"), among NELNET STUDENT LOAN TRUST

2004-3, a Delaware statutory trust (the "Issuer"), WILMINGTON TRUST COMPANY, a

Delaware trust company, not in its individual capacity but solely as Delaware

Trustee (the "Delaware Trustee"), ZIONS FIRST NATIONAL BANK, a national banking

association, not in its individual capacity but solely as Indenture Trustee (in

such capacity, the "Indenture Trustee") and NATIONAL EDUCATION LOAN NETWORK,

INC. F/K/A NELNET, INC., a Nevada corporation, as Administrator (the

"Administrator"),



                              W I T N E S S E T H :



        WHEREAS, the Issuer will issue its (a) Student Loan Asset-Backed Notes

Series 2004-3 (the "Notes") pursuant to an Indenture of Trust, dated as of July

1, 2004, among the Issuer, Zions First National Bank, as eligible lender trustee

and the Indenture Trustee (together with any Supplemental Indentures and any

amendments thereto made in accordance with their respective terms, the

"Indenture"); and (b) its Trust Certificates pursuant to a Trust Agreement,

dated as of July 1, 2004 (the "Trust Agreement"), between the Delaware Trustee

and Nelnet Student Loan Funding, LLC, as sponsor (together with its successors

in interest, the "Sponsor"); and



        WHEREAS, pursuant to an Eligible Lender Trust Agreement, dated as of

July 1, 2004 (the "Eligible Lender Agreement"), between the Issuer and Zions

First National Bank, as eligible lender trustee (the "Eligible Lender Trustee"),

the Eligible Lender Trustee shall hold legal title to the Financed Eligible

Loans acquired by the Issuer as beneficial owner; and

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