Fitch Ratings has taken various rating actions on outstanding classes of Nelnet Student Loan Trusts (Nelnet) 2013-1, 2013-3 and 2013-5, as described below.

RATING ACTIONS

Entity / Debt

Rating

Prior

Nelnet Student Loan Trust 2013-3

A 64033DAA6

LT

AA+sf

Affirmed

AA+sf

B 64033DAB4

LT

AAsf

Affirmed

AAsf

Nelnet Student Loan Trust 2013-1

A 64033CAA8

LT

AA+sf

Affirmed

AA+sf

B 64033CAB6

LT

AAsf

Affirmed

AAsf

Nelnet Student Loan Trust 2013-5

A 64033GAA9

LT

AA+sf

Affirmed

AA+sf

B 64033GAB7

LT

Asf

Affirmed

Asf

Page

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VIEW ADDITIONAL RATING DETAILS

Transaction Summary

Fitch has affirmed the class A and B notes of Nelnet 2013-1, 2013-3 and 2013-5. The affirmations reflect the strong collateral performance for the transactions, in line with Fitch's expectations since the last review. Fitch has also revised the Rating Outlook on the class B notes of Nelnet 2013-3 to Negative from Stable. The Negative Outlook reflects transaction sensitivity to basis spread.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises 100% Federal Family Education Loan Program (FFELP) loans, with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. The U.S. sovereign rating is currently 'AA+'/Stable.

Collateral Performance:

For all transactions, consolidation from the Public Service Loan Forgiveness Program is driving the short-term inflation of CPR, and the claim reject rate is assumed to be 0.25% in the base case and 1.65% in the 'AA' case.

Nelnet 2013-1: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 21.50% under the base case scenario and a default rate of 59.13% under the 'AA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate. Fitch is revising the sustainable constant default rate (sCDR) upwards to 4.00% from 3.75% and maintaining the sustainable constant prepayment rate (sCPR; voluntary and involuntary prepayments) of 11.50% in cash flow modelling. Fitch applies the standard default timing curve in its credit stress cash flow analysis.

The claim reject rate is assumed to be 0.25% in the base case and 1.65% in the 'AA' case. The TTM levels of deferment, forbearance and income-based repayment (IBR; prior to adjustment) are 4.63% (4.87% at Dec. 31, 2022), 7.46% (7.38%) and 28.24% (27.91%). These assumptions and are used as the starting point in cash flow modelling, and subsequent declines or increases are modelled as per criteria. The 31-60 DPD has decreased and the 91-120 DPD has increased from one year ago and are currently 2.91% for 31 DPD and 1.43% for 91 DPD compared to 4.45% and 1.15% at Dec. 31, 2022 for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.18%, based on information provided by the sponsor.

Nelnet 2013-3: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 23.50% under the base case scenario and a default rate of 64.63% under the 'AA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate. Fitch is maintaining the sCDR at 5.30% and maintaining the sCPR (voluntary and involuntary prepayments) of 12.00% in cash flow modelling. Fitch applies the standard default timing curve in its credit stress cash flow analysis. The claim reject rate is assumed to be 0.25% in the base case and 1.65% in the 'AA' case.

The TTM levels of deferment, forbearance and income-based repayment (IBR; prior to adjustment) are 5.66% (5.80% at Dec. 31, 2022), 7.50% (8.20%) and 30.19% (30.34%). These assumptions and are used as the starting point in cash flow modelling, and subsequent declines or increases are modelled as per criteria. The 31-60 DPD has increased and the 91-120 DPD has decreased from one year ago and are currently 4.46% for 31 DPD and 1.53% for 91 DPD compared to 3.60% and 1.95% at Dec. 31, 2022 for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.09%, based on information provided by the sponsor.

Nelnet 2013-5: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 47.75% under the base case scenario and a default rate of 100.00% under the 'AA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged for the base case scenario and 93.74% under the 'AA' credit stress scenario. Fitch is maintaining the sCDR at 9.00% and maintaining the sCPR (voluntary and involuntary prepayments) of 12.00% in cash flow modelling. Fitch applies the standard default timing curve in its credit stress cash flow analysis.

The claim reject rate is assumed to be 0.25% in the base case and 1.65% in the 'AA' case. The TTM levels of deferment, forbearance and income-based repayment (IBR; prior to adjustment) are 6.44% (6.92% at Dec. 31, 2022), 11.22% (11.34%) and 18.60% (18.73%). These assumptions and are used as the starting point in cash flow modelling, and subsequent declines or increases are modelled as per criteria. The 31-60 DPD has increased and the 91-120 DPD has decreased from one year ago and are currently 6.07% for 31 DPD and 2.31% for 91 DPD compared to 5.76% and 3.19% at Dec. 31, 2022 for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.00%, based on information provided by the sponsor.

Basis and Interest Rate Risk: Basis risk for this transaction arises from any rate and reset frequency mismatch between interest rate indices for SAP and the securities. As of the November distribution, for Nelnet 2013-1, 2013-3, and 2013-5, 97.75%, 97.53%, and 88.10% of the trust student loans are indexed to 30-day Average SOFR plus the spread adjustment of 0.11448% (with remainder indexed to 91-day Tbills), respectively. Fitch applies its standard basis and interest rate stresses to this transaction as per criteria.

Payment Structure: Nelnet 2013-1: Credit enhancement (CE) is provided by overcollateralization, excess spread, and for the class A notes, subordination provided by the class B notes. As of the November distribution, reported total parity is 102.51%. Liquidity support is provided by a reserve account sized at the greater of 0.50% of the bond balance and $437,500.00, currently sized at the floor. The transaction will continue to release cash as long as the target overcollateralization (OC) of 2.00% or $2,000,000 is maintained.

