NELNET INC, 10-Q filed on 8/8/2024
Quarterly Report
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Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
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 $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001258602  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   25,586,934
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,663,088
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Loans and accrued interest receivable $ 10,939,519 $ 13,108,204
Cash and cash equivalents:    
Cash and cash equivalents 145,478 168,112
Investments and notes receivable (including investments at fair value of $948,792 and $988,841, respectively) 1,896,433 1,846,707
Restricted cash 538,446 488,723
Restricted cash - due to customers 259,479 368,656
Restricted investments 50,358 17,969
Accounts receivable (net of allowance for doubtful accounts of $4,272 and $4,304, respectively) 159,836 196,200
Goodwill 158,029 158,029
Intangible assets, net 40,521 44,819
Property and equipment, net 131,666 127,008
Other assets 181,428 187,957
Total assets 14,501,193 16,712,384
Liabilities:    
Bonds and notes payable 9,567,708 11,828,393
Accrued interest payable 27,141 35,391
Bank deposits 890,472 743,599
Other liabilities 406,974 479,387
Due to customers 388,876 425,507
Total liabilities 11,281,171 13,512,277
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 657 3,096
Retained earnings 3,295,301 3,270,403
Accumulated other comprehensive loss, net (2,260) (20,119)
Total Nelnet, Inc. shareholders' equity 3,294,061 3,253,751
Noncontrolling interests (74,039) (53,644)
Total equity 3,220,022 3,200,107
Total liabilities and equity 14,501,193 16,712,384
Nonrelated Party    
Cash and cash equivalents:    
Cash and cash equivalents 33,000 34,912
Related Party    
Cash and cash equivalents:    
Cash and cash equivalents 112,478 133,200
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable 10,276,743 12,676,932
Cash and cash equivalents:    
Restricted cash 515,844 451,932
Liabilities:    
Bonds and notes payable 9,822,767 12,006,170
Common stock:    
Accrued interest payable and other liabilities (102,370) (135,748)
Net assets of consolidated education and other lending variable interest entities 867,450 986,946
Class A    
Common stock:    
Common stock 256 264
Class B    
Common stock:    
Common stock $ 107 $ 107
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Allowance for loan losses $ 96,764 $ 104,643
Investments at fair value 948,792 988,841
Allowance for doubtful accounts $ 4,272 $ 4,304
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 50,000,000 50,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 25,585,840 26,400,630
Common stock, outstanding (in shares) 25,585,840 26,400,630
Common Class B    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 60,000,000 60,000,000
Common stock, issued (in shares) 10,663,088 10,663,088
Common stock, outstanding (in shares) 10,663,088 10,663,088
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Loan interest $ 202,129 $ 243,045 $ 418,853 $ 468,288
Investment interest 40,737 40,982 92,814 81,707
Total interest income 242,866 284,027 511,667 549,995
Interest expense on bonds and notes payable and bank deposits 176,459 233,148 371,039 432,597
Net interest income 66,407 50,879 140,628 117,398
Less provision (negative provision) for loan losses 3,611 (11,380) 14,440 791
Net interest income after provision for loan losses 62,796 62,259 126,188 116,607
Other income (expense):        
Other, net 28,871 (9,167) 45,734 (24,235)
Loss on sale of loans (1,438) (5,461) (1,579) (15,753)
Impairment expense and provision for beneficial interests (7,776) 0 (7,813) 0
Derivative market value adjustments and derivative settlements, net 3,182 2,070 12,903 (12,005)
Total other income (expense), net 258,494 224,055 569,366 466,102
Cost of services:        
Cost of services 48,294 49,529 111,132 105,532
Operating expenses:        
Salaries and benefits 139,634 144,706 283,509 297,416
Depreciation and amortization 15,142 18,652 31,911 35,279
Other expenses 59,792 45,997 116,637 86,781
Total operating expenses 214,568 209,355 432,057 419,476
Income before income taxes 58,428 27,430 152,365 57,701
Income tax expense 14,753 10,187 37,936 18,273
Net income 43,675 17,243 114,429 39,428
Net loss attributable to noncontrolling interests 1,416 10,183 4,069 13,957
Net income attributable to Nelnet, Inc. $ 45,091 $ 27,426 $ 118,498 $ 53,385
Earnings per common share:        
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 1.23 $ 0.73 $ 3.22 $ 1.43
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 1.23 $ 0.73 $ 3.22 $ 1.43
Weighted-average common shares outstanding - basic (in shares) 36,525,482 37,468,397 36,841,227 37,406,843
Weighted-average common shares outstanding - diluted (in shares) 36,525,482 37,468,397 36,841,227 37,406,843
Loan servicing and systems revenue        
Other income (expense):        
Revenue $ 109,052 $ 122,020 $ 236,252 $ 261,247
Education technology services and payments revenue        
Other income (expense):        
Revenue 116,909 109,858 260,449 243,462
Cost of services:        
Cost of services 40,222 40,407 88,832 88,110
Solar construction revenue        
Other income (expense):        
Revenue 9,694 4,735 23,420 13,386
Cost of services:        
Cost of services $ 8,072 $ 9,122 $ 22,300 $ 17,422
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 43,675 $ 17,243 $ 114,429 $ 39,428
Other comprehensive income:        
Net changes related to foreign currency translation adjustments (21) 0 (16) (3)
Net changes related to available-for-sale debt securities:        
Unrealized holding gains arising during period, net of losses 8,874 8,649 25,635 17,300
Reclassification of (gains) losses recognized in net income, net (1,053) (918) (1,605) 4,064
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 51 70 122 70
Income tax effect (1,890) (1,872) (5,797) (5,144)
Unrealized gains (losses) during period after reclassifications and tax 5,982 5,929 18,355 16,290
Net changes related to equity method investee's other comprehensive income:        
Gain (loss) on cash flow hedge 335 (501) (632) (499)
Income tax effect (80) 120 152 120
Net changes related to equity method investee's other comprehensive, after income tax effect 255 (381) (480) (379)
Other comprehensive income 6,216 5,548 17,859 15,908
Comprehensive income 49,891 22,791 132,288 55,336
Comprehensive loss attributable to noncontrolling interests 1,416 10,183 4,069 13,957
Comprehensive income attributable to Nelnet, Inc. $ 51,307 $ 32,974 $ 136,357 $ 69,293
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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
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2022     26,461,651 10,668,460        
Beginning balance at Dec. 31, 2022 $ 3,183,199   $ 265 $ 107 $ 1,109 $ 3,227,680 $ (37,366) $ (8,596)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 12,904             12,904
Net income (loss) 39,428         53,385   (13,957)
Other comprehensive income 15,908           15,908  
Distribution to noncontrolling interests (12,970)             (12,970)
Cash dividend on Class A and Class B common stock (19,348)         (19,348)    
Issuance of common stock, net of forfeitures (in shares)     226,086          
Issuance of common stock, net of forfeitures 5,120   $ 1   5,119      
Compensation expense for stock based awards 7,653       7,653      
Repurchase of common stock (in shares)     (41,247)          
Repurchase of common stock (3,767)       (3,767)      
Ending balance (in shares) at Jun. 30, 2023   0 26,646,490 10,668,460        
Ending balance at Jun. 30, 2023 3,228,127 $ 0 $ 266 $ 107 10,114 3,261,717 (21,458) (22,619)
Beginning balance (in shares) at Mar. 31, 2023     26,623,662 10,668,460        
Beginning balance at Mar. 31, 2023 3,205,794   $ 266 $ 107 4,639 3,243,985 (27,006) (16,197)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 11,703             11,703
Net income (loss) 17,243         27,426   (10,183)
Other comprehensive income 5,548           5,548  
Distribution to noncontrolling interests (7,942)             (7,942)
Cash dividend on Class A and Class B common stock (9,694)         (9,694)    
Issuance of common stock, net of forfeitures (in shares)     27,562          
Issuance of common stock, net of forfeitures 2,056       2,056      
Compensation expense for stock based awards 3,884       3,884      
Repurchase of common stock (in shares)     (4,734)          
Repurchase of common stock (465)       (465)      
Ending balance (in shares) at Jun. 30, 2023   0 26,646,490 10,668,460        
Ending balance at Jun. 30, 2023 3,228,127 $ 0 $ 266 $ 107 10,114 3,261,717 (21,458) (22,619)
Beginning balance (in shares) at Dec. 31, 2023     26,400,630 10,663,088        
Beginning balance at Dec. 31, 2023 3,200,107   $ 264 $ 107 3,096 3,270,403 (20,119) (53,644)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 8,151             8,151
Net income (loss) 114,429         118,498   (4,069)
Other comprehensive income 17,859           17,859  
Distribution to noncontrolling interests (26,570)             (26,570)
Cash dividend on Class A and Class B common stock (20,528)         (20,528)    
Issuance of common stock, net of forfeitures (in shares)     69,914          
Issuance of common stock, net of forfeitures 3,298   $ 1   3,297      
Compensation expense for stock based awards 5,834       5,834      
Repurchase of common stock (in shares)     (884,704)          
Repurchase of common stock (82,311)   $ (9)   (11,570) (70,732)    
Acquisition of remaining 20% of GRNE Solar, net of tax (247)         (2,340)   2,093
Ending balance (in shares) at Jun. 30, 2024   0 25,585,840 10,663,088        
Ending balance at Jun. 30, 2024 3,220,022 $ 0 $ 256 $ 107 657 3,295,301 (2,260) (74,039)
Beginning balance (in shares) at Mar. 31, 2024     26,055,314 10,663,088        
Beginning balance at Mar. 31, 2024 3,235,720   $ 261 $ 107 1,101 3,304,197 (8,476) (61,470)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 6,618             6,618
Net income (loss) 43,675         45,091   (1,416)
Other comprehensive income 6,216           6,216  
Distribution to noncontrolling interests (19,864)             (19,864)
Cash dividend on Class A and Class B common stock (10,158)         (10,158)    
Issuance of common stock, net of forfeitures (in shares)     18,506          
Issuance of common stock, net of forfeitures 2,171       2,171      
Compensation expense for stock based awards 2,733       2,733      
Repurchase of common stock (in shares)     (487,980)          
Repurchase of common stock (46,842)   $ (5)   (5,348) (41,489)    
Acquisition of remaining 20% of GRNE Solar, net of tax (247)         (2,340)   2,093
Ending balance (in shares) at Jun. 30, 2024   0 25,585,840 10,663,088        
Ending balance at Jun. 30, 2024 $ 3,220,022 $ 0 $ 256 $ 107 $ 657 $ 3,295,301 $ (2,260) $ (74,039)
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
GRNE Solar        
Acquisition of remaining 20% of GRNE Solar 20.00%   20.00%  
Common Class A        
Cash dividend on common stock (in dollars per share) $ 0.28 $ 0.26 $ 0.56 $ 0.52
Common Class B        
Cash dividend on common stock (in dollars per share) $ 0.28 $ 0.26 $ 0.56 $ 0.52
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 118,498 $ 53,385
Net loss attributable to noncontrolling interests (4,069) (13,957)
Net income 114,429 39,428
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 69,623 93,573
Loan discount and deferred lender fees accretion (22,538) (15,412)
Provision for loan losses 14,440 791
Derivative market value adjustments (9,497) 35,407
Proceeds from termination of derivative instruments 0 164,079
Proceeds from (payments to) clearinghouse - initial and variation margin, net 5,716 (209,886)
Loss on sale of loans 1,579 15,753
Loss on investments, net 6,985 49,834
Deferred income tax benefit (4,814) (16,613)
Non-cash compensation expense 6,004 7,810
Impairment expense and provision for beneficial interests 7,813 0
Decrease (increase) in loan and investment accrued interest receivable 150,907 (4,884)
Decrease in accounts receivable 36,329 59,142
Decrease (increase) in other assets, net 39,667 (11,480)
Decrease in the carrying amount of ROU asset, net 1,911 2,390
Decrease in accrued interest payable (8,250) (123)
Decrease in other liabilities (62,638) (8,916)
Decrease in the carrying amount of lease liability (1,982) (2,568)
Other (365) 75
Net cash provided by operating activities 345,319 198,400
Cash flows from investing activities:    
Purchases and originations of loans (430,575) (411,868)
Purchases of loans from a related party 0 (467,519)
Net proceeds from loan repayments, claims, and capitalized interest 2,125,052 1,348,827
Proceeds from sale of loans 311,010 290,957
Purchases of available-for-sale securities (272,031) (296,468)
Purchases of restricted available-for-sale securities (23,288) 0
Proceeds from sales of available-for-sale securities 265,887 577,548
Proceeds from sales of restricted available-for-sale securities 660 0
Proceeds from beneficial interest in loan securitizations 19,513 13,237
Purchases of other investments and issuance of notes receivable (197,440) (140,129)
Proceeds from other investments and repayments of notes receivable 53,635 14,982
Purchases of held-to-maturity debt securities 0 (2,889)
Redemption of held-to-maturity debt securities 5,041 1,487
Purchases of property and equipment (33,842) (37,253)
Net cash provided by investing activities 1,823,622 890,912
Cash flows from financing activities:    
Payments on bonds and notes payable (2,283,381) (2,417,622)
Proceeds from issuance of bonds and notes payable 37 806,148
Payments of debt issuance costs (693) (2,214)
Increase in bank deposits, net 146,873 39,724
Decrease in due to customers (36,642) (48,728)
Dividends paid (20,528) (19,348)
Repurchases of common stock (82,311) (3,767)
Proceeds from issuance of common stock 967 890
Acquisition of noncontrolling interest (325) 0
Issuance of noncontrolling interests 27,396 14,018
Distribution to noncontrolling interests (2,335) (1,920)
Net cash used in financing activities (2,250,942) (1,632,819)
Effect of exchange rate changes on cash and restricted cash (87) (84)
Net decrease in cash, cash equivalents, and restricted cash (82,088) (543,591)
Cash, cash equivalents, and restricted cash, beginning of period 1,025,491 1,357,616
Cash, cash equivalents, and restricted cash, end of period 943,403 814,025
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 355,943 386,686
Cash disbursements made for income taxes, net of refunds and credits received [1] 11,932 43,510
Cash disbursements made for operating leases 2,451 3,476
Non-cash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 49 18,485
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans 13,693 53,896
Receipt of asset-backed investment securities as consideration from sale of loans 0 58,182
Transfer of available-for-sale securities to restricted 8,262 0
Distribution to noncontrolling interests 24,235 11,050
Issuance of noncontrolling interests $ 19,245 $ 1,114
[1] The Company utilized $20.3 million and $13.9 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2024 and 2023, respectively.
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Statement of Cash Flows [Abstract]    
Federal and state tax credit utilized $ 20,300 $ 13,900
Cash and cash equivalents:    
Total cash and cash equivalents 145,478 121,769
Restricted cash 538,446 484,223
Restricted cash - due to customers 259,479 208,033
Cash, cash equivalents, and restricted cash $ 943,403 $ 814,025
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Basis of Financial Reporting
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2023 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 (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024. 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, 2023 (the "2023 Annual Report").
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Reclassifications and Immaterial Error Corrections
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Reclassifications and Immaterial Error Corrections Reclassifications and Immaterial Error Corrections
During the second quarter of 2024, the Company identified certain immaterial errors in the previously issued consolidated financial statements that have been corrected to conform to the June 30, 2024 presentation.
Loan Sales
The Company determined the reversal of provision for loan losses resulting from the sale of loans should be presented as a reduction to the provision for loan losses rather than the historical presentation as a gain/(loss) on sale of loans included in "other income (expense)" on the consolidated statements of income. Prior period amounts have been corrected to conform to the current period presentation resulting in a reclassification of $21.0 million and $43.1 million for the three and six months ended June 30, 2023, respectively. This correction had no impact on previously reported consolidated assets, liabilities, total equity, net income, and cash flows from operating activities.
Solar Tax Equity Investments
The Company relies on audited financial statements provided by third parties to record its share of earnings or losses on its solar tax equity investments. The Company determined that the Hypothetical Liquidation at Book Value (HLBV) method of accounting was not consistently adopted by all third parties in such audited financial statements for those solar tax equity investments made under a lease pass-through structure. The adoption of the HLBV method of accounting accelerates accounting losses in the initial years of the investment but has no impact on the overall economics of the transaction. During the second quarter of 2024, the Company fully adopted HLBV accounting for these investments and prior period amounts have been corrected, resulting in an increase in solar investment losses included in "other, net" in "other income (expense)" on the consolidated statements of income of $2.2 million and $3.2 million for the three and six months ended June 30, 2023, respectively, partially offset by an increase in "net loss attributed to noncontrolling interests" of $1.0 million and $1.3 million for the three and six months ended June 30, 2023, respectively. The after-tax net income impact to Nelnet, Inc. was a reduction of $0.8 million and $1.4 million for the three and six months ended June 30, 2023, respectively. Consolidated "total equity" on the consolidated balance sheet was reduced $21.8 million as of December 31, 2023 and $16.7 million as of December 31, 2022, with the 2022 impact reflecting the cumulative impact of this correction through such date.
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Loans and Accrued Interest Receivable and Allowance for Loan Losses
 6 Months Ended
Jun. 30, 2024
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
 June 30, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$2,308,561 2,936,174 
Consolidation7,175,172 8,750,033 
Total9,483,733 11,686,207 
Private education loans247,437 277,320 
Consumer and other loans179,447 85,935 
Non-Nelnet Bank loans9,910,617 12,049,462 
Nelnet Bank:
Private education loans354,412 360,520 
Consumer and other loans187,939 72,352 
Nelnet Bank loans542,351 432,872 
Accrued interest receivable619,472 764,385 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(36,157)(33,872)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(54,180)(68,453)
Private education loans(13,065)(15,750)
Consumer and other loans(14,135)(11,742)
Non-Nelnet Bank allowance for loan losses(81,380)(95,945)
Nelnet Bank:
Private education loans(3,559)(3,347)
Consumer and other loans(11,825)(5,351)
Nelnet Bank allowance for loan losses(15,384)(8,698)
 $10,939,519 13,108,204 
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
June 30, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans (a)0.57 %0.59 %
Private education loans5.28 %5.68 %
Consumer and other loans (b)7.88 %13.66 %
Nelnet Bank:
Private education loans1.00 %0.93 %
Consumer and other loans6.29 %7.40 %
(a)    As of June 30, 2024 and December 31, 2023, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty was 20.9% and 21.8%, respectively.
(b)    Decrease as of June 30, 2024 compared with December 31, 2023 is due to the change in the mix of loans outstanding at the end of each period reported.
Loan Sales
During the three months ended June 30, 2024 and 2023, the Company sold $133.8 million and $158.3 million, respectively, of consumer loans, and recognized losses from such sales of $1.4 million and $5.5 million, respectively. During the six months ended June 30, 2024 and 2023, the Company sold $333.9 million and $420.2 million, respectively, of FFELP and consumer loans, and recognized losses from such sales of $1.6 million and $15.8 million, respectively. For certain of these loan sales, the Company has sold portfolios of loans to unrelated third parties who securitized such loans. As partial consideration received for the loans sold, the Company received residual interest in the loan securitizations and asset-backed investment securities that are included in "investments and notes receivable" on the Company's consolidated balance sheets.
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 periodProvision (negative provision) for loan losses (a)Charge-offsRecoveriesBalance at end of period
Three months ended June 30, 2024
Non-Nelnet Bank:
Federally insured loans$61,723 (1,970)(5,573)— 54,180 
Private education loans14,736 — (1,827)156 13,065 
Consumer and other loans18,761 (2,255)(2,634)263 14,135 
Nelnet Bank:
Private education loans3,660 255 (460)104 3,559 
Consumer and other loans7,128 7,519 (2,837)15 11,825 
$106,008 3,549 (13,331)538 96,764 
Three months ended June 30, 2023
Non-Nelnet Bank:
Federally insured loans$79,331 — (5,270)— 74,061 
Private education loans15,175 — (1,069)216 14,322 
Consumer and other loans35,317 (12,873)(2,880)441 20,005 
Nelnet Bank:
Federally insured loans160 (4)(2)— 154 
Private education loans2,894 517 (506)— 2,905 
Consumer and other loans1,827 989 — — 2,816 
$134,704 (11,371)(9,727)657 114,263 
Six months ended June 30, 2024
Non-Nelnet Bank:
Federally insured loans$68,453 (3,840)(10,433)— 54,180 
Private education loans15,750 (265)(2,840)420 13,065 
Consumer and other loans11,742 6,335 (4,586)644 14,135 
Nelnet Bank:
Private education loans3,347 1,012 (906)106 3,559 
Consumer and other loans5,351 11,236 (4,804)42 11,825 
$104,643 14,478 (23,569)1,212 96,764 
Six months ended June 30, 2023
Non-Nelnet Bank:
Federally insured loans$83,593 2,411 (11,943)— 74,061 
Private education loans15,411 240 (1,709)380 14,322 
Consumer and other loans30,263 (5,770)(5,149)661 20,005 
Nelnet Bank:
Federally insured loans170 (12)(4)— 154 
Private education loans2,390 1,129 (614)— 2,905 
Consumer and other loans— 2,816 — — 2,816 
$131,827 814 (19,419)1,041 114,263 
(a) The following table presents the reduction to provision for loan losses as a result of the loan sales described under "Loan Sales" above.
    
Provision for current periodLoan sale reduction to provisionProvision
(negative provision) for loan losses
Three months ended June 30, 2024
Non-Nelnet Bank
Consumer and other loans$10,340 (12,595)(2,255)
Three months ended June 30, 2023
Non-Nelnet Bank
Consumer and other loans$8,098 (20,971)(12,873)
Six months ended June 30, 2024
Non-Nelnet Bank
Consumer and other loans$19,030 (12,695)6,335 
Six months ended June 30, 2023
Non-Nelnet Bank
Consumer and other loans$37,307 (43,077)(5,770)
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios.
Three months ended June 30,Six months ended June 30,
2024202320242023
Non-Nelnet Bank:
Federally insured loans0.22 %0.16 %0.19 %0.18 %
Private education loans2.64 %1.45 %1.85 %1.11 %
Consumer and other loans4.62 %4.07 %4.98 %3.22 %
Nelnet Bank:
Federally insured loans— 0.01 %— 0.01 %
Private education loans0.40 %0.57 %0.44 %0.35 %
Consumer and other loans7.44 %— 7.66 %— 
The primary items impacting provision for loan losses during the periods presented above were the establishment of an initial allowance for consumer and other loans originated and acquired and the reversal of provision for consumer and other loans sold.
The Company recorded a negative provision for loan losses for its federally insured loan portfolio in 2024 due to the amortization of this portfolio and an increase in prepayment assumptions.
Unfunded Loan Commitments
As of June 30, 2024 and December 31, 2023, Nelnet Bank had a liability of approximately $119,000 and $158,000, respectively, related to $11.5 million and $12.3 million, respectively, of unfunded private education, consumer, and other loan commitments. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet by recording a provision for loan losses. When the loan is funded, the Company transfers the liability to the allowance for loan losses. Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income.
Three months endedSix months ended
June 30,June 30,
2024202320242023
Provision for loan losses from allowance activity table above$3,549 (11,371)14,478 814 
Provision (negative provision) for unfunded loan commitments62 (9)(38)(23)
Provision (negative provision) for loan losses reported in consolidated statements of income$3,611 (11,380)14,440 791 
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company’s federally insured, private education, consumer, and other 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 following table presents the Company’s loan status and delinquency amounts.
