Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Oct. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-31924
Entity Registrant Name	NELNET, INC.
Entity Incorporation, State or Country Code	NE
Entity Tax Identification Number	84-0748903
Entity Address, Address Line One	121 South 13th Street, Suite 100
Entity Address, City or Town	Lincoln,
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68508
City Area Code	402
Local Phone Number	458-2370
Title of 12(b) Security	Class A Common Stock, Par Value $0.01 per Share
Trading Symbol	NNI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001258602
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,169,876
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,171,609

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $185,899 and $61,914, respectively)	$ 20,076,542	$ 21,402,868
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	31,998	13,922
Cash and cash equivalents - held at a related party	64,318	119,984
Total cash and cash equivalents	96,316	133,906
Investments	476,827	247,099
Restricted cash	519,143	650,939
Restricted cash - due to customers	286,082	437,756
Accounts receivable (net of allowance for doubtful accounts of $3,731 and $4,455, respectively)	69,916	115,391
Goodwill	156,912	156,912
Intangible assets, net	58,701	81,532
Property and equipment, net	360,490	348,259
Other assets	121,597	134,308
Total assets	22,222,526	23,708,970
Liabilities:
Bonds and notes payable	19,215,053	20,529,054
Accrued interest payable	29,612	47,285
Other liabilities	288,948	303,781
Due to customers	286,082	437,756
Total liabilities	19,819,695	21,317,876
Commitments and contingencies
Nelnet, Inc. shareholders' equity:
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding	0	0
Common stock:
Additional paid-in capital	1,704	5,715
Retained earnings	2,393,113	2,377,627
Accumulated other comprehensive earnings	4,284	2,972
Total Nelnet, Inc. shareholders' equity	2,399,485	2,386,712
Noncontrolling interests	3,346	4,382
Total equity	2,402,831	2,391,094
Total liabilities and equity	22,222,526	23,708,970
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $185,899 and $61,914, respectively)	20,085,382	21,399,382
Cash and cash equivalents:
Restricted cash	501,080	639,847
Liabilities:
Bonds and notes payable	19,349,111	20,742,798
Other liabilities	88,911	162,494
Common stock:
Net assets of consolidated education and other lending variable interest entities	1,148,440	1,133,937
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 27,163,588 shares and 28,458,495 shares, respectively
Common stock:
Common stock	272	285
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 11,171,609 shares and 11,271,609 shares, respectively
Common stock:
Common stock	$ 112	$ 113

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Allowance for loan losses	$ 185,899	$ 61,914
Allowance for doubtful accounts	$ 3,731	$ 4,455
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	50,000,000	50,000,000
Preferred stock, issued shares (in shares)	0	0
Preferred stock, outstanding shares (in shares)	0	0
Common Class A
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	600,000,000	600,000,000
Shares issued (in shares)	27,163,588	28,458,495
Shares outstanding (in shares)	27,163,588	28,458,495
Common Class B
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	60,000,000	60,000,000
Shares issued (in shares)	11,171,609	11,271,609
Shares outstanding (in shares)	11,171,609	11,271,609

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest income:
Loan interest	$ 134,507	$ 229,063	$ 462,439	$ 709,618
Investment interest	5,238	9,882	18,379	26,701
Total interest income	139,745	238,945	480,818	736,319
Interest expense:
Interest on bonds and notes payable	58,423	172,488	277,788	551,221
Net interest income	81,322	66,457	203,030	185,098
Less (negative provision) provision for loan losses	(5,821)	10,000	73,476	26,000
Net interest income after provision for loan losses	87,143	56,457	129,554	159,098
Other income/expense:
Gain on sale of loans	14,817	0	33,023	1,712
Other income	1,502	13,439	69,910	36,946
Impairment expense	0	0	(34,419)	0
Derivative market value adjustments and derivative settlements, net	1,049	1,668	(13,406)	(33,959)
Total other income/expense	225,494	219,114	667,169	607,391
Cost of services:
Cost of services	31,157	30,907	80,664	77,697
Operating expenses:
Salaries and benefits	126,096	116,670	365,220	338,942
Depreciation and amortization	30,308	27,701	87,349	76,398
Other expenses	34,744	58,329	115,184	147,562
Total operating expenses	191,148	202,700	567,753	562,902
Income before income taxes	90,332	41,964	148,306	125,890
Income tax expense	19,156	8,829	30,286	26,429
Net income	71,176	33,135	118,020	99,461
Net loss (income) attributable to noncontrolling interests	327	77	(568)	(38)
Net income attributable to Nelnet, Inc.	$ 71,503	$ 33,212	$ 117,452	$ 99,423
Earnings per common share:
Net (loss) income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share)	$ 1.86	$ 0.83	$ 2.99	$ 2.48
Weighted average common shares outstanding - basic and diluted (in shares)	38,538,476	39,877,129	39,229,932	40,098,346
Loan servicing and systems
Other income/expense:
Revenue	$ 113,794	$ 113,286	$ 337,571	$ 342,169
Education technology, services, and payment processing
Other income/expense:
Revenue	74,121	74,251	217,100	213,753
Cost of services:
Cost of services	25,243	25,671	63,424	62,601
Communications services
Other income/expense:
Revenue	20,211	16,470	57,390	46,770
Cost of services:
Cost of services	$ 5,914	$ 5,236	$ 17,240	$ 15,096

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 71,176	$ 33,135	$ 118,020	$ 99,461
Available-for-sale securities:
Unrealized holding gains (losses) arising during period, net	1,893	(334)	2,114	(1,306)
Reclassification adjustment for (gains) losses recognized in net income, net	(513)	0	(390)	0
Income tax effect	(329)	80	(412)	313
Total other comprehensive income (loss)	1,051	(254)	1,312	(993)
Comprehensive income	72,227	32,881	119,332	98,468
Comprehensive loss (income) attributable to noncontrolling interests	327	77	(568)	(38)
Comprehensive income attributable to Nelnet, Inc.	$ 72,554	$ 32,958	$ 118,764	$ 98,430

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment	Preferred stock	Common stock Common Class A	Common stock Common Class B	Additional paid-in capital	Retained earnings	Retained earnings Cumulative Effect, Period Of Adoption, Adjustment	Accumulated other comprehensive (loss) earnings	Noncontrolling interests	Noncontrolling interests Cumulative Effect, Period Of Adoption, Adjustment
Balance (in shares) at Dec. 31, 2018			0	28,798,464	11,459,641
Balance at Dec. 31, 2018	$ 2,314,779	$ (6,077)	$ 0	$ 288	$ 115	$ 622	$ 2,299,556		$ 3,883	$ 10,315	$ (6,077)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	4,217									4,217
Net income	99,461						99,423			38
Other comprehensive loss	(993)								(993)
Distribution to noncontrolling interests	(3,978)									(3,978)
Cash dividend on Class A and Class B common stock	(21,546)						(21,546)
Issuance of common stock, net of forfeitures (in shares)				156,874
Issuance of common stock, net of forfeitures	4,401			$ 1		4,400
Compensation expense for stock based awards	4,663					4,663
Repurchase of common stock (in shares)				(723,832)
Repurchase of common stock	(40,262)			$ (7)		(6,007)	(34,248)
Conversion of common stock (in shares)				180,000	(180,000)
Conversion of common stock	0			$ 2	$ (2)
Balance (in shares) at Sep. 30, 2019			0	28,411,506	11,279,641
Balance at Sep. 30, 2019	2,354,665		$ 0	$ 284	$ 113	3,678	2,343,185		2,890	4,515
Balance (in shares) at Jun. 30, 2019			0	28,399,526	11,279,641
Balance at Jun. 30, 2019	2,326,618		$ 0	$ 284	$ 113	1,670	2,317,115		3,144	4,292
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	4,165									4,165
Net income	33,135						33,212			(77)
Other comprehensive loss	(254)								(254)
Distribution to noncontrolling interests	(3,865)									(3,865)
Cash dividend on Class A and Class B common stock	(7,142)						(7,142)
Issuance of common stock, net of forfeitures (in shares)				15,345
Issuance of common stock, net of forfeitures	524					524
Compensation expense for stock based awards	1,705					1,705
Repurchase of common stock (in shares)				(3,365)
Repurchase of common stock	(221)					(221)
Balance (in shares) at Sep. 30, 2019			0	28,411,506	11,279,641
Balance at Sep. 30, 2019	2,354,665		$ 0	$ 284	$ 113	3,678	2,343,185		2,890	4,515
Balance (in shares) at Dec. 31, 2019			0	28,458,495	11,271,609
Balance at Dec. 31, 2019	2,391,094	$ (18,867)	$ 0	$ 285	$ 113	5,715	2,377,627	$ (18,867)	2,972	4,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	66									66
Net income	118,020						117,452			568
Other comprehensive loss	1,312								1,312
Distribution to noncontrolling interests	(920)									(920)
Cash dividend on Class A and Class B common stock	(23,343)						(23,343)
Issuance of common stock, net of forfeitures (in shares)				196,407
Issuance of common stock, net of forfeitures	5,155			$ 2		5,153
Compensation expense for stock based awards	5,459					5,459
Repurchase of common stock (in shares)				(1,591,314)
Repurchase of common stock	(73,145)			$ (16)		(14,623)	(58,506)
Conversion of common stock (in shares)				100,000	(100,000)
Conversion of common stock				$ 1	$ (1)
Acquisition of noncontrolling interest	(2,000)						(1,250)			(750)
Balance (in shares) at Sep. 30, 2020			0	27,163,588	11,171,609
Balance at Sep. 30, 2020	2,402,831		$ 0	$ 272	$ 112	1,704	2,393,113		4,284	3,346
Balance (in shares) at Jun. 30, 2020			0	27,232,836	11,171,609
Balance at Jun. 30, 2020	2,340,786		$ 0	$ 272	$ 112	1,867	2,331,312		3,233	3,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	14									14
Net income	71,176						71,503			(327)
Other comprehensive loss	1,051								1,051
Distribution to noncontrolling interests	(331)									(331)
Cash dividend on Class A and Class B common stock	(7,664)						(7,664)
Issuance of common stock, net of forfeitures (in shares)				24,132
Issuance of common stock, net of forfeitures	553					553
Compensation expense for stock based awards	1,864					1,864
Repurchase of common stock (in shares)				(93,380)
Repurchase of common stock	(4,618)					(2,580)	(2,038)
Balance (in shares) at Sep. 30, 2020			0	27,163,588	11,171,609
Balance at Sep. 30, 2020	$ 2,402,831		$ 0	$ 272	$ 112	$ 1,704	$ 2,393,113		$ 4,284	$ 3,346

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Common Class A
Cash dividend on common stock (in dollars per share)	$ 0.20	$ 0.18	$ 0.60	$ 0.54
Common Class B
Cash dividend on common stock (in dollars per share)	$ 0.20	$ 0.18	$ 0.60	$ 0.54

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net cash provided by operating activities:
Net income attributable to Nelnet, Inc.	$ 117,452	$ 99,423
Net income attributable to noncontrolling interests	568	38
Net income	118,020	99,461
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs	149,175	142,519
Loan discount accretion	(27,814)	(27,554)
Provision for loan losses	73,476	26,000
Derivative market value adjustments	21,072	73,265
Payments from termination of derivative instruments, net	0	(13,940)
Payments to clearinghouse - initial and variation margin, net	(20,405)	(59,967)
Gain on sale of loans	(33,023)	(1,712)
Gain from investments, net	(37,766)	(4,891)
(Gain) loss on repurchases and extinguishment of debt, net	(508)	15,679
Deferred income tax benefit	(10,975)	(9,592)
Non-cash compensation expense	5,538	4,948
Impairment expense	34,419	0
Increase in loan and investment accrued interest receivable	(27,192)	(57,864)
Decrease (increase) in accounts receivable	45,475	(7,637)
Decrease (increase) in other assets, net	19,491	(28,646)
Decrease in the carrying amount of ROU asset	9,150	6,529
Decrease in accrued interest payable	(17,673)	(9,334)
Increase in other liabilities	32,733	62,757
Decrease in the carrying amount of lease liability	(8,484)	(6,734)
Decrease in due to customers	(151,674)	(60,369)
Net cash provided by operating activities	173,035	142,918
Cash flows from investing activities:
Purchases of loans	(1,032,636)	(1,360,873)
Purchases of loans from a related party	(75,118)	(32,580)
Net proceeds from loan repayments, claims, and capitalized interest	2,209,797	2,628,156
Proceeds from sale of loans	136,126	42,215
Purchases of available-for-sale securities	(221,427)	(1,010)
Proceeds from sales of available-for-sale securities	97,278	169
Proceeds from beneficial interest in loan securitizations	34,371	2,166
Purchases of other investments	(122,584)	(70,600)
Proceeds from other investments	8,528	52,653
Purchases of property and equipment	(80,698)	(67,681)
Net cash provided by investing activities	953,637	1,192,615
Cash flows from financing activities:
Payments on bonds and notes payable	(2,803,214)	(3,718,851)
Proceeds from issuance of bonds and notes payable	1,460,524	2,410,363
Payments of debt issuance costs	(7,144)	(10,527)
Payments to extinguish debt	0	(14,030)
Dividends paid	(23,343)	(21,546)
Repurchases of common stock	(73,145)	(40,262)
Proceeds from issuance of common stock	1,250	1,171
Acquisition of noncontrolling interest	(2,000)	0
Issuance of noncontrolling interests	0	4,138
Distribution to noncontrolling interests	(660)	(173)
Net cash used in financing activities	(1,447,732)	(1,389,717)
Net decrease in cash, cash equivalents, and restricted cash	(321,060)	(54,184)
Cash, cash equivalents, and restricted cash, beginning of period	1,222,601	1,192,391
Cash, cash equivalents, and restricted cash, end of period	901,541	1,138,207
Supplemental disclosures of cash flow information:
Cash disbursements made for interest	259,120	518,557
Cash disbursements made for income taxes, net of refunds and credits received	13,413	14,820
Cash disbursements made for operating leases	9,457	7,307
Non-cash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations	4,158	7,972
Receipt of beneficial interest in consumer loan securitizations	52,501	7,921
Distribution to noncontrolling interest	260	3,805
Cash and cash equivalents:
Cash, cash equivalents, and restricted cash	$ 901,541	$ 1,138,207

Basis of Financial Reporting

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Financial Reporting

The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2019 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results for the year ending December 31, 2020. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Annual Report").

Reclassifications

Certain amounts previously reported have been reclassified to conform to the current period presentation. These reclassifications include:

•Reclassifying the line item "accrued interest receivable" on the Company's consolidated balance sheet to "loans and accrued interest receivable" and "investments"; and

•Reclassifying "gain on sale of loans" that was previously included in "other income" to a new line item on the Company's consolidated statements of income.

Accounting Standard Adopted in 2020

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASC 326”), which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. Since its original issuance in 2016, the FASB has issued several updates to the original ASU.

The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for financial assets measured at amortized cost at the time the financial asset is originated or acquired, including, for the Company, loans receivable, accounts receivable, and held-to-maturity beneficial interests in loan securitizations. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. For available-for-sale debt securities where fair value is less than amortized cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk.

On January 1, 2020, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 (recognizing estimated credit losses expected to occur over the asset's remaining life) while prior period amounts continue to be reported in accordance with previously applicable GAAP (recognizing estimated credit losses using an incurred loss model); therefore, the comparative information for 2019 is not comparable to the information presented for 2020. Adoption of the new guidance primarily impacted the allowance for loan losses related to the Company's loan portfolio. Upon adoption, the Company recorded an increase to the allowance for loan losses of $91.0 million, which included a reclassification of the non-accretable discount balance and premiums related to loans purchased with evidence of credit deterioration, and decreased retained earnings, net of tax, by $18.9 million. The following table illustrates the impact of the adoption of ASC 326.


	Balances at December 31, 2019		Impact of ASC 326 adoption	Balances at January 1, 2020
Assets
Loans and accrued interest receivable, net of allowance
Loans receivable	$	20,798,719	—	20,798,719
Accrued interest receivable	733,497		—	733,497
Loan discount, net	(35,036)		33,790	(1,246)
Non-accretable discount	(32,398)		32,398	—
Allowance for loan losses	(61,914)		(91,014)	(152,928)
Loans and accrued interest receivable, net of allowance	21,402,868		(24,826)	21,378,042

Liabilities
Other liabilities (deferred taxes)	303,781		(5,958)	297,823

Equity
Retained earnings	2,377,627		(18,868)	2,358,759

The Company adopted ASC 326 using the prospective transition approach for loans receivable purchased with credit deterioration ("PCD") that were previously classified as purchased credit impaired ("PCI"). In accordance with the standard, the Company did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the unamortized cost basis of the PCD assets were adjusted to reflect the addition of $32.4 million in the allowance for loan losses (as reflected in the table above). The remaining noncredit premium on these loans as of January 1, 2020 (based on the adjusted amortized cost basis) will be amortized into interest income over the life of the loans. Changes to the allowance for loan losses on these loans after adoption are recorded through provision expense.

Summary of Significant Accounting Policies Affected by Implementation of ASC 326

Allowance for Loan Losses

The allowance for loan losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments. Loans are charged off when management determines the loan is uncollectible. Charge-offs are recognized as a reduction to the allowance for loan losses. Expected recoveries of amounts previously charged off, not to exceed the aggregate of the amount previously charged off, are included in the estimate of the allowance for loan losses at the balance sheet date.

The Company aggregates loans with similar risk characteristics into homogeneous pools to estimate its expected credit losses. The Company continuously evaluates such pooling decisions and adjusts as needed from period to period as risk characteristics change.

The Company determines its estimated credit losses for the following financial assets as follows:

Loans receivable

Management has determined that the federally insured, private education, and consumer loan portfolios each meet the definition of a portfolio segment, which is defined as the level at which an entity develops and documents a systematic method for determining its allowance for loan losses. Accordingly, the portfolio segment disclosures are presented on this basis in note 2 for each of these portfolios. The Company does not disaggregate its portfolio segment loan portfolios into classes of financing receivables.

The Company utilizes an undiscounted cash flow methodology in determining its lifetime expected credit losses on its federally insured and private education loan portfolios and a remaining life methodology for its consumer loan portfolio. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company has determined that, for modeling current expected credit losses, in general, the Company can reasonably estimate expected losses that incorporate current and forecasted economic conditions up to a one-year period. After this "reasonable and supportable" period, the Company uses a reversion period to the Company's actual long-term historical loss experience over a full economic life cycle. Historical credit loss experience provides

the basis for the estimation of expected credit losses. Qualitative and quantitative adjustments to historical loss information are made separately on each of the Company’s federally insured, private education, and consumer loan portfolios.

Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider the following factors, as applicable, for each of the Company’s loan portfolios: student loans in repayment versus those in nonpaying status; delinquency status; type of private education or consumer loan program; trends in defaults in the portfolio based on Company and industry data; past experience; trends in federally insured student loan claims rejected for payment by guarantors; changes in federal student loan programs; current economic conditions, including changes in unemployment rates and gross domestic product growth; and other relevant qualitative factors. The federal government guarantees 97 percent of the principal of and the interest on federally insured student loans disbursed on and after July 1, 2006 (and 98 percent for those loans disbursed on and after October 1, 1993 and prior to July 1, 2006), which limits the Company’s loss exposure on the outstanding balance of the Company’s federally insured portfolio. Student loans disbursed prior to October 1, 1993 are fully insured. The Company places private education loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days past due. The Company places consumer loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days or 180 days past due, depending on type of loan program. Collections, if any, are reflected as a recovery through the allowance for loan losses.

Purchased Loans Receivable with Credit Deterioration (“PCD”)

The Company has purchased federally insured rehabilitation loans that have experienced more than insignificant credit deterioration since origination. Rehabilitation loans are loans that have previously defaulted, but for which the borrower has made a specified number of on-time payments. Although rehabilitation loans benefit from the same guarantees as other federally insured loans, rehabilitation loans have generally experienced redefault rates that are higher than default rates for federally insured loans that have not previously defaulted. These PCD loans are recorded at the amount paid. An allowance for loan losses is determined using the same methodology as for other loans held for investment. The sum of the loans’ purchase price and allowance for loan losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense.

Loan Accrued Interest Receivable

The Company has elected to present its loan accrued interest receivable balance combined in its consolidated balance sheets with the loans receivable amortized cost balance.

For the Company’s federally insured loan portfolio, the Company has elected to measure an allowance for credit losses for accrued interest receivables. For federally insured loans, accrued interest receivable is typically charged-off when the contractual payment of principal or interest has become greater than 270 days past due. Charge-offs of accrued interest receivable are recognized as a reduction to the allowance for loan losses.

For the Company’s private education and consumer loan portfolios, the Company has elected not to measure an allowance for credit losses for accrued interest receivables. For private education and consumer loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due. Charge-offs of accrued interest receivable are recognized by reversing interest income.

Loans and Accrued Interest Receivable and Allowance for Loan Losses

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Loans and Accrued Interest Receivable and Allowance for Loan Losses

Loans and accrued interest receivable consisted of the following:


	As of		As of
	September 30, 2020		December 31, 2019
Federally insured student loans:
Stafford and other	$	4,372,469	4,684,314
Consolidation	14,773,110		15,644,229
Total	19,145,579		20,328,543
Private education loans	273,807		244,258
Consumer loans	100,180		225,918
	19,519,566		20,798,719
Accrued interest receivable	760,787		733,497
Loan discount, net of unamortized loan premiums and deferred origination costs	(17,912)		(35,036)
Non-accretable discount	—		(32,398)
Allowance for loan losses:
Federally insured loans	(139,943)		(36,763)
Private education loans	(20,013)		(9,597)
Consumer loans	(25,943)		(15,554)
	$	20,076,542	21,402,868

On January 30, 2020 and July 29, 2020, the Company sold $124.2 million (par value) and $60.8 million (par value), respectively, of consumer loans to an unrelated third party who securitized such loans. The Company recognized a gain of $18.2 million (pre-tax) and $14.8 million (pre-tax), respectively, as part of these transactions. As partial considerations received for the consumer loans sold, the Company received a 31.4 percent and 25.4 percent residual interest, respectively, in the consumer loan securitizations that are included in "investments" on the Company's consolidated balance sheet.

