NELNET INC, 10-Q filed on 5/7/2015
Quarterly Report
Document and Entity Information Document (USD $)
3 Months Ended
Mar. 31, 2015
Jun. 30, 2014
Apr. 30, 2015
Common Class A [Member]
Apr. 30, 2015
Common Class B [Member]
Document Information [Line Items]
 
 
 
 
Entity Registrant Name
NELNET INC 
 
 
 
Document Type
10-Q 
 
 
 
Current Fiscal Year End Date
--12-31 
 
 
 
Entity Common Stock, Shares Outstanding
 
 
34,592,926 
11,486,932 
Entity Public Float
 
$ 1,092,770,730 
 
 
Amendment Flag
false 
 
 
 
Entity Central Index Key
0001258602 
 
 
 
Entity Current Reporting Status
Yes 
 
 
 
Entity Voluntary Filers
No 
 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
 
Document Period End Date
Mar. 31, 2015 
 
 
 
Document Fiscal Year Focus
2015 
 
 
 
Document Fiscal Period Focus
Q1 
 
 
 
Consolidated Balance Sheets (unaudited) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Assets:
 
 
Student loans receivable (net of allowance for loan losses)
$ 27,897,949 
$ 28,005,195 
Cash and cash equivalents:
 
 
Cash and cash equivalents - not held at a related party
38,071 
37,781 
Cash and cash equivalents - held at a related party
61,975 
92,700 
Total cash and cash equivalents
100,046 
130,481 
Investments and notes receivable
276,904 
235,709 
Restricted cash and investments
866,587 
850,440 
Restricted cash - due to customers
71,890 
118,488 
Accrued interest receivable
355,372 
351,588 
Accounts receivable (net of allowance for doubtful accounts)
55,968 
50,552 
Goodwill
126,200 
126,200 
Intangible assets, net
40,183 
42,582 
Property and equipment, net
51,003 
45,894 
Other assets
77,097 
76,622 
Fair value of derivative instruments
36,595 
64,392 
Total assets
29,955,794 
30,098,143 
Liabilities:
 
 
Bonds and notes payable
27,815,324 
28,027,350 
Accrued interest payable
27,275 
25,904 
Other liabilities
174,248 
167,881 
Due to customers
71,890 
118,488 
Fair value of derivative instruments
85,564 
32,842 
Total liabilities
28,174,301 
28,372,465 
Nelnet, Inc. shareholders' equity:
 
 
Preferred stock
0 
0 
Additional paid-in capital
13,177 
17,290 
Retained earnings
1,762,711 
1,702,560 
Accumulated other comprehensive earnings
4,872 
5,135 
Total Nelnet, Inc. shareholders' equity
1,781,222 
1,725,448 
Noncontrolling interest
271 
230 
Total equity
1,781,493 
1,725,678 
Total liabilities and equity
29,955,794 
30,098,143 
Common Class A [Member]
 
 
Nelnet, Inc. shareholders' equity:
 
 
Common stock
347 
348 
Total equity
347 
348 
Common Class B [Member]
 
 
Nelnet, Inc. shareholders' equity:
 
 
Common stock
115 
115 
Total equity
115 
115 
Variable Interest Entity, Primary Beneficiary [Member]
 
 
Assets:
 
 
Student loans receivable (net of allowance for loan losses)
27,965,879 
28,181,244 
Cash and cash equivalents:
 
 
Restricted cash and investments
850,890 
846,199 
Other assets
355,015 
351,934 
Liabilities:
 
 
Bonds and notes payable
28,119,030 
28,391,530 
Other liabilities
295,163 
280,233 
Fair value of derivative instruments
70,261 
20,455 
Equity:
 
 
Net assets of consolidated variable interest entities
$ 687,330 
$ 687,159 
Consolidated Balance Sheets (unaudited) (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Allowance for loan losses
$ 51,161 
$ 48,900 
Allowance for doubtful accounts
$ 1,908 
$ 1,656 
Preferred stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Preferred stock, authorized shares
50,000,000 
50,000,000 
Preferred stock, issued shares
0 
0 
Preferred stock, outstanding shares
0 
0 
Common Class A [Member]
 
 
Par Value (in dollars per share)
$ 0.01 
$ 0.01 
Shares Authorized
600,000,000 
600,000,000 
Shares Issued
34,713,065 
34,756,384 
Shares Outstanding
34,713,065 
34,756,384 
Common Class B [Member]
 
 
Par Value (in dollars per share)
$ 0.01 
$ 0.01 
Shares Authorized
60,000,000 
60,000,000 
Shares Issued
11,486,932 
11,486,932 
Shares Outstanding
11,486,932 
11,486,932 
Consolidated Statements of Income (unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Interest income:
 
 
Loan interest
$ 171,944 
$ 156,896 
Investment interest
2,205 
1,979 
Total interest income
174,149 
158,875 
Interest expense:
 
 
Interest on bonds and notes payable
71,554 
60,004 
Net interest income
102,595 
98,871 
Less provision for loan losses
2,000 
2,500 
Net interest income after provision for loan losses
100,595 
96,371 
Other income (expense):
 
 
Loan and guaranty servicing revenue
57,811 
64,757 
Tuition payment processing, school information, and campus commerce revenue
34,680 
25,235 
Enrollment services revenue
17,863 
22,011 
Other income
6,918 
18,131 
Gain on sale of loans and debt repurchases
2,875 
39 
Derivative market value and foreign currency adjustments and derivative settlements, net
(3,078)
(4,265)
Total other income (expense)
117,069 
125,908 
Operating expenses:
 
 
Salaries and benefits
61,050 
52,484 
Cost of Services
11,702 
14,475 
Loan servicing fees
7,685 
5,421 
Depreciation and amortization
5,662 
4,783 
Other
29,129 
30,206 
Total operating expenses
115,228 
107,369 
Income before income taxes
102,436 
114,910 
Income tax expense
(37,630)
(40,611)
Net income
64,806 
74,299 
Net income attributable to noncontrolling interest
41 
513 
Net income attributable to Nelnet, Inc.
$ 64,765 
$ 73,786 
Earnings per common share:
 
 
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$ 1.40 
$ 1.59 
Weighted average common shares outstanding - basic and diluted
46,290,590 
46,527,917 
Consolidated Statements of Comprehensive Income (unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Net income
$ 64,806 
$ 74,299 
Available-for-sale securities:
 
 
Unrealized holding (losses) gains arising during period, net
(213)
3,675 
Less reclassification adjustment for gains recognized in net income, net of losses
(205)
(7,073)
Income tax effect
155 
1,258 
Total other comprehensive loss
(263)
(2,140)
Comprehensive income
64,543 
72,159 
Comprehensive income attributable to noncontrolling interest
41 
513 
Comprehensive income attributable to Nelnet, Inc.
$ 64,502 
$ 71,646 
Consolidated Statements of Shareholders' Equity (unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
Total
Preferred Stock [Member]
Common Class A [Member]
Common Class B [Member]
Additional paid-in capital [Member]
Retained earnings [Member]
Accumulated other comprehensive earnings [Member]
Noncontrolling interest [Member]
Balance at Dec. 31, 2013
$ 1,443,990 
$ 0 
$ 349 
$ 115 
$ 24,887 
$ 1,413,492 
$ 4,819 
$ 328 
Balance (in Shares) at Dec. 31, 2013
 
0 
34,881,338 
11,495,377 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Issuance of noncontrolling interest
201 
 
 
 
 
 
 
201 
Net income
74,299 
 
 
 
 
73,786 
 
513 
Other comprehensive income (loss)
(2,140)
 
 
 
 
 
(2,140)
 
Distribution to noncontrolling interest
(287)
 
 
 
 
 
 
(287)
Cash dividend on Class A and Class B common stock
(4,641)
 
 
 
 
(4,641)
 
 
Issuance of common stock, net of forfeitures (in Shares)
 
 
155,705 
0 
 
 
 
 
Issuance of common stock, net of forfeitures
2,246 
 
2 
0 
2,244 
 
 
 
Compensation expense for stock based awards
875 
 
 
 
875 
 
 
 
Repurchase of common stock (in Shares)
 
 
(20,564)
0 
 
 
 
 
Repurchase of common stock
(869)
 
(1)
0 
(868)
 
 
 
Conversion of Common Stock, Shares Converted
 
 
3,445 
(3,445)
 
 
 
 
Conversion of Common Stock, Amount Converted
0 
 
0 
0 
 
 
 
 
Balance at Mar. 31, 2014
1,513,674 
0 
350 
115 
27,138 
1,482,637 
2,679 
755 
Balance (in Shares) at Mar. 31, 2014
 
0 
35,019,924 
11,491,932 
 
 
 
 
Balance at Dec. 31, 2014
1,725,678 
0 
348 
115 
17,290 
1,702,560 
5,135 
230 
Balance (in Shares) at Dec. 31, 2014
 
0 
34,756,384 
11,486,932 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Net income
64,806 
 
 
 
 
64,765 
 
41 
Other comprehensive income (loss)
(263)
 
 
 
 
 
(263)
 
Distribution to noncontrolling interest
0 
 
 
 
 
 
 
 
Cash dividend on Class A and Class B common stock
(4,614)
 
 
 
 
(4,614)
 
 
Issuance of common stock, net of forfeitures (in Shares)
 
 
132,479 
0 
 
 
 
 
Issuance of common stock, net of forfeitures
2,468 
 
1 
0 
2,467 
 
 
 
Compensation expense for stock based awards
1,357 
 
 
 
1,357 
 
 
 
Repurchase of common stock (in Shares)
 
 
(175,798)
0 
 
 
 