As of June 30, 2024As of December 31, 2023As of June 30, 2023
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $440,891 4.6 % $522,304 4.5 % $612,357 4.8 %
Loans in forbearance 702,539 7.4  979,588 8.4  930,629 7.3 
Loans in repayment status:  
Loans current7,012,655 84.1 %8,416,624 82.6 %9,609,634 85.2 %
Loans delinquent 31-60 days339,262 4.1 377,108 3.7 496,953 4.4 
Loans delinquent 61-90 days234,746 2.8 254,553 2.5 360,728 3.2 
Loans delinquent 91-120 days151,447 1.8 187,145 1.9 157,685 1.4 
Loans delinquent 121-270 days377,660 4.5 685,829 6.7 457,100 4.1 
Loans delinquent 271 days or greater224,533 2.7 263,056 2.6 194,656 1.7 
Total loans in repayment8,340,303 88.0 100.0 %10,184,315 87.1 100.0 %11,276,756 87.9 100.0 %
Total federally insured loans9,483,733 100.0 % 11,686,207 100.0 % 12,819,742 100.0 %
Accrued interest receivable612,374 757,713 810,489 
Loan discount, net of unamortized premiums and deferred origination costs(24,222)(28,963)(33,764)
Allowance for loan losses(54,180)(68,453)(74,061)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$10,017,705 $12,346,504 $13,522,406 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $7,906 3.2 %$9,475 3.4 %$10,440 4.6 %
Loans in forbearance 2,248 0.9 2,529 0.9 1,874 0.8 
Loans in repayment status:
Loans current230,512 97.1 %257,639 97.1 %212,522 97.6 %
Loans delinquent 31-60 days2,814 1.2 3,395 1.3 1,643 0.7 
Loans delinquent 61-90 days1,395 0.6 1,855 0.7 1,253 0.6 
Loans delinquent 91 days or greater2,562 1.1 2,427 0.9 2,324 1.1 
Total loans in repayment237,283 95.9 100.0 %265,316 95.7 100.0 %217,742 94.6 100.0 %
Total private education loans247,437 100.0 % 277,320 100.0 % 230,056 100.0 %
Accrued interest receivable2,407 2,653 2,196 
Loan discount, net of unamortized premiums(7,194)(8,037)183 
Allowance for loan losses(13,065)(15,750)(14,322)
Total private education loans and accrued interest receivable, net of allowance for loan losses$229,585 $256,186 $218,113 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$122 0.1 %$146 0.2 %$102 0.1 %
Loans in repayment status:
Loans current174,295 97.2 %81,195 94.6 %181,864 96.1 %
Loans delinquent 31-60 days2,100 1.2 2,035 2.4 2,794 1.5 
Loans delinquent 61-90 days1,857 1.0 1,189 1.4 2,533 1.3 
Loans delinquent 91 days or greater1,073 0.6 1,370 1.6 2,034 1.1 
Total loans in repayment179,325 99.9 100.0 %85,789 99.8 100.0 %189,225 99.9 100.0 %
Total consumer and other loans179,447 100.0 %85,935 100.0 %189,327 100.0 %
Accrued interest receivable763 861 2,246 
Loan discount and deferred lender fees, net of unamortized premiums(9,205)(2,474)750 
Allowance for loan losses(14,135)(11,742)(20,005)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$156,870 $72,580 $172,318 
As of June 30, 2024As of December 31, 2023As of June 30, 2023
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$41,394 11.7 %$25,957 7.2 %$16,996 4.8 %
Loans in forbearance1,985 0.6 1,285 0.4 1,797 0.5 
Loans in repayment status:
Loans current308,591 99.2 %331,580 99.4 %332,205 99.6 %
Loans delinquent 30-59 days934 0.3 839 0.3 691 0.2 
Loans delinquent 60-89 days444 0.2 253 0.1 241 0.1 
Loans delinquent 90 days or greater1,064 0.3 606 0.2 389 0.1 
Total loans in repayment311,033 87.7 100.0 %333,278 92.4 100.0 %333,526 94.7 100.0 %
Total private education loans354,412 100.0 %360,520 100.0 %352,319 100.0 %
Accrued interest receivable2,709 2,023 1,591 
Deferred origination costs, net of unaccreted discount5,501 5,608 5,366 
Allowance for loan losses(3,559)(3,347)(2,905)
Total private education loans and accrued interest receivable, net of allowance for loan losses$359,063 $364,804 $356,371 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$1,414 0.8 %$103 0.1 %$6 0.0 %
Loans in repayment status:
Loans current181,558 97.3 %69,584 96.3 %30,120 98.2 %
Loans delinquent 30-59 days1,516 0.8 1,075 1.5 277 0.9 
Loans delinquent 60-89 days1,814 1.0 941 1.3 205 0.7 
Loans delinquent 90 days or greater1,637 0.9 649 0.9 60 0.2 
Total loans in repayment186,525 99.2 100.0 %72,249 99.9 100.0 %30,662 100.0 100.0 %
Total consumer and other loans187,939 100.0 %72,352 100.0 %30,668 100.0 %
Accrued interest receivable1,219 575 214 
Loan discount, net of unamortized premiums(1,037)(6)— 
Allowance for loan losses(11,825)(5,351)(2,816)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$176,296 $67,570 $28,066 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
FICO Scores
An additional key credit quality indicator for Nelnet Bank private education and consumer loans is FICO scores at the time of origination. The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination.
Nelnet Bank Private Education Loans
Loan balance as of June 30, 2024
Six months ended June 30, 20242023202220212020Total
FICO at origination:
Less than 705$451 3,957 5,200 4,413 374 14,395 
705 - 734950 9,658 20,984 8,167 513 40,272 
735 - 7641,149 9,307 31,511 13,673 1,318 56,958 
765 - 794860 6,543 49,268 25,720 1,286 83,677 
Greater than 7941,760 17,464 72,638 53,755 4,801 150,418 
No FICO score available or required (a)2,610 6,082 — — — 8,692 
$7,780 53,011 179,601 105,728 8,292 354,412 
Loan balance as of December 31, 2023
2023202220212020Total
FICO at origination:
Less than 705$3,840 5,495 4,647 386 14,368 
705 - 7349,534 21,961 8,805 525 40,825 
735 - 7648,648 32,969 14,910 1,358 57,885 
765 - 7945,776 52,045 27,221 1,374 86,416 
Greater than 79415,057 77,996 58,695 5,226 156,974 
No FICO score available or required (a)4,052 — — — 4,052 
$46,907 190,466 114,278 8,869 360,520 
Nelnet Bank Consumer and Other Loans
Loan balance as of June 30, 2024
Six months ended June 30, 20242023202220212020Prior yearsTotal
FICO at origination:
Less than 720$13,041 17,016 — 1,360 1,625 1,800 34,842 
720 - 76941,116 30,354 25 6,888 5,793 3,464 87,640 
Greater than 76935,957 19,243 106 4,899 2,262 1,062 63,529 
No FICO score available or required (a)1,153 440 281 54 — — 1,928 
$91,267 67,053 412 13,201 9,680 6,326 187,939 
Loan balance as of December 31, 2023
2023202220212020Prior yearsTotal
FICO at origination:
Less than 720$21,412 — — — — 21,412 
720 - 76933,571 51 — — — 33,622 
Greater than 76916,484 109 — — — 16,593 
No FICO score available or required (a)386 284 55 — — 725 
$71,853 444 55 — — 72,352 
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of June 30, 2024 and December 31, 2023, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of June 30, 2024 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Six months ended June 30, 20242023202220212020Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — 657 3,325 713 3,211 7,906 
Loans in forbearance— — 356 140 429 1,323 2,248 
Loans in repayment status:
Loans current— 207 4,053 5,141 42,508 178,603 230,512 
Loans delinquent 31-60 days— — 13 45 380 2,376 2,814 
Loans delinquent 61-90 days— — 7 8 167 1,213 1,395 
Loans delinquent 91 days or greater— — — 7 115 2,440 2,562 
Total loans in repayment— 207 4,073 5,201 43,170 184,632 237,283 
Total private education loans$— 207 5,086 8,666 44,312 189,166 247,437 
Accrued interest receivable2,407 
Loan discount, net of unamortized premiums(7,194)
Allowance for loan losses(13,065)
Total private education loans and accrued interest receivable, net of allowance for loan losses$229,585 
Gross charge-offs - six months ended June 30, 2024$— — — 76 36 2,728 2,840 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— 122 — — — — 122 
Loans in repayment status:
Loans current131,766 37,985 3,624 526 283 111 174,295 
Loans delinquent 31-60 days160 1,394 433 103 7 3 2,100 
Loans delinquent 61-90 days42 1,158 649 8 — — 1,857 
Loans delinquent 91 days or greater14 852 176 14 17 — 1,073 
Total loans in repayment131,982 41,389 4,882 651 307 114 179,325 
Total consumer and other loans$131,982 41,511 4,882 651 307 114 179,447 
Accrued interest receivable763 
Loan discount and deferred lender fees, net of unamortized premiums(9,205)
Allowance for loan losses(14,135)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$156,870 
Gross charge-offs - six months ended June 30, 2024$— 2,611 1,678 213 23 61 4,586 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$5,107 25,688 8,993 674 932 — 41,394 
Loans in forbearance24 149 1,274 430 108 — 1,985 
Loans in repayment status:
Loans current2,629 26,518 168,736 103,612 7,096 — 308,591 
Loans delinquent 30-59 days17 292 96 420 109 — 934 
Loans delinquent 60-89 days3 159 217 65 — — 444 
Loans delinquent 90 days or greater— 205 285 527 47 — 1,064 
Total loans in repayment2,649 27,174 169,334 104,624 7,252 — 311,033 
Total private education loans$7,780 53,011 179,601 105,728 8,292 — 354,412 
Accrued interest receivable2,709 
Deferred origination costs, net of unaccreted discount5,501 
Allowance for loan losses(3,559)
Total private education loans and accrued interest receivable, net of allowance for loan losses$359,063 
Gross charge-offs - six months ended June 30, 2024$— 324 348 234 — — 906 
Six months ended June 30, 20242023202220212020Prior yearsTotal
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$1,308 106 — — — — 1,414 
Loans in repayment status:
Loans current89,467 62,838 412 12,980 9,656 6,205 181,558 
Loans delinquent 30-59 days146 1,247 — 57 6 60 1,516 
Loans delinquent 60-89 days223 1,459 — 92 — 40 1,814 
Loans delinquent 90 days or greater123 1,403 — 72 18 21 1,637 
Total loans in repayment89,959 66,947 412 13,201 9,680 6,326 186,525 
Total consumer and other loans$91,267 67,053 412 13,201 9,680 6,326 187,939 
Accrued interest receivable1,219 
Loan discount, net of unamortized premiums(1,037)
Allowance for loan losses(11,825)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$176,296 
Gross charge-offs - six months ended June 30, 2024$73 4,724 — — — 7 4,804 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.24.2.u1
Bonds and Notes Payable
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024
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$7,945,989 
5.46% - 7.46%
8/26/30 - 9/25/69
Bonds and notes based on auction75,735 
0.00% - 6.45%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes8,021,724 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		389,462 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities964,196 
5.41% - 5.53%
7/15/25 / 4/1/26
Consumer loan warehouse facility6,760 5.54%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations65,683 
6.90% / 7.59%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations63,203 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements7,728 
5.58% - 6.08%
5/4/25 / 1/30/33
Repurchase agreement111,189 
6.44% - 6.75%
11/27/24 / 12/20/24
Other - due to related party4,856 5.00%11/15/28 - 11/15/30
9,634,801   
Discount on bonds and notes payable and debt issuance costs(67,093)
Total$9,567,708 
 As of December 31, 2023
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$9,552,667 
5.45% - 7.47%
8/26/30 - 9/25/69
Bonds and notes based on auction87,360 
0.00% - 6.45%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes9,640,027 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
471,427 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities1,398,485 
5.41% - 5.70%
4/2/25 / 5/22/25
Consumer loan warehouse facility23,691 5.70%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations80,393 
6.90% / 7.57%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations80,130 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements10,063 
5.58% - 6.08%
3/12/24 / 5/4/24
Repurchase agreement208,164 
6.35% - 6.81%
1/22/24 - 12/20/24
Other - due to related party5,778 
5.00% - 6.05%
3/1/24 - 11/15/30
11,918,158   
Discount on bonds and notes payable and debt issuance costs(89,765)
Total$11,828,393 
Warehouse Facilities
The Company funds a portion of its loan acquisitions using warehouse facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse facilities as of June 30, 2024.
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$875,000 643,034 231,966 7/15/20247/15/2025note (b)$45,502 
FFELP (c)375,000 321,162 53,838 4/1/20254/1/202692 %26,539 
$1,250,000 964,196 285,804 $72,041 
Consumer (d)$150,000 6,760 143,240 11/14/202411/14/202570 %$1,781 
(a)    Effective March 6, 2024, the maximum financing amount on this facility was reduced from $1.25 billion to $950 million. On May 17, 2024, this facility was amended to reduce the maximum financing amount from $950 million to $875 million, and to extend the expiration of liquidity provisions and final maturity date to July 15, 2024 and July 15, 2025, respectively. On July 15, 2024, this facility was amended to reduce the maximum financing amount from $875 million to $800 million, and to extend the expiration of liquidity provisions and final maturity date to January 31, 2025 and January 31, 2026, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On April 2, 2024, this facility was amended to reduce the maximum financing amount from $432 million to $375 million, and to extend the expiration of liquidity provisions and final maturity date to April 1, 2025 and April 1, 2026, respectively.
(d)    On March 11, 2024, this facility was amended to reduce the maximum financing amount from $200 million to $150 million.
Unsecured Line of Credit
The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of June 30, 2024, no amount was outstanding on the line of credit and $495.0 million was available for future use.
Repurchase Agreement
The Company has a repurchase agreement with a non-affiliated third party, the proceeds of which are collateralized by certain private education loan asset-backed securities (bond investments). The outstanding balance under this agreement as of June 30, 2024 was $111.2 million. The agreement has various maturity dates through December 20, 2024 or earlier if either party provides 180 days’ prior written notice, and the Company is subject to margin deficit payment requirements if the fair value of the securities subject to the agreement is less than the original purchase price of such securities on any scheduled reset date. See note 6 for additional information about the private education loan asset-backed securities investments serving as collateral for this repurchase agreement.
Debt Repurchases
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of June 30, 2024, the Company holds $311.7 million (par value) of its own FFELP asset-backed securities.
In April 2023, the Company redeemed $188.6 million of FFELP loan asset-backed debt securities (bonds and notes payable) prior to their maturity. The remaining unamortized debt discount associated with these bonds at the time of redemption was written-off, resulting in a $25.9 million non-cash expense recognized in April 2023. This expense is included in "interest expense on bonds and notes payable and bank deposits" on the consolidated statements of income.
v3.24.2.u1
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Non-Nelnet Bank Derivatives
The Company uses settled-to-market derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2023 Annual Report. A tabular presentation of such derivatives outstanding as of June 30, 2024 and December 31, 2023 is presented below.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps, in which the Company receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR. Prior to the discontinuation of LIBOR on June 30, 2023, the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
As ofAs of
June 30, 2024December 31, 2023
2024$— 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$1,400,000 3,150,000 
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of June 30, 2024 and December 31, 2023 was the term adjusted SOFR (plus the tenor spread adjustment relating to LIBOR) plus 10.4 basis points and 10.1 basis points, respectively.
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company as of June 30, 2024 and December 31, 2023 to economically hedge loans earning fixed rate floor income.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2026$200,000 3.92 %
202850,000 3.56 
2029 (b)50,000 3.17 
2030 (c)100,000 3.63 
 $400,000 3.71 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR, the majority of which reset quarterly.
(b)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(c)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
During the first quarter of 2023, the Company received $183.2 million, which included $19.1 million related to 2023 settlements, to terminate $2.8 billion in notional amount of floor income interest rate swaps prior to their final maturity.
Nelnet Bank Derivatives
Interest Rate Swaps
The following table summarizes the outstanding non-centrally cleared derivative instruments used by Nelnet Bank as of June 30, 2024 and December 31, 2023 to hedge exposure to variability in cash flows related to variable rate intercompany deposits.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2028$40,000 3.33 %
2030 (b)50,000 3.06 
2032 (c)25,000 4.03 
2033 (d)25,000 3.90 
 $140,000 3.46 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly.
(b)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(c)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(d)    This $25 million notional amount derivative has a forward effective start date in November 2025.
Consolidated Financial Statement Impact Related to Derivatives
Balance Sheets
Unlike the Company's Non-Nelnet Bank derivatives, Nelnet Bank's derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset (included in "other assets") or liability (included in "other liabilities") measured at fair value. The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
Fair value of asset derivativesFair value of liability derivatives
As of June 30, 2024As of December 31, 2023As of June 30, 2024As of December 31, 2023
Interest rate swaps - Nelnet Bank$2,112 452 780 1,976 
Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended June 30,Six months ended June 30,
 2024202320242023
Settlements:  
1:3 basis swaps$249 (65)614 794 
Interest rate swaps - floor income hedges1,193 47 2,383 22,525 
Interest rate swaps - Nelnet Bank207 83 409 83 
Total settlements - income1,649 65 3,406 23,402 
Change in fair value:  
1:3 basis swaps(232)235 (586)211 
Interest rate swaps - floor income hedges1,168 662 7,228 (36,726)
Interest rate swaps - Nelnet Bank597 1,108 2,855 1,108 
Total change in fair value - income (expense)1,533 2,005 9,497 (35,407)
Derivative market value adjustments and derivative settlements, net - income (expense)$3,182 2,070 12,903 (12,005)
v3.24.2.u1
Investments and Notes Receivable
 6 Months Ended
Jun. 30, 2024
Investments [Abstract]  
Investments and Notes Receivable Investments and Notes Receivable
"Restricted investments" and “investments and notes receivable” consisted of the following:
As of June 30, 2024As of December 31, 2023
Amortized costGross unrealized gainsGross unrealized losses Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Restricted available-for-sale investments (at fair value):
FFELP loan and other debt securities$47,968 2,473 (83)50,358 16,993 1,069 (93)17,969 
Non-restricted available-for-sale investments (at fair value):
Non-Nelnet Bank:
FFELP loan$220,076 6,910 (1,450)225,536 271,479 4,883 (5,393)270,969 
Private education loan (a)258,390 — (22,442)235,948 281,791 — (28,874)252,917 
Other debt securities33,673 2,042 — 35,715 41,693 2,020 (1,275)42,438 
Total Non-Nelnet Bank512,139 8,952 (23,892)497,199 594,963 6,903 (35,542)566,324 
Nelnet Bank:
FFELP loan (b)227,124 8,090 (1,350)233,864 304,555 4,488 (2,286)306,757 
Private education loan— — — — 17,083 20 (10)17,093 
Other debt securities158,609 917 (1,418)158,108 49,284 117 (1,641)47,760 
Total Nelnet Bank385,733 9,007 (2,768)391,972 370,922 4,625 (3,937)371,610 
Total available-for-sale asset-backed securities$897,872 17,959 (26,660)889,171 965,885 11,528 (39,479)937,934 
Equity securities59,621 50,907 
Total investments at fair value948,792 988,841 
Other Investments and Notes Receivable (not measured at fair value):
Held-to-maturity investments
Non-Nelnet Bank:
Debt securities3,500 4,700 
Nelnet Bank:
FFELP loan asset-backed securities (b)217,283 149,938 
Private education loan asset-backed securities8,100 8,100 
Total Nelnet Bank225,383 158,038 
Total held-to-maturity investments228,883 162,738 
Venture capital and funds:
Measurement alternative196,803 194,084 
Equity method114,800 91,464 
Total venture capital and funds311,603 285,548 
Real estate:
Equity method125,989 103,811 
Investment in ALLO:
Voting interest/equity method (c)— 10,693 
Preferred membership interest and accrued and unpaid preferred return (d)176,092 155,047 
Total investment in ALLO176,092 165,740 
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $5,911 as of June 30, 2024
163,853 134,113 
Private education loans59,326 68,372 
Federally insured student loans20,790 22,594 
Total beneficial interest in loan securitizations243,969 225,079 
Solar (f)(176,105)(146,040)
Notes receivable28,565 53,747 
Tax liens, affordable housing, and other8,645 7,243 
Total investments (not measured at fair value)947,641 857,866 
Total investments and notes receivable$1,896,433 $1,846,707 
(a)    A portion of the private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 4 under "Repurchase Agreement." As of June 30, 2024, the par value and fair value of these securities was $148.1 million and $130.7 million, respectively.
(b)    On May 22, 2024, securities at Nelnet Bank with a fair value of $70.6 million were transferred from available-for-sale to held-to-maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of May 22, 2024 included pre-tax unrealized gains of $3.4 million related to the transfer. These unrealized gains will be amortized, consistent with the amortization of any premiums on such securities, over the remaining lives of the respective securities as an adjustment of yield.
(c)    The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. Under the HLBV method of accounting on its ALLO voting membership interests investment, the Company recognized no losses and $12.2 million of losses during the three months ended June 30, 2024 and 2023, respectively, and losses of $10.7 million and $32.4 million during the six months ended June 30, 2024 and 2023, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. Absent additional equity contributions with respect to ALLO's voting membership interests, the Company will not recognize additional losses for its voting membership interests in ALLO.
(d)    As of June 30, 2024, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $169.5 million and $6.6 million, respectively. The Company historically earned a preferred annual return of 6.25% that increased to 10.00% on April 1, 2024 for $155.0 million of preferred membership interests of ALLO held by the Company. During the second quarter of 2024, the Company purchased an additional $14.5 million of preferred membership interests of ALLO, which earn a preferred annual return of 20.0%. The Company recognized income on its ALLO preferred membership interests of $4.2 million and $2.3 million during the three months ended June 30, 2024 and 2023, respectively, and $6.6 million and $4.5 million during the six months ended June 30, 2024 and 2023, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(e)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2024, the Company's ownership correlates to approximately $1.12 billion, $500 million, and $315 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
During the three months ended June 30, 2024, the Company recorded a $5.9 million allowance for credit losses (and related provision expense) related to certain of the Company's beneficial interest in consumer loan securitizations. As of June 30, 2024, the Company's estimate of future cash flows from the beneficial interest in certain consumer loan securitizations was lower than previously anticipated due to increased consumer loan defaults within such securitizations.
(f)    As of June 30, 2024, the Company has funded a total of $502.8 million in solar investments that remain outstanding, which includes $219.8 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. As of June 30, 2024, the Company has earned a total of $474.4 million of tax credits on those projects that remain outstanding, which includes $218.4 million earned by syndication partners. The solar investment negative carrying value on the consolidated balance sheet of $176.1 million as of June 30, 2024 represents the sum of total tax credits earned on solar projects placed-in-service through June 30, 2024 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment negative carrying value as of June 30, 2024 excluding the portion owned by syndication partners, which is reflected as "noncontrolling interests" on the consolidated balance sheet, was $84.0 million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The following table presents (i) the Company's recognized net (losses) gains, which include net losses attributable to third-party noncontrolling interest investors (syndication partners), included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net gains (losses) attributed to noncontrolling interest investors included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the Company's recognized net (losses) gains excluding net gains (losses) attributed to noncontrolling interest investors (such amount reflecting the before tax net income impact of such solar tax equity investments to the Company).
Three months ended June 30,Six months ended June 30,
2024202320242023
Net (losses) gains$(2,610)(10,086)170 (13,030)
Less: net gains (losses) attributed to noncontrolling interest investors (syndication partners)8 (8,430)(1,633)(11,428)
Net (losses) gains, excluding activity attributed to noncontrolling interest investors$(2,618)(1,656)1,803 (1,602)
As of June 30, 2024, the Company is committed to fund an additional $125.7 million on solar investments, of which $83.0 million is expected to be provided by syndication partners.
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of June 30, 2024:
As of June 30, 2024
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$— 9,263 4,015 34,690 47,968 
Fair value— 9,295 4,049 37,014 50,358 
Non-Nelnet Bank:
FFELP loan— 4,285 13,866 201,925 220,076 
Private education loan— — — 258,390 258,390 
Other debt securities— 100 4,000 29,573 33,673 
Total Non-Nelnet Bank— 4,385 17,866 489,888 512,139 
Fair value— 4,428 17,748 475,023 497,199 
Nelnet Bank:
FFELP loan53,474 21,141 23,908 128,601 227,124 
Other debt securities— 33,107 16,374 109,128 158,609 
Total Nelnet Bank53,474 54,248 40,282 237,729 385,733 
Fair value54,336 54,254 40,457 242,925 391,972 
Total available-for-sale asset-backed securities at amortized cost$53,474 67,896 62,163 762,307 945,840 
Total available-for-sale asset-backed securities at fair value$54,336 67,977 62,254 754,962 939,529 
Held-to-maturity investments
Non-Nelnet Bank:
Debt securities$3,500 — — — 3,500 
Fair value3,500 — — — 3,500 
Nelnet Bank:
FFELP loan asset-backed securities— 3,041 1,278 212,964 217,283 
Private education loan asset-backed securities— — — 8,100 8,100 
Total Nelnet Bank— 3,041 1,278 221,064 225,383 
Fair value— 3,129 1,304 226,330 230,763 
Total held-to-maturity investments at amortized cost$3,500 3,041 1,278 221,064 228,883 
Total held-to-maturity investments at fair value$3,500 3,129 1,304 226,330 234,263 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 243,969 
Fair value$— — — — 261,850 
(a) The Company's beneficial interest in loan securitizations are not due at a single maturity date.
The following table summarizes the unrealized positions for held-to-maturity investments and the beneficial interest in loan securitizations as of June 30, 2024:
Carrying valueGross unrealized gainsGross unrealized losses (a)Fair value
Asset-backed and other securities$228,883 5,380 — 234,263 
Beneficial interest in loan securitizations243,969 20,512 (2,631)261,850 
(a) None of the unrealized losses presented in the above table at June 30, 2024 were due to credit losses.
The following table presents securities classified as available-for-sale that have gross unrealized losses at June 30, 2024 and the fair value of such securities as of June 30, 2024. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of June 30, 2024
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$(83)8,167 — — (83)8,167 
Non-Nelnet Bank:
FFELP loan(7)3,494 (1,443)79,320 (1,450)82,814 
Private education loan— — (22,442)235,948 (22,442)235,948 
Total Non-Nelnet Bank(7)3,494 (23,885)315,268 (23,892)318,762 
Nelnet Bank:
FFELP loan(35)9,694 (1,315)34,871 (1,350)44,565 
Other debt securities(42)13,098 (1,376)16,598 (1,418)29,696 
Total Nelnet Bank(77)22,792 (2,691)51,469 (2,768)74,261 
Total available-for-sale asset-backed securities$(167)34,453 (26,576)366,737 (26,743)401,190 
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities.