Activity in the Allowance for Loan Losses

The following table presents the activity in the allowance for loan losses by portfolio segment.


	Balance at beginning of period		Impact of ASC 326 adoption	Provision (negative provision) for loan losses	Charge-offs	Recoveries	Initial allowance on loans purchased with credit deterioration (a)	Loan sale	Balance at end of period
	Three months ended September 30, 2020
Federally insured loans	$	144,829	—	(5,299)	(2,487)	—	2,900	—	139,943
Private education loans	25,535		—	(5,650)	(5)	133	—	—	20,013
Consumer loans	39,081		—	5,128	(2,723)	381	—	(15,924)	25,943
	$	209,445	—	(5,821)	(5,215)	514	2,900	(15,924)	185,899

	Three months ended September 30, 2019
Federally insured loans	$	39,056	—	2,000	(3,380)	—	—	—	37,676
Private education loans	10,157		—	—	(459)	184	—	—	9,882
Consumer loans	13,378		—	8,000	(2,759)	240	—	—	18,859
	$	62,591	—	10,000	(6,598)	424	—	—	66,417

	Nine months ended September 30, 2020
Federally insured loans	$	36,763	72,291	32,074	(14,885)	—	13,700	—	139,943
Private education loans	9,597		4,797	6,471	(1,360)	508	—	—	20,013
Consumer loans	15,554		13,926	34,931	(9,893)	849	—	(29,424)	25,943
	$	61,914	91,014	73,476	(26,138)	1,357	13,700	(29,424)	185,899

	Nine months ended September 30, 2019
Federally insured loans	$	42,310	—	6,000	(10,634)	—	—	—	37,676
Private education loans	10,838		—	—	(1,529)	573	—	—	9,882
Consumer loans	7,240		—	20,000	(7,417)	536	—	(1,500)	18,859
	$	60,388	—	26,000	(19,580)	1,109	—	(1,500)	66,417

a) During the three and nine months ended September 30, 2020, the Company acquired $137.5 million (par value) and $721.4 million (par value), respectively, of federally insured rehabilitation loans. These loans met the definition of PCD loans when they were purchased by the Company. The Company estimated that the expected credit losses relating to these loans was $2.9 million and $13.7 million, respectively, at the time of purchase. The noncredit discount recorded as part of these acquisitions will be recognized into interest income using an effective yield over the life of the loans.

In March 2020, the rapid outbreak of the respiratory disease caused by a novel strain of coronavirus, coronavirus 2019 or COVID-19 ("COVID-19"), was declared a global pandemic by the World Health Organization and a national emergency by the President, and caused significant disruptions in the U.S. and world economies. Apart from the impact of the adoption of ASC 326 effective January 1, 2020, the Company’s allowance for loan losses increased during the first quarter of 2020 primarily as a result of the COVID-19 pandemic and its effects on current and forecasted economic conditions.

The Company's provision expense for the three months ended June 30, 2020 was impacted by the Company's estimate of certain improved economic conditions as of June 30, 2020 in comparison to what was used by the Company to determine the allowance for loan losses as of March 31, 2020. These improved economic conditions were partially offset by the Company extending its reversion period (to the Company's actual long-term historical loss experience) as of June 30, 2020, as the Company currently believes the economy will take longer to recover from the COVID-19 pandemic than what was originally estimated as of March 31, 2020.

The Company's provision expense for the three months ended September 30, 2020 was impacted by the Company's ongoing loan portfolio amortization; management's estimate of certain continued improved economic conditions as of September 30, 2020 in comparison to what was used by the Company to determine the allowance for loan losses as of June 30, 2020; and a decrease in the amount of loans in forbearance at September 30, 2020 as compared to June 30, 2020.

Loan Status and Delinquencies

The key credit quality indicators for the Company's federally insured, private education, and consumer loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan status and delinquency amounts.


	As of September 30, 2020						As of December 31, 2019						As of September 30, 2019
Federally insured loans:
Loans in-school/grace/deferment	$	1,037,754	5.4	%			$	1,074,678	5.3	%			$	1,243,705	6.0	%
Loans in forbearance	1,916,906		10.0				1,339,821		6.6				1,391,482		6.7
Loans in repayment status:
Loans current	14,845,519				91.7	%	15,410,993				86.0	%	15,646,231				86.7	%
Loans delinquent 31-60 days	945,411				5.9		650,796				3.6		662,431				3.8
Loans delinquent 61-90 days	249,523				1.5		428,879				2.4		402,197				2.2
Loans delinquent 91-120 days	129,994				0.8		310,851				1.7		279,524				1.5
Loans delinquent 121-270 days	605				0.0		812,107				4.5		795,230				4.4
Loans delinquent 271 days or greater	19,867				0.1		300,418				1.8		275,037				1.4
Total loans in repayment	16,190,919		84.6		100.0	%	17,914,044		88.1		100.0	%	18,060,650		87.3		100.0	%
Total federally insured loans	19,145,579		100.0	%			20,328,543		100.0	%			20,695,837		100.0	%
Accrued interest receivable	757,960						730,059						732,608
Loan discount, net of unamortized premiums and deferred origination costs	(20,554)						(35,822)						(36,210)
Non-accretable discount (a)	—						(28,036)						(27,809)
Allowance for loan losses	(139,943)						(36,763)						(37,676)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	19,743,042					$	20,957,981					$	21,326,750
Private education loans:
Loans in-school/grace/deferment	$	3,839	1.4	%			$	4,493	1.8	%			$	3,944	2.1	%
Loans in forbearance	5,437		2.0				3,108		1.3				2,242		1.2
Loans in repayment status:
Loans current	261,514				98.8	%	227,013				95.9	%	173,883				94.7	%
Loans delinquent 31-60 days	1,820				0.7		2,814				1.2		3,011				1.6
Loans delinquent 61-90 days	454				0.2		1,694				0.7		1,370				0.7
Loans delinquent 91 days or greater	743				0.3		5,136				2.2		5,462				3.0
Total loans in repayment	264,531		96.6		100.0	%	236,657		96.9		100.0	%	183,726		96.7		100.0	%
Total private education loans	273,807		100.0	%			244,258		100.0	%			189,912		100.0	%
Accrued interest receivable	1,960						1,558						1,440
Loan premium, net of unaccreted discount	1,137						46						(1,421)
Non-accretable discount (a)	—						(4,362)						(4,798)
Allowance for loan losses	(20,013)						(9,597)						(9,882)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	256,891					$	231,903					$	175,251
Consumer loans:
Loans in deferment	$	1,084	1.1	%			$	—					$	—
Loans in repayment status:
Loans current	96,038				96.9	%	220,404				97.5	%	315,708				98.3	%
Loans delinquent 31-60 days	1,044				1.1		2,046				0.9		2,249				0.7
Loans delinquent 61-90 days	776				0.8		1,545				0.7		1,617				0.5
Loans delinquent 91 days or greater	1,238				1.2		1,923				0.9		1,625				0.5
Total loans in repayment	99,096		98.9		100.0	%	225,918				100.0	%	321,199				100.0	%
Total consumer loans	100,180		100.0	%			225,918						321,199
Accrued interest receivable	867						1,880						2,605
Loan premium	1,505						740						1,148
Allowance for loan losses	(25,943)						(15,554)						(18,859)
Total consumer loans and accrued interest receivable, net of allowance for loan losses	$	76,609					$	212,984					$	306,093

(a) Upon adoption of ASC 326 on January 1, 2020, the Company reclassified the non-accretable discount balance related to loans purchased with evidence of credit deterioration to allowance for loan losses.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into law. The CARES Act, among other things, provides broad relief, effective March 13, 2020 through September 30, 2020, for borrowers that have student loans owned by the Department of Education (the "Department"). On August 8, 2020, the President directed the Secretary of the Department to continue to suspend loan payments, stop collections, and waive interest on student loans owned by the Department until December 31, 2020. This relief package excluded Federal Family Education Loan Program ("FFELP" or "FFEL Program"), private education, and consumer loans.

Although the Company's loans are excluded from the provisions of the CARES Act, the Company is providing relief for its borrowers.

For the Company's federally insured and private education loans, effective March 13, 2020 through June 30, 2020, the Company proactively applied a 90 day natural disaster forbearance to any loan that was 31-269 days past due (for federally insured loans) and 80 days past due (for private education loans), and to any current loan upon request. Beginning July 1, 2020, the Company discontinued proactively applying 90 day natural disaster forbearances on past due loans. However, the Company will continue to apply a natural disaster forbearance with an end date of December 31, 2020 to any federally insured and private education loan upon request. In addition, for both federally insured and private education loans, effective March 13, 2020 through December 31, 2020, borrower late fees are being waived and borrower payments made after March 13, 2020 are refunded upon a borrower's request.

For the majority of the Company's consumer loans, borrowers are generally being offered, upon request and/or documented evidence of financial distress, a two-month deferral of payments, with an option of additional deferrals if the COVID-19 pandemic continues. In addition, effective March 13, 2020 through September 30, 2020, the majority of fees (non-sufficient funds, late charges, check fees) and credit bureau reporting were suspended. The specific relief terms on the Company's consumer loan portfolio vary depending on the loan program and servicer of such loans.

The Company will continue to review whether additional and/or extended borrower relief policies and activities are needed. When providing relief for its borrowers, the Company follows the guidance under the CARES Act to determine if a modification is subject to troubled debt restructuring classification. All relief provided to borrowers by the Company through September 30, 2020 have met the criteria under the CARES Act and the modifications have not been accounted for as troubled debt restructuring.

Nonaccrual Status

The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private and consumer loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2019 and September 30, 2020, was not material.

Amortized Cost Basis by Origination Year

The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of September 30, 2020 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.


	Nine months ended September 30, 2020		2019	2018	2017	2016	Prior Years	Total
Private education loans:
Loans in school/grace/deferment	$	—	909	—	—	169	2,761	3,839
Loans in forbearance	273		683	—	—	333	4,148	5,437
Loans in repayment status:
Loans current	30,088		89,772	1,053	—	5,917	134,684	261,514
Loans delinquent 31-60 days	—		71	—	—	17	1,732	1,820
Loans delinquent 61-90 days	—		—	—	—	—	454	454
Loans delinquent 91 days or greater	—		—	—	—	—	743	743
Total loans in repayment	30,088		89,843	1,053	—	5,934	137,613	264,531
Total private education loans	$	30,361	91,435	1,053	—	6,436	144,522	273,807
Accrued interest receivable								1,960
Loan premium, net of unaccreted discount								1,137
Allowance for loan losses								(20,013)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	256,891

Consumer loans:
Loans in deferment	$	72	497	495	20	—	—	1,084
Loans in repayment status:
Loans current	38,927		26,259	27,419	3,433	—	—	96,038
Loans delinquent 31-60 days	228		589	226	1	—	—	1,044
Loans delinquent 61-90 days	146		322	280	28	—	—	776
Loans delinquent 91 days or greater	326		339	535	38	—	—	1,238
Total loans in repayment	39,627		27,509	28,460	3,500	—	—	99,096
Total consumer loans	$	39,699	28,006	28,955	3,520	—	—	100,180
Accrued interest receivable								867
Loan premium								1,505
Allowance for loan losses								(25,943)
Total consumer loans and accrued interest receivable, net of allowance for loan losses								$	76,609

Bonds and Notes Payable

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Bonds and Notes Payable

The following tables summarize the Company’s outstanding debt obligations by type of instrument:


	As of September 30, 2020
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	17,265,435	0.32% - 2.05%	5/27/25 - 3/26/68
Bonds and notes based on auction	751,675		1.15% - 2.11%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	18,017,110
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	939,132		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP warehouse facilities	145,149		0.34% / 0.46%	11/22/21 / 2/26/23
Private education loan warehouse facility	102,564		0.45%	2/13/22
Consumer loan warehouse facility	30,290		0.33%	4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	54,122		1.65% / 1.90%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	39,977		3.60% / 5.35%	12/26/40 / 12/28/43

Unsecured line of credit	—		—	12/16/24
Unsecured debt - Junior Subordinated Hybrid Securities	20,381		3.60%	9/15/61
Other borrowings	113,672		0.85% / 1.91%	5/4/21 / 5/30/22
	19,462,397
Discount on bonds and notes payable and debt issuance costs	(247,344)
Total	$	19,215,053


	As of December 31, 2019
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	18,428,998	1.98% - 3.61%	5/27/25 - 1/25/68
Bonds and notes based on auction	768,626		2.75% - 3.60%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	19,197,624
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	512,836		2.00% - 3.45%	10/25/67 / 11/25/67
FFELP warehouse facilities	778,094		1.98% / 2.07%	5/20/21 / 5/31/22
Consumer loan warehouse facility	116,570		1.99%	4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	73,308		3.15% / 3.54%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	49,367		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	50,000		3.29%	12/16/24
Unsecured debt - Junior Subordinated Hybrid Securities	20,381		5.28%	9/15/61
Other borrowings	5,000		3.44%	5/30/22
	20,803,180
Discount on bonds and notes payable and debt issuance costs	(274,126)
Total	$	20,529,054

FFELP Warehouse Facilities

The Company funds the majority of its FFELP loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements.

As of September 30, 2020, the Company had two FFELP warehouse facilities as summarized below.


	NFSLW-I (a)		NHELP-II (b)	Total
Maximum financing amount	$	300,000	250,000	550,000
Amount outstanding	68,099		77,050	145,149
Amount available	$	231,901	172,950	404,851
Expiration of liquidity provisions	November 20, 2020		February 26, 2021
Final maturity date	November 22, 2021		February 26, 2023


Advanced as equity support	$	4,524	6,644	11,168

(a) On May 20, 2020, the Company decreased the maximum financing amount for this warehouse facility to $300 million, extended the expiration of liquidity provisions to November 20, 2020, and extended the maturity date to November 22, 2021.

(b) On May 29, 2020, the Company decreased the maximum financing amount for this warehouse facility to $250 million, extended the expiration of liquidity provisions to February 26, 2021, and extended the maturity date to February 26, 2023.

On November 2, 2020, the Company decreased the maximum financing amount for each of its FFELP warehouse facilities to $50.0 million.

Asset-Backed Securitizations

The following table summarizes the asset-backed securitization transactions completed during the first nine months of 2020.


	2020-1		2020-2	2020-3	2020-4 (a)	Total

Date securities issued	2/20/20		3/11/20	3/19/20	8/27/20
Total original principal amount	$	435,600	272,100	352,600	191,300		1,251,600

Class A senior notes:
Total principal amount	$	424,600	264,300	343,600	191,300		1,223,800
Bond discount	—		(44)	(1,503)	(19)		(1,566)
Issue price	$	424,600	264,256	342,097	191,281		1,222,234
Cost of funds	1-month LIBOR plus 0.74%		1.83%	1-month LIBOR plus 0.92%	1.42%
Final maturity date	3/26/68		4/25/68	3/26/68	8/27/68

Class B subordinated notes:
Total principal amount	$	11,000	7,800	9,000			27,800
Bond discount	—		(574)	(284)			(858)
Issue price	$	11,000	7,226	8,716			26,942
Cost of funds	1-month LIBOR plus 1.75%		2.50%	1-month LIBOR plus 1.90%
Final maturity date	3/26/68		4/25/68	3/26/68

(a) Total original principal amount excludes the Class B subordinated tranche for the 2020-4 transaction totaling $5.0 million that was retained by the Company at issuance. As of September 30, 2020, the Company had a total of $20.8 million (par value) of its own asset-backed securities that were retained upon initial issuance or repurchased in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated in the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. Upon sale, these notes would be

shown as "bonds and notes payable" in the Company's consolidated balance sheet. The Company believes the market value of such notes is currently less than par value. Any excess of the par value over the market value on the date of sale would be recognized by the Company as interest expense over the life of the bonds.

Private Education Loan Warehouse Facility

On February 13, 2020, the Company obtained a private education loan warehouse facility with an aggregate maximum financing amount available of $100.0 million. On March 20, 2020, the facility was amended to increase the maximum financing amount to $200.0 million. The facility has an advance rate of 80 to 90 percent, liquidity provisions through February 13, 2021, and a final maturity date of February 13, 2022. As of September 30, 2020, $102.6 million was outstanding under this warehouse facility and $97.4 million was available for future funding. Additionally, as of September 30, 2020, the Company had $11.1 million advanced as equity support under this facility.

Consumer Loan Warehouse Facility

The Company has a consumer loan warehouse facility that as of September 30, 2020 had an aggregate maximum financing amount available of $200.0 million. The facility has an advance rate of 70 or 75 percent depending on the type of collateral and subject to certain concentration limits, liquidity provisions to April 23, 2021, and a final maturity date of April 23, 2022. As of September 30, 2020, $30.3 million was outstanding under this warehouse facility and $169.7 million was available for future funding. Additionally, as of September 30, 2020, the Company had $13.8 million advanced as equity support under this facility. On November 3, 2020, the Company decreased the maximum financing amount on this facility to $100.0 million.

Unsecured Line of Credit

The Company has a $455.0 million unsecured line of credit that has a maturity date of December 16, 2024. As of September 30, 2020, no amount was outstanding on the line of credit and $455.0 million was available for future use. The line of credit provides that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $550.0 million, subject to certain conditions.

Junior Subordinated Hybrid Securities ("Hybrid Securities")

Subsequent to September 30, 2020, the Company redeemed all the outstanding $20.4 million of Hybrid Securities at par.

Other Borrowings

During the second quarter of 2020, the Company entered into an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in student loan asset-backed securities. As of September 30, 2020, $108.7 million of student loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon five business days' notice. The Company can participate student loan asset-backed securities to Union Bank to the extent of availability under the grantor trusts, up to $100.0 million or an amount in excess of $100.0 million if mutually agreed to by both parties. Student loan asset-backed securities under this agreement have been accounted for by the Company as a secured borrowing.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2019 Annual Report. A tabular presentation of such derivatives outstanding as of September 30, 2020 and December 31, 2019 is presented below.

Basis Swaps

The following table summarizes the Company’s outstanding basis swaps as of December 31, 2019 and September 30, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").


Maturity	Notional amount
	As of		As of
	September 30, 2020		December 31, 2019
2020	$	—	1,000,000
2021	250,000		250,000
2022	2,000,000		2,000,000	(a)
2023	750,000		750,000
2024	1,750,000		1,750,000
2026	1,150,000		1,150,000
2027	250,000		250,000





	$	6,150,000	7,150,000

(a) $750 million of the notional amount of these derivatives had forward effective start dates in May 2020.

The weighted average rate paid by the Company on the 1:3 Basis Swaps as of September 30, 2020 and December 31, 2019 was one-month LIBOR plus 9.1 basis points and 9.7 basis points, respectively.

Interest Rate Swaps – Floor Income Hedges

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.


	As of September 30, 2020				As of December 31, 2019
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)(c)		Notional amount		Weighted average fixed rate paid by the Company (a)

2020	$	—	—	%	$	1,500,000	1.01	%
2021	600,000		2.15		600,000		2.15
2022 (b)	500,000		0.94		250,000		1.65
2023	400,000		1.00		150,000		2.25
2024	250,000		0.28		—		—




	$	1,750,000	1.28	%	$	2,500,000	1.42	%

(a) For all interest rate derivatives, the Company receives discrete three-month LIBOR.

(b) $250.0 million of the derivatives outstanding at December 31, 2019 and September 30, 2020 have forward effective start dates in June 2021.

(c) Excluding the derivatives with forward effective start dates, the weighted average fixed rate paid by the Company as of September 30, 2020, on its $1.5 billion floor income derivative portfolio was 1.21%.

Consolidated Financial Statement Impact Related to Derivatives - Statements of Income

The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.


	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
Settlements:
1:3 basis swaps	$	1,197	234	10,438	3,375
Interest rate swaps - floor income hedges	(3,588)		7,064	(2,772)	35,931

Total settlements - (expense) income	(2,391)		7,298	7,666	39,306
Change in fair value:
1:3 basis swaps	(161)		6,636	(1,475)	4,427
Interest rate swaps - floor income hedges	3,601		(12,094)	(19,597)	(75,657)
Interest rate swap options - floor income hedges	—		(1)	—	(1,465)
Interest rate caps	—		(171)	—	(570)

Total change in fair value - income (expense)	3,440		(5,630)	(21,072)	(73,265)
Derivative market value adjustments and derivative settlements, net - income (expense)	$	1,049	1,668	(13,406)	(33,959)

Investments

9 Months Ended

Sep. 30, 2020

Investments [Abstract]

Investments

A summary of the Company's investments follows:


	As of September 30, 2020						As of December 31, 2019
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value		Amortized cost	Gross unrealized gains	Gross unrealized losses	Fair value

Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale (a)	$	173,327	6,049	(414)	178,962		48,790	3,911	—	52,701
Equity securities	26,793		6,465	(2,792)	30,466		9,622	4,561	(1,283)	12,900
Total investments (at fair value)	$	200,120	12,514	(3,206)	209,428		58,412	8,472	(1,283)	65,601

Other Investments (not measured at fair value):
Venture capital and funds:
Measurement alternative					143,221					72,760
Equity method					14,104					15,379
Other					938					1,301
Total venture capital and funds					158,263					89,440
Real estate and solar:
Equity and HLBV method (b)					44,634					51,721

Other					852					867
Total real estate and solar					45,486					52,588



Beneficial interest in federally insured loan securitizations (c)					30,726					—
Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $20,947 as of September 30, 2020 (c)					27,751					33,187
Tax liens and affordable housing					5,173					6,283
Total investments (not measured at fair value)					267,399					181,498
Total investments					$	476,827				$	247,099

(a) As of September 30, 2020, $108.7 million (par value) of student loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Other Borrowings."

