Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Sep. 30, 2018	Oct. 31, 2018
Document Information [Line Items]
Entity Registrant Name	NELNET INC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001258602
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Entity Emerging Growth Company	false
Entity Small Business	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,257,880
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,468,587

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets:
Loans receivable (net of allowance for loan losses of $60,217 and $54,590, respectively)	$ 22,528,362	$ 21,814,507
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	10,766	6,982
Cash and cash equivalents - held at a related party	72,771	59,770
Total cash and cash equivalents	83,537	66,752
Investments and notes receivable	246,815	240,538
Restricted cash	723,338	688,193
Restricted cash – due to customers	188,591	187,121
Loan accrued interest receivable	624,259	430,385
Accounts receivable (net of allowance for doubtful accounts of $2,426 and $1,436, respectively)	76,899	37,863
Goodwill	153,802	138,759
Intangible assets, net	95,660	38,427
Property and equipment, net	339,730	248,051
Other assets	41,889	73,021
Fair value of derivative instruments	2,043	818
Total assets	25,104,925	23,964,435
Liabilities:
Bonds and notes payable	22,251,433	21,356,573
Accrued interest payable	60,658	50,039
Other liabilities	272,891	198,252
Due to customers	188,591	187,121
Fair value of derivative instruments	4,224	7,063
Total liabilities	22,777,797	21,799,048
Commitments and contingencies
Nelnet, Inc. shareholders' equity:
Preferred stock	0	0
Additional paid-in capital	4,908	521
Retained earnings	2,307,573	2,143,983
Accumulated other comprehensive earnings	3,975	4,617
Total Nelnet, Inc. shareholders' equity	2,316,864	2,149,529
Noncontrolling interests	10,264	15,858
Total equity	2,327,128	2,165,387
Total liabilities and equity	25,104,925	23,964,435
Common Class A [Member]
Nelnet, Inc. shareholders' equity:
Common stock	293	293
Common Class B [Member]
Nelnet, Inc. shareholders' equity:
Common stock	115	115
Supplemental information - assets and liabilities of consolidated education lending variable interest entities: [Member]
Assets:
Loans receivable (net of allowance for loan losses of $60,217 and $54,590, respectively)	22,536,434	21,909,476
Cash and cash equivalents:
Restricted cash	683,211	641,994
Other assets	625,122	431,934
Liabilities:
Bonds and notes payable	22,337,987	21,702,298
Other liabilities	214,554	168,637
Nelnet, Inc. shareholders' equity:
Net assets of consolidated education lending variable interest entities	$ 1,292,226	$ 1,112,469

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Allowance for loan losses	$ 60,217	$ 54,590
Allowance for doubtful accounts	$ 2,426	$ 1,436
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 [Member]
Par Value (in dollars per share)	$ 0.01	$ 0.01
Shares Authorized (in shares)	600,000,000	600,000,000
Shares Issued (in shares)	29,341,791	29,341,517
Shares Outstanding (in shares)	29,341,791	29,341,517
Common Class B [Member]
Par Value (in dollars per share)	$ 0.01	$ 0.01
Shares Authorized (in shares)	60,000,000	60,000,000
Shares Issued (in shares)	11,468,587	11,468,587
Shares Outstanding (in shares)	11,468,587	11,468,587

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest income:
Loan interest	$ 232,320	$ 193,087	$ 653,414	$ 564,173
Investment interest	7,628	3,800	18,581	9,616
Total interest income	239,948	196,887	671,995	573,789
Interest expense:
Interest on bonds and notes payable	180,175	121,650	487,174	341,787
Net interest income	59,773	75,237	184,821	232,002
Less provision for loan losses	10,500	6,700	18,000	10,700
Net interest income (loss) after provision for loan losses	49,273	68,537	166,821	221,302
Other income:
Other income	16,673	19,756	44,449	44,874
Gain from debt repurchases	0	116	359	5,537
Derivative market value and foreign currency transaction adjustments and derivative settlements, net	17,098	7,173	100,927	(25,568)
Total other income	216,577	140,104	671,699	359,361
Cost of services:
Total cost of services	23,397	17,783	55,979	44,245
Operating expenses:
Salaries and benefits	114,172	74,193	321,932	220,684
Depreciation and amortization	22,992	10,051	62,943	27,687
Loan servicing fees	3,087	8,017	9,428	19,670
Other expenses	45,194	29,500	119,020	81,923
Total operating expenses	185,445	121,761	513,323	349,964
Income before income taxes	57,008	69,097	269,218	186,454
Income tax expense	13,882	25,562	63,369	70,349
Net income (loss)	43,126	43,535	205,849	116,105
Net (income) loss attributable to noncontrolling interests	(199)	2,768	438	8,960
Net income (loss) attributable to Nelnet, Inc.	$ 42,927	$ 46,303	$ 206,287	$ 125,065
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share)	$ 1.05	$ 1.11	$ 5.04	$ 2.97
Weighted average common shares outstanding - basic and diluted (in shares)	40,988,965	41,553,316	40,942,177	42,054,532
Loan Servicing And Systems [Member]
Other income:
Revenue	$ 112,579	$ 55,950	$ 327,265	$ 167,079
Education Technology Services And Payment Processing Services [Member]
Other income:
Revenue	58,409	50,358	167,372	149,862
Cost of services:
Total cost of services	19,087	15,151	44,087	37,456
Communications Services [Member]
Other income:
Revenue	11,818	6,751	31,327	17,577
Cost of services:
Total cost of services	$ 4,310	$ 2,632	$ 11,892	$ 6,789

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 43,126	$ 43,535	$ 205,849	$ 116,105
Available-for-sale securities:
Unrealized holding losses arising during period, net	2,438	405	964	383
Reclassification adjustment for gains recognized in net income, net of losses	(765)	(504)	(817)	(1,244)
Income tax effect	(402)	35	(46)	318
Total other comprehensive income (loss)	1,271	(64)	101	(543)
Comprehensive income	44,397	43,471	205,950	115,562
Comprehensive (income) loss attributable to noncontrolling interests	(199)	2,768	438	8,960
Comprehensive income attributable to Nelnet, Inc.	$ 44,198	$ 46,239	$ 206,388	$ 124,522

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive earnings [Member]	Noncontrolling interests [Member]
Balance (in shares) at Dec. 31, 2016		0	30,628,112	11,476,932
Balance at Dec. 31, 2016	$ 2,070,925	$ 0	$ 306	$ 115	$ 420	$ 2,056,084	$ 4,730	$ 9,270
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	19,553							19,553
Net income (loss)	116,105					125,065		(8,960)
Other comprehensive income (loss)	(543)						(543)
Distribution to noncontrolling interests	(1,274)							(1,274)
Cash dividend on Class A and Class B common stock	(17,569)					(17,569)
Issuance of common stock, net of forfeitures (in shares)			171,481
Issuance of common stock, net of forfeitures	3,361		$ 2		3,359
Compensation expense for stock based awards	3,213				3,213
Repurchase of common stock (in shares)			(1,363,571)
Repurchase of common stock	(63,331)		$ (14)		(6,632)	(56,685)
Balance (in shares) at Sep. 30, 2017		0	29,436,022	11,476,932
Balance at Sep. 30, 2017	2,130,440	$ 0	$ 294	$ 115	360	2,106,895	4,187	18,589
Balance (in shares) at Jun. 30, 2017		0	30,373,691	11,476,932
Balance at Jun. 30, 2017	2,130,409	$ 0	$ 304	$ 115	366	2,110,158	4,251	15,215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	6,901							6,901
Net income (loss)	43,535					46,303		(2,768)
Other comprehensive income (loss)	(64)						(64)
Distribution to noncontrolling interests	(759)							(759)
Cash dividend on Class A and Class B common stock	(5,766)					(5,766)
Issuance of common stock, net of forfeitures (in shares)			10,125
Issuance of common stock, net of forfeitures	278		$ 0		278
Compensation expense for stock based awards	1,042				1,042
Repurchase of common stock (in shares)			(947,794)
Repurchase of common stock	(45,136)		$ (10)		(1,326)	(43,800)
Balance (in shares) at Sep. 30, 2017		0	29,436,022	11,476,932
Balance at Sep. 30, 2017	2,130,440	$ 0	$ 294	$ 115	360	2,106,895	4,187	18,589
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of adoption of new accounting standards	1,264					2,007	(743)
Balance (in shares) at Dec. 31, 2017		0	29,341,517	11,468,587
Balance at Dec. 31, 2017	2,165,387	$ 0	$ 293	$ 115	521	2,143,983	4,617	15,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	847							847
Net income (loss)	205,849					206,287		(438)
Other comprehensive income (loss)	101						101
Distribution to noncontrolling interests	(351)							(351)
Cash dividend on Class A and Class B common stock	(19,539)					(19,539)
Issuance of common stock, net of forfeitures (in shares)			319,365
Issuance of common stock, net of forfeitures	4,665		$ 3		4,662
Compensation expense for stock based awards	4,526				4,526
Repurchase of common stock (in shares)			(319,091)
Repurchase of common stock	(16,520)		$ (3)		(4,801)	(11,716)
Acquisition of noncontrolling interest	(19,101)					(13,449)		(5,652)
Balance (in shares) at Sep. 30, 2018		0	29,341,791	11,468,587
Balance at Sep. 30, 2018	2,327,128	$ 0	$ 293	$ 115	4,908	2,307,573	3,975	10,264
Balance (in shares) at Jun. 30, 2018		0	29,331,002	11,468,587
Balance at Jun. 30, 2018	2,286,703	$ 0	$ 293	$ 115	2,586	2,271,171	2,704	9,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	326							326
Net income (loss)	43,126					42,927		199
Other comprehensive income (loss)	1,271						1,271
Distribution to noncontrolling interests	(95)							(95)
Cash dividend on Class A and Class B common stock	(6,525)					(6,525)
Issuance of common stock, net of forfeitures (in shares)			14,086
Issuance of common stock, net of forfeitures	580		$ 0		580
Compensation expense for stock based awards	1,934				1,934
Repurchase of common stock (in shares)			(3,297)
Repurchase of common stock	(192)		$ 0		(192)	0
Balance (in shares) at Sep. 30, 2018		0	29,341,791	11,468,587
Balance at Sep. 30, 2018	$ 2,327,128	$ 0	$ 293	$ 115	$ 4,908	$ 2,307,573	$ 3,975	$ 10,264

Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Common Class A [Member]
Dividends paid per common share (in dollars per share)	$ 0.16	$ 0.14	$ 0.48	$ 0.42
Common Class B [Member]
Dividends paid per common share (in dollars per share)	$ 0.16	$ 0.14	$ 0.48	$ 0.42

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Statement of Cash Flows [Abstract]
Net income (loss) attributable to Nelnet, Inc.	$ 206,287,000	$ 125,065,000
Net loss attributable to noncontrolling interests	(438,000)	(8,960,000)
Net income (loss)	205,849,000	116,105,000
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs	136,816,000	99,826,000
Loan discount accretion	(31,315,000)	(32,820,000)
Provision for loan losses	18,000,000	10,700,000
Derivative market value adjustment	(49,909,000)	(22,381,000)
Unrealized foreign currency transaction adjustment	0	45,635,000
Proceeds from clearinghouse - initial and variation margin, net	46,418,000	58,900,000
Gain from debt repurchases	(359,000)	(5,537,000)
Gain from equity securities, net of losses	(8,280,000)	0
Deferred income tax expense (benefit)	23,574,000	(15,012,000)
Non-cash compensation expense	4,781,000	3,370,000
Impairment expense	3,907,000	0
Other	(856,000)	3,451,000
Increase in loan accrued interest receivable	(193,926,000)	(5,572,000)
Increase in accounts receivable	(15,328,000)	(19,209,000)
Decrease (increase) in other assets	49,255,000	(8,660,000)
Increase in accrued interest payable	10,619,000	2,147,000
(Decrease) increase in other liabilities	(7,159,000)	20,548,000
Increase (decrease) in due to customers	1,470,000	(14,403,000)
Net cash provided by operating activities	193,557,000	237,088,000
Cash flows from investing activities, net of acquisition:
Purchases of loans	(3,231,956,000)	(183,466,000)
Net proceeds from loan repayments, claims, capitalized interest, and other	2,484,596,000	2,520,197,000
Proceeds from sale of loans	23,712,000	0
Purchases of available-for-sale securities	(38,064,000)	(109,666,000)
Proceeds from sales of available-for-sale securities	58,594,000	141,206,000
Purchases of investments and issuance of notes receivable	(49,216,000)	(21,823,000)
Proceeds from investments and notes receivable	21,461,000	6,174,000
Purchases of property and equipment	(96,480,000)	(106,656,000)
Business acquisition, net of cash acquired	(109,152,000)	0
Net cash (used in) provided by investing activities	(936,505,000)	2,245,966,000
Cash flows from financing activities:
Payments on bonds and notes payable	(2,149,449,000)	(3,679,592,000)
Proceeds from issuance of bonds and notes payable	3,004,848,000	1,178,027,000
Payments of debt issuance costs	(10,953,000)	(4,411,000)
Dividends paid	(19,539,000)	(17,569,000)
Repurchases of common stock	(16,520,000)	(63,331,000)
Proceeds from issuance of common stock	993,000	457,000
Acquisition of noncontrolling interest	(13,449,000)	0
Issuance of noncontrolling interests	768,000	19,475,000
Distribution to noncontrolling interests	(351,000)	(1,274,000)
Net cash provided by (used in) financing activities	796,348,000	(2,568,218,000)
Net increase (decrease) in cash, cash equivalents, and restricted cash	53,400,000	(85,164,000)
Cash, cash equivalents, and restricted cash, beginning of period	942,066,000	1,170,317,000
Cash, cash equivalents, and restricted cash, end of period	995,466,000	1,085,153,000
Supplemental disclosures of cash flow information:
Cash disbursements made for interest	425,782,000	287,265,000
Cash (refunds received) disbursements made for income taxes, net	$ (6,491,000)	$ 71,431,000

Consolidated Statements of Cash Flows Cash, Cash Equivalents And Restricted Cash Reconciliation - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Total cash and cash equivalents	$ 83,537	$ 66,752	$ 254,391	$ 69,654
Restricted cash	723,338	688,193	725,463	980,961
Restricted cash – due to customers	188,591	187,121	105,299	119,702
Cash, cash equivalents, and restricted cash	$ 995,466	$ 942,066	$ 1,085,153	$ 1,170,317

Basis of Financial Reporting

9 Months Ended

Sep. 30, 2018

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, 2018 and for the three and nine months ended September 30, 2018 and 2017 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2017 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, 2018 are not necessarily indicative of the results for the year ending December 31, 2018. 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, 2017 (the "2017 Annual Report").

Reporting Segment Name Changes

During the first quarter of 2018, the Company changed the name of the Tuition Payment Processing and Campus Commerce operating segment to Education Technology, Services, and Payment Processing to better describe the evolution of services this operating segment provides. In addition, the Loan Systems and Servicing segment was retitled as Loan Servicing and Systems. As a result, the line items "tuition payment processing, school information, and campus commerce revenue" and "loan systems and servicing revenue" on the consolidated statements of income were changed to "education technology, services, and payment processing revenue" and "loan servicing and systems revenue," respectively.

Reclassifications

Certain amounts previously reported within the Company's consolidated balance sheet, statements of income, and statements of cash flows have been reclassified to conform to the current period presentation. These reclassifications include:


•	Reclassifying certain non-customer receivables, which were previously included in "accounts receivable," to "other assets."


•	Reclassifying direct costs to provide services for education technology, services, and payment processing, which were previously included in "other expenses," to "cost to provide education technology, services, and payment processing services."


•	Reclassifying the line item "cost to provide communications services" on the consolidated statements of income from part of "operating expenses" and presenting such costs as part of "cost of services."

•

Reclassifying consumer loan activity on the consolidated statements of income, which was previously included in "investment interest" and "other expenses," to "loan interest" and "provision for loan losses" and "loan servicing fees," respectively, and reclassifying consumer loan activity on the consolidated statements of cash flows as appropriate. This did not result in a change in the Company's previously reported net cash provided by operating or investing activities.

Accounting Standards Adopted in 2018

In the first quarter of 2018, the Company adopted the following new accounting standards and other guidance:

Revenue Recognition

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"). Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.

The Company adopted the standard effective January 1, 2018, using the full retrospective method, which required it to restate each prior reporting period presented. As a result, the Company changed its accounting policy for revenue recognition as detailed in note 2, “Summary of Significant Accounting Policies and Practices.”

The most significant impact of the standard relates to identifying the Company's fee-based Education Technology, Services, and Payment Processing operating segment as the principal in its payment services transactions. As a result of this change, the Company presents the payment services revenue gross, with the direct costs to provide these services presented separately. The Company’s other fee-based operating segments will recognize revenue consistent with historical revenue recognition patterns. The majority of the Company's revenue earned in its non-fee-based Asset Generation and Management operating segment, including loan interest and derivative activity, is explicitly excluded from the scope of the new standard.

Impacts to Previously Reported Results

Adoption of the revenue recognition standard impacted the Company’s previously reported results on the consolidated statements of income as follows:



	Three months ended September 30, 2017
	As previously reported		Impact of adoption	As restated
Education technology, services, and payment processing revenue	$	35,450	14,908	50,358
Cost to provide education technology, services, and payment processing services	—		14,908	14,908	(a)



	Nine months ended September 30, 2017
	As previously reported		Impact of adoption	As restated
Education technology, services, and payment processing revenue	$	113,293	36,569	149,862
Cost to provide education technology, services, and payment processing services	—		36,569	36,569	(a)


(a)	In addition to the impact of adopting the new revenue recognition standard, as discussed above, the Company reclassified other direct costs to provide education technology, services, and payment processing services which were previously reported as part of "other expenses" to "cost to provide education technology, services, and payment processing services."

Adoption of the new revenue recognition standard had no impact to the consolidated balance sheets or cash provided by or used in operating, investing, or financing activities on the consolidated statements of cash flows.

Equity Investments

In January 2016, the FASB issued new accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The guidance, including a related clarifying update, requires equity investments with readily determinable fair values to be measured at fair value, with changes in the fair value recognized through net income (other than those equity investments accounted for under the equity method of accounting or those that result in consolidation of the investee). An entity may choose to measure equity investments without readily determinable fair values at fair value or use the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. In addition, the impairment assessment is simplified by requiring a qualitative assessment to identify impairment.

The guidance requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption to reclassify the cumulative change in fair value of equity securities with readily determinable fair values previously recognized in accumulated other comprehensive income, and was adopted by the Company as of January 1, 2018. Upon adoption, the Company recorded an immaterial cumulative-effect adjustment to retained earnings, accumulated other comprehensive earnings, and investments and notes receivable. Subsequent to the adoption, the Company is accounting for the majority of its equity investments without readily determinable fair values using the measurement alternative.

Other Comprehensive Income

In February 2018, the FASB issued guidance which allows a reclassification from accumulated other comprehensive earnings to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, which became effective on January 1, 2018. This guidance is effective for fiscal years beginning after December 15, 2018, but early adoption is permitted. The Company elected to early adopt this guidance as of January 1, 2018. Upon adoption, the Company recorded an immaterial reclassification between accumulated other comprehensive earnings and retained earnings.

Restricted Cash

In November 2016, the FASB issued accounting guidance related to restricted cash. The new guidance requires that the statement of cash flows present the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and a reconciliation of such total to amounts on the balance sheet. The Company adopted the standard effective January 1, 2018 using the retrospective transition method. Adoption of this standard impacted the Company's previously reported amounts on the consolidated statements of cash flows as follows:



	Nine months ended September 30, 2017
	As previously reported		Impact of adoption		As restated
Decrease in due to customers	$	—	(14,403	)	(14,403	)
Proceeds from clearinghouse - initial and variation margin, net	37,744		21,156		58,900
Net cash provided by operating activities	230,335		6,753		237,088
Decrease in restricted cash, net	276,654		(276,654	)	—
Net cash provided by investing activities	2,522,620		(276,654	)	2,245,966

Summary of Significant Accounting Policies and Practices

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Practices

Except for the changes below, no significant changes have been made to the Company’s significant accounting policies and practices disclosed in note 3, Summary of Significant Accounting Policies and Practices, in the 2017 Annual Report.

Revenue Recognition

The Company applies the provisions of ASC Topic 606 to its fee-based operating segments. The majority of the Company’s revenue earned in its Asset Generation and Management operating segment, including loan interest and derivative activity, is explicitly excluded from the scope of ASC Topic 606. The Company recognizes revenue under the core principle of ASC Topic 606 to depict the transfer of control of products and services to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. Additional information related to the Company's revenue recognition of specific items is provided below.

The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.

Loan servicing and systems revenue - Loan servicing and systems revenue consists of the following items:

•

Loan servicing revenue - Loan servicing revenue consideration is determined from individual contracts with customers and is calculated monthly based on the dollar value of loans, number of loans, number of borrowers serviced for each customer, or number of transactions. Loan servicing requires a significant level of integration and the individual components are not considered distinct. The Company will perform various services, including, but not limited to, (i) application processing, (ii) monthly servicing, (iii) conversion processing, and (iv) fulfillment services, during each distinct service period. Even though the mix and quantity of activities that the Company performs each period may differ, the nature of the activities are substantially the same. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits.

•

Software services revenue - Software services revenue consideration is determined from individual contracts with customers and includes license and maintenance fees associated with loan software products, generally in a remote hosted environment, and computer and software consulting. Usage-based revenue from remote hosted licenses is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits. Revenue from any non-refundable up-front fee is recognized ratably over the contract period, as the fee relates to set-up activities that provide no incremental benefit to the customers. Computer and software consulting is also capable of being distinct and accounted for as a separate performance obligation. Revenue allocated to computer and software consulting is recognized as services are provided.


•	Outsourced services revenue - Outsourced services revenue consideration is determined from individual contracts with customers and is calculated monthly based on the volume of services. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits.