Nelnet 2013-3: CE is provided by overcollateralization, excess spread and, for the class A notes, subordination provided by the class B notes. As of the November distribution, reported total parity is 101.43%. Liquidity support is provided by a reserve account sized at the greater of 0.25% of the bond balance and $765,000.00 currently sized at the floor. The transaction will continue to release cash as long as the target OC of 1.00% (with a floor of $2,000,000) is maintained.

Nelnet 2013-5: CE is provided by overcollateralization, excess spread, and for the class A notes, subordination provided by the class B notes. As of the November distribution, reported total parity is 102.71%. Liquidity support is provided by a reserve account sized at the greater of 0.25% of the bond balance and $408,000.00, currently sized at the floor. The transaction will continue to release cash as long as the target overcollateralization of 1.50% or $2,000,000 is maintained.

Operational Capabilities: Day-to-day servicing is provided by Nelnet, Inc. Fitch believes Nelnet to be an adequate servicer, due to its extensive track record as one of the largest servicers of FFELP loans.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

Nelnet Student Loan Trust 2013-1

Current Ratings: class A 'AA+sf'; class B 'AAsf'

Current Model-Implied Ratings: class A 'AA+sf' (Credit and Maturity Stress); class B 'AA+sf' (Credit and Maturity Stress)

Credit Stress Rating Sensitivity

Default increase 25%: class A 'AA+sf'; class B 'AAsf';

Default increase 50%: class A 'AA+Asf'; class B 'Asf';

Basis spread increase 0.25%: class A 'AA+sf'; class B 'AAsf';

Basis spread increase 0.50%: class A 'AA+sf; class B 'Asf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'AA+sf'; class B 'AAsf';

CPR decrease 50%: class A 'AA+sf'; class B 'AAsf';

IBR usage increase 25%: class A 'AA+sf'; class B 'AAsf';

IBR usage increase 50%: class A 'AA+sf; class B 'AAsf';

Remaining Term increase 25%: class A 'AA+sf'; class B 'AAsf';

Remaining Term increase 50%: class A 'AA+sf'; class B 'AAsf'.

Nelnet Student Loan Trust 2013-3

Current Ratings: class A 'AA+sf'; class B 'AAsf'

Current Model-Implied Ratings: class A 'AA+sf' (Credit and Maturity Stress); class B 'AA+sf' (Maturity Stress) / 'Asf' (Credit Stress)

Credit Stress Rating Sensitivity

Default increase 25%: class A 'AA+sf'; class B 'Asf';

Default increase 50%: class A 'AA+sf'; class B 'Asf';

Basis spread increase 0.25%: class A 'AA+sf'; class B 'Asf';

Basis spread increase 0.50%: class A 'AA+sf; class B 'BBBsf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'AA+sf'; class B 'AAsf';

CPR decrease 50%: class A 'AA+sf'; class B 'AAsf';

IBR usage increase 25%: class A 'AA+sf'; class B 'AAsf';

IBR usage increase 50%: class A 'AA+sf; class B 'AAsf';

Remaining Term increase 25%: class A 'AA+sf'; class B 'AAsf';

Remaining Term increase 50%: class A 'AA+sf'; class B 'AAsf'.

Nelnet Student Loan Trust 2013-5

Current Ratings: class A 'AA+sf'; class B 'Asf'

Current Model-Implied Ratings: class A 'AA+sf' (Credit and Maturity Stress); class B 'AA+sf' (Credit and Maturity Stress)

Credit Stress Rating Sensitivity

Default increase 25%: class A 'AA+sf'; class B 'Asf';

Default increase 50%: class A 'AA+sf'; class B 'Asf';

Basis spread increase 0.25%: class A 'AA+sf'; class B 'Asf';

Basis spread increase 0.50%: class A 'AA+sf; class B 'Asf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'AA+sf'; class B 'Asf';

CPR decrease 50%: class A 'AA+sf'; class B 'Asf';

IBR usage increase 25%: class A 'AA+sf'; class B 'Asf';

IBR usage increase 50%: class A 'AA+sf; class B 'Asf;

Remaining Term increase 25%: class A 'AA+sf'; class B 'Asf';

Remaining Term increase 50%: class A 'Asf'; class B 'Asf'.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

Nelnet Student Loan Trust 2013-1

No upgrade credit or maturity stress sensitivity is provided for the class A notes, as they are at their highest possible current and model

implied ratings.

Credit Stress Sensitivity

Default decrease 25%: class B 'AA+sf's;

Basis Spread decrease 0.25%: class B 'AA+sf'.

Maturity Stress Sensitivity

CPR increase 25%: class B 'AA+sf';

IBR usage decrease 25%: class B 'AA+sf';

Remaining Term decrease 25%: class B 'AA+sf'.

Nelnet Student Loan Trust 2013-3

No upgrade credit or maturity stress sensitivity is provided for the class A notes, as they are at their highest possible current and model

implied ratings.

Credit Stress Sensitivity

Default decrease 25%: class B AA+sf';

Basis Spread decrease 0.25%: class B 'AA+sf'.

Maturity Stress Sensitivity

CPR increase 25%: class B 'AA+sf';

IBR usage decrease 25%: class B 'AA+sf';

Remaining Term decrease 25%: class B 'AA+sf'.

Nelnet Student Loan Trust 2013-5

No upgrade credit or maturity stress sensitivity is provided for the class A notes, as they are at their highest possible current and model

implied ratings.

Credit Stress Sensitivity

Default decrease 25%: class B 'AA+sf';

Basis Spread decrease 0.25%: class B 'AA+sf'.

Maturity Stress Sensitivity

CPR increase 25%: class B 'AA+sf';

IBR usage decrease 25%: class B 'AA+sf';

Remaining Term decrease 25%: class B 'AA+sf'.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

Additional information is available on www.fitchratings.com

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