As of September 30, 2020, the stated maturities of a majority of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years; however, such securities with a fair value of $30.9 million as of September 30, 2020 are scheduled to mature within the next 10 years, including $2.0 million, $24.4 million, and $4.5 million scheduled to mature within the next one year, 1-5 years, and 6-10 years, respectively.

(b) The Company makes investments in entities that promote renewable energy sources (solar). The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of September 30, 2020, the Company has funded or is committed to fund $153.6 million in solar investments. The carrying value of the Company’s solar investments are reduced by tax credits earned when the solar project is placed in service.

The Company accounts for its solar investments using the Hypothetical Liquidation at Book Value (“HLBV”) method of accounting. HLBV is a balance sheet-oriented method of accounting that provides an approach for allocating pre-tax net income or loss to an investor. HLBV allocates pre-tax net income or loss to the partners (investors) and calculates at the end of each balance sheet date the amount each partner would receive in the event the partnership were liquidated at book value. The amount allocated to each partner requires an analysis of each partners’ capital account as adjusted according to the liquidation provisions of the partnership agreement. For the majority of the Company’s solar investments, the HLBV

method of accounting results in accelerated losses in the initial year of investment. During the three and nine months ended September 30, 2020, the Company recognized pre-tax losses of $11.8 million and $12.6 million, respectively, on its solar investments. These losses are included in "other income" in the consolidated statements of income. The losses recognized for the same periods in 2019 were not significant.

(c) The Company has purchased partial ownership in certain federally insured and consumer loan securitizations. As of the latest remittance reports filed by the various trusts prior to September 30, 2020, the Company's ownership correlates to approximately $530 million and $350 million of federally insured and consumer loans, respectively, included in these securitizations.

Investment in Agile Sports Technologies, Inc. (doing business as "Hudl")

On May 20, 2020, the Company made an additional equity investment of approximately $26 million in Hudl, as one of the participants in an equity raise completed by Hudl. Prior to the additional 2020 investment, the Company had direct and indirect equity ownership interests in Hudl of less than 20%, which did not materially change as a result of this transaction. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. As a result of Hudl’s equity raise, the Company recognized a $51.0 million (pre-tax) gain during the second quarter of 2020 to adjust its carrying value to reflect the May 20, 2020 transaction value. This gain is included in "other income" on the consolidated statements of income.

David S. Graff, who has served on the Company’s Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.

Impairment Expense

During the first quarter of 2020, the Company recorded a total of $34.1 million (pre-tax) in impairment charges related to its investments, which included $26.3 million and $7.8 million in impairments related to the Company's beneficial interest in consumer loan securitizations and several of its venture capital investments, respectively. As of March 31, 2020, the Company's estimate of future cash flows from the beneficial interest in consumer loan securitizations was lower than previously anticipated due to the expectation of increased consumer loan defaults within such securitizations due to the distressed economic conditions resulting from the COVID-19 pandemic. The Company measured the allowance for credit losses on the consumer loan beneficial interests by comparing the present value of expected cash flows to the amortized cost basis and recorded an allowance for credit losses of $26.3 million, which represented the amount by which the fair value was less than the amortized cost basis. Additionally, as of March 31, 2020, the Company identified several venture capital investments, a majority of which were accounted for under the measurement alternative, that were also negatively impacted by the distressed economic conditions resulting from the COVID-19 pandemic during the first quarter of 2020, and estimated that the fair value of such investments was significantly reduced from their previous carrying value.

Intangible Assets

9 Months Ended

Sep. 30, 2020

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

A summary of the Company's intangible assets follows:


	Weighted average remaining useful life as of September 30, 2020 (months)
		As of		As of
		September 30, 2020		December 31, 2019
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $80,448 and $60,553, respectively)	82	$	52,004	71,900
Trade names (net of accumulated amortization of $4,253 and $2,792, respectively)	76	6,018		7,478
Computer software (net of accumulated amortization of $4,708 and $3,233, respectively)	6	679		2,154
Total - amortizable intangible assets, net	81	$	58,701	81,532

The Company recorded amortization expense on its intangible assets of $8.0 million during each of the three months ended September 30, 2020 and 2019, and $22.8 million and $24.8 million during the nine months ended September 30, 2020 and 2019, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2020, the Company estimates it will record amortization expense as follows:


2020 (October 1 - December 31)	$	7,979
2021	19,687
2022	6,431
2023	6,184
2024	5,771
2025 and thereafter	12,649
	$	58,701

Goodwill

9 Months Ended

Sep. 30, 2020

Goodwill [Abstract]

Goodwill

The carrying amount of goodwill as of December 31, 2019 and September 30, 2020 by reportable operating segment was as follows:


	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Total












Goodwill balance	$	23,639	70,278	21,112	41,883	—	156,912

Property and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

A summary of the Company's property and equipment follows:


		As of		As of
	Useful life	September 30, 2020		December 31, 2019
Non-communications:
Computer equipment and software	1-5 years	$	185,066	160,319
Building and building improvements	5-48 years	39,995		37,904
Office furniture and equipment	1-10 years	22,234		21,245
Leasehold improvements	1-15 years	9,621		9,517
Transportation equipment	5-10 years	4,897		5,049
Land	—	1,400		1,400
Construction in progress	—	30,301		13,738
		293,514		249,172
Accumulated depreciation - non-communications		(174,263)		(142,270)
Non-communications, net property and equipment		119,251		106,902

Communications:
Network plant and fiber	4-15 years	273,754		254,560
Customer located property	2-4 years	31,844		27,011
Central office	5-15 years	19,801		17,672
Transportation equipment	4-10 years	7,157		6,611
Computer equipment and software	1-5 years	6,088		5,574
Other	1-39 years	3,761		3,702
Land	—	70		70
Construction in progress	—	4,129		54
		346,604		315,254
Accumulated depreciation - communications		(105,365)		(73,897)
Communications, net property and equipment		241,239		241,357
Total property and equipment, net		$	360,490	348,259

The Company recorded depreciation expense on its property and equipment of $22.3 million and $19.7 million during the three months ended September 30, 2020 and 2019, respectively, and $64.6 million and $51.6 million during the nine months ended September 30, 2020 and 2019, respectively.

Earnings per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings per Common Share

Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.


	Three months ended September 30,
	2020				2019
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	70,483	1,020	71,503	32,778	434	33,212

Denominator:
Weighted-average common shares outstanding - basic and diluted	37,988,584		549,892	38,538,476	39,356,311	520,818	39,877,129
Earnings per share - basic and diluted	$	1.86	1.86	1.86	0.83	0.83	0.83

	Nine months ended September 30,
	2020				2019
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	115,794	1,658	117,452	98,125	1,298	99,423

Denominator:
Weighted-average common shares outstanding - basic and diluted	38,676,092		553,840	39,229,932	39,574,868	523,478	40,098,346
Earnings per share - basic and diluted	$	2.99	2.99	2.99	2.48	2.48	2.48

Segment Reporting

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

See note 14 of the notes to consolidated financial statements included in the 2019 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.


	Three months ended September 30, 2020
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	34	367	—	137,959	1,646	(261)	139,745
Interest expense	24		16	—	57,755	888	(261)	58,423
Net interest income (expense)	10		351	—	80,204	758	—	81,322
Less (negative provision) provision for loan losses	—		—	—	(5,821)	—	—	(5,821)
Net interest income after provision for loan losses	10		351	—	86,025	758	—	87,143
Other income/expense:
Loan servicing and systems revenue	113,794		—	—	—	—	—	113,794
Intersegment revenue	8,287		3	—	—	—	(8,290)	—
Education technology, services, and payment processing revenue	—		74,121	—	—	—	—	74,121
Communications revenue	—		—	20,211	—	—	—	20,211
Gain on sale of loans	—		—	—	14,817	—	—	14,817
Other income	2,353		373	511	1,004	(2,737)	—	1,502
Impairment expense	—		—	—	—	—	—	—
Derivative settlements, net	—		—	—	(2,391)	—	—	(2,391)
Derivative market value adjustments, net	—		—	—	3,440	—	—	3,440
Total other income/expense	124,434		74,497	20,722	16,870	(2,737)	(8,290)	225,494
Cost of services:
Cost to provide education technology, services, and payment processing services	—		25,243	—	—	—	—	25,243
Cost to provide communications services	—		—	5,914	—	—	—	5,914
Total cost of services	—		25,243	5,914	—	—	—	31,157
Operating expenses:
Salaries and benefits	72,912		25,460	5,485	438	21,801	—	126,096
Depreciation and amortization	9,951		2,366	11,152	—	6,839	—	30,308

Other expenses	12,407		3,126	2,219	3,672	13,320	—	34,744
Intersegment expenses, net	15,834		3,610	491	8,868	(20,513)	(8,290)	—
Total operating expenses	111,104		34,562	19,347	12,978	21,447	(8,290)	191,148
Income (loss) before income taxes	13,340		15,043	(4,539)	89,917	(23,426)	—	90,332
Income tax (expense) benefit	(3,201)		(3,610)	1,089	(21,580)	8,146	—	(19,156)
Net income (loss)	10,139		11,433	(3,450)	68,337	(15,280)	—	71,176
Net loss (income) attributable to noncontrolling interests	—		—	—	—	327	—	327
Net income (loss) attributable to Nelnet, Inc.	$	10,139	11,433	(3,450)	68,337	(14,953)	—	71,503

Total assets as of September 30, 2020	$	211,726	382,608	305,276	20,686,478	770,621	(134,183)	22,222,526


	Three months ended September 30, 2019
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	532	3,499	—	233,225	2,859	(1,171)	238,945
Interest expense	51		12	—	171,485	2,110	(1,171)	172,488
Net interest income (expense)	481		3,487	—	61,740	749	—	66,457
Less (negative provision) provision for loan losses	—		—	—	10,000	—	—	10,000
Net interest income after provision for loan losses	481		3,487	—	51,740	749	—	56,457
Other income/expense:
Loan servicing and systems revenue	113,286		—	—	—	—	—	113,286
Intersegment revenue	11,611		—	—	—	—	(11,611)	—
Education technology, services, and payment processing revenue	—		74,251	—	—	—	—	74,251
Communications revenue	—		—	16,470	—	—	—	16,470
Gain on sale of loans	—		—	—	—	—	—	—
Other income	2,291		—	532	3,384	7,231	—	13,439
Impairment expense	—		—	—	—	—	—	—
Derivative settlements, net	—		—	—	7,298	—	—	7,298
Derivative market value adjustments, net	—		—	—	(5,630)	—	—	(5,630)
Total other income/expense	127,188		74,251	17,002	5,052	7,231	(11,611)	219,114
Cost of services:
Cost to provide education technology, services, and payment processing services	—		25,671	—	—	—	—	25,671
Cost to provide communications services	—		—	5,236	—	—	—	5,236
Total cost of services	—		25,671	5,236	—	—	—	30,907
Operating expenses:
Salaries and benefits	69,209		23,826	5,763	394	17,479	—	116,670
Depreciation and amortization	8,565		2,997	10,926	—	5,212	—	27,701

Other expenses	16,686		5,325	3,842	19,054	13,422	—	58,329
Intersegment expenses, net	12,955		3,194	701	11,678	(16,917)	(11,611)	—
Total operating expenses	107,415		35,342	21,232	31,126	19,196	(11,611)	202,700
Income (loss) before income taxes	20,254		16,725	(9,466)	25,666	(11,216)	—	41,964
Income tax (expense) benefit	(4,861)		(4,014)	2,272	(6,160)	3,935	—	(8,829)
Net income (loss)	15,393		12,711	(7,194)	19,506	(7,281)	—	33,135
Net loss (income) attributable to noncontrolling interests	—		—	—	—	77	—	77
Net income (loss) attributable to Nelnet, Inc.	$	15,393	12,711	(7,194)	19,506	(7,204)	—	33,212

Total assets as of September 30, 2019	$	222,606	413,076	306,743	22,520,688	685,998	(212,392)	23,936,719


	Nine months ended September 30, 2020
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	403	2,777	—	474,468	4,397	(1,228)	480,818
Interest expense	97		54	—	275,492	3,373	(1,228)	277,788
Net interest income (expense)	306		2,723	—	198,976	1,024	—	203,030
Less (negative provision) provision for loan losses	—		—	—	73,476	—	—	73,476
Net interest income after provision for loan losses	306		2,723	—	125,500	1,024	—	129,554
Other income/expense:
Loan servicing and systems revenue	337,571		—	—	—	—	—	337,571
Intersegment revenue	27,878		17	—	—	—	(27,895)	—
Education technology, services, and payment processing revenue	—		217,100	—	—	—	—	217,100
Communications revenue	—		—	57,390	—	—	—	57,390
Gain on sale of loans	—		—	—	33,023	—	—	33,023
Other income	6,897		373	1,256	4,951	56,435	—	69,910
Impairment expense	—		—	—	(26,303)	(8,116)	—	(34,419)
Derivative settlements, net	—		—	—	7,666	—	—	7,666
Derivative market value adjustments, net	—		—	—	(21,072)	—	—	(21,072)
Total other income/expense	372,346		217,490	58,646	(1,735)	48,319	(27,895)	667,169
Cost of services:
Cost to provide education technology, services, and payment processing services	—		63,424	—	—	—	—	63,424
Cost to provide communications services	—		—	17,240	—	—	—	17,240
Total cost of services	—		63,424	17,240	—	—	—	80,664
Operating expenses:
Salaries and benefits	211,806		73,678	16,471	1,301	61,964	—	365,220
Depreciation and amortization	27,941		7,115	32,482	—	19,811	—	87,349

Other expenses	43,277		11,544	9,681	12,253	38,428	—	115,184
Intersegment expenses, net	48,069		10,366	1,650	29,839	(62,030)	(27,895)	—
Total operating expenses	331,093		102,703	60,284	43,393	58,173	(27,895)	567,753
Income (loss) before income taxes	41,559		54,086	(18,878)	80,372	(8,830)	—	148,306
Income tax (expense) benefit	(9,974)		(12,981)	4,531	(19,289)	7,426	—	(30,286)
Net income (loss)	31,585		41,105	(14,347)	61,083	(1,404)	—	118,020
Net loss (income) attributable to noncontrolling interests	—		—	—	—	(568)	—	(568)
Net income (loss) attributable to Nelnet, Inc.	$	31,585	41,105	(14,347)	61,083	(1,972)	—	117,452

Total assets as of September 30, 2020	$	211,726	382,608	305,276	20,686,478	770,621	(134,183)	22,222,526


	Nine months ended September 30, 2019
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	1,579	7,175	3	723,388	7,170	(2,995)	736,319
Interest expense	70		32	—	544,319	9,796	(2,995)	551,221
Net interest income (expense)	1,509		7,143	3	179,069	(2,626)	—	185,098
Less (negative provision) provision for loan losses	—		—	—	26,000	—	—	26,000
Net interest income after provision for loan losses	1,509		7,143	3	153,069	(2,626)	—	159,098
Other income/expense:
Loan servicing and systems revenue	342,169		—	—	—	—	—	342,169
Intersegment revenue	35,426		—	—	—	—	(35,426)	—
Education technology, services, and payment processing revenue	—		213,753	—	—	—	—	213,753
Communications revenue	—		—	46,770	—	—	—	46,770
Gain on sale of loans	—		—	—	1,712	—	—	1,712
Other income	6,642		—	1,019	10,084	19,200	—	36,946
Impairment expense	—		—	—	—	—	—	—
Derivative settlements, net	—		—	—	39,306	—	—	39,306
Derivative market value adjustments, net	—		—	—	(73,265)	—	—	(73,265)
Total other income/expense	384,237		213,753	47,789	(22,163)	19,200	(35,426)	607,391
Cost of services:
Cost to provide education technology, services, and payment processing services	—		62,601	—	—	—	—	62,601
Cost to provide communications services	—		—	15,096	—	—	—	15,096
Total cost of services	—		62,601	15,096	—	—	—	77,697
Operating expenses:
Salaries and benefits	201,924		69,656	15,692	1,153	50,517	—	338,942
Depreciation and amortization	26,236		9,832	26,025	—	14,305	—	76,398

Other expenses	52,732		16,440	11,184	29,098	38,107	—	147,562
Intersegment expenses, net	40,317		9,642	2,081	35,630	(52,244)	(35,426)	—
Total operating expenses	321,209		105,570	54,982	65,881	50,685	(35,426)	562,902
Income (loss) before income taxes	64,537		52,725	(22,286)	65,025	(34,111)	—	125,890
Income tax (expense) benefit	(15,489)		(12,654)	5,349	(15,606)	11,971	—	(26,429)
Net income (loss)	49,048		40,071	(16,937)	49,419	(22,140)	—	99,461
Net loss (income) attributable to noncontrolling interests	—		—	—	—	(38)	—	(38)
Net income (loss) attributable to Nelnet, Inc.	$	49,048	40,071	(16,937)	49,419	(22,178)	—	99,423

Total assets as of September 30, 2019	$	222,606	413,076	306,743	22,520,688	685,998	(212,392)	23,936,719

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Disaggregated Revenue and Deferred Revenue

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue and Deferred Revenue

The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments.

Loan Servicing and Systems


	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
Government servicing - Nelnet	$	36,295	38,645	112,305	118,744
Government servicing - Great Lakes	45,350		46,234	137,010	139,285
Private education and consumer loan servicing	7,928		9,561	24,733	28,026
FFELP servicing	4,912		6,089	15,443	19,208
Software services	10,426		10,493	32,395	30,255
Outsourced services and other	8,883		2,264	15,685	6,651
Loan servicing and systems revenue	$	113,794	113,286	337,571	342,169

Education Technology, Services, and Payment Processing


	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
Tuition payment plan services	$	22,477	25,760	77,011	80,589
Payment processing	35,420		35,138	88,329	85,428
Education technology and services	15,840		13,067	50,820	46,872
Other	384		286	940	864
Education technology, services, and payment processing revenue	$	74,121	74,251	217,100	213,753

Communications


	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
Internet	$	12,794	9,899	35,926	27,641
Television	4,446		4,068	12,913	12,020
Telephone	2,931		2,487	8,436	7,062
Other	40		16	115	47
Communications revenue	$	20,211	16,470	57,390	46,770

Residential revenue	$	15,173	12,397	42,946	35,351
Business revenue	4,918		4,025	14,002	11,256
Other	120		48	442	163
Communications revenue	$	20,211	16,470	57,390	46,770

Other Income

The following table provides the components of "other income" on the consolidated statements of income:


	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
Investment advisory services	$	4,463	753	8,187	2,194
Management fee revenue	2,353		2,291	6,897	6,642
Borrower late fee income	871		3,196	4,377	9,870



Gain (loss) on investments, net	(10,152)		1,948	39,134	5,779
Other	3,967		5,251	11,315	12,461
Other income	$	1,502	13,439	69,910	36,946

Deferred Revenue

Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below:


	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Corporate and Other Activities	Total
	Three months ended September 30, 2020
Balance, beginning of period	$	2,115	19,924	3,728	1,676	27,443
Deferral of revenue	365		41,471	11,331	851	54,018
Recognition of revenue	(970)		(19,490)	(11,139)	(800)	(32,399)

Balance, end of period	$	1,510	41,905	3,920	1,727	49,062

	Three months ended September 30, 2019
Balance, beginning of period	$	3,315	21,489	3,080	1,611	29,495
Deferral of revenue	881		42,752	9,302	953	53,888
Recognition of revenue	(1,149)		(21,820)	(9,158)	(850)	(32,977)

Balance, end of period	$	3,047	42,421	3,224	1,714	50,406

	Nine months ended September 30, 2020
Balance, beginning of period	$	2,712	32,074	3,232	1,628	39,646
Deferral of revenue	1,547		78,891	31,898	2,585	114,921
Recognition of revenue	(2,749)		(69,060)	(31,210)	(2,486)	(105,505)

Balance, end of period	$	1,510	41,905	3,920	1,727	49,062

	Nine months ended September 30, 2019
Balance, beginning of period	$	4,413	30,556	2,551	1,602	39,122
Deferral of revenue	2,761		81,484	26,366	2,530	113,141
Recognition of revenue	(4,127)		(69,619)	(25,693)	(2,418)	(101,857)

Balance, end of period	$	3,047	42,421	3,224	1,714	50,406

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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+ Details

