2009-11-20 21:30:02 -

Fitch Ratings affirms the senior student loan notes of the National Education Loan Network (Nelnet) Student Loan Corp.-1, 1996 Trust Indenture. The Rating Outlook remains Stable. The trust has been producing excess spread, and the parity for the senior notes is at 163.92% as of Sept. 30, 2009 and increasing. A complete list of rating actions follows at the end

of this release.

Fitch's Global Structured Finance Rating Criteria were used to review the ratings, and the affirmation is based on the performance of the trust in line with the expectation. The existence of auction-rate securities has not had a significant impact on the trust performance.
The Outlook remains Stable because, with the significant buildup of parity for the senior notes, the ratings are expected to remain stable for the next two years. The subordinate student loan notes will be reviewed separately upon the completion of the updated basis risk analysis.

The collateral supporting Nelnet Student Loan Corp.-1 notes consist entirely of federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP). FFELP loans are guaranteed at least 97% of principal and accrued interest, depending on the loan origination date. The loans are serviced by Nelnet Inc., which does not carry a Fitch Seller/Servicer Rating.

Fitch affirms the ratings for the following senior classes of Nelnet Student Loan Corp.-1 notes, under the 1996 Trust Indenture. The Rating Outlook remains Stable.

--Class A-14 notes affirmed at 'AAA/LS-1'; Outlook Stable;

--Class A-15 notes affirmed at 'AAA/LS-1'; Outlook Stable;

--Class A-16 notes affirmed at 'AAA/LS-1'; Outlook Stable.

The following applicable criteria report is available on Fitch's web site at ' www.fitchratings.com : '.

'Global Structured Finance Rating Criteria' dated Sept. 30, 2009.

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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS : .

IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON 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 Ratings, New YorkJeff Prackup, +1-212-908-0839Aoto
Kenmochi, +1-212-908-0867Media Relations:Sandro Scenga,
+1-212-908-0278 sandro.scenga@fitchratings.com : mailto:sandro.scenga@fitchratings.com