Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-31924
Entity Registrant Name	NELNET, INC.
Entity Incorporation, State or Country Code	NE
Entity Tax Identification Number	84-0748903
Entity Address, Address Line One	121 South 13th Street, Suite 100
Entity Address, City or Town	Lincoln,
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68508
City Area Code	402
Local Phone Number	458-2370
Title of 12(b) Security	Class A Common Stock, Par Value $0.01 per Share
Trading Symbol	NNI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001258602
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,370,797
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,154,171

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $157,394 and $175,698, respectively)	$ 19,737,530	$ 20,185,656
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	50,586	33,292
Cash and cash equivalents - held at a related party	93,643	87,957
Total cash and cash equivalents	144,229	121,249
Investments	973,099	992,940
Restricted cash	609,881	553,175
Restricted cash - due to customers	193,081	283,971
Accounts receivable (net of allowance for doubtful accounts of $2,091 and $1,824, respectively)	80,283	76,460
Goodwill	142,092	142,092
Intangible assets, net	66,718	75,070
Property and equipment, net	130,450	123,527
Other assets	89,845	92,020
Total assets	22,167,208	22,646,160
Liabilities:
Bonds and notes payable	18,754,715	19,320,726
Accrued interest payable	5,527	28,701
Bank deposits	111,830	54,633
Other liabilities	315,454	312,280
Due to customers	230,581	301,471
Total liabilities	19,418,107	20,017,811
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	5,859	3,794
Retained earnings	2,736,923	2,621,762
Accumulated other comprehensive earnings	9,022	6,102
Total Nelnet, Inc. shareholders' equity	2,752,190	2,632,042
Noncontrolling interests	(3,089)	(3,693)
Total equity	2,749,101	2,628,349
Total liabilities and equity	22,167,208	22,646,160
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $157,394 and $175,698, respectively)	19,575,058	20,132,996
Cash and cash equivalents:
Restricted cash	551,983	499,223
Liabilities:
Bonds and notes payable	18,888,943	19,355,375
Common stock:
Accrued interest payable and other liabilities	67,348	83,127
Net assets of consolidated education and other lending variable interest entities	1,170,750	1,193,717
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 27,367,797 shares and 27,193,154 shares, respectively
Common stock:
Common stock	274	272
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 11,154,171 shares and 11,155,571 shares, respectively
Common stock:
Common stock	$ 112	$ 112

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Allowance for loan losses	$ 157,394	$ 175,698
Allowance for doubtful accounts	$ 2,091	$ 1,824
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	50,000,000	50,000,000
Preferred stock, issued shares (in shares)	0	0
Preferred stock, outstanding shares (in shares)	0	0
Common Class A
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	600,000,000	600,000,000
Shares issued (in shares)	27,367,797	27,193,154
Shares outstanding (in shares)	27,367,797	27,193,154
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)	11,154,171	11,155,571
Shares outstanding (in shares)	11,154,171	11,155,571

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income:
Loan interest	$ 124,117	$ 181,793
Investment interest	4,986	7,398
Total interest income	129,103	189,191
Interest expense:
Interest on bonds and notes payable and bank deposits	27,773	134,118
Net interest income	101,330	55,073
Less (negative provision) provision for loan losses	(17,048)	76,299
Net interest income after provision for loan losses	118,378	(21,226)
Other income/expense:
Other	(4,604)	8,281
Gain on sale of loans	0	18,206
Impairment expense and provision for beneficial interests, net	(2,436)	34,087
Derivative market value adjustments and derivative settlements, net	34,505	(16,365)
Total other income/expense	239,112	190,626
Cost of services:
Cost of services	27,052	28,388
Operating expenses:
Salaries and benefits	115,791	119,878
Depreciation and amortization	20,184	27,648
Other expenses	36,698	43,384
Total operating expenses	172,673	190,910
Income (loss) before income taxes	157,765	(49,898)
Income tax (expense) benefit	(34,861)	10,133
Net income (loss)	122,904	(39,765)
Net loss (income) attributable to noncontrolling interests	694	(767)
Net income (loss) attributable to Nelnet, Inc.	$ 123,598	$ (40,532)
Earnings per common share:
Net (loss) income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share)	$ 3.20	$ (1.01)
Weighted average common shares outstanding - basic and diluted (in shares)	38,603,555	39,955,514
Loan servicing and systems
Other income/expense:
Revenue	$ 111,517	$ 112,735
Education technology, services, and payment processing
Other income/expense:
Revenue	95,258	83,675
Cost of services:
Cost of services	27,052	22,806
Communications services
Other income/expense:
Revenue	0	18,181
Cost of services:
Cost of services	$ 0	$ 5,582

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 122,904	$ (39,765)
Other comprehensive income (loss):
Net changes related to foreign currency translation adjustments	1	0
Net changes related to available-for-sale debt securities:
Unrealized gains (losses) during period, net	4,349	(3,015)
Reclassification of (gains) losses to net income, net	(508)	235
Income tax effect	(922)	667
Unrealized gains (losses) during period after reclassifications and tax	2,919	(2,113)
Other comprehensive income (loss)	2,920	(2,113)
Comprehensive income (loss)	125,824	(41,878)
Comprehensive loss (income) attributable to noncontrolling interests	694	(767)
Comprehensive income (loss) attributable to Nelnet, Inc.	$ 126,518	$ (42,645)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment	Preferred stock	Common stock Common Class A	Common stock Common Class B	Additional paid-in capital	Retained earnings	Retained earnings Cumulative Effect, Period Of Adoption, Adjustment	Accumulated other comprehensive (loss) earnings	Noncontrolling interests
Balance (in shares) at Dec. 31, 2019			0	28,458,495	11,271,609
Balance at Dec. 31, 2019	$ 2,391,094	$ (18,867)	$ 0	$ 285	$ 113	$ 5,715	$ 2,377,627	$ (18,867)	$ 2,972	$ 4,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	26									26
Net income (loss)	(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
Balance (in shares) at Dec. 31, 2020			0	27,193,154	11,155,571
Balance at Dec. 31, 2020	2,628,349		$ 0	$ 272	$ 112	3,794	2,621,762		6,102	(3,693)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	1,400									1,400
Net income (loss)	122,904						123,598			(694)
Other comprehensive loss	2,920								2,920
Distribution to noncontrolling interests	(102)									(102)
Cash dividend on Class A and Class B common stock	(8,437)						(8,437)
Issuance of common stock, net of forfeitures (in shares)				199,442
Issuance of common stock, net of forfeitures	2,091			$ 2		2,089
Compensation expense for stock based awards	1,985					1,985
Repurchase of common stock (in shares)				(26,199)
Repurchase of common stock	(2,009)					(2,009)
Conversion of common stock (in shares)				1,400	(1,400)
Conversion of common stock	0
Balance (in shares) at Mar. 31, 2021			0	27,367,797	11,154,171
Balance at Mar. 31, 2021	$ 2,749,101		$ 0	$ 274	$ 112	$ 5,859	$ 2,736,923		$ 9,022	$ (3,089)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common Class A
Cash dividend on common stock (in dollars per share)	$ 0.22	$ 0.20
Common Class B
Cash dividend on common stock (in dollars per share)	$ 0.22	$ 0.20

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Net cash provided by operating activities:

Net income (loss) attributable to Nelnet, Inc.

