NELNET INC, 10-Q filed on 5/7/2020
Quarterly Report
v3.20.1
Cover Page - shares
3 Months Ended
Mar. 31, 2020
Apr. 30, 2020
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2020  
Document Transition Report false  
Entity File Number 001-31924  
Entity Registrant Name NELNET, INC.  
Entity Incorporation, State or Country Code NE  
Entity Tax Identification Number 84-0748903  
Entity Address, Address Line One 121 South 13th Street, Suite 100  
Entity Address, City or Town Lincoln,  
Entity Address, State or Province NE  
Entity Address, Postal Zip Code 68508  
City Area Code 402  
Local Phone Number 458-2370  
Title of 12(b) Security Class A Common Stock, Par Value $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Entity Central Index Key 0001258602  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q1  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   27,903,522
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   11,271,609
v3.20.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $208,868 and $61,914, respectively) $ 21,158,208 $ 21,402,868
Cash and cash equivalents:    
Cash and cash equivalents - not held at a related party 16,045 13,922
Cash and cash equivalents - held at a related party 188,799 119,984
Total cash and cash equivalents 204,844 133,906
Investments 253,939 247,099
Restricted cash 675,589 650,939
Restricted cash - due to customers 219,905 437,756
Accounts receivable (net of allowance for doubtful accounts of $5,142 and $4,455, respectively) 63,206 115,391
Goodwill 156,912 156,912
Intangible assets, net 74,127 81,532
Property and equipment, net 351,097 348,259
Other assets 122,801 134,308
Total assets 23,280,628 23,708,970
Liabilities:    
Bonds and notes payable 20,466,730 20,529,054
Accrued interest payable 43,874 47,285
Other liabilities 224,319 303,781
Due to customers 219,905 437,756
Total liabilities 20,954,828 21,317,876
Commitments and contingencies
Nelnet, Inc. shareholders' equity:    
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding 0 0
Common stock:    
Additional paid-in capital 9,140 5,715
Retained earnings 2,310,282 2,377,627
Accumulated other comprehensive earnings 859 2,972
Total Nelnet, Inc. shareholders' equity 2,320,680 2,386,712
Noncontrolling interests 5,120 4,382
Total equity 2,325,800 2,391,094
Total liabilities and equity 23,280,628 23,708,970
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $208,868 and $61,914, respectively) 21,180,424 21,399,382
Cash and cash equivalents:    
Restricted cash 659,624 639,816
Other assets 30 31
Liabilities:    
Bonds and notes payable 20,625,388 20,742,798
Other liabilities 108,801 162,494
Common stock:    
Net assets of consolidated education and other lending variable interest entities 1,105,889 1,133,937
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 28,582,032 shares and 28,458,495 shares, respectively    
Common stock:    
Common stock 286 285
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 11,271,609 shares    
Common stock:    
Common stock $ 113 $ 113
v3.20.1
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Allowance for loan losses $ 208,868 $ 61,914
Allowance for doubtful accounts $ 5,142 $ 4,455
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares (in shares) 50,000,000 50,000,000
Preferred stock, issued shares (in shares) 0 0
Preferred stock, outstanding shares (in shares) 0 0
Common Class A    
Par value (in dollars per share) $ 0.01 $ 0.01
Shares authorized (in shares) 600,000,000 600,000,000
Shares issued (in shares) 28,582,032 28,458,495
Shares outstanding (in shares) 28,582,032 28,458,495
Common Class B    
Par value (in dollars per share) $ 0.01 $ 0.01
Shares authorized (in shares) 60,000,000 60,000,000
Shares issued (in shares) 11,271,609 11,271,609
Shares outstanding (in shares) 11,271,609 11,271,609
v3.20.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest income:    
Loan interest $ 181,793 $ 242,333
Investment interest 7,398 8,253
Total interest income 189,191 250,586
Interest expense:    
Interest on bonds and notes payable 134,118 191,770
Net interest income 55,073 58,816
Less provision for loan losses 76,299 7,000
Net interest income after provision for loan losses (21,226) 51,816
Other income/expense:    
Gain on sale of loans 18,206 0
Other income 8,281 9,067
Impairment expense (34,087) 0
Derivative market value adjustments and derivative settlements, net (16,365) (11,539)
Total other income/expense 190,626 206,128
Cost of services:    
Cost of services 28,388 25,818
Operating expenses:    
Salaries and benefits 119,878 111,059
Depreciation and amortization 27,648 24,213
Other expenses 43,384 43,816
Total operating expenses 190,910 179,088
(Loss) income before income taxes (49,898) 53,038
Income tax benefit (expense) 10,133 (11,391)
Net (loss) income (39,765) 41,647
Net income attributable to noncontrolling interests (767) (56)
Net (loss) income attributable to Nelnet, Inc. $ (40,532) $ 41,591
Earnings per common share:    
Net (loss) income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share) $ (1.01) $ 1.03
Weighted average common shares outstanding - basic and diluted (in shares) 39,955,514 40,373,295
Loan servicing and systems    
Other income/expense:    
Revenue $ 112,735 $ 114,898
Education technology, services, and payment processing    
Other income/expense:    
Revenue 83,675 79,159
Cost of services:    
Cost of services 22,806 21,059
Communications services    
Other income/expense:    
Revenue 18,181 14,543
Cost of services:    
Cost of services $ 5,582 $ 4,759
v3.20.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statement of Comprehensive Income [Abstract]    
Net (loss) income $ (39,765) $ 41,647
Available-for-sale securities:    
Unrealized holding losses arising during period, net of gains (3,015) (436)
Reclassification adjustment for losses recognized in net income 235 0
Income tax effect 667 105
Total other comprehensive loss (2,113) (331)
Comprehensive (loss) income (41,878) 41,316
Comprehensive income attributable to noncontrolling interests (767) (56)
Comprehensive (loss) income attributable to Nelnet, Inc. $ (42,645) $ 41,260
v3.20.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
Retained earnings
Accumulated other comprehensive (loss) earnings
Noncontrolling interests
Balance (in shares) at Dec. 31, 2018   0 28,798,464 11,459,641        
Balance at Dec. 31, 2018 $ 2,314,779 $ 0 $ 288 $ 115 $ 622 $ 2,299,556 $ 3,883 $ 10,315
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 26             26
Net (loss) income 41,647         41,591   56
Other comprehensive loss (331)           (331)  
Distribution to noncontrolling interests (22)             (22)
Cash dividend on Class A and Class B common stock (7,232)         (7,232)    
Issuance of common stock, net of forfeitures (in shares)     131,391          
Issuance of common stock, net of forfeitures 2,494   $ 1   2,493      
Compensation expense for stock based awards 1,368       1,368      
Repurchase of common stock (in shares)     (301,327)          
Repurchase of common stock (16,358)   $ (3)   (3,847) (12,508)    
Balance (in shares) at Mar. 31, 2019   0 28,628,528 11,459,641        
Balance at Mar. 31, 2019 2,330,294 $ 0 $ 286 $ 115 636 2,321,407 3,552 4,298
Balance (in shares) at Dec. 31, 2019   0 28,458,495 11,271,609        
Balance at Dec. 31, 2019 2,391,094 $ 0 $ 285 $ 113 5,715 2,377,627 2,972 4,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 26             26
Net (loss) income (39,765)         (40,532)   767
Other comprehensive loss (2,113)           (2,113)  
Distribution to noncontrolling interests (55)             (55)
Cash dividend on Class A and Class B common stock (7,946)         (7,946)    
Issuance of common stock, net of forfeitures (in shares)     148,422          
Issuance of common stock, net of forfeitures 2,941   $ 1   2,940      
Compensation expense for stock based awards 1,738       1,738      
Repurchase of common stock (in shares)     (24,885)          
Repurchase of common stock (1,253)       (1,253)      
Balance (in shares) at Mar. 31, 2020   0 28,582,032 11,271,609        
Balance at Mar. 31, 2020 $ 2,325,800 $ 0 $ 286 $ 113 $ 9,140 $ 2,310,282 $ 859 $ 5,120
v3.20.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Common Class A    
Cash dividend on Class A and Class B common stock (in dollars per share) $ 0.20 $ 0.18
Common Class B    
Cash dividend on Class A and Class B common stock (in dollars per share) $ 0.20 $ 0.18
v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statement of Cash Flows [Abstract]    
Net (loss) income attributable to Nelnet, Inc. $ (40,532) $ 41,591
Net income attributable to noncontrolling interests 767 56
Net (loss) income (39,765) 41,647
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 48,763 46,948
Loan discount accretion (9,442) (9,693)
Provision for loan losses 76,299 7,000
Derivative market value adjustments 20,602 30,574
Proceeds from termination of derivative instruments 0 2,119
Payments to clearinghouse - initial and variation margin, net (20,386) (13,974)
Gain from sale of loans (18,206) 0
Loss from investments, net 4,046 1,151
Deferred income tax benefit (26,000) (2,807)
Non-cash compensation expense 1,857 1,476
Impairment expense 34,087 0
Increase in accrued interest receivable (33,167) (36,722)
Decrease (increase) in accounts receivable 52,185 (16,571)
Decrease (increase) in other assets, net 31,363 (33,440)
(Increase) decrease in the carrying amount of ROU asset, net (1,000) 1,096
(Decrease) increase in accrued interest payable (3,411) 479
Decrease in other liabilities (42,047) (3,678)
Decrease in the carrying amount of lease liability, net (2,382) (2,063)
Decrease in due to customers (217,851) (153,207)
Net cash used in operating activities (144,455) (139,665)
Cash flows from investing activities:    
Purchases of loans (409,404) (317,922)
Purchases of loans from a related party (41,217) (26,709)
Net proceeds from loan repayments, claims, and capitalized interest 517,347 769,996
Proceeds from sale of loans 90,461 0
Purchases of available-for-sale securities (29,658) 0
Proceeds from sales of available-for-sale securities 22,197 0
Purchases of other investments (32,892) (15,970)
Proceeds from beneficial interest in loan securitizations 11,264 0
Proceeds from other investments 3,135 1,719
Purchases of property and equipment (25,561) (24,813)
Net cash provided by investing activities 105,672 386,301
Cash flows from financing activities:    
Payments on bonds and notes payable (1,263,204) (932,007)
Proceeds from issuance of bonds and notes payable 1,193,388 570,532
Payments of debt issuance costs (4,854) (2,776)
Dividends paid (7,946) (7,232)
Repurchases of common stock (1,253) (16,358)
Proceeds from issuance of common stock 411 461
Distribution to noncontrolling interests (22) (22)
Net cash used in financing activities (83,480) (387,402)
Net decrease in cash, cash equivalents, and restricted cash (122,263) (140,766)
Cash, cash equivalents, and restricted cash, beginning of period 1,222,601 1,192,391
Cash, cash equivalents, and restricted cash, end of period 1,100,338 1,051,625
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 125,184 176,876
Cash disbursements made (refunds and credits received) for income taxes, net 80 (9)
Cash disbursements made for operating leases 2,702 2,376
Noncash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 1,411 3,233
Receipt of beneficial interest in consumer loan securitization 38,490 0
Distribution to noncontrolling interest 33 0
Cash and cash equivalents:    
Cash, cash equivalents, and restricted cash $ 1,100,338 $ 1,192,391
v3.20.1
Basis of Financial Reporting
3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2020 and for the three months ended March 31, 2020 and 2019 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2019 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results for the year ending December 31, 2020. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Annual Report").
Reclassifications
Amounts previously reported in the line item "accrued interest receivable" in the Company's consolidated balance sheet have been reclassified to "loans and accrued interest receivable" and "investments" to conform to the current period presentation.
Accounting Standard Adopted in 2020
In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASC 326”), which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. Since its original issuance in 2016, the FASB has issued several updates to the original ASU.
The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for financial assets measured at amortized cost at the time the financial asset is originated or acquired, including, for the Company, loans receivable, accounts receivable, and held-to-maturity beneficial interests in loan securitizations. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. For available-for-sale debt securities where fair value is less than amortized cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk.
On January 1, 2020, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 (recognizing estimated credit losses expected to occur over the asset's remaining life) while prior period amounts continue to be reported in accordance with previously applicable GAAP (recognizing estimated credit losses using an incurred loss model); therefore, the comparative information for 2019 is not comparable to the information presented for 2020. Adoption of the new guidance primarily impacted the allowance for loan losses related to the Company's loan portfolio. Upon adoption, the Company recorded an increase to the allowance for loan losses of $91.0 million, which included a reclassification of the non-accretable discount balance and premiums related to loans purchased with evidence of credit deterioration, and decreased retained earnings, net of tax, by $18.9 million. The following table illustrates the impact of the adoption of ASC 326.
v3.20.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses
3 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2020December 31, 2019
Federally insured student loans:
Stafford and other$4,645,574  4,684,314  
Consolidation15,539,478  15,644,229  
Total20,185,052  20,328,543  
Private education loans274,210  244,258  
Consumer loans145,803  225,918  
 20,605,065  20,798,719  
Accrued interest receivable766,773  733,497  
Loan discount, net of unamortized loan premiums and deferred origination costs
(4,762) (35,036) 
Non-accretable discount—  (32,398) 
Allowance for loan losses:
Federally insured loans(146,759) (36,763) 
Private education loans(23,056) (9,597) 
Consumer loans(39,053) (15,554) 
 $21,158,208  21,402,868  
On January 30, 2020, the Company sold $124.2 million (par value) of consumer loans to an unrelated third party who securitized such loans. The Company recognized a $18.2 million (pre-tax) gain as part of this transaction. As partial consideration received for the consumer loans sold, the Company received a 31.4 percent residual interest in the consumer loan securitization that is included in "investments" on the Company's consolidated balance sheet.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodImpact of ASC 326 adoptionProvision for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deterioration (a)Loan saleBalance at end of period
 Three months ended March 31, 2020
Federally insured loans$36,763  72,291  39,323  (6,318) —  4,700  —  146,759  
Private education loans9,597  4,797  9,800  (1,330) 192  —  —  23,056  
Consumer loans15,554  13,926  27,176  (4,350) 247  —  (13,500) 39,053  
$61,914  91,014  76,299  (11,998) 439  4,700  (13,500) 208,868  
Three months ended March 31, 2019
Federally insured loans$42,310  —  2,000  (3,376) —  —  —  40,934  
Private education loans10,838  —  —  (482) 231  —  —  10,587  
Consumer loans7,240  —  5,000  (2,006) 23  —  —  10,257  
$60,388  —  7,000  (5,864) 254  —  —  61,778  
a) During the three months ended March 31, 2020, the Company acquired $291.2 million (par value) of federally insured rehabilitation loans. These loans met the definition of PCD loans when they were purchased by the Company. The Company estimated that the expected credit losses relating to these loans was $4.7 million at the time of purchase. The noncredit discount recorded as part of these acquisitions will be recognized into interest income using an effective yield over the life of the loans.
In March 2020, the rapid outbreak of the respiratory disease caused by a novel strain of coronavirus, coronavirus 2019 or COVID-19 ("COVID-19"), was declared a global pandemic by the World Health Organization and a national emergency by the President, and caused significant disruptions in the U.S. and world economies. Apart from the impact of the adoption of ASC 326 effective January 1, 2020, the Company’s allowance for loan losses increased during the first quarter of 2020 primarily as a result of the COVID-19 pandemic and its effects on current and forecasted economic conditions.