Major Customer	9 Months Ended
Major Customer	Sep. 30, 2020
Risks and Uncertainties [Abstract]
Major Customer	Major Customer Nelnet Servicing, LLC ("Nelnet Servicing"), a subsidiary of the Company, earns loan servicing revenue from a servicing contract with the Department. Revenue earned by Nelnet Servicing related to this contract was $36.3 million and $38.6 million for the three months ended September 30, 2020 and 2019, and $112.3 million and $118.7 million for the nine months ended September 30, 2020 and 2019, respectively. In addition, Great Lakes Educational Loan Services, Inc. ("Great Lakes"), which was acquired by the Company on February 7, 2018, also earns loan servicing revenue from a similar servicing contract with the Department. Revenue earned by Great Lakes related to this contract was $45.4 million and $46.2 million for the three months ended September 30, 2020 and 2019, and $137.0 million and $139.3 million for the nine months ended September 30, 2020 and 2019, respectively. Nelnet Servicing and Great Lakes' servicing contracts with the Department previously provided for expiration on June 16, 2019. On November 26, 2019, Nelnet Servicing and Great Lakes each received extensions from the Department on their contracts through December 14, 2020. The most current contract extensions also provide the potential for two additional six-month extensions at the Department's discretion through December 14, 2021. On October 13, 2020, Nelnet Servicing and Great Lakes received correspondence from the Department indicating the Department's intent to exercise the first additional six-month extension of the current servicing contracts, from December 14, 2020 to approximately June 15, 2021. The correspondence served only as a non-binding notice of intent that does not commit the Department to extend the contracts, and any formal extension of the contracts will occur only upon a unilateral modification by the Department to the contracts. The Department is conducting a contract procurement process entitled Next Generation Financial Services Environment (“NextGen”) for a new framework for the servicing of all student loans owned by the Department. On January 15, 2019, the Department issued solicitations for three NextGen components: •NextGen Enhanced Processing Solution ("EPS") •NextGen Business Process Operations ("BPO") •NextGen Optimal Processing Solution ("OPS") On April 1, 2019, October 4, 2019, and February 3, 2020, the Company responded to the EPS solicitation component. In addition, on August 1, 2019 and January 30, 2020, the Company responded to the BPO solicitation component. The EPS solicitation component was for a transitional technology system and certain processing functions the Department planned to use under NextGen to service the Department's student loan customers for a period of time before eventually moving to OPS in the future. However, on April 3, 2020, the Department cancelled the OPS solicitation component. The BPO solicitation component is for the back office and call center operational functions for servicing the Department's student loan customers. On March 30, 2020, the Company received a letter from the Department notifying the Company that the Company's proposal in response to the EPS component had been determined to be outside of the competitive range and would receive no further consideration for an award. On April 13, 2020 and April 27, 2020, the Company filed protests with the Government Accountability Office ("GAO") challenging the Department's decision to cancel the OPS solicitation component without amending the EPS solicitation component and the Department's competitive range exclusion of the Company's proposal from the EPS solicitation component. On July 10, 2020, the Department cancelled the solicitation for the EPS component. Based on the Department's cancellation of the EPS procurement, on July 14, 2020, the GAO dismissed the Company's protests as moot. On June 18, 2020, the Company received a letter from the Department notifying the Company that the Company's proposal in response to the BPO solicitation component was determined to be ineligible for award, claiming the Company's response did not meet certain requirements related to small business participation. On June 24, 2020, the Department awarded and signed contracts with five other companies in connection with the BPO solicitation. On July 13, 2020, July 20, 2020 and July 28, 2020, the Company filed protests with the GAO challenging the Department's determination that the Company's BPO response did not meet small business participation requirements and the Department's decision to proceed with awards of contracts for the BPO component, when it cancelled the EPS component and a new EPS solicitation is expected to be released. On October 19, 2020, the GAO denied the Company's protests concerning the BPO solicitation component. In the Department's description of its July 10, 2020 cancellation of the EPS solicitation component, the Department indicated that it continues to be committed to the goals and vision of NextGen, and that it would be introducing a new solicitation to continue the NextGen strategy in the future. On October 28, 2020, the Department issued a new federal loan servicing solicitation for an Interim Servicing Solution ("ISS"). Responses for the ISS solicitation are due December 9, 2020. ISS is a follow-on to the existing Title IV Additional Servicing and Not-for-Profit Servicing contracts, which would award a full system and servicing solution to two providers. The Department anticipates awarding a five-year contract followed by five, one-year optional ordering periods. Under ISS, the selected providers will provide the technology platform to host the Department's student loan portfolio; customer service (including contact centers) and back-office processing; digital engagement layer including borrower-facing website and mobile-applications; intake, imaging, and fulfillment; and portfolio-level operations. As the companies awarded BPO contracts are onboarded, contact center and back-office operations will shift from the ISS contract to the BPO providers. The Company fully intends to respond to the ISS solicitation.

Fair Value

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.


	As of September 30, 2020			As of December 31, 2019
	Level 1		Level 2	Total	Level 1	Level 2	Total
Assets:
Investments:
Student loan asset-backed securities - available-for-sale	$	—	178,859	178,859	—	52,597	52,597
Equity securities	6		—	6	6	—	6
Equity securities measured at net asset value (a)				30,460			12,894
Debt securities - available-for-sale	103		—	103	104	—	104
Total investments	109		178,859	209,428	110	52,597	65,601

Total assets	$	109	178,859	209,428	110	52,597	65,601

(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:


	As of September 30, 2020
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	20,136,583	19,315,755	—	—	20,136,583
Accrued loan interest receivable	760,787		760,787	—	760,787	—
Cash and cash equivalents	96,316		96,316	96,316	—	—
Investments (at fair value)	209,428		209,428	109	178,859	—

Beneficial interest in loan securitizations	58,477		58,477	—	—	58,477
Restricted cash	519,143		519,143	519,143	—	—
Restricted cash – due to customers	286,082		286,082	286,082	—	—


Financial liabilities:
Bonds and notes payable	18,983,969		19,215,053	—	18,983,969	—
Accrued interest payable	29,612		29,612	—	29,612	—
Due to customers	286,082		286,082	286,082	—	—


	As of December 31, 2019
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	21,477,630	20,669,371	—	—	21,477,630
Accrued loan interest receivable	733,497		733,497	—	733,497	—
Cash and cash equivalents	133,906		133,906	133,906	—	—
Investments (at fair value)	65,601		65,601	110	52,597	—

Beneficial interest in loan securitizations	33,258		33,187	—	—	33,258
Restricted cash	650,939		650,939	650,939	—	—
Restricted cash – due to customers	437,756		437,756	437,756	—	—


Financial liabilities:
Bonds and notes payable	20,479,095		20,529,054	—	20,479,095	—
Accrued interest payable	47,285		47,285	—	47,285	—
Due to customers	437,756		437,756	437,756	—	—

The methodologies for estimating the fair value of financial assets and liabilities are described in note 21 of the notes to consolidated financial statements included in the 2019 Annual Report.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Recapitalization and Additional Funding for ALLO Communications LLC ("ALLO") On October 1, 2020, Nelnet, Inc. entered into various agreements with SDC ALLO Holdings, LLC (“SDC”), a third party global digital infrastructure investor, and ALLO, the Company's communication's subsidiary, for various transactions contemplated by the parties in connection with a recapitalization and additional funding for ALLO. The agreements provide for a series of initial interrelated transactions (the “Initial Transactions”) whereby (i) on October 15, 2020, ALLO issued non-voting preferred membership units of ALLO to SDC for an aggregate purchase price payment of approximately $197.0 million from SDC to ALLO, and ALLO redeemed certain non-voting preferred membership units of ALLO held by Nelnet, Inc. in exchange for an aggregate redemption price payment to Nelnet, Inc. of $160.0 million; (ii) ALLO will use its reasonable best efforts to incur and undertake private debt financing from one or more unrelated third-party lender(s) in the aggregate approximate amount of $100.0 million; and (iii) subject to ALLO obtaining such debt financing, ALLO will redeem certain additional preferred return membership units of ALLO held by Nelnet, Inc. in exchange for an aggregate redemption price payment to Nelnet, Inc. of approximately $100.0 million (subject to the amount of gross proceeds actually received in the debt financing). Upon the receipt of required regulatory approvals from the Federal Communications Commission and other applicable regulatory authorities, the non-voting preferred membership units of ALLO held by SDC will automatically convert into voting membership units of ALLO. As a result of such conversion, SDC, Nelnet, Inc., and members of ALLO's management will own approximately 48 percent, 45 percent and 7 percent, respectively, of the outstanding voting membership interests of ALLO and Nelnet, Inc. will deconsolidate ALLO from the Company’s consolidated financial statements. It is currently anticipated that such regulatory conditions will be satisfied by December 31, 2020. Upon deconsolidation of ALLO by Nelnet, Inc., the Company will initially record its 45 percent voting membership interests in ALLO at fair value, and thereafter account for such investment under the equity method of accounting. In addition, upon deconsolidation of ALLO, the Company will initially record its remaining non-voting preferred membership units in ALLO at fair value, and account for such investment as a separate equity investment. The agreements also provide for secondary transactions (the “Secondary Transactions”) subsequent to the completion of the Initial Transactions, whereby (i) Nelnet, Inc., SDC, and ALLO will use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before the three and one-half year anniversary (subject to adjustment) of the completion of ALLO’s redemptions from Nelnet, Inc. in the Initial Transactions, the remaining preferred membership units of ALLO held by Nelnet, Inc. in exchange for an aggregate redemption price payment to Nelnet, Inc. of approximately $126 million, plus the amount of accrued and unpaid preferred return on such units and the amount of any contributions or other amounts funded by Nelnet, Inc. to ALLO subsequent to ALLO’s redemptions from Nelnet, Inc. in the Initial Transactions; and (ii) Nelnet, Inc. will have a contingent payment obligation to pay SDC a contingent payment amount of $25 million to $35 million in the event Nelnet, Inc. disposes of other voting membership units of ALLO that it holds and realizes from such disposition certain targeted return levels relative to the implied value of its investment in such units upon SDC's initial investment in ALLO on October 15, 2020. The Company currently estimates the above transactions will result in the Company recognizing incremental net income before tax of approximately $230 million, which reflects the Company recognizing a gain as a result of the deconsolidation of ALLO and recording its voting and non-voting membership interests in ALLO at fair value, net of compensation expense for the modification of certain equity awards previously granted to members of ALLO's management and an expense to record the Company's contingent payment obligation to SDC at fair value. The amount of incremental net income the Company ultimately recognizes as a result of these transactions will be impacted by the timing of when, or if, regulatory approval is obtained. Nelnet Bank On November 2, 2020, the Company obtained final approval from the Federal Deposit Insurance Corporation ("FDIC") for federal deposit insurance and for a bank charter from the Utah Department of Financial Institutions ("UDFI") in connection with the establishment of Nelnet Bank, and Nelnet Bank launched operations. Nelnet Bank will operate as an internet Utah-chartered industrial bank franchise focused on the private education loan marketplace, with a home office in Salt Lake City, Utah. Nelnet Bank was funded by the Company with an initial capital contribution of $100 million, consisting of $55.9 million of cash and $44.1 million of student loan asset-backed securities. In addition, the Company made a pledged deposit of $40.0 million with Nelnet Bank, as required under an agreement with the FDIC. Nelnet Bank will operate as a subsidiary of the Company, and the industrial bank charter allows the Company to maintain its other diversified business offerings.

Basis of Financial Reporting (Policies)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Financial Reporting

The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2019 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results for the year ending December 31, 2020. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Annual Report").

Reclassifications

Certain amounts previously reported have been reclassified to conform to the current period presentation. These reclassifications include:

•Reclassifying the line item "accrued interest receivable" on the Company's consolidated balance sheet to "loans and accrued interest receivable" and "investments"; and

•Reclassifying "gain on sale of loans" that was previously included in "other income" to a new line item on the Company's consolidated statements of income.

New Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASC 326”), which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. Since its original issuance in 2016, the FASB has issued several updates to the original ASU.

The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for financial assets measured at amortized cost at the time the financial asset is originated or acquired, including, for the Company, loans receivable, accounts receivable, and held-to-maturity beneficial interests in loan securitizations. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. For available-for-sale debt securities where fair value is less than amortized cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk.

On January 1, 2020, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 (recognizing estimated credit losses expected to occur over the asset's remaining life) while prior period amounts continue to be reported in accordance with previously applicable GAAP (recognizing estimated credit losses using an incurred loss model); therefore, the comparative information for 2019 is not comparable to the information presented for 2020. Adoption of the new guidance primarily impacted the allowance for loan losses related to the Company's loan portfolio. Upon adoption, the Company recorded an increase to the allowance for loan losses of $91.0 million, which included a reclassification of the non-accretable discount balance and premiums related to loans purchased with evidence of credit deterioration, and decreased retained earnings, net of tax, by $18.9 million. The following table illustrates the impact of the adoption of ASC 326.


	Balances at December 31, 2019		Impact of ASC 326 adoption	Balances at January 1, 2020
Assets
Loans and accrued interest receivable, net of allowance
Loans receivable	$	20,798,719	—	20,798,719
Accrued interest receivable	733,497		—	733,497
Loan discount, net	(35,036)		33,790	(1,246)
Non-accretable discount	(32,398)		32,398	—
Allowance for loan losses	(61,914)		(91,014)	(152,928)
Loans and accrued interest receivable, net of allowance	21,402,868		(24,826)	21,378,042

Liabilities
Other liabilities (deferred taxes)	303,781		(5,958)	297,823

Equity
Retained earnings	2,377,627		(18,868)	2,358,759

The Company adopted ASC 326 using the prospective transition approach for loans receivable purchased with credit deterioration ("PCD") that were previously classified as purchased credit impaired ("PCI"). In accordance with the standard, the Company did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the unamortized cost basis of the PCD assets were adjusted to reflect the addition of $32.4 million in the allowance for loan losses (as reflected in the table above). The remaining noncredit premium on these loans as of January 1, 2020 (based on the adjusted amortized cost basis) will be amortized into interest income over the life of the loans. Changes to the allowance for loan losses on these loans after adoption are recorded through provision expense.

Summary of Significant Accounting Policies Affected by Implementation of ASC 326

Allowance for Loan Losses

The allowance for loan losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments. Loans are charged off when management determines the loan is uncollectible. Charge-offs are recognized as a reduction to the allowance for loan losses. Expected recoveries of amounts previously charged off, not to exceed the aggregate of the amount previously charged off, are included in the estimate of the allowance for loan losses at the balance sheet date.

The Company aggregates loans with similar risk characteristics into homogeneous pools to estimate its expected credit losses. The Company continuously evaluates such pooling decisions and adjusts as needed from period to period as risk characteristics change.

The Company determines its estimated credit losses for the following financial assets as follows:

Loans receivable

Management has determined that the federally insured, private education, and consumer loan portfolios each meet the definition of a portfolio segment, which is defined as the level at which an entity develops and documents a systematic method for determining its allowance for loan losses. Accordingly, the portfolio segment disclosures are presented on this basis in note 2 for each of these portfolios. The Company does not disaggregate its portfolio segment loan portfolios into classes of financing receivables.

The Company utilizes an undiscounted cash flow methodology in determining its lifetime expected credit losses on its federally insured and private education loan portfolios and a remaining life methodology for its consumer loan portfolio. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company has determined that, for modeling current expected credit losses, in general, the Company can reasonably estimate expected losses that incorporate current and forecasted economic conditions up to a one-year period. After this "reasonable and supportable" period, the Company uses a reversion period to the Company's actual long-term historical loss experience over a full economic life cycle. Historical credit loss experience provides

the basis for the estimation of expected credit losses. Qualitative and quantitative adjustments to historical loss information are made separately on each of the Company’s federally insured, private education, and consumer loan portfolios.

Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider the following factors, as applicable, for each of the Company’s loan portfolios: student loans in repayment versus those in nonpaying status; delinquency status; type of private education or consumer loan program; trends in defaults in the portfolio based on Company and industry data; past experience; trends in federally insured student loan claims rejected for payment by guarantors; changes in federal student loan programs; current economic conditions, including changes in unemployment rates and gross domestic product growth; and other relevant qualitative factors. The federal government guarantees 97 percent of the principal of and the interest on federally insured student loans disbursed on and after July 1, 2006 (and 98 percent for those loans disbursed on and after October 1, 1993 and prior to July 1, 2006), which limits the Company’s loss exposure on the outstanding balance of the Company’s federally insured portfolio. Student loans disbursed prior to October 1, 1993 are fully insured. The Company places private education loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days past due. The Company places consumer loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days or 180 days past due, depending on type of loan program. Collections, if any, are reflected as a recovery through the allowance for loan losses.

Purchased Loans Receivable with Credit Deterioration (“PCD”)

The Company has purchased federally insured rehabilitation loans that have experienced more than insignificant credit deterioration since origination. Rehabilitation loans are loans that have previously defaulted, but for which the borrower has made a specified number of on-time payments. Although rehabilitation loans benefit from the same guarantees as other federally insured loans, rehabilitation loans have generally experienced redefault rates that are higher than default rates for federally insured loans that have not previously defaulted. These PCD loans are recorded at the amount paid. An allowance for loan losses is determined using the same methodology as for other loans held for investment. The sum of the loans’ purchase price and allowance for loan losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense.

Loan Accrued Interest Receivable

The Company has elected to present its loan accrued interest receivable balance combined in its consolidated balance sheets with the loans receivable amortized cost balance.

For the Company’s federally insured loan portfolio, the Company has elected to measure an allowance for credit losses for accrued interest receivables. For federally insured loans, accrued interest receivable is typically charged-off when the contractual payment of principal or interest has become greater than 270 days past due. Charge-offs of accrued interest receivable are recognized as a reduction to the allowance for loan losses.

For the Company’s private education and consumer loan portfolios, the Company has elected not to measure an allowance for credit losses for accrued interest receivables. For private education and consumer loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due. Charge-offs of accrued interest receivable are recognized by reversing interest income.

Basis of Financial Reporting (Tables)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Impact on Previous Reporting

The following table illustrates the impact of the adoption of ASC 326.


	Balances at December 31, 2019		Impact of ASC 326 adoption	Balances at January 1, 2020
Assets
Loans and accrued interest receivable, net of allowance
Loans receivable	$	20,798,719	—	20,798,719
Accrued interest receivable	733,497		—	733,497
Loan discount, net	(35,036)		33,790	(1,246)
Non-accretable discount	(32,398)		32,398	—
Allowance for loan losses	(61,914)		(91,014)	(152,928)
Loans and accrued interest receivable, net of allowance	21,402,868		(24,826)	21,378,042

Liabilities
Other liabilities (deferred taxes)	303,781		(5,958)	297,823

Equity
Retained earnings	2,377,627		(18,868)	2,358,759

Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Loans Receivable

Loans and accrued interest receivable consisted of the following:


	As of		As of
	September 30, 2020		December 31, 2019
Federally insured student loans:
Stafford and other	$	4,372,469	4,684,314
Consolidation	14,773,110		15,644,229
Total	19,145,579		20,328,543
Private education loans	273,807		244,258
Consumer loans	100,180		225,918
	19,519,566		20,798,719
Accrued interest receivable	760,787		733,497
Loan discount, net of unamortized loan premiums and deferred origination costs	(17,912)		(35,036)
Non-accretable discount	—		(32,398)
Allowance for loan losses:
Federally insured loans	(139,943)		(36,763)
Private education loans	(20,013)		(9,597)
Consumer loans	(25,943)		(15,554)
	$	20,076,542	21,402,868

Allowance for Loan Losses

The following table presents the activity in the allowance for loan losses by portfolio segment.


	Balance at beginning of period		Impact of ASC 326 adoption	Provision (negative provision) for loan losses	Charge-offs	Recoveries	Initial allowance on loans purchased with credit deterioration (a)	Loan sale	Balance at end of period
	Three months ended September 30, 2020
Federally insured loans	$	144,829	—	(5,299)	(2,487)	—	2,900	—	139,943
Private education loans	25,535		—	(5,650)	(5)	133	—	—	20,013
Consumer loans	39,081		—	5,128	(2,723)	381	—	(15,924)	25,943
	$	209,445	—	(5,821)	(5,215)	514	2,900	(15,924)	185,899

	Three months ended September 30, 2019
Federally insured loans	$	39,056	—	2,000	(3,380)	—	—	—	37,676
Private education loans	10,157		—	—	(459)	184	—	—	9,882
Consumer loans	13,378		—	8,000	(2,759)	240	—	—	18,859
	$	62,591	—	10,000	(6,598)	424	—	—	66,417

	Nine months ended September 30, 2020
Federally insured loans	$	36,763	72,291	32,074	(14,885)	—	13,700	—	139,943
Private education loans	9,597		4,797	6,471	(1,360)	508	—	—	20,013
Consumer loans	15,554		13,926	34,931	(9,893)	849	—	(29,424)	25,943
	$	61,914	91,014	73,476	(26,138)	1,357	13,700	(29,424)	185,899

	Nine months ended September 30, 2019
Federally insured loans	$	42,310	—	6,000	(10,634)	—	—	—	37,676
Private education loans	10,838		—	—	(1,529)	573	—	—	9,882
Consumer loans	7,240		—	20,000	(7,417)	536	—	(1,500)	18,859
	$	60,388	—	26,000	(19,580)	1,109	—	(1,500)	66,417

a) During the three and nine months ended September 30, 2020, the Company acquired $137.5 million (par value) and $721.4 million (par value), respectively, of federally insured rehabilitation loans. These loans met the definition of PCD loans when they were purchased by the Company. The Company estimated that the expected credit losses relating to these loans was $2.9 million and $13.7 million, respectively, at the time of purchase. The noncredit discount recorded as part of these acquisitions will be recognized into interest income using an effective yield over the life of the loans.

Loan Status and Delinquencies

The table below shows the Company’s loan status and delinquency amounts.