 
Repurchase of common stock
(7,939)
 
(2)
0 
(7,937)
 
 
 
Balance at Mar. 31, 2015
$ 1,781,493 
$ 0 
$ 347 
$ 115 
$ 13,177 
$ 1,762,711 
$ 4,872 
$ 271 
Balance (in Shares) at Mar. 31, 2015
 
0 
34,713,065 
11,486,932 
 
 
 
 
Consolidated Statements of Shareholders' Equity (unaudited) (Parentheticals)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Common Class A [Member]
 
 
Dividends paid per common share
$ 0.10 
$ 0.10 
Common Class B [Member]
 
 
Dividends paid per common share
$ 0.10 
$ 0.10 
Consolidated Statements of Cash Flows (unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Net income attributable to Nelnet, Inc.
$ 64,765 
$ 73,786 
Net income attributable to noncontrolling interest
41 
513 
Net income
64,806 
74,299 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization, including debt discounts and student loan premiums and deferred origination costs
30,225 
21,999 
Student loan discount accretion
(10,746)
(10,023)
Provision for loan losses
2,000 
2,500 
Derivative market value adjustment
46,072 
(2,916)
Foreign currency transaction adjustment
(48,209)
952 
Proceeds from termination of derivative instruments
34,447 
0 
Gain on sale of loans
(351)
0 
Gain from debt repurchases
(2,524)
(39)
Gain from sales of available-for-sale securities, net
(205)
(7,073)
Proceeds (Payments) from sales (purchases) of trading securities, net
1,304 
(731)
Deferred income tax expense
224 
2,497 
Other
3,115 
2,285 
(Increase) decrease in accrued interest receivable
(3,784)
8,881 
Increase in accounts receivable
(5,416)
(5,758)
Decrease in other assets
605 
1,303 
Increase in accrued interest payable
1,371 
613 
Increase (decrease) increase in other liabilities
16,414 
(185)
Net cash provided by operating activities
129,348 
88,604 
Cash flows from investing activities, net of acquisitions:
 
 
Purchases of student loans
(844,120)
(386,100)
Net proceeds from student loan repayments, claims, capitalized interest, participations, and other
940,907 
686,908 
Proceeds from sale of student loans
3,996 
0 
Purchases of available-for-sale securities
(512)
(69,930)
Proceeds from sales of available-for-sale securities
1,317 
99,799 
Purchases of investments and issuance of notes receivable
(49,953)
(14,467)
Proceeds from investments and notes receivable
4,709 
0 
Purchases of property and equipment, net
(8,372)
(3,146)
(Increase) decrease in restricted cash and investments
(16,147)
29,356 
Business acquisition, net of cash acquired
0 
(1,909)
Net cash provided by investing activities
31,825 
340,511 
Cash flows from financing activities:
 
 
Payments on bonds and notes payable
(1,459,807)
(1,347,517)
Proceeds from issuance of bonds and notes payable
1,285,760 
972,384 
Payments of debt issuance costs
(5,256)
(4,700)
Dividends paid
(4,614)
(4,641)
Repurchases of common stock
(7,939)
(869)
Proceeds from issuance of common stock
248 
149 
Issuance of noncontrolling interest
0 
201 
Distribution to noncontrolling interest
0 
(287)
Net cash used in financing activities
(191,608)
(385,280)
Net (decrease) increase in cash and cash equivalents
(30,435)
43,835 
Cash and cash equivalents, beginning of period
130,481 
63,267 
Cash and cash equivalents, end of period
100,046 
107,102 
Cash disbursements made for:
 
 
Interest paid
53,235 
48,750 
Income taxes paid, net of refunds
$ 45 
$ 13,378 
Basis of Financial Reporting
Basis of Financial Reporting
Basis of Financial Reporting

The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2015 and for the three months ended March 31, 2015 and 2014 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2014 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results for the year ending December 31, 2015. 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, 2014 (the "2014 Annual Report").

Reclassifications

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

•
Reclassifying certain investments and notes receivable, which were previously included in "other assets" to "investments and notes receivable."

•
Reclassifying third-party loan servicing fees, which were previously included in "other" operating expenses to "loan servicing fees."

The reclassifications had no effect on consolidated net income or consolidated assets and liabilities.

Student Loans Receivable and Allowance for Loan Losses
Financing Receivables [Text Block]
Student Loans Receivable and Allowance for Loan Losses

Student loans receivable consisted of the following:
 
As of
 
As of
 
March 31, 2015
 
December 31, 2014
Federally insured loans
 
 
 
Stafford and other
$
6,287,829

 
6,030,825

Consolidation
21,687,746

 
22,165,605

Total
27,975,575

 
28,196,430

Private education loans
131,513

 
27,478

 
28,107,088

 
28,223,908

Loan discount, net of unamortized loan premiums and deferred origination costs (a)
(157,978
)
 
(169,813
)
Allowance for loan losses – federally insured loans
(38,021
)
 
(39,170
)
Allowance for loan losses – private education loans
(13,140
)
 
(9,730
)
 
$
27,897,949

 
28,005,195



(a)
As of March 31, 2015 and December 31, 2014, "loan discount, net of unamortized loan premiums and deferred origination costs" included $32.4 million and $28.8 million, respectively, of non-accretable discount associated with purchased loans of $8.9 billion and $8.5 billion, respectively.

On February 5, 2015, the Company entered into an agreement with CommonBond, Inc. ("CommonBond"), a student lending company that provides private education loans to graduate students, under which the Company committed to purchase up to $150.0 million of private education loans. As of March 31, 2015, the Company had purchased $15.2 million in private loans from CommonBond pursuant to this agreement.

Activity in the Allowance for Loan Losses

The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of student loans. Activity in the allowance for loan losses is shown below.
 
Three months ended March 31,
 
2015
 
2014
Balance at beginning of period
$
48,900

 
55,122

Provision for loan losses:
 
 
 
Federally insured loans
2,000

 
3,000

Private education loans
—

 
(500
)
Total provision for loan losses
2,000

 
2,500

Charge-offs:
 

 
 

Federally insured loans
(3,149
)
 
(3,631
)
Private education loans
(676
)
 
(421
)
Total charge-offs
(3,825
)
 
(4,052
)
Recoveries - private education loans
254

 
371

Purchase (sale) of federally insured and private education loans, net
(230
)
 
100

Transfer from repurchase obligation related to private education loans repurchased
4,062

 
587

Balance at end of period
$
51,161

 
54,628

 
 
 
 
Allocation of the allowance for loan losses:
 
 
 

Federally insured loans
$
38,021

 
42,909

Private education loans
13,140

 
11,719

Total allowance for loan losses
$
51,161

 
54,628


Repurchase Obligation

The Company has sold various portfolios of private education loans to third-parties. Per the terms of the servicing agreements, the Company’s servicing operations are obligated to repurchase loans subject to the sale agreements in the event such loans become 60 or 90 days delinquent. As of March 31, 2015 and December 31, 2014, the balance of loans subject to these repurchase obligations was $57.7 million and $155.3 million, respectively, and the associated obligation related to these loans was $3.9 million and $11.8 million, respectively. The Company repurchased $94.1 million of private education loans during the three month period ended March 31, 2015. The Company's estimate related to its obligation to repurchase these loans is included in "other liabilities" in the Company's consolidated balance sheets.



Student Loan Status and Delinquencies

Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs.  The table below shows the Company’s loan delinquency amounts.

 
As of March 31, 2015
 
As of December 31, 2014
 
As of March 31, 2014
Federally insured loans:
 
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
2,781,537

 
 
 
$
2,805,228

 
 
 
$
2,879,382

 
 
Loans in forbearance
3,244,255

 
 
 
3,288,412

 
 
 
3,213,638

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
18,672,471

 
85.0
%
 
18,460,279

 
83.5
%
 
16,498,560

 
83.9
%
Loans delinquent 31-60 days
911,653

 
4.2

 
1,043,119

 
4.8

 
832,381

 
4.2

Loans delinquent 61-90 days
571,759

 
2.6

 
588,777

 
2.7

 
522,699

 
2.7

Loans delinquent 91-120 days
346,857

 
1.6

 
404,905

 
1.8

 
344,143

 
1.8

Loans delinquent 121-270 days
1,030,645

 
4.7

 
1,204,405

 
5.4

 
984,648

 
5.0

Loans delinquent 271 days or greater
416,398

 
1.9

 
401,305

 
1.8

 
470,204

 
2.4

Total loans in repayment
21,949,783

 
100.0
%
 
22,102,790

 
100.0
%
 
19,652,635

 
100.0
%
Total federally insured loans
$
27,975,575

 
 

 
$
28,196,430

 
 

 
$
25,745,655

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Private education loans:
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
5,006

 
 
 
$
905

 
 
 
$
2,612

 
 
Loans in forbearance
20

 
 
 
—

 
 
 
24

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
118,278

 
93.5
%
 
18,390

 
69.2
%
 
57,115

 
86.6
%
Loans delinquent 31-60 days
1,200

 
0.9

 
1,078

 
4.1

 
1,223

 
1.9

Loans delinquent 61-90 days
1,753

 
1.4

 
1,035

 
3.9

 
1,748

 
2.7

Loans delinquent 91 days or greater
5,256

 
4.2

 
6,070

 
22.8

 
5,818

 
8.8

Total loans in repayment
126,487

 
100.0
%
 
26,573

 
100.0
%
 
65,904

 
100.0
%
Total non-federally insured loans
$
131,513

 
 

 
$
27,478

 
 

 
$
68,540

 
 
Bonds and Notes Payable
Bonds and Notes Payable
 Bonds and Notes Payable

The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 
As of March 31, 2015
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
25,850,638