Loan Status and Delinquencies
The key credit quality indicators for the Company's federally insured, private education, and consumer loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan status and delinquency amounts.
As of March 31, 2020As of December 31, 2019As of March 31, 2019
Federally insured loans:
    
Loans in-school/grace/deferment $1,111,139  5.5 % $1,074,678  5.3 % $1,288,011  5.9 %
Loans in forbearance 2,131,735  10.6   1,339,821  6.6   1,358,343  6.3  
Loans in repayment status:  
Loans current14,618,767  86.3 %15,410,993  86.0 %16,550,665  87.0 %
Loans delinquent 31-60 days581,665  3.4  650,796  3.6  666,668  3.5  
Loans delinquent 61-90 days405,575  2.4  428,879  2.4  425,098  2.2  
Loans delinquent 91-120 days267,145  1.6  310,851  1.7  296,242  1.6  
Loans delinquent 121-270 days
756,241  4.5  812,107  4.5  718,409  3.8  
Loans delinquent 271 days or greater
312,785  1.8  300,418  1.8  377,177  1.9  
Total loans in repayment16,942,178  83.9  100.0 %17,914,044  88.1  100.0 %19,034,259  87.8  100.0 %
Total federally insured loans20,185,052  100.0 % 20,328,543  100.0 % 21,680,613  100.0 %
Accrued interest receivable763,924  730,059  712,852  
Loan discount, net of unamortized premiums and deferred origination costs(5,732) (35,822) (45,139) 
Non-accretable discount (a)—  (28,036) (25,799) 
Allowance for loan losses(146,759) (36,763) (40,934) 
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$20,796,485  $20,957,981  $22,281,593  
Private education loans:
Loans in-school/grace/deferment $4,783  1.7 %$4,493  1.8 %$4,208  2.0 %
Loans in forbearance 11,428  4.2  3,108  1.3  1,473  0.7  
Loans in repayment status:
Loans current252,611  97.9 %227,013  95.9 %196,122  95.5 %
Loans delinquent 31-60 days1,606  0.6  2,814  1.2  2,292  1.1  
Loans delinquent 61-90 days961  0.4  1,694  0.7  1,481  0.7  
Loans delinquent 91 days or greater2,821  1.1  5,136  2.2  5,453  2.7  
Total loans in repayment257,999  94.1  100.0 %236,657  96.9  100.0 %205,348  97.3  100.0 %
Total private education loans274,210  100.0 % 244,258  100.0 % 211,029  100.0 %
Accrued interest receivable1,716  1,558  1,134  
Loan discount, net of unamortized premiums and deferred origination costs(138) 46  (1,063) 
Non-accretable discount (a)—  (4,362) (5,311) 
Allowance for loan losses(23,056) (9,597) (10,587) 
Total private education loans and accrued interest receivable, net of allowance for loan losses$252,732  $231,903  $195,202  
Consumer loans:
Loans in repayment status:
Loans current$141,840  97.3 %$220,404  97.5 %$187,983  98.4 %
Loans delinquent 31-60 days1,525  1.0  2,046  0.9  1,162  0.6  
Loans delinquent 61-90 days851  0.6  1,545  0.7  917  0.5  
Loans delinquent 91 days or greater1,587  1.1  1,923  0.9  939  0.5  
Total loans in repayment145,803  100.0 %225,918  100.0 %191,001  100.0 %
Total consumer loans145,803  225,918  191,001  
Accrued interest receivable1,133  1,880  1,366  
Loan premium1,108  740  2,600  
Allowance for loan losses(39,053) (15,554) (10,257) 
Total consumer loans and accrued interest receivable, net of allowance for loan losses$108,991  $212,984  $184,710  
v3.20.1
Bonds and Notes Payable
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of March 31, 2020
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$18,525,916  
0.90% - 3.42%
5/27/25 - 3/26/68
Bonds and notes based on auction763,476  
1.61% - 3.26%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes19,289,392  
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations
773,997  
1.83% - 3.45%
10/25/67 - 4/25/68
FFELP warehouse facilities282,505  
1.65% / 1.70%
5/20/21 / 5/31/22
Private education loan warehouse facility85,494  1.65%2/13/22
Consumer loan warehouse facility67,097  1.68%4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations
65,859  
1.65% / 2.70%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
46,045  
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit100,000  2.11%12/16/24
Unsecured debt - Junior Subordinated Hybrid Securities20,381  4.81%9/15/61
Other borrowings5,000  3.11%5/30/22
 20,735,770    
Discount on bonds and notes payable and debt issuance costs(269,040) 
Total$20,466,730  

 As of December 31, 2019
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$18,428,998  
1.98% - 3.61%
5/27/25 - 1/25/68
Bonds and notes based on auction768,626  
2.75% - 3.60%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes19,197,624  
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations
512,836  
2.00% - 3.45%
10/25/67 / 11/25/67
FFELP warehouse facilities778,094  
1.98% / 2.07%
5/20/21 / 5/31/22
Consumer loan warehouse facility116,570  1.99%4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations
73,308  
3.15% / 3.54%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
49,367  
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit50,000  3.29%12/16/24
Unsecured debt - Junior Subordinated Hybrid Securities20,381  5.28%9/15/61
Other borrowings5,000  3.44%5/30/22
 20,803,180    
Discount on bonds and notes payable and debt issuance costs(274,126) 
Total$20,529,054  
FFELP Warehouse Facilities
The Company funds the majority of its FFELP loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements.
As of March 31, 2020, the Company had two FFELP warehouse facilities as summarized below.
NFSLW-INHELP-IITotal
Maximum financing amount
$550,000  500,000  1,050,000  
Amount outstanding159,441  123,064  282,505  
Amount available$390,559  376,936  767,495  
Expiration of liquidity provisions
May 20, 2020May 31, 2020
Final maturity dateMay 20, 2021May 31, 2022
Advanced as equity support$7,981  10,556  18,537  
Asset-Backed Securitizations
The following table summarizes the asset-backed securitization transactions completed during the first three months of 2020.
2020-12020-22020-3Total
Date securities issued2/20/203/11/203/19/20
Total original principal amount$435,600  272,100  352,600  1,060,300  
Class A senior notes:
Total principal amount$424,600  264,300  343,600  1,032,500  
Bond discount—  (44) (1,503) (1,547) 
Issue price$424,600  264,256  342,097  1,030,953  
Cost of funds
1-month LIBOR plus 0.74%
1.83%
1-month LIBOR plus 0.92%
Final maturity date3/26/684/25/683/26/68
Class B subordinated notes:
Total principal amount$11,000  7,800  9,000  27,800  
Bond discount—  (574) (284) (858) 
Issue price$11,000  7,226  8,716  26,942  
Cost of funds
1-month LIBOR plus 1.75%
2.50%
1-month LIBOR plus 1.90%
Final maturity date3/26/684/25/683/26/68
Consumer Loan Warehouse Facility
The Company has a consumer loan warehouse facility that has an aggregate maximum financing amount available of $200.0 million, an advance rate of 70 or 75 percent depending on the type of collateral and subject to certain concentration limits, liquidity provisions to April 23, 2021, and a final maturity date of April 23, 2022. As of March 31, 2020, $67.1 million was outstanding under this warehouse facility and $132.9 million was available for future funding. Additionally, as of March 31, 2020, the Company had $29.1 million advanced as equity support under this facility.
Private Education Loan Warehouse Facility
On February 13, 2020, the Company closed on a private education loan warehouse facility with an aggregate maximum financing amount available of $100.0 million. On March 20, 2020, the facility was amended to increase the maximum financing amount to $200.0 million. The facility has an advance rate of 90 percent, liquidity provisions through February 13, 2021, and a final maturity date of February 13, 2022. As of March 31, 2020, $85.5 million was outstanding under this warehouse facility
and $114.5 million was available for future funding. Additionally, as of March 31, 2020, the Company had $9.2 million advanced as equity support under this facility.
Unsecured Line of Credit
The Company has a $455.0 million unsecured line of credit that has a maturity date of December 16, 2024. As of March 31, 2020, $100.0 million was outstanding on the line of credit and $355.0 million was available for future use. The line of credit provides that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $550.0 million, subject to certain conditions.
v3.20.1
Derivative Financial Instruments
3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2019 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2020 and December 31, 2019 is presented below.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps as of December 31, 2019 and March 31, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional Amount
2020$1,000,000  
2021250,000  
2022 (a)2,000,000  
2023750,000  
20241,750,000  
20261,150,000  
2027250,000  
$7,150,000  
(a) $750 million of the notional amount of these derivatives have forward effective start dates in May 2020.
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2020 and December 31, 2019 was one-month LIBOR plus 9.7 basis points.
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 March 31, 2020As of December 31, 2019
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2020$1,000,000  1.00 %$1,500,000  1.01 %
2021600,000  2.15  600,000  2.15  
2022 (b)250,000  1.65  250,000  1.65  
2023150,000  2.25  150,000  2.25  
 $2,000,000  1.52 %$2,500,000  1.42 %
(a) For all interest rate derivatives, the Company receives discrete three-month LIBOR.
(b) These derivatives have forward effective start dates in June 2021. Excluding these derivatives, the weighted average fixed rate paid by the Company on its floor income derivative portfolio was 1.50% as of March 31, 2020.
Interest Rate Caps
In June 2015 and June 2019, the Company paid $2.9 million and $0.3 million, respectively, for interest rate cap contracts to mitigate a rise in interest rates and its impact on earnings related to its student loan portfolio earning a fixed rate. In the event that the one-month LIBOR or three-month LIBOR rate rises above the applicable strike rate, the Company will receive monthly payments related to the spread difference. The following table summarizes these derivative instruments as of March 31, 2020.
Notional AmountStrike rateMaturity date
$125,000  
2.50% (1-month LIBOR)
July 15, 2020
150,000  
4.99% (1-month LIBOR)
July 15, 2020
500,000  
2.25% (3-month LIBOR)
September 25, 2020
Consolidated Financial Statement Impact Related to Derivatives - Statements of Operations
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of operations.
Three months ended March 31,
 20202019
Settlements:  
1:3 basis swaps$2,112  2,334  
Interest rate swaps - floor income hedges2,125  16,701  
Total settlements - income (expense)4,237  19,035  
Change in fair value:  
1:3 basis swaps1,558  (2,212) 
Interest rate swaps - floor income hedges(22,160) (26,712) 
Interest rate swap options - floor income hedges—  (1,376) 
Interest rate caps—  (274) 
Total change in fair value - income (expense)(20,602) (30,574) 
Derivative market value adjustments and derivative settlements, net - income (expense)
$(16,365) (11,539) 
v3.20.1
Investments
3 Months Ended
Mar. 31, 2020
Investments [Abstract]  
Investments Investments
A summary of the Company's investments follows:
As of March 31, 2020As of December 31, 2019
Amortized costGross unrealized gainsGross unrealized lossesFair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale (a)
$56,016  2,230  (1,099) 57,147  48,790  3,911  —  52,701  
Equity securities22,871  4,846  (1,554) 26,163  9,622  4,561  (1,283) 12,900  
Total investments (at fair value)$78,887  7,076  (2,653) 83,310  58,412  8,472  (1,283) 65,601  
Other Investments (not measured at fair value):
Venture capital and funds:
Measurement alternative
65,631  72,760  
Equity method
15,338  15,379  
Other
537  1,301  
Total venture capital and funds81,506  89,440  
Real estate and solar:
Equity method
45,070  51,721  
Other
862  867  
  Total real estate and solar
45,932  52,588  
Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $26,303 as of March 31, 2020
34,109  33,187  
Beneficial interest in federally insured loan securitization3,084  —  
Tax liens and affordable housing5,998  6,283  
Total investments (not measured at fair value)170,629  181,498  
Total investments$253,939  $247,099  
(a) As of March 31, 2020, there were no individual securities in which the fair value was lower than amortized cost as a result of credit losses. Accordingly, the Company has not recorded an allowance for credit losses on its available-for-sale debt securities as of March 31, 2020. In addition, for those securities in which fair value was lower than amortized cost, the Company has the ability to hold and does not intend to sell such securities until the amortized cost is recovered.
Impairment Expense
During the three months ended March 31, 2020, the Company recorded a total of $(34.1) million (pre-tax) in impairment charges related to its investments, which included $26.3 million and $7.8 million in impairments related to the Company's beneficial interest in consumer loan securitizations and several of its venture capital investments, respectively. As of March 31, 2020, the Company's estimate of future cash flows from the beneficial interest in consumer loan securitizations was lower than previously anticipated due to the expectation of increased consumer loan defaults within such securitizations due to the distressed economic conditions resulting from the COVID-19 pandemic. The Company measured the allowance for credit losses on the consumer loan beneficial interests by comparing the present value of expected cash flows to the amortized cost basis and recorded an allowance for credit losses of $26.3 million, which represented the amount by which the fair value was less than the amortized cost basis. Additionally, as of March 31, 2020, the Company identified several venture capital investments, a majority of which were accounted for under the measurement alternative, that were also negatively impacted by the distressed economic conditions resulting from the COVID-19 pandemic during the first quarter of 2020, and estimated that the fair value of such investments was significantly reduced from their previous carrying value.
v3.20.1
Intangible Assets
3 Months Ended
Mar. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
A summary of the Company's intangible assets follows:
Weighted average remaining useful life as of March 31, 2020 (months)
As ofAs of
March 31, 2020December 31, 2019
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $67,195 and $60,553, respectively)
80$65,257  71,900  
Trade names (net of accumulated amortization of $3,063 and $2,792, respectively)
947,207  7,478  
Computer software (net of accumulated amortization of $3,724 and $3,233, respectively)
111,663  2,154  
Total - amortizable intangible assets, net80$74,127  81,532  
The Company recorded amortization expense on its intangible assets of $7.4 million and $8.5 million during the three months ended March 31, 2020 and 2019, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2020, the Company estimates it will record amortization expense as follows:
2020 (April 1 - December 31)$22,110  
202118,761  
20227,172  
20236,925  
20246,511  
2025 and thereafter12,648  
 $74,127  
v3.20.1
Goodwill
3 Months Ended
Mar. 31, 2020
Goodwill [Abstract]  
Goodwill Goodwill
The carrying amount of goodwill as of December 31, 2019 and March 31, 2020 by reportable operating segment was as follows:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunicationsAsset Generation and ManagementCorporate and Other ActivitiesTotal
Goodwill balance$23,639  70,278  21,112  41,883  —  156,912  
v3.20.1
Property and Equipment
3 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
A summary of the Company's property and equipment follows:
As ofAs of
Useful lifeMarch 31, 2020December 31, 2019
Non-communications:
Computer equipment and software
1-5 years
$167,824  160,319  
Building and building improvements
5-48 years
38,137  37,904  
Office furniture and equipment
1-10 years
21,942  21,245  
Leasehold improvements
1-15 years
9,538  9,517  
Transportation equipment
5-10 years
5,032  5,049  
Land1,400  1,400  
Construction in progress20,570  13,738  
264,443  249,172  
Accumulated depreciation - non-communications (151,813) (142,270) 
Non-communications, net property and equipment112,630  106,902  
Communications:
Network plant and fiber
4-15 years
258,678  254,560  
Customer located property
2-4 years
27,971  27,011  
Central office
5-15 years
18,429  17,672  
Transportation equipment
4-10 years
6,663  6,611  
Computer equipment and software
1-5 years
5,902  5,574  
Other
1-39 years
3,733  3,702  
Land
70  70  
Construction in progress
1,088  54  
322,534  315,254  
Accumulated depreciation - communications
(84,067) (73,897) 
Communications, net property and equipment
238,467  241,357  
Total property and equipment, net$351,097  348,259  
The Company recorded depreciation expense on its property and equipment of $20.3 million and $15.7 million during the three months ended March 31, 2020 and 2019, respectively.
v3.20.1
Earnings per Common Share
3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Earnings per Common Share 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 March 31,
20202019
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net (loss) income attributable to Nelnet, Inc.