The following table provides disaggregated revenue by service offering:



	Three months ended September 30,			Nine months ended September 30,
	2018		2017	2018	2017
Government servicing - Nelnet	$	38,907	38,594	118,015	117,409
Government servicing - Great Lakes (a)	45,671		—	122,107	—
FFELP servicing	7,422		3,979	24,259	11,693
Private education and consumer loan servicing	10,007		7,596	31,990	20,535
Software services	8,201		4,430	24,461	13,093
Outsourced services and other	2,371		1,351	6,433	4,349
Loan servicing and systems revenue	$	112,579	55,950	327,265	167,079


(a)	Great Lakes Educational Loan Services, Inc. ("Great Lakes") was acquired by the Company on February 7, 2018. For additional information about the acquisition, see note 7.

Education technology, services, and payment processing revenue - Education technology, services, and payment processing revenue consists of the following items:

•

Tuition payment plan services - Tuition payment plan services consideration is determined from individual plan agreements, which are governed by plan service agreements, and includes access to a remote hosted environment and management of payment processing. The management of payment processing is considered a distinct performance obligation when sold with the remote hosted environment. Revenue for each performance obligation is allocated to the distinct service period, the academic school term, and recognized ratably over the service period as customers simultaneously receive and consume benefits.

•

Payment processing - Payment processing consideration is determined from individual contracts with customers and includes electronic transfer and credit card processing, reporting, virtual terminal solutions, and specialized integrations to business software for education and non-education markets. Volume-based revenue from payment processing is allocated and recognized to the distinct service period, based on when each transaction is completed, and recognized as control transfers as customers simultaneously receive and consume benefits.

•

Education technology and services - Education technology and services consideration is determined from individual contracts with customers and is based on the services selected by the customer. Services in K-12 private and faith based schools include (i) assistance with financial needs assessment, (ii) automating administrative processes such as admissions, online applications and enrollment services, scheduling, student billing, attendance, and grade book management, and (iii) professional development and educational instruction services. Revenue for these services is recognized for the consideration the Company has a right to invoice, the amount of which corresponds directly with the value provided to the customer based on the performance completed. Services provided to the higher education market include innovative education-focused technologies, services, and support solutions to help schools with the everyday challenges of collecting and processing commerce data. These services are considered distinct performance obligations. Revenue for each performance obligation is allocated to the distinct service period, typically a month or based on when each transaction is completed, and recognized as control transfers as customers simultaneously receive and consume benefits.

The following table provides disaggregated revenue by service offering:



	Three months ended September 30,			Nine months ended September 30,
	2018		2017	2018	2017
Tuition payment plan services	$	19,771	17,885	63,209	58,543
Payment processing	26,956		22,541	62,908	55,371
Education technology and services	11,419		9,831	40,411	35,804
Other	263		101	844	144
Education technology, services, and payment processing revenue	$	58,409	50,358	167,372	149,862

Cost to provide education technology, services, and payment processing services is primarily associated with providing payment processing services. Interchange and payment network fees are charged by the card associations or payment networks. Depending upon the transaction type, the fees are a percentage of the transaction’s dollar value, a fixed amount, or a combination of the two methods. Other items included in cost to provide education technology, services, and payment processing services include salaries and benefits and third-party professional service costs directly related to providing professional development and educational instruction services to teachers, school leaders, and students.

Communications revenue - Communications revenue is derived principally from internet, television, and telephone services and is billed as a flat fee in advance of providing the service. Revenues for usage-based services, such as access charges billed to other telephone carriers for originating and terminating long-distance calls on the Company's network, are billed in arrears. These are each considered distinct performance obligations. Revenue is recognized monthly for the consideration the Company has a right to invoice, the amount of which corresponds directly with the value provided to the customer based on the performance completed. The Company recognizes revenue from these services in the period the services are rendered rather than billed. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. Earned but unbilled usage-based services are recorded in accounts receivable.

The following table provides disaggregated revenue by service offering and customer type:



	Three months ended September 30,			Nine months ended September 30,
	2018		2017	2018	2017
Internet	$	6,456	3,205	16,547	7,978
Television	3,385		2,115	9,250	5,498
Telephone	1,957		1,413	5,471	4,018
Other	20		18	59	83
Communications revenue	$	11,818	6,751	31,327	17,577

Residential revenue	$	8,896	4,680	23,367	11,851
Business revenue	2,861		2,013	7,779	5,525
Other	61		58	181	201
Communications revenue	$	11,818	6,751	31,327	17,577

Cost to provide communications services is primarily associated with television programming costs. The Company has various contracts to obtain television programming from programming vendors whose compensation is typically based on a flat fee per customer. The cost of the right to exhibit network programming under such arrangements is recorded in the month the programming is available for exhibition. Programming costs are paid each month based on calculations performed by the Company and are subject to periodic audits performed by the programmers. Other items in cost to provide communications services include connectivity, franchise, and other regulatory costs directly related to providing internet and telephone services.

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,
	2018		2017	2018	2017
Realized and unrealized gains on investments, net	$	1,288	2,201	11,505	3,818
Borrower late fee income	3,253		2,731	8,994	9,098
Investment advisory fees	1,183		5,852	4,169	11,661
Management fee revenue	1,756		—	4,673	—
Peterson's revenue	—		3,402	—	9,282
Other	9,193		5,570	15,108	11,015
Other income	$	16,673	19,756	44,449	44,874


•	Borrower late fee income - Late fee income is earned by the education lending subsidiaries. Revenue is allocated to the distinct service period, based on when each transaction is completed.


•	Investment advisory fees - Investment advisory services are provided by the Company through an SEC-registered investment advisor subsidiary under various arrangements. The Company earns monthly fees based on the monthly outstanding balance of investments and certain performance measures, which are recognized monthly as the uncertainty of the transaction price is resolved.


•	Management fee revenue - Management fee revenue is earned for technology and certain administrative support services provided to Great Lakes' former parent company. Revenue is allocated to the distinct service period, based on when each transaction is completed.

•

Peterson's revenue - The Company earned revenue related to digital marketing and content solution products and services under the brand name Peterson's. These products and services included test preparation study guides, school directories and databases, career exploration guides, on-line courses and test preparation, scholarship search and selection data, career planning information and guides, and on-line information about colleges and universities. Several content solutions services included services to connect students to colleges and universities, and were sold based on subscriptions. Revenue from sales of subscription services was recognized ratably over the term of the contract as it was earned. Subscription revenue received or receivable in advance of the delivery of services was included in deferred revenue. Revenue from the sale of print products was generally earned and recognized, net of estimated returns, upon shipment or delivery. All other digital marketing and content solutions revenue was recognized over the period in which services were provided to customers. On December 31, 2017, the Company sold Peterson's. The Company applied a practical expedient allowed for the retrospective comparative period which does not require the Company to restate revenue from contracts that began and were completed within the same annual reporting period.

Contract Balances - The following table provides information about liabilities from contracts with customers:

Timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue is received or receivable in advance of the delivery of service. For multi-year contracts, the Company generally invoices customers annually at the beginning of each annual coverage period. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined its contracts do not include a significant financing component.

Activity in the deferred revenue balance is shown below:



	Three months ended September 30,					Nine months ended September 30,
	2018			2017		2018		2017
Balance, beginning of period	$	25,660		25,954		32,276		33,141
Deferral of revenue	45,174			38,705		97,726		79,435
Recognition of revenue	(27,992		)	(22,181	)	(87,303	)	(70,128	)
Other	(11		)	27		132		57
Balance, end of period	$	42,831		42,505		42,831		42,505

Assets Recognized from the Costs to Obtain a Contract with a Customer - The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it expects the benefit of those costs to be longer than one year. The Company has determined that certain sales incentive programs meet the requirements to be capitalized. Total capitalized costs to obtain a contract were immaterial during the periods presented and are included in “other assets” on the consolidated balance sheets.

Loans Receivable and Allowance for Loan Losses

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Loans Receivable and Allowance for Loan Losses

Loans receivable consisted of the following:



	As of			As of
	September 30, 2018			December 31, 2017
Federally insured student loans:
Stafford and other	$	4,956,324		4,418,881
Consolidation	17,434,419			17,302,725
Total	22,390,743			21,721,606
Private education loans	169,467			212,160
Consumer loans	112,547			62,111
	22,672,757			21,995,877
Loan discount, net of unamortized loan premiums and deferred origination costs	(63,566		)	(113,695	)
Non-accretable discount	(20,612		)	(13,085	)
Allowance for loan losses:
Federally insured loans	(43,053		)	(38,706	)
Private education loans	(11,253		)	(12,629	)
Consumer loans	(5,911		)	(3,255	)
	$	22,528,362		21,814,507

Activity in the Allowance for Loan Losses

The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of loans. Activity in the allowance for loan losses is shown below.



	Three months ended September 30, 2018
	Balance at beginning of period		Provision for loan losses		Charge-offs		Recoveries	Other	Balance at end of period
Federally insured loans	$	37,263	8,000		(2,210	)	—	—	43,053
Private education loans	11,664		—		(535	)	124	—	11,253
Consumer loans	4,788		2,500		(1,403	)	26	—	5,911
	$	53,715	10,500		(4,148	)	150	—	60,217

	Three months ended September 30, 2017
Federally insured loans	$	35,862	7,000		(3,464	)	—	—	39,398
Private education loans	13,846		(1,000	)	(491	)	161	50	12,566
Consumer loans	1,000		700		(33	)	—	—	1,667
	$	50,708	6,700		(3,988	)	161	50	53,631

	Nine months ended September 30, 2018
Federally insured loans	$	38,706	12,000		(8,653	)	—	1,000	43,053
Private education loans	12,629		—		(1,846	)	470	—	11,253
Consumer loans	3,255		6,000		(3,376	)	32	—	5,911
	$	54,590	18,000		(13,875	)	502	1,000	60,217

	Nine months ended September 30, 2017
Federally insured loans	$	37,268	11,000		(8,870	)	—	—	39,398
Private education loans	14,574		(2,000	)	(861	)	603	250	12,566
Consumer loans	—		1,700		(33	)	—	—	1,667
	$	51,842	10,700		(9,764	)	603	250	53,631

Student Loan Status and Delinquencies

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 delinquency amounts for federally insured and private education loans.



	As of September 30, 2018				As of December 31, 2017				As of September 30, 2017
Federally insured loans:
Loans in-school/grace/deferment	$	1,410,902			$	1,260,394			$	1,448,172
Loans in forbearance	1,487,107				1,774,405				2,406,346
Loans in repayment status:
Loans current	16,921,119		86.8	%	16,477,004		88.2	%	16,534,795		88.7	%
Loans delinquent 31-60 days	689,454		3.5		682,586		3.7		579,665		3.1
Loans delinquent 61-90 days	412,639		2.1		374,534		2.0		334,085		1.8
Loans delinquent 91-120 days	347,013		1.8		287,922		1.5		255,567		1.4
Loans delinquent 121-270 days	853,224		4.4		629,480		3.4		700,319		3.8
Loans delinquent 271 days or greater	269,285		1.4		235,281		1.2		228,335		1.2
Total loans in repayment	19,492,734		100.0	%	18,686,807		100.0	%	18,632,766		100.0	%
Total federally insured loans	$	22,390,743			$	21,721,606			$	22,487,284
Private education loans:
Loans in-school/grace/deferment	$	3,550			$	6,053			$	27,188
Loans in forbearance	1,577				2,237				2,904
Loans in repayment status:
Loans current	156,383		95.2	%	196,720		96.5	%	190,153		96.8	%
Loans delinquent 31-60 days	1,796		1.1		1,867		0.9		1,200		0.6
Loans delinquent 61-90 days	1,155		0.7		1,052		0.5		1,195		0.6
Loans delinquent 91 days or greater	5,006		3.0		4,231		2.1		3,989		2.0
Total loans in repayment	164,340		100.0	%	203,870		100.0	%	196,537		100.0	%
Total private education loans	$	169,467			$	212,160			$	226,629

Bonds and Notes Payable

9 Months Ended

Sep. 30, 2018

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, 2018
	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	$	20,695,887		2.38% - 4.07%	4/25/24 - 10/25/66
Bonds and notes based on auction	799,576			2.77% - 3.51%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	21,495,463
FFELP warehouse facilities	705,144			2.34% / 2.38%	11/19/19 / 5/31/21
Variable-rate bonds and notes issued in private education loan asset-backed securitization	55,406			3.97%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	66,975			3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	160,000			3.65%	6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities	20,381			6.91%	9/15/61
Other borrowings	79,669			2.77% - 5.22%	10/1/18 - 12/15/45
	22,583,038
Discount on bonds and notes payable and debt issuance costs	(331,605		)
Total	$	22,251,433



	As of December 31, 2017
	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	$	20,352,045		1.47% - 3.37%	8/25/21 - 2/25/66
Bonds and notes based on auction	780,829			2.09% - 2.69%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	21,132,874
FFELP warehouse facilities	335,992			1.55% / 1.56%	11/19/19 / 5/31/20
Variable-rate bonds and notes issued in private education loan asset-backed securitization	74,717			3.30%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	82,647			3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	10,000			2.98%	12/12/21
Unsecured debt - Junior Subordinated Hybrid Securities	20,381			5.07%	9/15/61
Other borrowings	70,516			2.44% - 3.38%	1/12/18 - 12/15/45
	21,727,127
Discount on bonds and notes payable and debt issuance costs	(370,554		)
Total	$	21,356,573

FFELP Warehouse Facilities

The Company funds a portion of its Federal Family Education Loan Program (the "FFEL Program" or "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, 2018, the Company had two FFELP warehouse facilities as summarized below.



	NFSLW-I (a)		NHELP-II (b)	Total
Maximum financing amount	$	550,000	500,000	1,050,000
Amount outstanding	531,782		173,362	705,144
Amount available	$	18,218	326,638	344,856
Expiration of liquidity provisions	September 20, 2019		May 31, 2019
Final maturity date	November 19, 2019		May 31, 2021
Maximum advance rates	92 - 98%		85 - 95%
Minimum advance rates	84 - 90%		85 - 95%
Advanced as equity support	$	21,349	14,797	36,146

(a)

On April 24, 2018, the Company increased the maximum financing amount for this warehouse facility from $500.0 million to $1.25 billion. On May 3, 2018, the Company temporarily increased the maximum financing amount for this warehouse facility an additional $75.0 million to $1.325 billion. During the three months ended September 30, 2018, the Company decreased the maximum financing amount for this warehouse facility to $550.0 million.

On November 6, 2018, the Company amended the agreement for this warehouse facility, which changed the expiration date for the liquidity provisions to May 20, 2019 and changed the final maturity date to May 20, 2020. In addition, the amendment changed the advance rates on this facility that provides for formula-based advance rates that are static until the expiration date of the liquidity provisions. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.


(b)	On April 24, 2018, the Company amended the agreement for this warehouse facility, which changed the expiration date for the liquidity provisions to May 31, 2019 and changed the final maturity date to May 31, 2021.

Asset-Backed Securitizations

The following table summarizes the asset-backed securitization transactions completed during the first nine months of 2018.



	2018-1				2018-2	2018-3									2018-4						Total
	Class A-1 Notes		Class A-2 Notes	2018-1 total		Class A-1 Notes		Class A-2 Notes		Class A-3 Notes		2018-3 total			Class A-1 Notes		Class A-2 Notes		2018-4 total
Date securities issued	3/29/18		3/29/18	3/29/18	6/7/18	7/26/18		7/26/18		7/26/18		7/26/18			8/30/18		8/30/18		8/30/18
Total original principal amount	$	98,000	375,750	473,750	509,800	220,000		546,900		220,000		1,001,900			30,500		451,900		495,700		$	2,481,150

Class A senior notes:
Total principal amount	$	98,000	375,750	473,750	509,800	220,000		546,900		220,000		986,900			30,500		451,900		482,400		2,452,850
Cost of funds (1-month LIBOR plus:)	0.32%		0.76%		0.65%	0.30	%	0.44	%	0.75	%				0.26	%	0.70	%
Final maturity date	5/25/66		5/25/66		7/26/66	9/27/66		9/27/66		9/27/66					10/25/66		10/25/66

Class B subordinated notes:
Total original principal amount												$	15,000						13,300		28,300
Bond discount												(229		)					—		(229		)
Issue price												$	14,771						13,300		28,071
Cost of funds (1-month LIBOR plus:)												1.20		%					1.40	%
Final maturity date												9/27/66							10/25/66

Unsecured Line of Credit

On June 22, 2018, the Company amended its $350.0 million unsecured line of credit. The following provisions were modified under the amendment:


•	The maturity date was extended from December 12, 2021 to June 22, 2023.


•	The definition of the Company's line of business was expanded and other terms were modified to allow the formation or acquisition of a chartered bank subsidiary.


•	The definition for permitted acquisitions was revised to increase the aggregate amount of consideration that may be paid for the acquisition in any fiscal year of a business or businesses not in the Company's defined line of business.


•	The provisions for permitted investments were expanded to allow (i) a one-time, initial capital contribution of up to $150.0 million by the Company in connection with the formation or acquisition of a chartered bank subsidiary, and (ii) investments in pools of consumer loans.


•	The amount of loans not originated under the FFEL Program that the Company is permitted to own was increased from $500.0 million to $850.0 million.

The facility size of $350.0 million and the cost of funds did not change as part of the amendment. As of September 30, 2018, $160.0 million was outstanding under the line of credit and $190.0 million was available for future use.

Debt Repurchases

The following table summarizes the Company's repurchases of its own debt. Gains recorded by the Company from the repurchase of debt are included in "gain from debt repurchases" on the Company's consolidated statements of income.



	Par value		Purchase price	Gain	Par value	Purchase price	Gain
	Three months ended
	September 30, 2018				September 30, 2017
Asset-backed securities	$	—	—	—	14,702	14,586	116

	Nine months ended
	September 30, 2018				September 30, 2017
Asset-backed securities	$	12,905	12,546	359	18,790	17,670	1,120
Unsecured debt - Hybrid Securities	—		—	—	29,658	25,241	4,417
	$	12,905	12,546	359	48,448	42,911	5,537

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments primarily to manage interest rate risk. In addition, the Company previously used derivative financial instruments to manage foreign currency exchange risk associated with student loan asset-backed notes that were denominated in Euros prior to a remarketing of such notes in October 2017. Derivative instruments used as part of the Company's risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2017 Annual Report. A tabular presentation of such derivatives outstanding as of September 30, 2018 and December 31, 2017 is presented below.

Basis Swaps

The following table summarizes the Company’s outstanding basis swaps 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").



	As of September 30,		As of December 31,
	2018		2017
Maturity	Notional amount		Notional amount
2018	$	250,000	4,250,000
2019	3,500,000		3,500,000
2020	1,000,000		—
2021	250,000		—
2022	2,000,000		1,000,000
2023	750,000		—
2024	250,000		250,000
2026	1,150,000		1,150,000
2027	375,000		375,000
2028	325,000		325,000
2029	100,000		100,000
2031	300,000		300,000
	$	10,250,000	11,250,000

The weighted average rate paid by the Company on the 1:3 Basis Swaps as of September 30, 2018 and December 31, 2017 was one-month LIBOR plus 9.4 basis points and 12.5 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, 2018				As of December 31, 2017
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)
2018	$	250,000	0.92	%	$	1,350,000	1.07	%
2019	3,250,000		0.97		3,250,000		0.97
2020	1,500,000		1.01		1,500,000		1.01
2023	750,000		2.28		750,000		2.28
2024	300,000		2.28		300,000		2.28
2025	100,000		2.32		100,000		2.32
2027	50,000		2.32		50,000		2.32
2028	100,000		3.03		—		—
	$	6,300,000	1.26	%	$	7,300,000	1.21	%


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

On August 20, 2014, the Company paid $9.1 million for an interest rate swap option to economically hedge loans earning fixed rate floor income. The interest rate swap option gives the Company the right, but not the obligation, to enter into a $250.0 million notional interest rate swap in which the Company would pay a fixed amount of 3.30% and receive discrete one-month LIBOR. If the interest rate swap option is exercised, the swap would become effective on August 21, 2019 and mature on August 21, 2024.

Interest Rate Caps

In June 2015, in conjunction with the entry into a $275.0 million private education loan warehouse facility, the Company paid $2.9 million for two interest rate cap contracts with a total notional amount of $275.0 million. The first interest rate cap has a notional amount of $125.0 million and a one-month LIBOR strike rate of 2.50%, and the second interest rate cap has a notional amount of $150.0 million and a one-month LIBOR strike rate of 4.99%. In the event that the one-month LIBOR rate rises above the applicable strike rate, the Company would receive monthly payments related to the spread difference. Both interest rate cap contracts have a maturity date of July 15, 2020. The private education loan warehouse facility was terminated by the Company on December 21, 2016. During the first quarter of 2017, the Company received $913,000 to terminate the interest rate cap contracts that were held in the private education loan warehouse legal entity and paid $929,000 to enter into new interest rate cap contracts with identical terms at Nelnet, Inc. (the parent company). The Company currently intends to keep these derivatives outstanding to partially mitigate a rise in interest rates and its impact on earnings related to the Company's student loan portfolio earning a fixed rate.

Interest Rate Swaps – Unsecured Debt Hedges

As of September 30, 2018 and December 31, 2017, the Company had $20.4 million of unsecured Hybrid Securities outstanding. The interest rate on the Hybrid Securities through September 29, 2036 is equal to three-month LIBOR plus 3.375%, payable quarterly. The Company had the following derivatives outstanding as of September 30, 2018 and December 31, 2017 that are used to effectively convert the variable interest rate on a designated notional amount with respect to the Hybrid Securities to a fixed rate of 7.66%.



Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)
2036	$	25,000	4.28	%


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

Consolidated Financial Statement Impact Related to Derivatives

Balance Sheet

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets:



	Fair value of asset derivatives			Fair value of liability derivatives
	As of September 30, 2018		As of December 31, 2017	As of September 30, 2018	As of December 31, 2017
Interest rate swap option - floor income hedge	$	1,200	543	—	—
Interest rate caps	843		275	—	—
Interest rate swaps - hybrid debt hedges	—		—	4,224	7,063
Total	$	2,043	818	4,224	7,063

Offsetting of Derivative Assets/Liabilities

The following tables include the gross amounts related to the Company's derivative portfolio recognized in the consolidated balance sheets, reconciled to the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received/pledged.