$ 123,598

$ (40,532)

Net (loss) income attributable to noncontrolling interests

(694)

767

Net income (loss)

122,904

(39,765)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs

38,415

48,763

Loan discount accretion

(7,218)

(9,442)

Provision (negative provision) for loan losses

(17,048)

76,299

Derivative market value adjustments

(38,809)

20,602

Proceeds from (payments to) clearinghouse - initial and variation margin, net

38,081

(20,386)

Gain from sale of loans

0

(18,206)

Loss from investments, net

13,849

4,046

Purchases of equity securities - trading

(13,512)

0

Deferred income tax expense (benefit)

15,405

(26,000)

Non-cash compensation expense

2,052

1,857

(Negative provision) provision for beneficial interests and impairment expense

(2,436)

34,087

Increase in loan and investment accrued interest receivable

(114)

(33,167)

(Increase) decrease in accounts receivable

(3,831)

52,185

Decrease in other assets, net

5,147

31,363

Decrease (increase) in the carrying amount of ROU asset

1,418

(1,000)

Decrease in accrued interest payable

(23,174)

(3,411)

Decrease in other liabilities

(10,375)

(42,047)

Decrease in the carrying amount of lease liability

(1,247)

(2,382)

Decrease in due to customers

(70,849)

(217,851)

Net cash provided by (used in) operating activities

48,658

(144,455)

Cash flows from investing activities, net of acquisition:

Purchases and originations of loans

(152,329)

(409,404)

Purchases of loans from a related party

(19,731)

(41,217)

Net proceeds from loan repayments, claims, and capitalized interest

637,275

517,347

Proceeds from sale of loans

0

90,461

Purchases of available-for-sale securities

(44,335)

(29,658)

Proceeds from sales of available-for-sale securities

18,077

22,197

Proceeds from beneficial interest in loan securitizations

8,603

11,264

Purchases of other investments

(71,590)

(32,892)

Proceeds from other investments

110,290

3,135

Purchases of property and equipment

(17,898)

(25,561)

Net cash provided by investing activities

468,362

105,672

Cash flows from financing activities:

Payments on bonds and notes payable

(584,303)

(1,263,204)

Proceeds from issuance of bonds and notes payable

7,800

1,193,388

Payments of debt issuance costs

(614)

(4,854)

Increase in bank deposits, net

57,197

0

Dividends paid

(8,437)

(7,946)

Repurchases of common stock

(2,009)

(1,253)

Proceeds from issuance of common stock

381

411

Issuance of noncontrolling interests

1,940

0

Distribution to noncontrolling interests

(102)

(22)

Net cash used in financing activities

(528,147)

(83,480)

Effect of exchange rate changes on cash

(77)

0

Net decrease in cash, cash equivalents, and restricted cash

(11,204)

(122,263)

Cash, cash equivalents, and restricted cash, beginning of period

958,395

1,222,601

Cash, cash equivalents, and restricted cash, end of period

947,191

1,100,338

Supplemental disclosures of cash flow information:

Cash disbursements made for interest

39,686

125,184

Cash disbursements made for income taxes, net of refunds and credits received

^[1]

199

80

Cash disbursements made for operating leases

2,098

2,702

Non-cash operating, investing, and financing activity:

ROU assets obtained in exchange for lease obligations

740

1,411

Receipt of beneficial interest in consumer loan securitizations

0

38,490

Distribution to noncontrolling interest

$ 0

$ 33

[1]	For the three months ended March 31, 2021 and 2020, respectively, the Company utilized $2.0 million and $9.4 million, respectively, of federal and state tax credits related primarily to renewable energy.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Statement of Cash Flows [Abstract]
Federal and state tax credit utilized	$ 2,000	$ 9,400
Cash and cash equivalents:
Total cash and cash equivalents	144,229	204,844
Restricted cash	609,881	675,589
Restricted cash - due to customers	193,081	219,905
Cash, cash equivalents, and restricted cash	$ 947,191	$ 1,100,338

Basis of Financial Reporting	3 Months Ended
Basis of Financial Reporting	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2020 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, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. 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, 2020 (the "2020 Annual Report").

Loans and Accrued Interest Receivable and Allowance for Loan Losses

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Loans and Accrued Interest Receivable and Allowance for Loan Losses

Loans and accrued interest receivable consisted of the following:


	As of		As of
	March 31, 2021		December 31, 2020
Federally insured student loans:
Stafford and other	$	4,283,566	4,383,000
Consolidation	14,321,817		14,746,173
Total	18,605,383		19,129,173
Private education loans	314,048		320,589
Private education loans - Nelnet Bank	79,231		17,543
Consumer loans	110,792		109,346
	19,109,454		19,576,651
Accrued interest receivable	794,561		794,611
Loan discount, net of unamortized loan premiums and deferred origination costs	(9,091)		(9,908)

Allowance for loan losses:
Federally insured loans	(121,846)		(128,590)
Private education loans	(20,670)		(19,529)
Private education loans - Nelnet Bank	(744)		(323)
Consumer loans	(14,134)		(27,256)
	$	19,737,530	20,185,656

Activity in the Allowance for Loan Losses

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


	Balance at beginning of period		Impact of ASC 326 adoption	Provision (negative provision) for loan losses	Charge-offs	Recoveries	Initial allowance on loans purchased with credit deterioration (a)	Loan sales	Balance at end of period
	Three months ended March 31, 2021
Federally insured loans	$	128,590	—	(7,483)	(61)	—	800	—	121,846
Private education loans	19,529		—	1,431	(493)	202	—	1	20,670
Private education loans - Nelnet Bank	323		—	422	—	—	—	(1)	744
Consumer loans	27,256		—	(11,418)	(1,950)	246	—	—	14,134
	$	175,698	—	(17,048)	(2,504)	448	800	—	157,394

	Three months ended March 31, 2020
Federally insured loans	$	36,763	72,291	39,323	(6,318)	—	4,700	—	146,759
Private education loans	9,597		4,797	9,800	(1,330)	192	—	—	23,056

Consumer loans	15,554		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

a) During the three months ended March 31, 2021 and 2020, the Company acquired $54.0 million (par value) and $291.2 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company.

Beginning in March 2020, the coronavirus disease 2019 ("COVID-19") pandemic has 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 economic conditions.

The Company recorded a negative provision for loan losses for its federally insured and consumer loan portfolios for the three months ended March 31, 2021 due to management's estimate of certain continued improved economic conditions (including the improvement in certain macroeconomic variables (unemployment rates, gross domestic product, and consumer price index) used in the Company's loan loss models) as of March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020. The Company recorded a provision expense on its private education loan portfolio during the three months ended March 31, 2021 as a result of an increase of loans in forbearance, which was partially offset by management's estimate of certain continued improved economic conditions as of March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020.