 
0.16% - 6.90%
 
8/26/19 - 8/26/52
Bonds and notes based on auction
1,197,065

 
0.64% - 2.16%
 
3/22/32 - 11/26/46
Total variable-rate bonds and notes
27,047,703

 
 
 
 
FFELP warehouse facilities
1,010,258

 
0.17% - 0.29%
 
1/17/16 - 12/17/17
Unsecured line of credit
—

 
—
 
6/30/19
Unsecured debt - Junior Subordinated Hybrid Securities
59,837

 
3.65%
 
9/15/61
Other borrowings
82,305

 
1.68% - 5.10%
 
11/11/15 - 12/31/18
 
28,200,103

 
 
 
 
Discount on bonds and notes payable
(384,779
)
 
 
 
 
Total
$
27,815,324

 
 
 
 
 
As of December 31, 2014
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
25,713,431

 
0.19% - 6.90%
 
5/25/18 - 8/26/52
Bonds and notes based on auction
1,311,669

 
0.47% - 2.17%
 
3/22/32 - 11/26/46
Total variable-rate bonds and notes
27,025,100

 
 
 
 
FFELP warehouse facilities
1,241,665

 
0.16% - 0.26%
 
1/17/16 - 6/11/17
Unsecured line of credit
—

 
—
 
6/30/19
Unsecured debt - Junior Subordinated Hybrid Securities
71,688

 
3.63%
 
9/15/61
Other borrowings
81,969

 
1.67% - 5.10%
 
11/11/15 - 12/31/18
 
28,420,422

 
 
 
 
Discount on bonds and notes payable
(393,072
)
 
 
 
 
Total
$
28,027,350

 
 
 
 


FFELP Warehouse Facilities

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

As of March 31, 2015, the Company had three FFELP warehouse facilities as summarized below.
 
 
NHELP-III (a)
 
NFSLW-I (b)
 
NHELP-II
 
Total
Maximum financing amount
 
$
750,000

 
750,000

 
500,000

 
2,000,000

Amount outstanding
 
537,005

 
404,020

 
69,233

 
1,010,258

Amount available
 
$
212,995

 
345,980

 
430,767

 
989,742

Expiration of liquidity provisions
 
May 5, 2015

 
June 11, 2015

 
December 17, 2015

 
 
Final maturity date
 
January 17, 2016

 
June 11, 2017

 
December 17, 2017

 
 
Maximum advance rates
 
92.2 - 95.0%

 
92.0 - 98.0%

 
91.0 - 97.0%

 
 
Minimum advance rates
 
92.2 - 95.0%

 
84.0 - 90.0%

 
91.0 - 97.0%

 
 
Advanced as equity support
 
$
32,515

 
19,001

 
3,640

 
55,156


(a)
On April 30, 2015, the Company amended the agreement for this warehouse facility to change the expiration date for the liquidity provisions to April 29, 2016, and to change the final maturity date to April 29, 2018.
(b)
On January 27, 2015, the Company amended the agreement for this warehouse facility to temporarily increase the maximum financing amount to $1.2 billion. On March 26, 2015, the Company reduced the maximum financing amount from $1.2 billion to $750 million.
Asset-backed Securitizations

The following table summarizes the asset-backed securitization transactions completed during the three months ended March 31, 2015.
 
 
2015-1
 
2015-2
 
Total
 
 
 
 
Class A-1 notes
 
Class A-2 notes
 
2015-2 total
 
 
Date securities issued
 
2/27/15
 
3/26/15
 
3/26/15
 
3/26/15
 
 
Total original principal amount
 
$
566,346

 
122,500

 
584,500

 
722,000

 
$
1,288,346

 
 
 
 
 
 
 
 
 
 
 
Class A senior notes:
 
 
 
 
 
 
 
 
 
 
Total original principal amount
 
$
553,232

 
122,500

 
584,500

 
707,000

 
1,260,232

Bond discount
 
—

 
—

 
—

 
—

 
—

Issue price
 
$
553,232

 
122,500

 
584,500

 
707,000

 
1,260,232

Cost of funds (1-month LIBOR plus:)
 
0.59
%
 
0.27
%
 
0.60
%
 
 
 
 
Final maturity date
 
4/25/41

 
3/25/20

 
9/25/42

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class B subordinated notes:
 
 
 
 
 
 
 
 
 
 
Total original principal amount
 
$
13,114

 
 
 
 
 
15,000

 
28,114

Bond discount
 
(1,157
)
 
 
 
 
 
(1,793
)
 
(2,950
)
Issue price
 
$
11,957

 

 
 
 
13,207

 
25,164

Cost of funds (1-month LIBOR plus:)
 
1.50
%
 
 
 
 
 
1.50
%
 
 
Final maturity date
 
6/25/46

 
 
 
 
 
5/25/49

 
 

Unsecured Line of Credit

The Company has a $350.0 million line of credit that has a maturity date of June 30, 2019. As of March 31, 2015, the $350.0 million unsecured line of credit had no amount outstanding and $350.0 million was available for future use.

Debt Repurchases

During the three months ended March 31, 2015 and 2014, the Company repurchased $11.9 million (par value) of its Junior Subordinated Hybrid Securities unsecured debt and $1.4 million (par value) of its own asset-backed debt securities and recognized gains on such purchases of $2.5 million and approximately $39,000, respectively.
Derivative Financial Instruments
Derivative Financial Instruments
Derivative Financial Instruments

The Company uses derivative financial instruments primarily to manage interest rate risk and foreign currency exchange risk. Derivative instruments used as part of the Company's risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2014 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2015 and December 31, 2014 is presented below.

Basis Swaps

The following table summarizes the Company’s basis swaps outstanding as of March 31, 2015 and December 31, 2014 in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
 
 
 
 
As of March 31,
 
As of December 31,
 
 
 
 
2015
 
2014
 
Maturity
 
Notional amount
 
Notional amount
 
2016
 
 
$
1,000,000

 
$
—

 
2021
 
 
—

 
250,000

 
2022
 
 
1,900,000

 
1,900,000

 
2023
 
 
2,400,000

 
3,650,000

 
2024
 
 
—

 
250,000

 
2026
 
 
800,000

 
800,000

 
2028
 
 
—

 
100,000

 
2036
 
 
—

 
700,000

 
2039
 
 
—

 
150,000

 
 
 
 
$
6,100,000

 
$
7,800,000

 
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2015 and December 31, 2014 was one-month LIBOR plus 6.0 basis points and 3.5 basis points, respectively.
Interest Rate Swaps – Floor Income Hedges

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
 
 
As of March 31, 2015
 
As of December 31, 2014
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
 
 
 
2015
 
$
1,100,000

 
0.89
%
 
$
1,100,000

 
0.89
%
2016
 
750,000

 
0.85

 
750,000

 
0.85

2017
 
1,350,000

 
0.85

 
1,250,000

 
0.86

2018
 
100,000

 
1.02

 
—

 
—

2025
 
100,000

 
2.32

 
—

 
—

2045
 
25,000

 
2.46

 
—

 
—

 
 
$
3,425,000

 
0.92
%
 
$
3,100,000

 
0.87
%

(a)
For all interest rate derivatives, the Company receives discrete three-month LIBOR.
On August 20, 2014, the Company paid $9.1 million for an interest rate swap option to economically hedge loans earning fixed rate floor income. The interest rate swap option gives the Company the right, but not the obligation, to enter into a $250 million notional interest rate swap in which the Company would pay a fixed amount of 3.30% and receive discrete one-month LIBOR. If the interest rate swap option is exercised, the swap would become effective in 2019 and mature in 2024.

Interest Rate Swaps – Unsecured Debt Hedges

The Company had the following derivatives outstanding as of March 31, 2015 and December 31, 2014 that are used to effectively convert the variable interest rate on a portion of the Junior Subordinated Hybrid Securities to a fixed rate.
 
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
2036
 
$
25,000

 
4.28
%
(a)
For all interest rate derivatives, the Company receives discrete three-month LIBOR.

Foreign Currency Exchange Risk

In 2006, the Company issued €352.7 million of student loan asset-backed Euro Notes (the "Euro Notes") with an interest rate based on a spread to the EURIBOR index. As a result of the Euro Notes, the Company is exposed to market risk related to fluctuations in foreign currency exchange rates between the U.S. dollar and Euro. The principal and accrued interest on these notes are re-measured at each reporting period and recorded in the Company’s consolidated balance sheet in U.S. dollars based on the foreign currency exchange rate on that date.

The Company entered into a cross-currency interest rate swap in connection with the issuance of the Euro Notes. Under the terms of the cross-currency interest rate swap, the Company receives from the counterparty a spread to the EURIBOR index based on a notional amount of €352.7 million and pays a spread to the LIBOR index based on a notional amount of $450.0 million. In addition, under the terms of this agreement, all principal payments on the Euro Notes will effectively be paid at the exchange rate in effect between the U.S. dollar and Euro as of the issuance of the notes.

The following table shows the income statement impact as a result of the re-measurement of the Euro Notes and the change in the fair value of the related derivative instrument.
 
Three months ended March 31,
 
2015
 
2014
Re-measurement of Euro Notes
$
48,209

 
(952
)
Change in fair value of cross-currency interest rate swap
(49,805
)
 
(39
)
Total impact to consolidated statements of income - income (expense) (a)
$
(1,596
)
 
(991
)
(a)
The financial statement impact of the above items is included in "Derivative market value and foreign currency adjustments and derivative settlements, net" in the Company's consolidated statements of income.
The re-measurement of the Euro-denominated bonds generally correlates with the change in fair value of the corresponding cross-currency interest rate swap. However, the Company will experience unrealized gains or losses related to the cross-currency interest rate swap if the two underlying indices (and related forward curve) do not move in parallel.