			Gross amounts not offset in the consolidated balance sheets
Derivative assets	Gross amounts of recognized assets presented in the consolidated balance sheets		Derivatives subject to enforceable master netting arrangement	Cash collateral received	Net asset
Balance as of September 30, 2018	$	2,043	—	—	2,043
Balance as of December 31, 2017	818		—	—	818



				Gross amounts not offset in the consolidated balance sheets
Derivative liabilities	Gross amounts of recognized liabilities presented in the consolidated balance sheets			Derivatives subject to enforceable master netting arrangement	Cash collateral pledged	Net asset (liability)
Balance as of September 30, 2018	$	(4,224	)	—	7,520	3,296
Balance as of December 31, 2017	(7,063		)	—	8,520	1,457

Income Statement Impact

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



	Three months ended September 30,					Nine months ended September 30,
	2018			2017		2018		2017
Settlements:
1:3 basis swaps	$	3,361		(2,172	)	4,676		(1,836	)
Interest rate swaps - floor income hedges	19,087			3,883		46,752		5,877
Interest rate swaps - hybrid debt hedges	(124		)	(191	)	(410	)	(593	)
Cross-currency interest rate swap	—			(2,093	)	—		(5,762	)
Total settlements - income (expense)	22,324			(573	)	51,018		(2,314	)
Change in fair value:
1:3 basis swaps	1,283			5,916		12,058		(5,499	)
Interest rate swaps - floor income hedges	(7,427		)	(185	)	34,008		(13,670	)
Interest rate swap option - floor income hedge	(31		)	(500	)	437		(2,212	)
Interest rate caps	119			(103	)	567		(936	)
Interest rate swaps - hybrid debt hedges	830			44		2,839		10
Cross-currency interest rate swap	—			16,257		—		44,831
Other	—			—		—		(143	)
Total change in fair value - income (expense)	(5,226		)	21,429		49,909		22,381
Re-measurement of Euro Notes (foreign currency transaction adjustment)	—			(13,683	)	—		(45,635	)
Derivative market value and foreign currency transaction adjustments and derivative settlements, net - income (expense)	$	17,098		7,173		100,927		(25,568	)

Investments and Notes Receivable

9 Months Ended

Sep. 30, 2018

Investments [Abstract]

Investments and Notes Receivable

A summary of the Company's investments and notes receivable follows:



	As of September 30, 2018
	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)	$	52,232	5,178	—		57,410
Equity securities	12,318		4,835	(380	)	16,773
Total investments (at fair value)	$	64,550	10,013	(380	)	74,183

Other Investments and Notes Receivable (not measured at fair value):
Venture capital and funds:
Measurement alternative (b)						70,881
Equity method						17,526
Other						883
Total venture capital and funds						89,290
Real estate:
Equity method						30,135
Other						29,058
Total real estate						59,193

Notes receivable						16,373
Tax liens and affordable housing						7,776
Total investments and notes receivable (not measured at fair value)						172,632
Total investments and notes receivable						$	246,815



	As of December 31, 2017
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value

Investments (at fair value):
Available-for-sale investments:
Student loan asset-backed and other debt securities	$	71,943	5,056	(25	)	76,974
Equity securities	1,630		2,298	—		3,928
Total available-for-sale investments	$	73,573	7,354	(25	)	80,902

Other Investments and Notes Receivable (not measured at fair value):
Venture capital and funds						84,752
Real estate						49,464
Notes receivable						16,393
Tax liens and affordable housing						9,027
Total investments and notes receivable						$	240,538


(a)	As of September 30, 2018, the stated maturities of substantially all of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years.

(b)

The Company accounts for the majority of its equity securities without readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer (the measurement alternative method). During the three months ended March 31, 2018 and June 30, 2018, the Company recorded upward adjustments of $6.9 million and $0.3 million, respectively, on these investments. There were no adjustments recorded by the Company during the three months ended September 30, 2018. The impacts related to the adjustments to these investments are included in "other income" in the consolidated statements of income. The upward adjustments were made as a result of observable price changes. The Company has recorded no impairments in 2018 on these investments.

Business Combination

9 Months Ended

Sep. 30, 2018

Business Combinations [Abstract]

Business Combination

Great Lakes Educational Loan Services, Inc. ("Great Lakes")

On February 7, 2018, the Company acquired 100 percent of the outstanding stock of Great Lakes for total cash consideration of $150.0 million. Great Lakes provides servicing for federally-owned student loans for the U.S. Department of Education (the "Department"), FFELP loans, and private education loans. The acquisition of Great Lakes has expanded the Company's portfolio of loans it services. The operating results of Great Lakes are included in the Loan Servicing and Systems operating segment.

As part of the acquisition, the Company acquired the remaining 50 percent ownership in GreatNet Solutions, LLC ("GreatNet"), a joint venture formed prior to the acquisition between Nelnet Servicing, LLC ("Nelnet Servicing"), a subsidiary of the Company, and Great Lakes. Prior to the acquisition of the remaining 50 percent of GreatNet, the Company consolidated the operating results of GreatNet, as the Company was deemed to have control over the joint venture. The proportionate share of membership interest (equity) and net loss of GreatNet that was attributable to Great Lakes was reflected as a noncontrolling interest in the Company's consolidated financial statements. The Company recognized a $19.1 million reduction to consolidated shareholders' equity as a result of acquiring Great Lakes' 50 percent ownership in GreatNet. This transaction resulted in a $5.7 million decrease in noncontrolling interests and a $13.4 million decrease in retained earnings.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended June 30, 2018, the Company recognized certain adjustments to the provisional amounts recorded on the acquisition date that were needed to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The net impact of these adjustments was a decrease to goodwill, and the adjustments had no impact on operating results. The fair value assigned to the acquisition of the noncontrolling interest in GreatNet reduced the total consideration allocated to the assets acquired and liabilities assumed of Great Lakes from $150.0 million to $136.6 million.



Cash and cash equivalents	$	27,399
Accounts receivable	23,708
Property and equipment	35,919
Other assets	14,018
Intangible assets	75,329
Excess cost over fair value of net assets acquired (goodwill)	15,043
Other liabilities	(54,865		)
Net assets acquired	$	136,551

The $75.3 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 4 years. The intangible assets that made up this amount include customer relationships of $70.2 million (4-year average useful life) and a trade name of $5.1 million (7-year useful life).

The $15.0 million of goodwill was assigned to the Loan Servicing and Systems operating segment and is not expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributed to the deferred tax liability related to the difference between the carrying amount and tax bases of acquired identifiable intangible assets and the synergies and economies of scale expected from combining the operations of the Company and Great Lakes.

The Great Lakes assets acquired and liabilities assumed were recorded by the Company at their respective fair values at the date of acquisition, and Great Lakes' operating results from the date of acquisition forward are included in the Company's consolidated operating results. During the second quarter of 2018, the Company converted Great Lakes' FFELP and private education loan servicing volume to Nelnet Servicing's servicing platform. In addition, the Company began to combine certain shared services and overhead functions between Great Lakes and the Company. As a result of these operational changes, the results of operations for the three and nine months ended September 30, 2018 attributed to Great Lakes since the acquisition are not provided since the results of the Great Lakes legal entity are no longer reflective of the entity acquired.

The following unaudited pro forma information for the Company has been prepared as if the acquisition of Great Lakes had occurred on January 1, 2017. The information is based on the historical results of the separate companies and may not necessarily be indicative of the results that could have been achieved or of results that may occur in the future. The pro forma adjustments include the impact of depreciation and amortization of property and equipment and intangible assets acquired.



	Three months ended September 30,			Nine months ended September 30,
	2018		2017	2018	2017
Loan servicing and systems revenue	$	112,579	117,044	347,312	348,752

Net income attributable to Nelnet, Inc.	$	42,927	48,794	207,783	135,523

Net income per share - basic and diluted	$	1.05	1.17	5.08	3.22

Intangible Assets

9 Months Ended

Sep. 30, 2018

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible assets consist of the following:



	Weighted average remaining useful life as of September 30, 2018 (months)	As of		As of
		September 30,		December 31,
		2018		2017
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $28,023 and $12,715, respectively)	73	$	79,070	24,168
Trade names (net of accumulated amortization of $4,978 and $2,498, respectively)	86	11,715		9,074
Computer software (net of accumulated amortization of $14,061 and $10,013, respectively)	21	4,674		4,958
Covenants not to compete (net of accumulated amortization of $153 and $127, respectively)	68	201		227
Total - amortizable intangible assets, net	72	$	95,660	38,427

The Company recorded amortization expense on its intangible assets of $7.9 million and $2.3 million during the three months ended September 30, 2018 and 2017, respectively, and $21.9 million and $7.1 million during the nine months ended September 30, 2018 and 2017, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2018, the Company estimates it will record amortization expense as follows:



2018 (October 1 - December 31)	$	7,650
2019	27,854
2020	24,656
2021	14,629
2022	4,671
2023 and thereafter	16,200
	$	95,660

Goodwill

9 Months Ended

Sep. 30, 2018

Goodwill [Abstract]

Goodwill

The change in the carrying amount of goodwill 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
Balance as of December 31, 2017	$	8,596		67,168	21,112	41,883	—	138,759
Goodwill acquired during the period	19,697			—	—	—	—	19,697
Balance as of March 31, 2018	28,293			67,168	21,112	41,883	—	158,456
Great Lakes purchase price allocation adjustment - second quarter of 2018	(4,654		)	—	—	—	—	(4,654	)
Balance as of June 30, 2018 and September 30, 2018	$	23,639		67,168	21,112	41,883	—	153,802

Property and Equipment

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:



		As of			As of
	Useful life	September 30, 2018			December 31, 2017
Non-communications:
Computer equipment and software	1-5 years	$	146,831		124,708
Building and building improvements	5-48 years	49,128			24,003
Office furniture and equipment	1-10 years	22,445			15,210
Leasehold improvements	1-15 years	9,310			7,759
Transportation equipment	4-10 years	4,447			3,813
Land	—	3,328			2,628
Construction in progress	—	2,073			4,127
		237,562			182,248
Accumulated depreciation - non-communications		(119,535		)	(105,017	)
Non-communications, net property and equipment		118,027			77,231

Communications:
Network plant and fiber	5-15 years	195,015			138,122
Customer located property	5-10 years	19,146			13,767
Central office	5-15 years	13,584			10,754
Transportation equipment	4-10 years	6,379			5,759
Computer equipment and software	1-5 years	4,988			3,790
Other	1-39 years	2,669			2,516
Land	—	70			70
Construction in progress	—	11,364			11,620
		253,215			186,398
Accumulated depreciation - communications		(31,512		)	(15,578	)
Communications, net property and equipment		221,703			170,820
Total property and equipment, net		$	339,730		248,051

The Company recorded depreciation expense on its property and equipment of $15.1 million and $7.7 million during the three months ended September 30, 2018 and 2017, respectively, and $41.1 million and $20.6 million during the nine months ended September 30, 2018 and 2017, respectively.

As part of integrating technology and becoming more efficient and effective in meeting borrower needs, the Company continues to evaluate the best use of its servicing systems on a post-Great Lakes acquisition basis. As a result of this evaluation, during the three months ended September 30, 2018, the Company recorded an impairment charge of $3.9 million within its Loan Servicing and Systems operating segment related to certain external software development costs that were previously capitalized. The impairment charge is included in "other expenses" on the Company's consolidated statements of income for the three and nine months ended September 30, 2018. There were no impairment charges recognized for the three and nine months ended September 30, 2017.

Earnings per Common Share

9 Months Ended

Sep. 30, 2018

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,
	2018				2017
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	42,354	573	42,927	45,850	453	46,303

Denominator:
Weighted-average common shares outstanding - basic and diluted	40,441,783		547,182	40,988,965	41,146,424	406,892	41,553,316
Earnings per share - basic and diluted	$	1.05	1.05	1.05	1.11	1.11	1.11



	Nine months ended September 30,
	2018				2017
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	203,881	2,406	206,287	123,816	1,249	125,065

Denominator:
Weighted-average common shares outstanding - basic and diluted	40,464,638		477,539	40,942,177	41,634,578	419,954	42,054,532
Earnings per share - basic and diluted	$	5.04	5.04	5.04	2.97	2.97	2.97

Segment Reporting

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Reporting

See note 15 of the notes to consolidated financial statements included in the 2017 Annual Report for a description of the Company's operating segments. As discussed in note 1 above, the names of certain operating segments were changed during the first quarter of 2018. 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, 2018
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	381		1,513		1		236,039		6,860		(4,846	)	239,948
Interest expense	—			3		4,174		176,874		3,968		(4,846	)	180,175
Net interest income	381			1,510		(4,173	)	59,165		2,892		—		59,773
Less provision for loan losses	—			—		—		10,500		—		—		10,500
Net interest income (loss) after provision for loan losses	381			1,510		(4,173	)	48,665		2,892		—		49,273
Other income:
Loan servicing and systems revenue	112,579			—		—		—		—		—		112,579
Intersegment servicing revenue	12,290			—		—		—		—		(12,290	)	—
Education technology, services, and payment processing revenue	—			58,409		—		—		—		—		58,409
Communications revenue	—			—		11,818		—		—		—		11,818
Other income	1,948			—		950		3,267		10,508		—		16,673
Derivative settlements, net	—			—		—		22,448		(124	)	—		22,324
Derivative market value and foreign currency transaction adjustments, net	—			—		—		(6,056	)	830		—		(5,226	)
Total other income	126,817			58,409		12,768		19,659		11,214		(12,290	)	216,577
Cost of services:
Cost to provide education technology, services, and payment processing services	—			19,087		—		—		—		—		19,087
Cost to provide communications services	—			—		4,310		—		—		—		4,310
Total cost of services	—			19,087		4,310		—		—		—		23,397
Operating expenses:
Salaries and benefits	70,440			19,972		4,554		424		18,782		—		114,172
Depreciation and amortization	8,957			3,435		6,167		—		4,433		—		22,992
Loan servicing fees	—			—		—		3,087		—		—		3,087
Other expenses	19,638			4,943		3,151		845		16,616		—		45,194
Intersegment expenses, net	15,029			2,494		598		12,378		(18,208	)	(12,290	)	—
Total operating expenses	114,064			30,844		14,470		16,734		21,623		(12,290	)	185,445
Income (loss) before income taxes	13,134			9,988		(10,185	)	51,590		(7,517	)	—		57,008
Income tax (expense) benefit (a)	(3,152		)	(2,397	)	2,444		(12,381	)	1,604		—		(13,882	)
Net income (loss)	9,982			7,591		(7,741	)	39,209		(5,913	)	—		43,126
Net income attributable to noncontrolling interests	—			—		—		—		(199	)	—		(199	)
Net income (loss) attributable to Nelnet, Inc.	$	9,982		7,591		(7,741	)	39,209		(6,112	)	—		42,927

Total assets as of September 30, 2018	$	276,153		243,497		271,370		23,927,156		723,985		(337,236	)	25,104,925


(a)	As a result of the Tax Cuts and Jobs Act, beginning January 1, 2018, income taxes are allocated based on 24% of income before taxes for each individual operating segment. The difference between the consolidated income tax expense and the sum of the taxes calculated for each operating segment, if any, is included in income taxes in Corporate and Other Activities.



	Three months ended September 30, 2017
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	147		5		1		194,971		3,903		(2,139	)	196,887
Interest expense	—			—		1,551		121,074		1,165		(2,139	)	121,650
Net interest income	147			5		(1,550	)	73,897		2,738		—		75,237
Less provision for loan losses	—			—		—		6,700		—		—		6,700
Net interest income (loss) after provision for loan losses	147			5		(1,550	)	67,197		2,738		—		68,537
Other income:
Loan servicing and systems revenue	55,950			—		—		—		—		—		55,950
Intersegment servicing revenue	10,563			—		—		—		—		(10,563	)	—
Education technology, services, and payment processing revenue	—			50,358		—		—		—		—		50,358
Communications revenue	—			—		6,751		—		—		—		6,751
Other income	—			—		—		2,753		17,003		—		19,756
Gain from debt repurchases	—			—		—		116		—		—		116
Derivative settlements, net	—			—		—		(382	)	(191	)	—		(573	)
Derivative market value and foreign currency transaction adjustments, net	—			—		—		7,702		44		—		7,746
Total other income	66,513			50,358		6,751		10,189		16,856		(10,563	)	140,104
Cost of services:
Cost to provide education technology, services, and payment processing services	—			15,151		—		—		—		—		15,151
Cost to provide communications services	—			—		2,632		—		—		—		2,632
Total cost of services	—			15,151		2,632		—		—		—		17,783
Operating expenses:
Salaries and benefits	38,435			17,432		4,099		392		13,834		—		74,193
Depreciation and amortization	549			2,316		3,145		—		4,040		—		10,051
Loan servicing fees	—			—		—		8,017		—		—		8,017
Other expenses	10,317			3,981		2,278		676		12,248		—		29,500
Intersegment expenses, net	7,774			2,219		470		10,659		(10,559	)	(10,563	)	—
Total operating expenses	57,075			25,948		9,992		19,744		19,563		(10,563	)	121,761
Income (loss) before income taxes	9,585			9,264		(7,423	)	57,642		31		—		69,097
Income tax (expense) benefit	(4,937		)	(3,520	)	2,821		(21,904	)	1,978		—		(25,562	)
Net income (loss)	4,648			5,744		(4,602	)	35,738		2,009		—		43,535
Net loss (income) attributable to noncontrolling interests	3,408			—		—		—		(640	)	—		2,768
Net income (loss) attributable to Nelnet, Inc.	$	8,056		5,744		(4,602	)	35,738		1,369		—		46,303

Total assets as of September 30, 2017	$	98,555		208,290		179,206		23,724,413		863,700		(305,454	)	24,768,710



	Nine months ended September 30, 2018
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	931		2,927		3		662,881		17,673		(12,420	)	671,995
Interest expense	—			3		9,987		480,729		8,875		(12,420	)	487,174
Net interest income	931			2,924		(9,984	)	182,152		8,798		—		184,821
Less provision for loan losses	—			—		—		18,000		—		—		18,000
Net interest income (loss) after provision for loan losses	931			2,924		(9,984	)	164,152		8,798		—		166,821
Other income:
Loan servicing and systems revenue	327,265			—		—		—		—		—		327,265
Intersegment servicing revenue	34,670			—		—		—		—		(34,670	)	—
Education technology, services, and payment processing revenue	—			167,372		—		—		—		—		167,372
Communications revenue	—			—		31,327		—		—		—		31,327
Other income	5,196			—		950		9,032		29,272		—		44,449
Gain from debt repurchases	—			—		—		359		—		—		359
Derivative settlements, net	—			—		—		51,428		(410	)	—		51,018
Derivative market value and foreign currency transaction adjustments, net	—			—		—		47,070		2,839		—		49,909
Total other income	367,131			167,372		32,277		107,889		31,701		(34,670	)	671,699
Cost of services:
Cost to provide education technology, services, and payment processing services	—			44,087		—		—		—		—		44,087
Cost to provide communications services	—			—		11,892		—		—		—		11,892
Total cost of services	—			44,087		11,892		—		—		—		55,979
Operating expenses:
Salaries and benefits	198,411			58,552		13,284		1,183		50,502		—		321,932
Depreciation and amortization	23,237			10,062		16,585		—		13,058		—		62,943
Loan servicing fees	—			—		—		9,428		—		—		9,428
Other expenses	51,591			14,950		8,811		2,982		40,686		—		119,020
Intersegment expenses, net	43,968			7,630		1,802		34,943		(53,672	)	(34,670	)	—
Total operating expenses	317,207			91,194		40,482		48,536		50,574		(34,670	)	513,323
Income (loss) before income taxes	50,855			35,015		(30,081	)	223,505		(10,075	)	—		269,218
Income tax (expense) benefit (a)	(12,399		)	(8,404	)	7,220		(53,641	)	3,855		—		(63,369	)
Net income (loss)	38,456			26,611		(22,861	)	169,864		(6,220	)	—		205,849
Net loss (income) attributable to noncontrolling interests	808			—		—		—		(371	)	—		438
Net income (loss) attributable to Nelnet, Inc.	$	39,264		26,611		(22,861	)	169,864		(6,591	)	—		206,287

Total assets as of September 30, 2018	$	276,153		243,497		271,370		23,927,156		723,985		(337,236	)	25,104,925


(a)	As a result of the Tax Cuts and Jobs Act, beginning January 1, 2018, income taxes are allocated based on 24% of income before taxes for each individual operating segment. The difference between the consolidated income tax expense and the sum of the taxes calculated for each operating segment, if any, is included in income taxes in Corporate and Other Activities.



