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Exhibit 21.1

List of Direct and Indirect Subsidiaries of Nelnet, Inc. as of December 31, 2023

Name

Organized in

Relationship to Nelnet Inc.

Percentage Ownership

1

1867 - AGATE20, LLC

Nebraska

Indirect

100.00

2

1867 - CC23, LLC

Nebraska

Indirect

100.00

3

1867 - Excelsior, LLC

Nebraska

Indirect

100.00

4

1867 - GRNE23, LLC

Nebraska

Indirect

100.00

5

1867 - GS20, LLC

Nebraska

Indirect

100.00

6

1867 - NelGun Fund 2, LLC

Nebraska

Indirect

100.00

7

1867 - NelRock24, LLC

Delaware

Indirect

100.00

8

1867 - NelStar23, LLC

Delaware

Indirect

100.00

9

1867 - NelStar24, LLC

Delaware

Indirect

100.00

10

1867 - NUG21, LLC

Nebraska

Indirect

100.00

11

1867 - NY1, LLC

Nebraska

Indirect

100.00

12

1867 - REV24, LLC

Delaware

Indirect

100.00

13

1867 - RH23, LLC

Delaware

Indirect

100.00

14

1867 - RP, LLC

Nebraska

Indirect

100.00

15

1867 - RP20, LLC

Nebraska

Indirect

100.00

16

1867 - RP23, LLC

Nebraska

Indirect

100.00

17

1867 - SOL21, LLC

Nebraska

Indirect

100.00

18

1867 - SOL22, LLC

Nebraska

Indirect

100.00

19

1867 - SR, LLC

Nebraska

Indirect

100.00

20

1867 Capital-1, LLC

Nebraska

Direct

100.00

21

1867-C2, LLC

Nebraska

Indirect

100.00

22

1867-C2-NY, LLC

Nebraska

Indirect

100.00

23

1867-NelShare23, LLC

Delaware

Indirect

100.00

24

1867-SeaNet23, LLC

Delaware

Indirect

100.00

25

1867-SRiver24, LLC

Delaware

Indirect

100.00

26

ACM F Acquisition, LLC

Nebraska

Indirect

100.00

27

Braxton School of Puerto Rico, Inc.

Pennsylvania

Indirect

100.00

28

CampusGuard, LLC

Nebraska

Indirect

100.00

29

CampusGuard Pty Ltd

Australia

Indirect

100.00

30

Community Development Opportunity Fund III, LLC

Nebraska

Indirect

100.00

31

Community Development Opportunity Fund V, LLC

Nebraska

Indirect

100.00

32

Community Development Opportunity Fund VI, LLC

Nebraska

Direct

100.00

33

Community Development Opportunity Fund VII, LLC

Nebraska

Direct

100.00

34

Community Development Opportunity Fund VIII, LLC

Nebraska

Indirect

100.00

35

EFS Finance Co., LLC

Nebraska

Indirect

100.00

36

FACTS Education Corporation

Nebraska

Indirect

100.00

37

FACTS Education Solutions, LLC

Arizona

Indirect

100.00

38

FACTS Management AUS Pty Ltd

Australia

Indirect

100.00

39

First National Life Insurance Company of the USA, Inc.

Nebraska

Indirect

100.00

40

FM Systems, LLC

Delaware

Indirect

100.00

41

Great Lakes Educational Loan Services, Inc.