$(39,974) (558) (40,532) 41,057  534  41,591  
Denominator:
Weighted-average common shares outstanding - basic and diluted
39,405,454  550,060  39,955,514  39,855,122  518,173  40,373,295  
Earnings per share - basic and diluted
$(1.01) (1.01) (1.01) 1.03  1.03  1.03  
v3.20.1
Segment Reporting
3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 14 of the notes to consolidated financial statements included in the 2019 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 Three months ended March 31, 2020
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunicationsAsset
Generation and
Management
Corporate and Other ActivitiesEliminationsTotal
Total interest income
$317  1,991  —  185,926  1,555  (598) 189,191  
Interest expense
44  17  —  133,249  1,407  (598) 134,118  
Net interest income (expense)
273  1,974  —  52,677  148  —  55,073  
Less provision for loan losses
—  —  —  76,299  —  —  76,299  
Net interest income after provision for loan losses
273  1,974  —  (23,622) 148  —  (21,226) 
Other income/expense:
Loan servicing and systems revenue
112,735  —  —  —  —  —  112,735  
Intersegment revenue
11,054  11  —  —  —  (11,065) —  
Education technology, services, and payment processing revenue
—  83,675  —  —  —  —  83,675  
Communications revenue
—  —  18,181  —  —  —  18,181  
Gain on sale of loans—  —  —  18,206  —  —  18,206  
Other income
2,630  —  353  3,215  2,083  —  8,281  
Impairment expense—  —  —  (26,303) (7,783) —  (34,087) 
Derivative settlements, net
—  —  —  4,237  —  —  4,237  
Derivative market value adjustments, net
—  —  —  (20,602) —  —  (20,602) 
Total other income/expense
126,419  83,686  18,534  (21,247) (5,700) (11,065) 190,626  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  22,806  —  —  —  —  22,806  
Cost to provide communications services
—  —  5,582  —  —  —  5,582  
Total cost of services
—  22,806  5,582  —  —  —  28,388  
Operating expenses:
Salaries and benefits
70,493  23,696  5,416  443  19,830  —  119,878  
Depreciation and amortization
8,848  2,387  10,507  —  5,907  —  27,648  
Other expenses
17,489  6,092  3,689  3,717  12,398  —  43,384  
Intersegment expenses, net
16,239  3,327  624  11,916  (21,041) (11,065) —  
Total operating expenses
113,069  35,502  20,236  16,076  17,094  (11,065) 190,910  
Income (loss) before income taxes
13,623  27,352  (7,284) (60,945) (22,646) —  (49,898) 
Income tax (expense) benefit
(3,269) (6,565) 1,748  14,627  3,592  —  10,133  
Net income (loss)
10,354  20,787  (5,536) (46,318) (19,054) —  (39,765) 
  Net income attributable to noncontrolling interests
—  —  —  —  (767) —  (767) 
Net income (loss) attributable to Nelnet, Inc.
$10,354  20,787  (5,536) (46,318) (19,821) —  (40,532) 
Total assets as of March 31, 2020$223,021  302,631  301,440  21,905,150  679,390  (131,004) 23,280,628  
 Three months ended March 31, 2019
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunications
Asset
Generation and
Management
Corporate and Other
Activities
EliminationsTotal
Total interest income
$497  2,017   246,867  2,053  (851) 250,586  
Interest expense
—   —  188,799  3,814  (851) 191,770  
Net interest income (expense)
497  2,009   58,068  (1,761) —  58,816  
Less provision for loan losses
—  —  —  7,000  —  —  7,000  
Net interest income after provision for loan losses
497  2,009   51,068  (1,761) —  51,816  
Other income/expense:
Loan servicing and systems revenue
114,898  —  —  —  —  —  114,898  
Intersegment revenue
12,217  —  —  —  —  (12,217) —  
Education technology, services, and payment processing revenue
—  79,159  —  —  —  —  79,159  
Communications revenue
—  —  14,543  —  —  —  14,543  
Gain on sale of loans—  —  —  —  —  —  —  
Other income
2,074  —  125  3,525  3,344  —  9,067  
Impairment expense—  —  —  —  —  —  —  
Derivative settlements, net
—  —  —  19,035  —  —  19,035  
Derivative market value adjustments, net
—  —  —  (30,574) —  —  (30,574) 
Total other income/expense
129,189  79,159  14,668  (8,014) 3,344  (12,217) 206,128  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  21,059  —  —  —  —  21,059  
Cost to provide communications services
—  —  4,759  —  —  —  4,759  
Total cost of services
—  21,059  4,759  —  —  —  25,818  
Operating expenses:
Salaries and benefits
66,220  23,008  4,737  378  16,716  —  111,059  
Depreciation and amortization
8,871  3,510  7,362  —  4,469  —  24,213  
Other expenses
18,928  5,311  3,477  3,837  12,262  —  43,816  
Intersegment expenses, net
13,758  3,299  664  12,287  (17,791) (12,217) —  
Total operating expenses
107,777  35,128  16,240  16,502  15,656  (12,217) 179,088  
Income (loss) before income taxes
21,909  24,981  (6,329) 26,552  (14,073) —  53,038  
Income tax (expense) benefit
(5,258) (5,995) 1,519  (6,372) 4,716  —  (11,391) 
Net income (loss)
16,651  18,986  (4,810) 20,180  (9,357) —  41,647  
  Net income attributable to noncontrolling interests
—  —  —  —  (56) —  (56) 
Net income (loss) attributable to Nelnet, Inc.
$16,651  18,986  (4,810) 20,180  (9,413) —  41,591  
Total assets as of March 31, 2019$273,065  294,019  297,196  23,475,113  546,987  (164,453) 24,721,927  
v3.20.1
Disaggregated Revenue and Deferred Revenue
3 Months Ended
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue and Deferred Revenue Disaggregated Revenue and Deferred Revenue
The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments.
Loan Servicing and Systems
 Three months ended March 31,
 20202019
Government servicing - Nelnet$38,650  39,640  
Government servicing - Great Lakes46,446  47,077  
Private education and consumer loan servicing8,609  9,480  
FFELP servicing5,614  6,695  
Software services 11,318  9,741  
Outsourced services and other2,098  2,265  
Loan servicing and systems revenue$112,735  114,898  
Education Technology, Services, and Payment Processing
 Three months ended March 31,
 20202019
Tuition payment plan services$31,587  30,173  
Payment processing
31,742  28,979  
Education technology and services
20,054  19,709  
Other
292  298  
Education technology, services, and payment processing revenue
$83,675  79,159  
Communications
Three months ended March 31,
20202019
Internet$11,199  8,449  
Television4,236  3,898  
Telephone2,691  2,167  
Other55  29  
Communications revenue$18,181  14,543  
Residential revenue$13,559  11,065  
Business revenue4,471  3,414  
Other151  64  
Communications revenue$18,181  14,543  
Other Income
The following table provides the components of "other income" on the consolidated statements of operations:
Three months ended March 31,
20202019
Borrower late fee income$3,188  3,512  
Investment advisory services2,802  711  
Management fee revenue2,243  1,872  
Gain (loss) on investments, net(3,864) (427) 
Other3,912  3,399  
  Other income$8,281  9,067  
Deferred Revenue
Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunicationsCorporate and Other ActivitiesTotal
Three months ended March 31, 2020
Balance, beginning of period$2,712  32,074  3,232  1,628  39,646  
Deferral of revenue382  15,080  9,927  855  26,244  
Recognition of revenue(899) (27,514) (9,745) (843) (39,001) 
Balance, end of period$2,195  19,640  3,414  1,640  26,889  
Three months ended March 31, 2019
Balance, beginning of period$4,413  30,556  2,551  1,602  39,122  
Deferral of revenue1,116  13,962  8,266  736  24,080  
Recognition of revenue(1,582) (26,020) (8,061) (786) (36,449) 
Balance, end of period$3,947  18,498  2,756  1,552  26,753  
v3.20.1
Major Customer
3 Months Ended
Mar. 31, 2020
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
Nelnet Servicing, LLC ("Nelnet Servicing"), a subsidiary of the Company, earns loan servicing revenue from a servicing contract with the Department. Revenue earned by Nelnet Servicing related to this contract was $38.7 million and $39.6 million for the three months ended March 31, 2020 and 2019, respectively.
In addition, Great Lakes Educational Loan Services, Inc. ("Great Lakes"), which was acquired by the Company on February 7, 2018, also earns loan servicing revenue from a similar servicing contract with the Department. Revenue earned by Great Lakes related to this contract was $46.4 million and $47.1 million for the three months ended March 31, 2020 and 2019, respectively.
Nelnet Servicing and Great Lakes' servicing contracts with the Department previously provided for expiration on June 16, 2019. Nelnet Servicing and Great Lakes each received extensions from the Department on their contracts through December 14, 2020. The most current contract extensions also provide the potential for two additional six-month extensions at the Department's discretion through December 14, 2021.
The Department is conducting a contract procurement process entitled Next Generation Financial Services Environment (“NextGen”) for a new framework for the servicing of all student loans owned by the Department. On January 15, 2019, the Department issued solicitations for three NextGen components:
NextGen Enhanced Processing Solution ("EPS")
NextGen Business Process Operations ("BPO")
NextGen Optimal Processing Solution ("OPS")
On April 1, 2019 and October 4, 2019, the Company responded to the EPS solicitation component. On January 16, 2020, the Department released an amendment to the EPS solicitation component and the Company responded on February 3, 2020. In addition, on August 1, 2019, the Company responded to the BPO solicitation component. On January 10, 2020, the Department released an amendment to the BPO solicitation component and the Company responded on January 30, 2020. EPS is the transitional technology system and certain processing functions the Department planned to use under NextGen to service the Department's student loan customers for a period of time before eventually moving to OPS in the future. However, on April 3, 2020, the Department cancelled the OPS solicitation component. BPO is the back office and call center operational functions for servicing the Department's student loan customers.
On March 30, 2020, the Company received a letter from the Department notifying the Company that the Company's proposal in response to the EPS component has been determined to be outside of the competitive range and will receive no further consideration for an award. On April 13, 2020, the Company filed a protest with the Government Accountability Office ("GAO") challenging the Department's decision to cancel the OPS solicitation component without amending the EPS solicitation component. In addition, on April 27, 2020, the Company filed a supplemental protest challenging on a number of bases the Department's competitive range exclusion of the Company's proposal from the EPS solicitation component and requesting that the GAO restore the Company's ability to participate in the EPS solicitation. The Department has not yet
awarded a contract for the EPS component. Under applicable law, as of the date of the Company's initial protest filing, the Department is subject to a stay from awarding a contract until all protests are resolved. The Company cannot predict the timing or nature of the outcome of its protests.
The Department has not yet made an award on the BPO component and the Company cannot predict the timing, nature, or outcome of the BPO solicitation. If the Department's NextGen EPS decision stands, Nelnet Servicing and Great Lakes will eventually be required to migrate their portfolios onto another provider's system after an award is made, and the Company would ultimately need to restructure the Company's loan servicing segment for long-term success. If the Company is awarded a BPO contract for operational services, it would partially mitigate the impact of not being awarded the EPS component.
v3.20.1
Fair Value
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of March 31, 2020As of December 31, 2019
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Student loan asset-backed securities -
available-for-sale
$—  57,044  57,044  —  52,597  52,597  
Equity securities —    —   
Equity securities measured at net asset value (a)26,157  12,894  
Debt securities - available-for-sale103  —  103  104  —  104  
Total investments
109  57,044  83,310  110  52,597  65,601  
Total assets$109  57,044  83,310  110  52,597  65,601  
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of March 31, 2020
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$19,725,479  20,391,435  —  —  19,725,479  
Accrued loan interest receivable766,773  766,773  —  766,773  —  
Cash and cash equivalents204,844  204,844  204,844  —  —  
Investments (at fair value)83,310  83,310  109  57,044  —  
Beneficial interest in loan securitizations37,193  37,193  —  —  37,193  
Restricted cash675,589  675,589  675,589  —  —  
Restricted cash – due to customers219,905  219,905  219,905  —  —  
Financial liabilities:  
Bonds and notes payable18,661,338  20,466,730  —  18,661,338  —  
Accrued interest payable43,874  43,874  —  43,874  —  
Due to customers219,905  219,905  219,905  —  —  
 As of December 31, 2019
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$21,477,630  20,669,371  —  —  21,477,630  
Accrued loan interest receivable733,497  733,497  —  733,497  —  
Cash and cash equivalents133,906  133,906  133,906  —  —  
Investments (at fair value)65,601  65,601  110  52,597  —  
Beneficial interest in loan securitizations33,258  33,187  —  —  33,258  
Restricted cash650,939  650,939  650,939  —  —  
Restricted cash – due to customers437,756  437,756  437,756  —  —  
Financial liabilities:  
Bonds and notes payable20,479,095  20,529,054  —  20,479,095  —  
Accrued interest payable47,285  47,285  —  47,285  —  
Due to customers437,756  437,756  437,756  —  —  
The methodologies for estimating the fair value of financial assets and liabilities are described in note 21 of the notes to consolidated financial statements included in the 2019 Annual Report.
v3.20.1
Basis of Financial Reporting - Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2020 and for the three months ended March 31, 2020 and 2019 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2019 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results for the year ending December 31, 2020. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Annual Report").
Reclassifications
Amounts previously reported in the line item "accrued interest receivable" in the Company's consolidated balance sheet have been reclassified to "loans and accrued interest receivable" and "investments" to conform to the current period presentation.
Accounting Standards Adopted in 2020
Accounting Standard Adopted in 2020
In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASC 326”), which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. Since its original issuance in 2016, the FASB has issued several updates to the original ASU.
The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for financial assets measured at amortized cost at the time the financial asset is originated or acquired, including, for the Company, loans receivable, accounts receivable, and held-to-maturity beneficial interests in loan securitizations. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. For available-for-sale debt securities where fair value is less than amortized cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk.