	Nine months ended September 30, 2017
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	361		10		2		568,665		10,026		(5,274	)	573,789
Interest expense	—			—		3,367		340,898		2,794		(5,274	)	341,787
Net interest income	361			10		(3,365	)	227,767		7,232		—		232,002
Less provision for loan losses	—			—		—		10,700		—		—		10,700
Net interest income (loss) after provision for loan losses	361			10		(3,365	)	217,067		7,232		—		221,302
Other income:
Loan servicing and systems revenue	167,079			—		—		—		—		—		167,079
Intersegment servicing revenue	30,839			—		—		—		—		(30,839	)	—
Education technology, services, and payment processing revenue	—			149,862		—		—		—		—		149,862
Communications revenue	—			—		17,577		—		—		—		17,577
Other income	—			—		—		9,152		35,722		—		44,874
Gain from debt repurchases	—			—		—		1,097		4,440		—		5,537
Derivative settlements, net	—			—		—		(1,721	)	(593	)	—		(2,314	)
Derivative market value and foreign currency transaction adjustments, net	—			—		—		(23,121	)	(133	)	—		(23,254	)
Total other income	197,918			149,862		17,577		(14,593	)	39,436		(30,839	)	359,361
Cost of services:
Cost to provide education technology, services, and payment processing services	—			37,456		—		—		—		—		37,456
Cost to provide communications services	—			—		6,789		—		—		—		6,789
Total cost of services	—			37,456		6,789		—		—		—		44,245
Operating expenses:
Salaries and benefits	116,932			50,986		10,489		1,156		41,121		—		220,684
Depreciation and amortization	1,644			7,053		7,880		—		11,109		—		27,687
Loan servicing fees	—			—		—		19,670		—		—		19,670
Other expenses	28,333			13,185		5,422		2,487		32,497		—		81,923
Intersegment expenses, net	23,496			6,430		1,472		31,114		(31,673	)	(30,839	)	—
Total operating expenses	170,405			77,654		25,263		54,427		53,054		(30,839	)	349,964
Income (loss) before income taxes	27,874			34,762		(17,840	)	148,047		(6,386	)	—		186,454
Income tax (expense) benefit	(14,410		)	(13,210	)	6,779		(56,258	)	6,749		—		(70,349	)
Net income (loss)	13,464			21,552		(11,061	)	91,789		363		—		116,105
Net loss (income) attributable to noncontrolling interests	10,050			—		—		—		(1,090	)	—		8,960
Net income (loss) attributable to Nelnet, Inc.	$	23,514		21,552		(11,061	)	91,789		(727	)	—		125,065

Total assets as of September 30, 2017	$	98,555		208,290		179,206		23,724,413		863,700		(305,454	)	24,768,710

Major Customer	9 Months Ended
Major Customer	Sep. 30, 2018
Risks and Uncertainties [Abstract]
Major Customer	Major Customer Nelnet Servicing earns loan servicing revenue from a servicing contract with the Department that is currently scheduled to expire on June 16, 2019. Revenue earned by Nelnet Servicing related to this contract was $38.9 million and $38.6 million for the three months ended September 30, 2018 and 2017, and $118.0 million and $117.4 million for the nine months ended September 30, 2018 and 2017, respectively. In addition, 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 that is currently scheduled to expire on June 16, 2019. Revenue earned by Great Lakes related to this contract was $45.7 million for the three months ended September 30, 2018, and $122.1 million for the period from February 7, 2018 to September 30, 2018. On February 20, 2018, the Department’s Office of Federal Student Aid ("FSA") released information regarding a contract procurement process entitled Next Generation Financial Services Environment (“NextGen”) for the servicing of all student loans owned by the Department. The Company is part of a team that responded to the initial phase of the NextGen procurement on April 17, 2018. On August 27, August 29, and September 24, 2018, FSA made announcements that included canceling certain components of the NextGen process, issuing a solicitation for a separate new procurement process for certain of those NextGen components that were canceled, and outlining the next steps, components, and entities that are eligible to respond to the next phase for certain of the remaining NextGen components (which for each applicable component included the Company or an entity the Company is teaming with). Currently, FSA has four ongoing components between the two procurement processes: · Enterprise-Wide Digital and Customer Care Platforms and Services (new procurement process) · NextGen Future State Core Platform · NextGen Transitional Core Processing and Related Support Activities · NextGen Business Process Operations The Company is part of a team that has responded or will be responding to the next applicable phase for each of these four components. The Company cannot predict the timing, nature, or outcome of the next steps for these processes.

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Parties	Related Parties On August 22, 2018, the Company entered into agreements with Union Bank and Trust Company ("Union Bank") in which the Company will provide marketing, origination, and loan servicing services to Union Bank related to private education loans. The Company has committed to purchase, or arrange for a designee to purchase, a 95% participation interest in private education loans originated by Union Bank under these agreements upon a request for purchase by Union Bank. In addition, Union Bank has agreed to sell a 95% participation interest in private education loans originated by Union Bank under these agreements to the Company or its designee upon a request for sale by the Company. As of September 30, 2018, no loans had been originated under these agreements.

Fair Value

9 Months Ended

Sep. 30, 2018

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. There were no transfers into or out of level 1, level 2, or level 3 for the nine months ended September 30, 2018.



	As of September 30, 2018
	Level 1		Level 2	Total
Assets:
Investments:
Student loan and other asset-backed securities - available-for-sale	$	—	57,304	57,304
Equity securities	3,123		—	3,123
Equity securities measured at net asset value (a)	—		—	13,650
Debt securities - available-for-sale	106		—	106
Total investments	3,229		57,304	74,183
Derivative instruments	—		2,043	2,043
Total assets	$	3,229	59,347	76,226
Liabilities:
Derivative instruments	$	—	4,224	4,224
Total liabilities	$	—	4,224	4,224



	As of December 31, 2017
	Level 1		Level 2	Total
Assets:
Investments (available-for-sale):
Student loan and other asset-backed securities	$	—	76,866	76,866
Equity securities	3,928		—	3,928
Debt securities	108		—	108
Total investments (available-for-sale)	4,036		76,866	80,902
Derivative instruments	—		818	818
Total assets	$	4,036	77,684	81,720
Liabilities:
Derivative instruments	$	—	7,063	7,063
Total liabilities	$	—	7,063	7,063


(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, 2018
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,868,803	22,528,362	—	—	23,868,803
Cash and cash equivalents	83,537		83,537	83,537	—	—
Investments (at fair value)	74,183		74,183	3,229	57,304	—
Notes receivable	16,373		16,373	—	16,373	—
Restricted cash	723,338		723,338	723,338	—	—
Restricted cash – due to customers	188,591		188,591	188,591	—	—
Loan accrued interest receivable	624,259		624,259	—	624,259	—
Derivative instruments	2,043		2,043	—	2,043	—
Financial liabilities:
Bonds and notes payable	22,525,479		22,251,433	—	22,525,479	—
Accrued interest payable	60,658		60,658	—	60,658	—
Due to customers	188,591		188,591	188,591	—	—
Derivative instruments	4,224		4,224	—	4,224	—



	As of December 31, 2017
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,106,440	21,814,507	—	—	23,106,440
Cash and cash equivalents	66,752		66,752	66,752	—	—
Investments (available-for-sale)	80,902		80,902	4,036	76,866	—
Notes receivable	16,393		16,393	—	16,393	—
Restricted cash	688,193		688,193	688,193	—	—
Restricted cash – due to customers	187,121		187,121	187,121	—	—
Loan accrued interest receivable	430,385		430,385	—	430,385	—
Derivative instruments	818		818	—	818	—
Financial liabilities:
Bonds and notes payable	21,521,463		21,356,573	—	21,521,463	—
Accrued interest payable	50,039		50,039	—	50,039	—
Due to customers	187,121		187,121	187,121	—	—
Derivative instruments	7,063		7,063	—	7,063	—

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 2017 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 Event	9 Months Ended
Subsequent Event	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 16, 2018, the Company terminated its investment in a proprietary payment processing platform. This decision was made as a result of decreases in price and advancements of technology by established processors in the industry. As a result of this decision, the Company will record an impairment charge of approximately $8 million during the three-month period ending December 31, 2018. The charge represents computer equipment and external software development costs related to the payment processing platform. The decision will not impact the Company's existing payment processing revenue or customers. The Company is continuing to evaluate other costs that may be incurred as a result of this decision, including the termination of certain contracts and severance for affected employees. The Company currently believes contract termination and employee severance costs will not be material.

Basis of Financial Reporting - Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2018

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, 2018 and for the three and nine months ended September 30, 2018 and 2017 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2017 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, 2018 are not necessarily indicative of the results for the year ending December 31, 2018. 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, 2017 (the "2017 Annual Report").

Accounting Standards Adopted in 2018

In the first quarter of 2018, the Company adopted the following new accounting standards and other guidance:

Revenue Recognition

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"). Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.

The Company adopted the standard effective January 1, 2018, using the full retrospective method, which required it to restate each prior reporting period presented. As a result, the Company changed its accounting policy for revenue recognition as detailed in note 2, “Summary of Significant Accounting Policies and Practices.”

The most significant impact of the standard relates to identifying the Company's fee-based Education Technology, Services, and Payment Processing operating segment as the principal in its payment services transactions. As a result of this change, the Company presents the payment services revenue gross, with the direct costs to provide these services presented separately. The Company’s other fee-based operating segments will recognize revenue consistent with historical revenue recognition patterns. The majority of the Company's revenue earned in its non-fee-based Asset Generation and Management operating segment, including loan interest and derivative activity, is explicitly excluded from the scope of the new standard.

Equity Investments

In January 2016, the FASB issued new accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The guidance, including a related clarifying update, requires equity investments with readily determinable fair values to be measured at fair value, with changes in the fair value recognized through net income (other than those equity investments accounted for under the equity method of accounting or those that result in consolidation of the investee). An entity may choose to measure equity investments without readily determinable fair values at fair value or use the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. In addition, the impairment assessment is simplified by requiring a qualitative assessment to identify impairment.

The guidance requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption to reclassify the cumulative change in fair value of equity securities with readily determinable fair values previously recognized in accumulated other comprehensive income, and was adopted by the Company as of January 1, 2018. Upon adoption, the Company recorded an immaterial cumulative-effect adjustment to retained earnings, accumulated other comprehensive earnings, and investments and notes receivable. Subsequent to the adoption, the Company is accounting for the majority of its equity investments without readily determinable fair values using the measurement alternative.

Other Comprehensive Income

In February 2018, the FASB issued guidance which allows a reclassification from accumulated other comprehensive earnings to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, which became effective on January 1, 2018. This guidance is effective for fiscal years beginning after December 15, 2018, but early adoption is permitted. The Company elected to early adopt this guidance as of January 1, 2018. Upon adoption, the Company recorded an immaterial reclassification between accumulated other comprehensive earnings and retained earnings.

Restricted Cash

In November 2016, the FASB issued accounting guidance related to restricted cash. The new guidance requires that the statement of cash flows present the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and a reconciliation of such total to amounts on the balance sheet. The Company adopted the standard effective January 1, 2018 using the retrospective transition method.

Revenue Recognition

Education technology, services, and payment processing revenue - Education technology, services, and payment processing revenue consists of the following items:

•

Tuition payment plan services - Tuition payment plan services consideration is determined from individual plan agreements, which are governed by plan service agreements, and includes access to a remote hosted environment and management of payment processing. The management of payment processing is considered a distinct performance obligation when sold with the remote hosted environment. Revenue for each performance obligation is allocated to the distinct service period, the academic school term, and recognized ratably over the service period as customers simultaneously receive and consume benefits.

•

Payment processing - Payment processing consideration is determined from individual contracts with customers and includes electronic transfer and credit card processing, reporting, virtual terminal solutions, and specialized integrations to business software for education and non-education markets. Volume-based revenue from payment processing is allocated and recognized to the distinct service period, based on when each transaction is completed, and recognized as control transfers as customers simultaneously receive and consume benefits.

•

Education technology and services - Education technology and services consideration is determined from individual contracts with customers and is based on the services selected by the customer. Services in K-12 private and faith based schools include (i) assistance with financial needs assessment, (ii) automating administrative processes such as admissions, online applications and enrollment services, scheduling, student billing, attendance, and grade book management, and (iii) professional development and educational instruction services. Revenue for these services is recognized for the consideration the Company has a right to invoice, the amount of which corresponds directly with the value provided to the customer based on the performance completed. Services provided to the higher education market include innovative education-focused technologies, services, and support solutions to help schools with the everyday challenges of collecting and processing commerce data. These services are considered distinct performance obligations. Revenue for each performance obligation is allocated to the distinct service period, typically a month or based on when each transaction is completed, and recognized as control transfers as customers simultaneously receive and consume benefits.

Revenue Recognition

The Company applies the provisions of ASC Topic 606 to its fee-based operating segments. The majority of the Company’s revenue earned in its Asset Generation and Management operating segment, including loan interest and derivative activity, is explicitly excluded from the scope of ASC Topic 606. The Company recognizes revenue under the core principle of ASC Topic 606 to depict the transfer of control of products and services to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. Additional information related to the Company's revenue recognition of specific items is provided below.

The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.

Loan servicing and systems revenue - Loan servicing and systems revenue consists of the following items:

•

Loan servicing revenue - Loan servicing revenue consideration is determined from individual contracts with customers and is calculated monthly based on the dollar value of loans, number of loans, number of borrowers serviced for each customer, or number of transactions. Loan servicing requires a significant level of integration and the individual components are not considered distinct. The Company will perform various services, including, but not limited to, (i) application processing, (ii) monthly servicing, (iii) conversion processing, and (iv) fulfillment services, during each distinct service period. Even though the mix and quantity of activities that the Company performs each period may differ, the nature of the activities are substantially the same. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits.

•

Software services revenue - Software services revenue consideration is determined from individual contracts with customers and includes license and maintenance fees associated with loan software products, generally in a remote hosted environment, and computer and software consulting. Usage-based revenue from remote hosted licenses is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits. Revenue from any non-refundable up-front fee is recognized ratably over the contract period, as the fee relates to set-up activities that provide no incremental benefit to the customers. Computer and software consulting is also capable of being distinct and accounted for as a separate performance obligation. Revenue allocated to computer and software consulting is recognized as services are provided.


•	Outsourced services revenue - Outsourced services revenue consideration is determined from individual contracts with customers and is calculated monthly based on the volume of services. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits.

Communications revenue - Communications revenue is derived principally from internet, television, and telephone services and is billed as a flat fee in advance of providing the service. Revenues for usage-based services, such as access charges billed to other telephone carriers for originating and terminating long-distance calls on the Company's network, are billed in arrears. These are each considered distinct performance obligations. Revenue is recognized monthly for the consideration the Company has a right to invoice, the amount of which corresponds directly with the value provided to the customer based on the performance completed. The Company recognizes revenue from these services in the period the services are rendered rather than billed. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. Earned but unbilled usage-based services are recorded in accounts receivable.

Assets Recognized from the Costs to Obtain a Contract with a Customer - The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it expects the benefit of those costs to be longer than one year. The Company has determined that certain sales incentive programs meet the requirements to be capitalized. Total capitalized costs to obtain a contract were immaterial during the periods presented and are included in “other assets” on the consolidated balance sheets.

Basis of Financial Reporting - Basis of Financial Reporting (Tables)

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Impact on Previous Reporting

Adoption of the revenue recognition standard impacted the Company’s previously reported results on the consolidated statements of income as follows:



	Three months ended September 30, 2017
	As previously reported		Impact of adoption	As restated
Education technology, services, and payment processing revenue	$	35,450	14,908	50,358
Cost to provide education technology, services, and payment processing services	—		14,908	14,908	(a)



	Nine months ended September 30, 2017
	As previously reported		Impact of adoption	As restated
Education technology, services, and payment processing revenue	$	113,293	36,569	149,862
Cost to provide education technology, services, and payment processing services	—		36,569	36,569	(a)


(a)	In addition to the impact of adopting the new revenue recognition standard, as discussed above, the Company reclassified other direct costs to provide education technology, services, and payment processing services which were previously reported as part of "other expenses" to "cost to provide education technology, services, and payment processing services."

Adoption of this standard impacted the Company's previously reported amounts on the consolidated statements of cash flows as follows:



	Nine months ended September 30, 2017
	As previously reported		Impact of adoption		As restated
Decrease in due to customers	$	—	(14,403	)	(14,403	)
Proceeds from clearinghouse - initial and variation margin, net	37,744		21,156		58,900
Net cash provided by operating activities	230,335		6,753		237,088
Decrease in restricted cash, net	276,654		(276,654	)	—
Net cash provided by investing activities	2,522,620		(276,654	)	2,245,966

Summary of Significant Accounting Policies and Practices (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table provides disaggregated revenue by service offering:



	Three months ended September 30,			Nine months ended September 30,
	2018		2017	2018	2017
Government servicing - Nelnet	$	38,907	38,594	118,015	117,409
Government servicing - Great Lakes (a)	45,671		—	122,107	—
FFELP servicing	7,422		3,979	24,259	11,693
Private education and consumer loan servicing	10,007		7,596	31,990	20,535
Software services	8,201		4,430	24,461	13,093
Outsourced services and other	2,371		1,351	6,433	4,349
Loan servicing and systems revenue	$	112,579	55,950	327,265	167,079


(a)	Great Lakes Educational Loan Services, Inc. ("Great Lakes") was acquired by the Company on February 7, 2018. For additional information about the acquisition, see note 7.

The following table provides disaggregated revenue by service offering:



	Three months ended September 30,			Nine months ended September 30,
	2018		2017	2018	2017
Tuition payment plan services	$	19,771	17,885	63,209	58,543
Payment processing	26,956		22,541	62,908	55,371
Education technology and services	11,419		9,831	40,411	35,804
Other	263		101	844	144
Education technology, services, and payment processing revenue	$	58,409	50,358	167,372	149,862

The following table provides disaggregated revenue by service offering and customer type:



	Three months ended September 30,			Nine months ended September 30,
	2018		2017	2018	2017
Internet	$	6,456	3,205	16,547	7,978
Television	3,385		2,115	9,250	5,498
Telephone	1,957		1,413	5,471	4,018
Other	20		18	59	83
Communications revenue	$	11,818	6,751	31,327	17,577

Residential revenue	$	8,896	4,680	23,367	11,851
Business revenue	2,861		2,013	7,779	5,525
Other	61		58	181	201
Communications revenue	$	11,818	6,751	31,327	17,577

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,
	2018		2017	2018	2017
Realized and unrealized gains on investments, net	$	1,288	2,201	11,505	3,818
Borrower late fee income	3,253		2,731	8,994	9,098
Investment advisory fees	1,183		5,852	4,169	11,661
Management fee revenue	1,756		—	4,673	—
Peterson's revenue	—		3,402	—	9,282
Other	9,193		5,570	15,108	11,015
Other income	$	16,673	19,756	44,449	44,874

Schedule of Liabilities from Contracts with Customers

Activity in the deferred revenue balance is shown below:



	Three months ended September 30,					Nine months ended September 30,
	2018			2017		2018		2017
Balance, beginning of period	$	25,660		25,954		32,276		33,141
Deferral of revenue	45,174			38,705		97,726		79,435
Recognition of revenue	(27,992		)	(22,181	)	(87,303	)	(70,128	)
Other	(11		)	27		132		57
Balance, end of period	$	42,831		42,505		42,831		42,505

The following table provides information about liabilities from contracts with customers:

Loans Receivable and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Loans receivable consisted of the following:



	As of			As of
	September 30, 2018			December 31, 2017
Federally insured student loans:
Stafford and other	$	4,956,324		4,418,881
Consolidation	17,434,419			17,302,725
Total	22,390,743			21,721,606
Private education loans	169,467			212,160
Consumer loans	112,547			62,111
	22,672,757			21,995,877
Loan discount, net of unamortized loan premiums and deferred origination costs	(63,566		)	(113,695	)
Non-accretable discount	(20,612		)	(13,085	)
Allowance for loan losses:
Federally insured loans	(43,053		)	(38,706	)
Private education loans	(11,253		)	(12,629	)
Consumer loans	(5,911		)	(3,255	)
	$	22,528,362		21,814,507

Allowance for Credit Losses on Financing Receivables

Activity in the allowance for loan losses is shown below.



	Three months ended September 30, 2018
	Balance at beginning of period		Provision for loan losses		Charge-offs		Recoveries	Other	Balance at end of period
Federally insured loans	$	37,263	8,000		(2,210	)	—	—	43,053
Private education loans	11,664		—		(535	)	124	—	11,253
Consumer loans	4,788		2,500		(1,403	)	26	—	5,911
	$	53,715	10,500		(4,148	)	150	—	60,217

	Three months ended September 30, 2017
Federally insured loans	$	35,862	7,000		(3,464	)	—	—	39,398
Private education loans	13,846		(1,000	)	(491	)	161	50	12,566
Consumer loans	1,000		700		(33	)	—	—	1,667
	$	50,708	6,700		(3,988	)	161	50	53,631

	Nine months ended September 30, 2018
Federally insured loans	$	38,706	12,000		(8,653	)	—	1,000	43,053
Private education loans	12,629		—		(1,846	)	470	—	11,253
Consumer loans	3,255		6,000		(3,376	)	32	—	5,911
	$	54,590	18,000		(13,875	)	502	1,000	60,217

	Nine months ended September 30, 2017
Federally insured loans	$	37,268	11,000		(8,870	)	—	—	39,398
Private education loans	14,574		(2,000	)	(861	)	603	250	12,566
Consumer loans	—		1,700		(33	)	—	—	1,667
	$	51,842	10,700		(9,764	)	603	250	53,631

Financing Receivable Credit Quality Indicators

The table below shows the Company’s loan delinquency amounts for federally insured and private education loans.



	As of September 30, 2018				As of December 31, 2017				As of September 30, 2017
Federally insured loans:
Loans in-school/grace/deferment	$	1,410,902			$	1,260,394			$	1,448,172
Loans in forbearance	1,487,107				1,774,405				2,406,346
Loans in repayment status:
Loans current	16,921,119		86.8	%	16,477,004		88.2	%	16,534,795		88.7	%
Loans delinquent 31-60 days	689,454		3.5		682,586		3.7		579,665		3.1
Loans delinquent 61-90 days	412,639		2.1		374,534		2.0		334,085		1.8
Loans delinquent 91-120 days	347,013		1.8		287,922		1.5		255,567		1.4
Loans delinquent 121-270 days	853,224		4.4		629,480		3.4		700,319		3.8
Loans delinquent 271 days or greater	269,285		1.4		235,281		1.2		228,335		1.2
Total loans in repayment	19,492,734		100.0	%	18,686,807		100.0	%	18,632,766		100.0	%
Total federally insured loans	$	22,390,743			$	21,721,606			$	22,487,284
Private education loans:
Loans in-school/grace/deferment	$	3,550			$	6,053			$	27,188
Loans in forbearance	1,577				2,237				2,904
Loans in repayment status:
Loans current	156,383		95.2	%	196,720		96.5	%	190,153		96.8	%
Loans delinquent 31-60 days	1,796		1.1		1,867		0.9		1,200		0.6
Loans delinquent 61-90 days	1,155		0.7		1,052		0.5		1,195		0.6
Loans delinquent 91 days or greater	5,006		3.0		4,231		2.1		3,989		2.0
Total loans in repayment	164,340		100.0	%	203,870		100.0	%	196,537		100.0	%
Total private education loans	$	169,467			$	212,160			$	226,629

Bonds and Notes payable (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Debt

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



	As of September 30, 2018
	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	$	20,695,887		2.38% - 4.07%	4/25/24 - 10/25/66
Bonds and notes based on auction	799,576			2.77% - 3.51%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	21,495,463
FFELP warehouse facilities	705,144			2.34% / 2.38%	11/19/19 / 5/31/21
Variable-rate bonds and notes issued in private education loan asset-backed securitization	55,406			3.97%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	66,975			3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	160,000			3.65%	6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities	20,381			6.91%	9/15/61
Other borrowings	79,669			2.77% - 5.22%	10/1/18 - 12/15/45
	22,583,038
Discount on bonds and notes payable and debt issuance costs	(331,605		)
Total	$	22,251,433



	As of December 31, 2017
	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	$	20,352,045		1.47% - 3.37%	8/25/21 - 2/25/66
Bonds and notes based on auction	780,829			2.09% - 2.69%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	21,132,874
FFELP warehouse facilities	335,992			1.55% / 1.56%	11/19/19 / 5/31/20
Variable-rate bonds and notes issued in private education loan asset-backed securitization	74,717			3.30%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	82,647			3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	10,000			2.98%	12/12/21
Unsecured debt - Junior Subordinated Hybrid Securities	20,381			5.07%	9/15/61
Other borrowings	70,516			2.44% - 3.38%	1/12/18 - 12/15/45
	21,727,127
Discount on bonds and notes payable and debt issuance costs	(370,554		)
Total	$	21,356,573

Schedule of Line of Credit Facilities

As of September 30, 2018, the Company had two FFELP warehouse facilities as summarized below.