Wisconsin

Indirect

100.00

42

HigherSchool Publishing Company

Illinois

Indirect

100.00

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43						Municipal Tax Investment, LLC			Nebraska			Direct			100.00
44						Municipal Tax Property, LLC			Nebraska			Indirect			100.00
45						National Education Loan Network, Inc.			Nebraska			Direct			100.00
46						Nelnet Academic Services, LLC			Nebraska			Direct			100.00
47						Nelnet Accident Captive Insurance, LLC			Utah			Indirect			100.00
48						Nelnet Bank, Inc.			Utah			Direct			100.00
49						Nelnet Business Solutions - Canada Inc.			Ontario			Indirect			100.00
50						Nelnet Business Solutions, Inc.			Nebraska			Indirect			100.00
51						Nelnet Captive Insurance Company, LLC			Utah			Indirect			100.00
52						Nelnet Community Engagement, LLC			Nebraska			Indirect			100.00
53						Nelnet Core Assurance, LLC			Utah			Indirect			100.00
54						Nelnet Devco, LLC			Nebraska			Indirect			100.00
55						Nelnet Diversified Solutions, LLC			Nebraska			Direct			100.00
56						Nelnet Education Loan Funding, Inc.			Nebraska			Indirect			100.00
57						Nelnet FFELP Student Loan Warehouse-I, LLC			Delaware			Indirect			100.00
58						Nelnet Finance Corp.			Nebraska			Indirect			100.00
59						Nelnet Fund Management, LLC			Nebraska			Direct			100.00
60						Nelnet Government Services, LLC			Nebraska			Indirect			100.00
61						Nelnet Harmony Captive Insurance, LLC			Utah			Indirect			100.00
62						Nelnet Insurance Services, LLC			Nebraska			Indirect			100.00
63						Nelnet International Pty Ltd			Australia			Indirect			100.00
64						Nelnet Loan Acquisition Corporation			Nebraska			Indirect			100.00
65						Nelnet Management Corporation -1			Nevada			Indirect			100.00
66						Nelnet Payment Services, LLC			Nebraska			Indirect			100.00
67						Nelnet Philippines, Inc.			Philippines			Indirect			100.00
68						Nelnet Private Education Loan Funding, LLC			Delaware			Indirect			100.00
69						Nelnet Private Student Loan Financing Corporation			Nebraska			Indirect			100.00
70						Nelnet Private Student Loan Warehouse-2, LLC			Delaware			Indirect			100.00
71						Nelnet Private Student Loan Warehouse-I, LLC			Delaware			Indirect			100.00
72						Nelnet Real Estate Ventures, LLC			Nebraska			Indirect			100.00
73						Nelnet Servicing, LLC			Nebraska			Indirect			100.00
74						Nelnet Solar Holdings, LLC			Nebraska			Indirect			100.00
75						Nelnet Solar, LLC			Nebraska			Direct			100.00
76						Nelnet Student Loan Depositor, LLC			Nebraska			Indirect			100.00
77						Nelnet Student Loan Funding II Management Corporation			Nebraska			Indirect			100.00
78						Nelnet Student Loan Funding II, LLC			Delaware			Indirect			100.00
79						Nelnet Student Loan Funding III, LLC			Delaware			Indirect			100.00
80						Nelnet Student Loan Funding Management Corporation			Nevada			Indirect			100.00
81						Nelnet Student Loan Funding, LLC			Delaware			Indirect			100.00
82						Nelnet Sustainable Ventures, LLC			Nebraska			Indirect			100.00
83						Nelnet Tenant Insurance Company, LLC			Utah			Indirect			100.00
84						Nelnet UNL Alliance, LLC			Nebraska			Direct			100.00
85						NHELP – II, LLC			Delaware			Indirect			100.00
86						NHELP – III, LLC			Delaware			Indirect			100.00
87						NNI-SP Holdings I, LLC			Delaware			Indirect			100.00
88						Wachovia Education Loan Funding, LLC			Delaware			Indirect			100.00
89						Community Development Opportunity Fund I, LLC			Nebraska			Direct			99.91