	As of September 30, 2020						As of December 31, 2019						As of September 30, 2019
Federally insured loans:
Loans in-school/grace/deferment	$	1,037,754	5.4	%			$	1,074,678	5.3	%			$	1,243,705	6.0	%
Loans in forbearance	1,916,906		10.0				1,339,821		6.6				1,391,482		6.7
Loans in repayment status:
Loans current	14,845,519				91.7	%	15,410,993				86.0	%	15,646,231				86.7	%
Loans delinquent 31-60 days	945,411				5.9		650,796				3.6		662,431				3.8
Loans delinquent 61-90 days	249,523				1.5		428,879				2.4		402,197				2.2
Loans delinquent 91-120 days	129,994				0.8		310,851				1.7		279,524				1.5
Loans delinquent 121-270 days	605				0.0		812,107				4.5		795,230				4.4
Loans delinquent 271 days or greater	19,867				0.1		300,418				1.8		275,037				1.4
Total loans in repayment	16,190,919		84.6		100.0	%	17,914,044		88.1		100.0	%	18,060,650		87.3		100.0	%
Total federally insured loans	19,145,579		100.0	%			20,328,543		100.0	%			20,695,837		100.0	%
Accrued interest receivable	757,960						730,059						732,608
Loan discount, net of unamortized premiums and deferred origination costs	(20,554)						(35,822)						(36,210)
Non-accretable discount (a)	—						(28,036)						(27,809)
Allowance for loan losses	(139,943)						(36,763)						(37,676)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	19,743,042					$	20,957,981					$	21,326,750
Private education loans:
Loans in-school/grace/deferment	$	3,839	1.4	%			$	4,493	1.8	%			$	3,944	2.1	%
Loans in forbearance	5,437		2.0				3,108		1.3				2,242		1.2
Loans in repayment status:
Loans current	261,514				98.8	%	227,013				95.9	%	173,883				94.7	%
Loans delinquent 31-60 days	1,820				0.7		2,814				1.2		3,011				1.6
Loans delinquent 61-90 days	454				0.2		1,694				0.7		1,370				0.7
Loans delinquent 91 days or greater	743				0.3		5,136				2.2		5,462				3.0
Total loans in repayment	264,531		96.6		100.0	%	236,657		96.9		100.0	%	183,726		96.7		100.0	%
Total private education loans	273,807		100.0	%			244,258		100.0	%			189,912		100.0	%
Accrued interest receivable	1,960						1,558						1,440
Loan premium, net of unaccreted discount	1,137						46						(1,421)
Non-accretable discount (a)	—						(4,362)						(4,798)
Allowance for loan losses	(20,013)						(9,597)						(9,882)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	256,891					$	231,903					$	175,251
Consumer loans:
Loans in deferment	$	1,084	1.1	%			$	—					$	—
Loans in repayment status:
Loans current	96,038				96.9	%	220,404				97.5	%	315,708				98.3	%
Loans delinquent 31-60 days	1,044				1.1		2,046				0.9		2,249				0.7
Loans delinquent 61-90 days	776				0.8		1,545				0.7		1,617				0.5
Loans delinquent 91 days or greater	1,238				1.2		1,923				0.9		1,625				0.5
Total loans in repayment	99,096		98.9		100.0	%	225,918				100.0	%	321,199				100.0	%
Total consumer loans	100,180		100.0	%			225,918						321,199
Accrued interest receivable	867						1,880						2,605
Loan premium	1,505						740						1,148
Allowance for loan losses	(25,943)						(15,554)						(18,859)
Total consumer loans and accrued interest receivable, net of allowance for loan losses	$	76,609					$	212,984					$	306,093

(a) Upon adoption of ASC 326 on January 1, 2020, the Company reclassified the non-accretable discount balance related to loans purchased with evidence of credit deterioration to allowance for loan losses.

Loans by Year of Origination

The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of September 30, 2020 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.


	Nine months ended September 30, 2020		2019	2018	2017	2016	Prior Years	Total
Private education loans:
Loans in school/grace/deferment	$	—	909	—	—	169	2,761	3,839
Loans in forbearance	273		683	—	—	333	4,148	5,437
Loans in repayment status:
Loans current	30,088		89,772	1,053	—	5,917	134,684	261,514
Loans delinquent 31-60 days	—		71	—	—	17	1,732	1,820
Loans delinquent 61-90 days	—		—	—	—	—	454	454
Loans delinquent 91 days or greater	—		—	—	—	—	743	743
Total loans in repayment	30,088		89,843	1,053	—	5,934	137,613	264,531
Total private education loans	$	30,361	91,435	1,053	—	6,436	144,522	273,807
Accrued interest receivable								1,960
Loan premium, net of unaccreted discount								1,137
Allowance for loan losses								(20,013)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	256,891

Consumer loans:
Loans in deferment	$	72	497	495	20	—	—	1,084
Loans in repayment status:
Loans current	38,927		26,259	27,419	3,433	—	—	96,038
Loans delinquent 31-60 days	228		589	226	1	—	—	1,044
Loans delinquent 61-90 days	146		322	280	28	—	—	776
Loans delinquent 91 days or greater	326		339	535	38	—	—	1,238
Total loans in repayment	39,627		27,509	28,460	3,500	—	—	99,096
Total consumer loans	$	39,699	28,006	28,955	3,520	—	—	100,180
Accrued interest receivable								867
Loan premium								1,505
Allowance for loan losses								(25,943)
Total consumer loans and accrued interest receivable, net of allowance for loan losses								$	76,609

Bonds and Notes Payable (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The following tables summarize the Company’s outstanding debt obligations by type of instrument:


	As of September 30, 2020
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	17,265,435	0.32% - 2.05%	5/27/25 - 3/26/68
Bonds and notes based on auction	751,675		1.15% - 2.11%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	18,017,110
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	939,132		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP warehouse facilities	145,149		0.34% / 0.46%	11/22/21 / 2/26/23
Private education loan warehouse facility	102,564		0.45%	2/13/22
Consumer loan warehouse facility	30,290		0.33%	4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	54,122		1.65% / 1.90%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	39,977		3.60% / 5.35%	12/26/40 / 12/28/43

Unsecured line of credit	—		—	12/16/24
Unsecured debt - Junior Subordinated Hybrid Securities	20,381		3.60%	9/15/61
Other borrowings	113,672		0.85% / 1.91%	5/4/21 / 5/30/22
	19,462,397
Discount on bonds and notes payable and debt issuance costs	(247,344)
Total	$	19,215,053


	As of December 31, 2019
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	18,428,998	1.98% - 3.61%	5/27/25 - 1/25/68
Bonds and notes based on auction	768,626		2.75% - 3.60%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	19,197,624
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	512,836		2.00% - 3.45%	10/25/67 / 11/25/67
FFELP warehouse facilities	778,094		1.98% / 2.07%	5/20/21 / 5/31/22
Consumer loan warehouse facility	116,570		1.99%	4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	73,308		3.15% / 3.54%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	49,367		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	50,000		3.29%	12/16/24
Unsecured debt - Junior Subordinated Hybrid Securities	20,381		5.28%	9/15/61
Other borrowings	5,000		3.44%	5/30/22
	20,803,180
Discount on bonds and notes payable and debt issuance costs	(274,126)
Total	$	20,529,054

Schedule of Line of Credit Facilities

As of September 30, 2020, the Company had two FFELP warehouse facilities as summarized below.


	NFSLW-I (a)		NHELP-II (b)	Total
Maximum financing amount	$	300,000	250,000	550,000
Amount outstanding	68,099		77,050	145,149
Amount available	$	231,901	172,950	404,851
Expiration of liquidity provisions	November 20, 2020		February 26, 2021
Final maturity date	November 22, 2021		February 26, 2023


Advanced as equity support	$	4,524	6,644	11,168

(a) On May 20, 2020, the Company decreased the maximum financing amount for this warehouse facility to $300 million, extended the expiration of liquidity provisions to November 20, 2020, and extended the maturity date to November 22, 2021.

(b) On May 29, 2020, the Company decreased the maximum financing amount for this warehouse facility to $250 million, extended the expiration of liquidity provisions to February 26, 2021, and extended the maturity date to February 26, 2023.

Schedule of Asset-Backed Securitization

The following table summarizes the asset-backed securitization transactions completed during the first nine months of 2020.


	2020-1		2020-2	2020-3	2020-4 (a)	Total

Date securities issued	2/20/20		3/11/20	3/19/20	8/27/20
Total original principal amount	$	435,600	272,100	352,600	191,300		1,251,600

Class A senior notes:
Total principal amount	$	424,600	264,300	343,600	191,300		1,223,800
Bond discount	—		(44)	(1,503)	(19)		(1,566)
Issue price	$	424,600	264,256	342,097	191,281		1,222,234
Cost of funds	1-month LIBOR plus 0.74%		1.83%	1-month LIBOR plus 0.92%	1.42%
Final maturity date	3/26/68		4/25/68	3/26/68	8/27/68

Class B subordinated notes:
Total principal amount	$	11,000	7,800	9,000			27,800
Bond discount	—		(574)	(284)			(858)
Issue price	$	11,000	7,226	8,716			26,942
Cost of funds	1-month LIBOR plus 1.75%		2.50%	1-month LIBOR plus 1.90%
Final maturity date	3/26/68		4/25/68	3/26/68

(a) Total original principal amount excludes the Class B subordinated tranche for the 2020-4 transaction totaling $5.0 million that was retained by the Company at issuance. As of September 30, 2020, the Company had a total of $20.8 million (par value) of its own asset-backed securities that were retained upon initial issuance or repurchased in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated in the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. Upon sale, these notes would be

shown as "bonds and notes payable" in the Company's consolidated balance sheet. The Company believes the market value of such notes is currently less than par value. Any excess of the par value over the market value on the date of sale would be recognized by the Company as interest expense over the life of the bonds.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
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-Paragraph 1A
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-Section S99
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+ Details

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Basis Swap

The following table summarizes the Company’s outstanding basis swaps as of December 31, 2019 and September 30, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").


Maturity	Notional amount
	As of		As of
	September 30, 2020		December 31, 2019
2020	$	—	1,000,000
2021	250,000		250,000
2022	2,000,000		2,000,000	(a)
2023	750,000		750,000
2024	1,750,000		1,750,000
2026	1,150,000		1,150,000
2027	250,000		250,000





	$	6,150,000	7,150,000

(a) $750 million of the notional amount of these derivatives had forward effective start dates in May 2020.

Schedule of Interest Rate Swaps, Floor Income Hedge

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.


	As of September 30, 2020				As of December 31, 2019
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)(c)		Notional amount		Weighted average fixed rate paid by the Company (a)

2020	$	—	—	%	$	1,500,000	1.01	%
2021	600,000		2.15		600,000		2.15
2022 (b)	500,000		0.94		250,000		1.65
2023	400,000		1.00		150,000		2.25
2024	250,000		0.28		—		—




	$	1,750,000	1.28	%	$	2,500,000	1.42	%

(a) For all interest rate derivatives, the Company receives discrete three-month LIBOR.

(b) $250.0 million of the derivatives outstanding at December 31, 2019 and September 30, 2020 have forward effective start dates in June 2021.

(c) Excluding the derivatives with forward effective start dates, the weighted average fixed rate paid by the Company as of September 30, 2020, on its $1.5 billion floor income derivative portfolio was 1.21%.

Schedule of Income Statement Impact

The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.


	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
Settlements:
1:3 basis swaps	$	1,197	234	10,438	3,375
Interest rate swaps - floor income hedges	(3,588)		7,064	(2,772)	35,931

Total settlements - (expense) income	(2,391)		7,298	7,666	39,306
Change in fair value:
1:3 basis swaps	(161)		6,636	(1,475)	4,427
Interest rate swaps - floor income hedges	3,601		(12,094)	(19,597)	(75,657)
Interest rate swap options - floor income hedges	—		(1)	—	(1,465)
Interest rate caps	—		(171)	—	(570)

Total change in fair value - income (expense)	3,440		(5,630)	(21,072)	(73,265)
Derivative market value adjustments and derivative settlements, net - income (expense)	$	1,049	1,668	(13,406)	(33,959)

Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments [Abstract]

Summary Investment Holdings

A summary of the Company's investments follows:


	As of September 30, 2020						As of December 31, 2019
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value		Amortized cost	Gross unrealized gains	Gross unrealized losses	Fair value

Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale (a)	$	173,327	6,049	(414)	178,962		48,790	3,911	—	52,701
Equity securities	26,793		6,465	(2,792)	30,466		9,622	4,561	(1,283)	12,900
Total investments (at fair value)	$	200,120	12,514	(3,206)	209,428		58,412	8,472	(1,283)	65,601

Other Investments (not measured at fair value):
Venture capital and funds:
Measurement alternative					143,221					72,760
Equity method					14,104					15,379
Other					938					1,301
Total venture capital and funds					158,263					89,440
Real estate and solar:
Equity and HLBV method (b)					44,634					51,721

Other					852					867
Total real estate and solar					45,486					52,588



Beneficial interest in federally insured loan securitizations (c)					30,726					—
Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $20,947 as of September 30, 2020 (c)					27,751					33,187
Tax liens and affordable housing					5,173					6,283
Total investments (not measured at fair value)					267,399					181,498
Total investments					$	476,827				$	247,099

(a) As of September 30, 2020, $108.7 million (par value) of student loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Other Borrowings."

As of September 30, 2020, the stated maturities of a majority of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years; however, such securities with a fair value of $30.9 million as of September 30, 2020 are scheduled to mature within the next 10 years, including $2.0 million, $24.4 million, and $4.5 million scheduled to mature within the next one year, 1-5 years, and 6-10 years, respectively.

(b) The Company makes investments in entities that promote renewable energy sources (solar). The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of September 30, 2020, the Company has funded or is committed to fund $153.6 million in solar investments. The carrying value of the Company’s solar investments are reduced by tax credits earned when the solar project is placed in service.

The Company accounts for its solar investments using the Hypothetical Liquidation at Book Value (“HLBV”) method of accounting. HLBV is a balance sheet-oriented method of accounting that provides an approach for allocating pre-tax net income or loss to an investor. HLBV allocates pre-tax net income or loss to the partners (investors) and calculates at the end of each balance sheet date the amount each partner would receive in the event the partnership were liquidated at book value. The amount allocated to each partner requires an analysis of each partners’ capital account as adjusted according to the liquidation provisions of the partnership agreement. For the majority of the Company’s solar investments, the HLBV

method of accounting results in accelerated losses in the initial year of investment. During the three and nine months ended September 30, 2020, the Company recognized pre-tax losses of $11.8 million and $12.6 million, respectively, on its solar investments. These losses are included in "other income" in the consolidated statements of income. The losses recognized for the same periods in 2019 were not significant.

(c) The Company has purchased partial ownership in certain federally insured and consumer loan securitizations. As of the latest remittance reports filed by the various trusts prior to September 30, 2020, the Company's ownership correlates to approximately $530 million and $350 million of federally insured and consumer loans, respectively, included in these securitizations.

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Intangible Assets

A summary of the Company's intangible assets follows:


	Weighted average remaining useful life as of September 30, 2020 (months)
		As of		As of
		September 30, 2020		December 31, 2019
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $80,448 and $60,553, respectively)	82	$	52,004	71,900
Trade names (net of accumulated amortization of $4,253 and $2,792, respectively)	76	6,018		7,478
Computer software (net of accumulated amortization of $4,708 and $3,233, respectively)	6	679		2,154
Total - amortizable intangible assets, net	81	$	58,701	81,532

Schedule of Future Amortization Expense

The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2020, the Company estimates it will record amortization expense as follows:


2020 (October 1 - December 31)	$	7,979
2021	19,687
2022	6,431
2023	6,184
2024	5,771
2025 and thereafter	12,649
	$	58,701

Goodwill (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill [Abstract]

Schedule of Goodwill

The carrying amount of goodwill as of December 31, 2019 and September 30, 2020 by reportable operating segment was as follows:


	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Total












Goodwill balance	$	23,639	70,278	21,112	41,883	—	156,912

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

A summary of the Company's property and equipment follows:


		As of		As of
	Useful life	September 30, 2020		December 31, 2019
Non-communications:
Computer equipment and software	1-5 years	$	185,066	160,319
Building and building improvements	5-48 years	39,995		37,904
Office furniture and equipment	1-10 years	22,234		21,245
Leasehold improvements	1-15 years	9,621		9,517
Transportation equipment	5-10 years	4,897		5,049
Land	—	1,400		1,400
Construction in progress	—	30,301		13,738
		293,514		249,172
Accumulated depreciation - non-communications		(174,263)		(142,270)
Non-communications, net property and equipment		119,251		106,902

Communications:
Network plant and fiber	4-15 years	273,754		254,560
Customer located property	2-4 years	31,844		27,011
Central office	5-15 years	19,801		17,672
Transportation equipment	4-10 years	7,157		6,611
Computer equipment and software	1-5 years	6,088		5,574
Other	1-39 years	3,761		3,702
Land	—	70		70
Construction in progress	—	4,129		54
		346,604		315,254
Accumulated depreciation - communications		(105,365)		(73,897)
Communications, net property and equipment		241,239		241,357
Total property and equipment, net		$	360,490	348,259

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.


	Three months ended September 30,
	2020				2019
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	70,483	1,020	71,503	32,778	434	33,212

Denominator:
Weighted-average common shares outstanding - basic and diluted	37,988,584		549,892	38,538,476	39,356,311	520,818	39,877,129
Earnings per share - basic and diluted	$	1.86	1.86	1.86	0.83	0.83	0.83

	Nine months ended September 30,
	2020				2019
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	115,794	1,658	117,452	98,125	1,298	99,423

Denominator:
Weighted-average common shares outstanding - basic and diluted	38,676,092		553,840	39,229,932	39,574,868	523,478	40,098,346
Earnings per share - basic and diluted	$	2.99	2.99	2.99	2.48	2.48	2.48

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.


	Three months ended September 30, 2020
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	34	367	—	137,959	1,646	(261)	139,745
Interest expense	24		16	—	57,755	888	(261)	58,423
Net interest income (expense)	10		351	—	80,204	758	—	81,322
Less (negative provision) provision for loan losses	—		—	—	(5,821)	—	—	(5,821)
Net interest income after provision for loan losses	10		351	—	86,025	758	—	87,143
Other income/expense:
Loan servicing and systems revenue	113,794		—	—	—	—	—	113,794
Intersegment revenue	8,287		3	—	—	—	(8,290)	—
Education technology, services, and payment processing revenue	—		74,121	—	—	—	—	74,121
Communications revenue	—		—	20,211	—	—	—	20,211
Gain on sale of loans	—		—	—	14,817	—	—	14,817
Other income	2,353		373	511	1,004	(2,737)	—	1,502
Impairment expense	—		—	—	—	—	—	—
Derivative settlements, net	—		—	—	(2,391)	—	—	(2,391)
Derivative market value adjustments, net	—		—	—	3,440	—	—	3,440
Total other income/expense	124,434		74,497	20,722	16,870	(2,737)	(8,290)	225,494
Cost of services:
Cost to provide education technology, services, and payment processing services	—		25,243	—	—	—	—	25,243
Cost to provide communications services	—		—	5,914	—	—	—	5,914
Total cost of services	—		25,243	5,914	—	—	—	31,157
Operating expenses:
Salaries and benefits	72,912		25,460	5,485	438	21,801	—	126,096
Depreciation and amortization	9,951		2,366	11,152	—	6,839	—	30,308

Other expenses	12,407		3,126	2,219	3,672	13,320	—	34,744
Intersegment expenses, net	15,834		3,610	491	8,868	(20,513)	(8,290)	—
Total operating expenses	111,104		34,562	19,347	12,978	21,447	(8,290)	191,148
Income (loss) before income taxes	13,340		15,043	(4,539)	89,917	(23,426)	—	90,332
Income tax (expense) benefit	(3,201)		(3,610)	1,089	(21,580)	8,146	—	(19,156)
Net income (loss)	10,139		11,433	(3,450)	68,337	(15,280)	—	71,176
Net loss (income) attributable to noncontrolling interests	—		—	—	—	327	—	327
Net income (loss) attributable to Nelnet, Inc.	$	10,139	11,433	(3,450)	68,337	(14,953)	—	71,503

Total assets as of September 30, 2020	$	211,726	382,608	305,276	20,686,478	770,621	(134,183)	22,222,526


	Three months ended September 30, 2019
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	532	3,499	—	233,225	2,859	(1,171)	238,945
Interest expense	51		12	—	171,485	2,110	(1,171)	172,488
Net interest income (expense)	481		3,487	—	61,740	749	—	66,457
Less (negative provision) provision for loan losses	—		—	—	10,000	—	—	10,000
Net interest income after provision for loan losses	481		3,487	—	51,740	749	—	56,457
Other income/expense:
Loan servicing and systems revenue	113,286		—	—	—	—	—	113,286
Intersegment revenue	11,611		—	—	—	—	(11,611)	—
Education technology, services, and payment processing revenue	—		74,251	—	—	—	—	74,251
Communications revenue	—		—	16,470	—	—	—	16,470
Gain on sale of loans	—		—	—	—	—	—	—
Other income	2,291		—	532	3,384	7,231	—	13,439
Impairment expense	—		—	—	—	—	—	—
Derivative settlements, net	—		—	—	7,298	—	—	7,298
Derivative market value adjustments, net	—		—	—	(5,630)	—	—	(5,630)
Total other income/expense	127,188		74,251	17,002	5,052	7,231	(11,611)	219,114
Cost of services:
Cost to provide education technology, services, and payment processing services	—		25,671	—	—	—	—	25,671
Cost to provide communications services	—		—	5,236	—	—	—	5,236
Total cost of services	—		25,671	5,236	—	—	—	30,907
Operating expenses:
Salaries and benefits	69,209		23,826	5,763	394	17,479	—	116,670
Depreciation and amortization	8,565		2,997	10,926	—	5,212	—	27,701

