Fitch Affirms Multiple Nelnet Student Loan Trusts

Fitch Ratings affirms senior student loan notes at 'AAAsf' and subordinate notes at

'BBB-'issued by Nelnet Student Loan Trust 2006-1 and Nelnet Student Loan Trust 2006-2. The Rating Outlook on all senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative, while the Rating Outlook on the subordinate notes remains Stable. Fitch used its 'Global Structured Finance Rating Criteria', and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.

KEY RATING DRIVERS

The ratings on the senior and subordinate notes are affirmed based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. Credit enhancement for the senior and subordinate notes consists of overcollateralization and projected minimum excess spread, while the senior notes also benefit from subordination provided by the class B note.

Fitch has taken the following rating actions:

Nelnet Student Loan Trust 2006-1:

--Class A-3 PIF;

--Class A-4 affirmed at 'AAAsf'; Outlook Negative;

--Class A-5 affirmed at 'AAAsf'; Outlook Negative;

--Class A-6 affirmed at 'AAAsf'; Outlook Negative;

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

Nelnet Student Loan Trust 2006-2:

--Class A-3 PIF;

--Class A-4 affirmed at 'AAAsf'; Outlook Negative;

--Class A-5 affirmed at 'AAAsf'; Outlook Negative;

--Class A-6 affirmed at 'AAAsf'; Outlook Negative;

--Class A-7 affirmed at 'AAAsf'; Outlook Negative;

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

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria' (April 3, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202

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