Three months endedSix months ended
June 30,June 30,
2024202320242023
Gross proceeds from sales$113,173 85,375 266,547 577,548 
Gross realized gains$1,516 920 2,571 2,194 
Gross realized losses(463)(2)(966)(6,258)
Net gains (losses)$1,053 918 1,605 (4,064)
v3.24.2.u1
Intangible Assets
 6 Months Ended
Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
June 30, 2024 (months)
As ofAs of
June 30, 2024December 31, 2023
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $50,661 and $46,573, respectively)
100$38,943 43,031 
Trade names (net of accumulated amortization of $167 and $8,268, respectively)
94603 642 
Computer software (net of accumulated amortization of $745 and $574, respectively)
34975 1,146 
Total amortizable intangible assets, net98$40,521 44,819 
The Company recorded amortization expense on its intangible assets of $2.1 million and $3.5 million for the three months ended June 30, 2024 and 2023, respectively, and $4.3 million and $6.2 million during the six months ended June 30, 2024 and 2023, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2024, the Company estimates it will record amortization expense as follows:
2024 (July 1 - December 31)$4,193 
20256,099 
20266,012 
20275,714 
20285,354 
2029 and thereafter13,149 
 $40,521 
v3.24.2.u1
Goodwill
 6 Months Ended
Jun. 30, 2024
Goodwill [Abstract]  
Goodwill Goodwill
The following table presents the carrying amount of goodwill as of June 30, 2024 and December 31, 2023 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.24.2.u1
Impairment Expense, Provision for Beneficial Interests, and Restructure Charges
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Impairment Expense, Provision for Beneficial Interests, and Restructure Charges Impairment Expense, Provision for Beneficial Interests, and Restructure Charges
Impairment Expense and Provision for Beneficial Interests
The following table presents the non-cash impairment charges by asset and reportable operating segment recognized by the Company during 2024. No impairment charges were recognized during the first six months of 2023. The Company’s impairment charges are included in “impairment expense and provision for beneficial interests” in the consolidated statements of income.
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Three months ended June 30, 2024
Investments - beneficial interest in consumer loan securitizations (a)$— — 5,911 — — — 5,911 
Property and equipment - solar facilities (b)— — — — — 1,170 1,170 
Other assets - solar inventory (b)— — — — — 695 695 
$— — 5,911 — — 1,865 7,776 
Six months ended June 30, 2024
Investments - beneficial interest in consumer loan securitizations (a)$— — 5,911 — — — 5,911 
Investments - venture capital— — — — — 37 37 
Property and equipment - solar facilities (b)— — — — — 1,170 1,170 
Other assets - solar inventory (b)— — — — — 695 695 
$— — 5,911 — — 1,902 7,813 
(a)     During the three months ended June 30, 2024, the Company recorded an allowance for credit losses (and related provision expense) related to the Company's beneficial interest in consumer loan securitizations. See note 6 for additional information.
(b)    On April 12, 2024, the Company announced a change in its solar engineering, procurement, and construction (EPC) operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, during the three months ended June 30, 2024, the Company recognized non-cash impairment charges on certain solar facilities and inventory related to the residential solar operations.
Restructure Charges
GRNE Solar
On April 12, 2024, the Company announced a change in its solar EPC operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. The restructuring plan included a reduction in headcount of approximately 40 associates. The Company incurred a restructure charge of $1.6 million related to these staff reductions and commissions paid for canceled contracts, which is included in "salaries and benefits" in the consolidated statements of income.
Loan Servicing and Systems (LSS)
In June 2024, the Company announced a reduction in headcount after the completion of the transfer of direct loan servicing volume to one platform and the required servicing platform enhancements for the Company's new student loan servicing contract with the Department of Education. Approximately 220 associates who work in LSS, including some in related shared services that support LSS, were notified their positions were being eliminated. The Company estimates incurring a charge of $7.1 million related to these staff reductions, of which $2.1 million was recognized in the second quarter of 2024, which is included in "salaries and benefits" in the consolidated statements of income. The remaining expense will be recognized during the third and fourth quarters of 2024.
v3.24.2.u1
Bank Deposits
 6 Months Ended
Jun. 30, 2024
Deposits [Abstract]  
Bank Deposits Bank Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
June 30, 2024December 31, 2023
Retail and other savings$622,080 520,017 
Brokered CDs, net of brokered deposit fees246,156 203,522 
Retail and other CDs, net of issuance fees22,236 20,060 
Total interest-bearing deposits$890,472 743,599 
As of June 30, 2024 and December 31, 2023, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $143.0 million and $104.0 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
The following table presents certificates of deposit remaining maturities as of June 30, 2024:
One year or less$982 
After one year to two years149,045 
After two years to three years75,172 
After three years to four years348 
After four years to five years42,845 
After five years— 
Total$268,392 
Retail and other savings deposits include deposits from Educational 529 College Savings and Health Savings plans, Short Term Federal Investment Trust (STFIT), and consumer savings. These deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. The deposits exceeding the FDIC insurance limits as of June 30, 2024, was $44.9 million, which includes a portion of the pledged deposit from Nelnet, Inc., and an earmarked deposit required for intercompany transactions.
v3.24.2.u1
Earnings per Common Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents 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 June 30,
20242023
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$44,239 852 45,091 26,842 584 27,426 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,835,387 690,095 36,525,482 36,670,933 797,464 37,468,397 
Earnings per share - basic and diluted$1.23 1.23 1.23 0.73 0.73 0.73 
Six months ended June 30,
20242023
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$116,178 2,320 118,498 52,270 1,115 53,385 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,119,876 721,351 36,841,227 36,625,819 781,024 37,406,843 
Earnings per share - basic and diluted$3.22 3.22 3.22 1.43 1.43 1.43 
v3.24.2.u1
Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 16 of the notes to consolidated financial statements included in the 2023 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended June 30, 2024
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 193,707 8,422 — — — 202,129 
Investment interest1,258 5,715 13,709 10,811 15,880 2,646 (9,282)40,737 
Total interest income1,258 5,715 207,416 19,233 15,880 2,646 (9,282)242,866 
Interest expense— — 171,632 10,769 2,606 733 (9,282)176,459 
Net interest income1,258 5,715 35,784 8,464 13,274 1,913 — 66,407 
Less provision (negative provision) for loan losses— — (4,225)7,836 — — — 3,611 
Net interest income after provision for loan losses1,258 5,715 40,009 628 13,274 1,913 — 62,796 
Other income (expense):
Loan servicing and systems revenue109,052 — — — — — — 109,052 
Intersegment revenue6,106 56 — — — — (6,162)— 
Education technology services and payments revenue— 116,909 — — — — — 116,909 
Solar construction revenue— — — — — 9,694 — 9,694 
Other, net685 — 1,337 775 15,702 10,372 — 28,871 
Loss on sale of loans— — (1,438)— — — — (1,438)
Impairment expense and provision for beneficial interests— — (5,911)— — (1,865)— (7,776)
Derivative settlements, net— — 1,442 207 — — — 1,649 
Derivative market value adjustments, net— — 936 597 — — — 1,533 
Total other income (expense), net115,843 116,965 (3,634)1,579 15,702 18,201 (6,162)258,494 
Cost of services:
Cost to provide education technology services and payments— 40,222 — — — — — 40,222 
Cost to provide solar construction services— — — — — 8,072 — 8,072 
Total cost of services— 40,222 — — — 8,072 — 48,294 
Operating expenses:
Salaries and benefits70,631 40,736 1,113 2,798 374 24,786 (804)139,634 
Depreciation and amortization5,342 2,712 — 341 — 6,748 — 15,142 
Other expenses20,661 8,600 3,793 2,067 11,829 12,842 — 59,792 
Intersegment expenses, net18,224 4,811 7,159 719 248 (25,803)(5,358)— 
Total operating expenses114,858 56,859 12,065 5,925 12,451 18,573 (6,162)214,568 
Income (loss) before income taxes2,243 25,599 24,310 (3,718)16,525 (6,531)— 58,428 
Income tax (expense) benefit(538)(6,150)(5,835)916 (3,935)788 — (14,753)
Net income (loss)1,705 19,449 18,475 (2,802)12,590 (5,743)— 43,675 
Net loss (income) attributable to noncontrolling interests— 29 — — (129)1,516 — 1,416 
Net income (loss) attributable to Nelnet, Inc.$1,705 19,478 18,475 (2,802)12,461 (4,227)— 45,091 
Total assets as of June 30, 2024$264,381 478,077 11,315,210 1,185,302 1,038,068 778,549 (558,394)14,501,193 
 Three months ended June 30, 2023
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 237,906 5,139 — — — 243,045 
Investment interest1,058 5,268 15,857 8,522 22,800 3,055 (15,578)40,982 
Total interest income1,058 5,268 253,763 13,661 22,800 3,055 (15,578)284,027 
Interest expense— — 232,313 8,171 7,371 871 (15,578)233,148 
Net interest income1,058 5,268 21,450 5,490 15,429 2,184 — 50,879 
Less provision (negative provision) for loan losses— — (12,873)1,493 — — — (11,380)
Net interest income after provision for loan losses1,058 5,268 34,323 3,997 15,429 2,184 — 62,259 
Other income (expense):
Loan servicing and systems revenue122,020 — — — — — — 122,020 
Intersegment revenue7,246 65 — — — — (7,311)— 
Education technology services and payments revenue— 109,858 — — — — — 109,858 
Solar construction revenue— — — — — 4,735 — 4,735 
Other, net605 — 1,319 620 5,967 (17,677)— (9,167)
Loss on sale of loans— — (5,461)— — — — (5,461)
Impairment expense and provision for beneficial interests— — — — — — — — 
Derivative settlements, net— — (18)83 — — — 65 
Derivative market value adjustments, net— — 897 1,108 — — — 2,005 
Total other income (expense), net129,871 109,923 (3,263)1,811 5,967 (12,942)(7,311)224,055 
Cost of services:
Cost to provide education technology services and payments— 40,407 — — — — — 40,407 
Cost to provide solar construction services— — — — — 9,122 — 9,122 
Total cost of services— 40,407 — — — 9,122 — 49,529 
Operating expenses:
Salaries and benefits76,141 38,351 1,096 2,297 210 26,756 (145)144,706 
Depreciation and amortization4,863 2,815 — 51 — 10,923 — 18,652 
Other expenses13,818 9,692 4,115 1,624 4,134 12,613 — 45,997 
Intersegment expenses, net19,079 5,884 8,145 92 127 (26,161)(7,166)— 
Total operating expenses113,901 56,742 13,356 4,064 4,471 24,131 (7,311)209,355 
Income (loss) before income taxes17,028 18,042 17,704 1,744 16,925 (44,011)— 27,430 
Income tax (expense) benefit(4,086)(4,327)(4,249)(396)(4,031)6,902 — (10,187)
Net income (loss)12,942 13,715 13,455 1,348 12,894 (37,109)— 17,243 
Net loss (income) attributable to noncontrolling interests— (19)— — (128)10,330 — 10,183 
Net income (loss) attributable to Nelnet, Inc.$12,942 13,696 13,455 1,348 12,766 (26,779)— 27,426 
Total assets as of June 30, 2023$173,926 482,922 14,667,357 1,005,043 1,099,212 970,987 (613,757)17,785,690 
Six months ended June 30, 2024
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 403,335 15,518 — — — 418,853 
Investment interest3,152 13,580 35,544 20,779 31,495 6,461 (18,197)92,814 
Total interest income3,152 13,580 438,879 36,297 31,495 6,461 (18,197)511,667 
Interest expense— — 362,537 20,266 5,024 1,409 (18,197)371,039 
Net interest income3,152 13,580 76,342 16,031 26,471 5,052 — 140,628 
Less provision (negative provision) for loan losses— — 2,230 12,210 — — — 14,440 
Net interest income after provision for loan losses3,152 13,580 74,112 3,821 26,471 5,052 — 126,188 
Other income (expense):
Loan servicing and systems revenue236,252 — — — — — — 236,252 
Intersegment revenue12,991 106 — — — — (13,097)— 
Education technology services and payments revenue— 260,449 — — — — — 260,449 
Solar construction revenue— — — — — 23,420 — 23,420 
Other, net1,395 — 6,321 1,150 28,644 8,224 — 45,734 
Loss on sale of loans— — (1,579)— — — — (1,579)
Impairment expense and provision for beneficial interests— — (5,911)— — (1,902)— (7,813)
Derivative settlements, net— — 2,997 409 — — — 3,406 
Derivative market value adjustments, net— — 6,642 2,855 — — — 9,497 
Total other income (expense), net250,638 260,555 8,470 4,414 28,644 29,742 (13,097)569,366 
Cost of services:
Cost to provide education technology services and payments— 88,832 — — — — — 88,832 
Cost to provide solar construction services— — — — — 22,300 — 22,300 
Total cost of services— 88,832 — — — 22,300 — 111,132 
Operating expenses:
Salaries and benefits147,353 80,903 2,308 5,518 732 48,307 (1,611)283,509 
Depreciation and amortization10,450 5,395 — 601 — 15,464 — 31,911 
Other expenses40,198 16,158 7,210 3,194 23,632 26,243 — 116,637 
Intersegment expenses, net37,555 9,612 15,009 1,493 465 (52,648)(11,486)— 
Total operating expenses235,556 112,068 24,527 10,806 24,829 37,366 (13,097)432,057 
Income (loss) before income taxes18,234 73,235 58,055 (2,571)30,286 (24,872)— 152,365 
Income tax (expense) benefit(4,376)(17,585)(13,933)657 (7,209)4,511 — (37,936)
Net income (loss)13,858 55,650 44,122 (1,914)23,077 (20,361)— 114,429 
Net loss (income) attributable to noncontrolling interests— 46 — — (249)4,272 — 4,069 
Net income (loss) attributable to Nelnet, Inc.$13,858 55,696 44,122 (1,914)22,828 (16,089)— 118,498 
Total assets as of June 30, 2024$264,381 478,077 11,315,210 1,185,302 1,038,068 778,549 (558,394)14,501,193 
Six months ended June 30, 2023
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 458,818 9,471 — — — 468,288 
Investment interest2,095 11,304 29,664 16,449 41,460 5,594 (24,860)81,707 
Total interest income2,095 11,304 488,482 25,920 41,460 5,594 (24,860)549,995 
Interest expense— — 421,511 15,385 19,198 1,362 (24,860)432,597 
Net interest income2,095 11,304 66,971 10,535 22,262 4,232 — 117,398 
Less provision (negative provision) for loan losses— — (3,119)3,910 — — — 791 
Net interest income after provision for loan losses2,095 11,304 70,090 6,625 22,262 4,232 — 116,607 
Other income (expense):
Loan servicing and systems revenue261,247 — — — — — — 261,247 
Intersegment revenue15,036 121 — — — — (15,157)— 
Education technology services and payments revenue— 243,462 — — — — — 243,462 
Solar construction revenue— — — — — 13,386 — 13,386 
Other, net1,213 — 4,164 830 5,226 (35,667)— (24,235)
Loss on sale of loans— — (15,753)— — — — (15,753)
Impairment expense and provision for beneficial interests— — — — — — — — 
Derivative settlements, net— — 23,319 83 — — — 23,402 
Derivative market value adjustments, net— — (36,515)1,108 — — — (35,407)
Total other income (expense), net277,496 243,583 (24,785)2,021 5,226 (22,281)(15,157)466,102 
Cost of services:
Cost to provide education technology services and payments— 88,110 — — — — — 88,110 
Cost to provide solar construction services— — — — — 17,422 — 17,422 
Total cost of services— 88,110 — — — 17,422 — 105,532 
Operating expenses:
Salaries and benefits160,701 76,264 1,851 4,361 429 53,955 (145)297,416 
Depreciation and amortization9,377 5,393 — 56 — 20,454 — 35,279 
Other expenses27,131 17,755 9,131 2,406 4,701 25,657 — 86,781 
Intersegment expenses, net40,136 11,684 16,841 173 256 (54,078)(15,012)— 
Total operating expenses237,345 111,096 27,823 6,996 5,386 45,988 (15,157)419,476 
Income (loss) before income taxes42,246 55,681 17,482 1,650 22,102 (81,459)— 57,701 
Income tax (expense) benefit(10,139)(13,393)(4,196)(362)(5,240)15,056 — (18,273)
Net income (loss)32,107 42,288 13,286 1,288 16,862 (66,403)— 39,428 
Net loss (income) attributable to noncontrolling interests— 119 — — (269)14,107 — 13,957 
Net income (loss) attributable to Nelnet, Inc.$32,107 42,407 13,286 1,288 16,593 (52,296)— 53,385 
Total assets as of June 30, 2023$173,926 482,922 14,667,357 1,005,043 1,099,212 970,987 (613,757)17,785,690 
v3.24.2.u1
Disaggregated Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue Disaggregated Revenue
The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended June 30,Six months ended June 30,
 2024202320242023
Government loan servicing$87,014 95,736 192,490 204,618 
Private education and consumer loan servicing12,959 12,063 25,577 24,225 
FFELP loan servicing3,245 3,554 6,624 6,921 
Software services4,879 5,962 9,420 15,660 
Outsourced services955 4,705 2,141 9,823 
Loan servicing and systems revenue$109,052 122,020 236,252 261,247 
Education Technology Services and Payments
 Three months ended June 30,Six months ended June 30,
 2024202320242023
Tuition payment plan services$34,164 30,825 73,043 65,012 
Payment processing34,326 31,827 82,113 75,868 
Education technology services47,205 46,216 103,227 101,004 
Other1,214 990 2,066 1,578 
Education technology services and payments revenue$116,909 109,858 260,449 243,462 
Solar Construction
Three months ended June 30,Six months ended June 30,
2024202320242023
Commercial revenue$8,777 2,329 20,355 8,205 
Residential revenue (a)917 2,406 3,065 5,181 
Solar construction revenue$9,694 4,735 23,420 13,386 
(a)    On April 12, 2024, the Company announced a change in its solar engineering, procurement, and construction operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, residential revenue will continue to decline from recent historical amounts as existing customer contracts are completed.
Other Income (Expense)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended June 30,Six months ended June 30,
2024202320242023
Reinsurance premiums$14,851 3,816 27,631 4,351 
ALLO preferred return4,160 2,274 6,569 4,523 
Borrower late fee income2,584 2,168 5,718 4,414 
Investment advisory services (WRCM)1,524 1,639 3,033 3,251 
Administration/sponsor fee income1,482 1,697 3,028 3,468 
Investment activity, net217 (3,574)(1,082)(7,154)
Loss from ALLO voting membership interest investment— (12,169)(10,693)(32,382)
(Loss) gain from solar investments, net(2,610)(10,086)170 (13,030)
Other6,663 5,068 11,360 8,324 
Other, net$28,871 (9,167)45,734 (24,235)
v3.24.2.u1
Major Customer
 6 Months Ended
Jun. 30, 2024
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
Government Loan Servicing
Nelnet Servicing, a subsidiary of the Company, earns loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by the Company related to this contract was $87.0 million and $95.7 million for the three months ended June 30, 2024 and 2023, respectively, and $192.5 million and $204.6 million for the six months ended June 30, 2024 and 2023, respectively.
The Company's legacy student loan servicing contract with the Department was scheduled to expire on December 14, 2023. In April 2023, Nelnet Servicing received a contract award from the Department, pursuant to which it was selected to provide continued servicing capabilities for the Department's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract (the "New Government Servicing Contract") which replaced the legacy Department student loan servicing contract.
The New Government Servicing Contract became effective April 24, 2023 and has a five year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of existing borrowers was allocated by the Department to Nelnet Servicing and four other third-party servicers that were awarded a USDS contract. Under the New Government Servicing Contract, Nelnet Servicing immediately began to make required servicing platform enhancements, for which it will be compensated from the Department on certain of these investments. Servicing under the New Government Servicing Contract went live on April 1, 2024 and the Company recognized revenue in accordance with this new contract beginning in the second quarter of 2024. The Company earned revenue for servicing borrowers under the legacy servicing contract with the Department through March 31, 2024.
The New Government Servicing Contract has multiple revenue components with tiered pricing based on borrower volume, while revenue earned under the legacy servicing contract was primarily based on borrower status. Assuming borrower volume remains consistent under the New Government Servicing Contract, the Company expects revenue earned on a per borrower blended basis will decrease under the New Government Servicing Contract versus the legacy contract. However, consistent with the legacy contract, the Company expects to earn additional revenue from the Department under the New Government Servicing Contract for change requests and other support services. In addition, the Company has executed an agreement with a third-party servicer awarded a USDS contract to license its servicing software to such entity. The Company began earning remote hosted servicing revenue from this new customer during the second quarter of 2024. The amount of revenue earned by the Company from this new customer will depend on the number of servicing borrowers allocated by the Department to this servicer.
v3.24.2.u1
Fair Value
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024As of December 31, 2023
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 939,429 939,529 99 955,804 955,903 
Equity securities187 — 187 73 — 73 
Equity securities measured at net asset value (a)59,434 50,834 
Total investments287 939,429 999,150 172 955,804 1,006,810 
Derivative instruments— 2,112 2,112 — 452 452 
Total assets$287 941,541 1,001,262 172 956,256 1,007,262 
Liabilities:
Derivative instruments$— 780 780 — 1,976 1,976 
Total liabilities$— 780 780 — 1,976 1,976 
(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 June 30, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,902,478 10,320,047 — — 10,902,478 
Accrued loan interest receivable619,472 619,472 — 619,472 — 
Cash and cash equivalents145,478 145,478 145,478 — — 
Investments (at fair value)999,150 999,150 287 939,429 — 
Investments - held-to-maturity234,263 228,883 — 234,263 — 
Notes receivable28,565 28,565 — 28,565 — 
Beneficial interest in loan securitizations261,850 243,969 — — 261,850 
Restricted cash538,446 538,446 538,446 — — 
Restricted cash – due to customers259,479 259,479 259,479 — — 
Derivative instruments2,112 2,112 — 2,112 — 
Financial liabilities:  
Bonds and notes payable9,560,951 9,567,708 — 9,560,951 — 
Accrued interest payable27,141 27,141 — 27,141 — 
Bank deposits869,437 890,472 575,265 294,172 — 
Due to customers388,876 388,876 388,876 — — 
Derivative instruments780 780 — 780 — 
 As of December 31, 2023
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$12,800,638 12,343,819 — — 12,800,638 
Accrued loan interest receivable764,385 764,385 — 764,385 — 
Cash and cash equivalents168,112 168,112 168,112 — — 
Investments (at fair value)1,006,810 1,006,810 172 955,804 — 
Investments - held-to-maturity163,622 162,738 — 163,622 — 
Notes receivable53,747 53,747 — 53,747 — 
Beneficial interest in loan securitizations262,093 225,079 — — 262,093 
Restricted cash488,723 488,723 488,723 — — 
Restricted cash – due to customers368,656 368,656 368,656 — — 
Derivative instruments452 452 — 452 — 
Financial liabilities:  
Bonds and notes payable11,629,359 11,828,393 — 11,629,359 — 
Accrued interest payable35,391 35,391 — 35,391 — 
Bank deposits722,973 743,599 467,420 255,553 — 
Due to customers425,507 425,507 425,507 — — 
Derivative instruments1,976 1,976 — 1,976 — 
The methodologies for estimating the fair value of financial assets and liabilities are described in note 23 of the notes to consolidated financial statements included in the 2023 Annual Report.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net income attributable to Nelnet, Inc. $ 45,091 $ 27,426 $ 118,498 $ 53,385
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2024
shares
Jun. 30, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
The following table describes contracts, instructions, or written plans for the purchase or sale of the Company's securities adopted by the Company's directors or executive officers during the second quarter of 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans.
Name and TitleDate of Adoption of Rule 10b5-1 Trading Plan
Scheduled Expiration Date of Rule 10b5-1 Trading Plan (a)
Aggregate Number of Securities to Be Purchased or Sold
William J. Munn
Corporate Secretary / Chief Governance Officer / General Counsel
5/16/2024
9/15/2024 (b)
Gift transfer of 100 shares of Class A common stock
Michael S. Dunlap
Executive Chairman
5/29/20249/29/2024
Gift transfer of 35,000 shares of Class A common stock
(a) A trading plan may also expire on such earlier date as all transactions under the trading plan are completed.