Consolidated Financial Statement Impact Related to Derivatives

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets:
 
Fair value of asset derivatives
 
Fair value of liability derivatives
 
As of
 
As of
 
As of
 
As of
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
1:3 basis swaps
$
30,072

 
53,549

 
—

 
—

Interest rate swaps - floor income hedges
1,756

 
5,165

 
6,498

 
5,034

Interest rate swap option - floor income hedge
4,767

 
5,678

 
—

 
—

Interest rate swaps - hybrid debt hedges
—

 
—

 
8,805

 
7,353

Cross-currency interest rate swap
—


—

 
70,261

 
20,455

Total
$
36,595

 
64,392

 
85,564

 
32,842



During the three months ended March 31, 2015, the Company terminated a total notional amount of $2.7 billion of 1:3 Basis Swaps for gross proceeds of $34.4 million.

Offsetting of Derivative Assets/Liabilities

The Company records derivative instruments in the consolidated balance sheets on a gross basis as either an asset or liability measured at its fair value. Certain of the Company's derivative instruments are subject to right of offset provisions with counterparties. The following tables include the gross amounts related to the Company's derivative portfolio recognized in the consolidated balance sheets, reconciled to the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received/pledged:

 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative assets
 
Gross amounts of recognized assets presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged (received)
 
Net asset (liability)
Balance as of March 31, 2015
 
$
36,595

 
(9,761
)
 
5,556

 
32,390

Balance as of December 31, 2014
 
64,392

 
(12,387
)
 
—

 
52,005


 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative liabilities
 
Gross amounts of recognized liabilities presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged (received)
 
Net asset (liability)
Balance as of March 31, 2015
 
$
(85,564
)
 
9,761

 
6,400

 
(69,403
)
Balance as of December 31, 2014
 
(32,842
)
 
12,387

 
(1,454
)
 
(21,909
)


The following table summarizes the effect of derivative instruments in the consolidated statements of income.
 
Three months ended March 31,
 
2015
 
2014
Settlements:
 

 
 

1:3 basis swaps
$
266

 
881

Interest rate swaps - floor income hedges
(5,015
)
 
(6,950
)
Interest rate swaps - hybrid debt hedges
(252
)
 
(252
)
Cross-currency interest rate swap
(214
)
 
92

Total settlements - (expense) income
(5,215
)
 
(6,229
)
Change in fair value:
 

 
 

1:3 basis swaps
10,969

 
1,110

Interest rate swaps - floor income hedges
(4,872
)
 
3,358

Interest rate swap option - floor income hedge
(912
)
 
—

Interest rate swaps - hybrid debt hedges
(1,452
)
 
(1,513
)
Cross-currency interest rate swap
(49,805
)
 
(39
)
Total change in fair value - (expense) income
(46,072
)
 
2,916

Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense)
48,209

 
(952
)
Derivative market value and foreign currency adjustments and derivative settlements, net - income (expense)
$
(3,078
)
 
(4,265
)
Investments and Notes Receivable
Investments
Investments and Notes Receivable

A summary of the Company's investments and notes receivable follows:
 
As of March 31, 2015
 
As of December 31, 2014
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses (a)
 
Fair value
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair value
 
 
 
 
 
 
 
 
Investments (at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed and other debt securities (b)
$
130,754

 
5,998

 
(484
)
 
136,268

 
131,589

 
6,204

 
(236
)
 
137,557

Equity securities
1,787

 
2,268

 
(48
)
 
4,007

 
1,553

 
2,216

 
(33
)
 
3,736

Total available-for-sale investments
$
132,541

 
8,266

 
(532
)
 
140,275

 
133,142

 
8,420

 
(269
)
 
141,293

Trading investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed securities
 
 
 
 
 
 
6,526

 
 
 
 
 
 
 
7,830

Total available-for-sale and trading investments

 

 

 
146,801

 
 
 
 
 


 
149,123

Other Investments and Notes Receivable (not measured at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
Investments accounted for under the cost and equity methods
 
 
 
 
 
 
81,912

 
 
 
 
 
 
 
36,991

Notes receivable
 
 
 
 
 
 
31,806

 
 
 
 
 
 
 
30,643

Other
 
 
 
 
 
 
16,385

 
 
 
 
 
 
 
18,952

Total investments and notes receivable
 
 
 
 
 
 
$
276,904

 
 
 
 
 
 
 
235,709


    
(a)
As of March 31, 2015, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired.

(b)
As of March 31, 2015, the stated maturities of the majority of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years.

The amounts reclassified from accumulated other comprehensive income related to the realized gains and losses on available-for-sale-securities are summarized below.
 
 
Three months ended March 31,
Affected line item in the consolidated statements of income - income (expense):
 
2015
 
2014
Other income
 
$
205

 
7,073

Income tax expense
 
(76
)
 
(2,617
)
Net
 
$
129

 
4,456

Intangible Assets Intangible Assets
Intangible Assets Disclosure [Text Block]
Intangible Assets and Goodwill

Intangible assets consist of the following:
 
Weighted average remaining useful life as of March 31, 2015 (months)
 
As of March 31, 2015
 
As of December 31, 2014
 
 
 
Amortizable intangible assets:
 
 
 
Customer relationships (net of accumulated amortization of $18,820 and $17,361, respectively)
211
 
$
25,871

 
27,330

Computer software (net of accumulated amortization of $2,472 and $1,896, respectively)
39
 
6,393

 
6,969

Trade names (net of accumulated amortization of $403 and $272, respectively)
230
 
6,019

 
6,150

Content (net of accumulated amortization of $225 and $0, respectively)
21
 
1,575

 
1,800

Covenants not to compete (net of accumulated amortization of $30 and $21, respectively)
110
 
325

 
333

Total - amortizable intangible assets
178
 
$
40,183

 
42,582



The Company recorded amortization expense on its intangible assets of $2.4 million and $1.0 million during the three months ended March 31, 2015 and 2014, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2015, the Company estimates it will record amortization expense as follows:

2015 (April 1 - December 31)
$
7,196

2016
6,249

2017
3,752

2018
3,533

2019
2,861

2020 and thereafter
16,592

 
$
40,183



There were no changes in the carrying amount of goodwill during the three months ended March 31, 2015. The carrying amount of goodwill by reportable operating segment as of March 31, 2015 and December 31, 2014 is shown in the table below.
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset Generation and Management
 
Corporate and Other Activities
 
Total
Balance as of December 31, 2014 and March 31, 2015
$
8,596

 
67,168

 
41,883

 
8,553

 
126,200

Earnings per Common Share
Earnings Per Common Share
Earnings per Common Share

Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 
Three months ended March 31,
 
2015
 
2014
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc.
$
64,078

 
687

 
64,765

 
73,125

 
661

 
73,786

 
 
 
 
 


 
 
 
 
 
 
Denominator:


 


 


 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted
45,799,873

 
490,717

 
46,290,590

 
46,110,952

 
416,965

 
46,527,917

Earnings per share - basic and diluted
$
1.40

 
1.40

 
1.40

 
1.59

 
1.59

 
1.59

 
 
 
 
 
 
 
 
 
 
 
 


Unvested restricted stock awards are the Company's only potential common shares and, accordingly, there were no awards that were antidilutive and not included in average shares outstanding for the diluted earnings per share calculation.
Segment Reporting
Segment Reporting
Segment Reporting

See note 14 of the notes to consolidated financial statements included in the 2014 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.

Effective January 1, 2015, internal reporting to executive management (the "chief operating decision maker") changed to reflect operational changes made within the organization. The operational and internal reporting changes included moving the majority of information technology infrastructure personnel and related functions to Corporate and Other Activities. The associated costs are allocated to the other operating segments based on those segments' actual use of information technology related products and services. Information technology infrastructure personnel and related functions were historically included within the Student Loan and Guaranty Servicing operating segment, and associated costs were allocated to the other operating segments based on those segments' actual use of the related products and services. Prior period segment operating results have been reclassified to reflect these changes; however, the reclassifications had no effect on any operating segment's net income.
 