	NFSLW-I (a)		NHELP-II (b)	Total
Maximum financing amount	$	550,000	500,000	1,050,000
Amount outstanding	531,782		173,362	705,144
Amount available	$	18,218	326,638	344,856
Expiration of liquidity provisions	September 20, 2019		May 31, 2019
Final maturity date	November 19, 2019		May 31, 2021
Maximum advance rates	92 - 98%		85 - 95%
Minimum advance rates	84 - 90%		85 - 95%
Advanced as equity support	$	21,349	14,797	36,146

(a)

On April 24, 2018, the Company increased the maximum financing amount for this warehouse facility from $500.0 million to $1.25 billion. On May 3, 2018, the Company temporarily increased the maximum financing amount for this warehouse facility an additional $75.0 million to $1.325 billion. During the three months ended September 30, 2018, the Company decreased the maximum financing amount for this warehouse facility to $550.0 million.

On November 6, 2018, the Company amended the agreement for this warehouse facility, which changed the expiration date for the liquidity provisions to May 20, 2019 and changed the final maturity date to May 20, 2020. In addition, the amendment changed the advance rates on this facility that provides for formula-based advance rates that are static until the expiration date of the liquidity provisions. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.


(b)	On April 24, 2018, the Company amended the agreement for this warehouse facility, which changed the expiration date for the liquidity provisions to May 31, 2019 and changed the final maturity date to May 31, 2021.

Schedule of Asset-Backed Securitization

The following table summarizes the asset-backed securitization transactions completed during the first nine months of 2018.



	2018-1				2018-2	2018-3									2018-4						Total
	Class A-1 Notes		Class A-2 Notes	2018-1 total		Class A-1 Notes		Class A-2 Notes		Class A-3 Notes		2018-3 total			Class A-1 Notes		Class A-2 Notes		2018-4 total
Date securities issued	3/29/18		3/29/18	3/29/18	6/7/18	7/26/18		7/26/18		7/26/18		7/26/18			8/30/18		8/30/18		8/30/18
Total original principal amount	$	98,000	375,750	473,750	509,800	220,000		546,900		220,000		1,001,900			30,500		451,900		495,700		$	2,481,150

Class A senior notes:
Total principal amount	$	98,000	375,750	473,750	509,800	220,000		546,900		220,000		986,900			30,500		451,900		482,400		2,452,850
Cost of funds (1-month LIBOR plus:)	0.32%		0.76%		0.65%	0.30	%	0.44	%	0.75	%				0.26	%	0.70	%
Final maturity date	5/25/66		5/25/66		7/26/66	9/27/66		9/27/66		9/27/66					10/25/66		10/25/66

Class B subordinated notes:
Total original principal amount												$	15,000						13,300		28,300
Bond discount												(229		)					—		(229		)
Issue price												$	14,771						13,300		28,071
Cost of funds (1-month LIBOR plus:)												1.20		%					1.40	%
Final maturity date												9/27/66							10/25/66

Schedule of Repurchase of Debt

The following table summarizes the Company's repurchases of its own debt. Gains recorded by the Company from the repurchase of debt are included in "gain from debt repurchases" on the Company's consolidated statements of income.



	Par value		Purchase price	Gain	Par value	Purchase price	Gain
	Three months ended
	September 30, 2018				September 30, 2017
Asset-backed securities	$	—	—	—	14,702	14,586	116

	Nine months ended
	September 30, 2018				September 30, 2017
Asset-backed securities	$	12,905	12,546	359	18,790	17,670	1,120
Unsecured debt - Hybrid Securities	—		—	—	29,658	25,241	4,417
	$	12,905	12,546	359	48,448	42,911	5,537

- 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=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Basis Swap

The following table summarizes the Company’s outstanding basis swaps 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").



	As of September 30,		As of December 31,
	2018		2017
Maturity	Notional amount		Notional amount
2018	$	250,000	4,250,000
2019	3,500,000		3,500,000
2020	1,000,000		—
2021	250,000		—
2022	2,000,000		1,000,000
2023	750,000		—
2024	250,000		250,000
2026	1,150,000		1,150,000
2027	375,000		375,000
2028	325,000		325,000
2029	100,000		100,000
2031	300,000		300,000
	$	10,250,000	11,250,000

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, 2018				As of December 31, 2017
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)
2018	$	250,000	0.92	%	$	1,350,000	1.07	%
2019	3,250,000		0.97		3,250,000		0.97
2020	1,500,000		1.01		1,500,000		1.01
2023	750,000		2.28		750,000		2.28
2024	300,000		2.28		300,000		2.28
2025	100,000		2.32		100,000		2.32
2027	50,000		2.32		50,000		2.32
2028	100,000		3.03		—		—
	$	6,300,000	1.26	%	$	7,300,000	1.21	%


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

Schedule of Interest Rate Swaps, Unsecured Debt Hedges

The Company had the following derivatives outstanding as of September 30, 2018 and December 31, 2017 that are used to effectively convert the variable interest rate on a designated notional amount with respect to the Hybrid Securities to a fixed rate of 7.66%.



Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)
2036	$	25,000	4.28	%


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

Schedule of Derivatives as Reflected on Balance Sheet

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets:



	Fair value of asset derivatives			Fair value of liability derivatives
	As of September 30, 2018		As of December 31, 2017	As of September 30, 2018	As of December 31, 2017
Interest rate swap option - floor income hedge	$	1,200	543	—	—
Interest rate caps	843		275	—	—
Interest rate swaps - hybrid debt hedges	—		—	4,224	7,063
Total	$	2,043	818	4,224	7,063

Schedule of Offsetting of Derivative Assets/Liabilities

The following tables include the gross amounts related to the Company's derivative portfolio recognized in the consolidated balance sheets, reconciled to the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received/pledged.



			Gross amounts not offset in the consolidated balance sheets
Derivative assets	Gross amounts of recognized assets presented in the consolidated balance sheets		Derivatives subject to enforceable master netting arrangement	Cash collateral received	Net asset
Balance as of September 30, 2018	$	2,043	—	—	2,043
Balance as of December 31, 2017	818		—	—	818



				Gross amounts not offset in the consolidated balance sheets
Derivative liabilities	Gross amounts of recognized liabilities presented in the consolidated balance sheets			Derivatives subject to enforceable master netting arrangement	Cash collateral pledged	Net asset (liability)
Balance as of September 30, 2018	$	(4,224	)	—	7,520	3,296
Balance as of December 31, 2017	(7,063		)	—	8,520	1,457

Schedule of Income Statement Impact

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



	Three months ended September 30,					Nine months ended September 30,
	2018			2017		2018		2017
Settlements:
1:3 basis swaps	$	3,361		(2,172	)	4,676		(1,836	)
Interest rate swaps - floor income hedges	19,087			3,883		46,752		5,877
Interest rate swaps - hybrid debt hedges	(124		)	(191	)	(410	)	(593	)
Cross-currency interest rate swap	—			(2,093	)	—		(5,762	)
Total settlements - income (expense)	22,324			(573	)	51,018		(2,314	)
Change in fair value:
1:3 basis swaps	1,283			5,916		12,058		(5,499	)
Interest rate swaps - floor income hedges	(7,427		)	(185	)	34,008		(13,670	)
Interest rate swap option - floor income hedge	(31		)	(500	)	437		(2,212	)
Interest rate caps	119			(103	)	567		(936	)
Interest rate swaps - hybrid debt hedges	830			44		2,839		10
Cross-currency interest rate swap	—			16,257		—		44,831
Other	—			—		—		(143	)
Total change in fair value - income (expense)	(5,226		)	21,429		49,909		22,381
Re-measurement of Euro Notes (foreign currency transaction adjustment)	—			(13,683	)	—		(45,635	)
Derivative market value and foreign currency transaction adjustments and derivative settlements, net - income (expense)	$	17,098		7,173		100,927		(25,568	)

Investments and Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2018

Investments [Abstract]

Summary Investment Holdings

A summary of the Company's investments and notes receivable follows:



	As of September 30, 2018
	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)	$	52,232	5,178	—		57,410
Equity securities	12,318		4,835	(380	)	16,773
Total investments (at fair value)	$	64,550	10,013	(380	)	74,183

Other Investments and Notes Receivable (not measured at fair value):
Venture capital and funds:
Measurement alternative (b)						70,881
Equity method						17,526
Other						883
Total venture capital and funds						89,290
Real estate:
Equity method						30,135
Other						29,058
Total real estate						59,193

Notes receivable						16,373
Tax liens and affordable housing						7,776
Total investments and notes receivable (not measured at fair value)						172,632
Total investments and notes receivable						$	246,815



	As of December 31, 2017
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value

Investments (at fair value):
Available-for-sale investments:
Student loan asset-backed and other debt securities	$	71,943	5,056	(25	)	76,974
Equity securities	1,630		2,298	—		3,928
Total available-for-sale investments	$	73,573	7,354	(25	)	80,902

Other Investments and Notes Receivable (not measured at fair value):
Venture capital and funds						84,752
Real estate						49,464
Notes receivable						16,393
Tax liens and affordable housing						9,027
Total investments and notes receivable						$	240,538


(a)	As of September 30, 2018, the stated maturities of substantially all of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years.

(b)

The Company accounts for the majority of its equity securities without readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer (the measurement alternative method). During the three months ended March 31, 2018 and June 30, 2018, the Company recorded upward adjustments of $6.9 million and $0.3 million, respectively, on these investments. There were no adjustments recorded by the Company during the three months ended September 30, 2018. The impacts related to the adjustments to these investments are included in "other income" in the consolidated statements of income. The upward adjustments were made as a result of observable price changes. The Company has recorded no impairments in 2018 on these investments.

Business Combination (Tables)

9 Months Ended

Sep. 30, 2018

Business Combinations [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended June 30, 2018, the Company recognized certain adjustments to the provisional amounts recorded on the acquisition date that were needed to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The net impact of these adjustments was a decrease to goodwill, and the adjustments had no impact on operating results. The fair value assigned to the acquisition of the noncontrolling interest in GreatNet reduced the total consideration allocated to the assets acquired and liabilities assumed of Great Lakes from $150.0 million to $136.6 million.



Cash and cash equivalents	$	27,399
Accounts receivable	23,708
Property and equipment	35,919
Other assets	14,018
Intangible assets	75,329
Excess cost over fair value of net assets acquired (goodwill)	15,043
Other liabilities	(54,865		)
Net assets acquired	$	136,551

Schedule of Pro Forma Information

The following unaudited pro forma information for the Company has been prepared as if the acquisition of Great Lakes had occurred on January 1, 2017. The information is based on the historical results of the separate companies and may not necessarily be indicative of the results that could have been achieved or of results that may occur in the future. The pro forma adjustments include the impact of depreciation and amortization of property and equipment and intangible assets acquired.



	Three months ended September 30,			Nine months ended September 30,
	2018		2017	2018	2017
Loan servicing and systems revenue	$	112,579	117,044	347,312	348,752

Net income attributable to Nelnet, Inc.	$	42,927	48,794	207,783	135,523

Net income per share - basic and diluted	$	1.05	1.17	5.08	3.22

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2018

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:



	Weighted average remaining useful life as of September 30, 2018 (months)	As of		As of
		September 30,		December 31,
		2018		2017
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $28,023 and $12,715, respectively)	73	$	79,070	24,168
Trade names (net of accumulated amortization of $4,978 and $2,498, respectively)	86	11,715		9,074
Computer software (net of accumulated amortization of $14,061 and $10,013, respectively)	21	4,674		4,958
Covenants not to compete (net of accumulated amortization of $153 and $127, respectively)	68	201		227
Total - amortizable intangible assets, net	72	$	95,660	38,427

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of September 30, 2018, the Company estimates it will record amortization expense as follows:



2018 (October 1 - December 31)	$	7,650
2019	27,854
2020	24,656
2021	14,629
2022	4,671
2023 and thereafter	16,200
	$	95,660

Goodwill (Tables)

9 Months Ended

Sep. 30, 2018

Goodwill [Abstract]

Schedule of Goodwill

The change in the carrying amount of goodwill 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
Balance as of December 31, 2017	$	8,596		67,168	21,112	41,883	—	138,759
Goodwill acquired during the period	19,697			—	—	—	—	19,697
Balance as of March 31, 2018	28,293			67,168	21,112	41,883	—	158,456
Great Lakes purchase price allocation adjustment - second quarter of 2018	(4,654		)	—	—	—	—	(4,654	)
Balance as of June 30, 2018 and September 30, 2018	$	23,639		67,168	21,112	41,883	—	153,802

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:



		As of			As of
	Useful life	September 30, 2018			December 31, 2017
Non-communications:
Computer equipment and software	1-5 years	$	146,831		124,708
Building and building improvements	5-48 years	49,128			24,003
Office furniture and equipment	1-10 years	22,445			15,210
Leasehold improvements	1-15 years	9,310			7,759
Transportation equipment	4-10 years	4,447			3,813
Land	—	3,328			2,628
Construction in progress	—	2,073			4,127
		237,562			182,248
Accumulated depreciation - non-communications		(119,535		)	(105,017	)
Non-communications, net property and equipment		118,027			77,231

Communications:
Network plant and fiber	5-15 years	195,015			138,122
Customer located property	5-10 years	19,146			13,767
Central office	5-15 years	13,584			10,754
Transportation equipment	4-10 years	6,379			5,759
Computer equipment and software	1-5 years	4,988			3,790
Other	1-39 years	2,669			2,516
Land	—	70			70
Construction in progress	—	11,364			11,620
		253,215			186,398
Accumulated depreciation - communications		(31,512		)	(15,578	)
Communications, net property and equipment		221,703			170,820
Total property and equipment, net		$	339,730		248,051

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2018

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,
	2018				2017
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	42,354	573	42,927	45,850	453	46,303

Denominator:
Weighted-average common shares outstanding - basic and diluted	40,441,783		547,182	40,988,965	41,146,424	406,892	41,553,316
Earnings per share - basic and diluted	$	1.05	1.05	1.05	1.11	1.11	1.11



	Nine months ended September 30,
	2018				2017
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	203,881	2,406	206,287	123,816	1,249	125,065

Denominator:
Weighted-average common shares outstanding - basic and diluted	40,464,638		477,539	40,942,177	41,634,578	419,954	42,054,532
Earnings per share - basic and diluted	$	5.04	5.04	5.04	2.97	2.97	2.97

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

See note 15 of the notes to consolidated financial statements included in the 2017 Annual Report for a description of the Company's operating segments. As discussed in note 1 above, the names of certain operating segments were changed during the first quarter of 2018. 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, 2018
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	381		1,513		1		236,039		6,860		(4,846	)	239,948
Interest expense	—			3		4,174		176,874		3,968		(4,846	)	180,175
Net interest income	381			1,510		(4,173	)	59,165		2,892		—		59,773
Less provision for loan losses	—			—		—		10,500		—		—		10,500
Net interest income (loss) after provision for loan losses	381			1,510		(4,173	)	48,665		2,892		—		49,273
Other income:
Loan servicing and systems revenue	112,579			—		—		—		—		—		112,579
Intersegment servicing revenue	12,290			—		—		—		—		(12,290	)	—
Education technology, services, and payment processing revenue	—			58,409		—		—		—		—		58,409
Communications revenue	—			—		11,818		—		—		—		11,818
Other income	1,948			—		950		3,267		10,508		—		16,673
Derivative settlements, net	—			—		—		22,448		(124	)	—		22,324
Derivative market value and foreign currency transaction adjustments, net	—			—		—		(6,056	)	830		—		(5,226	)
Total other income	126,817			58,409		12,768		19,659		11,214		(12,290	)	216,577
Cost of services:
Cost to provide education technology, services, and payment processing services	—			19,087		—		—		—		—		19,087
Cost to provide communications services	—			—		4,310		—		—		—		4,310
Total cost of services	—			19,087		4,310		—		—		—		23,397
Operating expenses:
Salaries and benefits	70,440			19,972		4,554		424		18,782		—		114,172
Depreciation and amortization	8,957			3,435		6,167		—		4,433		—		22,992
Loan servicing fees	—			—		—		3,087		—		—		3,087
Other expenses	19,638			4,943		3,151		845		16,616		—		45,194
Intersegment expenses, net	15,029			2,494		598		12,378		(18,208	)	(12,290	)	—
Total operating expenses	114,064			30,844		14,470		16,734		21,623		(12,290	)	185,445
Income (loss) before income taxes	13,134			9,988		(10,185	)	51,590		(7,517	)	—		57,008
Income tax (expense) benefit (a)	(3,152		)	(2,397	)	2,444		(12,381	)	1,604		—		(13,882	)
Net income (loss)	9,982			7,591		(7,741	)	39,209		(5,913	)	—		43,126
Net income attributable to noncontrolling interests	—			—		—		—		(199	)	—		(199	)
Net income (loss) attributable to Nelnet, Inc.	$	9,982		7,591		(7,741	)	39,209		(6,112	)	—		42,927

Total assets as of September 30, 2018	$	276,153		243,497		271,370		23,927,156		723,985		(337,236	)	25,104,925


(a)	As a result of the Tax Cuts and Jobs Act, beginning January 1, 2018, income taxes are allocated based on 24% of income before taxes for each individual operating segment. The difference between the consolidated income tax expense and the sum of the taxes calculated for each operating segment, if any, is included in income taxes in Corporate and Other Activities.



	Three months ended September 30, 2017
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	147		5		1		194,971		3,903		(2,139	)	196,887
Interest expense	—			—		1,551		121,074		1,165		(2,139	)	121,650
Net interest income	147			5		(1,550	)	73,897		2,738		—		75,237
Less provision for loan losses	—			—		—		6,700		—		—		6,700
Net interest income (loss) after provision for loan losses	147			5		(1,550	)	67,197		2,738		—		68,537
Other income:
Loan servicing and systems revenue	55,950			—		—		—		—		—		55,950
Intersegment servicing revenue	10,563			—		—		—		—		(10,563	)	—
Education technology, services, and payment processing revenue	—			50,358		—		—		—		—		50,358
Communications revenue	—			—		6,751		—		—		—		6,751
Other income	—			—		—		2,753		17,003		—		19,756
Gain from debt repurchases	—			—		—		116		—		—		116
Derivative settlements, net	—			—		—		(382	)	(191	)	—		(573	)
Derivative market value and foreign currency transaction adjustments, net	—			—		—		7,702		44		—		7,746
Total other income	66,513			50,358		6,751		10,189		16,856		(10,563	)	140,104
Cost of services:
Cost to provide education technology, services, and payment processing services	—			15,151		—		—		—		—		15,151
Cost to provide communications services	—			—		2,632		—		—		—		2,632
Total cost of services	—			15,151		2,632		—		—		—		17,783
Operating expenses:
Salaries and benefits	38,435			17,432		4,099		392		13,834		—		74,193
Depreciation and amortization	549			2,316		3,145		—		4,040		—		10,051
Loan servicing fees	—			—		—		8,017		—		—		8,017
Other expenses	10,317			3,981		2,278		676		12,248		—		29,500
Intersegment expenses, net	7,774			2,219		470		10,659		(10,559	)	(10,563	)	—
Total operating expenses	57,075			25,948		9,992		19,744		19,563		(10,563	)	121,761
Income (loss) before income taxes	9,585			9,264		(7,423	)	57,642		31		—		69,097
Income tax (expense) benefit	(4,937		)	(3,520	)	2,821		(21,904	)	1,978		—		(25,562	)
Net income (loss)	4,648			5,744		(4,602	)	35,738		2,009		—		43,535
Net loss (income) attributable to noncontrolling interests	3,408			—		—		—		(640	)	—		2,768
Net income (loss) attributable to Nelnet, Inc.	$	8,056		5,744		(4,602	)	35,738		1,369		—		46,303

Total assets as of September 30, 2017	$	98,555		208,290		179,206		23,724,413		863,700		(305,454	)	24,768,710



	Nine months ended September 30, 2018
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	931		2,927		3		662,881		17,673		(12,420	)	671,995
Interest expense	—			3		9,987		480,729		8,875		(12,420	)	487,174
Net interest income	931			2,924		(9,984	)	182,152		8,798		—		184,821
Less provision for loan losses	—			—		—		18,000		—		—		18,000
Net interest income (loss) after provision for loan losses	931			2,924		(9,984	)	164,152		8,798		—		166,821
Other income:
Loan servicing and systems revenue	327,265			—		—		—		—		—		327,265
Intersegment servicing revenue	34,670			—		—		—		—		(34,670	)	—
Education technology, services, and payment processing revenue	—			167,372		—		—		—		—		167,372
Communications revenue	—			—		31,327		—		—		—		31,327
Other income	5,196			—		950		9,032		29,272		—		44,449
Gain from debt repurchases	—			—		—		359		—		—		359
Derivative settlements, net	—			—		—		51,428		(410	)	—		51,018
Derivative market value and foreign currency transaction adjustments, net	—			—		—		47,070		2,839		—		49,909
Total other income	367,131			167,372		32,277		107,889		31,701		(34,670	)	671,699
Cost of services:
Cost to provide education technology, services, and payment processing services	—			44,087		—		—		—		—		44,087
Cost to provide communications services	—			—		11,892		—		—		—		11,892
Total cost of services	—			44,087		11,892		—		—		—		55,979
Operating expenses:
Salaries and benefits	198,411			58,552		13,284		1,183		50,502		—		321,932
Depreciation and amortization	23,237			10,062		16,585		—		13,058		—		62,943
Loan servicing fees	—			—		—		9,428		—		—		9,428
Other expenses	51,591			14,950		8,811		2,982		40,686		—		119,020
Intersegment expenses, net	43,968			7,630		1,802		34,943		(53,672	)	(34,670	)	—
Total operating expenses	317,207			91,194		40,482		48,536		50,574		(34,670	)	513,323
Income (loss) before income taxes	50,855			35,015		(30,081	)	223,505		(10,075	)	—		269,218
Income tax (expense) benefit (a)	(12,399		)	(8,404	)	7,220		(53,641	)	3,855		—		(63,369	)
Net income (loss)	38,456			26,611		(22,861	)	169,864		(6,220	)	—		205,849
Net loss (income) attributable to noncontrolling interests	808			—		—		—		(371	)	—		438
Net income (loss) attributable to Nelnet, Inc.	$	39,264		26,611		(22,861	)	169,864		(6,591	)	—		206,287

Total assets as of September 30, 2018	$	276,153		243,497		271,370		23,927,156		723,985		(337,236	)	25,104,925


(a)	As a result of the Tax Cuts and Jobs Act, beginning January 1, 2018, income taxes are allocated based on 24% of income before taxes for each individual operating segment. The difference between the consolidated income tax expense and the sum of the taxes calculated for each operating segment, if any, is included in income taxes in Corporate and Other Activities.



