UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

October 2, 2012

Nelnet Student Loan Funding, LLC

(Exact name of registrant as specified in its charter)

Depositor of Nelnet Student Loan Trust 2003-1



Delaware	333-82280, 333-108649-03	75-2997993
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)



121 South 13th Street Suite 201 Lincoln, Nebraska		68508
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code (402) 458-2370

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

(17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

(17 CFR 240.13e-4(c))

Item 8.01 Other Events.

Nelnet Student Loan Funding, LLC (“NSLF”) or its assignee currently intends to exercise its option to purchase all of the student loans remaining in Nelnet Student Loan Trust 2003-1 at a purchase price equal to the outstanding principal balance of the notes outstanding under the Indenture of Trust, dated January 1, 2003, by and between Nelnet Student Loan Trust 2003-1 and Wells Fargo National Bank, N.A., as indenture trustee, together with accrued interest thereon and any unpaid carryover servicing fees. As a result, all of the currently outstanding notes issued by Nelnet Student Loan Trust 2003-1 will be redeemed at par plus accrued interest on the October 25, 2012 distribution date. Depending upon market conditions, NSLF or its assignee may in the future consider exercising its purchase option and calling for redemption the notes issued by other outstanding securitization trusts with similar characteristics and for which it is the sponsor.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 2, 2012 NELNET STUDENT LOAN FUNDING, LLC

By: NELNET STUDENT LOAN

FUNDING MANAGEMENT

CORPORATION, as Manager

By: /s/ TERRY J. HEIMES

Name: Terry J. Heimes

Title: Vice President

NELNET STUDENT LOAN FUNDING LLC 8-K