Loan Status and Delinquencies

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


	As of March 31, 2021						As of December 31, 2020						As of March 31, 2020
Federally insured loans:
Loans in-school/grace/deferment	$	1,006,605	5.4	%			$	1,036,028	5.4	%			$	1,111,139	5.5	%
Loans in forbearance	1,936,553		10.4				1,973,175		10.3				2,131,735		10.6
Loans in repayment status:
Loans current	13,787,038				88.0	%	13,683,054				84.9	%	14,618,767				86.3	%
Loans delinquent 31-60 days	425,599				2.7		633,411				3.9		581,665				3.4
Loans delinquent 61-90 days	234,871				1.5		307,936				1.9		405,575				2.4
Loans delinquent 91-120 days	125,471				0.8		800,257				5.0		267,145				1.6
Loans delinquent 121-270 days	1,026,050				6.6		674,975				4.2		756,241				4.5
Loans delinquent 271 days or greater	63,196				0.4		20,337				0.1		312,785				1.8
Total loans in repayment	15,662,225		84.2		100.0	%	16,119,970		84.3		100.0	%	16,942,178		83.9		100.0	%
Total federally insured loans	18,605,383		100.0	%			19,129,173		100.0	%			20,185,052		100.0	%
Accrued interest receivable	791,199						791,453						763,924
Loan discount, net of unamortized premiums and deferred origination costs	(14,608)						(14,505)						(5,732)

Allowance for loan losses	(121,846)						(128,590)						(146,759)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	19,260,128					$	19,777,531					$	20,796,485
Private education loans:
Loans in-school/grace/deferment	$	10,405	3.3	%			$	5,049	1.6	%			$	4,783	1.7	%
Loans in forbearance	7,567		2.4				2,359		0.7				11,428		4.2
Loans in repayment status:
Loans current	292,840				98.9	%	310,036				99.0	%	252,611				97.9	%
Loans delinquent 31-60 days	1,343				0.5		1,099				0.4		1,606				0.6
Loans delinquent 61-90 days	843				0.3		675				0.2		961				0.4
Loans delinquent 91 days or greater	1,050				0.3		1,371				0.4		2,821				1.1
Total loans in repayment	296,076		94.3		100.0	%	313,181		97.7		100.0	%	257,999		94.1		100.0	%
Total private education loans	314,048		100.0	%			320,589		100.0	%			274,210		100.0	%
Accrued interest receivable	2,303						2,131						1,716
Loan premium, net of unaccreted discount	2,673						2,691						(138)

Allowance for loan losses	(20,670)						(19,529)						(23,056)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	298,354					$	305,882					$	252,732
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment	$	82	0.1	%			$	—	—	%
Loans in forbearance	29		—				29		0.2
Loans in repayment status:
Loans current	79,120				100.0	%	17,514				100.0	%
Loans delinquent 31-60 days	—				—		—				—
Loans delinquent 61-90 days	—				—		—				—
Loans delinquent 91 days or greater	—				—		—				—
Total loans in repayment	79,120		99.9		100.0	%	17,514		99.8		100.0	%
Total private education loans	79,231		100.0	%			17,543		100.0	%
Accrued interest receivable	125						26
Loan premium, net of unaccreted discount	999						266

Allowance for loan losses	(744)						(323)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	79,611					$	17,512


Consumer loans:
Loans in deferment	$	306	0.3	%			$	829	0.8	%			$	—
Loans in repayment status:
Loans current	108,126				97.9	%	105,650				97.4	%	141,840		97.3	%
Loans delinquent 31-60 days	760				0.7		954				0.9		1,525		1.0
Loans delinquent 61-90 days	577				0.5		804				0.7		851		0.6
Loans delinquent 91 days or greater	1,023				0.9		1,109				1.0		1,587		1.1
Total loans in repayment	110,486		99.7		100.0	%	108,517		99.2		100.0	%	145,803		100.0	%
Total consumer loans	110,792		100.0	%			109,346		100.0	%			145,803
Accrued interest receivable	934						1,001						1,133
Loan premium	1,845						1,640						1,108
Allowance for loan losses	(14,134)						(27,256)						(39,053)
Total consumer loans and accrued interest receivable, net of allowance for loan losses	$	99,437					$	84,731					$	108,991

Nonaccrual Status

The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private and consumer loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2020 and March 31, 2021, was not material.

Amortized Cost Basis by Origination Year

The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of March 31, 2021 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.


	Three months ended March 31, 2021		2020	2019	2018	2017	Prior years	Total
Private education loans:
Loans in school/grace/deferment	$	216	2,159	4,948	—	—	3,082	10,405
Loans in forbearance	—		488	1,288	131	—	5,660	7,567
Loans in repayment status:
Loans current	1,069		101,577	67,914	636	—	121,644	292,840
Loans delinquent 31-60 days	—		10	114	—	—	1,219	1,343
Loans delinquent 61-90 days	—		—	59	—	—	784	843
Loans delinquent 91 days or greater	—		—	120	—	—	930	1,050
Total loans in repayment	1,069		101,587	68,207	636	—	124,577	296,076
Total private education loans	$	1,285	104,234	74,443	767	—	133,319	314,048
Accrued interest receivable								2,303
Loan premium, net of unaccreted discount								2,673
Allowance for loan losses								(20,670)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	298,354

Private education loans - Nelnet Bank:
Loans in school/grace/deferment	$	82	—	—	—	—	—	82
Loans in forbearance	—		29	—	—	—	—	29
Loans in repayment status:
Loans current	62,647		16,473	—	—	—	—	79,120
Loans delinquent 31-60 days	—		—	—	—	—	—	—
Loans delinquent 61-90 days	—		—	—	—	—	—	—
Loans delinquent 91 days or greater	—		—	—	—	—	—	—
Total loans in repayment	62,647		16,473	—	—	—	—	79,120
Total private education loans	$	62,729	16,502	—	—	—	—	79,231
Accrued interest receivable								125
Loan premium, net of unaccreted discount								999
Allowance for loan losses								(744)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	79,611

Consumer loans:
Loans in deferment	$	—	33	177	96	—	—	306
Loans in repayment status:
Loans current	18,713		51,409	18,771	17,360	1,873	—	108,126
Loans delinquent 31-60 days	—		339	272	120	29	—	760
Loans delinquent 61-90 days	—		311	185	64	17	—	577
Loans delinquent 91 days or greater	—		312	297	404	10	—	1,023
Total loans in repayment	18,713		52,371	19,525	17,948	1,929	—	110,486
Total consumer loans	$	18,713	52,404	19,702	18,044	1,929	—	110,792
Accrued interest receivable								934
Loan premium								1,845
Allowance for loan losses								(14,134)
Total consumer loans and accrued interest receivable, net of allowance for loan losses								$	99,437

Bonds and Notes Payable

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Bonds and Notes Payable

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


	As of March 31, 2021
	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	$	16,716,369	0.19% - 2.11%	5/27/25 - 10/25/68
Bonds and notes based on auction	747,075		1.07% - 2.15%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	17,463,444
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	915,947		1.42% - 3.45%	10/25/67 / 8/27/68
FFELP warehouse facilities	247,018		0.23%	5/20/22 / 2/26/24
Private education loan warehouse facility	158,197		0.26%	2/13/23

Variable-rate bonds and notes issued in private education loan asset-backed securitizations	44,844		1.65% / 1.86%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	35,196		3.60% / 5.35%	12/26/40 / 12/28/43

Unsecured line of credit	—		—	12/16/24

Other borrowings	118,537		0.81% / 1.86%	5/4/21 / 5/30/22
	18,983,183
Discount on bonds and notes payable and debt issuance costs	(228,468)
Total	$	18,754,715


	As of December 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	$	17,127,643	0.28% - 2.05%	5/27/25 - 10/25/68
Bonds and notes based on auction	749,925		1.12% - 2.14%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	17,877,568
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	923,076		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP warehouse facilities	252,165		0.27% / 0.31%	5/20/22 / 2/26/23
Private education loan warehouse facility	150,397		0.28%	2/13/22
Consumer loan warehouse facility	25,809		0.28%	4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	49,025		1.65% / 1.90%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	37,251		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	120,000		1.65%	12/16/24

Other borrowings	123,558		0.84% / 1.90%	5/4/21 / 5/30/22
	19,558,849
Discount on bonds and notes payable and debt issuance costs	(238,123)
Total	$	19,320,726

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, 2021, the Company had two FFELP warehouse facilities as summarized below.