Three months ended March 31, 2015
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
7

 
2

 
172,423

 
2,153

 
(436
)
 
174,149

Interest expense
—

 
—

 
70,540

 
1,450

 
(436
)
 
71,554

Net interest income
7

 
2

 
101,883

 
703

 
—

 
102,595

Less provision for loan losses
—

 
—

 
2,000

 
—

 
—

 
2,000

Net interest income after provision for loan losses
7

 
2

 
99,883

 
703

 
—

 
100,595

Other income:
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
57,811

 
—

 
—

 
—

 
—

 
57,811

Intersegment servicing revenue
12,871

 
—

 
—

 
—

 
(12,871
)
 
—

Tuition payment processing, school information, and campus commerce revenue
—

 
34,680

 
—

 
—

 
—

 
34,680

Enrollment services revenue
—

 
—

 
—

 
17,863

 
—

 
17,863

Other income
—

 
—

 
4,576

 
2,342

 
—

 
6,918

Gain on sale of loans and debt repurchases
—

 
—

 
351

 
2,524

 
—

 
2,875

Derivative market value and foreign currency adjustments, net
—

 
—

 
3,590

 
(1,453
)
 
—

 
2,137

Derivative settlements, net
—

 
—

 
(4,963
)
 
(252
)
 
—

 
(5,215
)
Total other income
70,682

 
34,680

 
3,554

 
21,024

 
(12,871
)
 
117,069

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
33,703

 
13,321

 
541

 
13,485

 
—

 
61,050

Cost to provide enrollment services
—

 
—

 
—

 
11,702

 
—

 
11,702

Loan servicing fees
—

 
—

 
7,685

 
—

 
—

 
7,685

Depreciation and amortization
446

 
2,195

 
—

 
3,021

 
—

 
5,662

Other
14,600

 
3,802

 
1,068

 
9,659

 
—

 
29,129

Intersegment expenses, net
9,700

 
2,614

 
13,040

 
(12,483
)
 
(12,871
)
 
—

Total operating expenses
58,449

 
21,932

 
22,334

 
25,384

 
(12,871
)
 
115,228

Income (loss) before income taxes and corporate overhead allocation
12,240

 
12,750

 
81,103

 
(3,657
)
 
—

 
102,436

Corporate overhead allocation
(2,153
)
 
(862
)
 
(1,078
)
 
4,093

 
—

 
—

Income before income taxes
10,087

 
11,888

 
80,025

 
436

 
—

 
102,436

Income tax (expense) benefit
(3,834
)
 
(4,518
)
 
(30,409
)
 
1,131

 
—

 
(37,630
)
Net income
6,253

 
7,370

 
49,616

 
1,567

 
—

 
64,806

  Net income attributable to noncontrolling interest
—

 
—

 
—

 
41

 
—

 
41

Net income attributable to Nelnet, Inc.
$
6,253

 
7,370

 
49,616

 
1,526

 
—

 
64,765

 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2014
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
11

 
—

 
157,003

 
2,658

 
(797
)
 
158,875

Interest expense
—

 
—

 
59,476

 
1,325

 
(797
)
 
60,004

Net interest income
11

 
—

 
97,527

 
1,333

 
—

 
98,871

Less provision for loan losses
—

 
—

 
2,500

 
—

 
—

 
2,500

Net interest income after provision for loan losses
11

 
—

 
95,027

 
1,333

 
—

 
96,371

Other income:
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
64,757

 
—

 
—

 
—

 
—

 
64,757

Intersegment servicing revenue
14,221

 
—

 
—

 
—

 
(14,221
)
 
—

Tuition payment processing, school information, and campus commerce revenue
—

 
25,235

 
—

 
—

 
—

 
25,235

Enrollment services revenue
—

 
—

 
—

 
22,011

 
—

 
22,011

Other income
—

 
—

 
4,164

 
13,967

 
—

 
18,131

Gain on sale of loans and debt repurchases
—

 
—

 
39

 
—

 
—

 
39

Derivative market value and foreign currency adjustments, net
—

 
—

 
3,477

 
(1,513
)
 
—

 
1,964

Derivative settlements, net
—

 
—

 
(5,977
)
 
(252
)
 
—

 
(6,229
)
Total other income
78,978

 
25,235

 
1,703

 
34,213

 
(14,221
)
 
125,908

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
29,398

 
10,027

 
609

 
12,450

 
—

 
52,484

Cost to provide enrollment services
—

 
—

 
—

 
14,475

 
—

 
14,475

Loan servicing fees
—

 
—

 
5,421

 
—

 
—

 
5,421

Depreciation and amortization
419

 
1,428

 
—

 
2,936

 
—

 
4,783

Other
15,651

 
2,647

 
1,725

 
10,183

 
—

 
30,206

Intersegment expenses, net
9,163

 
1,420

 
14,371

 
(10,733
)
 
(14,221
)
 
—

Total operating expenses
54,631

 
15,522

 
22,126

 
29,311

 
(14,221
)
 
107,369

Income before income taxes and corporate overhead allocation
24,358

 
9,713

 
74,604

 
6,235

 
—

 
114,910

Corporate overhead allocation
(1,860
)
 
(620
)
 
(1,329
)
 
3,809

 
—

 
—

Income before income taxes
22,498

 
9,093

 
73,275

 
10,044

 
—

 
114,910

Income tax (expense) benefit
(8,549
)
 
(3,455
)
 
(27,844
)
 
(763
)
 
—

 
(40,611
)
Net income
13,949

 
5,638

 
45,431

 
9,281

 
—

 
74,299

  Net income attributable to noncontrolling interest
—

 
—

 
—

 
513

 
—

 
513

Net income attributable to Nelnet, Inc.
$
13,949

 
5,638

 
45,431

 
8,768

 
—

 
73,786

 
 
 
 
 
 
 
 
 
 
 
 
Major Customer
Concentration Risk Disclosure [Text Block]
Major Customer
The Company earns loan servicing revenue from a servicing contract with the U.S. Department of Education that currently expires on June 16, 2019. Revenue earned by the Company's Student Loan and Guaranty Servicing operating segment related to this contract was $32.4 million and $29.9 million for the three months ended March 31, 2015 and 2014, respectively.
Related Party Transactions
Related Party Transactions
Related Parties
The Company has entered into certain contractual arrangements with related parties as described in note 20 of the notes to consolidated financial statements included in the 2014 Annual Report.  The following provides an update for a related party transaction that occurred during the first three months of 2015.
On March 17, 2015, the Company made a $40.5 million equity investment in Agile Sports Technologies, Inc. (doing business as "Hudl"). David Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl. Prior to the 2015 investment, the Company and Michael Dunlap, the Company's Executive Chairman and a principal shareholder, made separate equity investments in Hudl. As of March 31, 2015, the Company and Mr. Dunlap hold combined direct and indirect equity ownership interests in Hudl of 18.7% and 2.8%, respectively. The Company's investment in Hudl is included in "investments and notes receivable" in the Company's consolidated balance sheet.
Fair Value
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. There were no transfers into or out of level 1, level 2, or level 3 for the three months ended March 31, 2015.
 
As of March 31, 2015
 
As of December 31, 2014
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
Investments (available-for-sale and trading):
 
 
 
 


 
 
 
 
 
 
Student loan asset-backed securities
$
—

 
142,429

 
142,429

 
—

 
145,000

 
145,000

Equity securities
4,007

 
—

 
4,007

 
3,736

 
—

 
3,736

Debt securities
365

 
—

 
365

 
387

 
—

 
387

Total investments (available-for-sale and trading)
4,372

 
142,429

 
146,801

 
4,123

 
145,000

 
149,123

Fair value of derivative instruments
—

 
36,595

 
36,595

 
—

 
64,392

 
64,392

Total assets
$
4,372

 
179,024

 
183,396

 
4,123

 
209,392

 
213,515

Liabilities:
 

 
 

 
 

 
 
 
 
 
 
Fair value of derivative instruments
$
—

 
85,564

 
85,564

 
—

 
32,842

 
32,842

Total liabilities
$
—

 
85,564

 
85,564

 
—

 
32,842

 
32,842


The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 
As of March 31, 2015
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,922,872

 
27,897,949

 
—

 
—

 
28,922,872

Cash and cash equivalents
100,046

 
100,046

 
100,046

 
—

 
—

Investments (available-for-sale and trading)
146,801

 
146,801

 
4,372

 
142,429

 
—

Notes receivable
29,476

 
31,806

 
—

 
29,476

 
—

Restricted cash
856,715

 
856,715

 
856,715

 
—

 
—

Restricted cash – due to customers
71,890

 
71,890

 
71,890

 
—

 
—

Restricted investments
9,872

 
9,872

 
9,872

 
—

 
—

Accrued interest receivable
355,372

 
355,372

 
—

 
355,372

 
—

Derivative instruments
36,595

 
36,595

 
—

 
36,595

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,695,072

 
27,815,324

 
—

 
27,695,072

 
—

Accrued interest payable
27,275

 
27,275

 
—

 
27,275

 
—

Due to customers
71,890

 
71,890

 
71,890

 
—

 
—

Derivative instruments
85,564

 
85,564

 
—

 
85,564

 
—

 
As of December 31, 2014
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,954,226

 
28,005,195

 
—

 
—

 
28,954,226

Cash and cash equivalents
130,481

 
130,481

 
130,481

 
—

 
—

Investments (available-for-sale and trading)
149,123

 
149,123

 
4,123

 
145,000

 
—

Notes receivable
28,832

 
30,643

 
—

 
28,832

 
—

Restricted cash
800,164

 
800,164

 
800,164

 
—

 
—

Restricted cash – due to customers
118,488

 
118,488

 
118,488

 
—

 
—

Restricted investments
50,276

 
50,276

 
50,276

 
—

 
—

Accrued interest receivable
351,588

 
351,588

 
—

 
351,588

 
—

Derivative instruments
64,392

 
64,392

 
—

 
64,392

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,809,997

 
28,027,350

 
—

 
27,809,997

 
—

Accrued interest payable
25,904

 
25,904

 
—

 
25,904

 
—

Due to customers
118,488

 
118,488

 
118,488

 
—

 
—

Derivative instruments
32,842

 
32,842

 
—

 
32,842

 
—


 
The methodologies for estimating the fair value of financial assets and liabilities are described in note 21 of the notes to consolidated financial statements included in the 2014 Annual Report.
Legal Proceedings
Legal Proceedings
Legal Proceedings and Regulatory Matters

Legal Proceedings

Grant Keating v. Peterson's Nelnet, LLC et al

On August 6, 2012, an Amended Complaint was served on Peterson's Nelnet, LLC, a subsidiary of Nelnet, Inc. ("Nelnet"), CUnet, LLC, a subsidiary of Nelnet, and on Nelnet (collectively, the "Keating Defendants"), in connection with a lawsuit by Grant Keating in the U.S. Federal District Court for the Northern District of Ohio (the “Ohio District Court”). The lawsuit was originally instituted on August 24, 2011, and alleges that the Keating Defendants sent an advertising text message to the named plaintiff in June 2011 using an automatic telephone dialing system, and without the plaintiff's express consent. The complaint also alleges that this text message violated the Telephone Consumer Protection Act, purportedly entitling the plaintiff to $500, trebled for a willful violation. The complaint further alleges that the Keating Defendants sent putative class members similar text messages using an automatic telephone dialing system, without such purported class members' consent. The complaint seeks to establish a class action. On August 29, 2013, the Keating Defendants filed motions for summary judgment, and the named plaintiff filed a motion for class certification. On May 12, 2014, the Ohio District Court granted the Keating Defendants' motion for summary judgment, dismissing the case. On September 8, 2014, the named plaintiff filed an appeal brief with the Circuit Court of Appeals and on October 22, 2014, the Keating Defendants filed a responsive brief. As of the filing date of this report, the Ohio District Court has not established, recognized, or certified a class. The Keating Defendants intend to continue to defend themselves vigorously in this lawsuit.

