Fitch Affirms Nelnet Student Loan Trust 2003-1 Senior Note

NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms the senior student loan note of the Nelnet Student Loan Trust (Nelnet) 2003-1 notes, issued under the 2003 Trust Indenture, dated Jan. 1, 2003. The Rating Outlook remains Stable. The trust has sufficient credit enhancement for the senior note with senior parity at 113.49% as of Dec. 31, 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 expectations outlined therein. The Outlook remains Stable because, with the significant buildup of parity for the senior note, the ratings are expected to remain stable for the next two years. The subordinate student loan note will be reviewed separately upon the completion of the updated basis risk analysis.

The collateral supporting the Nelnet 2003-1 notes consists 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.

Fitch affirms the rating and the Outlook remains Stable for the following senior class of Nelnet's 2003-1 notes, issued under the 2003 Trust Indenture:

--Class 2003-1 A-4 at 'AAA/LS1'; Outlook Stable.

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

--'Global Structured Finance Rating Criteria' (Sept. 30, 2009).

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

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