	NFSLW-I		NHELP-II (a)	Total
Maximum financing amount	$	260,000	50,000	310,000
Amount outstanding	247,018		—	247,018
Amount available	$	12,982	50,000	62,982
Expiration of liquidity provisions	May 20, 2021		February 26, 2022
Final maturity date	May 20, 2022		February 26, 2024


Advanced as equity support	$	20,529	—	20,529

(a) On February 26, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional year to February 26, 2022 and February 26, 2024, respectively.

Private Education Loan Warehouse Facility

During 2020, the Company obtained a private education loan warehouse facility that had an aggregate maximum financing amount available of $200.0 million. On February 12, 2021, the Company decreased the maximum financing amount available for this facility to $175.0 million and extended the liquidity provisions and final maturity date to February 13, 2022 and February 13, 2023, respectively. As of March 31, 2021, $158.2 million was outstanding under this warehouse facility and $16.8 million was available for future funding. The facility has an advance rate of 80 to 90 percent and, as of March 31, 2021, the Company had $17.0 million advanced as equity support under this facility.

Consumer Loan Warehouse Facility

The Company had a $100.0 million consumer loan warehouse facility. On March 31, 2021, the Company terminated 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, 2021, no amount was outstanding on the line of credit and $455.0 million was available for future use. The line of credit provides that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $550.0 million, subject to certain conditions.

Other Borrowings

The Company has an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in student loan asset-backed securities. As of March 31, 2021, $113.5 million of student loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon five business days' notice. The Company can participate student loan asset-backed securities to Union Bank to the extent of availability under the grantor trusts, up to $100.0 million or an amount in excess of $100.0 million if mutually agreed to by both parties. Student loan asset-backed securities under this agreement have been accounted for by the Company as a secured borrowing.

Accrued Interest Liability

During the first quarter of 2021, the Company reversed a historical accrued interest liability of $23.8 million on certain bonds, which liability the Company determined is no longer probable of being required to be paid. The liability was initially recorded when certain asset-backed securitizations were acquired in 2011 and 2013. The reduction of this liability is reflected in (a reduction of) "interest on bonds and notes payable and bank deposits" in the consolidated statements of operations.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2020 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2021 and December 31, 2020 is presented below.

Basis Swaps

The following table summarizes the Company’s outstanding basis swaps as of March 31, 2021 and December 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").


Maturity	Notional amount


2021	$	250,000
2022	2,000,000
2023	750,000
2024	1,750,000
2026	1,150,000
2027	250,000






	$	6,150,000

The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2021 and December 31, 2020 was one-month LIBOR plus 9.1 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, 2021				As of December 31, 2020
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)

2021	$	600,000	2.15	%	$	600,000	2.15	%
2022 (b)	500,000		0.94		500,000		0.94
2023	900,000		0.62		900,000		0.62
2024 (c)	2,500,000		0.35		2,000,000		0.32
2025	500,000		0.35		500,000		0.35




	$	5,000,000	0.67	%	$	4,500,000	0.70	%

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

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

(c) $500.0 million of the derivatives outstanding at March 31, 2021 and December 31, 2020 have forward effective start dates in June 2021.

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,
	2021		2020
Settlements:
1:3 basis swaps	$	(19)	2,112
Interest rate swaps - floor income hedges	(4,285)		2,125

Total settlements - (expense) income	(4,304)		4,237
Change in fair value:
1:3 basis swaps	2,799		1,558
Interest rate swaps - floor income hedges	36,010		(22,160)



Total change in fair value - income (expense)	38,809		(20,602)
Derivative market value adjustments and derivative settlements, net - income (expense)	$	34,505	(16,365)

Investments

3 Months Ended

Mar. 31, 2021

Investments [Abstract]

Investments

A summary of the Company's investments follows:


	As of March 31, 2021						As of December 31, 2020
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value		Amortized cost	Gross unrealized gains	Gross unrealized losses	Fair value

Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale (a)	$	367,343	11,879	(9)	379,213		340,578	8,042	(13)	348,607
Equity securities	53,044		10,430	(3,621)	59,853		36,227	8,768	(2,954)	42,041
Total investments (at fair value)	$	420,387	22,309	(3,630)	439,066		376,805	16,810	(2,967)	390,648


Other Investments (not measured at fair value):
Venture capital and funds:
Measurement alternative					145,440					144,795
Equity method (b)					59,583					14,018
Other					1,328					894
Total venture capital and funds					206,351					159,707
Real estate
Equity method					49,527					50,291
Notes receivable (c)					17,344					847
Total real estate					66,871					51,138
Investment in ALLO:
Voting interest/equity method (d)					107,177					129,396
Preferred membership interest and accrued and unpaid preferred return (e)					131,237					228,916
Total investment in ALLO					238,414					358,312
Solar (f)					(34,091)					(30,373)
Beneficial interest in federally insured loan securitizations (g)					29,228					30,377
Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $4,449 as of December 31, 2020 (g)					22,936					27,954
Tax liens and affordable housing					4,324					5,177
Total investments (not measured at fair value)					534,033					602,292
Total investments					$	973,099				$	992,940

(a) As of March 31, 2021, $113.5 million (par value) of student loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Other Borrowings."

(b) In December of 2020, Wells Fargo announced the sale of its approximately $10.0 billion portfolio of private education student loans representing approximately 445,000 borrowers. The Company has entered into agreements to participate in a joint venture to acquire the portfolio. As of March 31, 2021, the Company has invested $44.7 million in the joint venture and is accounting for this investment under the equity method of accounting.

(c) On February 26, 2021, the Company received a $13.0 million promissory note from Telegraph Flats, LLC ("Telegraph Flats"). The Company owns 50% of Telegraph Flats. Telegraph Flats is an entity that was established for the sole purpose of acquiring, developing, and owning a multi-family and commercial real estate property in Lincoln, Nebraska. The promissory note carries an interest rate of one-month LIBOR plus 1.75% and has a maturity date of August 26, 2021.

(d) The Company accounts for its voting membership interests in ALLO Communications LLC ("ALLO") under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership or voting interests. The Company applies

the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that the Company would receive if an equity investment entity were to liquidate its net assets and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the Company’s share of the earnings or losses from the equity investment for the period. Because the Company will be able to utilize certain tax losses related to ALLO’s operations, the equity investment agreements for the Company have liquidation rights and priorities that are sufficiently different from the voting membership interests percentages such that the HLBV method of accounting was deemed appropriate. Accordingly, the recognition of earnings or losses during any reporting period related to the Company’s equity investment in ALLO may or may not reflect its voting membership interests percentage and could vary substantially from those calculated based on the Company’s voting membership interests in ALLO.