(b) This trading plan was subsequently terminated on August 2, 2024, and no transfers were made pursuant to the plan.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Michael S. Dunlap [Member]    
Trading Arrangements, by Individual    
Name Michael S. Dunlap  
Title Executive Chairman  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 5/29/2024  
Expiration Date 9/29/2024  
Arrangement Duration 396 days  
Aggregate Available 35,000 35,000
William J. Munn [Member]    
Trading Arrangements, by Individual    
Name William J. Munn  
Title Corporate Secretary / Chief Governance Officer / General Counsel  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 5/16/2024  
Expiration Date 9/15/2024  
Arrangement Duration 122 days  
Aggregate Available 100 100
v3.24.2.u1
Basis of Financial Reporting (Policies)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2023 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 (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024. 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, 2023 (the "2023 Annual Report").
v3.24.2.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 June 30, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$2,308,561 2,936,174 
Consolidation7,175,172 8,750,033 
Total9,483,733 11,686,207 
Private education loans247,437 277,320 
Consumer and other loans179,447 85,935 
Non-Nelnet Bank loans9,910,617 12,049,462 
Nelnet Bank:
Private education loans354,412 360,520 
Consumer and other loans187,939 72,352 
Nelnet Bank loans542,351 432,872 
Accrued interest receivable619,472 764,385 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(36,157)(33,872)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(54,180)(68,453)
Private education loans(13,065)(15,750)
Consumer and other loans(14,135)(11,742)
Non-Nelnet Bank allowance for loan losses(81,380)(95,945)
Nelnet Bank:
Private education loans(3,559)(3,347)
Consumer and other loans(11,825)(5,351)
Nelnet Bank allowance for loan losses(15,384)(8,698)
 $10,939,519 13,108,204 
Schedule of Net Charge-offs as a Percentage of Average Loans
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
June 30, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans (a)0.57 %0.59 %
Private education loans5.28 %5.68 %
Consumer and other loans (b)7.88 %13.66 %
Nelnet Bank:
Private education loans1.00 %0.93 %
Consumer and other loans6.29 %7.40 %
(a)    As of June 30, 2024 and December 31, 2023, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty was 20.9% and 21.8%, respectively.
(b)    Decrease as of June 30, 2024 compared with December 31, 2023 is due to the change in the mix of loans outstanding at the end of each period reported.
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios.
Three months ended June 30,Six months ended June 30,
2024202320242023
Non-Nelnet Bank:
Federally insured loans0.22 %0.16 %0.19 %0.18 %
Private education loans2.64 %1.45 %1.85 %1.11 %
Consumer and other loans4.62 %4.07 %4.98 %3.22 %
Nelnet Bank:
Federally insured loans— 0.01 %— 0.01 %
Private education loans0.40 %0.57 %0.44 %0.35 %
Consumer and other loans7.44 %— 7.66 %— 
Schedule of Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan losses (a)Charge-offsRecoveriesBalance at end of period
Three months ended June 30, 2024
Non-Nelnet Bank:
Federally insured loans$61,723 (1,970)(5,573)— 54,180 
Private education loans14,736 — (1,827)156 13,065 
Consumer and other loans18,761 (2,255)(2,634)263 14,135 
Nelnet Bank:
Private education loans3,660 255 (460)104 3,559 
Consumer and other loans7,128 7,519 (2,837)15 11,825 
$106,008 3,549 (13,331)538 96,764 
Three months ended June 30, 2023
Non-Nelnet Bank:
Federally insured loans$79,331 — (5,270)— 74,061 
Private education loans15,175 — (1,069)216 14,322 
Consumer and other loans35,317 (12,873)(2,880)441 20,005 
Nelnet Bank:
Federally insured loans160 (4)(2)— 154 
Private education loans2,894 517 (506)— 2,905 
Consumer and other loans1,827 989 — — 2,816 
$134,704 (11,371)(9,727)657 114,263 
Six months ended June 30, 2024
Non-Nelnet Bank:
Federally insured loans$68,453 (3,840)(10,433)— 54,180 
Private education loans15,750 (265)(2,840)420 13,065 
Consumer and other loans11,742 6,335 (4,586)644 14,135 
Nelnet Bank:
Private education loans3,347 1,012 (906)106 3,559 
Consumer and other loans5,351 11,236 (4,804)42 11,825 
$104,643 14,478 (23,569)1,212 96,764 
Six months ended June 30, 2023
Non-Nelnet Bank:
Federally insured loans$83,593 2,411 (11,943)— 74,061 
Private education loans15,411 240 (1,709)380 14,322 
Consumer and other loans30,263 (5,770)(5,149)661 20,005 
Nelnet Bank:
Federally insured loans170 (12)(4)— 154 
Private education loans2,390 1,129 (614)— 2,905 
Consumer and other loans— 2,816 — — 2,816 
$131,827 814 (19,419)1,041 114,263 
(a) The following table presents the reduction to provision for loan losses as a result of the loan sales described under "Loan Sales" above.
    
Provision for current periodLoan sale reduction to provisionProvision
(negative provision) for loan losses
Three months ended June 30, 2024
Non-Nelnet Bank
Consumer and other loans$10,340 (12,595)(2,255)
Three months ended June 30, 2023
Non-Nelnet Bank
Consumer and other loans$8,098 (20,971)(12,873)
Six months ended June 30, 2024
Non-Nelnet Bank
Consumer and other loans$19,030 (12,695)6,335 
Six months ended June 30, 2023
Non-Nelnet Bank
Consumer and other loans$37,307 (43,077)(5,770)
Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income.
Three months endedSix months ended
June 30,June 30,
2024202320242023
Provision for loan losses from allowance activity table above$3,549 (11,371)14,478 814 
Provision (negative provision) for unfunded loan commitments62 (9)(38)(23)
Provision (negative provision) for loan losses reported in consolidated statements of income$3,611 (11,380)14,440 791 
Schedule of Loan Status and Delinquencies The following table presents the Company’s loan status and delinquency amounts.
As of June 30, 2024As of December 31, 2023As of June 30, 2023
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $440,891 4.6 % $522,304 4.5 % $612,357 4.8 %
Loans in forbearance 702,539 7.4  979,588 8.4  930,629 7.3 
Loans in repayment status:  
Loans current7,012,655 84.1 %8,416,624 82.6 %9,609,634 85.2 %
Loans delinquent 31-60 days339,262 4.1 377,108 3.7 496,953 4.4 
Loans delinquent 61-90 days234,746 2.8 254,553 2.5 360,728 3.2 
Loans delinquent 91-120 days151,447 1.8 187,145 1.9 157,685 1.4 
Loans delinquent 121-270 days377,660 4.5 685,829 6.7 457,100 4.1 
Loans delinquent 271 days or greater224,533 2.7 263,056 2.6 194,656 1.7 
Total loans in repayment8,340,303 88.0 100.0 %10,184,315 87.1 100.0 %11,276,756 87.9 100.0 %
Total federally insured loans9,483,733 100.0 % 11,686,207 100.0 % 12,819,742 100.0 %
Accrued interest receivable612,374 757,713 810,489 
Loan discount, net of unamortized premiums and deferred origination costs(24,222)(28,963)(33,764)
Allowance for loan losses(54,180)(68,453)(74,061)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$10,017,705 $12,346,504 $13,522,406 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $7,906 3.2 %$9,475 3.4 %$10,440 4.6 %
Loans in forbearance 2,248 0.9 2,529 0.9 1,874 0.8 
Loans in repayment status:
Loans current230,512 97.1 %257,639 97.1 %212,522 97.6 %
Loans delinquent 31-60 days2,814 1.2 3,395 1.3 1,643 0.7 
Loans delinquent 61-90 days1,395 0.6 1,855 0.7 1,253 0.6 
Loans delinquent 91 days or greater2,562 1.1 2,427 0.9 2,324 1.1 
Total loans in repayment237,283 95.9 100.0 %265,316 95.7 100.0 %217,742 94.6 100.0 %
Total private education loans247,437 100.0 % 277,320 100.0 % 230,056 100.0 %
Accrued interest receivable2,407 2,653 2,196 
Loan discount, net of unamortized premiums(7,194)(8,037)183 
Allowance for loan losses(13,065)(15,750)(14,322)
Total private education loans and accrued interest receivable, net of allowance for loan losses$229,585 $256,186 $218,113 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$122 0.1 %$146 0.2 %$102 0.1 %
Loans in repayment status:
Loans current174,295 97.2 %81,195 94.6 %181,864 96.1 %
Loans delinquent 31-60 days2,100 1.2 2,035 2.4 2,794 1.5 
Loans delinquent 61-90 days1,857 1.0 1,189 1.4 2,533 1.3 
Loans delinquent 91 days or greater1,073 0.6 1,370 1.6 2,034 1.1 
Total loans in repayment179,325 99.9 100.0 %85,789 99.8 100.0 %189,225 99.9 100.0 %
Total consumer and other loans179,447 100.0 %85,935 100.0 %189,327 100.0 %
Accrued interest receivable763 861 2,246 
Loan discount and deferred lender fees, net of unamortized premiums(9,205)(2,474)750 
Allowance for loan losses(14,135)(11,742)(20,005)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$156,870 $72,580 $172,318 
As of June 30, 2024As of December 31, 2023As of June 30, 2023
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$41,394 11.7 %$25,957 7.2 %$16,996 4.8 %
Loans in forbearance1,985 0.6 1,285 0.4 1,797 0.5 
Loans in repayment status:
Loans current308,591 99.2 %331,580 99.4 %332,205 99.6 %
Loans delinquent 30-59 days934 0.3 839 0.3 691 0.2 
Loans delinquent 60-89 days444 0.2 253 0.1 241 0.1 
Loans delinquent 90 days or greater1,064 0.3 606 0.2 389 0.1 
Total loans in repayment311,033 87.7 100.0 %333,278 92.4 100.0 %333,526 94.7 100.0 %
Total private education loans354,412 100.0 %360,520 100.0 %352,319 100.0 %
Accrued interest receivable2,709 2,023 1,591 
Deferred origination costs, net of unaccreted discount5,501 5,608 5,366 
Allowance for loan losses(3,559)(3,347)(2,905)
Total private education loans and accrued interest receivable, net of allowance for loan losses$359,063 $364,804 $356,371 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$1,414 0.8 %$103 0.1 %$6 0.0 %
Loans in repayment status:
Loans current181,558 97.3 %69,584 96.3 %30,120 98.2 %
Loans delinquent 30-59 days1,516 0.8 1,075 1.5 277 0.9 
Loans delinquent 60-89 days1,814 1.0 941 1.3 205 0.7 
Loans delinquent 90 days or greater1,637 0.9 649 0.9 60 0.2 
Total loans in repayment186,525 99.2 100.0 %72,249 99.9 100.0 %30,662 100.0 100.0 %
Total consumer and other loans187,939 100.0 %72,352 100.0 %30,668 100.0 %
Accrued interest receivable1,219 575 214 
Loan discount, net of unamortized premiums(1,037)(6)— 
Allowance for loan losses(11,825)(5,351)(2,816)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$176,296 $67,570 $28,066 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Schedule of Loans Receivable Credit Quality Indicators The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination.
Nelnet Bank Private Education Loans
Loan balance as of June 30, 2024
Six months ended June 30, 20242023202220212020Total
FICO at origination:
Less than 705$451 3,957 5,200 4,413 374 14,395 
705 - 734950 9,658 20,984 8,167 513 40,272 
735 - 7641,149 9,307 31,511 13,673 1,318 56,958 
765 - 794860 6,543 49,268 25,720 1,286 83,677 
Greater than 7941,760 17,464 72,638 53,755 4,801 150,418 
No FICO score available or required (a)2,610 6,082 — — — 8,692 
$7,780 53,011 179,601 105,728 8,292 354,412 
Loan balance as of December 31, 2023
2023202220212020Total
FICO at origination:
Less than 705$3,840 5,495 4,647 386 14,368 
705 - 7349,534 21,961 8,805 525 40,825 
735 - 7648,648 32,969 14,910 1,358 57,885 
765 - 7945,776 52,045 27,221 1,374 86,416 
Greater than 79415,057 77,996 58,695 5,226 156,974 
No FICO score available or required (a)4,052 — — — 4,052 
$46,907 190,466 114,278 8,869 360,520 
Nelnet Bank Consumer and Other Loans
Loan balance as of June 30, 2024
Six months ended June 30, 20242023202220212020Prior yearsTotal
FICO at origination:
Less than 720$13,041 17,016 — 1,360 1,625 1,800 34,842 
720 - 76941,116 30,354 25 6,888 5,793 3,464 87,640 
Greater than 76935,957 19,243 106 4,899 2,262 1,062 63,529 
No FICO score available or required (a)1,153 440 281 54 — — 1,928 
$91,267 67,053 412 13,201 9,680 6,326 187,939 
Loan balance as of December 31, 2023
2023202220212020Prior yearsTotal
FICO at origination:
Less than 720$21,412 — — — — 21,412 
720 - 76933,571 51 — — — 33,622 
Greater than 76916,484 109 — — — 16,593 
No FICO score available or required (a)386 284 55 — — 725 
$71,853 444 55 — — 72,352 
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of June 30, 2024 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Six months ended June 30, 20242023202220212020Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — 657 3,325 713 3,211 7,906 
Loans in forbearance— — 356 140 429 1,323 2,248 
Loans in repayment status:
Loans current— 207 4,053 5,141 42,508 178,603 230,512 
Loans delinquent 31-60 days— — 13 45 380 2,376 2,814 
Loans delinquent 61-90 days— — 7 8 167 1,213 1,395 
Loans delinquent 91 days or greater— — — 7 115 2,440 2,562 
Total loans in repayment— 207 4,073 5,201 43,170 184,632 237,283 
Total private education loans$— 207 5,086 8,666 44,312 189,166 247,437 
Accrued interest receivable2,407 
Loan discount, net of unamortized premiums(7,194)
Allowance for loan losses(13,065)
Total private education loans and accrued interest receivable, net of allowance for loan losses$229,585 
Gross charge-offs - six months ended June 30, 2024$— — — 76 36 2,728 2,840 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— 122 — — — — 122 
Loans in repayment status:
Loans current131,766 37,985 3,624 526 283 111 174,295 
Loans delinquent 31-60 days160 1,394 433 103 7 3 2,100 
Loans delinquent 61-90 days42 1,158 649 8 — — 1,857 
Loans delinquent 91 days or greater14 852 176 14 17 — 1,073 
Total loans in repayment131,982 41,389 4,882 651 307 114 179,325 
Total consumer and other loans$131,982 41,511 4,882 651 307 114 179,447 
Accrued interest receivable763 
Loan discount and deferred lender fees, net of unamortized premiums(9,205)
Allowance for loan losses(14,135)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$156,870 
Gross charge-offs - six months ended June 30, 2024$— 2,611 1,678 213 23 61 4,586 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$5,107 25,688 8,993 674 932 — 41,394 
Loans in forbearance24 149 1,274 430 108 — 1,985 
Loans in repayment status:
Loans current2,629 26,518 168,736 103,612 7,096 — 308,591 
Loans delinquent 30-59 days17 292 96 420 109 — 934 
Loans delinquent 60-89 days3 159 217 65 — — 444 
Loans delinquent 90 days or greater— 205 285 527 47 — 1,064 
Total loans in repayment2,649 27,174 169,334 104,624 7,252 — 311,033 
Total private education loans$7,780 53,011 179,601 105,728 8,292 — 354,412 
Accrued interest receivable2,709 
Deferred origination costs, net of unaccreted discount5,501 
Allowance for loan losses(3,559)
Total private education loans and accrued interest receivable, net of allowance for loan losses$359,063 
Gross charge-offs - six months ended June 30, 2024$— 324 348 234 — — 906 
Six months ended June 30, 20242023202220212020Prior yearsTotal
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$1,308 106 — — — — 1,414 
Loans in repayment status:
Loans current89,467 62,838 412 12,980 9,656 6,205 181,558 
Loans delinquent 30-59 days146 1,247 — 57 6 60 1,516 
Loans delinquent 60-89 days223 1,459 — 92 — 40 1,814 
Loans delinquent 90 days or greater123 1,403 — 72 18 21 1,637 
Total loans in repayment89,959 66,947 412 13,201 9,680 6,326 186,525 
Total consumer and other loans$91,267 67,053 412 13,201 9,680 6,326 187,939 
Accrued interest receivable1,219 
Loan discount, net of unamortized premiums(1,037)
Allowance for loan losses(11,825)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$176,296 
Gross charge-offs - six months ended June 30, 2024$73 4,724 — — — 7 4,804 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.24.2.u1
Bonds and Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of June 30, 2024
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$7,945,989 
5.46% - 7.46%
8/26/30 - 9/25/69
Bonds and notes based on auction75,735 
0.00% - 6.45%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes8,021,724 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		389,462 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities964,196 
5.41% - 5.53%
7/15/25 / 4/1/26
Consumer loan warehouse facility6,760 5.54%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations65,683 
6.90% / 7.59%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations63,203 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements7,728 
5.58% - 6.08%
5/4/25 / 1/30/33
Repurchase agreement111,189 
6.44% - 6.75%
11/27/24 / 12/20/24
Other - due to related party4,856 5.00%11/15/28 - 11/15/30
9,634,801   
Discount on bonds and notes payable and debt issuance costs(67,093)
Total$9,567,708 
 As of December 31, 2023
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$9,552,667 
5.45% - 7.47%
8/26/30 - 9/25/69
Bonds and notes based on auction87,360 
0.00% - 6.45%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes9,640,027 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
471,427 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities1,398,485 
5.41% - 5.70%
4/2/25 / 5/22/25
Consumer loan warehouse facility23,691 5.70%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations80,393 
6.90% / 7.57%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations80,130 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements10,063 
5.58% - 6.08%
3/12/24 / 5/4/24
Repurchase agreement208,164 
6.35% - 6.81%
1/22/24 - 12/20/24
Other - due to related party5,778 
5.00% - 6.05%
3/1/24 - 11/15/30
11,918,158   
Discount on bonds and notes payable and debt issuance costs(89,765)
Total$11,828,393 
Schedule of Outstanding Line of Credit Facilities The following table summarizes the Company's warehouse facilities as of June 30, 2024.
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$875,000 643,034 231,966 7/15/20247/15/2025note (b)$45,502 
FFELP (c)375,000 321,162 53,838 4/1/20254/1/202692 %26,539 
$1,250,000 964,196 285,804 $72,041 
Consumer (d)$150,000 6,760 143,240 11/14/202411/14/202570 %$1,781 
(a)    Effective March 6, 2024, the maximum financing amount on this facility was reduced from $1.25 billion to $950 million. On May 17, 2024, this facility was amended to reduce the maximum financing amount from $950 million to $875 million, and to extend the expiration of liquidity provisions and final maturity date to July 15, 2024 and July 15, 2025, respectively. On July 15, 2024, this facility was amended to reduce the maximum financing amount from $875 million to $800 million, and to extend the expiration of liquidity provisions and final maturity date to January 31, 2025 and January 31, 2026, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On April 2, 2024, this facility was amended to reduce the maximum financing amount from $432 million to $375 million, and to extend the expiration of liquidity provisions and final maturity date to April 1, 2025 and April 1, 2026, respectively.
(d)    On March 11, 2024, this facility was amended to reduce the maximum financing amount from $200 million to $150 million.
v3.24.2.u1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts on Outstanding Derivatives
The following table summarizes the Company’s outstanding basis swaps, in which the Company receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR. Prior to the discontinuation of LIBOR on June 30, 2023, the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
As ofAs of
June 30, 2024December 31, 2023
2024$— 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$1,400,000 3,150,000 
The following table summarizes the outstanding derivative instruments used by the Company as of June 30, 2024 and December 31, 2023 to economically hedge loans earning fixed rate floor income.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2026$200,000 3.92 %
202850,000 3.56 
2029 (b)50,000 3.17 
2030 (c)100,000 3.63 
 $400,000 3.71 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR, the majority of which reset quarterly.
(b)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(c)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
The following table summarizes the outstanding non-centrally cleared derivative instruments used by Nelnet Bank as of June 30, 2024 and December 31, 2023 to hedge exposure to variability in cash flows related to variable rate intercompany deposits.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2028$40,000 3.33 %
2030 (b)50,000 3.06 
2032 (c)25,000 4.03 
2033 (d)25,000 3.90 
 $140,000 3.46 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly.
(b)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(c)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(d)    This $25 million notional amount derivative has a forward effective start date in November 2025.
Schedule of Fair Value of Asset Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
Fair value of asset derivativesFair value of liability derivatives
As of June 30, 2024As of December 31, 2023As of June 30, 2024As of December 31, 2023
Interest rate swaps - Nelnet Bank$2,112 452 780 1,976 
Schedule of Fair Value of Liabilities Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
Fair value of asset derivativesFair value of liability derivatives
As of June 30, 2024As of December 31, 2023As of June 30, 2024As of December 31, 2023
Interest rate swaps - Nelnet Bank$2,112 452 780 1,976 
Schedule of Derivative Impact on Statement of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended June 30,Six months ended June 30,
 2024202320242023
Settlements:  
1:3 basis swaps$249 (65)614 794 
Interest rate swaps - floor income hedges1,193 47 2,383 22,525 
Interest rate swaps - Nelnet Bank207 83 409 83 
Total settlements - income1,649 65 3,406 23,402 
Change in fair value:  
1:3 basis swaps(232)235 (586)211 
Interest rate swaps - floor income hedges1,168 662 7,228 (36,726)
Interest rate swaps - Nelnet Bank597 1,108 2,855 1,108 
Total change in fair value - income (expense)1,533 2,005 9,497 (35,407)
Derivative market value adjustments and derivative settlements, net - income (expense)$3,182 2,070 12,903 (12,005)
v3.24.2.u1
Investments and Notes Receivable (Tables)
 6 Months Ended
Jun. 30, 2024
Investments [Abstract]  
Schedule of Investments and Notes Receivable
"Restricted investments" and “investments and notes receivable” consisted of the following:
As of June 30, 2024As of December 31, 2023
Amortized costGross unrealized gainsGross unrealized losses Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Restricted available-for-sale investments (at fair value):
FFELP loan and other debt securities$47,968 2,473 (83)50,358 16,993 1,069 (93)17,969 
Non-restricted available-for-sale investments (at fair value):
Non-Nelnet Bank:
FFELP loan$220,076 6,910 (1,450)225,536 271,479 4,883 (5,393)270,969 
Private education loan (a)258,390 — (22,442)235,948 281,791 — (28,874)252,917 
Other debt securities33,673 2,042 — 35,715 41,693 2,020 (1,275)42,438 
Total Non-Nelnet Bank512,139 8,952 (23,892)497,199 594,963 6,903 (35,542)566,324 
Nelnet Bank:
FFELP loan (b)227,124 8,090 (1,350)233,864 304,555 4,488 (2,286)306,757 
Private education loan— — — — 17,083 20 (10)17,093 
Other debt securities158,609 917 (1,418)158,108 49,284 117 (1,641)47,760 
Total Nelnet Bank385,733 9,007 (2,768)391,972 370,922 4,625 (3,937)371,610 
Total available-for-sale asset-backed securities$897,872 17,959 (26,660)889,171 965,885 11,528 (39,479)937,934 
Equity securities59,621 50,907 
Total investments at fair value948,792 988,841 
Other Investments and Notes Receivable (not measured at fair value):
Held-to-maturity investments
Non-Nelnet Bank:
Debt securities3,500 4,700 
Nelnet Bank:
FFELP loan asset-backed securities (b)217,283 149,938 
Private education loan asset-backed securities8,100 8,100 
Total Nelnet Bank225,383 158,038 
Total held-to-maturity investments228,883 162,738 
Venture capital and funds:
Measurement alternative196,803 194,084 
Equity method114,800 91,464 
Total venture capital and funds311,603 285,548 
Real estate:
Equity method125,989 103,811 
Investment in ALLO:
Voting interest/equity method (c)— 10,693 
Preferred membership interest and accrued and unpaid preferred return (d)176,092 155,047 
Total investment in ALLO176,092 165,740 
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $5,911 as of June 30, 2024
163,853 134,113 
Private education loans59,326 68,372 
Federally insured student loans20,790 22,594 
Total beneficial interest in loan securitizations243,969 225,079 
Solar (f)(176,105)(146,040)
Notes receivable28,565 53,747 
Tax liens, affordable housing, and other8,645 7,243 
Total investments (not measured at fair value)947,641 857,866 
Total investments and notes receivable$1,896,433 $1,846,707 
(a)    A portion of the private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 4 under "Repurchase Agreement." As of June 30, 2024, the par value and fair value of these securities was $148.1 million and $130.7 million, respectively.
(b)    On May 22, 2024, securities at Nelnet Bank with a fair value of $70.6 million were transferred from available-for-sale to held-to-maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of May 22, 2024 included pre-tax unrealized gains of $3.4 million related to the transfer. These unrealized gains will be amortized, consistent with the amortization of any premiums on such securities, over the remaining lives of the respective securities as an adjustment of yield.
(c)    The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. Under the HLBV method of accounting on its ALLO voting membership interests investment, the Company recognized no losses and $12.2 million of losses during the three months ended June 30, 2024 and 2023, respectively, and losses of $10.7 million and $32.4 million during the six months ended June 30, 2024 and 2023, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. Absent additional equity contributions with respect to ALLO's voting membership interests, the Company will not recognize additional losses for its voting membership interests in ALLO.
(d)    As of June 30, 2024, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $169.5 million and $6.6 million, respectively. The Company historically earned a preferred annual return of 6.25% that increased to 10.00% on April 1, 2024 for $155.0 million of preferred membership interests of ALLO held by the Company. During the second quarter of 2024, the Company purchased an additional $14.5 million of preferred membership interests of ALLO, which earn a preferred annual return of 20.0%. The Company recognized income on its ALLO preferred membership interests of $4.2 million and $2.3 million during the three months ended June 30, 2024 and 2023, respectively, and $6.6 million and $4.5 million during the six months ended June 30, 2024 and 2023, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(e)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2024, the Company's ownership correlates to approximately $1.12 billion, $500 million, and $315 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
During the three months ended June 30, 2024, the Company recorded a $5.9 million allowance for credit losses (and related provision expense) related to certain of the Company's beneficial interest in consumer loan securitizations. As of June 30, 2024, the Company's estimate of future cash flows from the beneficial interest in certain consumer loan securitizations was lower than previously anticipated due to increased consumer loan defaults within such securitizations.
