NELNET INC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No._______)

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121 SOUTH 13TH STREET, SUITE 100 LINCOLN, NE 68508

www.nelnetinc.com

April 2, 2026

Dear Shareholder:

On behalf of the Board of Directors, we are pleased to invite you to Nelnet, Inc.'s Annual Shareholders' Meeting to be held on Thursday, May 14, 2026 at 8:30 a.m. Central Time at the Nelnet Center Fountain Suites Event Studio, 121 South 13th Street, Lincoln, Nebraska. The notice of the meeting and proxy statement on the following pages contain information about the meeting.

Your participation in the Annual Meeting is important. We hope that you will be able to attend the meeting and encourage you to read our annual report and proxy statement. At the meeting, members of the Company's management team will discuss the Company's results of operations and business plans and will be available to answer your questions. Consistent with the prior Annual Meetings, we are offering a hybrid virtual meeting format whereby shareholders may attend, participate in, and vote at the Annual Meeting online athttp://www.virtualshareholdermeeting.com/NNI2026. Regardless of whether you plan to attend, we urge you to vote your proxy at your earliest convenience.

Thank you for your support of Nelnet, Inc.

Sincerely,

Michael S. Dunlap

Executive Chairman of the Board of Directors

121 South 13 th Street, Suite 100, Lincoln, Nebraska 68508

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

April 2, 2026

DATE

Thursday, May 14, 2026

TIME

8:30 a.m., Central Time

PLACE

Nelnet Center

Fountain Suites Event Studio

121 South 13th Street

Lincoln, Nebraska 68508

In addition to shareholders attending in person, we are offering a hybrid virtual meeting format whereby shareholders may attend, participate in, and vote at the meeting online athttp://www.virtualshareholdermeeting.com/NNI2026.

ITEMS OF BUSINESS

(1)To elect three Class III directors nominated by the Board of Directors to serve for three-year terms until the 2029 Annual Meeting of Shareholders

(2)To ratify the appointment of KPMG LLP as the Company's independent registered public accounting firm for 2026

(3)To approve amendments to the Directors Stock Compensation Plan

(4)To conduct an advisory vote to approve the Company's executive compensation

(5)To transact such other business as may be properly introduced

RECORD DATE

You can vote if you were a shareholder as of the close of business on March 23, 2026.

OTHER INFORMATION

The Letter to Shareholders from the Chief Executive Officer and our 2025 Annual Report on Form 10-K, which are not part of the proxy soliciting materials, are enclosed.

PROXY VOTING

The Board of Directors solicits your proxy and asks you to vote your proxy at your earliest convenience to be sure your vote is received and counted. Instructions on how to vote are contained in our proxy statement and in the Notice of Internet Availability of Proxy Materials. Whether or not you plan to attend the meeting, we ask you to vote over the Internet as described in those materials as promptly as possible in order to make sure that your shares will be voted in accordance with your wishes at the meeting. Alternatively, if you requested a copy of the proxy/voting instruction card by mail, you may mark, sign, date, and return the proxy/voting instruction card in the envelope provided. The Board of Directors encourages you to attend the meeting virtually or in person. If you attend the meeting virtually or in person, you may vote by proxy or you may revoke your proxy and cast your vote virtually or in person, respectively. We recommend you vote by proxy even if you plan to attend the meeting.

By Order of the Board of Directors,

William J. Munn

Corporate Secretary

2026 PROXY STATEMENT

TABLE OF CONTENTS

121 South 13 th Street

Suite 100

Lincoln, Nebraska 68508