Due to the uncertainty and risks inherent in class determination and the overall litigation process, the Company believes that a meaningful estimate of a reasonably possible loss, if any, or range of reasonably possible losses, if any, for this lawsuit cannot currently be made.

Regulatory Matters

Consumer Financial Protection Bureau Examination

The Dodd-Frank Wall Street Reform and Consumer Protection Act established the Consumer Financial Protection Bureau (the "CFPB"), which has broad authority to regulate a wide range of consumer financial products and services. On December 3, 2013, the CFPB issued a rule that allows the CFPB to supervise nonbank student loan servicers that handle more than one million borrowers, including the Company, thus giving the CFPB broad authority to examine, investigate, supervise, and otherwise regulate the Company's businesses, including the authority to impose fines and require changes with respect to any practices that the CFPB finds to be unfair, deceptive, or abusive.

The CFPB is currently conducting its initial supervisory examination of the large nonbank student loan servicers, including the Company. If the CFPB were to determine the Company was not in compliance, it is possible that this could result in material adverse consequences, including, without limitation, settlements, fines, penalties, adverse regulatory actions, changes in the Company's practices, or other actions. However, the Company is unable to estimate at this time any potential financial or other impact that could result from the CFPB's examination, in the event that any adverse regulatory actions occur.
Basis of Financial Reporting Significant Accounting Policies (Policies)
Basis of Financial Reporting
Basis of Financial Reporting

The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2015 and for the three months ended March 31, 2015 and 2014 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2014 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results for the year ending December 31, 2015. 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, 2014 (the "2014 Annual Report").
Student Loans Receivable and Allowance for Loan Losses (Tables)
Schedule of Accounts, Notes, Loans and Financing Receivable 
Student loans receivable consisted of the following:
 
As of
 
As of
 
March 31, 2015
 
December 31, 2014
Federally insured loans
 
 
 
Stafford and other
$
6,287,829

 
6,030,825

Consolidation
21,687,746

 
22,165,605

Total
27,975,575

 
28,196,430

Private education loans
131,513

 
27,478

 
28,107,088

 
28,223,908

Loan discount, net of unamortized loan premiums and deferred origination costs (a)
(157,978
)
 
(169,813
)
Allowance for loan losses – federally insured loans
(38,021
)
 
(39,170
)
Allowance for loan losses – private education loans
(13,140
)
 
(9,730
)
 
$
27,897,949

 
28,005,195



(a)
As of March 31, 2015 and December 31, 2014, "loan discount, net of unamortized loan premiums and deferred origination costs" included $32.4 million and $28.8 million, respectively, of non-accretable discount associated with purchased loans of $8.9 billion and $8.5 billion, respectively.

Allowance for Credit Losses on Financing Receivables 
Activity in the Allowance for Loan Losses

The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of student loans. Activity in the allowance for loan losses is shown below.
 
Three months ended March 31,
 
2015
 
2014
Balance at beginning of period
$
48,900

 
55,122

Provision for loan losses:
 
 
 
Federally insured loans
2,000

 
3,000

Private education loans
—

 
(500
)
Total provision for loan losses
2,000

 
2,500

Charge-offs:
 

 
 

Federally insured loans
(3,149
)
 
(3,631
)
Private education loans
(676
)
 
(421
)
Total charge-offs
(3,825
)
 
(4,052
)
Recoveries - private education loans
254

 
371

Purchase (sale) of federally insured and private education loans, net
(230
)
 
100

Transfer from repurchase obligation related to private education loans repurchased
4,062

 
587

Balance at end of period
$
51,161

 
54,628

 
 
 
 
Allocation of the allowance for loan losses:
 
 
 

Federally insured loans
$
38,021

 
42,909

Private education loans
13,140

 
11,719

Total allowance for loan losses
$
51,161

 
54,628


Accrual Related to Repurchase Obligation Rollforward 
Repurchase Obligation

The Company has sold various portfolios of private education loans to third-parties. Per the terms of the servicing agreements, the Company’s servicing operations are obligated to repurchase loans subject to the sale agreements in the event such loans become 60 or 90 days delinquent. As of March 31, 2015 and December 31, 2014, the balance of loans subject to these repurchase obligations was $57.7 million and $155.3 million, respectively, and the associated obligation related to these loans was $3.9 million and $11.8 million, respectively. The Company repurchased $94.1 million of private education loans during the three month period ended March 31, 2015. The Company's estimate related to its obligation to repurchase these loans is included in "other liabilities" in the Company's consolidated balance sheets.


Financing Receivable Credit Quality Indicators 
Student Loan Status and Delinquencies

Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs.  The table below shows the Company’s loan delinquency amounts.

 
As of March 31, 2015
 
As of December 31, 2014
 
As of March 31, 2014
Federally insured loans:
 
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
2,781,537

 
 
 
$
2,805,228

 
 
 
$
2,879,382

 
 
Loans in forbearance
3,244,255

 
 
 
3,288,412

 
 
 
3,213,638

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
18,672,471

 
85.0
%
 
18,460,279

 
83.5
%
 
16,498,560

 
83.9
%
Loans delinquent 31-60 days
911,653

 
4.2

 
1,043,119

 
4.8

 
832,381

 
4.2

Loans delinquent 61-90 days
571,759

 
2.6

 
588,777

 
2.7

 
522,699

 
2.7

Loans delinquent 91-120 days
346,857

 
1.6

 
404,905

 
1.8

 
344,143

 
1.8

Loans delinquent 121-270 days
1,030,645

 
4.7

 
1,204,405

 
5.4

 
984,648

 
5.0

Loans delinquent 271 days or greater
416,398

 
1.9

 
401,305

 
1.8

 
470,204

 
2.4

Total loans in repayment
21,949,783

 
100.0
%
 
22,102,790

 
100.0
%
 
19,652,635

 
100.0
%
Total federally insured loans
$
27,975,575

 
 

 
$
28,196,430

 
 

 
$
25,745,655

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Private education loans:
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment
$
5,006

 
 
 
$
905

 
 
 
$
2,612

 
 
Loans in forbearance
20

 
 
 
—

 
 
 
24

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
118,278

 
93.5
%
 
18,390

 
69.2
%
 
57,115

 
86.6
%
Loans delinquent 31-60 days
1,200

 
0.9

 
1,078

 
4.1

 
1,223

 
1.9

Loans delinquent 61-90 days
1,753

 
1.4

 
1,035

 
3.9

 
1,748

 
2.7

Loans delinquent 91 days or greater
5,256

 
4.2

 
6,070

 
22.8

 
5,818

 
8.8

Total loans in repayment
126,487

 
100.0
%
 
26,573

 
100.0
%
 
65,904

 
100.0
%
Total non-federally insured loans
$
131,513

 
 

 
$
27,478

 
 

 
$
68,540

 
 
Bonds and Notes payable (Tables)
Schedule of Debt 
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 
As of March 31, 2015
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
25,850,638

 
0.16% - 6.90%
 
8/26/19 - 8/26/52
Bonds and notes based on auction
1,197,065

 
0.64% - 2.16%
 
3/22/32 - 11/26/46
Total variable-rate bonds and notes
27,047,703

 
 
 
 
FFELP warehouse facilities
1,010,258

 
0.17% - 0.29%
 
1/17/16 - 12/17/17
Unsecured line of credit
—

 
—
 
6/30/19
Unsecured debt - Junior Subordinated Hybrid Securities
59,837

 
3.65%
 
9/15/61
Other borrowings
82,305

 
1.68% - 5.10%
 
11/11/15 - 12/31/18
 
28,200,103

 
 
 
 
Discount on bonds and notes payable
(384,779
)
 
 
 
 
Total
$
27,815,324

 
 
 
 
 
As of December 31, 2014
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
25,713,431

 
0.19% - 6.90%
 
5/25/18 - 8/26/52
Bonds and notes based on auction
1,311,669

 
0.47% - 2.17%
 
3/22/32 - 11/26/46
Total variable-rate bonds and notes
27,025,100

 
 
 
 
FFELP warehouse facilities
1,241,665

 
0.16% - 0.26%
 
1/17/16 - 6/11/17
Unsecured line of credit
—

 
—
 
6/30/19
Unsecured debt - Junior Subordinated Hybrid Securities
71,688

 
3.63%
 
9/15/61
Other borrowings
81,969

 
1.67% - 5.10%
 
11/11/15 - 12/31/18
 
28,420,422

 
 
 
 
Discount on bonds and notes payable
(393,072
)
 
 
 
 
Total
$
28,027,350

 
 
 
 
Schedule of Line of Credit Facilities 
FFELP Warehouse Facilities

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

As of March 31, 2015, the Company had three FFELP warehouse facilities as summarized below.
 