	Nine months ended September 30, 2017
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	361		10		2		568,665		10,026		(5,274	)	573,789
Interest expense	—			—		3,367		340,898		2,794		(5,274	)	341,787
Net interest income	361			10		(3,365	)	227,767		7,232		—		232,002
Less provision for loan losses	—			—		—		10,700		—		—		10,700
Net interest income (loss) after provision for loan losses	361			10		(3,365	)	217,067		7,232		—		221,302
Other income:
Loan servicing and systems revenue	167,079			—		—		—		—		—		167,079
Intersegment servicing revenue	30,839			—		—		—		—		(30,839	)	—
Education technology, services, and payment processing revenue	—			149,862		—		—		—		—		149,862
Communications revenue	—			—		17,577		—		—		—		17,577
Other income	—			—		—		9,152		35,722		—		44,874
Gain from debt repurchases	—			—		—		1,097		4,440		—		5,537
Derivative settlements, net	—			—		—		(1,721	)	(593	)	—		(2,314	)
Derivative market value and foreign currency transaction adjustments, net	—			—		—		(23,121	)	(133	)	—		(23,254	)
Total other income	197,918			149,862		17,577		(14,593	)	39,436		(30,839	)	359,361
Cost of services:
Cost to provide education technology, services, and payment processing services	—			37,456		—		—		—		—		37,456
Cost to provide communications services	—			—		6,789		—		—		—		6,789
Total cost of services	—			37,456		6,789		—		—		—		44,245
Operating expenses:
Salaries and benefits	116,932			50,986		10,489		1,156		41,121		—		220,684
Depreciation and amortization	1,644			7,053		7,880		—		11,109		—		27,687
Loan servicing fees	—			—		—		19,670		—		—		19,670
Other expenses	28,333			13,185		5,422		2,487		32,497		—		81,923
Intersegment expenses, net	23,496			6,430		1,472		31,114		(31,673	)	(30,839	)	—
Total operating expenses	170,405			77,654		25,263		54,427		53,054		(30,839	)	349,964
Income (loss) before income taxes	27,874			34,762		(17,840	)	148,047		(6,386	)	—		186,454
Income tax (expense) benefit	(14,410		)	(13,210	)	6,779		(56,258	)	6,749		—		(70,349	)
Net income (loss)	13,464			21,552		(11,061	)	91,789		363		—		116,105
Net loss (income) attributable to noncontrolling interests	10,050			—		—		—		(1,090	)	—		8,960
Net income (loss) attributable to Nelnet, Inc.	$	23,514		21,552		(11,061	)	91,789		(727	)	—		125,065

Total assets as of September 30, 2017	$	98,555		208,290		179,206		23,724,413		863,700		(305,454	)	24,768,710

Fair Value (Tables)

9 Months Ended

Sep. 30, 2018

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. There were no transfers into or out of level 1, level 2, or level 3 for the nine months ended September 30, 2018.



	As of September 30, 2018
	Level 1		Level 2	Total
Assets:
Investments:
Student loan and other asset-backed securities - available-for-sale	$	—	57,304	57,304
Equity securities	3,123		—	3,123
Equity securities measured at net asset value (a)	—		—	13,650
Debt securities - available-for-sale	106		—	106
Total investments	3,229		57,304	74,183
Derivative instruments	—		2,043	2,043
Total assets	$	3,229	59,347	76,226
Liabilities:
Derivative instruments	$	—	4,224	4,224
Total liabilities	$	—	4,224	4,224



	As of December 31, 2017
	Level 1		Level 2	Total
Assets:
Investments (available-for-sale):
Student loan and other asset-backed securities	$	—	76,866	76,866
Equity securities	3,928		—	3,928
Debt securities	108		—	108
Total investments (available-for-sale)	4,036		76,866	80,902
Derivative instruments	—		818	818
Total assets	$	4,036	77,684	81,720
Liabilities:
Derivative instruments	$	—	7,063	7,063
Total liabilities	$	—	7,063	7,063


(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, 2018
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,868,803	22,528,362	—	—	23,868,803
Cash and cash equivalents	83,537		83,537	83,537	—	—
Investments (at fair value)	74,183		74,183	3,229	57,304	—
Notes receivable	16,373		16,373	—	16,373	—
Restricted cash	723,338		723,338	723,338	—	—
Restricted cash – due to customers	188,591		188,591	188,591	—	—
Loan accrued interest receivable	624,259		624,259	—	624,259	—
Derivative instruments	2,043		2,043	—	2,043	—
Financial liabilities:
Bonds and notes payable	22,525,479		22,251,433	—	22,525,479	—
Accrued interest payable	60,658		60,658	—	60,658	—
Due to customers	188,591		188,591	188,591	—	—
Derivative instruments	4,224		4,224	—	4,224	—



	As of December 31, 2017
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,106,440	21,814,507	—	—	23,106,440
Cash and cash equivalents	66,752		66,752	66,752	—	—
Investments (available-for-sale)	80,902		80,902	4,036	76,866	—
Notes receivable	16,393		16,393	—	16,393	—
Restricted cash	688,193		688,193	688,193	—	—
Restricted cash – due to customers	187,121		187,121	187,121	—	—
Loan accrued interest receivable	430,385		430,385	—	430,385	—
Derivative instruments	818		818	—	818	—
Financial liabilities:
Bonds and notes payable	21,521,463		21,356,573	—	21,521,463	—
Accrued interest payable	50,039		50,039	—	50,039	—
Due to customers	187,121		187,121	187,121	—	—
Derivative instruments	7,063		7,063	—	7,063	—

Basis of Financial Reporting - Schedule of Impact on Previous Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of goods and services	$ 23,397	$ 17,783	$ 55,979	$ 44,245
Education Technology Services And Payment Processing Services [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue	58,409	50,358	167,372	149,862
Cost of goods and services	$ 19,087	15,151	$ 44,087	37,456
Education Technology Services And Payment Processing Services [Member] \| Prior To Reclassification [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of goods and services		14,908		36,569
Education Technology Services And Payment Processing Services [Member] \| Restatement Adjustment [Member] \| Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		14,908		36,569
Cost of goods and services		14,908		36,569
Education Technology Services And Payment Processing Services [Member] \| Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		35,450		113,293
Cost of goods and services		$ 0		$ 0

Basis of Financial Reporting - Schedule of Restricted Cash Previous Reporting (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in due to customers	$ 1,470	$ (14,403)
Proceeds from clearinghouse - initial and variation margin, net	46,418	58,900
Net cash provided by operating activities	193,557	237,088
Decrease in restricted cash, net		0
Net cash provided by investing activities	$ (936,505)	2,245,966
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in due to customers		0
Proceeds from clearinghouse - initial and variation margin, net		37,744
Net cash provided by operating activities		230,335
Decrease in restricted cash, net		276,654
Net cash provided by investing activities		2,522,620
Accounting Standards Update 2016-18 [Member] \| Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in due to customers		(14,403)
Proceeds from clearinghouse - initial and variation margin, net		21,156
Net cash provided by operating activities		6,753
Decrease in restricted cash, net		(276,654)
Net cash provided by investing activities		$ (276,654)

Summary of Significant Accounting Policies and Practices - Schedule of Disaggregation of Revenue By Service Offerings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Loan Servicing And Systems Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 112,579	$ 55,950	$ 327,265	$ 167,079
Government Servicing - Nelnet [Member]
Disaggregation of Revenue [Line Items]
Revenue	38,907	38,594	118,015	117,409
Government Servicing - Great Lakes [Member]
Disaggregation of Revenue [Line Items]
Revenue	45,671	0	122,107	0
FFELP Servicing [Member]
Disaggregation of Revenue [Line Items]
Revenue	7,422	3,979	24,259	11,693
Private Education And Consumer Loan Servicing [Member]
Disaggregation of Revenue [Line Items]
Revenue	10,007	7,596	31,990	20,535
Software Services [Member]
Disaggregation of Revenue [Line Items]
Revenue	8,201	4,430	24,461	13,093
Outsourced Services And Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,371	1,351	6,433	4,349
Education Technology Services And Payment Processing Services [Member]
Disaggregation of Revenue [Line Items]
Revenue	58,409	50,358	167,372	149,862
Tuition Payment Plan Services [Member]
Disaggregation of Revenue [Line Items]
Revenue	19,771	17,885	63,209	58,543
Payment Processing [Member]
Disaggregation of Revenue [Line Items]
Revenue	26,956	22,541	62,908	55,371
Education Technology And Services [Member]
Disaggregation of Revenue [Line Items]
Revenue	11,419	9,831	40,411	35,804
Other Service Offering [Member]
Disaggregation of Revenue [Line Items]
Revenue	263	101	844	144
Communication Revenue, Service Offering [Member]
Disaggregation of Revenue [Line Items]
Revenue	11,818	6,751	31,327	17,577
Internet [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,456	3,205	16,547	7,978
Television [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,385	2,115	9,250	5,498
Telephone [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,957	1,413	5,471	4,018
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	20	18	59	83
Communications Revenue, Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue	11,818	6,751	31,327	17,577
Residential Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	8,896	4,680	23,367	11,851
Business Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,861	2,013	7,779	5,525
Other Customer Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 61	$ 58	$ 181	$ 201

Summary of Significant Accounting Policies and Practices - Schedule of Other Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Realized and unrealized gains on investments, net	$ 1,288	$ 2,201	$ 11,505	$ 3,818
Borrower late fee income	3,253	2,731	8,994	9,098
Peterson's revenue	0	3,402	0	9,282
Other	9,193	5,570	15,108	11,015
Other income	16,673	19,756	44,449	44,874
Investment Advice [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,183	5,852	4,169	11,661
Administrative Service [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 1,756	$ 0	$ 4,673	$ 0

Summary of Significant Accounting Policies and Practices - Schedule of Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Deferred revenue, which is included in other liabilities on the consolidated balance sheets	$ 42,831	$ 25,660	$ 32,276	$ 42,505	$ 25,954	$ 33,141

Summary of Significant Accounting Policies and Practices - Schedule of Changes in Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	$ 25,660	$ 25,954	$ 32,276	$ 33,141
Deferral of revenue	45,174	38,705	97,726	79,435
Recognition of revenue	(27,992)	(22,181)	(87,303)	(70,128)
Other	(11)	27	132	57
Balance, end of period	$ 42,831	$ 42,505	$ 42,831	$ 42,505

Loans Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	$ 22,672,757		$ 21,995,877
Loan discount, net of unamortized loan premiums and deferred origination costs	(63,566)		(113,695)
Allowance for loan losses	(60,217)	$ (53,715)	(54,590)	$ (53,631)	$ (50,708)	$ (51,842)
Student loans receivable	22,528,362		21,814,507
Non-accretable discount [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan discount, net of unamortized loan premiums and deferred origination costs	(20,612)		(13,085)
Consumer Portfolio Segment, Federally Insured [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	22,390,743		21,721,606
Allowance for loan losses	(43,053)	(37,263)	(38,706)	(39,398)	(35,862)	(37,268)
Consumer Portfolio Segment, Federally Insured [Member] \| Student Loan, Stafford And Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	4,956,324		4,418,881
Consumer Portfolio Segment, Federally Insured [Member] \| Student Loan, Consolidation Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	17,434,419		17,302,725
Consumer Portfolio Segment, Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	169,467		212,160
Allowance for loan losses	(11,253)	(11,664)	(12,629)	(12,566)	(13,846)	(14,574)
Consumer Portfolio Segment, Consumer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	112,547		62,111
Allowance for loan losses	$ (5,911)	$ (4,788)	$ (3,255)	$ (1,667)	$ (1,000)	$ 0

Loans Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 53,715	$ 50,708	$ 54,590	$ 51,842
Less provision for loan losses	10,500	6,700	18,000	10,700
Charge-offs	(4,148)	(3,988)	(13,875)	(9,764)
Recoveries	150	161	502	603
Other	0	50	1,000	250
Balance at end of period	60,217	53,631	60,217	53,631
Consumer Portfolio Segment, Federally Insured [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	37,263	35,862	38,706	37,268
Less provision for loan losses	8,000	7,000	12,000	11,000
Charge-offs	(2,210)	(3,464)	(8,653)	(8,870)
Recoveries	0	0	0	0
Other	0	0	1,000	0
Balance at end of period	43,053	39,398	43,053	39,398
Consumer Portfolio Segment, Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	11,664	13,846	12,629	14,574
Less provision for loan losses	0	(1,000)	0	(2,000)
Charge-offs	(535)	(491)	(1,846)	(861)
Recoveries	124	161	470	603
Other	0	50	0	250
Balance at end of period	11,253	12,566	11,253	12,566
Consumer Portfolio Segment, Consumer Loans [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	4,788	1,000	3,255	0
Less provision for loan losses	2,500	700	6,000	1,700
Charge-offs	(1,403)	(33)	(3,376)	(33)
Recoveries	26	0	32	0
Other	0	0	0	0
Balance at end of period	$ 5,911	$ 1,667	$ 5,911	$ 1,667

Loans Receivable and Allowance for Loan Losses - Loan Status and Delinquency (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 22,672,757	$ 21,995,877
Consumer Portfolio Segment, Federally Insured [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	22,390,743	21,721,606
Consumer Portfolio Segment, Federally Insured [Member] \| Federally insured loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	1,410,902	1,260,394	$ 1,448,172
Loans in forbearance	1,487,107	1,774,405	2,406,346
Total loans	22,390,743	21,721,606	22,487,284
Loans in repayment status:
Loans current	$ 16,921,119	$ 16,477,004	$ 16,534,795
Loans current, percentage	86.80%	88.20%	88.70%
Total loans in repayment	$ 19,492,734	$ 18,686,807	$ 18,632,766
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Consumer Portfolio Segment, Federally Insured [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member] \| Federally insured loans [Member]
Loans in repayment status:
Loans past due	$ 689,454	$ 682,586	$ 579,665
Loans past due, percentage	3.50%	3.70%	3.10%
Consumer Portfolio Segment, Federally Insured [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Federally insured loans [Member]
Loans in repayment status:
Loans past due	$ 412,639	$ 374,534	$ 334,085
Loans past due, percentage	2.10%	2.00%	1.80%
Consumer Portfolio Segment, Federally Insured [Member] \| Financing receivables, 91-120 days past due [Member] \| Federally insured loans [Member]
Loans in repayment status:
Loans past due	$ 347,013	$ 287,922	$ 255,567
Loans past due, percentage	1.80%	1.50%	1.40%
Consumer Portfolio Segment, Federally Insured [Member] \| Financing receivables, 121-270 days past due [Member] \| Federally insured loans [Member]
Loans in repayment status:
Loans past due	$ 853,224	$ 629,480	$ 700,319
Loans past due, percentage	4.40%	3.40%	3.80%
Consumer Portfolio Segment, Federally Insured [Member] \| Financing receivables, 271 days or greater past due [Member] \| Federally insured loans [Member]
Loans in repayment status:
Loans past due	$ 269,285	$ 235,281	$ 228,335
Loans past due, percentage	1.40%	1.20%	1.20%
Consumer Portfolio Segment, Private Education Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 169,467	$ 212,160
Consumer Portfolio Segment, Private Education Loans [Member] \| Private education loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	3,550	6,053	$ 27,188
Loans in forbearance	1,577	2,237	2,904
Total loans	169,467	212,160	226,629
Loans in repayment status:
Loans current	$ 156,383	$ 196,720	$ 190,153
Loans current, percentage	95.20%	96.50%	96.80%
Total loans in repayment	$ 164,340	$ 203,870	$ 196,537
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Consumer Portfolio Segment, Private Education Loans [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member] \| Private education loans [Member]
Loans in repayment status:
Loans past due	$ 1,796	$ 1,867	$ 1,200
Loans past due, percentage	1.10%	0.90%	0.60%
Consumer Portfolio Segment, Private Education Loans [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Private education loans [Member]
Loans in repayment status:
Loans past due	$ 1,155	$ 1,052	$ 1,195
Loans past due, percentage	0.70%	0.50%	0.60%
Consumer Portfolio Segment, Private Education Loans [Member] \| Financing Receivables, Equal to Greater than 91 Days Past Due [Member] \| Private education loans [Member]
Loans in repayment status:
Loans past due	$ 5,006	$ 4,231	$ 3,989
Loans past due, percentage	3.00%	2.10%	2.00%

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Bonds and notes payable	$ 22,251,433	$ 21,356,573
Discount on bonds and notes payable and debt issuance costs	(331,605)	(370,554)
Warehouse facilities [Member] \| FFELP Warehouse Total [Member]
Debt Instrument [Line Items]
Bonds and notes payable	705,144	335,992
Line of Credit [Member]
Debt Instrument [Line Items]
Bonds and notes payable	$ 160,000	$ 10,000
Interest rate range	3.65%	2.98%
Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Bonds and notes payable	$ 20,381	$ 20,381
Interest rate range	6.91%	5.07%
Other borrowings [Member]
Debt Instrument [Line Items]
Bonds and notes payable	$ 79,669	$ 70,516
Bonds and notes payable, gross [Member]
Debt Instrument [Line Items]
Bonds and notes payable	22,583,038	21,727,127
Federally insured [Member] \| Bonds and notes based on indices [Member]
Debt Instrument [Line Items]
Bonds and notes payable	20,695,887	20,352,045
Federally insured [Member] \| Bonds and notes based on auction or remarketing [Member]
Debt Instrument [Line Items]
Bonds and notes payable	799,576	780,829
Federally insured [Member] \| Variable-rate bonds and notes [Member]
Debt Instrument [Line Items]
Bonds and notes payable	21,495,463	21,132,874
Private education [Member] \| Variable-rate bonds and notes [Member]
Debt Instrument [Line Items]
Bonds and notes payable	$ 55,406	$ 74,717
Interest rate range	3.97%	3.30%
Private education [Member] \| Fixed rate bonds and notes [Member]
Debt Instrument [Line Items]
Bonds and notes payable	$ 66,975	$ 82,647
Minimum [Member] \| Warehouse facilities [Member] \| FFELP Warehouse Total [Member]
Debt Instrument [Line Items]
Interest rate range	2.34%	1.55%
Minimum [Member] \| Other borrowings [Member]
Debt Instrument [Line Items]
Interest rate range	2.77%	2.44%
Minimum [Member] \| Federally insured [Member] \| Bonds and notes based on indices [Member]
Debt Instrument [Line Items]
Interest rate range	2.38%	1.47%
Minimum [Member] \| Federally insured [Member] \| Bonds and notes based on auction or remarketing [Member]
Debt Instrument [Line Items]
Interest rate range	2.77%	2.09%
Minimum [Member] \| Private education [Member] \| Fixed rate bonds and notes [Member]
Debt Instrument [Line Items]
Interest rate range	3.60%	3.60%
Maximum [Member] \| Warehouse facilities [Member] \| FFELP Warehouse Total [Member]
Debt Instrument [Line Items]
Interest rate range	2.38%	1.56%
Maximum [Member] \| Other borrowings [Member]
Debt Instrument [Line Items]
Interest rate range	5.22%	3.38%
Maximum [Member] \| Federally insured [Member] \| Bonds and notes based on indices [Member]
Debt Instrument [Line Items]
Interest rate range	4.07%	3.37%
Maximum [Member] \| Federally insured [Member] \| Bonds and notes based on auction or remarketing [Member]
Debt Instrument [Line Items]
Interest rate range	3.51%	2.69%
Maximum [Member] \| Private education [Member] \| Fixed rate bonds and notes [Member]
Debt Instrument [Line Items]
Interest rate range	5.35%	5.35%

Bonds and Notes Payable - Outstanding Lines of Credit (Details) - FFELP Warehouse Total [Member] - Warehouse facilities [Member] - USD ($)	May 03, 2018	Sep. 30, 2018	Apr. 24, 2018	Apr. 23, 2018
Line of Credit Facility [Line Items]
Maximum financing amount		$ 1,050,000,000
Amount outstanding		705,144,000
Amount available		344,856,000
Advanced as equity support		36,146,000
NFSLW-I Warehouse [Member]
Line of Credit Facility [Line Items]
Maximum financing amount	$ 1,325,000,000.000	550,000,000	$ 1,250,000,000.00	$ 500,000,000.0
Amount outstanding		531,782,000
Amount available		18,218,000
Advanced as equity support		21,349,000
Increase to maximum financing amount	$ 75,000,000.0
NHELP-II Warehouse [Member]
Line of Credit Facility [Line Items]
Maximum financing amount		500,000,000
Amount outstanding		173,362,000
Amount available		326,638,000
Advanced as equity support		$ 14,797,000
Minimum [Member] \| NFSLW-I Warehouse [Member]
Line of Credit Facility [Line Items]
Minimum advance rates		84.00%
Maximum advance rates		92.00%
Minimum [Member] \| NHELP-II Warehouse [Member]
Line of Credit Facility [Line Items]
Minimum advance rates		85.00%
Maximum advance rates		85.00%
Maximum [Member] \| NFSLW-I Warehouse [Member]
Line of Credit Facility [Line Items]
Minimum advance rates		90.00%
Maximum advance rates		98.00%
Maximum [Member] \| NHELP-II Warehouse [Member]
Line of Credit Facility [Line Items]
Minimum advance rates		95.00%
Maximum advance rates		95.00%