Other expenses	16,686		5,325	3,842	19,054	13,422	—	58,329
Intersegment expenses, net	12,955		3,194	701	11,678	(16,917)	(11,611)	—
Total operating expenses	107,415		35,342	21,232	31,126	19,196	(11,611)	202,700
Income (loss) before income taxes	20,254		16,725	(9,466)	25,666	(11,216)	—	41,964
Income tax (expense) benefit	(4,861)		(4,014)	2,272	(6,160)	3,935	—	(8,829)
Net income (loss)	15,393		12,711	(7,194)	19,506	(7,281)	—	33,135
Net loss (income) attributable to noncontrolling interests	—		—	—	—	77	—	77
Net income (loss) attributable to Nelnet, Inc.	$	15,393	12,711	(7,194)	19,506	(7,204)	—	33,212

Total assets as of September 30, 2019	$	222,606	413,076	306,743	22,520,688	685,998	(212,392)	23,936,719


	Nine months ended September 30, 2020
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	403	2,777	—	474,468	4,397	(1,228)	480,818
Interest expense	97		54	—	275,492	3,373	(1,228)	277,788
Net interest income (expense)	306		2,723	—	198,976	1,024	—	203,030
Less (negative provision) provision for loan losses	—		—	—	73,476	—	—	73,476
Net interest income after provision for loan losses	306		2,723	—	125,500	1,024	—	129,554
Other income/expense:
Loan servicing and systems revenue	337,571		—	—	—	—	—	337,571
Intersegment revenue	27,878		17	—	—	—	(27,895)	—
Education technology, services, and payment processing revenue	—		217,100	—	—	—	—	217,100
Communications revenue	—		—	57,390	—	—	—	57,390
Gain on sale of loans	—		—	—	33,023	—	—	33,023
Other income	6,897		373	1,256	4,951	56,435	—	69,910
Impairment expense	—		—	—	(26,303)	(8,116)	—	(34,419)
Derivative settlements, net	—		—	—	7,666	—	—	7,666
Derivative market value adjustments, net	—		—	—	(21,072)	—	—	(21,072)
Total other income/expense	372,346		217,490	58,646	(1,735)	48,319	(27,895)	667,169
Cost of services:
Cost to provide education technology, services, and payment processing services	—		63,424	—	—	—	—	63,424
Cost to provide communications services	—		—	17,240	—	—	—	17,240
Total cost of services	—		63,424	17,240	—	—	—	80,664
Operating expenses:
Salaries and benefits	211,806		73,678	16,471	1,301	61,964	—	365,220
Depreciation and amortization	27,941		7,115	32,482	—	19,811	—	87,349

Other expenses	43,277		11,544	9,681	12,253	38,428	—	115,184
Intersegment expenses, net	48,069		10,366	1,650	29,839	(62,030)	(27,895)	—
Total operating expenses	331,093		102,703	60,284	43,393	58,173	(27,895)	567,753
Income (loss) before income taxes	41,559		54,086	(18,878)	80,372	(8,830)	—	148,306
Income tax (expense) benefit	(9,974)		(12,981)	4,531	(19,289)	7,426	—	(30,286)
Net income (loss)	31,585		41,105	(14,347)	61,083	(1,404)	—	118,020
Net loss (income) attributable to noncontrolling interests	—		—	—	—	(568)	—	(568)
Net income (loss) attributable to Nelnet, Inc.	$	31,585	41,105	(14,347)	61,083	(1,972)	—	117,452

Total assets as of September 30, 2020	$	211,726	382,608	305,276	20,686,478	770,621	(134,183)	22,222,526


	Nine months ended September 30, 2019
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Eliminations	Total
Total interest income	$	1,579	7,175	3	723,388	7,170	(2,995)	736,319
Interest expense	70		32	—	544,319	9,796	(2,995)	551,221
Net interest income (expense)	1,509		7,143	3	179,069	(2,626)	—	185,098
Less (negative provision) provision for loan losses	—		—	—	26,000	—	—	26,000
Net interest income after provision for loan losses	1,509		7,143	3	153,069	(2,626)	—	159,098
Other income/expense:
Loan servicing and systems revenue	342,169		—	—	—	—	—	342,169
Intersegment revenue	35,426		—	—	—	—	(35,426)	—
Education technology, services, and payment processing revenue	—		213,753	—	—	—	—	213,753
Communications revenue	—		—	46,770	—	—	—	46,770
Gain on sale of loans	—		—	—	1,712	—	—	1,712
Other income	6,642		—	1,019	10,084	19,200	—	36,946
Impairment expense	—		—	—	—	—	—	—
Derivative settlements, net	—		—	—	39,306	—	—	39,306
Derivative market value adjustments, net	—		—	—	(73,265)	—	—	(73,265)
Total other income/expense	384,237		213,753	47,789	(22,163)	19,200	(35,426)	607,391
Cost of services:
Cost to provide education technology, services, and payment processing services	—		62,601	—	—	—	—	62,601
Cost to provide communications services	—		—	15,096	—	—	—	15,096
Total cost of services	—		62,601	15,096	—	—	—	77,697
Operating expenses:
Salaries and benefits	201,924		69,656	15,692	1,153	50,517	—	338,942
Depreciation and amortization	26,236		9,832	26,025	—	14,305	—	76,398

Other expenses	52,732		16,440	11,184	29,098	38,107	—	147,562
Intersegment expenses, net	40,317		9,642	2,081	35,630	(52,244)	(35,426)	—
Total operating expenses	321,209		105,570	54,982	65,881	50,685	(35,426)	562,902
Income (loss) before income taxes	64,537		52,725	(22,286)	65,025	(34,111)	—	125,890
Income tax (expense) benefit	(15,489)		(12,654)	5,349	(15,606)	11,971	—	(26,429)
Net income (loss)	49,048		40,071	(16,937)	49,419	(22,140)	—	99,461
Net loss (income) attributable to noncontrolling interests	—		—	—	—	(38)	—	(38)
Net income (loss) attributable to Nelnet, Inc.	$	49,048	40,071	(16,937)	49,419	(22,178)	—	99,423

Total assets as of September 30, 2019	$	222,606	413,076	306,743	22,520,688	685,998	(212,392)	23,936,719

Disaggregated Revenue and Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Loan Servicing and Systems


	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
Government servicing - Nelnet	$	36,295	38,645	112,305	118,744
Government servicing - Great Lakes	45,350		46,234	137,010	139,285
Private education and consumer loan servicing	7,928		9,561	24,733	28,026
FFELP servicing	4,912		6,089	15,443	19,208
Software services	10,426		10,493	32,395	30,255
Outsourced services and other	8,883		2,264	15,685	6,651
Loan servicing and systems revenue	$	113,794	113,286	337,571	342,169

Education Technology, Services, and Payment Processing


	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
Tuition payment plan services	$	22,477	25,760	77,011	80,589
Payment processing	35,420		35,138	88,329	85,428
Education technology and services	15,840		13,067	50,820	46,872
Other	384		286	940	864
Education technology, services, and payment processing revenue	$	74,121	74,251	217,100	213,753

Communications


	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
Internet	$	12,794	9,899	35,926	27,641
Television	4,446		4,068	12,913	12,020
Telephone	2,931		2,487	8,436	7,062
Other	40		16	115	47
Communications revenue	$	20,211	16,470	57,390	46,770

Residential revenue	$	15,173	12,397	42,946	35,351
Business revenue	4,918		4,025	14,002	11,256
Other	120		48	442	163
Communications revenue	$	20,211	16,470	57,390	46,770

Schedule of Other Income, by Component

The following table provides the components of "other income" on the consolidated statements of income:


	Three months ended September 30,			Nine months ended September 30,
	2020		2019	2020	2019
Investment advisory services	$	4,463	753	8,187	2,194
Management fee revenue	2,353		2,291	6,897	6,642
Borrower late fee income	871		3,196	4,377	9,870



Gain (loss) on investments, net	(10,152)		1,948	39,134	5,779
Other	3,967		5,251	11,315	12,461
Other income	$	1,502	13,439	69,910	36,946

Schedule of Liabilities from Contracts with Customers

Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below:


	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Corporate and Other Activities	Total
	Three months ended September 30, 2020
Balance, beginning of period	$	2,115	19,924	3,728	1,676	27,443
Deferral of revenue	365		41,471	11,331	851	54,018
Recognition of revenue	(970)		(19,490)	(11,139)	(800)	(32,399)

Balance, end of period	$	1,510	41,905	3,920	1,727	49,062

	Three months ended September 30, 2019
Balance, beginning of period	$	3,315	21,489	3,080	1,611	29,495
Deferral of revenue	881		42,752	9,302	953	53,888
Recognition of revenue	(1,149)		(21,820)	(9,158)	(850)	(32,977)

Balance, end of period	$	3,047	42,421	3,224	1,714	50,406

	Nine months ended September 30, 2020
Balance, beginning of period	$	2,712	32,074	3,232	1,628	39,646
Deferral of revenue	1,547		78,891	31,898	2,585	114,921
Recognition of revenue	(2,749)		(69,060)	(31,210)	(2,486)	(105,505)

Balance, end of period	$	1,510	41,905	3,920	1,727	49,062

	Nine months ended September 30, 2019
Balance, beginning of period	$	4,413	30,556	2,551	1,602	39,122
Deferral of revenue	2,761		81,484	26,366	2,530	113,141
Recognition of revenue	(4,127)		(69,619)	(25,693)	(2,418)	(101,857)

Balance, end of period	$	3,047	42,421	3,224	1,714	50,406

Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.


	As of September 30, 2020			As of December 31, 2019
	Level 1		Level 2	Total	Level 1	Level 2	Total
Assets:
Investments:
Student loan asset-backed securities - available-for-sale	$	—	178,859	178,859	—	52,597	52,597
Equity securities	6		—	6	6	—	6
Equity securities measured at net asset value (a)				30,460			12,894
Debt securities - available-for-sale	103		—	103	104	—	104
Total investments	109		178,859	209,428	110	52,597	65,601

Total assets	$	109	178,859	209,428	110	52,597	65,601

(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

Fair Value, by Balance Sheet Grouping

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:


	As of September 30, 2020
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	20,136,583	19,315,755	—	—	20,136,583
Accrued loan interest receivable	760,787		760,787	—	760,787	—
Cash and cash equivalents	96,316		96,316	96,316	—	—
Investments (at fair value)	209,428		209,428	109	178,859	—

Beneficial interest in loan securitizations	58,477		58,477	—	—	58,477
Restricted cash	519,143		519,143	519,143	—	—
Restricted cash – due to customers	286,082		286,082	286,082	—	—


Financial liabilities:
Bonds and notes payable	18,983,969		19,215,053	—	18,983,969	—
Accrued interest payable	29,612		29,612	—	29,612	—
Due to customers	286,082		286,082	286,082	—	—


	As of December 31, 2019
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	21,477,630	20,669,371	—	—	21,477,630
Accrued loan interest receivable	733,497		733,497	—	733,497	—
Cash and cash equivalents	133,906		133,906	133,906	—	—
Investments (at fair value)	65,601		65,601	110	52,597	—

Beneficial interest in loan securitizations	33,258		33,187	—	—	33,258
Restricted cash	650,939		650,939	650,939	—	—
Restricted cash – due to customers	437,756		437,756	437,756	—	—


Financial liabilities:
Bonds and notes payable	20,479,095		20,529,054	—	20,479,095	—
Accrued interest payable	47,285		47,285	—	47,285	—
Due to customers	437,756		437,756	437,756	—	—

Basis of Financial Reporting (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Loans and accrued interest receivable, net of allowance
Loans receivable	$ 19,519,566			$ 20,798,719
Accrued interest receivable	760,787			733,497
Loan discount, net	(17,912)			(35,036)
Non-accretable discount	0			(32,398)
Allowance for loan losses	(185,899)	$ (209,445)		(61,914)	$ (66,417)	$ (62,591)	$ (60,388)
Loans and accrued interest receivable, net of allowance	20,076,542			21,402,868
Liabilities:
Other liabilities (deferred taxes)	288,948			303,781
Equity:
Retained earnings	$ 2,393,113			2,377,627
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Cumulative Effect, Period Of Adoption, Adjustment
Loans and accrued interest receivable, net of allowance
Loans receivable				0
Accrued interest receivable				0
Loan discount, net				33,790
Non-accretable discount			$ 32,400	32,398
Allowance for loan losses			(91,000)	(91,014)
Loans and accrued interest receivable, net of allowance				(24,826)
Liabilities:
Other liabilities (deferred taxes)				(5,958)
Equity:
Retained earnings			$ (18,900)	(18,868)
Cumulative Effect Period Of Adoption Adjusted Balance
Loans and accrued interest receivable, net of allowance
Loans receivable				20,798,719
Accrued interest receivable				733,497
Loan discount, net				(1,246)
Non-accretable discount				0
Allowance for loan losses				(152,928)
Loans and accrued interest receivable, net of allowance				21,378,042
Liabilities:
Other liabilities (deferred taxes)				297,823
Equity:
Retained earnings				$ 2,358,759

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands	Jul. 29, 2020	Jan. 30, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross			$ 19,519,566		$ 20,798,719
Accrued interest receivable			760,787		733,497
Loan discount, net of unamortized loan premiums and deferred origination costs			(17,912)		(35,036)
Non-accretable discount			0		(32,398)
Allowance for loan losses			(185,899)	$ (209,445)	(61,914)	$ (66,417)	$ (62,591)	$ (60,388)
Loans and accrued interest receivable, net of allowance			20,076,542		21,402,868
Residual interest in consumer loan securitization	25.40%
Federally insured loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross			19,145,579		20,328,543	20,695,837
Accrued interest receivable			757,960		730,059	732,608
Loan discount, net of unamortized loan premiums and deferred origination costs			(20,554)		(35,822)	(36,210)
Non-accretable discount			0		(28,036)	(27,809)
Allowance for loan losses			(139,943)	(144,829)	(36,763)	(37,676)	(39,056)	(42,310)
Loans and accrued interest receivable, net of allowance			19,743,042		20,957,981	21,326,750
Federally insured loans \| Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross			4,372,469		4,684,314
Federally insured loans \| Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross			14,773,110		15,644,229
Private education loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross			273,807		244,258	189,912
Accrued interest receivable			1,960		1,558	1,440
Loan discount, net of unamortized loan premiums and deferred origination costs			1,137		46	(1,421)
Non-accretable discount			0		(4,362)	(4,798)
Allowance for loan losses			(20,013)	(25,535)	(9,597)	(9,882)	(10,157)	(10,838)
Loans and accrued interest receivable, net of allowance			256,891		231,903	175,251
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross			100,180		225,918	321,199
Accrued interest receivable			867		1,880	2,605
Loan discount, net of unamortized loan premiums and deferred origination costs			1,505		740	1,148
Allowance for loan losses			(25,943)	$ (39,081)	(15,554)	(18,859)	$ (13,378)	$ (7,240)
Loans and accrued interest receivable, net of allowance			$ 76,609		$ 212,984	$ 306,093
Loans sold, par value	$ 60,800	$ 124,200
Loans sold, gain	$ 14,800	$ 18,200
Loans sold, residual interest received		31.40%

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 209,445	$ 62,591	$ 61,914	$ 60,388
Provision for loan losses	(5,821)	10,000	73,476	26,000
Charge-offs	(5,215)	(6,598)	(26,138)	(19,580)
Recoveries	514	424	1,357	1,109
Initial allowance on loans purchased with credit deterioration	2,900	0	13,700	0
Loan sale	(15,924)	0	(29,424)	(1,500)
Balance at end of period	185,899	66,417	185,899	66,417
Par value of loans purchased with deteriorated credit quality	137,500		721,400
Loans purchased with deteriorated credit quality, expected credit losses	2,900		$ 13,700
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			$ 91,014
Federally insured loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	144,829	39,056	36,763	42,310
Provision for loan losses	(5,299)	2,000	32,074	6,000
Charge-offs	(2,487)	(3,380)	(14,885)	(10,634)
Recoveries	0	0	0	0
Initial allowance on loans purchased with credit deterioration	2,900	0	13,700	0
Loan sale	0	0	0	0
Balance at end of period	139,943	37,676	139,943	37,676
Federally insured loans \| Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			72,291
Private education loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	25,535	10,157	9,597	10,838
Provision for loan losses	(5,650)	0	6,471	0
Charge-offs	(5)	(459)	(1,360)	(1,529)
Recoveries	133	184	508	573
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sale	0	0	0	0
Balance at end of period	20,013	9,882	20,013	9,882
Private education loans \| Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			4,797
Consumer loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	39,081	13,378	15,554	7,240
Provision for loan losses	5,128	8,000	34,931	20,000
Charge-offs	(2,723)	(2,759)	(9,893)	(7,417)
Recoveries	381	240	849	536
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sale	(15,924)	0	(29,424)	(1,500)
Balance at end of period	$ 25,943	$ 18,859	25,943	$ 18,859
Consumer loans \| Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			$ 13,926

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquency (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Loans in repayment status:
Loans in repayment, percent	84.60%		88.10%	87.30%
Total loans	$ 19,519,566		$ 20,798,719
Total loans, percent	100.00%		100.00%	100.00%
Accrued interest receivable	$ 760,787		$ 733,497
Loan discount, net of unamortized premiums and deferred origination costs	(17,912)		(35,036)
Non-accretable discount	0		(32,398)
Allowance for loan losses	(185,899)	$ (209,445)	(61,914)	$ (66,417)	$ (62,591)	$ (60,388)
Loans and accrued interest receivable, net of allowance	20,076,542		21,402,868
Federally insured loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 1,037,754		$ 1,074,678	$ 1,243,705
Loans in-school/grace/deferment, percent	5.40%		5.30%	6.00%
Loans in forbearance	$ 1,916,906		$ 1,339,821	$ 1,391,482
Loans in forbearance, percent	10.00%		6.60%	6.70%
Loans in repayment status:
Loans current	$ 14,845,519		$ 15,410,993	$ 15,646,231
Loans current, percentage	91.70%		86.00%	86.70%
Total loans in repayment	$ 16,190,919		$ 17,914,044	$ 18,060,650
Total loans in repayment, percentage	100.00%		100.00%	100.00%
Total loans	$ 19,145,579		$ 20,328,543	$ 20,695,837
Accrued interest receivable	757,960		730,059	732,608
Loan discount, net of unamortized premiums and deferred origination costs	(20,554)		(35,822)	(36,210)
Non-accretable discount	0		(28,036)	(27,809)
Allowance for loan losses	(139,943)	(144,829)	(36,763)	(37,676)	(39,056)	(42,310)
Loans and accrued interest receivable, net of allowance	19,743,042		20,957,981	21,326,750
Federally insured loans \| Loans delinquent 31-60 days
Loans in repayment status:
Loans past due	$ 945,411		$ 650,796	$ 662,431
Loans past due, percentage	5.90%		3.60%	3.80%
Federally insured loans \| Loans delinquent 61-90 days
Loans in repayment status:
Loans past due	$ 249,523		$ 428,879	$ 402,197
Loans past due, percentage	1.50%		2.40%	2.20%
Federally insured loans \| Loans delinquent 91-120 days
Loans in repayment status:
Loans past due	$ 129,994		$ 310,851	$ 279,524
Loans past due, percentage	0.80%		1.70%	1.50%
Federally insured loans \| Loans delinquent 121-270 days
Loans in repayment status:
Loans past due	$ 605		$ 812,107	$ 795,230
Loans past due, percentage	0.00%		4.50%	4.40%
Federally insured loans \| Loans delinquent 271 days or greater
Loans in repayment status:
Loans past due	$ 19,867		$ 300,418	$ 275,037
Loans past due, percentage	0.10%		1.80%	1.40%
Private education loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 3,839		$ 4,493	$ 3,944
Loans in-school/grace/deferment, percent	1.40%		1.80%	2.10%
Loans in forbearance	$ 5,437		$ 3,108	$ 2,242
Loans in forbearance, percent	2.00%		1.30%	1.20%
Loans in repayment status:
Loans current	$ 261,514		$ 227,013	$ 173,883
Loans current, percentage	98.80%		95.90%	94.70%
Total loans in repayment	$ 264,531		$ 236,657	$ 183,726
Loans in repayment, percent	96.60%		96.90%	96.70%
Total loans in repayment, percentage	100.00%		100.00%	100.00%
Total loans	$ 273,807		$ 244,258	$ 189,912
Total loans, percent	100.00%		100.00%	100.00%
Accrued interest receivable	$ 1,960		$ 1,558	$ 1,440
Loan discount, net of unamortized premiums and deferred origination costs	1,137		46	(1,421)
Non-accretable discount	0		(4,362)	(4,798)
Allowance for loan losses	(20,013)	(25,535)	(9,597)	(9,882)	(10,157)	(10,838)
Loans and accrued interest receivable, net of allowance	256,891		231,903	175,251
Private education loans \| Loans delinquent 31-60 days
Loans in repayment status:
Loans past due	$ 1,820		$ 2,814	$ 3,011
Loans past due, percentage	0.70%		1.20%	1.60%
Private education loans \| Loans delinquent 61-90 days
Loans in repayment status:
Loans past due	$ 454		$ 1,694	$ 1,370
Loans past due, percentage	0.20%		0.70%	0.70%
Private education loans \| Loans delinquent 91 days or greater
Loans in repayment status:
Loans past due	$ 743		$ 5,136	$ 5,462
Loans past due, percentage	0.30%		2.20%	3.00%
Consumer loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 1,084
Loans in-school/grace/deferment, percent	1.10%
Loans in repayment status:
Loans current	$ 96,038		$ 220,404	$ 315,708
Loans current, percentage	96.90%		97.50%	98.30%
Total loans in repayment	$ 99,096		$ 225,918	$ 321,199
Loans in repayment, percent	98.90%
Total loans in repayment, percentage	100.00%		100.00%	100.00%
Total loans	$ 100,180		$ 225,918	$ 321,199
Total loans, percent	100.00%
Accrued interest receivable	$ 867		1,880	2,605
Loan discount, net of unamortized premiums and deferred origination costs	1,505		740	1,148
Allowance for loan losses	(25,943)	$ (39,081)	(15,554)	(18,859)	$ (13,378)	$ (7,240)
Loans and accrued interest receivable, net of allowance	76,609		212,984	306,093
Consumer loans \| Loans delinquent 31-60 days
Loans in repayment status:
Loans past due	$ 1,044		$ 2,046	$ 2,249
Loans past due, percentage	1.10%		0.90%	0.70%
Consumer loans \| Loans delinquent 61-90 days
Loans in repayment status:
Loans past due	$ 776		$ 1,545	$ 1,617
Loans past due, percentage	0.80%		0.70%	0.50%
Consumer loans \| Loans delinquent 91 days or greater
Loans in repayment status:
Loans past due	$ 1,238		$ 1,923	$ 1,625
Loans past due, percentage	1.20%		0.90%	0.50%