 
NHELP-III (a)
 
NFSLW-I (b)
 
NHELP-II
 
Total
Maximum financing amount
 
$
750,000

 
750,000

 
500,000

 
2,000,000

Amount outstanding
 
537,005

 
404,020

 
69,233

 
1,010,258

Amount available
 
$
212,995

 
345,980

 
430,767

 
989,742

Expiration of liquidity provisions
 
May 5, 2015

 
June 11, 2015

 
December 17, 2015

 
 
Final maturity date
 
January 17, 2016

 
June 11, 2017

 
December 17, 2017

 
 
Maximum advance rates
 
92.2 - 95.0%

 
92.0 - 98.0%

 
91.0 - 97.0%

 
 
Minimum advance rates
 
92.2 - 95.0%

 
84.0 - 90.0%

 
91.0 - 97.0%

 
 
Advanced as equity support
 
$
32,515

 
19,001

 
3,640

 
55,156


(a)
On April 30, 2015, the Company amended the agreement for this warehouse facility to change the expiration date for the liquidity provisions to April 29, 2016, and to change the final maturity date to April 29, 2018.
(b)
On January 27, 2015, the Company amended the agreement for this warehouse facility to temporarily increase the maximum financing amount to $1.2 billion. On March 26, 2015, the Company reduced the maximum financing amount from $1.2 billion to $750 million.
Schedule of asset-backed securitizations [Table Text Block] 
Asset-backed Securitizations

The following table summarizes the asset-backed securitization transactions completed during the three months ended March 31, 2015.
 
 
2015-1
 
2015-2
 
Total
 
 
 
 
Class A-1 notes
 
Class A-2 notes
 
2015-2 total
 
 
Date securities issued
 
2/27/15
 
3/26/15
 
3/26/15
 
3/26/15
 
 
Total original principal amount
 
$
566,346

 
122,500

 
584,500

 
722,000

 
$
1,288,346

 
 
 
 
 
 
 
 
 
 
 
Class A senior notes:
 
 
 
 
 
 
 
 
 
 
Total original principal amount
 
$
553,232

 
122,500

 
584,500

 
707,000

 
1,260,232

Bond discount
 
—

 
—

 
—

 
—

 
—

Issue price
 
$
553,232

 
122,500

 
584,500

 
707,000

 
1,260,232

Cost of funds (1-month LIBOR plus:)
 
0.59
%
 
0.27
%
 
0.60
%
 
 
 
 
Final maturity date
 
4/25/41

 
3/25/20

 
9/25/42

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class B subordinated notes:
 
 
 
 
 
 
 
 
 
 
Total original principal amount
 
$
13,114

 
 
 
 
 
15,000

 
28,114

Bond discount
 
(1,157
)
 
 
 
 
 
(1,793
)
 
(2,950
)
Issue price
 
$
11,957

 

 
 
 
13,207

 
25,164

Cost of funds (1-month LIBOR plus:)
 
1.50
%
 
 
 
 
 
1.50
%
 
 
Final maturity date
 
6/25/46

 
 
 
 
 
5/25/49

 
 

Derivative Financial Instruments (Tables)
Interest Rate Swaps - 1:3 Basis swaps 
Basis Swaps

The following table summarizes the Company’s basis swaps outstanding as of March 31, 2015 and December 31, 2014 in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
 
 
 
 
As of March 31,
 
As of December 31,
 
 
 
 
2015
 
2014
 
Maturity
 
Notional amount
 
Notional amount
 
2016
 
 
$
1,000,000

 
$
—

 
2021
 
 
—

 
250,000

 
2022
 
 
1,900,000

 
1,900,000

 
2023
 
 
2,400,000

 
3,650,000

 
2024
 
 
—

 
250,000

 
2026
 
 
800,000

 
800,000

 
2028
 
 
—

 
100,000

 
2036
 
 
—

 
700,000

 
2039
 
 
—

 
150,000

 
 
 
 
$
6,100,000

 
$
7,800,000

 
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2015 and December 31, 2014 was one-month LIBOR plus 6.0 basis points and 3.5 basis points, respectively.
Interest Rate Swaps - Floor Income Hedges 
Interest Rate Swaps – Floor Income Hedges

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
 
 
As of March 31, 2015
 
As of December 31, 2014
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
 
 
 
2015
 
$
1,100,000

 
0.89
%
 
$
1,100,000

 
0.89
%
2016
 
750,000

 
0.85

 
750,000

 
0.85

2017
 
1,350,000

 
0.85

 
1,250,000

 
0.86

2018
 
100,000

 
1.02

 
—

 
—

2025
 
100,000

 
2.32

 
—

 
—

2045
 
25,000

 
2.46

 
—

 
—

 
 
$
3,425,000

 
0.92
%
 
$
3,100,000

 
0.87
%

(a)
For all interest rate derivatives, the Company receives discrete three-month LIBOR.
Interest Rate Swaps - Unsecured Debt Hedges 
Interest Rate Swaps – Unsecured Debt Hedges

The Company had the following derivatives outstanding as of March 31, 2015 and December 31, 2014 that are used to effectively convert the variable interest rate on a portion of the Junior Subordinated Hybrid Securities to a fixed rate.
 
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
2036
 
$
25,000

 
4.28
%
(a)
For all interest rate derivatives, the Company receives discrete three-month LIBOR.
Impact of Foreign Exchange Contracts on the Statement of Income 
Foreign Currency Exchange Risk

In 2006, the Company issued €352.7 million of student loan asset-backed Euro Notes (the "Euro Notes") with an interest rate based on a spread to the EURIBOR index. As a result of the Euro Notes, the Company is exposed to market risk related to fluctuations in foreign currency exchange rates between the U.S. dollar and Euro. The principal and accrued interest on these notes are re-measured at each reporting period and recorded in the Company’s consolidated balance sheet in U.S. dollars based on the foreign currency exchange rate on that date.

The Company entered into a cross-currency interest rate swap in connection with the issuance of the Euro Notes. Under the terms of the cross-currency interest rate swap, the Company receives from the counterparty a spread to the EURIBOR index based on a notional amount of €352.7 million and pays a spread to the LIBOR index based on a notional amount of $450.0 million. In addition, under the terms of this agreement, all principal payments on the Euro Notes will effectively be paid at the exchange rate in effect between the U.S. dollar and Euro as of the issuance of the notes.

The following table shows the income statement impact as a result of the re-measurement of the Euro Notes and the change in the fair value of the related derivative instrument.
 
Three months ended March 31,
 
2015
 
2014
Re-measurement of Euro Notes
$
48,209

 
(952
)
Change in fair value of cross-currency interest rate swap
(49,805
)
 
(39
)
Total impact to consolidated statements of income - income (expense) (a)
$
(1,596
)
 
(991
)
(a)
The financial statement impact of the above items is included in "Derivative market value and foreign currency adjustments and derivative settlements, net" in the Company's consolidated statements of income.
The re-measurement of the Euro-denominated bonds generally correlates with the change in fair value of the corresponding cross-currency interest rate swap. However, the Company will experience unrealized gains or losses related to the cross-currency interest rate swap if the two underlying indices (and related forward curve) do not move in parallel.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value 
Consolidated Financial Statement Impact Related to Derivatives

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets:
 
Fair value of asset derivatives
 
Fair value of liability derivatives
 
As of
 
As of
 
As of
 
As of
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
1:3 basis swaps
$
30,072

 
53,549

 
—

 
—

Interest rate swaps - floor income hedges
1,756

 
5,165

 
6,498

 
5,034

Interest rate swap option - floor income hedge
4,767

 
5,678

 
—

 
—

Interest rate swaps - hybrid debt hedges
—

 
—

 
8,805

 
7,353

Cross-currency interest rate swap
—


—

 
70,261

 
20,455

Total
$
36,595

 
64,392

 
85,564

 
32,842



During the three months ended March 31, 2015, the Company terminated a total notional amount of $2.7 billion of 1:3 Basis Swaps for gross proceeds of $34.4 million
Schedule of Derivative Instruments [Table Text Block] 
Offsetting of Derivative Assets/Liabilities

The Company records derivative instruments in the consolidated balance sheets on a gross basis as either an asset or liability measured at its fair value. Certain of the Company's derivative instruments are subject to right of offset provisions with counterparties. The following tables include the gross amounts related to the Company's derivative portfolio recognized in the consolidated balance sheets, reconciled to the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received/pledged:

 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative assets
 
Gross amounts of recognized assets presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged (received)
 
Net asset (liability)
Balance as of March 31, 2015
 
$
36,595

 
(9,761
)
 
5,556

 
32,390

Balance as of December 31, 2014
 
64,392

 
(12,387
)
 
—

 
52,005


 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative liabilities
 
Gross amounts of recognized liabilities presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged (received)
 
Net asset (liability)
Balance as of March 31, 2015
 
$
(85,564
)
 
9,761

 
6,400

 
(69,403
)
Balance as of December 31, 2014
 
(32,842
)
 
12,387

 
(1,454
)
 
(21,909
)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance 

The following table summarizes the effect of derivative instruments in the consolidated statements of income.
 