On January 1, 2020, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 (recognizing estimated credit losses expected to occur over the asset's remaining life) while prior period amounts continue to be reported in accordance with previously applicable GAAP (recognizing estimated credit losses using an incurred loss model); therefore, the comparative information for 2019 is not comparable to the information presented for 2020. Adoption of the new guidance primarily impacted the allowance for loan losses related to the Company's loan portfolio. Upon adoption, the Company recorded an increase to the allowance for loan losses of $91.0 million, which included a reclassification of the non-accretable discount balance and premiums related to loans purchased with evidence of credit deterioration, and decreased retained earnings, net of tax, by $18.9 million. The following table illustrates the impact of the adoption of ASC 326.
v3.20.1
Basis of Financial Reporting - Basis of Financial Reporting (Tables)
3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Impact on Previous Reporting The following table illustrates the impact of the adoption of ASC 326.
Balances at
December 31, 2019
Impact of ASC 326 adoptionBalances at
January 1, 2020
Assets
Loans and accrued interest receivable, net of allowance
Loans receivable$20,798,719  —  20,798,719  
Accrued interest receivable733,497  —  733,497  
Loan discount, net(35,036) 33,790  (1,246) 
Non-accretable discount(32,398) 32,398  —  
Allowance for loan losses(61,914) (91,014) (152,928) 
Loans and accrued interest receivable, net of allowance21,402,868  (24,826) 21,378,042  
Liabilities
Other liabilities (deferred taxes)303,781  (5,958) 297,823  
Equity
Retained earnings2,377,627  (18,868) 2,358,759  
v3.20.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
3 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
Loans Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2020December 31, 2019
Federally insured student loans:
Stafford and other$4,645,574  4,684,314  
Consolidation15,539,478  15,644,229  
Total20,185,052  20,328,543  
Private education loans274,210  244,258  
Consumer loans145,803  225,918  
 20,605,065  20,798,719  
Accrued interest receivable766,773  733,497  
Loan discount, net of unamortized loan premiums and deferred origination costs
(4,762) (35,036) 
Non-accretable discount—  (32,398) 
Allowance for loan losses:
Federally insured loans(146,759) (36,763) 
Private education loans(23,056) (9,597) 
Consumer loans(39,053) (15,554) 
 $21,158,208  21,402,868  
Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodImpact of ASC 326 adoptionProvision for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deterioration (a)Loan saleBalance at end of period
 Three months ended March 31, 2020
Federally insured loans$36,763  72,291  39,323  (6,318) —  4,700  —  146,759  
Private education loans9,597  4,797  9,800  (1,330) 192  —  —  23,056  
Consumer loans15,554  13,926  27,176  (4,350) 247  —  (13,500) 39,053  
$61,914  91,014  76,299  (11,998) 439  4,700  (13,500) 208,868  
Three months ended March 31, 2019
Federally insured loans$42,310  —  2,000  (3,376) —  —  —  40,934  
Private education loans10,838  —  —  (482) 231  —  —  10,587  
Consumer loans7,240  —  5,000  (2,006) 23  —  —  10,257  
$60,388  —  7,000  (5,864) 254  —  —  61,778  
a) During the three months ended March 31, 2020, the Company acquired $291.2 million (par value) of federally insured rehabilitation loans. These loans met the definition of PCD loans when they were purchased by the Company. The Company estimated that the expected credit losses relating to these loans was $4.7 million at the time of purchase. The noncredit discount recorded as part of these acquisitions will be recognized into interest income using an effective yield over the life of the loans.
Loan Status and Delinquencies The table below shows the Company’s loan status and delinquency amounts.
As of March 31, 2020As of December 31, 2019As of March 31, 2019
Federally insured loans:
    
Loans in-school/grace/deferment $1,111,139  5.5 % $1,074,678  5.3 % $1,288,011  5.9 %
Loans in forbearance 2,131,735  10.6   1,339,821  6.6   1,358,343  6.3  
Loans in repayment status:  
Loans current14,618,767  86.3 %15,410,993  86.0 %16,550,665  87.0 %
Loans delinquent 31-60 days581,665  3.4  650,796  3.6  666,668  3.5  
Loans delinquent 61-90 days405,575  2.4  428,879  2.4  425,098  2.2  
Loans delinquent 91-120 days267,145  1.6  310,851  1.7  296,242  1.6  
Loans delinquent 121-270 days
756,241  4.5  812,107  4.5  718,409  3.8  
Loans delinquent 271 days or greater
312,785  1.8  300,418  1.8  377,177  1.9  
Total loans in repayment16,942,178  83.9  100.0 %17,914,044  88.1  100.0 %19,034,259  87.8  100.0 %
Total federally insured loans20,185,052  100.0 % 20,328,543  100.0 % 21,680,613  100.0 %
Accrued interest receivable763,924  730,059  712,852  
Loan discount, net of unamortized premiums and deferred origination costs(5,732) (35,822) (45,139) 
Non-accretable discount (a)—  (28,036) (25,799) 
Allowance for loan losses(146,759) (36,763) (40,934) 
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$20,796,485  $20,957,981  $22,281,593  
Private education loans:
Loans in-school/grace/deferment $4,783  1.7 %$4,493  1.8 %$4,208  2.0 %
Loans in forbearance 11,428  4.2  3,108  1.3  1,473  0.7  
Loans in repayment status:
Loans current252,611  97.9 %227,013  95.9 %196,122  95.5 %
Loans delinquent 31-60 days1,606  0.6  2,814  1.2  2,292  1.1  
Loans delinquent 61-90 days961  0.4  1,694  0.7  1,481  0.7  
Loans delinquent 91 days or greater2,821  1.1  5,136  2.2  5,453  2.7  
Total loans in repayment257,999  94.1  100.0 %236,657  96.9  100.0 %205,348  97.3  100.0 %
Total private education loans274,210  100.0 % 244,258  100.0 % 211,029  100.0 %
Accrued interest receivable1,716  1,558  1,134  
Loan discount, net of unamortized premiums and deferred origination costs(138) 46  (1,063) 
Non-accretable discount (a)—  (4,362) (5,311) 
Allowance for loan losses(23,056) (9,597) (10,587) 
Total private education loans and accrued interest receivable, net of allowance for loan losses$252,732  $231,903  $195,202  
Consumer loans:
Loans in repayment status:
Loans current$141,840  97.3 %$220,404  97.5 %$187,983  98.4 %
Loans delinquent 31-60 days1,525  1.0  2,046  0.9  1,162  0.6  
Loans delinquent 61-90 days851  0.6  1,545  0.7  917  0.5  
Loans delinquent 91 days or greater1,587  1.1  1,923  0.9  939  0.5  
Total loans in repayment145,803  100.0 %225,918  100.0 %191,001  100.0 %
Total consumer loans145,803  225,918  191,001  
Accrued interest receivable1,133  1,880  1,366  
Loan premium1,108  740  2,600  
Allowance for loan losses(39,053) (15,554) (10,257) 
Total consumer loans and accrued interest receivable, net of allowance for loan losses$108,991  $212,984  $184,710  
(a) Upon adoption of ASC 326 on January 1, 2020, the Company reclassified the non-accretable discount balance related to loans purchased with evidence of credit deterioration to allowance for loan losses.
Loans on Nonaccrual Status
Loans by Year of Origination
Three months ended March 31, 20202019201820172016Prior YearsTotal
Private education loans:  
Loans in school/grace/deferment  $—  628  —  —  408  3,747  4,783  
Loans in forbearance  —  3,570  46  —  348  7,464  11,428  
Loans in repayment status:  
Loans current  —  98,059  1,198  —  6,454  146,900  252,611  
Loans delinquent 31-60 days  —  —  —  —  —  1,606  1,606  
Loans delinquent 61-90 days  —  71  —  —   882  961  
Loans delinquent 91 days or greater  —  —  —  —  —  2,821  2,821  
Total loans in repayment  —  98,130  1,198  —  6,462  152,209  257,999  
Total private education loans  $—  102,328  1,244  —  7,218  163,420  274,210  
Accrued interest receivable  1,716  
Loan discount, net of unamortized premiums and deferred origination costs  (138) 
Allowance for loan losses  (23,056) 
Total private education loans and accrued interest receivable, net of allowance for loan losses  $252,732  
Consumer loans:  
Loans in repayment status:  
Loans current  $60,134  35,456  40,208  6,042  —  —  141,840  
Loans delinquent 31-60 days  156  905  367  97  —  —  1,525  
Loans delinquent 61-90 days  —  426  372  53  —  —  851  
Loans delinquent 91 days or greater  —  714  797  76  —  —  1,587  
Total loans in repayment  60,290  37,501  41,744  6,268  —  —  145,803  
Total consumer loans  $60,290  37,501  41,744  6,268  —  —  145,803  
Accrued interest receivable  1,133  
Loan premium  1,108  
Allowance for loan losses  (39,053) 
Total consumer loans and accrued interest receivable, net of allowance for loan losses  $108,991  
v3.20.1
Bonds and Notes payable (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of March 31, 2020
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$18,525,916  
0.90% - 3.42%
5/27/25 - 3/26/68
Bonds and notes based on auction763,476  
1.61% - 3.26%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes19,289,392  
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations
773,997  
1.83% - 3.45%
10/25/67 - 4/25/68
FFELP warehouse facilities282,505  
1.65% / 1.70%
5/20/21 / 5/31/22
Private education loan warehouse facility85,494  1.65%2/13/22
Consumer loan warehouse facility67,097  1.68%4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations
65,859  
1.65% / 2.70%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
46,045  
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit100,000  2.11%12/16/24
Unsecured debt - Junior Subordinated Hybrid Securities20,381  4.81%9/15/61
Other borrowings5,000  3.11%5/30/22
 20,735,770    
Discount on bonds and notes payable and debt issuance costs(269,040) 
Total$20,466,730  

 As of December 31, 2019
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$18,428,998  
1.98% - 3.61%
5/27/25 - 1/25/68
Bonds and notes based on auction768,626  
2.75% - 3.60%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes19,197,624  
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations
512,836  
2.00% - 3.45%
10/25/67 / 11/25/67
FFELP warehouse facilities778,094  
1.98% / 2.07%
5/20/21 / 5/31/22
Consumer loan warehouse facility116,570  1.99%4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations
73,308  
3.15% / 3.54%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
49,367  
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit50,000  3.29%12/16/24
Unsecured debt - Junior Subordinated Hybrid Securities20,381  5.28%9/15/61
Other borrowings5,000  3.44%5/30/22
 20,803,180    
Discount on bonds and notes payable and debt issuance costs(274,126) 
Total$20,529,054  
Schedule of Line of Credit Facilities As of March 31, 2020, the Company had two FFELP warehouse facilities as summarized below.
NFSLW-INHELP-IITotal
Maximum financing amount
$550,000  500,000  1,050,000  
Amount outstanding159,441  123,064  282,505  
Amount available$390,559  376,936  767,495  
Expiration of liquidity provisions
May 20, 2020May 31, 2020
Final maturity dateMay 20, 2021May 31, 2022
Advanced as equity support$7,981  10,556  18,537  
Schedule of Asset-Backed Securitization
The following table summarizes the asset-backed securitization transactions completed during the first three months of 2020.
2020-12020-22020-3Total
Date securities issued2/20/203/11/203/19/20
Total original principal amount$435,600  272,100  352,600  1,060,300  
Class A senior notes:
Total principal amount$424,600  264,300  343,600  1,032,500  
Bond discount—  (44) (1,503) (1,547) 
Issue price$424,600  264,256  342,097  1,030,953  
Cost of funds
1-month LIBOR plus 0.74%
1.83%
1-month LIBOR plus 0.92%
Final maturity date3/26/684/25/683/26/68
Class B subordinated notes:
Total principal amount$11,000  7,800  9,000  27,800  
Bond discount—  (574) (284) (858) 
Issue price$11,000  7,226  8,716  26,942  
Cost of funds
1-month LIBOR plus 1.75%
2.50%
1-month LIBOR plus 1.90%
Final maturity date3/26/684/25/683/26/68
v3.20.1
Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Basis Swap
The following table summarizes the Company’s outstanding basis swaps as of December 31, 2019 and March 31, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional Amount
2020$1,000,000  
2021250,000  
2022 (a)2,000,000  
2023750,000  
20241,750,000  
20261,150,000  
2027250,000  
$7,150,000  
(a) $750 million of the notional amount of these derivatives have forward effective start dates in May 2020.
Schedule of Interest Rate Swaps, Floor Income Hedge
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
As of March 31, 2020As of December 31, 2019
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2020$1,000,000  1.00 %$1,500,000  1.01 %
2021600,000  2.15  600,000  2.15  
2022 (b)250,000  1.65  250,000  1.65  
2023150,000  2.25  150,000  2.25  
 $2,000,000  1.52 %$2,500,000  1.42 %
(a) For all interest rate derivatives, the Company receives discrete three-month LIBOR.
(b) These derivatives have forward effective start dates in June 2021. Excluding these derivatives, the weighted average fixed rate paid by the Company on its floor income derivative portfolio was 1.50% as of March 31, 2020.
Schedule of Interest Rate Caps The following table summarizes these derivative instruments as of March 31, 2020.
Notional AmountStrike rateMaturity date
$125,000  
2.50% (1-month LIBOR)
July 15, 2020
150,000  
4.99% (1-month LIBOR)
July 15, 2020
500,000  
2.25% (3-month LIBOR)
September 25, 2020
Schedule of Income Statement Impact
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of operations.