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 760,787		$ 733,497
Loan discount, net of unamortized loan premiums and deferred origination costs	(17,912)		(35,036)
Allowance for loan losses	(185,899)	$ (209,445)	(61,914)	$ (66,417)	$ (62,591)	$ (60,388)
Loans and accrued interest receivable, net of allowance	20,076,542		21,402,868
Private education loans
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	30,361
2019	91,435
2018	1,053
2017	0
2016	6,436
Prior Years	144,522
Total loans	273,807
Accrued interest receivable	1,960		1,558	1,440
Loan discount, net of unamortized loan premiums and deferred origination costs	1,137		46	(1,421)
Allowance for loan losses	(20,013)	(25,535)	(9,597)	(9,882)	(10,157)	(10,838)
Loans and accrued interest receivable, net of allowance	256,891		231,903	175,251
Private education loans \| Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	0
2019	909
2018	0
2017	0
2016	169
Prior Years	2,761
Total loans	3,839
Private education loans \| Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	273
2019	683
2018	0
2017	0
2016	333
Prior Years	4,148
Total loans	5,437
Private education loans \| Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	30,088
2019	89,843
2018	1,053
2017	0
2016	5,934
Prior Years	137,613
Total loans	264,531
Private education loans \| Loans in repayment \| Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	30,088
2019	89,772
2018	1,053
2017	0
2016	5,917
Prior Years	134,684
Total loans	261,514
Private education loans \| Loans in repayment \| Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	0
2019	71
2018	0
2017	0
2016	17
Prior Years	1,732
Total loans	1,820
Private education loans \| Loans in repayment \| Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	0
2019	0
2018	0
2017	0
2016	0
Prior Years	454
Total loans	454
Private education loans \| Loans in repayment \| Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	0
2019	0
2018	0
2017	0
2016	0
Prior Years	743
Total loans	743
Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	39,699
2019	28,006
2018	28,955
2017	3,520
2016	0
Prior Years	0
Total loans	100,180
Accrued interest receivable	867		1,880	2,605
Loan discount, net of unamortized loan premiums and deferred origination costs	1,505		740	1,148
Allowance for loan losses	(25,943)	$ (39,081)	(15,554)	(18,859)	$ (13,378)	$ (7,240)
Loans and accrued interest receivable, net of allowance	76,609		$ 212,984	$ 306,093
Consumer loans \| Loans in school/grace/deferment \| Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	72
2019	497
2018	495
2017	20
2016	0
Prior Years	0
Total loans	1,084
Consumer loans \| Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	39,627
2019	27,509
2018	28,460
2017	3,500
2016	0
Prior Years	0
Total loans	99,096
Consumer loans \| Loans in repayment \| Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	38,927
2019	26,259
2018	27,419
2017	3,433
2016	0
Prior Years	0
Total loans	96,038
Consumer loans \| Loans in repayment \| Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	228
2019	589
2018	226
2017	1
2016	0
Prior Years	0
Total loans	1,044
Consumer loans \| Loans in repayment \| Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	146
2019	322
2018	280
2017	28
2016	0
Prior Years	0
Total loans	776
Consumer loans \| Loans in repayment \| Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2020	326
2019	339
2018	535
2017	38
2016	0
Prior Years	0
Total loans	$ 1,238

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 19,462,397	$ 20,803,180
Discount on bonds and notes payable and debt issuance costs	(247,344)	(274,126)
Bonds and notes payable, net	19,215,053	20,529,054
Unsecured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 0	$ 50,000
Interest rate	0.00%	3.29%
Unsecured debt - Junior Subordinated Hybrid Securities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 20,381	$ 20,381
Interest rate	3.60%	5.28%
Other borrowings
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 113,672	$ 5,000
Interest rate		3.44%
Federally insured \| Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable, gross	17,265,435	$ 18,428,998
Federally insured \| Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable, gross	751,675	768,626
Federally insured \| Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	18,017,110	19,197,624
Federally insured \| Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	939,132	512,836
Federally insured \| Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	145,149	778,094
Private education \| Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	54,122	73,308
Private education \| Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	39,977	49,367
Private education \| Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 102,564
Interest rate	0.45%
Consumer loan \| Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 30,290	$ 116,570
Interest rate	0.33%	1.99%
Minimum \| Other borrowings
Debt Instrument [Line Items]
Interest rate	0.85%
Minimum \| Federally insured \| Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	0.32%	1.98%
Minimum \| Federally insured \| Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	1.15%	2.75%
Minimum \| Federally insured \| Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.42%	2.00%
Minimum \| Federally insured \| Warehouse facilities
Debt Instrument [Line Items]
Interest rate	0.34%	1.98%
Minimum \| Private education \| Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.65%	3.15%
Minimum \| Private education \| Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	3.60%	3.60%
Maximum \| Other borrowings
Debt Instrument [Line Items]
Interest rate	1.91%
Maximum \| Federally insured \| Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	2.05%	3.61%
Maximum \| Federally insured \| Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	2.11%	3.60%
Maximum \| Federally insured \| Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	3.45%	3.45%
Maximum \| Federally insured \| Warehouse facilities
Debt Instrument [Line Items]
Interest rate	0.46%	2.07%
Maximum \| Private education \| Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.90%	3.54%
Maximum \| Private education \| Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	5.35%	5.35%

Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Warehouse facilities - Federally insured student loans	Sep. 30, 2020 USD ($)
Line of Credit Facility [Line Items]
Maximum financing amount	$ 550,000,000
Amount outstanding	145,149,000
Amount available	404,851,000
Advanced as equity support	11,168,000
NFSLW-I
Line of Credit Facility [Line Items]
Maximum financing amount	300,000,000
Amount outstanding	68,099,000
Amount available	231,901,000
Advanced as equity support	4,524,000
NHELP-II
Line of Credit Facility [Line Items]
Maximum financing amount	250,000,000
Amount outstanding	77,050,000
Amount available	172,950,000
Advanced as equity support	$ 6,644,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Bonds and Notes Payable - Schedule of Asset-Backed Securitizations (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Bonds and notes payable, net	$ 19,215,053,000	$ 20,529,054,000
Asset-backed securities
Debt Instrument [Line Items]
Notes receivable	20,800,000
Asset-backed securities underlying 2020-4 Class B subordinated notes
Debt Instrument [Line Items]
Notes receivable	5,000,000.0
Asset-Backed Securitizations \| 2020-1 Notes
Debt Instrument [Line Items]
Total principal amount	435,600,000
Asset-Backed Securitizations \| 2020-2 Notes
Debt Instrument [Line Items]
Total principal amount	272,100,000
Asset-Backed Securitizations \| 2020-3 Notes
Debt Instrument [Line Items]
Total principal amount	352,600,000
Asset-Backed Securitizations \| Notes 2020-4
Debt Instrument [Line Items]
Total principal amount	191,300,000
Asset-Backed Securitizations \| 2020 Notes
Debt Instrument [Line Items]
Total principal amount	1,251,600,000
Senior Notes \| Class A 2020-1 Notes
Debt Instrument [Line Items]
Total principal amount	424,600,000
Bond discount	0
Bonds and notes payable, net	$ 424,600,000
Senior Notes \| Class A 2020-1 Notes \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	0.74%
Senior Notes \| Class A 2020-2 Notes
Debt Instrument [Line Items]
Total principal amount	$ 264,300,000
Bond discount	(44,000)
Bonds and notes payable, net	$ 264,256,000
Cost of funds	1.83%
Senior Notes \| Class A 2020-3 Notes
Debt Instrument [Line Items]
Total principal amount	$ 343,600,000
Bond discount	(1,503,000)
Bonds and notes payable, net	$ 342,097,000
Senior Notes \| Class A 2020-3 Notes \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	0.92%
Senior Notes \| Class A 2020-4 Notes
Debt Instrument [Line Items]
Total principal amount	$ 191,300,000
Bond discount	(19,000)
Bonds and notes payable, net	$ 191,281,000
Cost of funds	1.42%
Senior Notes \| 2020 Class A Notes
Debt Instrument [Line Items]
Total principal amount	$ 1,223,800,000
Bond discount	(1,566,000)
Bonds and notes payable, net	1,222,234,000
Subordinated Debt \| Class B 2020-1 Notes
Debt Instrument [Line Items]
Total principal amount	11,000,000
Bond discount	0
Bonds and notes payable, net	$ 11,000,000
Subordinated Debt \| Class B 2020-1 Notes \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	1.75%
Subordinated Debt \| Class B 2020-2 Notes
Debt Instrument [Line Items]
Total principal amount	$ 7,800,000
Bond discount	(574,000)
Bonds and notes payable, net	$ 7,226,000
Cost of funds	2.50%
Subordinated Debt \| Class B 2020-3 Notes
Debt Instrument [Line Items]
Total principal amount	$ 9,000,000
Bond discount	(284,000)
Bonds and notes payable, net	$ 8,716,000
Subordinated Debt \| Class B 2020-3 Notes \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	1.90%
Subordinated Debt \| 2020 Class B Notes
Debt Instrument [Line Items]
Total principal amount	$ 27,800,000
Bond discount	(858,000)
Bonds and notes payable, net	$ 26,942,000

Bonds and Notes Payable - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
Bonds and Notes Payable - Narrative (Details) - USD ($)	Nov. 05, 2020	Sep. 30, 2020	Nov. 03, 2020	Nov. 02, 2020	Mar. 20, 2020	Feb. 13, 2020
Debt Instrument [Line Items]
Other borrowings		$ 108,700,000
Other borrowings, termination notice period		5 days
Other borrowings, maximum		$ 100,000,000.0
Unsecured Line of Credit
Debt Instrument [Line Items]
Maximum financing amount		455,000,000.0
Amount outstanding		0
Amount available		455,000,000.0
Higher borrowing capacity option		550,000,000.0
Unsecured debt - Junior Subordinated Hybrid Securities \| Subsequent Event
Debt Instrument [Line Items]
Redemption of debt	$ 20,400,000
Warehouse facilities \| Federally insured student loans
Debt Instrument [Line Items]
Maximum financing amount		550,000,000
Amount outstanding		145,149,000
Amount available		404,851,000
Advanced as equity support		11,168,000
Warehouse facilities \| Federally insured student loans \| NFSLW-I
Debt Instrument [Line Items]
Maximum financing amount		300,000,000
Amount outstanding		68,099,000
Amount available		231,901,000
Advanced as equity support		4,524,000
Warehouse facilities \| Federally insured student loans \| NHELP-II
Debt Instrument [Line Items]
Maximum financing amount		250,000,000
Amount outstanding		77,050,000
Amount available		172,950,000
Advanced as equity support		6,644,000
Warehouse facilities \| Subsequent Event \| Federally insured student loans \| NFSLW-I
Debt Instrument [Line Items]
Maximum financing amount				$ 50,000,000.0
Warehouse facilities \| Subsequent Event \| Federally insured student loans \| NHELP-II
Debt Instrument [Line Items]
Maximum financing amount				$ 50,000,000.0
Warehouse facilities \| Private Loan Warehouse Facility
Debt Instrument [Line Items]
Maximum financing amount					$ 200,000,000.0	$ 100,000,000.0
Amount outstanding		102,600,000
Amount available		97,400,000
Advanced as equity support		11,100,000
Warehouse facilities \| Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Maximum financing amount		200,000,000.0
Amount outstanding		30,300,000
Amount available		169,700,000
Advanced as equity support		$ 13,800,000
Warehouse facilities \| Consumer Loan Warehouse Facility \| Subsequent Event
Debt Instrument [Line Items]
Maximum financing amount			$ 100,000,000.0
Minimum \| Warehouse facilities \| Private Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate		80.00%
Minimum \| Warehouse facilities \| Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate		70.00%
Maximum \| Warehouse facilities \| Private Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate		90.00%
Maximum \| Warehouse facilities \| Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate		75.00%

Derivative Financial Instruments - Basis Swap (Details) - 1:3 basis swaps - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional amount	$ 6,150,000,000	$ 7,150,000,000
London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Weighted average rate	0.091%	0.097%
Maturity 2020
Derivative [Line Items]
Notional amount	$ 0	$ 1,000,000,000
Maturity 2021
Derivative [Line Items]
Notional amount	250,000,000	250,000,000
Maturity 2022
Derivative [Line Items]
Notional amount	2,000,000,000	2,000,000,000
Maturity 2022, effective start dates in May 2020
Derivative [Line Items]
Notional amount	750,000,000
Maturity 2023
Derivative [Line Items]
Notional amount	750,000,000	750,000,000
Maturity 2024
Derivative [Line Items]
Notional amount	1,750,000,000	1,750,000,000
Maturity 2026
Derivative [Line Items]
Notional amount	1,150,000,000	1,150,000,000
Maturity 2027
Derivative [Line Items]
Notional amount	$ 250,000,000	$ 250,000,000

Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 1,750,000,000	$ 2,500,000,000
Weighted average fixed rate paid by the Company	1.28%	1.42%
2020 \| Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 0	$ 1,500,000,000
Weighted average fixed rate paid by the Company	0.00%	1.01%
2021 \| Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 600,000,000	$ 600,000,000
Weighted average fixed rate paid by the Company	2.15%	2.15%
2022 \| Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 500,000,000	$ 250,000,000
Weighted average fixed rate paid by the Company	0.94%	1.65%
2022 \| Interest Rate Swap, forward effective date June 2021
Derivative [Line Items]
Notional amount	$ 250,000,000.0	$ 250,000,000.0
2022 \| Interest Rate Swap, excluding those with forward effective start dates
Derivative [Line Items]
Notional amount	$ 1,500,000,000
Weighted average fixed rate paid by the Company	1.21%
2023 \| Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 400,000,000	$ 150,000,000
Weighted average fixed rate paid by the Company	1.00%	2.25%
2024 \| Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 250,000,000	$ 0
Weighted average fixed rate paid by the Company	0.28%	0.00%

Derivative Financial Instruments - Schedule of Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ (2,391)	$ 7,298	$ 7,666	$ 39,306
Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(2,391)	7,298	7,666	39,306
Change in fair value	3,440	(5,630)	(21,072)	(73,265)
Derivative market value adjustments and derivative settlements, net - income (expense)	1,049	1,668	(13,406)	(33,959)
1:3 basis swaps \| Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	1,197	234	10,438	3,375
Change in fair value	(161)	6,636	(1,475)	4,427
Interest rate swaps - floor income hedges \| Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(3,588)	7,064	(2,772)	35,931
Change in fair value	3,601	(12,094)	(19,597)	(75,657)
Interest rate swap options - floor income hedges \| Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	0	(1)	0	(1,465)
Interest rate caps \| Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	$ 0	$ (171)	$ 0	$ (570)

Investments (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
Investments (Details) - USD ($) $ in Thousands	May 20, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	May 19, 2020	Dec. 31, 2019
Investments (at fair value):
Amortized cost		$ 173,327			$ 173,327		$ 48,790
Gross unrealized gains		6,049			6,049		3,911
Gross unrealized losses		(414)			(414)		0
Fair value		178,962			178,962		52,701
Equity securities
Amortized cost		26,793			26,793		9,622
Gross unrealized gains		6,465			6,465		4,561
Gross unrealized losses		(2,792)			(2,792)		(1,283)
Fair value		30,466			30,466		12,900
Total investments (at fair value)
Amortized cost		200,120			200,120		58,412
Gross unrealized gains		12,514			12,514		8,472
Gross unrealized losses		(3,206)			(3,206)		(1,283)
Fair value		209,428			209,428		65,601
Other Investments and Notes Receivable (not measured at fair value):
Total investments (not measured at fair value)		267,399			267,399		181,498
Total investments		476,827			476,827		247,099
Beneficial interest in consumer loan securitizations, allowance for credit losses		20,947			20,947
Other borrowings		108,700			108,700
Securities, fair value, scheduled to mature within next 10 years		30,900			30,900
Securities, fair value, scheduled to mature within the next one year		2,000			2,000
Securities, fair value, scheduled to mature within 1-5 years		24,400			24,400
Securities, fair value, scheduled to mature within 6-10 years		4,500			4,500
Impairment charges on investments				$ 34,100
Hudl
Other Investments and Notes Receivable (not measured at fair value):
Additional equity investment	$ 26,000
Ownership percentage (less than)						20.00%
Gain to adjust carrying value of investment			$ 51,000
Venture capital and funds:
Other Investments and Notes Receivable (not measured at fair value):
Impairment charges on investments				7,800
Venture capital and funds: \| Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative		143,221			143,221		72,760
Equity method		14,104			14,104		15,379
Other		938			938		1,301
Total investments (not measured at fair value)		158,263			158,263		89,440
Real estate and solar: \| Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Equity method		44,634			44,634		51,721
Other		852			852		867
Total investments (not measured at fair value)		45,486			45,486		52,588
Solar
Other Investments and Notes Receivable (not measured at fair value):
Amount funded or committed to fund		153,600			153,600
Pre-tax losses from investments		11,800			12,600
Beneficial interest in federally insured loan securitization \| Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest In securitizations		30,726			30,726		0
Loans corresponding to beneficial interest		530,000			530,000
Beneficial interest in consumer loan securitizations
Other Investments and Notes Receivable (not measured at fair value):
Impairment charges on investments				$ 26,300
Beneficial interest in consumer loan securitizations \| Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest In securitizations		27,751			27,751		33,187
Loans corresponding to beneficial interest		350,000			350,000
Tax liens and affordable housing \| Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Total investments (not measured at fair value)		$ 5,173			$ 5,173		$ 6,283

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life			81 months
Amortizable intangible assets, net	$ 58,701		$ 58,701		$ 81,532
Amortization of intangible assets	8,000	$ 8,000	$ 22,800	$ 24,800
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life			82 months
Amortizable intangible assets, net	52,004		$ 52,004		71,900
Accumulated amortization of intangible assets	80,448		$ 80,448		60,553
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life			76 months
Amortizable intangible assets, net	6,018		$ 6,018		7,478
Accumulated amortization of intangible assets	4,253		$ 4,253		2,792
Computer software
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life			6 months
Amortizable intangible assets, net	679		$ 679		2,154
Accumulated amortization of intangible assets	$ 4,708		$ 4,708		$ 3,233

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2020 (October 1 - December 31)	$ 7,979
2021	19,687
2022	6,431
2023	6,184
2024	5,771
2025 and thereafter	12,649
Amortizable intangible assets, net	$ 58,701	$ 81,532

Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill	$ 156,912	$ 156,912
Corporate and Other Activities
Goodwill [Line Items]
Goodwill	0	0
Loan Servicing and Systems \| Operating Segments
Goodwill [Line Items]
Goodwill	23,639	23,639
Education Technology, Services, and Payment Processing \| Operating Segments
Goodwill [Line Items]
Goodwill	70,278	70,278
Communications \| Operating Segments
Goodwill [Line Items]
Goodwill	21,112	21,112
Asset Generation and Management \| Operating Segments
Goodwill [Line Items]
Goodwill	$ 41,883	$ 41,883

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 360,490		$ 360,490		$ 348,259
Depreciation	22,300	$ 19,700	64,600	$ 51,600
Non-communications
Property, Plant and Equipment [Line Items]
Property and equipment, gross	293,514		293,514		249,172
Accumulated depreciation	(174,263)		(174,263)		(142,270)
Property and equipment, net	119,251		119,251		106,902
Non-communications \| Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	185,066		$ 185,066		160,319
Non-communications \| Computer equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications \| Computer equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Non-communications \| Building and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	39,995		$ 39,995		37,904
Non-communications \| Building and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Non-communications \| Building and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			48 years
Non-communications \| Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22,234		$ 22,234		21,245
Non-communications \| Office furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications \| Office furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			10 years
Non-communications \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,621		$ 9,621		9,517
Non-communications \| Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications \| Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			15 years
Non-communications \| Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,897		$ 4,897		5,049
Non-communications \| Transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Non-communications \| Transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			10 years
Non-communications \| Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,400		$ 1,400		1,400
Non-communications \| Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	30,301		30,301		13,738
Communications
Property, Plant and Equipment [Line Items]
Property and equipment, gross	346,604		346,604		315,254
Accumulated depreciation	(105,365)		(105,365)		(73,897)
Property and equipment, net	241,239		241,239		241,357
Communications \| Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,088		$ 6,088		5,574
Communications \| Computer equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Communications \| Computer equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications \| Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,157		$ 7,157		6,611
Communications \| Transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			4 years
Communications \| Transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			10 years
Communications \| Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	70		$ 70		70
Communications \| Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,129		4,129		54
Communications \| Network plant and fiber
Property, Plant and Equipment [Line Items]
Property and equipment, gross	273,754		$ 273,754		254,560
Communications \| Network plant and fiber \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			4 years
Communications \| Network plant and fiber \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			15 years
Communications \| Customer located property
Property, Plant and Equipment [Line Items]
Property and equipment, gross	31,844		$ 31,844		27,011
Communications \| Customer located property \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			2 years
Communications \| Customer located property \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			4 years
Communications \| Central office
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,801		$ 19,801		17,672
Communications \| Central office \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications \| Central office \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			15 years
Communications \| Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,761		$ 3,761		$ 3,702
Communications \| Other \| Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Communications \| Other \| Maximum
Property, Plant and Equipment [Line Items]
Useful life			39 years