(f)    As of June 30, 2024, the Company has funded a total of $502.8 million in solar investments that remain outstanding, which includes $219.8 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. As of June 30, 2024, the Company has earned a total of $474.4 million of tax credits on those projects that remain outstanding, which includes $218.4 million earned by syndication partners. The solar investment negative carrying value on the consolidated balance sheet of $176.1 million as of June 30, 2024 represents the sum of total tax credits earned on solar projects placed-in-service through June 30, 2024 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment negative carrying value as of June 30, 2024 excluding the portion owned by syndication partners, which is reflected as "noncontrolling interests" on the consolidated balance sheet, was $84.0 million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The following table presents (i) the Company's recognized net (losses) gains, which include net losses attributable to third-party noncontrolling interest investors (syndication partners), included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net gains (losses) attributed to noncontrolling interest investors included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the Company's recognized net (losses) gains excluding net gains (losses) attributed to noncontrolling interest investors (such amount reflecting the before tax net income impact of such solar tax equity investments to the Company).
Three months ended June 30,Six months ended June 30,
2024202320242023
Net (losses) gains$(2,610)(10,086)170 (13,030)
Less: net gains (losses) attributed to noncontrolling interest investors (syndication partners)8 (8,430)(1,633)(11,428)
Net (losses) gains, excluding activity attributed to noncontrolling interest investors$(2,618)(1,656)1,803 (1,602)
As of June 30, 2024, the Company is committed to fund an additional $125.7 million on solar investments, of which $83.0 million is expected to be provided by syndication partners.
Schedule of Investments Classified by Contractual Maturity Date
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of June 30, 2024:
As of June 30, 2024
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$— 9,263 4,015 34,690 47,968 
Fair value— 9,295 4,049 37,014 50,358 
Non-Nelnet Bank:
FFELP loan— 4,285 13,866 201,925 220,076 
Private education loan— — — 258,390 258,390 
Other debt securities— 100 4,000 29,573 33,673 
Total Non-Nelnet Bank— 4,385 17,866 489,888 512,139 
Fair value— 4,428 17,748 475,023 497,199 
Nelnet Bank:
FFELP loan53,474 21,141 23,908 128,601 227,124 
Other debt securities— 33,107 16,374 109,128 158,609 
Total Nelnet Bank53,474 54,248 40,282 237,729 385,733 
Fair value54,336 54,254 40,457 242,925 391,972 
Total available-for-sale asset-backed securities at amortized cost$53,474 67,896 62,163 762,307 945,840 
Total available-for-sale asset-backed securities at fair value$54,336 67,977 62,254 754,962 939,529 
Held-to-maturity investments
Non-Nelnet Bank:
Debt securities$3,500 — — — 3,500 
Fair value3,500 — — — 3,500 
Nelnet Bank:
FFELP loan asset-backed securities— 3,041 1,278 212,964 217,283 
Private education loan asset-backed securities— — — 8,100 8,100 
Total Nelnet Bank— 3,041 1,278 221,064 225,383 
Fair value— 3,129 1,304 226,330 230,763 
Total held-to-maturity investments at amortized cost$3,500 3,041 1,278 221,064 228,883 
Total held-to-maturity investments at fair value$3,500 3,129 1,304 226,330 234,263 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 243,969 
Fair value$— — — — 261,850 
(a) The Company's beneficial interest in loan securitizations are not due at a single maturity date.
Schedule of Debt Securities, Held-to-Maturity and Beneficial Interest in Securitization
The following table summarizes the unrealized positions for held-to-maturity investments and the beneficial interest in loan securitizations as of June 30, 2024:
Carrying valueGross unrealized gainsGross unrealized losses (a)Fair value
Asset-backed and other securities$228,883 5,380 — 234,263 
Beneficial interest in loan securitizations243,969 20,512 (2,631)261,850 
(a) None of the unrealized losses presented in the above table at June 30, 2024 were due to credit losses.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents securities classified as available-for-sale that have gross unrealized losses at June 30, 2024 and the fair value of such securities as of June 30, 2024. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of June 30, 2024
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$(83)8,167 — — (83)8,167 
Non-Nelnet Bank:
FFELP loan(7)3,494 (1,443)79,320 (1,450)82,814 
Private education loan— — (22,442)235,948 (22,442)235,948 
Total Non-Nelnet Bank(7)3,494 (23,885)315,268 (23,892)318,762 
Nelnet Bank:
FFELP loan(35)9,694 (1,315)34,871 (1,350)44,565 
Other debt securities(42)13,098 (1,376)16,598 (1,418)29,696 
Total Nelnet Bank(77)22,792 (2,691)51,469 (2,768)74,261 
Total available-for-sale asset-backed securities$(167)34,453 (26,576)366,737 (26,743)401,190 
Schedule of Gross Proceeds Received and Gross Realized Gains and Losses for Sales of Available-for-Sale Asset-Backed Securities
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities.
Three months endedSix months ended
June 30,June 30,
2024202320242023
Gross proceeds from sales$113,173 85,375 266,547 577,548 
Gross realized gains$1,516 920 2,571 2,194 
Gross realized losses(463)(2)(966)(6,258)
Net gains (losses)$1,053 918 1,605 (4,064)
v3.24.2.u1
Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
June 30, 2024 (months)
As ofAs of
June 30, 2024December 31, 2023
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $50,661 and $46,573, respectively)
100$38,943 43,031 
Trade names (net of accumulated amortization of $167 and $8,268, respectively)
94603 642 
Computer software (net of accumulated amortization of $745 and $574, respectively)
34975 1,146 
Total amortizable intangible assets, net98$40,521 44,819 
Schedule of Intangible Assets Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2024, the Company estimates it will record amortization expense as follows:
2024 (July 1 - December 31)$4,193 
20256,099 
20266,012 
20275,714 
20285,354 
2029 and thereafter13,149 
 $40,521 
v3.24.2.u1
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill [Abstract]  
Schedule of Goodwill
The following table presents the carrying amount of goodwill as of June 30, 2024 and December 31, 2023 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.24.2.u1
Impairment Expense, Provision for Beneficial Interests, and Restructure Charges (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Impairment Charges by Asset and Segment
The following table presents the non-cash impairment charges by asset and reportable operating segment recognized by the Company during 2024. No impairment charges were recognized during the first six months of 2023. The Company’s impairment charges are included in “impairment expense and provision for beneficial interests” in the consolidated statements of income.
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Three months ended June 30, 2024
Investments - beneficial interest in consumer loan securitizations (a)$— — 5,911 — — — 5,911 
Property and equipment - solar facilities (b)— — — — — 1,170 1,170 
Other assets - solar inventory (b)— — — — — 695 695 
$— — 5,911 — — 1,865 7,776 
Six months ended June 30, 2024
Investments - beneficial interest in consumer loan securitizations (a)$— — 5,911 — — — 5,911 
Investments - venture capital— — — — — 37 37 
Property and equipment - solar facilities (b)— — — — — 1,170 1,170 
Other assets - solar inventory (b)— — — — — 695 695 
$— — 5,911 — — 1,902 7,813 
(a)     During the three months ended June 30, 2024, the Company recorded an allowance for credit losses (and related provision expense) related to the Company's beneficial interest in consumer loan securitizations. See note 6 for additional information.
(b)    On April 12, 2024, the Company announced a change in its solar engineering, procurement, and construction (EPC) operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, during the three months ended June 30, 2024, the Company recognized non-cash impairment charges on certain solar facilities and inventory related to the residential solar operations.
v3.24.2.u1
Bank Deposits (Tables)
 6 Months Ended
Jun. 30, 2024
Deposits [Abstract]  
Schedule of Interest-Bearing Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
June 30, 2024December 31, 2023
Retail and other savings$622,080 520,017 
Brokered CDs, net of brokered deposit fees246,156 203,522 
Retail and other CDs, net of issuance fees22,236 20,060 
Total interest-bearing deposits$890,472 743,599 
Schedule of Certificates of Deposit Maturities
The following table presents certificates of deposit remaining maturities as of June 30, 2024:
One year or less$982 
After one year to two years149,045 
After two years to three years75,172 
After three years to four years348 
After four years to five years42,845 
After five years— 
Total$268,392 
v3.24.2.u1
Earnings per Common Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings per Share
The following table presents 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 June 30,
20242023
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$44,239 852 45,091 26,842 584 27,426 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,835,387 690,095 36,525,482 36,670,933 797,464 37,468,397 
Earnings per share - basic and diluted$1.23 1.23 1.23 0.73 0.73 0.73 
Six months ended June 30,
20242023
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$116,178 2,320 118,498 52,270 1,115 53,385 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,119,876 721,351 36,841,227 36,625,819 781,024 37,406,843 
Earnings per share - basic and diluted$3.22 3.22 3.22 1.43 1.43 1.43 
v3.24.2.u1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Reportable Operating Segments Reconciled to Consolidated Financial Statements The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended June 30, 2024
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 193,707 8,422 — — — 202,129 
Investment interest1,258 5,715 13,709 10,811 15,880 2,646 (9,282)40,737 
Total interest income1,258 5,715 207,416 19,233 15,880 2,646 (9,282)242,866 
Interest expense— — 171,632 10,769 2,606 733 (9,282)176,459 
Net interest income1,258 5,715 35,784 8,464 13,274 1,913 — 66,407 
Less provision (negative provision) for loan losses— — (4,225)7,836 — — — 3,611 
Net interest income after provision for loan losses1,258 5,715 40,009 628 13,274 1,913 — 62,796 
Other income (expense):
Loan servicing and systems revenue109,052 — — — — — — 109,052 
Intersegment revenue6,106 56 — — — — (6,162)— 
Education technology services and payments revenue— 116,909 — — — — — 116,909 
Solar construction revenue— — — — — 9,694 — 9,694 
Other, net685 — 1,337 775 15,702 10,372 — 28,871 
Loss on sale of loans— — (1,438)— — — — (1,438)
Impairment expense and provision for beneficial interests— — (5,911)— — (1,865)— (7,776)
Derivative settlements, net— — 1,442 207 — — — 1,649 
Derivative market value adjustments, net— — 936 597 — — — 1,533 
Total other income (expense), net115,843 116,965 (3,634)1,579 15,702 18,201 (6,162)258,494 
Cost of services:
Cost to provide education technology services and payments— 40,222 — — — — — 40,222 
Cost to provide solar construction services— — — — — 8,072 — 8,072 
Total cost of services— 40,222 — — — 8,072 — 48,294 
Operating expenses:
Salaries and benefits70,631 40,736 1,113 2,798 374 24,786 (804)139,634 
Depreciation and amortization5,342 2,712 — 341 — 6,748 — 15,142 
Other expenses20,661 8,600 3,793 2,067 11,829 12,842 — 59,792 
Intersegment expenses, net18,224 4,811 7,159 719 248 (25,803)(5,358)— 
Total operating expenses114,858 56,859 12,065 5,925 12,451 18,573 (6,162)214,568 
Income (loss) before income taxes2,243 25,599 24,310 (3,718)16,525 (6,531)— 58,428 
Income tax (expense) benefit(538)(6,150)(5,835)916 (3,935)788 — (14,753)
Net income (loss)1,705 19,449 18,475 (2,802)12,590 (5,743)— 43,675 
Net loss (income) attributable to noncontrolling interests— 29 — — (129)1,516 — 1,416 
Net income (loss) attributable to Nelnet, Inc.$1,705 19,478 18,475 (2,802)12,461 (4,227)— 45,091 
Total assets as of June 30, 2024$264,381 478,077 11,315,210 1,185,302 1,038,068 778,549 (558,394)14,501,193 
 Three months ended June 30, 2023
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 237,906 5,139 — — — 243,045 
Investment interest1,058 5,268 15,857 8,522 22,800 3,055 (15,578)40,982 
Total interest income1,058 5,268 253,763 13,661 22,800 3,055 (15,578)284,027 
Interest expense— — 232,313 8,171 7,371 871 (15,578)233,148 
Net interest income1,058 5,268 21,450 5,490 15,429 2,184 — 50,879 
Less provision (negative provision) for loan losses— — (12,873)1,493 — — — (11,380)
Net interest income after provision for loan losses1,058 5,268 34,323 3,997 15,429 2,184 — 62,259 
Other income (expense):
Loan servicing and systems revenue122,020 — — — — — — 122,020 
Intersegment revenue7,246 65 — — — — (7,311)— 
Education technology services and payments revenue— 109,858 — — — — — 109,858 
Solar construction revenue— — — — — 4,735 — 4,735 
Other, net605 — 1,319 620 5,967 (17,677)— (9,167)
Loss on sale of loans— — (5,461)— — — — (5,461)
Impairment expense and provision for beneficial interests— — — — — — — — 
Derivative settlements, net— — (18)83 — — — 65 
Derivative market value adjustments, net— — 897 1,108 — — — 2,005 
Total other income (expense), net129,871 109,923 (3,263)1,811 5,967 (12,942)(7,311)224,055 
Cost of services:
Cost to provide education technology services and payments— 40,407 — — — — — 40,407 
Cost to provide solar construction services— — — — — 9,122 — 9,122 
Total cost of services— 40,407 — — — 9,122 — 49,529 
Operating expenses:
Salaries and benefits76,141 38,351 1,096 2,297 210 26,756 (145)144,706 
Depreciation and amortization4,863 2,815 — 51 — 10,923 — 18,652 
Other expenses13,818 9,692 4,115 1,624 4,134 12,613 — 45,997 
Intersegment expenses, net19,079 5,884 8,145 92 127 (26,161)(7,166)— 
Total operating expenses113,901 56,742 13,356 4,064 4,471 24,131 (7,311)209,355 
Income (loss) before income taxes17,028 18,042 17,704 1,744 16,925 (44,011)— 27,430 
Income tax (expense) benefit(4,086)(4,327)(4,249)(396)(4,031)6,902 — (10,187)
Net income (loss)12,942 13,715 13,455 1,348 12,894 (37,109)— 17,243 
Net loss (income) attributable to noncontrolling interests— (19)— — (128)10,330 — 10,183 
Net income (loss) attributable to Nelnet, Inc.$12,942 13,696 13,455 1,348 12,766 (26,779)— 27,426 
Total assets as of June 30, 2023$173,926 482,922 14,667,357 1,005,043 1,099,212 970,987 (613,757)17,785,690 
Six months ended June 30, 2024
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 403,335 15,518 — — — 418,853 
Investment interest3,152 13,580 35,544 20,779 31,495 6,461 (18,197)92,814 
Total interest income3,152 13,580 438,879 36,297 31,495 6,461 (18,197)511,667 
Interest expense— — 362,537 20,266 5,024 1,409 (18,197)371,039 
Net interest income3,152 13,580 76,342 16,031 26,471 5,052 — 140,628 
Less provision (negative provision) for loan losses— — 2,230 12,210 — — — 14,440 
Net interest income after provision for loan losses3,152 13,580 74,112 3,821 26,471 5,052 — 126,188 
Other income (expense):
Loan servicing and systems revenue236,252 — — — — — — 236,252 
Intersegment revenue12,991 106 — — — — (13,097)— 
Education technology services and payments revenue— 260,449 — — — — — 260,449 
Solar construction revenue— — — — — 23,420 — 23,420 
Other, net1,395 — 6,321 1,150 28,644 8,224 — 45,734 
Loss on sale of loans— — (1,579)— — — — (1,579)
Impairment expense and provision for beneficial interests— — (5,911)— — (1,902)— (7,813)
Derivative settlements, net— — 2,997 409 — — — 3,406 
Derivative market value adjustments, net— — 6,642 2,855 — — — 9,497 
Total other income (expense), net250,638 260,555 8,470 4,414 28,644 29,742 (13,097)569,366 
Cost of services:
Cost to provide education technology services and payments— 88,832 — — — — — 88,832 
Cost to provide solar construction services— — — — — 22,300 — 22,300 
Total cost of services— 88,832 — — — 22,300 — 111,132 
Operating expenses:
Salaries and benefits147,353 80,903 2,308 5,518 732 48,307 (1,611)283,509 
Depreciation and amortization10,450 5,395 — 601 — 15,464 — 31,911 
Other expenses40,198 16,158 7,210 3,194 23,632 26,243 — 116,637 
Intersegment expenses, net37,555 9,612 15,009 1,493 465 (52,648)(11,486)— 
Total operating expenses235,556 112,068 24,527 10,806 24,829 37,366 (13,097)432,057 
Income (loss) before income taxes18,234 73,235 58,055 (2,571)30,286 (24,872)— 152,365 
Income tax (expense) benefit(4,376)(17,585)(13,933)657 (7,209)4,511 — (37,936)
Net income (loss)13,858 55,650 44,122 (1,914)23,077 (20,361)— 114,429 
Net loss (income) attributable to noncontrolling interests— 46 — — (249)4,272 — 4,069 
Net income (loss) attributable to Nelnet, Inc.$13,858 55,696 44,122 (1,914)22,828 (16,089)— 118,498 
Total assets as of June 30, 2024$264,381 478,077 11,315,210 1,185,302 1,038,068 778,549 (558,394)14,501,193 
Six months ended June 30, 2023
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 458,818 9,471 — — — 468,288 
Investment interest2,095 11,304 29,664 16,449 41,460 5,594 (24,860)81,707 
Total interest income2,095 11,304 488,482 25,920 41,460 5,594 (24,860)549,995 
Interest expense— — 421,511 15,385 19,198 1,362 (24,860)432,597 
Net interest income2,095 11,304 66,971 10,535 22,262 4,232 — 117,398 
Less provision (negative provision) for loan losses— — (3,119)3,910 — — — 791 
Net interest income after provision for loan losses2,095 11,304 70,090 6,625 22,262 4,232 — 116,607 
Other income (expense):
Loan servicing and systems revenue261,247 — — — — — — 261,247 
Intersegment revenue15,036 121 — — — — (15,157)— 
Education technology services and payments revenue— 243,462 — — — — — 243,462 
Solar construction revenue— — — — — 13,386 — 13,386 
Other, net1,213 — 4,164 830 5,226 (35,667)— (24,235)
Loss on sale of loans— — (15,753)— — — — (15,753)
Impairment expense and provision for beneficial interests— — — — — — — — 
Derivative settlements, net— — 23,319 83 — — — 23,402 
Derivative market value adjustments, net— — (36,515)1,108 — — — (35,407)
Total other income (expense), net277,496 243,583 (24,785)2,021 5,226 (22,281)(15,157)466,102 
Cost of services:
Cost to provide education technology services and payments— 88,110 — — — — — 88,110 
Cost to provide solar construction services— — — — — 17,422 — 17,422 
Total cost of services— 88,110 — — — 17,422 — 105,532 
Operating expenses:
Salaries and benefits160,701 76,264 1,851 4,361 429 53,955 (145)297,416 
Depreciation and amortization9,377 5,393 — 56 — 20,454 — 35,279 
Other expenses27,131 17,755 9,131 2,406 4,701 25,657 — 86,781 
Intersegment expenses, net40,136 11,684 16,841 173 256 (54,078)(15,012)— 
Total operating expenses237,345 111,096 27,823 6,996 5,386 45,988 (15,157)419,476 
Income (loss) before income taxes42,246 55,681 17,482 1,650 22,102 (81,459)— 57,701 
Income tax (expense) benefit(10,139)(13,393)(4,196)(362)(5,240)15,056 — (18,273)
Net income (loss)32,107 42,288 13,286 1,288 16,862 (66,403)— 39,428 
Net loss (income) attributable to noncontrolling interests— 119 — — (269)14,107 — 13,957 
Net income (loss) attributable to Nelnet, Inc.$32,107 42,407 13,286 1,288 16,593 (52,296)— 53,385 
Total assets as of June 30, 2023$173,926 482,922 14,667,357 1,005,043 1,099,212 970,987 (613,757)17,785,690 
v3.24.2.u1
Disaggregated Revenue (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended June 30,Six months ended June 30,
 2024202320242023
Government loan servicing$87,014 95,736 192,490 204,618 
Private education and consumer loan servicing12,959 12,063 25,577 24,225 
FFELP loan servicing3,245 3,554 6,624 6,921 
Software services4,879 5,962 9,420 15,660 
Outsourced services955 4,705 2,141 9,823 
Loan servicing and systems revenue$109,052 122,020 236,252 261,247 
 Three months ended June 30,Six months ended June 30,
 2024202320242023
Tuition payment plan services$34,164 30,825 73,043 65,012 
Payment processing34,326 31,827 82,113 75,868 
Education technology services47,205 46,216 103,227 101,004 
Other1,214 990 2,066 1,578 
Education technology services and payments revenue$116,909 109,858 260,449 243,462 
Three months ended June 30,Six months ended June 30,
2024202320242023
Commercial revenue$8,777 2,329 20,355 8,205 
Residential revenue (a)917 2,406 3,065 5,181 
Solar construction revenue$9,694 4,735 23,420 13,386 
(a)    On April 12, 2024, the Company announced a change in its solar engineering, procurement, and construction operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, residential revenue will continue to decline from recent historical amounts as existing customer contracts are completed.
Schedule of Components of Other Income (Expenses)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended June 30,Six months ended June 30,
2024202320242023
Reinsurance premiums$14,851 3,816 27,631 4,351 
ALLO preferred return4,160 2,274 6,569 4,523 
Borrower late fee income2,584 2,168 5,718 4,414 
Investment advisory services (WRCM)1,524 1,639 3,033 3,251 
Administration/sponsor fee income1,482 1,697 3,028 3,468 
Investment activity, net217 (3,574)(1,082)(7,154)
Loss from ALLO voting membership interest investment— (12,169)(10,693)(32,382)
(Loss) gain from solar investments, net(2,610)(10,086)170 (13,030)
Other6,663 5,068 11,360 8,324 
Other, net$28,871 (9,167)45,734 (24,235)
v3.24.2.u1
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024As of December 31, 2023
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 939,429 939,529 99 955,804 955,903 
Equity securities187 — 187 73 — 73 
Equity securities measured at net asset value (a)59,434 50,834 
Total investments287 939,429 999,150 172 955,804 1,006,810 
Derivative instruments— 2,112 2,112 — 452 452 
Total assets$287 941,541 1,001,262 172 956,256 1,007,262 
Liabilities:
Derivative instruments$— 780 780 — 1,976 1,976 
Total liabilities$— 780 780 — 1,976 1,976 
(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.