Three months ended March 31,
 20202019
Settlements:  
1:3 basis swaps$2,112  2,334  
Interest rate swaps - floor income hedges2,125  16,701  
Total settlements - income (expense)4,237  19,035  
Change in fair value:  
1:3 basis swaps1,558  (2,212) 
Interest rate swaps - floor income hedges(22,160) (26,712) 
Interest rate swap options - floor income hedges—  (1,376) 
Interest rate caps—  (274) 
Total change in fair value - income (expense)(20,602) (30,574) 
Derivative market value adjustments and derivative settlements, net - income (expense)
$(16,365) (11,539) 
v3.20.1
Investments (Tables)
3 Months Ended
Mar. 31, 2020
Investments [Abstract]  
Summary Investment Holdings
A summary of the Company's investments follows:
As of March 31, 2020As of December 31, 2019
Amortized costGross unrealized gainsGross unrealized lossesFair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale (a)
$56,016  2,230  (1,099) 57,147  48,790  3,911  —  52,701  
Equity securities22,871  4,846  (1,554) 26,163  9,622  4,561  (1,283) 12,900  
Total investments (at fair value)$78,887  7,076  (2,653) 83,310  58,412  8,472  (1,283) 65,601  
Other Investments (not measured at fair value):
Venture capital and funds:
Measurement alternative
65,631  72,760  
Equity method
15,338  15,379  
Other
537  1,301  
Total venture capital and funds81,506  89,440  
Real estate and solar:
Equity method
45,070  51,721  
Other
862  867  
  Total real estate and solar
45,932  52,588  
Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $26,303 as of March 31, 2020
34,109  33,187  
Beneficial interest in federally insured loan securitization3,084  —  
Tax liens and affordable housing5,998  6,283  
Total investments (not measured at fair value)170,629  181,498  
Total investments$253,939  $247,099  
(a) As of March 31, 2020, there were no individual securities in which the fair value was lower than amortized cost as a result of credit losses. Accordingly, the Company has not recorded an allowance for credit losses on its available-for-sale debt securities as of March 31, 2020. In addition, for those securities in which fair value was lower than amortized cost, the Company has the ability to hold and does not intend to sell such securities until the amortized cost is recovered.
v3.20.1
Intangible Assets (Tables)
3 Months Ended
Mar. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Intangible Assets
A summary of the Company's intangible assets follows:
Weighted average remaining useful life as of March 31, 2020 (months)
As ofAs of
March 31, 2020December 31, 2019
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $67,195 and $60,553, respectively)
80$65,257  71,900  
Trade names (net of accumulated amortization of $3,063 and $2,792, respectively)
947,207  7,478  
Computer software (net of accumulated amortization of $3,724 and $3,233, respectively)
111,663  2,154  
Total - amortizable intangible assets, net80$74,127  81,532  
Schedule of Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2020, the Company estimates it will record amortization expense as follows:
2020 (April 1 - December 31)$22,110  
202118,761  
20227,172  
20236,925  
20246,511  
2025 and thereafter12,648  
 $74,127  
v3.20.1
Goodwill (Tables)
3 Months Ended
Mar. 31, 2020
Goodwill [Abstract]  
Schedule of Goodwill
The carrying amount of goodwill as of December 31, 2019 and March 31, 2020 by reportable operating segment was as follows:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunicationsAsset Generation and ManagementCorporate and Other ActivitiesTotal
Goodwill balance$23,639  70,278  21,112  41,883  —  156,912  
v3.20.1
Property and Equipment (Tables)
3 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment
A summary of the Company's property and equipment follows:
As ofAs of
Useful lifeMarch 31, 2020December 31, 2019
Non-communications:
Computer equipment and software
1-5 years
$167,824  160,319  
Building and building improvements
5-48 years
38,137  37,904  
Office furniture and equipment
1-10 years
21,942  21,245  
Leasehold improvements
1-15 years
9,538  9,517  
Transportation equipment
5-10 years
5,032  5,049  
Land1,400  1,400  
Construction in progress20,570  13,738  
264,443  249,172  
Accumulated depreciation - non-communications (151,813) (142,270) 
Non-communications, net property and equipment112,630  106,902  
Communications:
Network plant and fiber
4-15 years
258,678  254,560  
Customer located property
2-4 years
27,971  27,011  
Central office
5-15 years
18,429  17,672  
Transportation equipment
4-10 years
6,663  6,611  
Computer equipment and software
1-5 years
5,902  5,574  
Other
1-39 years
3,733  3,702  
Land
70  70  
Construction in progress
1,088  54  
322,534  315,254  
Accumulated depreciation - communications
(84,067) (73,897) 
Communications, net property and equipment
238,467  241,357  
Total property and equipment, net$351,097  348,259  
v3.20.1
Earnings per Common Share (Tables)
3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended March 31,
20202019
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net (loss) income attributable to Nelnet, Inc.
$(39,974) (558) (40,532) 41,057  534  41,591  
Denominator:
Weighted-average common shares outstanding - basic and diluted
39,405,454  550,060  39,955,514  39,855,122  518,173  40,373,295  
Earnings per share - basic and diluted
$(1.01) (1.01) (1.01) 1.03  1.03  1.03  
v3.20.1
Segment Reporting (Tables)
3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 Three months ended March 31, 2020
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunicationsAsset
Generation and
Management
Corporate and Other ActivitiesEliminationsTotal
Total interest income
$317  1,991  —  185,926  1,555  (598) 189,191  
Interest expense
44  17  —  133,249  1,407  (598) 134,118  
Net interest income (expense)
273  1,974  —  52,677  148  —  55,073  
Less provision for loan losses
—  —  —  76,299  —  —  76,299  
Net interest income after provision for loan losses
273  1,974  —  (23,622) 148  —  (21,226) 
Other income/expense:
Loan servicing and systems revenue
112,735  —  —  —  —  —  112,735  
Intersegment revenue
11,054  11  —  —  —  (11,065) —  
Education technology, services, and payment processing revenue
—  83,675  —  —  —  —  83,675  
Communications revenue
—  —  18,181  —  —  —  18,181  
Gain on sale of loans—  —  —  18,206  —  —  18,206  
Other income
2,630  —  353  3,215  2,083  —  8,281  
Impairment expense—  —  —  (26,303) (7,783) —  (34,087) 
Derivative settlements, net
—  —  —  4,237  —  —  4,237  
Derivative market value adjustments, net
—  —  —  (20,602) —  —  (20,602) 
Total other income/expense
126,419  83,686  18,534  (21,247) (5,700) (11,065) 190,626  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  22,806  —  —  —  —  22,806  
Cost to provide communications services
—  —  5,582  —  —  —  5,582  
Total cost of services
—  22,806  5,582  —  —  —  28,388  
Operating expenses:
Salaries and benefits
70,493  23,696  5,416  443  19,830  —  119,878  
Depreciation and amortization
8,848  2,387  10,507  —  5,907  —  27,648  
Other expenses
17,489  6,092  3,689  3,717  12,398  —  43,384  
Intersegment expenses, net
16,239  3,327  624  11,916  (21,041) (11,065) —  
Total operating expenses
113,069  35,502  20,236  16,076  17,094  (11,065) 190,910  
Income (loss) before income taxes
13,623  27,352  (7,284) (60,945) (22,646) —  (49,898) 
Income tax (expense) benefit
(3,269) (6,565) 1,748  14,627  3,592  —  10,133  
Net income (loss)
10,354  20,787  (5,536) (46,318) (19,054) —  (39,765) 
  Net income attributable to noncontrolling interests
—  —  —  —  (767) —  (767) 
Net income (loss) attributable to Nelnet, Inc.
$10,354  20,787  (5,536) (46,318) (19,821) —  (40,532) 
Total assets as of March 31, 2020$223,021  302,631  301,440  21,905,150  679,390  (131,004) 23,280,628  
 Three months ended March 31, 2019
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunications
Asset
Generation and
Management
Corporate and Other
Activities
EliminationsTotal
Total interest income
$497  2,017   246,867  2,053  (851) 250,586  
Interest expense
—   —  188,799  3,814  (851) 191,770  
Net interest income (expense)
497  2,009   58,068  (1,761) —  58,816  
Less provision for loan losses
—  —  —  7,000  —  —  7,000  
Net interest income after provision for loan losses
497  2,009   51,068  (1,761) —  51,816  
Other income/expense:
Loan servicing and systems revenue
114,898  —  —  —  —  —  114,898  
Intersegment revenue
12,217  —  —  —  —  (12,217) —  
Education technology, services, and payment processing revenue
—  79,159  —  —  —  —  79,159  
Communications revenue
—  —  14,543  —  —  —  14,543  
Gain on sale of loans—  —  —  —  —  —  —  
Other income
2,074  —  125  3,525  3,344  —  9,067  
Impairment expense—  —  —  —  —  —  —  
Derivative settlements, net
—  —  —  19,035  —  —  19,035  
Derivative market value adjustments, net
—  —  —  (30,574) —  —  (30,574) 
Total other income/expense
129,189  79,159  14,668  (8,014) 3,344  (12,217) 206,128  
Cost of services:
Cost to provide education technology, services, and payment processing services
—  21,059  —  —  —  —  21,059  
Cost to provide communications services
—  —  4,759  —  —  —  4,759  
Total cost of services
—  21,059  4,759  —  —  —  25,818  
Operating expenses:
Salaries and benefits
66,220  23,008  4,737  378  16,716  —  111,059  
Depreciation and amortization
8,871  3,510  7,362  —  4,469  —  24,213  
Other expenses
18,928  5,311  3,477  3,837  12,262  —  43,816  
Intersegment expenses, net
13,758  3,299  664  12,287  (17,791) (12,217) —  
Total operating expenses
107,777  35,128  16,240  16,502  15,656  (12,217) 179,088  
Income (loss) before income taxes
21,909  24,981  (6,329) 26,552  (14,073) —  53,038  
Income tax (expense) benefit
(5,258) (5,995) 1,519  (6,372) 4,716  —  (11,391) 
Net income (loss)
16,651  18,986  (4,810) 20,180  (9,357) —  41,647  
  Net income attributable to noncontrolling interests
—  —  —  —  (56) —  (56) 
Net income (loss) attributable to Nelnet, Inc.
$16,651  18,986  (4,810) 20,180  (9,413) —  41,591  
Total assets as of March 31, 2019$273,065  294,019  297,196  23,475,113  546,987  (164,453) 24,721,927  
v3.20.1
Disaggregated Revenue and Deferred Revenue (Tables)
3 Months Ended
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Loan Servicing and Systems
 Three months ended March 31,
 20202019
Government servicing - Nelnet$38,650  39,640  
Government servicing - Great Lakes46,446  47,077  
Private education and consumer loan servicing8,609  9,480  
FFELP servicing5,614  6,695  
Software services 11,318  9,741  
Outsourced services and other2,098  2,265  
Loan servicing and systems revenue$112,735  114,898  
Education Technology, Services, and Payment Processing
 Three months ended March 31,
 20202019
Tuition payment plan services$31,587  30,173  
Payment processing
31,742  28,979  
Education technology and services
20,054  19,709  
Other
292  298  
Education technology, services, and payment processing revenue
$83,675  79,159  
Communications
Three months ended March 31,
20202019
Internet$11,199  8,449  
Television4,236  3,898  
Telephone2,691  2,167  
Other55  29  
Communications revenue$18,181  14,543  
Residential revenue$13,559  11,065  
Business revenue4,471  3,414  
Other151  64  
Communications revenue$18,181  14,543  
Schedule of Other Income, by Component
The following table provides the components of "other income" on the consolidated statements of operations:
Three months ended March 31,
20202019
Borrower late fee income$3,188  3,512  
Investment advisory services2,802  711  
Management fee revenue2,243  1,872  
Gain (loss) on investments, net(3,864) (427) 
Other3,912  3,399  
  Other income$8,281  9,067  
Schedule of Liabilities from Contracts with Customers
Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingCommunicationsCorporate and Other ActivitiesTotal
Three months ended March 31, 2020
Balance, beginning of period$2,712  32,074  3,232  1,628  39,646  
Deferral of revenue382  15,080  9,927  855  26,244  
Recognition of revenue(899) (27,514) (9,745) (843) (39,001) 
Balance, end of period$2,195  19,640  3,414  1,640  26,889  
Three months ended March 31, 2019
Balance, beginning of period$4,413  30,556  2,551  1,602  39,122  
Deferral of revenue1,116  13,962  8,266  736  24,080  
Recognition of revenue(1,582) (26,020) (8,061) (786) (36,449) 
Balance, end of period$3,947  18,498  2,756  1,552  26,753  
v3.20.1
Fair Value (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of March 31, 2020As of December 31, 2019
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Student loan asset-backed securities -
available-for-sale
$—  57,044  57,044  —  52,597  52,597  
Equity securities —    —   
Equity securities measured at net asset value (a)26,157  12,894  
Debt securities - available-for-sale103  —  103  104  —  104  
Total investments
109  57,044  83,310  110  52,597  65,601  
Total assets$109  57,044  83,310  110  52,597  65,601  
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value, by Balance Sheet Grouping
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of March 31, 2020
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$19,725,479  20,391,435  —  —  19,725,479  
Accrued loan interest receivable766,773  766,773  —  766,773  —  
Cash and cash equivalents204,844  204,844  204,844  —  —  
Investments (at fair value)83,310  83,310  109  57,044  —  
Beneficial interest in loan securitizations37,193  37,193  —  —  37,193  
Restricted cash675,589  675,589  675,589  —  —  
Restricted cash – due to customers219,905  219,905  219,905  —  —  
Financial liabilities:  
Bonds and notes payable18,661,338  20,466,730  —  18,661,338  —  
Accrued interest payable43,874  43,874  —  43,874  —  
Due to customers219,905  219,905  219,905  —  —  
 As of December 31, 2019
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$21,477,630  20,669,371  —  —  21,477,630  
Accrued loan interest receivable733,497  733,497  —  733,497  —  
Cash and cash equivalents133,906  133,906  133,906  —  —  
Investments (at fair value)65,601  65,601  110  52,597  —  
Beneficial interest in loan securitizations33,258  33,187  —  —  33,258  
Restricted cash650,939  650,939  650,939  —  —  
Restricted cash – due to customers437,756  437,756  437,756  —  —  
Financial liabilities:  
Bonds and notes payable20,479,095  20,529,054  —  20,479,095  —  
Accrued interest payable47,285  47,285  —  47,285  —  
Due to customers437,756  437,756  437,756  —  —  
v3.20.1
Basis of Financial Reporting - Schedule of Adoption Impact (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Jan. 01, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Loans and accrued interest receivable, net of allowance          
Loans receivable $ 20,605,065   $ 20,798,719    
Accrued interest receivable 766,773   733,497    
Loan discount, net (4,762)   (35,036)    
Non-accretable discount 0   (32,398)    
Allowance for loan losses (208,868)   (61,914) $ (61,778) $ (60,388)
Loans and accrued interest receivable, net of allowance 21,158,208   21,402,868    
Liabilities:          
Other liabilities (deferred taxes) 224,319   303,781    
Equity:          
Retained earnings $ 2,310,282   2,377,627    
Cumulative Effect, Period Of Adoption, Adjustment          
Loans and accrued interest receivable, net of allowance          
Loans receivable   $ 0      
Accrued interest receivable   0      
Loan discount, net   33,790      
Non-accretable discount   32,398      
Allowance for loan losses   (91,014) $ (91,014)    
Loans and accrued interest receivable, net of allowance   (24,826)      
Liabilities:          
Other liabilities (deferred taxes)   (5,958)      
Equity:          
Retained earnings   (18,868)      
Cumulative Effect Period Of Adoption Adjusted Balance          
Loans and accrued interest receivable, net of allowance          
Loans receivable   20,798,719      
Accrued interest receivable   733,497      
Loan discount, net   (1,246)      
Non-accretable discount   0      
Allowance for loan losses   (152,928)      
Loans and accrued interest receivable, net of allowance   21,378,042      
Liabilities:          
Other liabilities (deferred taxes)   297,823      
Equity:          
Retained earnings   $ 2,358,759      
v3.20.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($)
$ in Thousands
Jan. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans receivable, gross   $ 20,605,065 $ 20,798,719    
Accrued interest receivable   766,773 733,497    
Loan discount, net of unamortized loan premiums and deferred origination costs   (4,762) (35,036)    
Non-accretable discount   0 (32,398)    
Allowance for loan losses   (208,868) (61,914) $ (61,778) $ (60,388)
Loans and accrued interest receivable, net of allowance   21,158,208 21,402,868    
Federally insured loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans receivable, gross   20,185,052 20,328,543 21,680,613  
Accrued interest receivable   763,924 730,059 712,852  
Loan discount, net of unamortized loan premiums and deferred origination costs   (5,732) (35,822) (45,139)  
Non-accretable discount   0 (28,036) (25,799)  
Allowance for loan losses   (146,759) (36,763) (40,934) (42,310)
