* Q3 EPS $1.01 vs est $0.75

* Net interest income rises 16 pct

* Reinstates div, to pay 7 cents/shr in Q4

* Says lawsuit may affect adversely

* Shares up 2 pct (Adds details; updates share movement)

Nov 9 (Reuters) - Nelnet Inc (NNI.N: Quote, Profile, Research), a consolidator of student loans, posted a third-quarter profit above Wall Street expectations, helped by lower expenses and a rise in its fee-based revenue, and said it would pay a fourth-quarter dividend of 7 cents a share.

Nelnet said in a regulatory filing, it was served with a summons and third amended complaint on Nov. 4, naming the company as one of three defendants in an unrelated qui tam action, which could have a material adverse impact on its results and financial condition.

A qui tam case is a civil lawsuit brought by one or more individuals on behalf of the federal government for an alleged submission to the government of a false claim for payment.

The complaint alleges that Nelnet offered prohibited inducements to student loan borrowers to increase its loan holdings and submitted false claims to the Department of Education to obtain special allowance payments and default claim payments on such loans.