During the three month period ended March 31, 2021, the Company recognized a loss of $22.2 million under the HLBV method of accounting on its ALLO voting membership interests investment. Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under generally accepted accounting principles. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years.

(e) The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three months ended March 31, 2021, the Company recognized income on its ALLO preferred membership interests of $2.3 million.

On January 19, 2021, ALLO closed on certain private debt financing facilities from unrelated third-party lenders providing for aggregate financing of up to $230.0 million. With proceeds from this transaction, ALLO redeemed a portion of its non-voting preferred membership interests held by the Company in exchange for an aggregate redemption price payment to the Company of $100.0 million.

Under the October 2020 recapitalization agreements for ALLO, the parties have agreed to use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before April 2024, the remaining preferred membership interests of ALLO held by the Company, plus the amount of accrued and unpaid preferred return on such interests.

(f) The Company makes investments in entities that promote renewable energy sources (solar). The Company's investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of March 31, 2021, the Company has funded $151.8 million in solar investments. The carrying value of the Company's solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at March 31, 2021 represents total tax credits earned on solar projects placed in service through March 31, 2021 being larger than total payments made by the Company on such projects. The Company is committed to fund an additional $42.8 million on these projects.

The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company's solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. During the three months ended March 31, 2021 and 2020, the Company recognized pre-tax losses of $1.7 million and $2.8 million, respectively, on its solar investments. These losses are included in "other" in "other income/expense" on the consolidated statements of operations.

(g) The Company has purchased partial ownership in certain federally insured and consumer loan securitizations. As of the latest remittance reports filed by the various trusts prior to March 31, 2021, the Company's ownership correlates to approximately $500 million and $230 million of federally insured and consumer loans, respectively, included in these securitizations.

During the first quarter of 2020, the Company recorded a $26.3 million provision charge related to the Company's beneficial interest in consumer loan securitizations due to distressed economic conditions resulting from the COVID-19 pandemic. Due to improved economic conditions, the Company has reduced the allowance for credit losses related to the consumer loan beneficial interests, including reducing such allowance by $2.4 million during the first quarter of 2021. As of March 31, 2021, the Company no longer has an allowance for credit losses associated with the consumer loan beneficial interests. The activity related to the allowance for credit losses related to the consumer loan beneficial interests is included in “impairment expense and provision for beneficial interests, net” on the consolidated statements of operations.

Intangible Assets

3 Months Ended

Mar. 31, 2021

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible assets consisted of the following:


	Weighted average remaining useful life as of March 31, 2021 (months)
		As of		As of
		March 31, 2021		December 31, 2020
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $90,282 and $83,419, respectively)	102	$	60,110	66,974
Computer software (net of accumulated amortization of $2,082 and $4,127, respectively)	33	5,775		6,430
Trade names (net of accumulated amortization of $4,288 and $3,455, respectively)	3	833		1,666
Total - amortizable intangible assets, net	95	$	66,718	75,070

The Company recorded amortization expense on its intangible assets of $8.4 million and $7.4 million during the three months ended March 31, 2021 and 2020, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2021, the Company estimates it will record amortization expense as follows:


2021 (April 1 - December 31)	$	14,690
2022	9,939
2023	9,830
2024	7,457
2025	4,644
2026 and thereafter	20,158
	$	66,718

Goodwill

3 Months Ended

Mar. 31, 2021

Goodwill [Abstract]

Goodwill

The carrying amount of goodwill as of December 31, 2020 and March 31, 2021 by reportable operating segment was as follows:


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




Goodwill balance	$	23,639	76,570	41,883	—	—	142,092

Property and Equipment

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


		As of		As of
	Useful life	March 31, 2021		December 31, 2020

Computer equipment and software	1-5 years	$	188,378	172,664
Building and building improvements	5-48 years	52,806		52,444
Office furniture and equipment	1-10 years	22,502		21,899
Leasehold improvements	1-15 years	9,167		9,168
Transportation equipment	5-10 years	4,857		4,857
Land	—	3,642		3,642
Construction in progress	—	20,549		18,478
		301,901		283,152
Accumulated depreciation		(171,451)		(159,625)
Total property and equipment, net		$	130,450	123,527

The Company recorded depreciation expense on its property and equipment of $11.8 million and $20.3 million during the three months ended March 31, 2021 and 2020, respectively

Earnings per Common Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings per Common Share

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


	Three months ended March 31,
	2021				2020
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income (loss) attributable to Nelnet, Inc.	$	121,766	1,832	123,598	(39,974)	(558)	(40,532)

Denominator:
Weighted-average common shares outstanding - basic and diluted	38,031,267		572,288	38,603,555	39,405,454	550,060	39,955,514
Earnings per share - basic and diluted	$	3.20	3.20	3.20	(1.01)	(1.01)	(1.01)

Segment Reporting

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

See note 15 of the notes to consolidated financial statements included in the 2020 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, 2021
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications (a)	Asset Generation and Management	Nelnet Bank	Corporate and Other Activities	Eliminations	Total
Total interest income	$	34	263	—	126,402	1,376	1,246	(218)	129,103
Interest expense	23		—	—	26,950	194	824	(218)	27,773
Net interest income (expense)	11		263	—	99,452	1,182	422	—	101,330
Less (negative provision) provision for loan losses	—		—	—	(17,470)	422	—	—	(17,048)
Net interest income after provision for loan losses	11		263	—	116,922	760	422	—	118,378
Other income/expense:
Loan servicing and systems revenue	111,517		—	—	—	—	—	—	111,517
Intersegment revenue	8,268		3	—	—	—	—	(8,271)	—
Education technology, services, and payment processing revenue	—		95,258	—	—	—	—	—	95,258
Communications revenue	—		—	—	—	—	—	—	—
Other	1,113		—	—	445	22	(6,184)	—	(4,604)
Gain on sale of loans	—		—	—	—	—	—	—	—

Impairment expense and provision for beneficial interests, net	—		—	—	2,436	—	—	—	2,436
Derivative settlements, net	—		—	—	(4,304)	—	—	—	(4,304)
Derivative market value adjustments, net	—		—	—	38,809	—	—	—	38,809
Total other income/expense	120,898		95,261	—	37,386	22	(6,184)	(8,271)	239,112
Cost of services:
Cost to provide education technology, services, and payment processing services	—		27,052	—	—	—	—	—	27,052
Cost to provide communications services	—		—	—	—	—	—	—	—
Total cost of services	—		27,052	—	—	—	—	—	27,052
Operating expenses:
Salaries and benefits	66,458		25,941	—	495	1,488	21,409	—	115,791
Depreciation and amortization	8,192		3,071	—	—	—	8,920	—	20,184

Other expenses	13,285		4,822	—	3,777	545	14,272	—	36,698
Intersegment expenses, net	16,890		3,664	—	8,427	3	(20,713)	(8,271)	—
Total operating expenses	104,825		37,498	—	12,699	2,036	23,888	(8,271)	172,673
Income (loss) before income taxes	16,084		30,974	—	141,609	(1,254)	(29,650)	—	157,765
Income tax (expense) benefit (b)	(3,860)		(7,434)	—	(33,987)	286	10,133	—	(34,861)
Net income (loss)	12,224		23,540	—	107,622	(968)	(19,517)	—	122,904
Net loss (income) attributable to noncontrolling interests	—		—	—	—	—	(17)	711	694
Net income (loss) attributable to Nelnet, Inc.	$	12,224	23,540	—	107,622	(968)	(19,534)	711	123,598

Total assets as of March 31, 2021	$	191,910	372,315	—	20,367,532	296,908	1,148,560	(210,017)	22,167,208

(a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. See note 2 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the transaction and a summary of the deconsolidation impact. Accordingly, there are no operating results for the (former) Communications operating segment in 2021.

