Fitch Ratings has affirmed the senior and subordinate student loan notes issued by Nelnet Education Loan Funding (NELF, Inc.) 2004-1 at 'AAAsf' and 'A+sf', respectively. The Rating Outlook for the senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative. The Rating Outlook for the subordinate notes remains Stable.

Fitch affirms the ratings on the notes 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 notes.

Fitch used its 'Global Structured Finance Rating Criteria,' and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.

Fitch has affirmed the following ratings:

Nelnet Education Loan Funding 2004-1:

--Class A-1A at 'AAAsf'; Outlook Negative;

--Class A-1B at 'AAAsf'; Outlook Negative;

--Class A-2 at 'AAAsf'; Outlook Negative;

--Class A-3 at 'AAAsf'; Outlook Negative;

--Class B-1 at 'A+sf'; Outlook Stable;

--Class B-2 at 'A+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' (Aug. 4, 2011);

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

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

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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