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90						Whitetail Rock Capital Management, LLC			Nebraska			Indirect			90.00
91						Whitetail Rock Fund Management, LLC			Nebraska			Indirect			90.00
92						Excellence 23, LLC			Nebraska			Indirect			88.00
93						Defenders CS, LLC			Illinois			Indirect			80.00
94						ENRG Farms Building 01, LLC			Nebraska			Indirect			80.00
95						ENRG Farms Building 02, LLC			Nebraska			Indirect			80.00
96						ENRG Farms Building 03, LLC			Nebraska			Indirect			80.00
97						ENRG-Nelnet, LLC			Nebraska			Indirect			80.00
98						GRNE Solarfield 05, LLC			Illinois			Indirect			80.00
99						GRNE Solarfield 06, LLC			Illinois			Indirect			80.00
100						GRNE Solarfield 07, LLC			Illinois			Indirect			80.00
101						GRNE Solarfield 08, LLC			Illinois			Indirect			80.00
102						GRNE Solarfield 09, LLC			Illinois			Indirect			80.00
103						GRNE Solarfield 10, LLC			Illinois			Indirect			80.00
104						GRNE Solarfield 11, LLC			Illinois			Indirect			80.00
105						GRNE Solarfield 12, LLC			Illinois			Indirect			80.00
106						GRNE Solarfield 13, LLC			Illinois			Indirect			80.00
107						GRNE Solarfield 14, LLC			Illinois			Indirect			80.00
108						GRNE Solarfield 16, LLC			Illinois			Indirect			80.00
109						GRNE Solarfield 17, LLC			Illinois			Indirect			80.00
110						GRNE-Nelnet Holdco 2023, LLC			Nebraska			Indirect			80.00
111						GRNE-Nelnet, LLC			Nebraska			Indirect			80.00
112						GSD, LLC			Nebraska			Indirect			80.00
113						Residential Solar Holdings, LLC			Nebraska			Indirect			80.00
114						SF MPU WI, LLC			Wisconsin			Indirect			80.00
115						Community Development Opportunity Fund II, LLC			Nebraska			Direct			78.11
116						1867 - NelKSI, LLC			Nebraska			Indirect			65.00
117						1867 - SRiver23, LLC			Delaware			Indirect			59.00
118						Community Development Opportunity Fund IV, LLC			Nebraska			Direct			50.00
119						1867 - Kear21, LLC			Nebraska			Indirect			46.00
120						1867 - REV22, LLC			Nebraska			Indirect			37.00
121						1867 - NELKSI21, LLC			Nebraska			Indirect			27.00
122						1867 - CC22, LLC			Nebraska			Indirect			20.00
123						1867 - GS21, LLC			Nebraska			Indirect			19.00
124						1867 - NelSun21, LLC			Nebraska			Indirect			19.00
125						1867 - Riley Road, LLC			Nebraska			Indirect			14.00
126						1867 - SSI21, LLC			Nebraska			Indirect			12.62
127						1867 - GS20A, LLC			Nebraska			Indirect			11.00
128						1867 - GS22CA, LLC			Delaware			Indirect			10.00
129						1867 - Nexcel22, LLC			Delaware			Indirect			10.00
130						1867 - REV23, LLC			Nebraska			Indirect			10.00
131						1867 - RP21, LLC			Nebraska			Indirect			10.00
132						1867 - SOL21A, LLC			Nebraska			Indirect			10.00
133						1867 - SOL23, LLC			Nebraska			Indirect			10.00
134						1867 - SSI22, LLC			Nebraska			Indirect			10.00
135						1867 - SSI22A, LLC			Delaware			Indirect			10.00
136						1867 - SSI23, LLC			Delaware			Indirect			10.00

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137						Filecoin NNI Renewable Energy Fund, LLC			Delaware			Indirect			10.00
138						IBKR NNI Renewable Energy Fund, LLC			Delaware			Indirect			10.00
139						Ripple Nelnet Renewable Energy Fund, LLC			Delaware			Indirect			10.00
140						GRNE Solarfield 04, LLC			Illinois			Indirect			3.77
141						1867 - GS23CO, LLC			Nebraska			Indirect			3.00
142						Carbonvert NNI Renewable Energy Fund, LLC			Nebraska			Indirect			3.00

Note: This list does not include Nelnet Student Loan Trusts utilized in asset backed security financings.