Loans and accrued interest receivable, net of allowance   20,796,485 20,957,981 22,281,593  
Federally insured loans | Stafford and other          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans receivable, gross   4,645,574 4,684,314    
Federally insured loans | Consolidation          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans receivable, gross   15,539,478 15,644,229    
Private education loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans receivable, gross   274,210 244,258 211,029  
Accrued interest receivable   1,716 1,558 1,134  
Loan discount, net of unamortized loan premiums and deferred origination costs   (138) 46 (1,063)  
Non-accretable discount   0 (4,362) (5,311)  
Allowance for loan losses   (23,056) (9,597) (10,587) (10,838)
Loans and accrued interest receivable, net of allowance   252,732 231,903 195,202  
Consumer loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans receivable, gross   145,803 225,918 191,001  
Accrued interest receivable   1,133 1,880 1,366  
Loan discount, net of unamortized loan premiums and deferred origination costs   1,108 740 2,600  
Allowance for loan losses   (39,053) (15,554) (10,257) $ (7,240)
Loans and accrued interest receivable, net of allowance   $ 108,991 $ 212,984 $ 184,710  
Loans sold, par value $ 124,200        
Loans sold, gain $ 18,200        
Loans sold, residual interest received 31.40%        
v3.20.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period $ 61,914 $ 60,388
Provision for loan losses 76,299 7,000
Charge-offs (11,998) (5,864)
Recoveries 439 254
Initial allowance on loans purchased with credit deterioration 4,700  
Loan sale (13,500)  
Balance at end of period 208,868 61,778
Par value of loans purchased with deteriorated credit quality 291,200  
Loans purchased with deteriorated credit quality, expected credit losses 4,700  
Cumulative Effect, Period Of Adoption, Adjustment    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period 91,014  
Federally insured loans    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period 36,763 42,310
Provision for loan losses 39,323 2,000
Charge-offs (6,318) (3,376)
Recoveries 0 0
Initial allowance on loans purchased with credit deterioration 4,700  
Loan sale 0  
Balance at end of period 146,759 40,934
Federally insured loans | Cumulative Effect, Period Of Adoption, Adjustment    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period 72,291  
Private education loans    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period 9,597 10,838
Provision for loan losses 9,800 0
Charge-offs (1,330) (482)
Recoveries 192 231
Initial allowance on loans purchased with credit deterioration 0  
Loan sale 0  
Balance at end of period 23,056 10,587
Private education loans | Cumulative Effect, Period Of Adoption, Adjustment    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period 4,797  
Consumer loans    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period 15,554 7,240
Provision for loan losses 27,176 5,000
Charge-offs (4,350) (2,006)
Recoveries 247 23
Initial allowance on loans purchased with credit deterioration 0  
Loan sale (13,500)  
Balance at end of period 39,053 $ 10,257
Consumer loans | Cumulative Effect, Period Of Adoption, Adjustment    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period $ 13,926  
v3.20.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquency (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Loans in repayment status:        
Loans in repayment, percent 83.90% 88.10% 87.80%  
Total loans $ 20,605,065 $ 20,798,719    
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 766,773 $ 733,497    
Loan discount, net of unamortized premiums and deferred origination costs (4,762) (35,036)    
Non-accretable discount 0 (32,398)    
Allowance for loan losses (208,868) (61,914) $ (61,778) $ (60,388)
Loans and accrued interest receivable, net of allowance 21,158,208 21,402,868    
Federally insured loans        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 1,111,139 $ 1,074,678 $ 1,288,011  
Loans in-school/grace/deferment, percent 5.50% 5.30% 5.90%  
Loans in forbearance $ 2,131,735 $ 1,339,821 $ 1,358,343  
Loans in forbearance, percent 10.60% 6.60% 6.30%  
Loans in repayment status:        
Loans current $ 14,618,767 $ 15,410,993 $ 16,550,665  
Loans current, percentage 86.30% 86.00% 87.00%  
Total loans in repayment $ 16,942,178 $ 17,914,044 $ 19,034,259  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans $ 20,185,052 $ 20,328,543 $ 21,680,613  
Accrued interest receivable 763,924 730,059 712,852  
Loan discount, net of unamortized premiums and deferred origination costs (5,732) (35,822) (45,139)  
Non-accretable discount 0 (28,036) (25,799)  
Allowance for loan losses (146,759) (36,763) (40,934) (42,310)
Loans and accrued interest receivable, net of allowance 20,796,485 20,957,981 22,281,593  
Federally insured loans | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans past due $ 581,665 $ 650,796 $ 666,668  
Loans past due, percentage 3.40% 3.60% 3.50%  
Federally insured loans | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans past due $ 405,575 $ 428,879 $ 425,098  
Loans past due, percentage 2.40% 2.40% 2.20%  
Federally insured loans | Loans delinquent 91-120 days        
Loans in repayment status:        
Loans past due $ 267,145 $ 310,851 $ 296,242  
Loans past due, percentage 1.60% 1.70% 1.60%  
Federally insured loans | Loans delinquent 121-270 days        
Loans in repayment status:        
Loans past due $ 756,241 $ 812,107 $ 718,409  
Loans past due, percentage 4.50% 4.50% 3.80%  
Federally insured loans | Loans delinquent 271 days or greater        
Loans in repayment status:        
Loans past due $ 312,785 $ 300,418 $ 377,177  
Loans past due, percentage 1.80% 1.80% 1.90%  
Private education loans        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 4,783 $ 4,493 $ 4,208  
Loans in-school/grace/deferment, percent 1.70% 1.80% 2.00%  
Loans in forbearance $ 11,428 $ 3,108 $ 1,473  
Loans in forbearance, percent 4.20% 1.30% 0.70%  
Loans in repayment status:        
Loans current $ 252,611 $ 227,013 $ 196,122  
Loans current, percentage 97.90% 95.90% 95.50%  
Total loans in repayment $ 257,999 $ 236,657 $ 205,348  
Loans in repayment, percent 94.10% 96.90% 97.30%  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans $ 274,210 $ 244,258 $ 211,029  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 1,716 $ 1,558 $ 1,134  
Loan discount, net of unamortized premiums and deferred origination costs (138) 46 (1,063)  
Non-accretable discount 0 (4,362) (5,311)  
Allowance for loan losses (23,056) (9,597) (10,587) (10,838)
Loans and accrued interest receivable, net of allowance 252,732 231,903 195,202  
Private education loans | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans past due $ 1,606 $ 2,814 $ 2,292  
Loans past due, percentage 0.60% 1.20% 1.10%  
Private education loans | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans past due $ 961 $ 1,694 $ 1,481  
Loans past due, percentage 0.40% 0.70% 0.70%  
Private education loans | Loans delinquent 91 days or greater        
Loans in repayment status:        
Loans past due $ 2,821 $ 5,136 $ 5,453  
Loans past due, percentage 1.10% 2.20% 2.70%  
Consumer loans        
Loans in repayment status:        
Loans current $ 141,840 $ 220,404 $ 187,983  
Loans current, percentage 97.30% 97.50% 98.40%  
Total loans in repayment $ 145,803 $ 225,918 $ 191,001  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans $ 145,803 $ 225,918 $ 191,001  
Accrued interest receivable 1,133 1,880 1,366  
Loan discount, net of unamortized premiums and deferred origination costs 1,108 740 2,600  
Allowance for loan losses (39,053) (15,554) (10,257) $ (7,240)
Loans and accrued interest receivable, net of allowance 108,991 212,984 184,710  
Consumer loans | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans past due $ 1,525 $ 2,046 $ 1,162  
Loans past due, percentage 1.00% 0.90% 0.60%  
Consumer loans | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans past due $ 851 $ 1,545 $ 917  
Loans past due, percentage 0.60% 0.70% 0.50%  
Consumer loans | Loans delinquent 91 days or greater        
Loans in repayment status:        
Loans past due $ 1,587 $ 1,923 $ 939  
Loans past due, percentage 1.10% 0.90% 0.50%  
v3.20.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]        
Accrued interest receivable $ 766,773 $ 733,497    
Loan discount, net of unamortized loan premiums and deferred origination costs (4,762) (35,036)    
Allowance for loan losses (208,868) (61,914) $ (61,778) $ (60,388)
Loans and accrued interest receivable, net of allowance 21,158,208 21,402,868    
Private education loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 0      
2019 102,328      
2018 1,244      
2017 0      
2016 7,218      
Prior Years 163,420      
Total loans 274,210      
Accrued interest receivable 1,716 1,558 1,134  
Loan discount, net of unamortized loan premiums and deferred origination costs (138) 46 (1,063)  
Allowance for loan losses (23,056) (9,597) (10,587) (10,838)
Loans and accrued interest receivable, net of allowance 252,732 231,903 195,202  
Private education loans | Loans in school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 0      
2019 628      
2018 0      
2017 0      
2016 408      
Prior Years 3,747      
Total loans 4,783      
Private education loans | Loans in forbearance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 0      
2019 3,570      
2018 46      
2017 0      
2016 348      
Prior Years 7,464      
Total loans 11,428      
Private education loans | Loans in repayment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 0      
2019 98,130      
2018 1,198      
2017 0      
2016 6,462      
Prior Years 152,209      
Total loans 257,999      
Private education loans | Loans in repayment | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 0      
2019 98,059      
2018 1,198      
2017 0      
2016 6,454      
Prior Years 146,900      
Total loans 252,611      
Private education loans | Loans in repayment | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 0      
2019 0      
2018 0      
2017 0      
2016 0      
Prior Years 1,606      
Total loans 1,606      
Private education loans | Loans in repayment | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 0      
2019 71      
2018 0      
2017 0      
2016 8      
Prior Years 882      
Total loans 961      
Private education loans | Loans in repayment | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 0      
2019 0      
2018 0      
2017 0      
2016 0      
Prior Years 2,821      
Total loans 2,821      
Consumer loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 60,290      
2019 37,501      
2018 41,744      
2017 6,268      
2016 0      
Prior Years 0      
Total loans 145,803      
Accrued interest receivable 1,133 1,880 1,366  
Loan discount, net of unamortized loan premiums and deferred origination costs 1,108 740 2,600  
Allowance for loan losses (39,053) (15,554) (10,257) $ (7,240)
Loans and accrued interest receivable, net of allowance 108,991 $ 212,984 $ 184,710  
Consumer loans | Loans in repayment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 60,290      
2019 37,501      
2018 41,744      
2017 6,268      
2016 0      
Prior Years 0      
Total loans 145,803      
Consumer loans | Loans in repayment | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 60,134      
2019 35,456      
2018 40,208      
2017 6,042      
2016 0      
Prior Years 0      
Total loans 141,840      
Consumer loans | Loans in repayment | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 156      
2019 905      
2018 367      
2017 97      
2016 0      
Prior Years 0      
Total loans 1,525      
Consumer loans | Loans in repayment | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 0      
2019 426      
2018 372      
2017 53      
2016 0      
Prior Years 0      
Total loans 851      
Consumer loans | Loans in repayment | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2020 0      
2019 714      
2018 797      
2017 76      
2016 0      
Prior Years 0      
Total loans $ 1,587      
v3.20.1
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 20,735,770 $ 20,803,180
Discount on bonds and notes payable and debt issuance costs (269,040) (274,126)
Bonds and notes payable, net 20,466,730 20,529,054
Unsecured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 100,000 $ 50,000
Interest rate 2.11% 3.29%
Unsecured debt - Junior Subordinated Hybrid Securities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 20,381 $ 20,381
Interest rate 4.81% 5.28%
Other borrowings    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 5,000 $ 5,000
Interest rate 3.11% 3.44%
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 18,525,916 $ 18,428,998
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 763,476 768,626
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 19,289,392 19,197,624
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 773,997 512,836
Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 282,505 778,094
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 65,859 73,308
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 46,045 49,367
Private education | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 85,494  
Interest rate 1.65%  
Consumer loan | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 67,097 $ 116,570
Interest rate 1.68% 1.99%
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 0.90% 1.98%
Minimum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 1.61% 2.75%
Minimum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.83% 2.00%
Minimum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 1.65% 1.98%
Minimum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.65% 3.15%
Minimum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.60% 3.60%
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 3.42% 3.61%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 3.26% 3.60%
Maximum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.45% 3.45%
Maximum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 1.70% 2.07%
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 2.70% 3.54%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.35% 5.35%
v3.20.1
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Warehouse facilities - Federally insured student loans
Mar. 31, 2020
USD ($)
Line of Credit Facility [Line Items]  
Maximum financing amount $ 1,050,000,000
Amount outstanding 282,505,000
Amount available 767,495,000
Advanced as equity support 18,537,000
NFSLW-I  
Line of Credit Facility [Line Items]  
Maximum financing amount 550,000,000
Amount outstanding 159,441,000
Amount available 390,559,000
Advanced as equity support 7,981,000
NHELP-II  
Line of Credit Facility [Line Items]  
Maximum financing amount 500,000,000
Amount outstanding 123,064,000
Amount available 376,936,000
Advanced as equity support $ 10,556,000
v3.20.1
Bonds and Notes Payable - Schedule of Asset-Backed Securitizations (Details) - USD ($)
3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Bonds and notes payable, net $ 20,466,730,000 $ 20,529,054,000
Asset-Backed Securitizations | 2020-1 Notes    
Debt Instrument [Line Items]    
Total principal amount 435,600,000  
Asset-Backed Securitizations | 2020-2 Notes    
Debt Instrument [Line Items]    
Total principal amount 272,100,000  
Asset-Backed Securitizations | 2020-3 Notes    
Debt Instrument [Line Items]    
Total principal amount 352,600,000  
Asset-Backed Securitizations | 2020 Notes    
Debt Instrument [Line Items]    
Total principal amount 1,060,300,000  
Senior Notes | Class A 2020-1 Notes    
Debt Instrument [Line Items]    
Total principal amount 424,600,000  
Bond discount 0  
Bonds and notes payable, net $ 424,600,000  
Senior Notes | Class A 2020-1 Notes | London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Cost of funds 0.74%  
Senior Notes | Class A 2020-2 Notes    
Debt Instrument [Line Items]    
Total principal amount $ 264,300,000  
Bond discount (44,000)  
Bonds and notes payable, net $ 264,256,000  
Cost of funds 1.83%  
Senior Notes | Class A 2020-3 Notes    
Debt Instrument [Line Items]    
Total principal amount $ 343,600,000  
Bond discount (1,503,000)  
Bonds and notes payable, net $ 342,097,000  
Senior Notes | Class A 2020-3 Notes | London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Cost of funds 0.92%  
Senior Notes | 2020 Class A Notes    
Debt Instrument [Line Items]    
Total principal amount $ 1,032,500,000  
Bond discount (1,547,000)  
Bonds and notes payable, net 1,030,953,000  
Subordinated Debt | Class B 2020-1 Notes    
Debt Instrument [Line Items]    
Total principal amount 11,000,000  
Bond discount 0  
Bonds and notes payable, net $ 11,000,000  
Subordinated Debt | Class B 2020-1 Notes | London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Cost of funds 1.75%  
Subordinated Debt | Class B 2020-2 Notes    
Debt Instrument [Line Items]    
Total principal amount $ 7,800,000  
Bond discount (574,000)  
Bonds and notes payable, net $ 7,226,000  
Cost of funds 2.50%  
Subordinated Debt | Class B 2020-3 Notes    