Bonds and Notes Payable - Schedule of Asset-Backed Securitizations (Details) - Secured Debt [Member]	9 Months Ended
	Sep. 30, 2018 USD ($)
Debt Instrument [Line Items]
Total original principal amount	$ 2,481,150,000
Class A Senior Notes [Member]
Debt Instrument [Line Items]
Total original principal amount	2,452,850,000
NSLT 2018-1 [Member]
Debt Instrument [Line Items]
Total original principal amount	473,750,000
Total original principal amount	473,750,000
NSLT 2018-1 Class A-1 Notes [Member]
Debt Instrument [Line Items]
Total original principal amount	98,000,000
Total original principal amount	98,000,000
NSLT 2018-1 Class A-2 Notes [Member]
Debt Instrument [Line Items]
Total original principal amount	375,750,000
Total original principal amount	375,750,000
NSLT 2018-2 [Member]
Debt Instrument [Line Items]
Total original principal amount	509,800,000
Total original principal amount	509,800,000
NSLT 2018-3 Class A [Member]
Debt Instrument [Line Items]
Total original principal amount	986,900,000
NSLT 2018-3 Class A-1 Notes [Member]
Debt Instrument [Line Items]
Total original principal amount	220,000,000
Total original principal amount	220,000,000
NSLT 2018-3 Class A-2 Notes [Member]
Debt Instrument [Line Items]
Total original principal amount	546,900,000
Total original principal amount	546,900,000
NSLT 2018-3 Class A-3 Notes [Member]
Debt Instrument [Line Items]
Total original principal amount	220,000,000
Total original principal amount	220,000,000
NSLT 2018-4 Class A [Member]
Debt Instrument [Line Items]
Total original principal amount	482,400,000
NSLT 2018-4 Class A-1 Notes [Member]
Debt Instrument [Line Items]
Total original principal amount	30,500,000
Total original principal amount	30,500,000
NSLT 2018-4 Class A-2 Notes [Member]
Debt Instrument [Line Items]
Total original principal amount	451,900,000
Total original principal amount	451,900,000
NSLT 2018-3 [Member]
Debt Instrument [Line Items]
Total original principal amount	1,001,900,000
NSLT 2018-4 [Member]
Debt Instrument [Line Items]
Total original principal amount	495,700,000
Class B Subordinated [Member]
Debt Instrument [Line Items]
Total original principal amount	28,300,000
Total original principal amount	28,071,000
Bond discount	(229,000)
NSLT 2018-3 Class B [Member]
Debt Instrument [Line Items]
Total original principal amount	15,000,000
Total original principal amount	14,771,000
Bond discount	(229,000)
NSLT 2018-4 Class B [Member]
Debt Instrument [Line Items]
Total original principal amount	13,300,000
Total original principal amount	13,300,000
Bond discount	$ 0
London Interbank Offered Rate (LIBOR) [Member] \| NSLT 2018-1 Class A-1 Notes [Member]
Debt Instrument [Line Items]
Cost of funds	0.32%
London Interbank Offered Rate (LIBOR) [Member] \| NSLT 2018-1 Class A-2 Notes [Member]
Debt Instrument [Line Items]
Cost of funds	0.76%
London Interbank Offered Rate (LIBOR) [Member] \| NSLT 2018-2 [Member]
Debt Instrument [Line Items]
Cost of funds	0.65%
London Interbank Offered Rate (LIBOR) [Member] \| NSLT 2018-3 Class A-1 Notes [Member]
Debt Instrument [Line Items]
Cost of funds	0.30%
London Interbank Offered Rate (LIBOR) [Member] \| NSLT 2018-3 Class A-2 Notes [Member]
Debt Instrument [Line Items]
Cost of funds	0.44%
London Interbank Offered Rate (LIBOR) [Member] \| NSLT 2018-3 Class A-3 Notes [Member]
Debt Instrument [Line Items]
Cost of funds	0.75%
London Interbank Offered Rate (LIBOR) [Member] \| NSLT 2018-4 Class A-1 Notes [Member]
Debt Instrument [Line Items]
Cost of funds	0.26%
London Interbank Offered Rate (LIBOR) [Member] \| NSLT 2018-4 Class A-2 Notes [Member]
Debt Instrument [Line Items]
Cost of funds	0.70%
London Interbank Offered Rate (LIBOR) [Member] \| NSLT 2018-3 Class B [Member]
Debt Instrument [Line Items]
Cost of funds	1.20%
London Interbank Offered Rate (LIBOR) [Member] \| NSLT 2018-4 Class B [Member]
Debt Instrument [Line Items]
Cost of funds	1.40%

Bonds and Notes Payable - Narrative (Details) - Unsecured Line of Credit [Member] - USD ($)	Sep. 30, 2018	Jun. 22, 2018	Jun. 21, 2018
Debt Instrument [Line Items]
Maximum financing amount		$ 350,000,000
Initial capital contribution threshold		150,000,000
Non-FFELP originated loans threshold		$ 850,000,000	$ 500,000,000
Amount outstanding	$ 160,000,000
Amount available	$ 190,000,000

- 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 Debt Repurchase (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Par value			$ 12,905	$ 48,448
Purchase price			12,546	42,911
Gain	$ 0	$ 116	359	5,537
Asset-backed securities [Member]
Debt Instrument [Line Items]
Par value	0	14,702	12,905	18,790
Purchase price	0	14,586	12,546	17,670
Gain	$ 0	$ 116	359	1,120
Unsecured debt - Hybrid Securities [Member]
Debt Instrument [Line Items]
Par value			0	29,658
Purchase price			0	25,241
Gain			$ 0	$ 4,417

Derivative Financial Instruments - Schedule of Basis Swap (Details) - 1:3 basis swaps [Member] - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional amount	$ 10,250,000	$ 11,250,000
Maturity 2018 [Member]
Derivative [Line Items]
Notional amount	250,000	4,250,000
Maturity 2019 [Member]
Derivative [Line Items]
Notional amount	3,500,000	3,500,000
Maturity 2020 [Member]
Derivative [Line Items]
Notional amount	1,000,000
Maturity 2021 [Member]
Derivative [Line Items]
Notional amount	250,000
Maturity 2022 [Member]
Derivative [Line Items]
Notional amount	2,000,000	1,000,000
Maturity 2023 [Member]
Derivative [Line Items]
Notional amount	750,000
Maturity 2024 [Member]
Derivative [Line Items]
Notional amount	250,000	250,000
Maturity 2026 [Member]
Derivative [Line Items]
Notional amount	1,150,000	1,150,000
Maturity 2027 [Member]
Derivative [Line Items]
Notional amount	375,000	375,000
Maturity 2028 [Member]
Derivative [Line Items]
Notional amount	325,000	325,000
Maturity 2029 [Member]
Derivative [Line Items]
Notional amount	100,000	100,000
Maturity 2031 [Member]
Derivative [Line Items]
Notional amount	$ 300,000	$ 300,000

Derivative Financial Instruments - Narrative (Details)		1 Months Ended	3 Months Ended
Derivative Financial Instruments - Narrative (Details)	Aug. 20, 2014 USD ($)	Jun. 30, 2015 USD ($) contract	Mar. 31, 2017 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)
Derivative [Line Items]
Bonds and notes payable				$ 22,251,433,000	$ 21,356,573,000
1:3 basis swaps [Member]
Derivative [Line Items]
Weighted average basis point paid				9.40%	12.50%
Notional amount				$ 10,250,000,000	$ 11,250,000,000
Swaption [Member]
Derivative [Line Items]
Payments to enter into derivative instruments	$ 9,100,000
Notional amount				$ 250,000,000
Fixed interest rate of swap option				3.30%
Interest Rate Cap [Member]
Derivative [Line Items]
Payments to enter into derivative instruments		$ 2,900,000
Notional amount		$ 275,000,000.0
Number of interest rate cap contracts purchased \| contract		2
Proceeds to terminate interest rate cap			$ 913,000
Private Loan Warehouse Total [Member] \| Interest Rate Cap [Member]
Derivative [Line Items]
Bonds and notes payable		$ 275,000,000
Interest Rate Cap 1 [Member] \| Interest Rate Cap [Member]
Derivative [Line Items]
Notional amount		$ 125,000,000.0
Interest rate cap strike rate		2.50%
Interest Rate Cap 2 [Member] \| Interest Rate Cap [Member]
Derivative [Line Items]
Notional amount		$ 150,000,000.0
Interest rate cap strike rate		4.99%
2017 Interest Rate Cap [Member] \| Interest Rate Cap [Member]
Derivative [Line Items]
Payments to enter into derivative instruments			$ 929,000
Junior Subordinated Debt [Member]
Derivative [Line Items]
Bonds and notes payable				$ 20,381,000	$ 20,381,000
Weighted average basis spread on variable rate paid on swap				6.91%	5.07%
Junior Subordinated Debt [Member] \| Maturity 2036 [Member] \| Unsecured Debt Hedges [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount				$ 25,000,000	$ 25,000,000
Bonds and notes payable				$ 20,400,000	$ 20,400,000
Weighted average basis spread on variable rate paid on swap				3.375%
Fixed interest rate on derivatives and debt, net				7.66%	7.66%

Derivative Financial Instruments - Schedule of Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional amount	$ 6,300,000	$ 7,300,000
Weighted average fixed rate paid by the Company	1.26%	1.21%
Maturity 2018 [Member]
Derivative [Line Items]
Notional amount	$ 250,000	$ 1,350,000
Weighted average fixed rate paid by the Company	0.92%	1.07%
Maturity 2019 [Member]
Derivative [Line Items]
Notional amount	$ 3,250,000	$ 3,250,000
Weighted average fixed rate paid by the Company	0.97%	0.97%
Maturity 2020 [Member]
Derivative [Line Items]
Notional amount	$ 1,500,000	$ 1,500,000
Weighted average fixed rate paid by the Company	1.01%	1.01%
Maturity 2023 [Member]
Derivative [Line Items]
Notional amount	$ 750,000	$ 750,000
Weighted average fixed rate paid by the Company	2.28%	2.28%
Maturity 2024 [Member]
Derivative [Line Items]
Notional amount	$ 300,000	$ 300,000
Weighted average fixed rate paid by the Company	2.28%	2.28%
Maturity 2025 [Member]
Derivative [Line Items]
Notional amount	$ 100,000	$ 100,000
Weighted average fixed rate paid by the Company	2.32%	2.32%
Maturity 2027 [Member]
Derivative [Line Items]
Notional amount	$ 50,000	$ 50,000
Weighted average fixed rate paid by the Company	2.32%	2.32%
Maturity 2028 [Member]
Derivative [Line Items]
Notional amount	$ 100,000	$ 0
Weighted average fixed rate paid by the Company	3.03%	0.00%

Derivative Financial Instruments - Schedule of Interest Rate Swaps, Unsecured Debt Hedges (Details) - Junior Subordinated Debt [Member] - Maturity 2036 [Member] - Interest Rate Swap [Member] - Unsecured Debt Hedges [Member] - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional amount	$ 25,000	$ 25,000
Weighted average fixed rate paid by the Company	4.28%	4.28%

Derivative Financial Instruments - Schedule of Derivatives as Reflected on Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	$ 2,043	$ 818
Fair value of derivative instruments	4,224	7,063
Derivative Financial Instruments, Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	2,043	818
Derivative Financial Instruments, Assets [Member] \| Swaption [Member]
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	1,200	543
Derivative Financial Instruments, Assets [Member] \| Interest Rate Cap [Member]
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	843	275
Derivative Financial Instruments, Assets [Member] \| Interest rate swaps - hybrid debt hedges [Member]
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	0	0
Derivative Financial Instruments, Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments	4,224	7,063
Derivative Financial Instruments, Liabilities [Member] \| Swaption [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments	0	0
Derivative Financial Instruments, Liabilities [Member] \| Interest Rate Cap [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments	0	0
Derivative Financial Instruments, Liabilities [Member] \| Interest rate swaps - hybrid debt hedges [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments	$ 4,224	$ 7,063

Derivative Financial Instruments - Schedule of Offsetting of Derivative Assets/Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Net asset	$ 2,043	$ 818
Net asset (liability)	3,296	1,457
Derivative Financial Instruments, Assets [Member]
Derivatives, Fair Value [Line Items]
Gross amounts of recognized assets presented in the consolidated balance sheets	2,043	818
Derivatives subject to enforceable master netting arrangement	0	0
Cash collateral received	0	0
Derivative Financial Instruments, Liabilities [Member]
Derivatives, Fair Value [Line Items]
Gross amounts of recognized liabilities presented in the consolidated balance sheets	(4,224)	(7,063)
Derivatives subject to enforceable master netting arrangement	0	0
Cash collateral pledged	$ 7,520	$ 8,520

Derivative Financial Instruments - Schedule of Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 22,324	$ (573)	$ 51,018	$ (2,314)
Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	22,324	(573)	51,018	(2,314)
Change in fair value	(5,226)	21,429	49,909	22,381
Re-measurement of Euro Notes (foreign currency transaction adjustment)	0	(13,683)	0	(45,635)
Derivative market value and foreign currency transaction adjustments and derivative settlements, net - income (expense)	17,098	7,173	100,927	(25,568)
1:3 basis swaps [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	3,361	(2,172)	4,676	(1,836)
Change in fair value	1,283	5,916	12,058	(5,499)
Interest rate swaps - floor income hedges [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	19,087	3,883	46,752	5,877
Change in fair value	(7,427)	(185)	34,008	(13,670)
Interest rate swap option - floor income hedges [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	(31)	(500)	437	(2,212)
Interest Rate Cap [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	119	(103)	567	(936)
Interest rate swaps - hybrid debt hedges [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(124)	(191)	(410)	(593)
Change in fair value	830	44	2,839	10
Cross-currency interest rate swap [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	0	(2,093)	0	(5,762)
Change in fair value	0	16,257	0	44,831
Other Contract [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	$ 0	$ 0	$ 0	$ (143)

Investments and Notes Receivable (Details) - USD ($)	3 Months Ended			9 Months Ended
Investments and Notes Receivable (Details) - USD ($)	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Investments (at fair value):
Amortized cost	$ 52,232,000			$ 52,232,000
Gross unrealized gains	5,178,000			5,178,000
Gross unrealized losses	0			0
Fair value	57,410,000			57,410,000
Equity securities
Amortized cost	12,318,000			12,318,000
Gross unrealized gains				4,835,000
Gross unrealized losses				(380,000)
Fair value	16,773,000			16,773,000
Total investments (at fair value)
Amortized cost	64,550,000			64,550,000
Gross unrealized gains	10,013,000			10,013,000
Gross unrealized losses	(380,000)			(380,000)
Fair value	74,183,000			74,183,000
Other Investments and Notes Receivable (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):	172,632,000			172,632,000
Available-for-sale investments:
Total investments and notes receivable	246,815,000			246,815,000	$ 240,538,000
Upward adjustment	0	$ 300,000	$ 6,900,000
Impairment loss				0
Investments [Member] \| Available-for-sale investments [Member]
Available-for-sale investments:
Amortized cost					73,573,000
Gross unrealized gains					7,354,000
Gross unrealized losses					(25,000)
Fair value					80,902,000
Investments [Member] \| Available-for-sale investments [Member] \| Student Loan Asset-Backed and Other Debt Securities [Member]
Investments (at fair value):
Amortized cost					71,943,000
Gross unrealized gains					5,056,000
Gross unrealized losses					(25,000)
Available-for-sale investments:
Fair value					76,974,000
Investments [Member] \| Available-for-sale investments [Member] \| Equity securities [Member]
Investments (at fair value):
Amortized cost					1,630,000
Gross unrealized gains					2,298,000
Gross unrealized losses					0
Available-for-sale investments:
Fair value					3,928,000
Other Investments and Notes Receivable (not measured at fair value) [Member] \| Venture Capital and Funds [Member]
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative	70,881,000			70,881,000
Equity method	17,526,000			17,526,000
Other	883,000			883,000
Other Investments and Notes Receivable (not measured at fair value):	89,290,000			89,290,000	84,752,000
Other Investments and Notes Receivable (not measured at fair value) [Member] \| Real Estate Investment [Member]
Other Investments and Notes Receivable (not measured at fair value):
Equity method	30,135,000			30,135,000
Other	29,058,000			29,058,000
Other Investments and Notes Receivable (not measured at fair value):	59,193,000			59,193,000	49,464,000
Other Investments and Notes Receivable (not measured at fair value) [Member] \| Notes Receivable [Member]
Other Investments and Notes Receivable (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):	16,373,000			16,373,000	16,393,000
Other Investments and Notes Receivable (not measured at fair value) [Member] \| Tax liens and affordable housing investments [Member]
Other Investments and Notes Receivable (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):	$ 7,776,000			$ 7,776,000	$ 9,027,000
Student Asset Backed And Other Debt Securities [Member] \| Available-for-sale investments [Member]
Available-for-sale investments:
Available for sale securities, minimum maturity term				10 years

Business Combination - Narrative (Details) - USD ($) $ in Thousands	Feb. 07, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill		$ 153,802	$ 153,802	$ 158,456	$ 138,759
Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Percent ownership acquired	100.00%
Payments to acquire businesses	$ 150,000
Reduction to equity as result of remeasurement of equity interest previously held	$ 19,100
Equity interest previously held	50.00%
Consideration allocated to assets acquired and liabilities assumed	$ 136,551
Intangible assets acquired	$ 75,329
Weighted average useful life of intangible assets acquired	4 years
Goodwill	$ 15,043
Great Lakes Educational Loan Service [Member] \| GreatNet [Member]
Business Acquisition [Line Items]
Percent ownership acquired	50.00%
Noncontrolling interests [Member] \| Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Reduction to equity as result of remeasurement of equity interest previously held	$ 5,700
Retained earnings [Member] \| Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Reduction to equity as result of remeasurement of equity interest previously held	13,400
Customer relationships [Member] \| Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 70,200
Weighted average useful life of intangible assets acquired	4 years
Trade names [Member] \| Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 5,100
Weighted average useful life of intangible assets acquired	7 years

Business Combination - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Feb. 07, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Excess cost over fair value of net assets acquired (goodwill)	$ 153,802	$ 153,802	$ 158,456		$ 138,759
Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Cash and cash equivalents				$ 27,399
Accounts receivable				23,708
Property and equipment				35,919
Other assets				14,018
Intangible assets				75,329
Excess cost over fair value of net assets acquired (goodwill)				15,043
Other liabilities				(54,865)
Net assets acquired				$ 136,551

Business Combination - Schedule of Pro Forma Information (Details) - Great Lakes Educational Loan Service [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Business Acquisition [Line Items]
Loan servicing and systems revenue	$ 112,579	$ 117,044	$ 347,312	$ 348,752
Net income attributable to Nelnet, Inc.	$ 42,927	$ 48,794	$ 207,783	$ 135,523
Net income per share - basic and diluted (in dollars per share)	$ 1.05	$ 1.17	$ 5.08	$ 3.22

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life as of September 30, 2018 (months)			72 months
Amortizable intangible assets, net	$ 95,660		$ 95,660		$ 38,427
Amortization of intangible assets	7,900	$ 2,300	$ 21,900	$ 7,100
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life as of September 30, 2018 (months)			73 months
Amortizable intangible assets, net	79,070		$ 79,070		24,168
Accumulated amortization of intangible assets	28,023		$ 28,023		12,715
Trade names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life as of September 30, 2018 (months)			86 months
Amortizable intangible assets, net	11,715		$ 11,715		9,074
Accumulated amortization of intangible assets	4,978		$ 4,978		2,498
Computer software [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life as of September 30, 2018 (months)			21 months
Amortizable intangible assets, net	4,674		$ 4,674		4,958
Accumulated amortization of intangible assets	14,061		$ 14,061		10,013
Covenants not to compete [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life as of September 30, 2018 (months)			68 months
Amortizable intangible assets, net	201		$ 201		227
Accumulated amortization of intangible assets	$ 153		$ 153		$ 127

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2018 (October 1 - December 31)	$ 7,650
2019	27,854
2020	24,656
2021	14,629
2022	4,671
2023 and thereafter	16,200
Amortizable intangible assets, net	$ 95,660	$ 38,427

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2018
Goodwill [Roll Forward]
Balance at beginning of period	$ 158,456	$ 138,759
Goodwill acquired during the period		19,697
Great Lakes purchase price allocation adjustment - second quarter of 2018	(4,654)
Balance at end of period	153,802	158,456
Goodwill	158,456	138,759	$ 153,802
Loan Servicing And Systems [Member]
Goodwill [Roll Forward]
Balance at beginning of period	28,293	8,596
Goodwill acquired during the period		19,697
Great Lakes purchase price allocation adjustment - second quarter of 2018	(4,654)
Balance at end of period	23,639	28,293
Goodwill	28,293	8,596	23,639
Education Technology Services And Payment Processing Services [Member]
Goodwill [Roll Forward]
Balance at beginning of period	67,168	67,168
Goodwill acquired during the period		0
Great Lakes purchase price allocation adjustment - second quarter of 2018	0
Balance at end of period	67,168	67,168
Goodwill	67,168	67,168	67,168
Communications [Member]
Goodwill [Roll Forward]
Balance at beginning of period	21,112	21,112
Goodwill acquired during the period		0
Great Lakes purchase price allocation adjustment - second quarter of 2018	0
Balance at end of period	21,112	21,112
Goodwill	21,112	21,112	21,112
Asset Generation and Management [Member]
Goodwill [Roll Forward]
Balance at beginning of period	41,883	41,883
Goodwill acquired during the period		0
Great Lakes purchase price allocation adjustment - second quarter of 2018	0
Balance at end of period	41,883	41,883
Goodwill	41,883	41,883	41,883
Corporate and Other Activities [Member]
Goodwill [Roll Forward]
Balance at beginning of period	0	0
Goodwill acquired during the period		0
Great Lakes purchase price allocation adjustment - second quarter of 2018	0
Balance at end of period	0	0
Goodwill	$ 0	$ 0	$ 0