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 71,503	$ 33,212	$ 117,452	$ 99,423
Weighted average common shares outstanding - basic and diluted (in shares)	38,538,476	39,877,129	39,229,932	40,098,346
Earnings per share - basic and diluted (in dollars per share)	$ 1.86	$ 0.83	$ 2.99	$ 2.48
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 70,483	$ 32,778	$ 115,794	$ 98,125
Weighted average common shares outstanding - basic and diluted (in shares)	37,988,584	39,356,311	38,676,092	39,574,868
Earnings per share - basic and diluted (in dollars per share)	$ 1.86	$ 0.83	$ 2.99	$ 2.48
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 1,020	$ 434	$ 1,658	$ 1,298
Weighted average common shares outstanding - basic and diluted (in shares)	549,892	520,818	553,840	523,478
Earnings per share - basic and diluted (in dollars per share)	$ 1.86	$ 0.83	$ 2.99	$ 2.48

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.5-03(20))
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total interest income	$ 139,745	$ 238,945	$ 480,818	$ 736,319
Interest expense	58,423	172,488	277,788	551,221
Net interest income	81,322	66,457	203,030	185,098
Less (negative provision) provision for loan losses	(5,821)	10,000	73,476	26,000
Net interest income after provision for loan losses	87,143	56,457	129,554	159,098
Other income:
Intersegment revenue	0	0	0	0
Gain on sale of loans	14,817	0	33,023	1,712
Other income	1,502	13,439	69,910	36,946
Impairment expense	0	0	(34,419)	0
Derivative settlements, net	(2,391)	7,298	7,666	39,306
Derivative market value adjustments, net	3,440	(5,630)	(21,072)	(73,265)
Total other income/expense	225,494	219,114	667,169	607,391
Cost of services:
Cost of services	31,157	30,907	80,664	77,697
Operating expenses:
Salaries and benefits	126,096	116,670	365,220	338,942
Depreciation and amortization	30,308	27,701	87,349	76,398
Other expenses	34,744	58,329	115,184	147,562
Intersegment expenses, net	0	0	0	0
Total operating expenses	191,148	202,700	567,753	562,902
Income before income taxes	90,332	41,964	148,306	125,890
Income tax (expense) benefit	(19,156)	(8,829)	(30,286)	(26,429)
Net income	71,176	33,135	118,020	99,461
Net loss (income) attributable to noncontrolling interests	327	77	(568)	(38)
Net income attributable to Nelnet, Inc.	71,503	33,212	117,452	99,423
Total assets	22,222,526	23,936,719	22,222,526	23,936,719	$ 23,708,970
Operating Segments \| Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	34	532	403	1,579
Interest expense	24	51	97	70
Net interest income	10	481	306	1,509
Less (negative provision) provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	10	481	306	1,509
Other income:
Intersegment revenue	8,287	11,611	27,878	35,426
Gain on sale of loans	0	0	0	0
Other income	2,353	2,291	6,897	6,642
Impairment expense	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	124,434	127,188	372,346	384,237
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	72,912	69,209	211,806	201,924
Depreciation and amortization	9,951	8,565	27,941	26,236
Other expenses	12,407	16,686	43,277	52,732
Intersegment expenses, net	15,834	12,955	48,069	40,317
Total operating expenses	111,104	107,415	331,093	321,209
Income before income taxes	13,340	20,254	41,559	64,537
Income tax (expense) benefit	(3,201)	(4,861)	(9,974)	(15,489)
Net income	10,139	15,393	31,585	49,048
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	10,139	15,393	31,585	49,048
Total assets	211,726	222,606	211,726	222,606
Operating Segments \| Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	367	3,499	2,777	7,175
Interest expense	16	12	54	32
Net interest income	351	3,487	2,723	7,143
Less (negative provision) provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	351	3,487	2,723	7,143
Other income:
Intersegment revenue	3	0	17	0
Gain on sale of loans	0	0	0	0
Other income	373	0	373	0
Impairment expense	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	74,497	74,251	217,490	213,753
Cost of services:
Cost of services	25,243	25,671	63,424	62,601
Operating expenses:
Salaries and benefits	25,460	23,826	73,678	69,656
Depreciation and amortization	2,366	2,997	7,115	9,832
Other expenses	3,126	5,325	11,544	16,440
Intersegment expenses, net	3,610	3,194	10,366	9,642
Total operating expenses	34,562	35,342	102,703	105,570
Income before income taxes	15,043	16,725	54,086	52,725
Income tax (expense) benefit	(3,610)	(4,014)	(12,981)	(12,654)
Net income	11,433	12,711	41,105	40,071
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	11,433	12,711	41,105	40,071
Total assets	382,608	413,076	382,608	413,076
Operating Segments \| Communications
Segment Reporting Information [Line Items]
Total interest income	0	0	0	3
Interest expense	0	0	0	0
Net interest income	0	0	0	3
Less (negative provision) provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	0	0	0	3
Other income:
Intersegment revenue	0	0	0	0
Gain on sale of loans	0	0	0	0
Other income	511	532	1,256	1,019
Impairment expense	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	20,722	17,002	58,646	47,789
Cost of services:
Cost of services	5,914	5,236	17,240	15,096
Operating expenses:
Salaries and benefits	5,485	5,763	16,471	15,692
Depreciation and amortization	11,152	10,926	32,482	26,025
Other expenses	2,219	3,842	9,681	11,184
Intersegment expenses, net	491	701	1,650	2,081
Total operating expenses	19,347	21,232	60,284	54,982
Income before income taxes	(4,539)	(9,466)	(18,878)	(22,286)
Income tax (expense) benefit	1,089	2,272	4,531	5,349
Net income	(3,450)	(7,194)	(14,347)	(16,937)
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	(3,450)	(7,194)	(14,347)	(16,937)
Total assets	305,276	306,743	305,276	306,743
Operating Segments \| Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	137,959	233,225	474,468	723,388
Interest expense	57,755	171,485	275,492	544,319
Net interest income	80,204	61,740	198,976	179,069
Less (negative provision) provision for loan losses	(5,821)	10,000	73,476	26,000
Net interest income after provision for loan losses	86,025	51,740	125,500	153,069
Other income:
Intersegment revenue	0	0	0	0
Gain on sale of loans	14,817	0	33,023	1,712
Other income	1,004	3,384	4,951	10,084
Impairment expense	0	0	(26,303)	0
Derivative settlements, net	(2,391)	7,298	7,666	39,306
Derivative market value adjustments, net	3,440	(5,630)	(21,072)	(73,265)
Total other income/expense	16,870	5,052	(1,735)	(22,163)
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	438	394	1,301	1,153
Depreciation and amortization	0	0	0	0
Other expenses	3,672	19,054	12,253	29,098
Intersegment expenses, net	8,868	11,678	29,839	35,630
Total operating expenses	12,978	31,126	43,393	65,881
Income before income taxes	89,917	25,666	80,372	65,025
Income tax (expense) benefit	(21,580)	(6,160)	(19,289)	(15,606)
Net income	68,337	19,506	61,083	49,419
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	68,337	19,506	61,083	49,419
Total assets	20,686,478	22,520,688	20,686,478	22,520,688
Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	1,646	2,859	4,397	7,170
Interest expense	888	2,110	3,373	9,796
Net interest income	758	749	1,024	(2,626)
Less (negative provision) provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	758	749	1,024	(2,626)
Other income:
Intersegment revenue	0	0	0	0
Gain on sale of loans	0	0	0	0
Other income	(2,737)	7,231	56,435	19,200
Impairment expense	0	0	(8,116)	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	(2,737)	7,231	48,319	19,200
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	21,801	17,479	61,964	50,517
Depreciation and amortization	6,839	5,212	19,811	14,305
Other expenses	13,320	13,422	38,428	38,107
Intersegment expenses, net	(20,513)	(16,917)	(62,030)	(52,244)
Total operating expenses	21,447	19,196	58,173	50,685
Income before income taxes	(23,426)	(11,216)	(8,830)	(34,111)
Income tax (expense) benefit	8,146	3,935	7,426	11,971
Net income	(15,280)	(7,281)	(1,404)	(22,140)
Net loss (income) attributable to noncontrolling interests	327	77	(568)	(38)
Net income attributable to Nelnet, Inc.	(14,953)	(7,204)	(1,972)	(22,178)
Total assets	770,621	685,998	770,621	685,998
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(261)	(1,171)	(1,228)	(2,995)
Interest expense	(261)	(1,171)	(1,228)	(2,995)
Net interest income	0	0	0	0
Less (negative provision) provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	0	0	0	0
Other income:
Intersegment revenue	(8,290)	(11,611)	(27,895)	(35,426)
Gain on sale of loans	0	0	0	0
Other income	0	0	0	0
Impairment expense	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	(8,290)	(11,611)	(27,895)	(35,426)
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	0	0	0	0
Depreciation and amortization	0	0	0	0
Other expenses	0	0	0	0
Intersegment expenses, net	(8,290)	(11,611)	(27,895)	(35,426)
Total operating expenses	(8,290)	(11,611)	(27,895)	(35,426)
Income before income taxes	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Net income	0	0	0	0
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	0	0	0	0
Total assets	(134,183)	(212,392)	(134,183)	(212,392)
Loan servicing and systems
Other income:
Revenue	113,794	113,286	337,571	342,169
Loan servicing and systems \| Operating Segments \| Loan Servicing and Systems
Other income:
Revenue	113,794	113,286	337,571	342,169
Loan servicing and systems \| Operating Segments \| Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0	0	0
Loan servicing and systems \| Operating Segments \| Communications
Other income:
Revenue	0	0	0	0
Loan servicing and systems \| Operating Segments \| Asset Generation and Management
Other income:
Revenue	0	0	0	0
Loan servicing and systems \| Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Loan servicing and systems \| Eliminations
Other income:
Revenue	0	0	0	0
Education technology, services, and payment processing
Other income:
Revenue	74,121	74,251	217,100	213,753
Cost of services:
Cost of services	25,243	25,671	63,424	62,601
Education technology, services, and payment processing \| Operating Segments \| Loan Servicing and Systems
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing \| Operating Segments \| Education Technology, Services, and Payment Processing
Other income:
Revenue	74,121	74,251	217,100	213,753
Cost of services:
Cost of services	25,243	25,671	63,424	62,601
Education technology, services, and payment processing \| Operating Segments \| Communications
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing \| Operating Segments \| Asset Generation and Management
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing \| Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing \| Eliminations
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services
Other income:
Revenue	20,211	16,470	57,390	46,770
Cost of services:
Cost of services	5,914	5,236	17,240	15,096
Communications services \| Operating Segments \| Loan Servicing and Systems
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services \| Operating Segments \| Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services \| Operating Segments \| Communications
Other income:
Revenue	20,211	16,470	57,390	46,770
Cost of services:
Cost of services	5,914	5,236	17,240	15,096
Communications services \| Operating Segments \| Asset Generation and Management
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services \| Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services \| Eliminations
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	$ 0	$ 0	$ 0	$ 0

Disaggregated Revenue and Deferred Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 20,211	$ 16,470	$ 57,390	$ 46,770
Residential revenue
Disaggregation of Revenue [Line Items]
Revenue	15,173	12,397	42,946	35,351
Business revenue
Disaggregation of Revenue [Line Items]
Revenue	4,918	4,025	14,002	11,256
Other
Disaggregation of Revenue [Line Items]
Revenue	120	48	442	163
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	113,794	113,286	337,571	342,169
Government servicing - Nelnet
Disaggregation of Revenue [Line Items]
Revenue	36,295	38,645	112,305	118,744
Government servicing - Great Lakes
Disaggregation of Revenue [Line Items]
Revenue	45,350	46,234	137,010	139,285
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	7,928	9,561	24,733	28,026
FFELP servicing
Disaggregation of Revenue [Line Items]
Revenue	4,912	6,089	15,443	19,208
Software services
Disaggregation of Revenue [Line Items]
Revenue	10,426	10,493	32,395	30,255
Outsourced services and other
Disaggregation of Revenue [Line Items]
Revenue	8,883	2,264	15,685	6,651
Education technology, services, and payment processing
Disaggregation of Revenue [Line Items]
Revenue	74,121	74,251	217,100	213,753
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	22,477	25,760	77,011	80,589
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	35,420	35,138	88,329	85,428
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	15,840	13,067	50,820	46,872
Other
Disaggregation of Revenue [Line Items]
Revenue	384	286	940	864
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue	20,211	16,470	57,390	46,770
Internet
Disaggregation of Revenue [Line Items]
Revenue	12,794	9,899	35,926	27,641
Television
Disaggregation of Revenue [Line Items]
Revenue	4,446	4,068	12,913	12,020
Telephone
Disaggregation of Revenue [Line Items]
Revenue	2,931	2,487	8,436	7,062
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 40	$ 16	$ 115	$ 47

Disaggregated Revenue and Deferred Revenue - Schedule of Other Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Gain (loss) on investments, net	$ (10,152)	$ 1,948	$ 39,134	$ 5,779
Other	3,967	5,251	11,315	12,461
Other income	1,502	13,439	69,910	36,946
Investment advisory services
Disaggregation of Revenue [Line Items]
Revenue	4,463	753	8,187	2,194
Management fee revenue
Disaggregation of Revenue [Line Items]
Revenue	2,353	2,291	6,897	6,642
Borrower late fee income	$ 871	$ 3,196	$ 4,377	$ 9,870

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Disaggregated Revenue and Deferred Revenue - Schedule of Changes in Liabilities from Contract with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	$ 27,443	$ 29,495	$ 39,646	$ 39,122
Deferral of revenue	54,018	53,888	114,921	113,141
Recognition of revenue	(32,399)	(32,977)	(105,505)	(101,857)
Balance, end of period	49,062	50,406	49,062	50,406
Corporate and Other Activities
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	1,676	1,611	1,628	1,602
Deferral of revenue	851	953	2,585	2,530
Recognition of revenue	(800)	(850)	(2,486)	(2,418)
Balance, end of period	1,727	1,714	1,727	1,714
Loan Servicing and Systems \| Operating Segments
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	2,115	3,315	2,712	4,413
Deferral of revenue	365	881	1,547	2,761
Recognition of revenue	(970)	(1,149)	(2,749)	(4,127)
Balance, end of period	1,510	3,047	1,510	3,047
Education Technology, Services, and Payment Processing \| Operating Segments
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	19,924	21,489	32,074	30,556
Deferral of revenue	41,471	42,752	78,891	81,484
Recognition of revenue	(19,490)	(21,820)	(69,060)	(69,619)
Balance, end of period	41,905	42,421	41,905	42,421
Communications \| Operating Segments
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	3,728	3,080	3,232	2,551
Deferral of revenue	11,331	9,302	31,898	26,366
Recognition of revenue	(11,139)	(9,158)	(31,210)	(25,693)
Balance, end of period	$ 3,920	$ 3,224	$ 3,920	$ 3,224

Major Customer (Details) $ in Millions	3 Months Ended		9 Months Ended
Major Customer (Details) $ in Millions	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) extensionOption	Sep. 30, 2019 USD ($)
Concentration Risk [Line Items]
Servicing contract, number of extension options \| extensionOption			2
Servicing contract, term of extension options			6 months
Customer concentration risk \| Department of Education \| Nelnet Servicing
Concentration Risk [Line Items]
Revenue	$ 36.3	$ 38.6	$ 112.3	$ 118.7
Customer concentration risk \| Department of Education \| Great Lakes Educational Loan Services
Concentration Risk [Line Items]
Acquiree revenue since acquisition	$ 45.4	$ 46.2	$ 137.0	$ 139.3

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Fair Value - Assets and Liabilities that are Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financial assets:
Fair value	$ 209,428	$ 65,601
Total assets	209,428	65,601
Student loan asset-backed securities - available-for-sale
Financial assets:
Fair value	178,859	52,597
Equity securities
Financial assets:
Fair value	6	6
Equity securities measured at net asset value
Financial assets:
Fair value	30,460	12,894
Debt securities - available-for-sale
Financial assets:
Fair value	103	104
Level 1
Financial assets:
Fair value	109	110
Total assets	109	110
Level 1 \| Student loan asset-backed securities - available-for-sale
Financial assets:
Fair value	0	0
Level 1 \| Equity securities
Financial assets:
Fair value	6	6
Level 1 \| Debt securities - available-for-sale
Financial assets:
Fair value	103	104
Level 2
Financial assets:
Fair value	178,859	52,597
Total assets	178,859	52,597
Level 2 \| Student loan asset-backed securities - available-for-sale
Financial assets:
Fair value	178,859	52,597
Level 2 \| Equity securities
Financial assets:
Fair value	0	0
Level 2 \| Debt securities - available-for-sale
Financial assets:
Fair value	$ 0	$ 0

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Financial assets:
Loans receivable	$ 20,076,542	$ 21,402,868
Accrued loan interest receivable	760,787	733,497
Cash and cash equivalents	96,316	133,906	$ 160,979	$ 121,347
Investments (at fair value)	476,827	247,099
Restricted cash - due to customers	286,082	437,756	$ 309,309	$ 369,678
Financial liabilities:
Accrued interest payable	29,612	47,285
Due to customers	286,082	437,756
Fair value
Financial assets:
Loans receivable	20,136,583	21,477,630
Accrued loan interest receivable	760,787	733,497
Cash and cash equivalents	96,316	133,906
Investments (at fair value)	209,428	65,601
Beneficial interest in loan securitizations	58,477	33,258
Restricted cash	519,143	650,939
Restricted cash - due to customers	286,082	437,756
Financial liabilities:
Bonds and notes payable	18,983,969	20,479,095
Accrued interest payable	29,612	47,285
Due to customers	286,082	437,756
Fair value \| Level 1
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	0	0
Cash and cash equivalents	96,316	133,906
Investments (at fair value)	109	110
Beneficial interest in loan securitizations	0	0
Restricted cash	519,143	650,939
Restricted cash - due to customers	286,082	437,756
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Due to customers	286,082	437,756
Fair value \| Level 2
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	760,787	733,497
Cash and cash equivalents	0	0
Investments (at fair value)	178,859	52,597
Beneficial interest in loan securitizations	0	0
Restricted cash	0	0
Restricted cash - due to customers	0	0
Financial liabilities:
Bonds and notes payable	18,983,969	20,479,095
Accrued interest payable	29,612	47,285
Due to customers	0	0
Fair value \| Level 3
Financial assets:
Loans receivable	20,136,583	21,477,630
Accrued loan interest receivable	0	0
Cash and cash equivalents	0	0
Investments (at fair value)	0	0
Beneficial interest in loan securitizations	58,477	33,258
Restricted cash	0	0
Restricted cash - due to customers	0	0
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Due to customers	0	0
Carrying value
Financial assets:
Loans receivable	19,315,755	20,669,371
Accrued loan interest receivable	760,787	733,497
Cash and cash equivalents	96,316	133,906
Investments (at fair value)	209,428	65,601
Beneficial interest in loan securitizations	58,477	33,187
Restricted cash	519,143	650,939
Restricted cash - due to customers	286,082	437,756
Financial liabilities:
Bonds and notes payable	19,215,053	20,529,054
Accrued interest payable	29,612	47,285
Due to customers	$ 286,082	$ 437,756

Subsequent Events (Details) - USD ($) $ in Thousands				3 Months Ended	9 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Nov. 02, 2020	Oct. 15, 2020	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Oct. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Payment received for redemption of units					$ 0	$ 4,138
Restricted cash					$ 519,143	$ 667,919		$ 650,939	$ 701,366
Subsequent Event \| Nelnet Bank \| Pledged deposit
Subsequent Event [Line Items]
Restricted cash		$ 40,000
Forecast \| SDC \| Minimum
Subsequent Event [Line Items]
Contingent payment				$ 25,000
Forecast \| SDC \| Maximum
Subsequent Event [Line Items]
Contingent payment				35,000
ALLO \| Subsequent Event
Subsequent Event [Line Items]
Aggregate purchase price payment			$ 197,000
Commitment to obtain private debt financing							$ 100,000
ALLO \| Subsequent Event
Subsequent Event [Line Items]
Payment received for redemption of units			$ 160,000
Redemption price payment if debt financing obtained							$ 100,000
ALLO \| Forecast
Subsequent Event [Line Items]
Payment received for redemption of units				126,000
Ownership interest after transaction	45.00%
Estimated gain on transactions				$ 230,000
ALLO \| SDC \| Forecast
Subsequent Event [Line Items]
Ownership interest after transaction	48.00%
ALLO \| Members of ALLO's management \| Forecast
Subsequent Event [Line Items]
Ownership interest after transaction	7.00%
Nelnet Bank \| Subsequent Event
Subsequent Event [Line Items]
Capital contribution		100,000
Capital contribution, cash		55,900
Capital contribution, student loan asset-backed securities		$ 44,100