Debt Instrument [Line Items]    
Total principal amount $ 9,000,000  
Bond discount (284,000)  
Bonds and notes payable, net $ 8,716,000  
Subordinated Debt | Class B 2020-3 Notes | London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Cost of funds 1.90%  
Subordinated Debt | 2020 Class B Notes    
Debt Instrument [Line Items]    
Total principal amount $ 27,800,000  
Bond discount (858,000)  
Bonds and notes payable, net $ 26,942,000  
v3.20.1
Bonds and Notes Payable - Narrative (Details) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 20, 2020
Feb. 13, 2020
Unsecured Line of Credit      
Debt Instrument [Line Items]      
Maximum financing amount $ 455,000,000.0    
Amount outstanding 100,000,000.0    
Amount available 355,000,000.0    
Higher borrowing capacity option 550,000,000.0    
Warehouse facilities | Consumer Loan Warehouse Facility      
Debt Instrument [Line Items]      
Maximum financing amount 200,000,000.0    
Amount outstanding 67,100,000    
Amount available 132,900,000    
Advanced as equity support $ 29,100,000    
Warehouse facilities | Private Loan Warehouse Facility      
Debt Instrument [Line Items]      
Maximum financing amount   $ 200,000,000.0 $ 100,000,000.0
Advance rate 90.00%    
Amount outstanding $ 85,500,000    
Amount available 114,500,000    
Advanced as equity support $ 9,200,000    
Minimum | Warehouse facilities | Consumer Loan Warehouse Facility      
Debt Instrument [Line Items]      
Advance rate 70.00%    
Maximum | Warehouse facilities | Consumer Loan Warehouse Facility      
Debt Instrument [Line Items]      
Advance rate 75.00%    
v3.20.1
Derivative Financial Instruments - Basis Swap (Details) - 1:3 basis swaps
Mar. 31, 2020
USD ($)
Derivative [Line Items]  
Notional amount $ 7,150,000,000
Weighted average rate 0.097%
Maturity 2020  
Derivative [Line Items]  
Notional amount $ 1,000,000,000
Maturity 2021  
Derivative [Line Items]  
Notional amount 250,000,000
Maturity 2022  
Derivative [Line Items]  
Notional amount 2,000,000,000
Maturity 2022, effective start dates in May 2020  
Derivative [Line Items]  
Notional amount 750,000,000
Maturity 2023  
Derivative [Line Items]  
Notional amount 750,000,000
Maturity 2024  
Derivative [Line Items]  
Notional amount 1,750,000,000
Maturity 2026  
Derivative [Line Items]  
Notional amount 1,150,000,000
Maturity 2027  
Derivative [Line Items]  
Notional amount $ 250,000,000
v3.20.1
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Interest Rate Swap    
Derivative [Line Items]    
Notional amount $ 2,000,000,000 $ 2,500,000,000
Weighted average fixed rate paid by the Company 1.52% 1.42%
Interest Rate Swap, forward effective start dates subsequent to period end    
Derivative [Line Items]    
Weighted average fixed rate paid by the Company 1.50%  
2020 | Interest Rate Swap    
Derivative [Line Items]    
Notional amount $ 1,000,000,000 $ 1,500,000,000
Weighted average fixed rate paid by the Company 1.00% 1.01%
2021 | Interest Rate Swap    
Derivative [Line Items]    
Notional amount $ 600,000,000 $ 600,000,000
Weighted average fixed rate paid by the Company 2.15% 2.15%
2022 | Interest Rate Swap    
Derivative [Line Items]    
Notional amount $ 250,000,000 $ 250,000,000
Weighted average fixed rate paid by the Company 1.65% 1.65%
2023 | Interest Rate Swap    
Derivative [Line Items]    
Notional amount $ 150,000,000 $ 150,000,000
Weighted average fixed rate paid by the Company 2.25% 2.25%
v3.20.1
Derivative Financial Instruments - Interest Rate Caps (Details) - Interest rate caps - USD ($)
1 Months Ended
Jun. 30, 2019
Jun. 30, 2015
Mar. 31, 2020
Derivative [Line Items]      
Payments to enter into derivative instruments $ 300,000 $ 2,900,000  
Interest Rate Cap 1 Maturing July 2020      
Derivative [Line Items]      
Notional amount     $ 125,000,000
Interest Rate Cap 1 Maturing July 2020 | London Interbank Offered Rate (LIBOR)      
Derivative [Line Items]      
Strike rate     2.50%
Interest Rate Cap 2 Maturing July 2020      
Derivative [Line Items]      
Notional amount     $ 150,000,000
Interest Rate Cap 2 Maturing July 2020 | London Interbank Offered Rate (LIBOR)      
Derivative [Line Items]      
Strike rate     4.99%
Interest Rate Cap Maturing September 2020      
Derivative [Line Items]      
Notional amount     $ 500,000,000
Interest Rate Cap Maturing September 2020 | London Interbank Offered Rate (LIBOR)      
Derivative [Line Items]      
Strike rate     2.25%
v3.20.1
Derivative Financial Instruments - Schedule of Income Statement Impact (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ 4,237 $ 19,035
Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net 4,237 19,035
Change in fair value (20,602) (30,574)
Derivative market value adjustments and derivative settlements, net - income (expense) (16,365) (11,539)
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net 2,112 2,334
Change in fair value 1,558 (2,212)
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net 2,125 16,701
Change in fair value (22,160) (26,712)
Interest rate swap options - floor income hedges | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in fair value 0 (1,376)
Interest rate caps | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in fair value $ 0 $ (274)
v3.20.1
Investments (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Investments (at fair value):    
Amortized cost $ 56,016 $ 48,790
Gross unrealized gains 2,230 3,911
Gross unrealized losses (1,099) 0
Fair value 57,147 52,701
Equity securities    
Amortized cost 22,871 9,622
Gross unrealized gains 4,846 4,561
Gross unrealized losses (1,554) (1,283)
Fair value 26,163 12,900
Total investments (at fair value)    
Amortized cost 78,887 58,412
Gross unrealized gains 7,076 8,472
Gross unrealized losses (2,653) (1,283)
Fair value 83,310 65,601
Other Investments and Notes Receivable (not measured at fair value):    
Total investments (not measured at fair value) 170,629 181,498
Total investments 253,939 247,099
Beneficial interest in consumer loan securitizations, allowance for credit losses 26,303  
Investments, impairment (34,100)  
Beneficial interest in securitization, impairment 26,300  
Other investments, impairment 7,800  
Venture capital and funds: | Other Investments (not measured at fair value):    
Other Investments and Notes Receivable (not measured at fair value):    
Measurement alternative 65,631 72,760
Equity method 15,338 15,379
Other 537 1,301
Total investments (not measured at fair value) 81,506 89,440
Real estate and solar: | Other Investments (not measured at fair value):    
Other Investments and Notes Receivable (not measured at fair value):    
Equity method 45,070 51,721
Other 862 867
Total investments (not measured at fair value) 45,932 52,588
Beneficial interest in consumer loan securitizations | Other Investments (not measured at fair value):    
Other Investments and Notes Receivable (not measured at fair value):    
Beneficial interest In securitizations 34,109 33,187
Beneficial interest in federally insured loan securitization | Other Investments (not measured at fair value):    
Other Investments and Notes Receivable (not measured at fair value):    
Beneficial interest In securitizations 3,084 0
Tax liens and affordable housing | Other Investments (not measured at fair value):    
Other Investments and Notes Receivable (not measured at fair value):    
Total investments (not measured at fair value) $ 5,998 $ 6,283
v3.20.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]      
Weighted average remaining useful life 80 months    
Amortizable intangible assets, net $ 74,127   $ 81,532
Amortization of intangible assets $ 7,400 $ 8,500  
Customer relationships      
Finite-Lived Intangible Assets [Line Items]      
Weighted average remaining useful life 80 months    
Amortizable intangible assets, net $ 65,257   71,900
Accumulated amortization of intangible assets $ 67,195   60,553
Trade names      
Finite-Lived Intangible Assets [Line Items]      
Weighted average remaining useful life 94 months    
Amortizable intangible assets, net $ 7,207   7,478
Accumulated amortization of intangible assets $ 3,063   2,792
Computer software      
Finite-Lived Intangible Assets [Line Items]      
Weighted average remaining useful life 11 months    
Amortizable intangible assets, net $ 1,663   2,154
Accumulated amortization of intangible assets $ 3,724   $ 3,233
v3.20.1
Intangible Assets - Amortization Expense (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2020 (April 1 - December 31) $ 22,110  
2021 18,761  
2022 7,172  
2023 6,925  
2024 6,511  
2025 and thereafter 12,648  
Amortizable intangible assets, net $ 74,127 $ 81,532
v3.20.1
Goodwill (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Goodwill [Line Items]    
Goodwill $ 156,912 $ 156,912
Corporate and Other Activities    
Goodwill [Line Items]    
Goodwill 0 0
Loan Servicing and Systems | Operating Segments    
Goodwill [Line Items]    
Goodwill 23,639 23,639
Education Technology, Services, and Payment Processing | Operating Segments    
Goodwill [Line Items]    
Goodwill 70,278 70,278
Communications | Operating Segments    
Goodwill [Line Items]    
Goodwill 21,112 21,112
Asset Generation and Management | Operating Segments    
Goodwill [Line Items]    
Goodwill $ 41,883 $ 41,883
v3.20.1
Property and Equipment (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Property, Plant and Equipment [Line Items]      
Property and equipment, net $ 351,097   $ 348,259
Depreciation 20,300 $ 15,700  
Non-communications      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 264,443   249,172
Accumulated depreciation (151,813)   (142,270)
Property and equipment, net 112,630   106,902
Non-communications | Computer equipment and software      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 167,824   160,319
Non-communications | Computer equipment and software | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 1 year    
Non-communications | Computer equipment and software | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 5 years    
Non-communications | Building and building improvements      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 38,137   37,904
Non-communications | Building and building improvements | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 5 years    
Non-communications | Building and building improvements | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 48 years    
Non-communications | Office furniture and equipment      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 21,942   21,245
Non-communications | Office furniture and equipment | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 1 year    
Non-communications | Office furniture and equipment | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 10 years    
Non-communications | Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 9,538   9,517
Non-communications | Leasehold improvements | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 1 year    
Non-communications | Leasehold improvements | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 15 years    
Non-communications | Transportation equipment      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 5,032   5,049
Non-communications | Transportation equipment | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 5 years    
Non-communications | Transportation equipment | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 10 years    
Non-communications | Land      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 1,400   1,400
Non-communications | Construction in progress      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 20,570   13,738
Communications      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 322,534   315,254
Accumulated depreciation (84,067)   (73,897)
Property and equipment, net 238,467   241,357
Communications | Computer equipment and software      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 5,902   5,574
Communications | Computer equipment and software | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 1 year    
Communications | Computer equipment and software | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 5 years    
Communications | Transportation equipment      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 6,663   6,611
Communications | Transportation equipment | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 4 years    
Communications | Transportation equipment | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 10 years    
Communications | Land      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 70   70
Communications | Construction in progress      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 1,088   54
Communications | Network plant and fiber      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 258,678   254,560
Communications | Network plant and fiber | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 4 years    
Communications | Network plant and fiber | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 15 years    
Communications | Customer located property      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 27,971   27,011
Communications | Customer located property | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 2 years    
Communications | Customer located property | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 4 years    
Communications | Central office      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 18,429   17,672
Communications | Central office | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 5 years    
Communications | Central office | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 15 years    
Communications | Other      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 3,733   $ 3,702
Communications | Other | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 1 year    
Communications | Other | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 39 years    
v3.20.1
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net (loss) income attributable to Nelnet, Inc. $ (40,532) $ 41,591
Weighted average common shares outstanding - basic and diluted (in shares) 39,955,514 40,373,295
Earnings per share - basic and diluted (in dollars per share) $ (1.01) $ 1.03
Common shareholders    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net (loss) income attributable to Nelnet, Inc. $ (39,974) $ 41,057
Weighted average common shares outstanding - basic and diluted (in shares) 39,405,454 39,855,122
Earnings per share - basic and diluted (in dollars per share) $ (1.01) $ 1.03
Unvested restricted stock shareholders    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net (loss) income attributable to Nelnet, Inc. $ (558) $ 534
Weighted average common shares outstanding - basic and diluted (in shares) 550,060 518,173
Earnings per share - basic and diluted (in dollars per share) $ (1.01) $ 1.03
v3.20.1
Segment Reporting (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Segment Reporting Information [Line Items]      
Total interest income $ 189,191 $ 250,586  
Interest expense 134,118 191,770  
Net interest income 55,073 58,816  
Less provision for loan losses 76,299 7,000  
Net interest income after provision for loan losses (21,226) 51,816  
Other income:      
Intersegment revenue 0 0  
Gain on sale of loans 18,206 0  
Other income 8,281 9,067  
Impairment expense (34,087) 0  
Derivative settlements, net 4,237 19,035  
Derivative market value and foreign currency transaction adjustments, net (20,602) (30,574)  
Total other income/expense 190,626 206,128  
Cost of services:      
Cost of services 28,388 25,818  
Operating expenses:      
Salaries and benefits 119,878 111,059  
Depreciation and amortization 27,648 24,213  
Other expenses 43,384 43,816  
Intersegment expenses, net 0 0  
Total operating expenses 190,910 179,088  
(Loss) income before income taxes (49,898) 53,038  
Income tax (expense) benefit 10,133 (11,391)  
Net (loss) income (39,765) 41,647  
Net income attributable to noncontrolling interests (767) (56)  
Net (loss) income attributable to Nelnet, Inc. (40,532) 41,591  
Total assets 23,280,628 24,721,927 $ 23,708,970
Operating Segments | Loan Servicing and Systems      
Segment Reporting Information [Line Items]      
Total interest income 317 497  
Interest expense 44 0  
Net interest income 273 497  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 273 497  
Other income:      
Intersegment revenue 11,054 12,217  
Gain on sale of loans 0 0  
Other income 2,630 2,074  
Impairment expense 0 0  
Derivative settlements, net 0 0  
Derivative market value and foreign currency transaction adjustments, net 0 0  
Total other income/expense 126,419 129,189  
Cost of services:      
Cost of services 0 0  
Operating expenses:      
Salaries and benefits 70,493 66,220  
Depreciation and amortization 8,848 8,871  
Other expenses 17,489 18,928  
Intersegment expenses, net 16,239 13,758  
Total operating expenses 113,069 107,777  
(Loss) income before income taxes 13,623 21,909  
Income tax (expense) benefit (3,269) (5,258)  
Net (loss) income 10,354 16,651  
Net income attributable to noncontrolling interests 0 0  