Property and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 339,730,000		$ 339,730,000		$ 248,051,000
Depreciation	15,100,000	$ 7,700,000	41,100,000	$ 20,600,000
Impairment charge	3,900,000	$ 0	3,907,000	$ 0
Non-communications [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	237,562,000		237,562,000		182,248,000
Accumulated depreciation	(119,535,000)		(119,535,000)		(105,017,000)
Property and equipment, net	118,027,000		118,027,000		77,231,000
Non-communications [Member] \| Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	146,831,000		$ 146,831,000		124,708,000
Non-communications [Member] \| Computer Equipment and Software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications [Member] \| Computer Equipment and Software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Non-communications [Member] \| Building [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	49,128,000		$ 49,128,000		24,003,000
Non-communications [Member] \| Building [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Non-communications [Member] \| Building [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			48 years
Non-communications [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22,445,000		$ 22,445,000		15,210,000
Non-communications [Member] \| Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications [Member] \| Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			10 years
Non-communications [Member] \| Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,310,000		$ 9,310,000		7,759,000
Non-communications [Member] \| Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications [Member] \| Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			15 years
Non-communications [Member] \| Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,447,000		$ 4,447,000		3,813,000
Non-communications [Member] \| Transportation Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			4 years
Non-communications [Member] \| Transportation Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			10 years
Non-communications [Member] \| Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,328,000		$ 3,328,000		2,628,000
Non-communications [Member] \| Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,073,000		2,073,000		4,127,000
Communications [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	253,215,000		253,215,000		186,398,000
Accumulated depreciation	(31,512,000)		(31,512,000)		(15,578,000)
Property and equipment, net	221,703,000		221,703,000		170,820,000
Communications [Member] \| Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,988,000		$ 4,988,000		3,790,000
Communications [Member] \| Computer Equipment and Software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			1 year
Communications [Member] \| Computer Equipment and Software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications [Member] \| Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,379,000		$ 6,379,000		5,759,000
Communications [Member] \| Transportation Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			4 years
Communications [Member] \| Transportation Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			10 years
Communications [Member] \| Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	70,000		$ 70,000		70,000
Communications [Member] \| Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,364,000		11,364,000		11,620,000
Communications [Member] \| Network plant and fiber [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	195,015,000		$ 195,015,000		138,122,000
Communications [Member] \| Network plant and fiber [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications [Member] \| Network plant and fiber [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			15 years
Communications [Member] \| Customer located property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,146,000		$ 19,146,000		13,767,000
Communications [Member] \| Customer located property [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications [Member] \| Customer located property [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			10 years
Communications [Member] \| Central office [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,584,000		$ 13,584,000		10,754,000
Communications [Member] \| Central office [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications [Member] \| Central office [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			15 years
Communications [Member] \| Other Capitalized Property Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,669,000		$ 2,669,000		$ 2,516,000
Communications [Member] \| Other Capitalized Property Plant and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			1 year
Communications [Member] \| Other Capitalized Property Plant and Equipment [Member] \| Maximum [Member]
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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 42,927	$ 46,303	$ 206,287	$ 125,065
Weighted average common shares outstanding - basic and diluted (in shares)	40,988,965	41,553,316	40,942,177	42,054,532
Earnings per share - basic and diluted (in dollars per share)	$ 1.05	$ 1.11	$ 5.04	$ 2.97
Common shareholders [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 42,354	$ 45,850	$ 203,881	$ 123,816
Weighted average common shares outstanding - basic and diluted (in shares)	40,441,783	41,146,424	40,464,638	41,634,578
Earnings per share - basic and diluted (in dollars per share)	$ 1.05	$ 1.11	$ 5.04	$ 2.97
Unvested restricted stock shareholders [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 573	$ 453	$ 2,406	$ 1,249
Weighted average common shares outstanding - basic and diluted (in shares)	547,182	406,892	477,539	419,954
Earnings per share - basic and diluted (in dollars per share)	$ 1.05	$ 1.11	$ 5.04	$ 2.97

- Definition

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

+ References + Details

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total interest income	$ 239,948	$ 196,887	$ 671,995	$ 573,789
Interest expense	180,175	121,650	487,174	341,787
Net interest income	59,773	75,237	184,821	232,002
Less provision for loan losses	10,500	6,700	18,000	10,700
Net interest income (loss) after provision for loan losses	49,273	68,537	166,821	221,302
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	16,673	19,756	44,449	44,874
Gain from debt repurchases		116	359	5,537
Derivative settlements, net	22,324	(573)	51,018	(2,314)
Derivative market value and foreign currency transaction adjustments, net	(5,226)	7,746	49,909	(23,254)
Total other income	216,577	140,104	671,699	359,361
Cost of services:
Total cost of services	23,397	17,783	55,979	44,245
Operating expenses:
Salaries and benefits	114,172	74,193	321,932	220,684
Depreciation and amortization	22,992	10,051	62,943	27,687
Loan servicing fees	3,087	8,017	9,428	19,670
Other expenses	45,194	29,500	119,020	81,923
Intersegment expenses, net	0	0	0	0
Total operating expenses	185,445	121,761	513,323	349,964
Income before income taxes	57,008	69,097	269,218	186,454
Income tax (expense) benefit	(13,882)	(25,562)	(63,369)	(70,349)
Net income (loss)	43,126	43,535	205,849	116,105
Net income attributable to noncontrolling interests	(199)	2,768	438	8,960
Net income (loss) attributable to Nelnet, Inc.	42,927	46,303	206,287	125,065
Total assets	$ 25,104,925	24,768,710	$ 25,104,925	24,768,710	$ 23,964,435
Segment income before tax allocation	24.00%		24.00%
Operating Segments [Member] \| Loan Servicing And Systems Segment [Member]
Segment Reporting Information [Line Items]
Total interest income	$ 381	147	$ 931	361
Interest expense	0	0	0	0
Net interest income	381	147	931	361
Less provision for loan losses	0	0	0	0
Net interest income (loss) after provision for loan losses	381	147	931	361
Other income:
Intersegment servicing revenue	12,290	10,563	34,670	30,839
Other income	1,948	0	5,196	0
Gain from debt repurchases		0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income	126,817	66,513	367,131	197,918
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	70,440	38,435	198,411	116,932
Depreciation and amortization	8,957	549	23,237	1,644
Loan servicing fees	0	0	0	0
Other expenses	19,638	10,317	51,591	28,333
Intersegment expenses, net	15,029	7,774	43,968	23,496
Total operating expenses	114,064	57,075	317,207	170,405
Income before income taxes	13,134	9,585	50,855	27,874
Income tax (expense) benefit	(3,152)	(4,937)	(12,399)	(14,410)
Net income (loss)	9,982	4,648	38,456	13,464
Net income attributable to noncontrolling interests	0	3,408	808	10,050
Net income (loss) attributable to Nelnet, Inc.	9,982	8,056	39,264	23,514
Total assets	276,153	98,555	276,153	98,555
Operating Segments [Member] \| Education Technology Services And Payment Processing Services Segment [Member]
Segment Reporting Information [Line Items]
Total interest income	1,513	5	2,927	10
Interest expense	3	0	3	0
Net interest income	1,510	5	2,924	10
Less provision for loan losses	0	0	0	0
Net interest income (loss) after provision for loan losses	1,510	5	2,924	10
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	0	0	0	0
Gain from debt repurchases		0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income	58,409	50,358	167,372	149,862
Cost of services:
Total cost of services	19,087	15,151	44,087	37,456
Operating expenses:
Salaries and benefits	19,972	17,432	58,552	50,986
Depreciation and amortization	3,435	2,316	10,062	7,053
Loan servicing fees	0	0	0	0
Other expenses	4,943	3,981	14,950	13,185
Intersegment expenses, net	2,494	2,219	7,630	6,430
Total operating expenses	30,844	25,948	91,194	77,654
Income before income taxes	9,988	9,264	35,015	34,762
Income tax (expense) benefit	(2,397)	(3,520)	(8,404)	(13,210)
Net income (loss)	7,591	5,744	26,611	21,552
Net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Nelnet, Inc.	7,591	5,744	26,611	21,552
Total assets	243,497	208,290	243,497	208,290
Operating Segments [Member] \| Communications Segment [Member]
Segment Reporting Information [Line Items]
Total interest income	1	1	3	2
Interest expense	4,174	1,551	9,987	3,367
Net interest income	(4,173)	(1,550)	(9,984)	(3,365)
Less provision for loan losses	0	0	0	0
Net interest income (loss) after provision for loan losses	(4,173)	(1,550)	(9,984)	(3,365)
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	950	0	950	0
Gain from debt repurchases		0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income	12,768	6,751	32,277	17,577
Cost of services:
Total cost of services	4,310	2,632	11,892	6,789
Operating expenses:
Salaries and benefits	4,554	4,099	13,284	10,489
Depreciation and amortization	6,167	3,145	16,585	7,880
Loan servicing fees	0	0	0	0
Other expenses	3,151	2,278	8,811	5,422
Intersegment expenses, net	598	470	1,802	1,472
Total operating expenses	14,470	9,992	40,482	25,263
Income before income taxes	(10,185)	(7,423)	(30,081)	(17,840)
Income tax (expense) benefit	2,444	2,821	7,220	6,779
Net income (loss)	(7,741)	(4,602)	(22,861)	(11,061)
Net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Nelnet, Inc.	(7,741)	(4,602)	(22,861)	(11,061)
Total assets	271,370	179,206	271,370	179,206
Operating Segments [Member] \| Asset Generation And Management Segment [Member]
Segment Reporting Information [Line Items]
Total interest income	236,039	194,971	662,881	568,665
Interest expense	176,874	121,074	480,729	340,898
Net interest income	59,165	73,897	182,152	227,767
Less provision for loan losses	10,500	6,700	18,000	10,700
Net interest income (loss) after provision for loan losses	48,665	67,197	164,152	217,067
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	3,267	2,753	9,032	9,152
Gain from debt repurchases		116	359	1,097
Derivative settlements, net	22,448	(382)	51,428	(1,721)
Derivative market value and foreign currency transaction adjustments, net	(6,056)	7,702	47,070	(23,121)
Total other income	19,659	10,189	107,889	(14,593)
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	424	392	1,183	1,156
Depreciation and amortization	0	0	0	0
Loan servicing fees	3,087	8,017	9,428	19,670
Other expenses	845	676	2,982	2,487
Intersegment expenses, net	12,378	10,659	34,943	31,114
Total operating expenses	16,734	19,744	48,536	54,427
Income before income taxes	51,590	57,642	223,505	148,047
Income tax (expense) benefit	(12,381)	(21,904)	(53,641)	(56,258)
Net income (loss)	39,209	35,738	169,864	91,789
Net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Nelnet, Inc.	39,209	35,738	169,864	91,789
Total assets	23,927,156	23,724,413	23,927,156	23,724,413
Operating Segments [Member] \| Corporate and Other Activities [Member]
Segment Reporting Information [Line Items]
Total interest income	6,860	3,903	17,673	10,026
Interest expense	3,968	1,165	8,875	2,794
Net interest income	2,892	2,738	8,798	7,232
Less provision for loan losses	0	0	0	0
Net interest income (loss) after provision for loan losses	2,892	2,738	8,798	7,232
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	10,508	17,003	29,272	35,722
Gain from debt repurchases		0	0	4,440
Derivative settlements, net	(124)	(191)	(410)	(593)
Derivative market value and foreign currency transaction adjustments, net	830	44	2,839	(133)
Total other income	11,214	16,856	31,701	39,436
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	18,782	13,834	50,502	41,121
Depreciation and amortization	4,433	4,040	13,058	11,109
Loan servicing fees	0	0	0	0
Other expenses	16,616	12,248	40,686	32,497
Intersegment expenses, net	(18,208)	(10,559)	(53,672)	(31,673)
Total operating expenses	21,623	19,563	50,574	53,054
Income before income taxes	(7,517)	31	(10,075)	(6,386)
Income tax (expense) benefit	1,604	1,978	3,855	6,749
Net income (loss)	(5,913)	2,009	(6,220)	363
Net income attributable to noncontrolling interests	(199)	(640)	(371)	(1,090)
Net income (loss) attributable to Nelnet, Inc.	(6,112)	1,369	(6,591)	(727)
Total assets	723,985	863,700	723,985	863,700
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total interest income	(4,846)	(2,139)	(12,420)	(5,274)
Interest expense	(4,846)	(2,139)	(12,420)	(5,274)
Net interest income	0	0	0	0
Less provision for loan losses	0	0	0	0
Net interest income (loss) after provision for loan losses	0	0	0	0
Other income:
Intersegment servicing revenue	(12,290)	(10,563)	(34,670)	(30,839)
Other income	0	0	0	0
Gain from debt repurchases		0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income	(12,290)	(10,563)	(34,670)	(30,839)
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	0	0	0	0
Depreciation and amortization	0	0	0	0
Loan servicing fees	0	0	0	0
Other expenses	0	0	0	0
Intersegment expenses, net	(12,290)	(10,563)	(34,670)	(30,839)
Total operating expenses	(12,290)	(10,563)	(34,670)	(30,839)
Income before income taxes	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Net income (loss)	0	0	0	0
Net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Nelnet, Inc.	0	0	0	0
Total assets	(337,236)	(305,454)	(337,236)	(305,454)
Loan Servicing And Systems [Member]
Other income:
Revenue	112,579	55,950	327,265	167,079
Loan Servicing And Systems [Member] \| Operating Segments [Member] \| Loan Servicing And Systems Segment [Member]
Other income:
Revenue	112,579	55,950	327,265	167,079
Loan Servicing And Systems [Member] \| Operating Segments [Member] \| Education Technology Services And Payment Processing Services Segment [Member]
Other income:
Revenue	0	0	0	0
Loan Servicing And Systems [Member] \| Operating Segments [Member] \| Communications Segment [Member]
Other income:
Revenue	0	0	0	0
Loan Servicing And Systems [Member] \| Operating Segments [Member] \| Asset Generation And Management Segment [Member]
Other income:
Revenue	0	0	0	0
Loan Servicing And Systems [Member] \| Operating Segments [Member] \| Corporate and Other Activities [Member]
Other income:
Revenue	0	0	0	0
Loan Servicing And Systems [Member] \| Intersegment Eliminations [Member]
Other income:
Revenue	0	0	0	0
Education Technology Services And Payment Processing Services [Member]
Other income:
Revenue	58,409	50,358	167,372	149,862
Cost of services:
Total cost of services	19,087	15,151	44,087	37,456
Education Technology Services And Payment Processing Services [Member] \| Operating Segments [Member] \| Loan Servicing And Systems Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education Technology Services And Payment Processing Services [Member] \| Operating Segments [Member] \| Education Technology Services And Payment Processing Services Segment [Member]
Other income:
Revenue	58,409	50,358	167,372	149,862
Cost of services:
Total cost of services	19,087	15,151	44,087	37,456
Education Technology Services And Payment Processing Services [Member] \| Operating Segments [Member] \| Communications Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education Technology Services And Payment Processing Services [Member] \| Operating Segments [Member] \| Asset Generation And Management Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education Technology Services And Payment Processing Services [Member] \| Operating Segments [Member] \| Corporate and Other Activities [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education Technology Services And Payment Processing Services [Member] \| Intersegment Eliminations [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications Services [Member]
Other income:
Revenue	11,818	6,751	31,327	17,577
Cost of services:
Total cost of services	4,310	2,632	11,892	6,789
Communications Services [Member] \| Operating Segments [Member] \| Loan Servicing And Systems Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications Services [Member] \| Operating Segments [Member] \| Education Technology Services And Payment Processing Services Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications Services [Member] \| Operating Segments [Member] \| Communications Segment [Member]
Other income:
Revenue	11,818	6,751	31,327	17,577
Cost of services:
Total cost of services	4,310	2,632	11,892	6,789
Communications Services [Member] \| Operating Segments [Member] \| Asset Generation And Management Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications Services [Member] \| Operating Segments [Member] \| Corporate and Other Activities [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications Services [Member] \| Intersegment Eliminations [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	$ 0	$ 0	$ 0	$ 0

Major Customer (Details) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended	9 Months Ended
Major Customer (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Great Lakes Educational Loan Service [Member]
Concentration Risk [Line Items]
Acquiree revenue since acquisition	$ 45,700		$ 122,100
Government Servicing - Nelnet [Member]
Concentration Risk [Line Items]
Revenue	38,907	$ 38,594		$ 118,015	$ 117,409
Government Servicing - Nelnet [Member] \| Concentration Risk Dollar Value [Member]
Concentration Risk [Line Items]
Revenue	$ 38,900	$ 38,600		$ 118,000	$ 117,400

Related Parties - Narrative (Details) - Affiliated Entity [Member] - Loan Origination Purchase Agreement [Member] - USD ($)	Sep. 30, 2018	Aug. 22, 2018
Related Party Transaction [Line Items]
Percent of loans originated purchase agreement		95.00%
Loans originated	$ 0
Union Bank [Member]
Related Party Transaction [Line Items]
Percent of loans originated sales agreement		95.00%

Assets and Liabilities that are Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Equity securities measured at net asset value [Member]
Financial assets:
Fair value	$ 13,650
Fair Value, Measurements, Recurring [Member]
Financial assets:
Fair value	74,183	$ 80,902
Fair value of derivative instruments	2,043	818
Total assets	76,226	81,720
Financial liabilities:
Fair value of derivative instruments	4,224	7,063
Total liabilities	4,224	7,063
Fair Value, Measurements, Recurring [Member] \| Student loan asset-backed securities [Member]
Financial assets:
Fair value	57,304	76,866
Fair Value, Measurements, Recurring [Member] \| Equity securities [Member]
Financial assets:
Fair value	3,123	3,928
Fair Value, Measurements, Recurring [Member] \| Debt securities [Member]
Financial assets:
Fair value	106	108
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Financial assets:
Fair value	3,229	4,036
Fair value of derivative instruments	0	0
Total assets	3,229	4,036
Financial liabilities:
Fair value of derivative instruments	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Student loan asset-backed securities [Member]
Financial assets:
Fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Equity securities [Member]
Financial assets:
Fair value	3,123	3,928
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Debt securities [Member]
Financial assets:
Fair value	106	108
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Financial assets:
Fair value	57,304	76,866
Fair value of derivative instruments	2,043	818
Total assets	59,347	77,684
Financial liabilities:
Fair value of derivative instruments	4,224	7,063
Total liabilities	4,224	7,063
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Student loan asset-backed securities [Member]
Financial assets:
Fair value	57,304	76,866
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Equity securities [Member]
Financial assets:
Fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Debt securities [Member]
Financial assets:
Fair value	$ 0	$ 0

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Financial assets:
Loans receivable	$ 22,528,362	$ 21,814,507
Cash and cash equivalents	83,537	66,752	$ 254,391	$ 69,654
Restricted cash – due to customers	188,591	187,121	$ 105,299	$ 119,702
Loan accrued interest receivable	624,259	430,385
Derivative instruments	2,043	818
Financial liabilities:
Bonds and notes payable	22,251,433	21,356,573
Accrued interest payable	60,658	50,039
Due to customers	188,591	187,121
Derivative instruments	4,224	7,063
Fair value [Member]
Financial assets:
Loans receivable	23,868,803	23,106,440
Cash and cash equivalents	83,537	66,752
Investments (at fair value)	74,183	80,902
Notes receivable	16,373	16,393
Restricted cash	723,338	688,193
Restricted cash – due to customers	188,591	187,121
Loan accrued interest receivable	624,259	430,385
Derivative instruments	2,043	818
Financial liabilities:
Bonds and notes payable	22,525,479	21,521,463
Accrued interest payable	60,658	50,039
Due to customers	188,591	187,121
Derivative instruments	4,224	7,063
Fair value [Member] \| Level 1 [Member]
Financial assets:
Loans receivable	0	0
Cash and cash equivalents	83,537	66,752
Investments (at fair value)	3,229	4,036
Notes receivable	0	0
Restricted cash	723,338	688,193
Restricted cash – due to customers	188,591	187,121
Loan accrued interest receivable	0	0
Derivative instruments	0	0
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Due to customers	188,591	187,121
Derivative instruments	0	0
Fair value [Member] \| Level 2 [Member]
Financial assets:
Loans receivable	0	0
Cash and cash equivalents	0	0
Investments (at fair value)	57,304	76,866
Notes receivable	16,373	16,393
Restricted cash	0	0
Restricted cash – due to customers	0	0
Loan accrued interest receivable	624,259	430,385
Derivative instruments	2,043	818
Financial liabilities:
Bonds and notes payable	22,525,479	21,521,463
Accrued interest payable	60,658	50,039
Due to customers	0	0
Derivative instruments	4,224	7,063
Fair value [Member] \| Level 3 [Member]
Financial assets:
Loans receivable	23,868,803	23,106,440
Cash and cash equivalents	0	0
Investments (at fair value)	0	0
Notes receivable	0	0
Restricted cash	0	0
Restricted cash – due to customers	0	0
Loan accrued interest receivable	0	0
Derivative instruments	0	0
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Due to customers	0	0
Derivative instruments	0	0
Carrying value [Member]
Financial assets:
Loans receivable	22,528,362	21,814,507
Cash and cash equivalents	83,537	66,752
Investments (at fair value)	74,183	80,902
Notes receivable	16,373	16,393
Restricted cash	723,338	688,193
Restricted cash – due to customers	188,591	187,121
Loan accrued interest receivable	624,259	430,385
Derivative instruments	2,043	818
Financial liabilities:
Bonds and notes payable	22,251,433	21,356,573
Accrued interest payable	60,658	50,039
Due to customers	188,591	187,121
Derivative instruments	$ 4,224	$ 7,063

Subsequent Event (Details) - USD ($)	3 Months Ended			9 Months Ended
Subsequent Event (Details) - USD ($)	Dec. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Subsequent Event [Line Items]
Impairment charge		$ 3,900,000	$ 0	$ 3,907,000	$ 0
Scenario, Forecast
Subsequent Event [Line Items]
Impairment charge	$ 8,000,000

As of September 30, 2018

As of December 31, 2017

Deferred revenue, which is included in "other liabilities" on the consolidated balance sheets