Schedule of 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 June 30, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,902,478 10,320,047 — — 10,902,478 
Accrued loan interest receivable619,472 619,472 — 619,472 — 
Cash and cash equivalents145,478 145,478 145,478 — — 
Investments (at fair value)999,150 999,150 287 939,429 — 
Investments - held-to-maturity234,263 228,883 — 234,263 — 
Notes receivable28,565 28,565 — 28,565 — 
Beneficial interest in loan securitizations261,850 243,969 — — 261,850 
Restricted cash538,446 538,446 538,446 — — 
Restricted cash – due to customers259,479 259,479 259,479 — — 
Derivative instruments2,112 2,112 — 2,112 — 
Financial liabilities:  
Bonds and notes payable9,560,951 9,567,708 — 9,560,951 — 
Accrued interest payable27,141 27,141 — 27,141 — 
Bank deposits869,437 890,472 575,265 294,172 — 
Due to customers388,876 388,876 388,876 — — 
Derivative instruments780 780 — 780 — 
 As of December 31, 2023
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$12,800,638 12,343,819 — — 12,800,638 
Accrued loan interest receivable764,385 764,385 — 764,385 — 
Cash and cash equivalents168,112 168,112 168,112 — — 
Investments (at fair value)1,006,810 1,006,810 172 955,804 — 
Investments - held-to-maturity163,622 162,738 — 163,622 — 
Notes receivable53,747 53,747 — 53,747 — 
Beneficial interest in loan securitizations262,093 225,079 — — 262,093 
Restricted cash488,723 488,723 488,723 — — 
Restricted cash – due to customers368,656 368,656 368,656 — — 
Derivative instruments452 452 — 452 — 
Financial liabilities:  
Bonds and notes payable11,629,359 11,828,393 — 11,629,359 — 
Accrued interest payable35,391 35,391 — 35,391 — 
Bank deposits722,973 743,599 467,420 255,553 — 
Due to customers425,507 425,507 425,507 — — 
Derivative instruments1,976 1,976 — 1,976 — 
v3.24.2.u1
Reclassifications and Immaterial Error Corrections - (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]                
Reclassification adjustment $ 28,871 $ (9,167) $ 45,734 $ (24,235)        
Pre-tax loss from equity investment (1,416) (10,183) (4,069) (13,957)        
Net income attributable to Nelnet, Inc. 45,091 27,426 118,498 53,385        
Net income (loss) attributable to parent 3,220,022 3,228,127 3,220,022 3,228,127 $ 3,235,720 $ 3,200,107 $ 3,205,794 $ 3,183,199
Loan Sales | Revision of Prior Period, Reclassification, Adjustment                
Variable Interest Entity [Line Items]                
Reclassification adjustment   21,000   43,100        
Solar                
Variable Interest Entity [Line Items]                
Pre-tax loss from equity investment 8 (8,430) (1,633) (11,428)        
Net income attributable to Nelnet, Inc. $ (2,618) (1,656) $ 1,803 (1,602)        
Solar | Revision of Prior Period, Reclassification, Adjustment                
Variable Interest Entity [Line Items]                
Reclassification adjustment   (2,200)   (3,200)        
Pre-tax loss from equity investment   1,000   1,300        
Net income attributable to Nelnet, Inc.   $ (800)   $ (1,400)        
Net income (loss) attributable to parent           $ (21,800)   $ 16,700
v3.24.2.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Accrued interest receivable $ 619,472   $ 764,385      
Loan discount, net of unamortized premiums and deferred origination costs (36,157)   (33,872)      
Allowance for loan losses (96,764) $ (106,008) (104,643) $ (114,263) $ (134,704) $ (131,827)
Financing receivable, after allowance for credit loss 10,939,519   13,108,204      
Non-Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 9,910,617   12,049,462      
Allowance for loan losses (81,380)   (95,945)      
Federally insured loans - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 9,483,733   11,686,207 12,819,742    
Accrued interest receivable 612,374   757,713 810,489    
Allowance for loan losses (54,180) (61,723) (68,453) (74,061) (79,331) (83,593)
Financing receivable, after allowance for credit loss 10,017,705   12,346,504 13,522,406    
Federally insured loans - Non-Nelnet Bank | Stafford and other            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 2,308,561   2,936,174      
Federally insured loans - Non-Nelnet Bank | Consolidation            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 7,175,172   8,750,033      
Private education loans - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 247,437   277,320 230,056    
Accrued interest receivable 2,407   2,653 2,196    
Allowance for loan losses (13,065) (14,736) (15,750) (14,322) (15,175) (15,411)
Financing receivable, after allowance for credit loss 229,585   256,186 218,113    
Consumer loans and other loans - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 179,447   85,935 189,327    
Accrued interest receivable 763   861 2,246    
Allowance for loan losses (14,135) (18,761) (11,742) (20,005) (35,317) (30,263)
Financing receivable, after allowance for credit loss 156,870   72,580 172,318    
Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 542,351   432,872      
Allowance for loan losses (15,384)   (8,698)      
Private education loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 354,412   360,520 352,319    
Accrued interest receivable 2,709   2,023 1,591    
Allowance for loan losses (3,559) (3,660) (3,347) (2,905) (2,894) (2,390)
Financing receivable, after allowance for credit loss 359,063   364,804 356,371    
Consumer and other loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 187,939   72,352 30,668    
Accrued interest receivable 1,219   575 214    
Allowance for loan losses (11,825) $ (7,128) (5,351) (2,816) $ (1,827) $ 0
Financing receivable, after allowance for credit loss $ 176,296   $ 67,570 $ 28,066    
v3.24.2.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)
Jun. 30, 2024
Dec. 31, 2023
Federally insured loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.57% 0.59%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 20.90% 21.80%
Private education loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 5.28% 5.68%
Consumer loans and other loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 7.88% 13.66%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 1.00% 0.93%
Consumer and other loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 6.29% 7.40%
v3.24.2.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans sold $ 133,800 $ 158,300 $ 333,900 $ 420,200  
Loss on sale of loan (1,438) $ (5,461) (1,579) $ (15,753)  
Consumer Portfolio Segment, Unfunded Private Education Loan Commitments          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Liability related to unfunded education loan commitments 119   119   $ 158
Unfunded private education loan commitments $ 11,500   $ 11,500   $ 12,300
v3.24.2.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 106,008 $ 134,704 $ 104,643 $ 131,827
Provision (negative provision) for loan losses 3,549 (11,371) 14,478 814
Charge-offs (13,331) (9,727) (23,569) (19,419)
Recoveries 538 657 1,212 1,041
Balance at end of period 96,764 114,263 96,764 114,263
Provision (negative provision) for loan losses 3,549 (11,371) 14,478 814
Federally insured loans - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 61,723 79,331 68,453 83,593
Provision (negative provision) for loan losses (1,970) 0 (3,840) 2,411
Charge-offs (5,573) (5,270) (10,433) (11,943)
Recoveries 0 0 0 0
Balance at end of period 54,180 74,061 54,180 74,061
Provision (negative provision) for loan losses (1,970) 0 (3,840) 2,411
Private education loans - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 14,736 15,175 15,750 15,411
Provision (negative provision) for loan losses 0 0 (265) 240
Charge-offs (1,827) (1,069) (2,840) (1,709)
Recoveries 156 216 420 380
Balance at end of period 13,065 14,322 13,065 14,322
Provision (negative provision) for loan losses 0 0 (265) 240
Consumer loans and other loans - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 18,761 35,317 11,742 30,263
Provision (negative provision) for loan losses (2,255) (12,873) 6,335 (5,770)
Charge-offs (2,634) (2,880) (4,586) (5,149)
Recoveries 263 441 644 661
Balance at end of period 14,135 20,005 14,135 20,005
Provision for current period 10,340 8,098 19,030 37,307
Loan sale reduction to provision (12,595) (20,971) (12,695) (43,077)
Provision (negative provision) for loan losses (2,255) (12,873) 6,335 (5,770)
Private education loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 3,660 2,894 3,347 2,390
Provision (negative provision) for loan losses 255 517 1,012 1,129
Charge-offs (460) (506) (906) (614)
Recoveries 104 0 106 0
Balance at end of period 3,559 2,905 3,559 2,905
Provision (negative provision) for loan losses 255 517 1,012 1,129
Consumer and other loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 7,128 1,827 5,351 0
Provision (negative provision) for loan losses 7,519 989 11,236 2,816
Charge-offs (2,837) 0 (4,804) 0
Recoveries 15 0 42 0
Balance at end of period 11,825 2,816 11,825 2,816
Provision (negative provision) for loan losses $ 7,519 989 $ 11,236 2,816
Federally insured loans - Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period   160   170
Provision (negative provision) for loan losses   (4)   (12)
Charge-offs   (2)   (4)
Recoveries   0   0
Balance at end of period   154   154
Provision (negative provision) for loan losses   $ (4)   $ (12)
v3.24.2.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Net Charge-offs as a Percentage of Average Loans (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Federally insured loans - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.22% 0.16% 0.19% 0.18%
Private education loans - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 2.64% 1.45% 1.85% 1.11%
Consumer loans and other loans - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 4.62% 4.07% 4.98% 3.22%
Federally insured loans - Nelnet Bank:        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.00% 0.01% 0.00% 0.01%
Private education loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.40% 0.57% 0.44% 0.35%
Consumer and other loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 7.44% 0.00% 7.66% 0.00%
v3.24.2.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Unfunded Loan Commitments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Receivables [Abstract]        
Provision for loan losses from allowance activity table above $ 3,549 $ (11,371) $ 14,478 $ 814
Provision (negative provision) for unfunded loan commitments 62 (9) (38) (23)
Provision (negative provision) for loan losses reported in consolidated statements of income $ 3,611 $ (11,380) $ 14,440 $ 791
v3.24.2.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Loans in repayment status:            
Accrued interest receivable $ 619,472   $ 764,385      
Allowance for loan losses (96,764) $ (106,008) (104,643) $ (114,263) $ (134,704) $ (131,827)
Financing receivable, after allowance for credit loss 10,939,519   13,108,204      
Federally insured loans - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 440,891   $ 522,304 $ 612,357    
Loans in-school/grace/deferment, percent 4.60%   4.50% 4.80%    
Loans in forbearance $ 702,539   $ 979,588 $ 930,629    
Loans in forbearance, percent 7.40%   8.40% 7.30%    
Loans in repayment status:            
Loans receivable, gross $ 9,483,733   $ 11,686,207 $ 12,819,742    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 8,340,303   $ 10,184,315 $ 11,276,756    
Loans in repayment, percent 88.00%   87.10% 87.90%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 612,374   $ 757,713 $ 810,489    
Loan premium (discount) (24,222)   (28,963) (33,764)    
Allowance for loan losses (54,180) (61,723) (68,453) (74,061) (79,331) (83,593)
Financing receivable, after allowance for credit loss 10,017,705   12,346,504 13,522,406    
Federally insured loans - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 7,012,655   $ 8,416,624 $ 9,609,634    
Loans current, percentage 84.10%   82.60% 85.20%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 339,262   $ 377,108 $ 496,953    
Loans past due, percentage 4.10%   3.70% 4.40%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 234,746   $ 254,553 $ 360,728    
Loans past due, percentage 2.80%   2.50% 3.20%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 91-120 days            
Loans in repayment status:            
Loans receivable, gross $ 151,447   $ 187,145 $ 157,685    
Loans past due, percentage 1.80%   1.90% 1.40%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 121-270 days            
Loans in repayment status:            
Loans receivable, gross $ 377,660   $ 685,829 $ 457,100    
Loans past due, percentage 4.50%   6.70% 4.10%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 224,533   $ 263,056 $ 194,656    
Loans past due, percentage 2.70%   2.60% 1.70%    
Private education loans - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 7,906   $ 9,475 $ 10,440    
Loans in-school/grace/deferment, percent 3.20%   3.40% 4.60%    
Loans in forbearance $ 2,248   $ 2,529 $ 1,874    
Loans in forbearance, percent 0.90%   0.90% 0.80%    
Loans in repayment status:            
Loans receivable, gross $ 247,437   $ 277,320 $ 230,056    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 237,283   $ 265,316 $ 217,742    
Loans in repayment, percent 95.90%   95.70% 94.60%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 2,407   $ 2,653 $ 2,196    
Loan premium (discount) (7,194)   (8,037) 183    
Allowance for loan losses (13,065) (14,736) (15,750) (14,322) (15,175) (15,411)
Financing receivable, after allowance for credit loss 229,585   256,186 218,113    
Private education loans - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 230,512   $ 257,639 $ 212,522    
Loans current, percentage 97.10%   97.10% 97.60%    
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 2,814   $ 3,395 $ 1,643    
Loans past due, percentage 1.20%   1.30% 0.70%    
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 1,395   $ 1,855 $ 1,253    
Loans past due, percentage 0.60%   0.70% 0.60%    
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 2,562   $ 2,427 $ 2,324    
Loans past due, percentage 1.10%   0.90% 1.10%    
Consumer loans and other loans - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 122   $ 146 $ 102    
Loans in-school/grace/deferment, percent 0.10%   0.20% 0.10%    
Loans in repayment status:            
Loans receivable, gross $ 179,447   $ 85,935 $ 189,327    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 179,325   $ 85,789 $ 189,225    
Loans in repayment, percent 99.90%   99.80% 99.90%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 763   $ 861 $ 2,246    
Loan premium (discount) (9,205)   (2,474) 750    
Allowance for loan losses (14,135) (18,761) (11,742) (20,005) (35,317) (30,263)
Financing receivable, after allowance for credit loss 156,870   72,580 172,318    
Consumer loans and other loans - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 174,295   $ 81,195 $ 181,864    
Loans current, percentage 97.20%   94.60% 96.10%    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 2,100   $ 2,035 $ 2,794    
Loans past due, percentage 1.20%   2.40% 1.50%    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 1,857   $ 1,189 $ 2,533    
Loans past due, percentage 1.00%   1.40% 1.30%    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 1,073   $ 1,370 $ 2,034    
Loans past due, percentage 0.60%   1.60% 1.10%    
Private education loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 41,394   $ 25,957 $ 16,996    
Loans in-school/grace/deferment, percent 11.70%   7.20% 4.80%    
Loans in forbearance $ 1,985   $ 1,285 $ 1,797    
Loans in forbearance, percent 0.60%   0.40% 0.50%    
Loans in repayment status:            
Loans receivable, gross $ 354,412   $ 360,520 $ 352,319    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 311,033   $ 333,278 $ 333,526    
Loans in repayment, percent 87.70%   92.40% 94.70%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 2,709   $ 2,023 $ 1,591    
Loan premium (discount) 5,501   5,608 5,366    
Allowance for loan losses (3,559) (3,660) (3,347) (2,905) (2,894) (2,390)
Financing receivable, after allowance for credit loss 359,063   364,804 356,371    
Private education loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 308,591   $ 331,580 $ 332,205    
Loans current, percentage 99.20%   99.40% 99.60%    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 934   $ 839 $ 691    
Loans past due, percentage 0.30%   0.30% 0.20%    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 444   $ 253 $ 241    
Loans past due, percentage 0.20%   0.10% 0.10%    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 1,064   $ 606 $ 389    
Loans past due, percentage 0.30%   0.20% 0.10%    
Consumer and other loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 1,414   $ 103 $ 6    
Loans in-school/grace/deferment, percent 0.80%   0.10% 0.00%    
Loans in repayment status:            
Loans receivable, gross $ 187,939   $ 72,352 $ 30,668    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 186,525   $ 72,249 $ 30,662    
Loans in repayment, percent 99.20%   99.90% 100.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,219   $ 575 $ 214    
Loan premium (discount) (1,037)   (6) 0    
Allowance for loan losses (11,825) $ (7,128) (5,351) (2,816) $ (1,827) $ 0
Financing receivable, after allowance for credit loss 176,296   67,570 28,066    
Consumer and other loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 181,558   $ 69,584 $ 30,120    
Loans current, percentage 97.30%   96.30% 98.20%    
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 1,516   $ 1,075 $ 277    
Loans past due, percentage 0.80%   1.50% 0.90%    
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 1,814   $ 941 $ 205    
Loans past due, percentage 1.00%   1.30% 0.70%    
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 1,637   $ 649 $ 60    
Loans past due, percentage 0.90%   0.90% 0.20%    
v3.24.2.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Nelnet Bank's Private Education Loans by FICO Score at Origination (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Private education loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 7,780 $ 46,907  
Fiscal year before current fiscal year 53,011 190,466  
Fiscal year two years before current fiscal year 179,601 114,278  
Fiscal year three years before current fiscal year 105,728 8,869  
Fiscal year four years before current fiscal year 8,292    
Fiscal year five years before current fiscal year 0    
Total loans 354,412 360,520 $ 352,319
Private education loans - Nelnet Bank | Less than 705      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 451 3,840  
Fiscal year before current fiscal year 3,957 5,495  
Fiscal year two years before current fiscal year 5,200 4,647  
Fiscal year three years before current fiscal year 4,413 386  
Fiscal year four years before current fiscal year 374    
Total loans 14,395 14,368  
Private education loans - Nelnet Bank | 705 - 734      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 950 9,534  
Fiscal year before current fiscal year 9,658 21,961  
Fiscal year two years before current fiscal year 20,984 8,805  
Fiscal year three years before current fiscal year 8,167 525  
Fiscal year four years before current fiscal year 513    
Total loans 40,272 40,825  
Private education loans - Nelnet Bank | 735 - 764      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 1,149 8,648  
Fiscal year before current fiscal year 9,307 32,969  
Fiscal year two years before current fiscal year 31,511 14,910  
Fiscal year three years before current fiscal year 13,673 1,358  
Fiscal year four years before current fiscal year 1,318    
Total loans 56,958 57,885  
Private education loans - Nelnet Bank | 765 - 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 860 5,776  
Fiscal year before current fiscal year 6,543 52,045  
Fiscal year two years before current fiscal year 49,268 27,221  
Fiscal year three years before current fiscal year 25,720 1,374  
Fiscal year four years before current fiscal year 1,286    
Total loans 83,677 86,416  
Private education loans - Nelnet Bank | Greater than 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 1,760 15,057  
Fiscal year before current fiscal year 17,464 77,996  
Fiscal year two years before current fiscal year 72,638 58,695  
Fiscal year three years before current fiscal year 53,755 5,226  
Fiscal year four years before current fiscal year 4,801    
Total loans 150,418 156,974  
Private education loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,610 4,052  
Fiscal year before current fiscal year 6,082 0  
Fiscal year two years before current fiscal year 0 0  
Fiscal year three years before current fiscal year 0 0  
Fiscal year four years before current fiscal year 0    
Total loans 8,692 4,052  
Consumer and other loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 91,267 71,853  
Fiscal year before current fiscal year 67,053 444  
Fiscal year two years before current fiscal year 412 55  
Fiscal year three years before current fiscal year 13,201 0  
Fiscal year four years before current fiscal year 9,680    
Fiscal year five years before current fiscal year 6,326 0  
Total loans 187,939 72,352 $ 30,668
Consumer and other loans - Nelnet Bank | Less than 720      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 13,041 21,412  
Fiscal year before current fiscal year 17,016 0  
Fiscal year two years before current fiscal year 0 0  
Fiscal year three years before current fiscal year 1,360 0  
Fiscal year four years before current fiscal year 1,625    
Fiscal year five years before current fiscal year 1,800 0  
Total loans 34,842 21,412  
Consumer and other loans - Nelnet Bank | 720 - 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 41,116 33,571  
Fiscal year before current fiscal year 30,354 51  
Fiscal year two years before current fiscal year 25 0  
Fiscal year three years before current fiscal year 6,888 0  
Fiscal year four years before current fiscal year 5,793    
Fiscal year five years before current fiscal year 3,464 0  
Total loans 87,640 33,622  
Consumer and other loans - Nelnet Bank | Greater than 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 35,957 16,484  
Fiscal year before current fiscal year 19,243 109  
Fiscal year two years before current fiscal year 106 0  
Fiscal year three years before current fiscal year 4,899 0  
Fiscal year four years before current fiscal year 2,262    
Fiscal year five years before current fiscal year 1,062 0  
Total loans 63,529 16,593  
Consumer and other loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 1,153 386  
Fiscal year before current fiscal year 440 284  
Fiscal year two years before current fiscal year 281 55  
Fiscal year three years before current fiscal year 54 0  
Fiscal year four years before current fiscal year 0    
Fiscal year five years before current fiscal year 0 0  
Total loans $ 1,928 $ 725  
v3.24.2.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]            
Accrued interest receivable $ 619,472   $ 764,385      
Allowance for loan losses (96,764) $ (106,008) (104,643) $ (114,263) $ (134,704) $ (131,827)
Financing receivable, after allowance for credit loss 10,939,519   13,108,204      
Private education loans - Non-Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 0          
2023 207          
2022 5,086          
2021 8,666          
2020 44,312          
Prior years 189,166          
Total loans 247,437   277,320 230,056    
Accrued interest receivable 2,407   2,653 2,196    
Loan discount and deferred lender fees, net of unamortized premiums (7,194)   (8,037) 183    
Allowance for loan losses (13,065) (14,736) (15,750) (14,322) (15,175) (15,411)
Financing receivable, after allowance for credit loss 229,585   256,186 218,113    
Current period gross charge-offs, current fiscal year 0          
Current period gross charge-offs, fiscal year before current fiscal year 0          
Current period gross charge-offs, two years before current fiscal year 0          
Current period gross charge-offs, three years before current fiscal year 76          
Current period gross charge-offs, four years before current fiscal year 36          
Current period gross charge-offs, more than five years before current fiscal year 2,728          
Current period gross charge-offs, total 2,840          
Private education loans - Non-Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 230,512   257,639 212,522    
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,814   3,395 1,643    
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,395   1,855 1,253    
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,562   2,427 2,324    
Private education loans - Non-Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 0          
2023 0          
2022 657          
2021 3,325          
2020 713          
Prior years 3,211          
Total loans 7,906          
Private education loans - Non-Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 0          
2023 0          
2022 356          
2021 140          
2020 429          
Prior years 1,323          
Total loans 2,248          
Private education loans - Non-Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 0          
2023 207          
2022 4,073          
2021 5,201          
2020 43,170          
Prior years 184,632          
Total loans 237,283          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 0          
2023 207          
2022 4,053          
2021 5,141          
2020 42,508          
Prior years 178,603          
Total loans 230,512          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 0          
2023 0          
2022 13          
2021 45          
2020 380          
Prior years 2,376          
Total loans 2,814          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 0          
2023 0          
2022 7          
2021 8          
2020 167          
Prior years 1,213          
Total loans 1,395          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 0          
2023 0          
2022 0          
2021 7          
2020 115          
Prior years 2,440          
Total loans 2,562          
Consumer loans and other loans - Non-Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 131,982          
2023 41,511          
2022 4,882          
2021 651          
2020 307          
Prior years 114          
Total loans 179,447   85,935 189,327    
Accrued interest receivable 763   861 2,246    
Loan discount and deferred lender fees, net of unamortized premiums (9,205)   (2,474) 750    
Allowance for loan losses (14,135) (18,761) (11,742) (20,005) (35,317) (30,263)
Financing receivable, after allowance for credit loss 156,870   72,580 172,318    
Current period gross charge-offs, current fiscal year 0          
Current period gross charge-offs, fiscal year before current fiscal year 2,611          
Current period gross charge-offs, two years before current fiscal year 1,678          
Current period gross charge-offs, three years before current fiscal year 213          
Current period gross charge-offs, four years before current fiscal year 23          
Current period gross charge-offs, more than five years before current fiscal year 61          
Current period gross charge-offs, total 4,586          
Consumer loans and other loans - Non-Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 174,295   81,195 181,864    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,100   2,035 2,794    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,857   1,189 2,533    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,073   1,370 2,034    
Consumer loans and other loans - Non-Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 0          
2023 122          
2022 0          
2021 0          
2020 0          
Prior years 0          
Total loans 122          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 131,982          
2023 41,389          
2022 4,882          
2021 651          
2020 307          
Prior years 114          
Total loans 179,325          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 131,766          
2023 37,985          
2022 3,624          
2021 526          
2020 283          
Prior years 111          
Total loans 174,295          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 160          
2023 1,394          
2022 433          
2021 103          
2020 7          
Prior years 3          
Total loans 2,100          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 42          
2023 1,158          
2022 649          
2021 8          
2020 0          
Prior years 0          
Total loans 1,857          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 14          
2023 852          
2022 176          
2021 14          
2020 17          
Prior years 0          
Total loans 1,073          
Private education loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 7,780   46,907      
2023 53,011   190,466      
2022 179,601   114,278      
2021 105,728   8,869      
2020 8,292          
Prior years 0          
Total loans 354,412   360,520 352,319    
Accrued interest receivable 2,709   2,023 1,591    
Loan discount and deferred lender fees, net of unamortized premiums 5,501   5,608 5,366    
Deferred origination costs, net of unaccreted discount 5,501          
Allowance for loan losses (3,559) (3,660) (3,347) (2,905) (2,894) (2,390)
Financing receivable, after allowance for credit loss 359,063   364,804 356,371    
Current period gross charge-offs, current fiscal year 0          
Current period gross charge-offs, fiscal year before current fiscal year 324          
Current period gross charge-offs, two years before current fiscal year 348          
Current period gross charge-offs, three years before current fiscal year 234          
Current period gross charge-offs, four years before current fiscal year 0          
Current period gross charge-offs, more than five years before current fiscal year 0          
Current period gross charge-offs, total 906          
Private education loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 308,591   331,580 332,205    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 934   839 691    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 444   253 241    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,064   606 389    
Private education loans - Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 5,107          