Net (loss) income attributable to Nelnet, Inc. 10,354 16,651  
Total assets 223,021 273,065  
Operating Segments | Education Technology, Services, and Payment Processing      
Segment Reporting Information [Line Items]      
Total interest income 1,991 2,017  
Interest expense 17 8  
Net interest income 1,974 2,009  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 1,974 2,009  
Other income:      
Intersegment revenue 11 0  
Gain on sale of loans 0 0  
Other income 0 0  
Impairment expense 0 0  
Derivative settlements, net 0 0  
Derivative market value and foreign currency transaction adjustments, net 0 0  
Total other income/expense 83,686 79,159  
Cost of services:      
Cost of services 22,806 21,059  
Operating expenses:      
Salaries and benefits 23,696 23,008  
Depreciation and amortization 2,387 3,510  
Other expenses 6,092 5,311  
Intersegment expenses, net 3,327 3,299  
Total operating expenses 35,502 35,128  
(Loss) income before income taxes 27,352 24,981  
Income tax (expense) benefit (6,565) (5,995)  
Net (loss) income 20,787 18,986  
Net income attributable to noncontrolling interests 0 0  
Net (loss) income attributable to Nelnet, Inc. 20,787 18,986  
Total assets 302,631 294,019  
Operating Segments | Communications      
Segment Reporting Information [Line Items]      
Total interest income 0 2  
Interest expense 0 0  
Net interest income 0 2  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 0 2  
Other income:      
Intersegment revenue 0 0  
Gain on sale of loans 0 0  
Other income 353 125  
Impairment expense 0 0  
Derivative settlements, net 0 0  
Derivative market value and foreign currency transaction adjustments, net 0 0  
Total other income/expense 18,534 14,668  
Cost of services:      
Cost of services 5,582 4,759  
Operating expenses:      
Salaries and benefits 5,416 4,737  
Depreciation and amortization 10,507 7,362  
Other expenses 3,689 3,477  
Intersegment expenses, net 624 664  
Total operating expenses 20,236 16,240  
(Loss) income before income taxes (7,284) (6,329)  
Income tax (expense) benefit 1,748 1,519  
Net (loss) income (5,536) (4,810)  
Net income attributable to noncontrolling interests 0 0  
Net (loss) income attributable to Nelnet, Inc. (5,536) (4,810)  
Total assets 301,440 297,196  
Operating Segments | Asset Generation and Management      
Segment Reporting Information [Line Items]      
Total interest income 185,926 246,867  
Interest expense 133,249 188,799  
Net interest income 52,677 58,068  
Less provision for loan losses 76,299 7,000  
Net interest income after provision for loan losses (23,622) 51,068  
Other income:      
Intersegment revenue 0 0  
Gain on sale of loans 18,206 0  
Other income 3,215 3,525  
Impairment expense (26,303) 0  
Derivative settlements, net 4,237 19,035  
Derivative market value and foreign currency transaction adjustments, net (20,602) (30,574)  
Total other income/expense (21,247) (8,014)  
Cost of services:      
Cost of services 0 0  
Operating expenses:      
Salaries and benefits 443 378  
Depreciation and amortization 0 0  
Other expenses 3,717 3,837  
Intersegment expenses, net 11,916 12,287  
Total operating expenses 16,076 16,502  
(Loss) income before income taxes (60,945) 26,552  
Income tax (expense) benefit 14,627 (6,372)  
Net (loss) income (46,318) 20,180  
Net income attributable to noncontrolling interests 0 0  
Net (loss) income attributable to Nelnet, Inc. (46,318) 20,180  
Total assets 21,905,150 23,475,113  
Corporate and Other Activities      
Segment Reporting Information [Line Items]      
Total interest income 1,555 2,053  
Interest expense 1,407 3,814  
Net interest income 148 (1,761)  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 148 (1,761)  
Other income:      
Intersegment revenue 0 0  
Gain on sale of loans 0 0  
Other income 2,083 3,344  
Impairment expense (7,783) 0  
Derivative settlements, net 0 0  
Derivative market value and foreign currency transaction adjustments, net 0 0  
Total other income/expense (5,700) 3,344  
Cost of services:      
Cost of services 0 0  
Operating expenses:      
Salaries and benefits 19,830 16,716  
Depreciation and amortization 5,907 4,469  
Other expenses 12,398 12,262  
Intersegment expenses, net (21,041) (17,791)  
Total operating expenses 17,094 15,656  
(Loss) income before income taxes (22,646) (14,073)  
Income tax (expense) benefit 3,592 4,716  
Net (loss) income (19,054) (9,357)  
Net income attributable to noncontrolling interests (767) (56)  
Net (loss) income attributable to Nelnet, Inc. (19,821) (9,413)  
Total assets 679,390 546,987  
Eliminations      
Segment Reporting Information [Line Items]      
Total interest income (598) (851)  
Interest expense (598) (851)  
Net interest income 0 0  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 0 0  
Other income:      
Intersegment revenue (11,065) (12,217)  
Gain on sale of loans 0 0  
Other income 0 0  
Impairment expense 0 0  
Derivative settlements, net 0 0  
Derivative market value and foreign currency transaction adjustments, net 0 0  
Total other income/expense (11,065) (12,217)  
Cost of services:      
Cost of services 0 0  
Operating expenses:      
Salaries and benefits 0 0  
Depreciation and amortization 0 0  
Other expenses 0 0  
Intersegment expenses, net (11,065) (12,217)  
Total operating expenses (11,065) (12,217)  
(Loss) income before income taxes 0 0  
Income tax (expense) benefit 0 0  
Net (loss) income 0 0  
Net income attributable to noncontrolling interests 0 0  
Net (loss) income attributable to Nelnet, Inc. 0 0  
Total assets (131,004) (164,453)  
Loan servicing and systems      
Other income:      
Revenue 112,735 114,898  
Loan servicing and systems | Operating Segments | Loan Servicing and Systems      
Other income:      
Revenue 112,735 114,898  
Loan servicing and systems | Operating Segments | Education Technology, Services, and Payment Processing      
Other income:      
Revenue 0 0  
Loan servicing and systems | Operating Segments | Communications      
Other income:      
Revenue 0 0  
Loan servicing and systems | Operating Segments | Asset Generation and Management      
Other income:      
Revenue 0 0  
Loan servicing and systems | Corporate and Other Activities      
Other income:      
Revenue 0 0  
Loan servicing and systems | Eliminations      
Other income:      
Revenue 0 0  
Education technology, services, and payment processing      
Other income:      
Revenue 83,675 79,159  
Cost of services:      
Cost of services 22,806 21,059  
Education technology, services, and payment processing | Operating Segments | Loan Servicing and Systems      
Other income:      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Education technology, services, and payment processing | Operating Segments | Education Technology, Services, and Payment Processing      
Other income:      
Revenue 83,675 79,159  
Cost of services:      
Cost of services 22,806 21,059  
Education technology, services, and payment processing | Operating Segments | Communications      
Other income:      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Education technology, services, and payment processing | Operating Segments | Asset Generation and Management      
Other income:      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Education technology, services, and payment processing | Corporate and Other Activities      
Other income:      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Education technology, services, and payment processing | Eliminations      
Other income:      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Communications services      
Other income:      
Revenue 18,181 14,543  
Cost of services:      
Cost of services 5,582 4,759  
Communications services | Operating Segments | Loan Servicing and Systems      
Other income:      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Communications services | Operating Segments | Education Technology, Services, and Payment Processing      
Other income:      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Communications services | Operating Segments | Communications      
Other income:      
Revenue 18,181 14,543  
Cost of services:      
Cost of services 5,582 4,759  
Communications services | Operating Segments | Asset Generation and Management      
Other income:      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Communications services | Corporate and Other Activities      
Other income:      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Communications services | Eliminations      
Other income:      
Revenue 0 0  
Cost of services:      
Cost of services $ 0 $ 0  
v3.20.1
Disaggregated Revenue and Deferred Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Communications revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 18,181 $ 14,543
Residential revenue    
Disaggregation of Revenue [Line Items]    
Revenue 13,559 11,065
Business revenue    
Disaggregation of Revenue [Line Items]    
Revenue 4,471 3,414
Other    
Disaggregation of Revenue [Line Items]    
Revenue 151 64
Loan servicing and systems revenue    
Disaggregation of Revenue [Line Items]    
Revenue 112,735 114,898
Government servicing - Nelnet    
Disaggregation of Revenue [Line Items]    
Revenue 38,650 39,640
Government servicing - Great Lakes    
Disaggregation of Revenue [Line Items]    
Revenue 46,446 47,077
Private education and consumer loan servicing    
Disaggregation of Revenue [Line Items]    
Revenue 8,609 9,480
FFELP servicing    
Disaggregation of Revenue [Line Items]    
Revenue 5,614 6,695
Software services    
Disaggregation of Revenue [Line Items]    
Revenue 11,318 9,741
Outsourced services and other    
Disaggregation of Revenue [Line Items]    
Revenue 2,098 2,265
Education technology, services, and payment processing    
Disaggregation of Revenue [Line Items]    
Revenue 83,675 79,159
Tuition payment plan services    
Disaggregation of Revenue [Line Items]    
Revenue 31,587 30,173
Payment processing    
Disaggregation of Revenue [Line Items]    
Revenue 31,742 28,979
Education technology and services    
Disaggregation of Revenue [Line Items]    
Revenue 20,054 19,709
Other    
Disaggregation of Revenue [Line Items]    
Revenue 292 298
Communications revenue    
Disaggregation of Revenue [Line Items]    
Revenue 18,181 14,543
Internet    
Disaggregation of Revenue [Line Items]    
Revenue 11,199 8,449
Television    
Disaggregation of Revenue [Line Items]    
Revenue 4,236 3,898
Telephone    
Disaggregation of Revenue [Line Items]    
Revenue 2,691 2,167
Other    
Disaggregation of Revenue [Line Items]    
Revenue $ 55 $ 29
v3.20.1
Disaggregated Revenue and Deferred Revenue - Schedule of Other Income by Component (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Disaggregation of Revenue [Line Items]    
Borrower late fee income $ 3,188 $ 3,512
Gain (loss) on investments, net (3,864) (427)
Other 3,912 3,399
Other income 8,281 9,067
Investment advisory services    
Disaggregation of Revenue [Line Items]    
Revenue 2,802 711
Management fee revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 2,243 $ 1,872
v3.20.1
Disaggregated Revenue and Deferred Revenue - Schedule of Changes in Liabilities from Contract with Customers (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Contract With Customer Liability [Roll Forward]    
Balance, beginning of period $ 39,646 $ 39,122
Deferral of revenue 26,244 24,080
Recognition of revenue (39,001) (36,449)
Balance, end of period 26,889 26,753
Corporate and Other Activities    
Contract With Customer Liability [Roll Forward]    
Balance, beginning of period 1,628 1,602
Deferral of revenue 855 736
Recognition of revenue (843) (786)
Balance, end of period 1,640 1,552
Loan Servicing and Systems | Operating Segments    
Contract With Customer Liability [Roll Forward]    
Balance, beginning of period 2,712 4,413
Deferral of revenue 382 1,116
Recognition of revenue (899) (1,582)
Balance, end of period 2,195 3,947
Education Technology, Services, and Payment Processing | Operating Segments    
Contract With Customer Liability [Roll Forward]    
Balance, beginning of period 32,074 30,556
Deferral of revenue 15,080 13,962
Recognition of revenue (27,514) (26,020)
Balance, end of period 19,640 18,498
Communications | Operating Segments    
Contract With Customer Liability [Roll Forward]    
Balance, beginning of period 3,232 2,551
Deferral of revenue 9,927 8,266
Recognition of revenue (9,745) (8,061)
Balance, end of period $ 3,414 $ 2,756
v3.20.1
Major Customer (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Great Lakes Educational Loan Service    
Concentration Risk [Line Items]    
Acquiree revenue since acquisition $ 46,400 $ 47,100
Government servicing - Nelnet    
Concentration Risk [Line Items]    
Revenue 38,650 39,640
Government servicing - Nelnet | Customer concentration risk    
Concentration Risk [Line Items]    
Revenue $ 38,700 $ 39,600
v3.20.1
Fair Value - Assets and Liabilities that are Measured at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Financial assets:    
Fair value $ 83,310 $ 65,601
Total assets 83,310 65,601
Student loan asset-backed securities - available-for-sale    
Financial assets:    
Fair value 57,044 52,597
Equity securities    
Financial assets:    
Fair value 6 6
Equity securities measured at net asset value    
Financial assets:    
Fair value 26,157 12,894
Debt securities - available-for-sale    
Financial assets:    
Fair value 103 104
Level 1    
Financial assets:    
Fair value 109 110
Total assets 109 110
Level 1 | Student loan asset-backed securities - available-for-sale    
Financial assets:    
Fair value 0 0
Level 1 | Equity securities    
Financial assets:    
Fair value 6 6
Level 1 | Debt securities - available-for-sale    
Financial assets:    
Fair value 103 104
Level 2    
Financial assets:    
Fair value 57,044 52,597
Total assets 57,044 52,597
Level 2 | Student loan asset-backed securities - available-for-sale    
Financial assets:    
Fair value 57,044 52,597
Level 2 | Equity securities    
Financial assets:    
Fair value 0 0
Level 2 | Debt securities - available-for-sale    
Financial assets:    
Fair value $ 0 $ 0
v3.20.1
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Financial assets:        
Loans receivable $ 21,158,208 $ 21,402,868    
Accrued loan interest receivable 766,773 733,497    
Cash and cash equivalents 204,844 133,906 $ 74,881 $ 121,347
Investments (at fair value) 253,939 247,099    
Restricted cash - due to customers 219,905 437,756 $ 216,471 $ 369,678
Financial liabilities:        
Accrued interest payable 43,874 47,285    
Due to customers 219,905 437,756    
Fair value        
Financial assets:        
Loans receivable 19,725,479 21,477,630    
Accrued loan interest receivable 766,773 733,497    
Cash and cash equivalents 204,844 133,906    
Investments (at fair value) 83,310 65,601    
Beneficial interest in loan securitizations 37,193 33,258    
Restricted cash 675,589 650,939    
Restricted cash - due to customers 219,905 437,756    
Financial liabilities:        
Bonds and notes payable 18,661,338 20,479,095    
Accrued interest payable 43,874 47,285    
Due to customers 219,905 437,756    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 204,844 133,906    
Investments (at fair value) 109 110    
Beneficial interest in loan securitizations 0 0    
Restricted cash 675,589 650,939    
Restricted cash - due to customers 219,905 437,756    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Due to customers 219,905 437,756    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 766,773 733,497    
Cash and cash equivalents 0 0    
Investments (at fair value) 57,044 52,597    
Beneficial interest in loan securitizations 0 0    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Financial liabilities:        
Bonds and notes payable 18,661,338 20,479,095    
Accrued interest payable 43,874 47,285    
Due to customers 0 0    
Fair value | Level 3        
Financial assets:        
Loans receivable 19,725,479 21,477,630    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments (at fair value) 0 0    
Beneficial interest in loan securitizations 37,193 33,258    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Due to customers 0 0    
Carrying value        
Financial assets:        
Loans receivable 20,391,435 20,669,371    
Accrued loan interest receivable 766,773 733,497    
Cash and cash equivalents 204,844 133,906    
Investments (at fair value) 83,310 65,601    
Beneficial interest in loan securitizations 37,193 33,187    
Restricted cash 675,589 650,939    
Restricted cash - due to customers 219,905 437,756    
Financial liabilities:        
Bonds and notes payable 20,466,730 20,529,054    
Accrued interest payable 43,874 47,285    
Due to customers $ 219,905 $ 437,756    
v3.20.1
Label Element Value
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ (18,867,000)
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption (6,077,000)
Retained Earnings [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption (18,867,000)
Noncontrolling Interest [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ (6,077,000)