[

]

Rule 13d-1(b)

[

]

Rule 13d-1(c)

[ X ]

Rule 13d-1(d)

1)

Names of Reporting Persons.

Muhleisen, Angela L.

2)

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

o

3)

SEC Use Only

4)

Citizenship or Place of Organization

Number of

5) Sole Voting Power

2,582,506 (1) (3)

Shares

Owned

6) Shared Voting Power

7,845,746 (2) (3)

by Each

Person

7) Sole Dispositive Power

2,582,506 (1) (3)

With:

8) Shared Dispositive Power

7,845,746 (2) (3)

9)

Aggregate Amount Beneficially

Owned by Each Reporting Person

10,428,252 (3)

10)

Check if the Aggregate Amount in Row (9)

Excludes Certain Shares (See Instructions)

[

]

11)

Percent of Class Represented by Amount in Row (9)

26.5%

12)

Type of Reporting Person (See Instructions)

IN

(1)

Includes 1,567,939 shares of Class A common stock that were issued to the reporting person when Packers Service Group, Inc. (“Packers”), which held 11,068,604 shares of Class A common stock, was merged with and into a wholly owned subsidiary of the issuer (the “Merger”) in exchange for the issuance to the shareholders of Packers (including the reporting person, who owned or controlled 27.0% of the outstanding capital stock of Packers at the time of the Merger and thus had previously reported beneficial ownership of the 11,068,604 shares of Class A common stock held by Packers) of a total of 10,594,181 shares of the issuer’s Class A common stock. In addition to the 1,567,939 shares of Class A common stock that were issued directly to the reporting person through the Merger, the reporting person’s son and daughter also each were issued 646,245 shares of Class A common stock through the Merger, as described below.

(2)

Includes (i) 88,864 shares of Class A common stock jointly owned by the reporting person and her spouse, (ii) 1,117,576 shares of Class A common stock owned by the reporting person's spouse, (iii) 646,245 shares of Class A common stock owned by the reporting person’s son, which were issued in connection with the Merger, (iv) 646,245 shares of Class A common stock owned by the reporting person’s daughter, which were issued in connection with the Merger, (v) 1,166,848 shares of Class A common stock held by Union Bank and Trust Company (“Union Bank”), of which the reporting person is a director, executive officer and significant shareholder through Farmers & Merchants Investment Inc. (“F&M”), as trustee for certain grantor retained annuity trusts (“GRATs”), established by the reporting person and her spouse, which amount reflects distributions during 2008 from the GRATs to the grantors under such GRATs of shares of Class A common stock, and also includes shares that are owned by entities that the reporting person may be deemed to control, consisting of: (a) 404,500 shares of Class A common stock owned by F&M, of which the reporting person is a director and an executive officer and owns or controls 35.9% of the outstanding capital stock, (b) 269,742 shares of Class A common stock and 1,567,473 shares of Class B common stock (which are convertible into the same number of shares of Class A common stock at the option of the holder at any time, with each share of Class A common stock having one vote and each share of Class B common stock having ten votes on all matters to be voted upon by the issuer's shareholders) held by Union Bank as trustee under several GRATs and Charitable Remainder Trusts (“CRUTs”), which amounts reflect distributions during 2008 from the GRATs and CRUTs to the grantors under such GRATs and CRUTs of shares of Class A common stock and Class B common stock, (c) 235,000 shares of Class A common stock held by Union Bank for a charitable foundation, (d) 45,000 shares of Class A common stock held by Union Bank for its profit sharing plan, and (e) 1,658,253 shares of Class A common stock held for the accounts of miscellaneous trusts, IRAs, and investment accounts at Union Bank, which is a commercial bank. The reporting person disclaims beneficial ownership of such shares except to the extent that the reporting person actually has or shares voting power or investment power with respect to such shares.

(3)

All amounts in Items 5-9 are as of December 31, 2008.

(a)

Name of Issuer:

Nelnet, Inc.

(b)

Address of Issuer's Principal Executive Offices:

(a)

Name of Person Filing:

(b)

Address of Principal Business Office or, if none, Residence:

(c)

Citizenship:

(d)

Title of Class of Securities:

(e)

CUSIP Number:

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

[

]

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

[

]

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

[

]

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

[   ]          Investment company registered under section 8 of the Investment Company

               Act of 1940 (15 U.S.C. 80a-8);

(e)

[

]

An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f)

[   ]          An employee benefit plan or endowment fund in accordance

                with § 240.13d-1(b)(1)(ii)(F);

(g)

[   ]          A parent holding company or control person in accordance

                with § 240.13d-1(b)(1)(ii)(G);

(h)

[   ]          A savings associations as defined in Section 3(b) of the Federal Deposit

               Insurance Act (12 U.S.C. 1813);

(i)

[   ]          A church plan that is excluded from the definition of an investment company

                under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

[

]

A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J);

(k)

[

]

Group, in accordance with §240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership.

(a)

Amount beneficially owned:

(b)

Percent of class:

26.5%

(c)

Number of shares as to which such person has:

(i)

Sole power to vote or to direct the vote:

(ii)

Shared power to vote or to direct the vote:

(iii)

Sole power to dispose or to direct the disposition of:

(iv)

Shared power to dispose or to direct the disposition of:

Item 5.

Ownership of Five Percent or Less of a Class

Item 6.

Ownership of More than Five Percent on Behalf of Another Person

Not applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

Not applicable.

Item 8.

Identification and Classification of Members of the Group

Not applicable.

Not applicable.

Not applicable.

1.

See Item (5) footnotes above.

2.

See Item (6) footnotes above.

3.

See Item (7) footnotes above.

4.

See Item (8) footnotes above.

Angela L. Muhleisen      

/s/ William J. Munn       

Name: William J. Munn

Title: Attorney-in-Fact*