2023 25,688          
2022 8,993          
2021 674          
2020 932          
Prior years 0          
Total loans 41,394          
Private education loans - Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 24          
2023 149          
2022 1,274          
2021 430          
2020 108          
Prior years 0          
Total loans 1,985          
Private education loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 2,649          
2023 27,174          
2022 169,334          
2021 104,624          
2020 7,252          
Prior years 0          
Total loans 311,033          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 2,629          
2023 26,518          
2022 168,736          
2021 103,612          
2020 7,096          
Prior years 0          
Total loans 308,591          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 17          
2023 292          
2022 96          
2021 420          
2020 109          
Prior years 0          
Total loans 934          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 3          
2023 159          
2022 217          
2021 65          
2020 0          
Prior years 0          
Total loans 444          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 0          
2023 205          
2022 285          
2021 527          
2020 47          
Prior years 0          
Total loans 1,064          
Consumer and other loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 91,267   71,853      
2023 67,053   444      
2022 412   55      
2021 13,201   0      
2020 9,680          
Prior years 6,326   0      
Total loans 187,939   72,352 30,668    
Accrued interest receivable 1,219   575 214    
Loan discount and deferred lender fees, net of unamortized premiums (1,037)   (6) 0    
Allowance for loan losses (11,825) $ (7,128) (5,351) (2,816) $ (1,827) $ 0
Financing receivable, after allowance for credit loss 176,296   67,570 28,066    
Current period gross charge-offs, current fiscal year 73          
Current period gross charge-offs, fiscal year before current fiscal year 4,724          
Current period gross charge-offs, two years before current fiscal year 0          
Current period gross charge-offs, three years before current fiscal year 0          
Current period gross charge-offs, four years before current fiscal year 0          
Current period gross charge-offs, more than five years before current fiscal year 7          
Current period gross charge-offs, total 4,804          
Consumer and other loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 181,558   69,584 30,120    
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,516   1,075 277    
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,814   941 205    
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,637   $ 649 $ 60    
Consumer and other loans - Nelnet Bank | Loans in deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 1,308          
2023 106          
2022 0          
2021 0          
2020 0          
Prior years 0          
Total loans 1,414          
Consumer and other loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 89,959          
2023 66,947          
2022 412          
2021 13,201          
2020 9,680          
Prior years 6,326          
Total loans 186,525          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 89,467          
2023 62,838          
2022 412          
2021 12,980          
2020 9,656          
Prior years 6,205          
Total loans 181,558          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 146          
2023 1,247          
2022 0          
2021 57          
2020 6          
Prior years 60          
Total loans 1,516          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 223          
2023 1,459          
2022 0          
2021 92          
2020 0          
Prior years 40          
Total loans 1,814          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2024 123          
2023 1,403          
2022 0          
2021 72          
2020 18          
Prior years 21          
Total loans $ 1,637          
v3.24.2.u1
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 9,634,801 $ 11,918,158
Discount on bonds and notes payable and debt issuance costs (67,093) (89,765)
Bonds and notes payable, net 9,567,708 11,828,393
Unsecured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 0 $ 0
Interest rate 0.00% 0.00%
Participation agreements    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 7,728 $ 10,063
Repurchase agreement    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 111,189 208,164
Other - due to related party    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 4,856 5,778
Interest rate 5.00%  
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 7,945,989 9,552,667
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 75,735 87,360
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 8,021,724 9,640,027
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 389,462 471,427
Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 964,196 1,398,485
Consumer Loan | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 6,760 $ 23,691
Interest rate 5.54% 5.70%
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 65,683 $ 80,393
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 63,203 $ 80,130
Minimum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 5.58% 5.58%
Minimum | Repurchase agreement    
Debt Instrument [Line Items]    
Interest rate 6.44% 6.35%
Minimum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate   5.00%
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 5.46% 5.45%
Minimum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 0.00% 0.00%
Minimum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.42% 1.42%
Minimum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.41% 5.41%
Minimum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 6.90% 6.90%
Minimum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.35% 5.35%
Maximum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 6.08% 6.08%
Maximum | Repurchase agreement    
Debt Instrument [Line Items]    
Interest rate 6.75% 6.81%
Maximum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate   6.05%
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 7.46% 7.47%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 6.45% 6.45%
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 5.53% 5.70%
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 7.59% 7.57%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 7.15% 7.15%
v3.24.2.u1
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Secured Debt - Warehouse facilities - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jul. 15, 2024
May 17, 2024
May 16, 2024
Apr. 02, 2024
Apr. 01, 2024
Mar. 11, 2024
Mar. 10, 2024
Mar. 06, 2024
Mar. 05, 2024
FFELP Warehouse Facilities                    
Line of Credit Facility [Line Items]                    
Maximum financing amount $ 1,250,000                  
Amount outstanding 964,196                  
Amount available 285,804                  
Advanced as equity support 72,041                  
FFELP Warehouse Facility Due July 2024                    
Line of Credit Facility [Line Items]                    
Maximum financing amount 875,000   $ 875,000              
Amount outstanding 643,034                  
Amount available 231,966                  
Advanced as equity support $ 45,502                  
FFELP Warehouse Facility Due November 2024                    
Line of Credit Facility [Line Items]                    
Maximum financing amount       $ 950,000         $ 950,000 $ 1,250,000
Advance rate, maximum, lower range 90.00%                  
Advance rate, maximum, higher range 96.00%                  
Advance rate, minimum, lower range 84.00%                  
Advance rate, minimum, higher range 90.00%                  
FFELP Warehouse Facility Due January 2025 | Subsequent Event                    
Line of Credit Facility [Line Items]                    
Maximum financing amount   $ 800,000                
FFELP Warehouse Facility Due April 2025                    
Line of Credit Facility [Line Items]                    
Maximum financing amount $ 375,000       $ 375,000 $ 432,000        
Amount outstanding 321,162                  
Amount available $ 53,838                  
Advance rate 92.00%                  
Advanced as equity support $ 26,539                  
Consumer Loan Warehouse Facility                    
Line of Credit Facility [Line Items]                    
Maximum financing amount 150,000           $ 150,000 $ 200,000    
Amount outstanding 6,760                  
Amount available $ 143,240                  
Advance rate 70.00%                  
Advanced as equity support $ 1,781                  
v3.24.2.u1
Bonds and Notes Payable - Narrative (Details) - USD ($)
 1 Months Ended 6 Months Ended
Apr. 30, 2023
Jun. 30, 2024
Debt Instrument [Line Items]    
Repurchase agreements, amount collateralized by private education loan asset-backed securities   $ 111,200,000
Repurchase agreements, contractual maturity adjustment, written notice period   180 days
Par value of asset-based securities   $ 939,529,000
Asset-backed securities    
Debt Instrument [Line Items]    
Par value of asset-based securities   311,700,000
Unsecured Line of Credit | Line of Credit    
Debt Instrument [Line Items]    
Amount outstanding   0
Amount available   495,000,000.0
Unsecured Line of Credit | Unsecured Debt | Line of Credit    
Debt Instrument [Line Items]    
Maximum financing amount   $ 495,000,000.0
Federal Family Education Loan Program (FFELP) Loan Asset-Backed Securities | Secured Debt    
Debt Instrument [Line Items]    
Payments to extinguish debt $ 188,600,000  
Write off of unamortized debt discount $ 25,900,000  
v3.24.2.u1
Derivative Financial Instruments - Outstanding Basis Swap (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
1:3 basis swaps    
Derivative [Line Items]    
Notional amount $ 1,400,000,000 $ 3,150,000,000
2024    
Derivative [Line Items]    
Notional amount 0 1,750,000,000
2026    
Derivative [Line Items]    
Notional amount 1,150,000,000 1,150,000,000
2027    
Derivative [Line Items]    
Notional amount $ 250,000,000 $ 250,000,000
v3.24.2.u1
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Jun. 30, 2024
Dec. 31, 2023
1:3 basis swaps      
Derivative [Line Items]      
Weighted average rate   0.104% 0.101%
Interest rate swaps - Nelnet Bank | Interest rate swaps - floor income hedge      
Derivative [Line Items]      
Cash received or receivable from derivative $ 183.2    
Proceeds for settlement of terminated derivatives 19.1    
Derivative, notional amount, terminated $ 2,800.0    
v3.24.2.u1
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Interest rate swaps - floor income hedges    
Derivative [Line Items]    
Notional amount $ 400,000,000 $ 400,000,000
Weighted average fixed rate paid by the Company 3.71% 3.71%
2026    
Derivative [Line Items]    
Notional amount $ 200,000,000 $ 200,000,000
Weighted average fixed rate paid by the Company 3.92% 3.92%
2028    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.56% 3.56%
2029    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.17% 3.17%
2030    
Derivative [Line Items]    
Notional amount $ 100,000,000 $ 100,000,000
Weighted average fixed rate paid by the Company 3.63% 3.63%
Interest Rate Swap, 2030 With November 2025 Effective Start Date    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
v3.24.2.u1
Derivative Financial Instruments - Interest Rate Swaps (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Interest rate swaps - Nelnet Bank    
Derivative [Line Items]    
Notional amount   $ (140,000,000)
Weighted average fixed rate paid by the Company   3.46%
2028    
Derivative [Line Items]    
Notional amount   $ (40,000,000)
Weighted average fixed rate paid by the Company   3.33%
2030    
Derivative [Line Items]    
Notional amount   $ (50,000,000)
Weighted average fixed rate paid by the Company   3.06%
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of April 2026    
Derivative [Line Items]    
Notional amount $ (25,000,000) $ (25,000,000)
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of May 2026    
Derivative [Line Items]    
Notional amount (25,000,000) (25,000,000)
2032    
Derivative [Line Items]    
Notional amount (25,000,000) $ (25,000,000)
Weighted average fixed rate paid by the Company   4.03%
2033    
Derivative [Line Items]    
Notional amount $ (25,000,000) $ (25,000,000)
Weighted average fixed rate paid by the Company   3.90%
v3.24.2.u1
Derivative Financial Instruments - Fair Value of Asset and Liability Derivatives (Details) - Interest rate swaps - Nelnet Bank - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Fair value of asset derivatives $ 2,112 $ 452
Fair value of liability derivatives $ 780 $ 1,976
v3.24.2.u1
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 1,649 $ 65 $ 3,406 $ 23,402
Change in fair value $ 1,533 2,005 9,497 (35,407)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Derivative market value adjustments and derivative settlements, net      
Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 1,649 65 3,406 23,402
Derivative market value adjustments and derivative settlements, net - income (expense) 3,182 2,070 12,903 (12,005)
1:3 basis swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (232) 235 (586) 211
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 249 (65) 614 794
Interest rate swaps - floor income hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value 1,168 662 7,228 (36,726)
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 1,193 47 2,383 22,525
Interest rate swaps - Nelnet Bank        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value 597 1,108 2,855 1,108
Interest rate swaps - Nelnet Bank | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 207 $ 83 $ 409 $ 83
v3.24.2.u1
Investments and Notes Receivable - Summary of Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 22, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Apr. 01, 2024
Dec. 31, 2023
Investments (at fair value):              
Amortized cost   $ 945,840   $ 945,840      
Fair value   939,529   939,529      
Equity securities   59,621   59,621     $ 50,907
Total investments at fair value   948,792   948,792     988,841
Held-to-maturity investments              
Fair value   228,883   228,883     162,738
Beneficial interest in securitizations   243,969   243,969     225,079
Notes receivable   28,565   28,565     53,747
Other investments   947,641   947,641     857,866
Total investments and notes receivable   1,896,433   1,896,433     1,846,707
Private education loan asset-backed securities subject to repurchase agreements with third-parties, par value   148,100   148,100      
Private education loan asset-backed securities subject to repurchase agreements with third-parties, fair value   130,700   130,700      
Debt securities, held-to-maturity, transfer from available-for-sale $ 70,600            
Debt securities, held-to-maturity, excluding accrued interest, transfer from available-for-sale, unrealized gain $ 3,400            
ALLO preferred return   4,160 $ 2,274 6,569 $ 4,523    
Investments - beneficial interest in consumer loan securitizations   5,911   5,911      
Net loss attributable to noncontrolling interests   (1,416) (10,183) (4,069) (13,957)    
Net income attributable to Nelnet, Inc.   45,091 27,426 118,498 53,385    
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments              
Investments (at fair value):              
Amortized cost   47,968   47,968     16,993
Gross unrealized gains   2,473   2,473     1,069
Gross unrealized losses   (83)   (83)     (93)
Fair value   50,358   50,358     17,969
Asset-Backed Securities, Available-For-Sale, Non-Nelnet And Nelnet Bank              
Investments (at fair value):              
Amortized cost   897,872   897,872     965,885
Gross unrealized gains   17,959   17,959     11,528
Gross unrealized losses   (26,660)   (26,660)     (39,479)
Fair value   889,171   889,171     937,934
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank              
Investments (at fair value):              
Amortized cost   512,139   512,139     594,963
Gross unrealized gains   8,952   8,952     6,903
Gross unrealized losses   (23,892)   (23,892)     (35,542)
Fair value   497,199   497,199     566,324
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank              
Investments (at fair value):              
Amortized cost   220,076   220,076     271,479
Gross unrealized gains   6,910   6,910     4,883
Gross unrealized losses   (1,450)   (1,450)     (5,393)
Fair value   225,536   225,536     270,969
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank              
Investments (at fair value):              
Amortized cost   258,390   258,390     281,791
Gross unrealized gains   0   0     0
Gross unrealized losses   (22,442)   (22,442)     (28,874)
Fair value   235,948   235,948     252,917
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank              
Investments (at fair value):              
Amortized cost   33,673   33,673     41,693
Gross unrealized gains   2,042   2,042     2,020
Gross unrealized losses   0   0     (1,275)
Fair value   35,715   35,715     42,438
Asset-Backed Securities, Available-For-Sale, Nelnet Bank              
Investments (at fair value):              
Amortized cost   385,733   385,733     370,922
Gross unrealized gains   9,007   9,007     4,625
Gross unrealized losses   (2,768)   (2,768)     (3,937)
Fair value   391,972   391,972     371,610
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank              
Investments (at fair value):              
Amortized cost   227,124   227,124     304,555
Gross unrealized gains   8,090   8,090     4,488
Gross unrealized losses   (1,350)   (1,350)     (2,286)
Fair value   233,864   233,864     306,757
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank              
Investments (at fair value):              
Amortized cost   0   0     17,083
Gross unrealized gains   0   0     20
Gross unrealized losses   0   0     (10)
Fair value   0   0     17,093
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank              
Investments (at fair value):              
Amortized cost   158,609   158,609     49,284
Gross unrealized gains   917   917     117
Gross unrealized losses   (1,418)   (1,418)     (1,641)
Fair value   158,108   158,108     47,760
Debt Securities, Held-To-Maturity, Non-Nelnet Bank              
Held-to-maturity investments              
Fair value   3,500   3,500     4,700
Held-To-Maturity Investments, Nelnet Bank              
Held-to-maturity investments              
Fair value   225,383   225,383     158,038
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank              
Held-to-maturity investments              
Fair value   217,283   217,283     149,938
Asset-Backed Securities, Held-To-Maturity, Private Education Loans, Nelnet Bank              
Held-to-maturity investments              
Fair value   8,100   8,100     8,100
Venture capital funds              
Held-to-maturity investments              
Measurement alternative   196,803   196,803     194,084
Equity method   114,800   114,800     91,464
Other investments   311,603   311,603     285,548
Real estate              
Held-to-maturity investments              
Equity method   125,989   125,989     103,811
Partnership Interest              
Held-to-maturity investments              
Equity method   0   0     10,693
Preferred membership interest and accrued and unpaid preferred return   176,092   176,092     155,047
Other investments   176,092   176,092     165,740
Equity securities, realized loss   0 12,200 10,700 32,400    
Partnership Interest | ALLO              
Held-to-maturity investments              
Preferred membership interest and accrued and unpaid preferred return   169,500   169,500      
Equity method investment, accrued and unpaid preferred return   6,600   6,600      
Equity method investment, preferred annual, after increase value           $ 155,000  
Equity method investment, preferred, additional amount purchased   14,500          
Beneficial interest in consumer loan securitizations              
Held-to-maturity investments              
Beneficial interest in securitizations   163,853   163,853     134,113
Consumer loans, allowance for credit losses   5,911   5,911      
Loans corresponding to beneficial interest   1,120,000   1,120,000      
Beneficial interest in private education loan securitizations              
Held-to-maturity investments              
Beneficial interest in securitizations   59,326   59,326     68,372
Loans corresponding to beneficial interest   500,000   500,000      
Beneficial interest in federally insured loan securitizations              
Held-to-maturity investments              
Beneficial interest in securitizations   20,790   20,790     22,594
Loans corresponding to beneficial interest   315,000   315,000      
Solar              
Held-to-maturity investments              
Solar   (176,105)   (176,105)     (146,040)
Amount funded or committed to fund   502,800   502,800      
Amount funded or committed to fund by partners   219,800   219,800      
Tax credits   474,400   474,400      
Tax Credits by partners   218,400   218,400      
Carrying value   (176,100)   (176,100)      
Noncontrolling interest balance   (84,000)   (84,000)      
Pre-tax loss from equity investment   (2,610) (10,086) 170 (13,030)    
Net loss attributable to noncontrolling interests   8 (8,430) (1,633) (11,428)    
Net income attributable to Nelnet, Inc.   (2,618) (1,656) 1,803 (1,602)    
Equity method investment, amount committed to fund   125,700   125,700      
Equity method investment, amount committed to fund by partners   83,000   83,000      
Tax liens, affordable housing, and other              
Held-to-maturity investments              
Other investments   $ 8,645   $ 8,645     $ 7,243
Preferred Partnership Interest              
Held-to-maturity investments              
Equity method investment, preferred annual return   6.25%   6.25%      
Equity method investment, preferred annual, after increase   10.00%   10.00%      
ALLO preferred return   $ 4,200 $ 2,300 $ 6,600 $ 4,500    
Preferred Partnership Interest | ALLO              
Held-to-maturity investments              
Equity method investment, preferred annual return   20.00%   20.00%      
v3.24.2.u1
Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less $ 53,474  
Amortized cost, after 1 year through 5 years 67,896  
Amortized cost, after 5 years through 10 years 62,163  
Amortized cost, after 10 years 762,307  
Amortized cost 945,840  
Fair value    
Fair value, 1 year or less 54,336  
Fair value, after 1 year through 5 years 67,977  
Fair value, after 5 years through 10 years 62,254  
Fair value, after 10 years 754,962  
Total 939,529  
Held-to-maturity investments    
Amortized cost, 1 year or less 3,500  
Amortized cost, after 1 year through 5 years 3,041  
Amortized cost, after 5 years through 10 years 1,278  
Amortized cost, after 10 years 221,064  
Total 228,883 $ 162,738
Fair value    
Fair value, 1 year or less 3,500  
Fair value, after 1 year through 5 years 3,129  
Fair value, after 5 years through 10 years 1,304  
Fair value, after 10 years 226,330  
Total 234,263  
Beneficial interest in loan securitizations    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 0  
Beneficial interest in securitizations 243,969 225,079
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 0  
Beneficial interest in loan securitizations 261,850  
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 9,263  
Amortized cost, after 5 years through 10 years 4,015  
Amortized cost, after 10 years 34,690  
Amortized cost 47,968 16,993
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 9,295  
Fair value, after 5 years through 10 years 4,049  
Fair value, after 10 years 37,014  
Total 50,358 17,969
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 4,385  
Amortized cost, after 5 years through 10 years 17,866  
Amortized cost, after 10 years 489,888  
Amortized cost 512,139 594,963
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 4,428  
Fair value, after 5 years through 10 years 17,748  
Fair value, after 10 years 475,023  
Total 497,199 566,324
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 4,285  
Amortized cost, after 5 years through 10 years 13,866  
Amortized cost, after 10 years 201,925  
Amortized cost 220,076 271,479
Fair value    
Total 225,536 270,969
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 258,390  
Amortized cost 258,390 281,791
Fair value    
Total 235,948 252,917
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 100  
Amortized cost, after 5 years through 10 years 4,000  
Amortized cost, after 10 years 29,573  
Amortized cost 33,673 41,693
Fair value    
Total 35,715 42,438
Asset-Backed Securities, Available-For-Sale, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 53,474  
Amortized cost, after 1 year through 5 years 54,248  
Amortized cost, after 5 years through 10 years 40,282  
Amortized cost, after 10 years 237,729  
Amortized cost 385,733 370,922
Fair value    
Fair value, 1 year or less 54,336  
Fair value, after 1 year through 5 years 54,254  
Fair value, after 5 years through 10 years 40,457  
Fair value, after 10 years 242,925  
Total 391,972 371,610
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 53,474  
Amortized cost, after 1 year through 5 years 21,141  
Amortized cost, after 5 years through 10 years 23,908  
Amortized cost, after 10 years 128,601  
Amortized cost 227,124 304,555
Fair value    
Total 233,864 306,757
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 33,107  
Amortized cost, after 5 years through 10 years 16,374  
Amortized cost, after 10 years 109,128  
Amortized cost 158,609 49,284
Fair value    
Total 158,108 47,760
Debt Securities, Held-To-Maturity, Non-Nelnet Bank    
Held-to-maturity investments    
Amortized cost, 1 year or less 3,500  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 0  
Total 3,500 4,700
Fair value    
Fair value, 1 year or less 3,500  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 0  
Total 3,500  
Held-To-Maturity Investments, Nelnet Bank    
Held-to-maturity investments    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 3,041  
Amortized cost, after 5 years through 10 years 1,278  
Amortized cost, after 10 years 221,064  
Total 225,383 158,038
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 3,129  
Fair value, after 5 years through 10 years 1,304  
Fair value, after 10 years 226,330  
Total 230,763  
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank    
Held-to-maturity investments    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 3,041  
Amortized cost, after 5 years through 10 years 1,278  
Amortized cost, after 10 years 212,964  
Total 217,283 $ 149,938
Private education loan, Held-To-Maturity, Nelnet Bank    
Held-to-maturity investments    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 8,100  
Total $ 8,100  
v3.24.2.u1
Investments and Notes Receivable - Schedule of Unrealized Positions for Held-to-Maturity Investments and Beneficial Interest in Loan Securitizations (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Investments, All Other Investments [Abstract]    
Carrying value $ 228,883,000 $ 162,738,000
Gross unrealized gains 5,380,000  
Gross unrealized losses 0  
Fair value 234,263,000  
Beneficial interest in loan securitizations, Carrying Value 243,969,000 $ 225,079,000
Gross unrealized gains 20,512,000  
Gross unrealized losses (2,631,000)  
Beneficial interest in loan securitizations 261,850,000  
Unrealized losses due to credit losses 0  
Unrealized losses due to credit losses $ 0  
v3.24.2.u1
Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details)
Jun. 30, 2024
USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Asset -backed securities unrealized loss position not due to credit loss $ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (167,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (26,576,000)
Total, unrealized loss (26,743,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 34,453,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 366,737,000
Total, fair value 401,190,000
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (83,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0
Total, unrealized loss (83,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 8,167,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0
Total, fair value 8,167,000
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (7,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (23,885,000)
Total, unrealized loss (23,892,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 3,494,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 315,268,000
Total, fair value 318,762,000
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (7,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,443,000)
Total, unrealized loss (1,450,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 3,494,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 79,320,000
Total, fair value 82,814,000
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (22,442,000)
Total, unrealized loss (22,442,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 235,948,000
Total, fair value 235,948,000
Asset-Backed Securities, Available-For-Sale, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (77,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (2,691,000)
Total, unrealized loss (2,768,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 22,792,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 51,469,000
Total, fair value 74,261,000
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (35,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,315,000)
Total, unrealized loss (1,350,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 9,694,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 34,871,000
Total, fair value 44,565,000
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (42,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,376,000)
Total, unrealized loss (1,418,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 13,098,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 16,598,000
Total, fair value $ 29,696,000
v3.24.2.u1