(b) Income taxes for the Nelnet Bank operating segment reflect Nelnet Bank's actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. Income taxes for all other operating segments are allocated based on 24% of that segment's income before taxes. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities.


	Three months ended March 31, 2020
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Nelnet Bank (a)	Corporate and Other Activities	Eliminations	Total
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 (negative provision) 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
Other	2,630		—	353	3,215	—	2,083	—	8,281
Gain on sale of loans	—		—	—	18,206	—	—	—	18,206

Impairment expense and provision for beneficial interests, net	—		—	—	(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 loss (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

(a) Nelnet Bank launched operations on November 2, 2020. Accordingly, there are no operating results for the Nelnet Bank operating segment in the three months ended March 31, 2020.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Disaggregated Revenue

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

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

Loan Servicing and Systems


	Three months ended March 31,
	2021		2020
Government servicing - Nelnet	$	34,872	38,650
Government servicing - Great Lakes	43,302		46,446
Private education and consumer loan servicing	8,548		8,609
FFELP servicing	4,670		5,614
Software services	8,454		11,318
Outsourced services	11,671		2,098
Loan servicing and systems revenue	$	111,517	112,735

Education Technology, Services, and Payment Processing


	Three months ended March 31,
	2021		2020
Tuition payment plan services	$	29,550	31,587
Payment processing	33,038		31,742
Education technology and services	32,322		20,054
Other	348		292
Education technology, services, and payment processing revenue	$	95,258	83,675

Other Income/Expense

The following table provides the components of "other" in "other income/expense" on the consolidated statements of operations:


	Three months ended March 31,
	2021		2020
Income/gains from investments, net	$	8,498	(1,025)
Investment advisory services	2,697		2,802
ALLO preferred return	2,321		—
Management fee revenue	1,113		2,630
Borrower late fee income	442		3,188
Loss from ALLO voting membership interests investment	(22,219)		—
Loss from solar investments	(1,679)		(2,839)
Other	4,223		3,525
	$	(4,604)	8,281

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Major Customer	3 Months Ended
Major Customer	Mar. 31, 2021
Risks and Uncertainties [Abstract]
Major Customer	Major Customer Nelnet Servicing, LLC ("Nelnet Servicing") and Great Lakes Educational Loan Services, Inc. ("Great Lakes"), subsidiaries of the Company, each earn loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by Nelnet Servicing related to this contract was $34.9 million and $38.7 million for the three months ended March 31, 2021 and 2020, respectively. Revenue earned by Great Lakes related to this contract was $43.3 million and $46.4 million for the three months ended March 31, 2021 and 2020, respectively. The current servicing contracts with the Department are currently scheduled to expire on June 14, 2021, but provide the potential for an additional six-month extension at the Department’s discretion through December 14, 2021. The Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, provides that the Department may extend the period of performance for the servicing contracts scheduled to expire on December 14, 2021 for up to two additional years to December 14, 2023. 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 certain NextGen components, including the NextGen Enhanced Processing Solution (“EPS”), which was for a technology servicing system and certain processing functions the Department planned to use under NextGen to service the Department's student loan customers, and the NextGen Business Processing Operations (“BPO”), which is for the back office and call center operational functions for servicing the Department's student loan customers. On June 24, 2020, the Department awarded and signed contracts with five other companies in connection with the BPO solicitation. On July 10, 2020, the Department cancelled the solicitation for the EPS component. In the Department's description of its cancellation of the EPS solicitation component, the Department indicated that it continues to be committed to the goals and vision of NextGen, and that it would be introducing a new solicitation to continue the NextGen strategy in the future. On October 28, 2020, the Department issued a new federal loan servicing solicitation for an Interim Servicing Solution ("ISS"). ISS was a follow-on to the existing contracts, which would award a full system and servicing solution to two providers. Under ISS, the selected providers would have provided the technology platform to host the Department's student loan portfolio; customer service (including contact centers) and back-office processing; digital engagement layer including borrower-facing website and mobile-applications; intake, imaging, and fulfillment; and portfolio-level operations. As the companies awarded BPO contracts are onboarded, contact center and back-office operations would have shifted from the ISS contract to the BPO providers. The Consolidated Appropriations Act, 2021 contains provisions directing certain aspects of the NextGen process, including that any new federal student loan servicing environment shall provide for the participation of multiple student loan servicers and the allocation of borrower accounts to eligible student loan servicers based on performance, and directed the suspension of awarding any ISS contract for at least 90 days. On January 9, 2021, the Department suspended the ISS solicitation. In the Department’s description of the suspension, it indicated that in consideration of the Consolidated Appropriations Act, 2021, the Government is reassessing its needs and will amend or cancel the subject solicitation in the future.

Fair Value

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value

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


	As of March 31, 2021			As of December 31, 2020
	Level 1		Level 2	Total	Level 1	Level 2	Total
Assets:
Investments:
Student loan asset-backed debt securities - available-for-sale	$	—	379,110	379,110	—	348,504	348,504
Equity securities (a)	28,296		—	28,296	10,114	—	10,114
Equity securities measured at net asset value (b)				31,557			31,927
Debt securities - available-for-sale	103		—	103	103	—	103
Total investments	28,399		379,110	439,066	10,217	348,504	390,648

Total assets	$	28,399	379,110	439,066	10,217	348,504	390,648

(a) As of March 31, 2021, $13.5 million and $14.8 million of equity securities were classified as trading and available-for-sale, respectively. All equity securities as of December 31, 2020 were classified as available-for-sale.

(b) 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, 2021
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	20,247,318	18,942,969	—	—	20,247,318
Accrued loan interest receivable	794,561		794,561	—	794,561	—
Cash and cash equivalents	144,229		144,229	144,229	—	—
Investments (at fair value)	439,066		439,066	28,399	379,110	—

Beneficial interest in loan securitizations	71,514		52,164	—	—	71,514
Restricted cash	609,881		609,881	609,881	—	—
Restricted cash – due to customers	193,081		193,081	193,081	—	—


Financial liabilities:
Bonds and notes payable	18,968,284		18,754,715	—	18,968,284	—
Accrued interest payable	5,527		5,527	—	5,527	—
Bank deposits	111,398		111,830	45,147	66,251	—
Due to customers	230,581		230,581	230,581	—	—


	As of December 31, 2020
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	20,454,132	19,391,045	—	—	20,454,132
Accrued loan interest receivable	794,611		794,611	—	794,611	—
Cash and cash equivalents	121,249		121,249	121,249	—	—
Investments (at fair value)	390,648		390,648	10,217	348,504	—

Beneficial interest in loan securitizations	58,709		58,331	—	—	58,709
Restricted cash	553,175		553,175	553,175	—	—
Restricted cash – due to customers	283,971		283,971	283,971	—	—


Financial liabilities:
Bonds and notes payable	19,270,810		19,320,726	—	19,270,810	—
Accrued interest payable	28,701		28,701	—	28,701	—
Bank deposits	54,599		54,633	48,422	6,177	—
Due to customers	301,471		301,471	301,471	—	—

The methodologies for estimating the fair value of financial assets and liabilities are described in note 22 of the notes to consolidated financial statements included in the 2020 Annual Report.