Investments and Notes Receivable - Gross Proceeds and Gross Realized Gains and Losses of Available-for-Sale Asset-Backed Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Investments [Abstract]        
Gross proceeds from sales $ 113,173 $ 85,375 $ 266,547 $ 577,548
Gross realized gains 1,516 920 2,571 2,194
Gross realized losses (463) (2) (966) (6,258)
Net gains (losses) $ 1,053 $ 918 $ 1,605 $ (4,064)
v3.24.2.u1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 98 months  
Finite lived intangible assets $ 40,521 $ 44,819
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 100 months  
Finite lived intangible assets $ 38,943 43,031
Accumulated amortization $ 50,661 46,573
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 94 months  
Finite lived intangible assets $ 603 642
Accumulated amortization $ 167 8,268
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 34 months  
Finite lived intangible assets $ 975 1,146
Accumulated amortization $ 745 $ 574
v3.24.2.u1
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Amortization of intangible assets $ 2.1 $ 3.5 $ 4.3 $ 6.2
v3.24.2.u1
Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2024 (July 1 - December 31) $ 4,193  
2025 6,099  
2026 6,012  
2027 5,714  
2028 5,354  
2029 and thereafter 13,149  
Finite lived intangible assets, net $ 40,521 $ 44,819
v3.24.2.u1
Goodwill (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Total goodwill $ 158,029 $ 158,029
NFS Other Operating Segments    
Goodwill [Line Items]    
Total goodwill 0 0
Corporate and Other Activities    
Goodwill [Line Items]    
Total goodwill 0 0
Loan Servicing and Systems | Operating Segments    
Goodwill [Line Items]    
Total goodwill 23,639 23,639
Education Technology Services and Payments | Operating Segments    
Goodwill [Line Items]    
Total goodwill 92,507 92,507
Asset Generation and Management | Operating Segments    
Goodwill [Line Items]    
Total goodwill 41,883 41,883
Nelnet Bank | Operating Segments    
Goodwill [Line Items]    
Total goodwill $ 0 $ 0
v3.24.2.u1
Impairment Expense, Provision for Beneficial Interests, and Restructure Charges (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]      
Investments - beneficial interest in consumer loan securitizations $ 5,911,000 $ 5,911,000  
Investments - venture capital   37,000  
Impairment expense and provision for beneficial interests 7,776,000 7,813,000 $ 0
Solar      
Segment Reporting Information [Line Items]      
Property and equipment - solar facilities 1,170,000 1,170,000  
Other assets - solar inventory 695,000 695,000  
Operating Segments | Loan Servicing and Systems      
Segment Reporting Information [Line Items]      
Investments - beneficial interest in consumer loan securitizations 0 0  
Investments - venture capital   0  
Impairment expense and provision for beneficial interests 0 0  
Operating Segments | Education Technology Services and Payments      
Segment Reporting Information [Line Items]      
Investments - beneficial interest in consumer loan securitizations 0 0  
Investments - venture capital   0  
Impairment expense and provision for beneficial interests 0 0  
Operating Segments | Asset Generation and Management      
Segment Reporting Information [Line Items]      
Investments - beneficial interest in consumer loan securitizations 5,911,000 5,911,000  
Investments - venture capital   0  
Impairment expense and provision for beneficial interests 5,911,000 5,911,000  
Operating Segments | Nelnet Bank      
Segment Reporting Information [Line Items]      
Investments - beneficial interest in consumer loan securitizations 0 0  
Investments - venture capital   0  
Impairment expense and provision for beneficial interests 0 0  
Operating Segments | Solar | Loan Servicing and Systems      
Segment Reporting Information [Line Items]      
Property and equipment - solar facilities 0 0  
Other assets - solar inventory 0 0  
Operating Segments | Solar | Education Technology Services and Payments      
Segment Reporting Information [Line Items]      
Property and equipment - solar facilities 0 0  
Other assets - solar inventory 0 0  
Operating Segments | Solar | Asset Generation and Management      
Segment Reporting Information [Line Items]      
Property and equipment - solar facilities 0 0  
Other assets - solar inventory 0 0  
Operating Segments | Solar | Nelnet Bank      
Segment Reporting Information [Line Items]      
Property and equipment - solar facilities 0 0  
Other assets - solar inventory 0 0  
NFS Other Operating Segments      
Segment Reporting Information [Line Items]      
Investments - beneficial interest in consumer loan securitizations 0 0  
Investments - venture capital   0  
Impairment expense and provision for beneficial interests 0 0  
NFS Other Operating Segments | Solar      
Segment Reporting Information [Line Items]      
Property and equipment - solar facilities 0 0  
Other assets - solar inventory 0 0  
Corporate and Other Activities      
Segment Reporting Information [Line Items]      
Investments - beneficial interest in consumer loan securitizations 0 0  
Investments - venture capital   37,000  
Impairment expense and provision for beneficial interests 1,865,000 1,902,000  
Corporate and Other Activities | Solar      
Segment Reporting Information [Line Items]      
Property and equipment - solar facilities 1,170,000 1,170,000  
Other assets - solar inventory $ 695,000 $ 695,000  
v3.24.2.u1
Impairment Expense, Provision for Beneficial Interests, and Restructure Charges (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
associate
Jun. 30, 2024
USD ($)
associate
Solar    
Related Party Transaction [Line Items]    
Number of associates | associate   40
Loan servicing and systems revenue    
Related Party Transaction [Line Items]    
Number of associates | associate 220  
Employee Severance | Solar    
Related Party Transaction [Line Items]    
Restructuring charges $ 1.6  
Employee Severance | Loan servicing and systems revenue    
Related Party Transaction [Line Items]    
Restructuring charges 2.1  
Expected restructuring costs $ 7.1 $ 7.1
v3.24.2.u1
Bank Deposits - Interest-Bearing Deposits (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Deposits [Abstract]    
Retail and other savings $ 622,080 $ 520,017
Brokered CDs, net of brokered deposit fees 246,156 203,522
Retail and other CDs, net of issuance fees 22,236 20,060
Total interest-bearing deposits $ 890,472 $ 743,599
v3.24.2.u1
Bank Deposits - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Intercompany deposits $ 143,000 $ 104,000    
Restricted cash 538,446 $ 488,723 $ 484,223 $ 945,159
Deposits exceeding the FDIC insurance limits 44,900      
Nelnet Bank | Asset Pledged as Collateral        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Restricted cash $ 40,000      
v3.24.2.u1
Bank Deposits - Certificates of Deposit Maturities (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Deposits [Abstract]  
One year or less $ 982
After one year to two years 149,045
After two years to three years 75,172
After three years to four years 348
After four years to five years 42,845
After five years 0
Total $ 268,392
v3.24.2.u1
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 45,091 $ 27,426 $ 118,498 $ 53,385
Net income attributable to Nelnet, Inc., diluted $ 45,091 $ 27,426 $ 118,498 $ 53,385
Weighted-average common shares outstanding - basic (in shares) 36,525,482 37,468,397 36,841,227 37,406,843
Weighted-average common shares outstanding - diluted (in shares) 36,525,482 37,468,397 36,841,227 37,406,843
Earnings per share - basic (in dollars per share) $ 1.23 $ 0.73 $ 3.22 $ 1.43
Earnings per share - diluted (in dollars per share) $ 1.23 $ 0.73 $ 3.22 $ 1.43
Common shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 44,239 $ 26,842 $ 116,178 $ 52,270
Net income attributable to Nelnet, Inc., diluted $ 44,239 $ 26,842 $ 116,178 $ 52,270
Weighted-average common shares outstanding - basic (in shares) 35,835,387 36,670,933 36,119,876 36,625,819
Weighted-average common shares outstanding - diluted (in shares) 35,835,387 36,670,933 36,119,876 36,625,819
Earnings per share - basic (in dollars per share) $ 1.23 $ 0.73 $ 3.22 $ 1.43
Earnings per share - diluted (in dollars per share) $ 1.23 $ 0.73 $ 3.22 $ 1.43
Unvested restricted stock shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 852 $ 584 $ 2,320 $ 1,115
Net income attributable to Nelnet, Inc., diluted $ 852 $ 584 $ 2,320 $ 1,115
Weighted-average common shares outstanding - basic (in shares) 690,095 797,464 721,351 781,024
Weighted-average common shares outstanding - diluted (in shares) 690,095 797,464 721,351 781,024
Earnings per share - basic (in dollars per share) $ 1.23 $ 0.73 $ 3.22 $ 1.43
Earnings per share - diluted (in dollars per share) $ 1.23 $ 0.73 $ 3.22 $ 1.43
v3.24.2.u1
Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Interest income:          
Loan interest $ 202,129 $ 243,045 $ 418,853 $ 468,288  
Investment interest 40,737 40,982 92,814 81,707  
Total interest income 242,866 284,027 511,667 549,995  
Interest expense 176,459 233,148 371,039 432,597  
Net interest income 66,407 50,879 140,628 117,398  
Less provision (negative provision) for loan losses 3,611 (11,380) 14,440 791  
Net interest income after provision for loan losses 62,796 62,259 126,188 116,607  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 28,871 (9,167) 45,734 (24,235)  
Loss on sale of loans (1,438) (5,461) (1,579) (15,753)  
Impairment expense and provision for beneficial interests (7,776) 0 (7,813) 0  
Derivative settlements, net 1,649 65 3,406 23,402  
Derivative market value adjustments, net 1,533 2,005 9,497 (35,407)  
Total other income (expense), net 258,494 224,055 569,366 466,102  
Cost of services:          
Cost of services 48,294 49,529 111,132 105,532  
Operating expenses:          
Salaries and benefits 139,634 144,706 283,509 297,416  
Depreciation and amortization 15,142 18,652 31,911 35,279  
Other expenses 59,792 45,997 116,637 86,781  
Intersegment expenses, net 0 0 0 0  
Total operating expenses 214,568 209,355 432,057 419,476  
Income (loss) before income taxes 58,428 27,430 152,365 57,701  
Income tax (expense) benefit (14,753) (10,187) (37,936) (18,273)  
Net income 43,675 17,243 114,429 39,428  
Net loss (income) attributable to noncontrolling interests 1,416 10,183 4,069 13,957  
Net income attributable to Nelnet, Inc. 45,091 27,426 118,498 53,385  
Total assets 14,501,193 17,785,690 14,501,193 17,785,690 $ 16,712,384
Operating Segments | Loan Servicing and Systems          
Interest income:          
Loan interest 0 0 0 0  
Investment interest 1,258 1,058 3,152 2,095  
Total interest income 1,258 1,058 3,152 2,095  
Interest expense 0 0 0 0  
Net interest income 1,258 1,058 3,152 2,095  
Less provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 1,258 1,058 3,152 2,095  
Other income (expense):          
Intersegment revenue 6,106 7,246 12,991 15,036  
Other, net 685 605 1,395 1,213  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net 115,843 129,871 250,638 277,496  
Cost of services:          
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 70,631 76,141 147,353 160,701  
Depreciation and amortization 5,342 4,863 10,450 9,377  
Other expenses 20,661 13,818 40,198 27,131  
Intersegment expenses, net 18,224 19,079 37,555 40,136  
Total operating expenses 114,858 113,901 235,556 237,345  
Income (loss) before income taxes 2,243 17,028 18,234 42,246  
Income tax (expense) benefit (538) (4,086) (4,376) (10,139)  
Net income 1,705 12,942 13,858 32,107  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 1,705 12,942 13,858 32,107  
Total assets 264,381 173,926 264,381 173,926  
Operating Segments | Education Technology Services and Payments          
Interest income:          
Loan interest 0 0 0 0  
Investment interest 5,715 5,268 13,580 11,304  
Total interest income 5,715 5,268 13,580 11,304  
Interest expense 0 0 0 0  
Net interest income 5,715 5,268 13,580 11,304  
Less provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 5,715 5,268 13,580 11,304  
Other income (expense):          
Intersegment revenue 56 65 106 121  
Other, net 0 0 0 0  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net 116,965 109,923 260,555 243,583  
Cost of services:          
Cost of services 40,222 40,407 88,832 88,110  
Operating expenses:          
Salaries and benefits 40,736 38,351 80,903 76,264  
Depreciation and amortization 2,712 2,815 5,395 5,393  
Other expenses 8,600 9,692 16,158 17,755  
Intersegment expenses, net 4,811 5,884 9,612 11,684  
Total operating expenses 56,859 56,742 112,068 111,096  
Income (loss) before income taxes 25,599 18,042 73,235 55,681  
Income tax (expense) benefit (6,150) (4,327) (17,585) (13,393)  
Net income 19,449 13,715 55,650 42,288  
Net loss (income) attributable to noncontrolling interests 29 (19) 46 119  
Net income attributable to Nelnet, Inc. 19,478 13,696 55,696 42,407  
Total assets 478,077 482,922 478,077 482,922  
Operating Segments | Asset Generation and Management          
Interest income:          
Loan interest 193,707 237,906 403,335 458,818  
Investment interest 13,709 15,857 35,544 29,664  
Total interest income 207,416 253,763 438,879 488,482  
Interest expense 171,632 232,313 362,537 421,511  
Net interest income 35,784 21,450 76,342 66,971  
Less provision (negative provision) for loan losses (4,225) (12,873) 2,230 (3,119)  
Net interest income after provision for loan losses 40,009 34,323 74,112 70,090  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 1,337 1,319 6,321 4,164  
Loss on sale of loans (1,438) (5,461) (1,579) (15,753)  
Impairment expense and provision for beneficial interests (5,911) 0 (5,911) 0  
Derivative settlements, net 1,442 (18) 2,997 23,319  
Derivative market value adjustments, net 936 897 6,642 (36,515)  
Total other income (expense), net (3,634) (3,263) 8,470 (24,785)  
Cost of services:          
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 1,113 1,096 2,308 1,851  
Depreciation and amortization 0 0 0 0  
Other expenses 3,793 4,115 7,210 9,131  
Intersegment expenses, net 7,159 8,145 15,009 16,841  
Total operating expenses 12,065 13,356 24,527 27,823  
Income (loss) before income taxes 24,310 17,704 58,055 17,482  
Income tax (expense) benefit (5,835) (4,249) (13,933) (4,196)  
Net income 18,475 13,455 44,122 13,286  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 18,475 13,455 44,122 13,286  
Total assets 11,315,210 14,667,357 11,315,210 14,667,357  
Operating Segments | Nelnet Bank          
Interest income:          
Loan interest 8,422 5,139 15,518 9,471  
Investment interest 10,811 8,522 20,779 16,449  
Total interest income 19,233 13,661 36,297 25,920  
Interest expense 10,769 8,171 20,266 15,385  
Net interest income 8,464 5,490 16,031 10,535  
Less provision (negative provision) for loan losses 7,836 1,493 12,210 3,910  
Net interest income after provision for loan losses 628 3,997 3,821 6,625  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 775 620 1,150 830  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests 0 0 0 0  
Derivative settlements, net 207 83 409 83  
Derivative market value adjustments, net 597 1,108 2,855 1,108  
Total other income (expense), net 1,579 1,811 4,414 2,021  
Cost of services:          
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 2,798 2,297 5,518 4,361  
Depreciation and amortization 341 51 601 56  
Other expenses 2,067 1,624 3,194 2,406  
Intersegment expenses, net 719 92 1,493 173  
Total operating expenses 5,925 4,064 10,806 6,996  
Income (loss) before income taxes (3,718) 1,744 (2,571) 1,650  
Income tax (expense) benefit 916 (396) 657 (362)  
Net income (2,802) 1,348 (1,914) 1,288  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. (2,802) 1,348 (1,914) 1,288  
Total assets 1,185,302 1,005,043 1,185,302 1,005,043  
NFS Other Operating Segments          
Interest income:          
Loan interest 0 0 0 0  
Investment interest 15,880 22,800 31,495 41,460  
Total interest income 15,880 22,800 31,495 41,460  
Interest expense 2,606 7,371 5,024 19,198  
Net interest income 13,274 15,429 26,471 22,262  
Less provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 13,274 15,429 26,471 22,262  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 15,702 5,967 28,644 5,226  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net 15,702 5,967 28,644 5,226  
Cost of services:          
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 374 210 732 429  
Depreciation and amortization 0 0 0 0  
Other expenses 11,829 4,134 23,632 4,701  
Intersegment expenses, net 248 127 465 256  
Total operating expenses 12,451 4,471 24,829 5,386  
Income (loss) before income taxes 16,525 16,925 30,286 22,102  
Income tax (expense) benefit (3,935) (4,031) (7,209) (5,240)  
Net income 12,590 12,894 23,077 16,862  
Net loss (income) attributable to noncontrolling interests (129) (128) (249) (269)  
Net income attributable to Nelnet, Inc. 12,461 12,766 22,828 16,593  
Total assets 1,038,068 1,099,212 1,038,068 1,099,212  
Corporate and Other Activities          
Interest income:          
Loan interest 0 0 0 0  
Investment interest 2,646 3,055 6,461 5,594  
Total interest income 2,646 3,055 6,461 5,594  
Interest expense 733 871 1,409 1,362  
Net interest income 1,913 2,184 5,052 4,232  
Less provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 1,913 2,184 5,052 4,232  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 10,372 (17,677) 8,224 (35,667)  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests (1,865) 0 (1,902) 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net 18,201 (12,942) 29,742 (22,281)  
Cost of services:          
Cost of services 8,072 9,122 22,300 17,422  
Operating expenses:          
Salaries and benefits 24,786 26,756 48,307 53,955  
Depreciation and amortization 6,748 10,923 15,464 20,454  
Other expenses 12,842 12,613 26,243 25,657  
Intersegment expenses, net (25,803) (26,161) (52,648) (54,078)  
Total operating expenses 18,573 24,131 37,366 45,988  
Income (loss) before income taxes (6,531) (44,011) (24,872) (81,459)  
Income tax (expense) benefit 788 6,902 4,511 15,056  
Net income (5,743) (37,109) (20,361) (66,403)  
Net loss (income) attributable to noncontrolling interests 1,516 10,330 4,272 14,107  
Net income attributable to Nelnet, Inc. (4,227) (26,779) (16,089) (52,296)  
Total assets 778,549 970,987 778,549 970,987  
Eliminations          
Interest income:          
Loan interest 0 0 0 0  
Investment interest (9,282) (15,578) (18,197) (24,860)  
Total interest income (9,282) (15,578) (18,197) (24,860)  
Interest expense (9,282) (15,578) (18,197) (24,860)  
Net interest income 0 0 0 0  
Less provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 0 0 0 0  
Other income (expense):          
Intersegment revenue (6,162) (7,311) (13,097) (15,157)  
Other, net 0 0 0 0  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net (6,162) (7,311) (13,097) (15,157)  
Cost of services:          
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits (804) (145) (1,611) (145)  
Depreciation and amortization 0 0 0 0  
Other expenses 0 0 0 0  
Intersegment expenses, net (5,358) (7,166) (11,486) (15,012)  
Total operating expenses (6,162) (7,311) (13,097) (15,157)  
Income (loss) before income taxes 0 0 0 0  
Income tax (expense) benefit 0 0 0 0  
Net income 0 0 0 0  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 0 0 0 0  
Total assets (558,394) (613,757) (558,394) (613,757)  
Loan servicing and systems revenue          
Other income (expense):          
Revenue 109,052 122,020 236,252 261,247  
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems          
Other income (expense):          
Revenue 109,052 122,020 236,252 261,247  
Loan servicing and systems revenue | Operating Segments | Education Technology Services and Payments          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Nelnet Bank          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | NFS Other Operating Segments          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Corporate and Other Activities          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Eliminations          
Other income (expense):          
Revenue 0 0 0 0  
Education technology services and payments          
Other income (expense):          
Revenue 116,909 109,858 260,449 243,462  
Cost of services:          
Cost of services 40,222 40,407 88,832 88,110  
Education technology services and payments | Operating Segments | Loan Servicing and Systems          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Education technology services and payments | Operating Segments | Education Technology Services and Payments          
Other income (expense):          
Revenue 116,909 109,858 260,449 243,462  
Cost of services:          
Cost of services 40,222 40,407 88,832 88,110  
Education technology services and payments | Operating Segments | Asset Generation and Management          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Education technology services and payments | Operating Segments | Nelnet Bank          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Education technology services and payments | NFS Other Operating Segments          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Education technology services and payments | Corporate and Other Activities          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Education technology services and payments | Eliminations          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue          
Other income (expense):          
Revenue 9,694 4,735 23,420 13,386  
Cost of services:          
Cost of services 8,072 9,122 22,300 17,422  
Solar construction revenue | Operating Segments | Loan Servicing and Systems          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Education Technology Services and Payments          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Asset Generation and Management          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Nelnet Bank          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue | NFS Other Operating Segments          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue | Corporate and Other Activities          
Other income (expense):          
Revenue 9,694 4,735 23,420 13,386  
Cost of services:          
Cost of services 8,072 9,122 22,300 17,422  
Solar construction revenue | Eliminations          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services $ 0 $ 0 $ 0 $ 0  
v3.24.2.u1
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Solar construction revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 9,694 $ 4,735 $ 23,420 $ 13,386
Commercial revenue        
Disaggregation of Revenue [Line Items]        
Revenue 8,777 2,329 20,355 8,205
Residential revenue        
Disaggregation of Revenue [Line Items]        
Revenue 917 2,406 3,065 5,181
Loan servicing and systems revenue        
Disaggregation of Revenue [Line Items]        
Revenue 109,052 122,020 236,252 261,247
Government loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 87,014 95,736 192,490 204,618
Private education and consumer loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 12,959 12,063 25,577 24,225
FFELP loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 3,245 3,554 6,624 6,921
Software services        
Disaggregation of Revenue [Line Items]        
Revenue 4,879 5,962 9,420 15,660
Outsourced services        
Disaggregation of Revenue [Line Items]        
Revenue 955 4,705 2,141 9,823
Education technology services and payments revenue        
Disaggregation of Revenue [Line Items]        
Revenue 116,909 109,858 260,449 243,462
Tuition payment plan services        
Disaggregation of Revenue [Line Items]        
Revenue 34,164 30,825 73,043 65,012
Payment processing        
Disaggregation of Revenue [Line Items]        
Revenue 34,326 31,827 82,113 75,868
Education technology services        
Disaggregation of Revenue [Line Items]        
Revenue 47,205 46,216 103,227 101,004
Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 1,214 $ 990 $ 2,066 $ 1,578
v3.24.2.u1
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Reinsurance premiums $ 14,851 $ 3,816 $ 27,631 $ 4,351
ALLO preferred return 4,160 2,274 6,569 4,523
Borrower late fee income 2,584 2,168 $ 5,718 4,414
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]     Other, net  
Administration/sponsor fee income 1,482 1,697 $ 3,028 3,468
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]     Other, net  
Investment activity, net 217 (3,574) $ (1,082) (7,154)
Other 6,663 5,068 11,360 8,324
Other, net 28,871 (9,167) 45,734 (24,235)
ALLO Voting Membership Interests Investment        
Disaggregation of Revenue [Line Items]        
Gain (loss) on investments 0 (12,169) (10,693) (32,382)
Solar        
Disaggregation of Revenue [Line Items]        
Gain (loss) on investments (2,610) (10,086) 170 (13,030)
Investment Advice        
Disaggregation of Revenue [Line Items]        
Investment advisory services (WRCM) $ 1,524 $ 1,639 $ 3,033 $ 3,251
v3.24.2.u1
Major Customer (Details) - Government Loan Servicing
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 24, 2023
extension
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Concentration Risk [Line Items]          
Revenue | $   $ 87.0 $ 95.7 $ 192.5 $ 204.6
Contract with customer, contract term 5 years        
Contract with customer, option to extend, option one, number of extensions 2        
Contract with customer, option to extend, option one, extension period 2 years        
Contract with customer, option to extend, option two, number of extensions 1        
Contract with customer, option to extend, option two, extension period 1 year        
v3.24.2.u1
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Total investments $ 999,150 $ 1,006,810
Derivative instruments $ 2,112 452
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets  
Total assets $ 1,001,262 1,007,262
Liabilities:    
Derivative instruments $ 780 1,976
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities  
Total liabilities $ 780 1,976
Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 939,529 955,903
Equity securities    
Assets:    
Total investments 187 73
Equity securities measured at net asset value    
Assets:    
Total investments 59,434 50,834
Level 1    
Assets:    
Total investments 287 172
Derivative instruments 0 0
Total assets 287 172
Liabilities:    
Derivative instruments 0 0
Total liabilities 0 0
Level 1 | Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 100 99
Level 1 | Equity securities    
Assets:    
Total investments 187 73
Level 2    
Assets:    
Total investments 939,429 955,804
Derivative instruments 2,112 452
Total assets 941,541 956,256
Liabilities:    
Derivative instruments 780 1,976
Total liabilities 780 1,976
Level 2 | Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 939,429 955,804
Level 2 | Equity securities    
Assets:    
Total investments $ 0 $ 0
v3.24.2.u1
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Financial assets:        
Loans receivable $ 10,939,519 $ 13,108,204    
Accrued loan interest receivable 619,472 764,385    
Cash and cash equivalents 145,478 168,112 $ 121,769 $ 118,146
Investments - held-to-maturity 234,263      
Beneficial interest in loan securitizations 261,850      
Restricted cash - due to customers 259,479 368,656 $ 208,033 $ 294,311
Financial liabilities:        
Accrued interest payable 27,141 35,391    
Bank deposits 890,472 743,599    
Due to customers 388,876 425,507    
Fair value        
Financial assets:        
Loans receivable 10,902,478 12,800,638    
Accrued loan interest receivable 619,472 764,385    
Cash and cash equivalents 145,478 168,112    
Investments (at fair value) 999,150 1,006,810    
Investments - held-to-maturity 234,263 163,622    
Notes receivable 28,565 53,747    
Beneficial interest in loan securitizations 261,850 262,093    
Restricted cash 538,446 488,723    
Restricted cash - due to customers 259,479 368,656    
Derivative instruments 2,112 452    
Financial liabilities:        
Bonds and notes payable 9,560,951 11,629,359    
Accrued interest payable 27,141 35,391    
Bank deposits 869,437 722,973    
Due to customers 388,876 425,507    
Derivative instruments 780 1,976    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 145,478 168,112    
Investments (at fair value) 287 172    
Investments - held-to-maturity 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 0 0    
Restricted cash 538,446 488,723    
Restricted cash - due to customers 259,479 368,656    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 575,265 467,420    
Due to customers 388,876 425,507    
Derivative instruments 0 0    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 619,472 764,385    
Cash and cash equivalents 0 0    
Investments (at fair value) 939,429 955,804    
Investments - held-to-maturity 234,263 163,622    
Notes receivable 28,565 53,747    
Beneficial interest in loan securitizations 0 0    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Derivative instruments 2,112 452    
Financial liabilities:        
Bonds and notes payable 9,560,951 11,629,359    
Accrued interest payable 27,141 35,391    
Bank deposits 294,172 255,553    
Due to customers 0 0    
Derivative instruments 780 1,976    
Fair value | Level 3        
Financial assets:        
Loans receivable 10,902,478 12,800,638    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments (at fair value) 0 0    
Investments - held-to-maturity 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 261,850 262,093    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 0 0    
Due to customers 0 0    
Derivative instruments 0 0    
Carrying value        
Financial assets:        
Loans receivable 10,320,047 12,343,819    
Accrued loan interest receivable 619,472 764,385    
Cash and cash equivalents 145,478 168,112    
Investments (at fair value) 999,150 1,006,810    
Investments - held-to-maturity 228,883 162,738    
Notes receivable 28,565 53,747    
Beneficial interest in loan securitizations 243,969 225,079    
Restricted cash 538,446 488,723    
Restricted cash - due to customers 259,479 368,656    
Derivative instruments 2,112 452    
Financial liabilities:        
Bonds and notes payable 9,567,708 11,828,393    
Accrued interest payable 27,141 35,391    
Bank deposits 890,472 743,599    
Due to customers 388,876 425,507    
Derivative instruments $ 780 $ 1,976