- Definition

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

+ References + Details

Basis of Financial Reporting (Policies)	3 Months Ended
Basis of Financial Reporting (Policies)	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2020 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, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. 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, 2020 (the "2020 Annual Report").

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

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Loans Receivable

Loans and accrued interest receivable consisted of the following:


	As of		As of
	March 31, 2021		December 31, 2020
Federally insured student loans:
Stafford and other	$	4,283,566	4,383,000
Consolidation	14,321,817		14,746,173
Total	18,605,383		19,129,173
Private education loans	314,048		320,589
Private education loans - Nelnet Bank	79,231		17,543
Consumer loans	110,792		109,346
	19,109,454		19,576,651
Accrued interest receivable	794,561		794,611
Loan discount, net of unamortized loan premiums and deferred origination costs	(9,091)		(9,908)

Allowance for loan losses:
Federally insured loans	(121,846)		(128,590)
Private education loans	(20,670)		(19,529)
Private education loans - Nelnet Bank	(744)		(323)
Consumer loans	(14,134)		(27,256)
	$	19,737,530	20,185,656

Allowance for Loan Losses

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


	Balance at beginning of period		Impact of ASC 326 adoption	Provision (negative provision) for loan losses	Charge-offs	Recoveries	Initial allowance on loans purchased with credit deterioration (a)	Loan sales	Balance at end of period
	Three months ended March 31, 2021
Federally insured loans	$	128,590	—	(7,483)	(61)	—	800	—	121,846
Private education loans	19,529		—	1,431	(493)	202	—	1	20,670
Private education loans - Nelnet Bank	323		—	422	—	—	—	(1)	744
Consumer loans	27,256		—	(11,418)	(1,950)	246	—	—	14,134
	$	175,698	—	(17,048)	(2,504)	448	800	—	157,394

	Three months ended March 31, 2020
Federally insured loans	$	36,763	72,291	39,323	(6,318)	—	4,700	—	146,759
Private education loans	9,597		4,797	9,800	(1,330)	192	—	—	23,056

Consumer loans	15,554		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

a) During the three months ended March 31, 2021 and 2020, the Company acquired $54.0 million (par value) and $291.2 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company.

Loan Status and Delinquencies

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


	As of March 31, 2021						As of December 31, 2020						As of March 31, 2020
Federally insured loans:
Loans in-school/grace/deferment	$	1,006,605	5.4	%			$	1,036,028	5.4	%			$	1,111,139	5.5	%
Loans in forbearance	1,936,553		10.4				1,973,175		10.3				2,131,735		10.6
Loans in repayment status:
Loans current	13,787,038				88.0	%	13,683,054				84.9	%	14,618,767				86.3	%
Loans delinquent 31-60 days	425,599				2.7		633,411				3.9		581,665				3.4
Loans delinquent 61-90 days	234,871				1.5		307,936				1.9		405,575				2.4
Loans delinquent 91-120 days	125,471				0.8		800,257				5.0		267,145				1.6
Loans delinquent 121-270 days	1,026,050				6.6		674,975				4.2		756,241				4.5
Loans delinquent 271 days or greater	63,196				0.4		20,337				0.1		312,785				1.8
Total loans in repayment	15,662,225		84.2		100.0	%	16,119,970		84.3		100.0	%	16,942,178		83.9		100.0	%
Total federally insured loans	18,605,383		100.0	%			19,129,173		100.0	%			20,185,052		100.0	%
Accrued interest receivable	791,199						791,453						763,924
Loan discount, net of unamortized premiums and deferred origination costs	(14,608)						(14,505)						(5,732)

Allowance for loan losses	(121,846)						(128,590)						(146,759)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	19,260,128					$	19,777,531					$	20,796,485
Private education loans:
Loans in-school/grace/deferment	$	10,405	3.3	%			$	5,049	1.6	%			$	4,783	1.7	%
Loans in forbearance	7,567		2.4				2,359		0.7				11,428		4.2
Loans in repayment status:
Loans current	292,840				98.9	%	310,036				99.0	%	252,611				97.9	%
Loans delinquent 31-60 days	1,343				0.5		1,099				0.4		1,606				0.6
Loans delinquent 61-90 days	843				0.3		675				0.2		961				0.4
Loans delinquent 91 days or greater	1,050				0.3		1,371				0.4		2,821				1.1
Total loans in repayment	296,076		94.3		100.0	%	313,181		97.7		100.0	%	257,999		94.1		100.0	%
Total private education loans	314,048		100.0	%			320,589		100.0	%			274,210		100.0	%
Accrued interest receivable	2,303						2,131						1,716
Loan premium, net of unaccreted discount	2,673						2,691						(138)

Allowance for loan losses	(20,670)						(19,529)						(23,056)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	298,354					$	305,882					$	252,732
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment	$	82	0.1	%			$	—	—	%
Loans in forbearance	29		—				29		0.2
Loans in repayment status:
Loans current	79,120				100.0	%	17,514				100.0	%
Loans delinquent 31-60 days	—				—		—				—
Loans delinquent 61-90 days	—				—		—				—
Loans delinquent 91 days or greater	—				—		—				—
Total loans in repayment	79,120		99.9		100.0	%	17,514		99.8		100.0	%
Total private education loans	79,231		100.0	%			17,543		100.0	%
Accrued interest receivable	125						26
Loan premium, net of unaccreted discount	999						266

Allowance for loan losses	(744)						(323)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	79,611					$	17,512


Consumer loans:
Loans in deferment	$	306	0.3	%			$	829	0.8	%			$	—
Loans in repayment status:
Loans current	108,126				97.9	%	105,650				97.4	%	141,840		97.3	%
Loans delinquent 31-60 days	760				0.7		954				0.9		1,525		1.0
Loans delinquent 61-90 days	577				0.5		804				0.7		851		0.6
Loans delinquent 91 days or greater	1,023				0.9		1,109				1.0		1,587		1.1
Total loans in repayment	110,486		99.7		100.0	%	108,517		99.2		100.0	%	145,803		100.0	%
Total consumer loans	110,792		100.0	%			109,346		100.0	%			145,803
Accrued interest receivable	934						1,001						1,133
Loan premium	1,845						1,640						1,108
Allowance for loan losses	(14,134)						(27,256)						(39,053)
Total consumer loans and accrued interest receivable, net of allowance for loan losses	$	99,437					$	84,731					$	108,991

Loans by Year of Origination

The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of March 31, 2021 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.


	Three months ended March 31, 2021		2020	2019	2018	2017	Prior years	Total
Private education loans:
Loans in school/grace/deferment	$	216	2,159	4,948	—	—	3,082	10,405
Loans in forbearance	—		488	1,288	131	—	5,660	7,567
Loans in repayment status:
Loans current	1,069		101,577	67,914	636	—	121,644	292,840
Loans delinquent 31-60 days	—		10	114	—	—	1,219	1,343
Loans delinquent 61-90 days	—		—	59	—	—	784	843
Loans delinquent 91 days or greater	—		—	120	—	—	930	1,050
Total loans in repayment	1,069		101,587	68,207	636	—	124,577	296,076
Total private education loans	$	1,285	104,234	74,443	767	—	133,319	314,048
Accrued interest receivable								2,303
Loan premium, net of unaccreted discount								2,673
Allowance for loan losses								(20,670)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	298,354

Private education loans - Nelnet Bank:
Loans in school/grace/deferment	$	82	—	—	—	—	—	82
Loans in forbearance	—		29	—	—	—	—	29
Loans in repayment status:
Loans current	62,647		16,473	—	—	—	—	79,120
Loans delinquent 31-60 days	—		—	—	—	—	—	—
Loans delinquent 61-90 days	—		—	—	—	—	—	—
Loans delinquent 91 days or greater	—		—	—	—	—	—	—
Total loans in repayment	62,647		16,473	—	—	—	—	79,120
Total private education loans	$	62,729	16,502	—	—	—	—	79,231
Accrued interest receivable								125
Loan premium, net of unaccreted discount								999
Allowance for loan losses								(744)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	79,611

Consumer loans:
Loans in deferment	$	—	33	177	96	—	—	306
Loans in repayment status:
Loans current	18,713		51,409	18,771	17,360	1,873	—	108,126
Loans delinquent 31-60 days	—		339	272	120	29	—	760
Loans delinquent 61-90 days	—		311	185	64	17	—	577
Loans delinquent 91 days or greater	—		312	297	404	10	—	1,023
Total loans in repayment	18,713		52,371	19,525	17,948	1,929	—	110,486
Total consumer loans	$	18,713	52,404	19,702	18,044	1,929	—	110,792
Accrued interest receivable								934
Loan premium								1,845
Allowance for loan losses								(14,134)
Total consumer loans and accrued interest receivable, net of allowance for loan losses								$	99,437

Bonds and Notes Payable (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

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


	As of March 31, 2021
	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	$	16,716,369	0.19% - 2.11%	5/27/25 - 10/25/68
Bonds and notes based on auction	747,075		1.07% - 2.15%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	17,463,444
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	915,947		1.42% - 3.45%	10/25/67 / 8/27/68
FFELP warehouse facilities	247,018		0.23%	5/20/22 / 2/26/24
Private education loan warehouse facility	158,197		0.26%	2/13/23

Variable-rate bonds and notes issued in private education loan asset-backed securitizations	44,844		1.65% / 1.86%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	35,196		3.60% / 5.35%	12/26/40 / 12/28/43

Unsecured line of credit	—		—	12/16/24

Other borrowings	118,537		0.81% / 1.86%	5/4/21 / 5/30/22
	18,983,183
Discount on bonds and notes payable and debt issuance costs	(228,468)
Total	$	18,754,715


	As of December 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	$	17,127,643	0.28% - 2.05%	5/27/25 - 10/25/68
Bonds and notes based on auction	749,925		1.12% - 2.14%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	17,877,568
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	923,076		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP warehouse facilities	252,165		0.27% / 0.31%	5/20/22 / 2/26/23
Private education loan warehouse facility	150,397		0.28%	2/13/22
Consumer loan warehouse facility	25,809		0.28%	4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	49,025		1.65% / 1.90%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	37,251		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	120,000		1.65%	12/16/24

Other borrowings	123,558		0.84% / 1.90%	5/4/21 / 5/30/22
	19,558,849
Discount on bonds and notes payable and debt issuance costs	(238,123)
Total	$	19,320,726

Schedule of Line of Credit Facilities

As of March 31, 2021, the Company had two FFELP warehouse facilities as summarized below.


	NFSLW-I		NHELP-II (a)	Total
Maximum financing amount	$	260,000	50,000	310,000
Amount outstanding	247,018		—	247,018
Amount available	$	12,982	50,000	62,982
Expiration of liquidity provisions	May 20, 2021		February 26, 2022
Final maturity date	May 20, 2022		February 26, 2024


Advanced as equity support	$	20,529	—	20,529

(a) On February 26, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional year to February 26, 2022 and February 26, 2024, respectively.

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Basis Swap

The following table summarizes the Company’s outstanding basis swaps as of March 31, 2021 and December 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").


Maturity	Notional amount


2021	$	250,000
2022	2,000,000
2023	750,000
2024	1,750,000
2026	1,150,000
2027	250,000






	$	6,150,000

Schedule of Interest Rate Swaps, Floor Income Hedge

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


	As of March 31, 2021				As of December 31, 2020
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)

2021	$	600,000	2.15	%	$	600,000	2.15	%
2022 (b)	500,000		0.94		500,000		0.94
2023	900,000		0.62		900,000		0.62
2024 (c)	2,500,000		0.35		2,000,000		0.32
2025	500,000		0.35		500,000		0.35




	$	5,000,000	0.67	%	$	4,500,000	0.70	%

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

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

(c) $500.0 million of the derivatives outstanding at March 31, 2021 and December 31, 2020 have forward effective start dates in June 2021.

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,
	2021		2020
Settlements:
1:3 basis swaps	$	(19)	2,112
Interest rate swaps - floor income hedges	(4,285)		2,125

Total settlements - (expense) income	(4,304)		4,237
Change in fair value:
1:3 basis swaps	2,799		1,558
Interest rate swaps - floor income hedges	36,010		(22,160)



Total change in fair value - income (expense)	38,809		(20,602)
Derivative market value adjustments and derivative settlements, net - income (expense)	$	34,505	(16,365)

Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments [Abstract]

Summary Investment Holdings

A summary of the Company's investments follows:


	As of March 31, 2021						As of December 31, 2020
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value		Amortized cost	Gross unrealized gains	Gross unrealized losses	Fair value

Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale (a)	$	367,343	11,879	(9)	379,213		340,578	8,042	(13)	348,607
Equity securities	53,044		10,430	(3,621)	59,853		36,227	8,768	(2,954)	42,041
Total investments (at fair value)	$	420,387	22,309	(3,630)	439,066		376,805	16,810	(2,967)	390,648


Other Investments (not measured at fair value):
Venture capital and funds:
Measurement alternative					145,440					144,795
Equity method (b)					59,583					14,018
Other					1,328					894
Total venture capital and funds					206,351					159,707
Real estate
Equity method					49,527					50,291
Notes receivable (c)					17,344					847
Total real estate					66,871					51,138
Investment in ALLO:
Voting interest/equity method (d)					107,177					129,396
Preferred membership interest and accrued and unpaid preferred return (e)					131,237					228,916
Total investment in ALLO					238,414					358,312
Solar (f)					(34,091)					(30,373)
Beneficial interest in federally insured loan securitizations (g)					29,228					30,377
Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $4,449 as of December 31, 2020 (g)					22,936					27,954
Tax liens and affordable housing					4,324					5,177
Total investments (not measured at fair value)					534,033					602,292
Total investments					$	973,099				$	992,940