Three months ended March 31,
 
2015
 
2014
Settlements:
 

 
 

1:3 basis swaps
$
266

 
881

Interest rate swaps - floor income hedges
(5,015
)
 
(6,950
)
Interest rate swaps - hybrid debt hedges
(252
)
 
(252
)
Cross-currency interest rate swap
(214
)
 
92

Total settlements - (expense) income
(5,215
)
 
(6,229
)
Change in fair value:
 

 
 

1:3 basis swaps
10,969

 
1,110

Interest rate swaps - floor income hedges
(4,872
)
 
3,358

Interest rate swap option - floor income hedge
(912
)
 
—

Interest rate swaps - hybrid debt hedges
(1,452
)
 
(1,513
)
Cross-currency interest rate swap
(49,805
)
 
(39
)
Total change in fair value - (expense) income
(46,072
)
 
2,916

Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense)
48,209

 
(952
)
Derivative market value and foreign currency adjustments and derivative settlements, net - income (expense)
$
(3,078
)
 
(4,265
)
Investments and Notes Receivable (Tables)
Summary Investment Holdings 
A summary of the Company's investments and notes receivable follows:
 
As of March 31, 2015
 
As of December 31, 2014
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses (a)
 
Fair value
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair value
 
 
 
 
 
 
 
 
Investments (at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed and other debt securities (b)
$
130,754

 
5,998

 
(484
)
 
136,268

 
131,589

 
6,204

 
(236
)
 
137,557

Equity securities
1,787

 
2,268

 
(48
)
 
4,007

 
1,553

 
2,216

 
(33
)
 
3,736

Total available-for-sale investments
$
132,541

 
8,266

 
(532
)
 
140,275

 
133,142

 
8,420

 
(269
)
 
141,293

Trading investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed securities
 
 
 
 
 
 
6,526

 
 
 
 
 
 
 
7,830

Total available-for-sale and trading investments

 

 

 
146,801

 
 
 
 
 


 
149,123

Other Investments and Notes Receivable (not measured at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
Investments accounted for under the cost and equity methods
 
 
 
 
 
 
81,912

 
 
 
 
 
 
 
36,991

Notes receivable
 
 
 
 
 
 
31,806

 
 
 
 
 
 
 
30,643

Other
 
 
 
 
 
 
16,385

 
 
 
 
 
 
 
18,952

Total investments and notes receivable
 
 
 
 
 
 
$
276,904

 
 
 
 
 
 
 
235,709


    
(a)
As of March 31, 2015, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired.

(b)
As of March 31, 2015, the stated maturities of the majority of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years.

Realized Gain (Loss) on Investments [Table Text Block] 
The amounts reclassified from accumulated other comprehensive income related to the realized gains and losses on available-for-sale-securities are summarized below.
 
 
Three months ended March 31,
Affected line item in the consolidated statements of income - income (expense):
 
2015
 
2014
Other income
 
$
205

 
7,073

Income tax expense
 
(76
)
 
(2,617
)
Net
 
$
129

 
4,456

Intangible Assets Intangible Assets (Tables)
Schedule of Finite-Lived Intangible Assets [Table Text Block] 
Intangible assets consist of the following:
 
Weighted average remaining useful life as of March 31, 2015 (months)
 
As of March 31, 2015
 
As of December 31, 2014
 
 
 
Amortizable intangible assets:
 
 
 
Customer relationships (net of accumulated amortization of $18,820 and $17,361, respectively)
211
 
$
25,871

 
27,330

Computer software (net of accumulated amortization of $2,472 and $1,896, respectively)
39
 
6,393

 
6,969

Trade names (net of accumulated amortization of $403 and $272, respectively)
230
 
6,019

 
6,150

Content (net of accumulated amortization of $225 and $0, respectively)
21
 
1,575

 
1,800

Covenants not to compete (net of accumulated amortization of $30 and $21, respectively)
110
 
325

 
333

Total - amortizable intangible assets
178
 
$
40,183

 
42,582

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] 
The Company recorded amortization expense on its intangible assets of $2.4 million and $1.0 million during the three months ended March 31, 2015 and 2014, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2015, the Company estimates it will record amortization expense as follows:

2015 (April 1 - December 31)
$
7,196

2016
6,249

2017
3,752

2018
3,533

2019
2,861

2020 and thereafter
16,592

 
$
40,183

Schedule of Goodwill [Table Text Block] 
The carrying amount of goodwill by reportable operating segment as of March 31, 2015 and December 31, 2014 is shown in the table below.
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset Generation and Management
 
Corporate and Other Activities
 
Total
Balance as of December 31, 2014 and March 31, 2015
$
8,596

 
67,168

 
41,883

 
8,553

 
126,200

Earnings per Common Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted
 
Three months ended March 31,
 
2015
 
2014
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc.
$
64,078

 
687

 
64,765

 
73,125

 
661

 
73,786

 
 
 
 
 


 
 
 
 
 
 
Denominator:


 


 


 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted
45,799,873

 
490,717

 
46,290,590

 
46,110,952

 
416,965

 
46,527,917

Earnings per share - basic and diluted
$
1.40

 
1.40

 
1.40

 
1.59

 
1.59

 
1.59

 
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting (Tables)
Schedule of Segment Reporting Information, by Segment

See note 14 of the notes to consolidated financial statements included in the 2014 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.

Effective January 1, 2015, internal reporting to executive management (the "chief operating decision maker") changed to reflect operational changes made within the organization. The operational and internal reporting changes included moving the majority of information technology infrastructure personnel and related functions to Corporate and Other Activities. The associated costs are allocated to the other operating segments based on those segments' actual use of information technology related products and services. Information technology infrastructure personnel and related functions were historically included within the Student Loan and Guaranty Servicing operating segment, and associated costs were allocated to the other operating segments based on those segments' actual use of the related products and services. Prior period segment operating results have been reclassified to reflect these changes; however, the reclassifications had no effect on any operating segment's net income.
 
Three months ended March 31, 2015
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
7

 
2

 
172,423

 
2,153

 
(436
)
 
174,149

Interest expense
—

 
—

 
70,540

 
1,450

 
(436
)
 
71,554

Net interest income
7

 
2

 
101,883

 
703

 
—

 
102,595

Less provision for loan losses
—

 
—

 
2,000

 
—

 
—

 
2,000

Net interest income after provision for loan losses
7

 
2

 
99,883

 
703

 
—

 
100,595

Other income:
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
57,811

 
—

 
—

 
—

 
—

 
57,811

Intersegment servicing revenue
12,871

 
—

 
—

 
—

 
(12,871
)
 
—

Tuition payment processing, school information, and campus commerce revenue
—

 
34,680

 
—

 
—

 
—

 
34,680

Enrollment services revenue
—

 
—

 
—

 
17,863

 
—

 
17,863

Other income
—

 
—

 
4,576

 
2,342

 
—

 
6,918

Gain on sale of loans and debt repurchases
—

 
—

 
351

 
2,524

 
—

 
2,875

Derivative market value and foreign currency adjustments, net
—

 
—

 
3,590

 
(1,453
)
 
—

 
2,137

Derivative settlements, net
—

 
—

 
(4,963
)
 
(252
)
 
—

 
(5,215
)
Total other income
70,682

 
34,680

 
3,554

 
21,024

 
(12,871
)
 
117,069

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
33,703

 
13,321

 
541

 
13,485

 
—

 
61,050

Cost to provide enrollment services
—

 
—

 
—

 
11,702

 
—

 
11,702

Loan servicing fees
—

 
—

 
7,685

 
—

 
—

 
7,685

Depreciation and amortization
446

 
2,195

 
—

 
3,021

 
—

 
5,662

Other
14,600

 
3,802

 
1,068

 
9,659

 
—

 
29,129

Intersegment expenses, net
9,700

 
2,614

 
13,040

 
(12,483
)
 
(12,871
)
 
—

Total operating expenses
58,449

 
21,932

 
22,334

 
25,384

 
(12,871
)
 
115,228

Income (loss) before income taxes and corporate overhead allocation
12,240

 
12,750

 
81,103

 
(3,657
)
 
—

 
102,436

Corporate overhead allocation
(2,153
)
 
(862
)
 
(1,078
)
 
4,093

 
—

 
—

Income before income taxes
10,087

 
11,888

 
80,025

 
436

 
—

 
102,436

Income tax (expense) benefit
(3,834
)
 
(4,518
)
 
(30,409
)
 
1,131

 
—

 
(37,630
)
Net income
6,253

 
7,370

 
49,616

 
1,567

 
—

 
64,806

  Net income attributable to noncontrolling interest
—

 
—

 
—

 
41

 
—

 
41

Net income attributable to Nelnet, Inc.
$
6,253

 
7,370

 
49,616

 
1,526

 
—

 
64,765

 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2014
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other
Activities
 
Eliminations
 
Total
Total interest income
$
11

 
—

 
157,003

 
2,658

 
(797
)
 
158,875

Interest expense
—

 
—

 
59,476

 
1,325

 
(797
)
 
60,004

Net interest income
11

 
—

 
97,527

 
1,333

 
—

 
98,871

Less provision for loan losses
—

 
—

 
2,500

 
—

 
—

 
2,500

Net interest income after provision for loan losses
11

 
—

 
95,027

 
1,333

 
—

 
96,371

Other income:
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
64,757

 
—

 
—

 
—

 
—

 
64,757

Intersegment servicing revenue
14,221

 
—

 
—

 
—

 
(14,221
)
 
—

Tuition payment processing, school information, and campus commerce revenue
—

 
25,235

 
—

 
—

 
—

 
25,235

Enrollment services revenue
—

 
—

 
—

 
22,011

 
—

 
22,011

Other income
—

 
—

 
4,164

 
13,967

 
—

 
18,131

Gain on sale of loans and debt repurchases
—

 
—

 
39

 
—

 
—

 
39

Derivative market value and foreign currency adjustments, net
—

 
—

 
3,477

 
(1,513
)
 
—

 
1,964

Derivative settlements, net
—

 
—

 
(5,977
)
 
(252
)
 
—

 
(6,229
)
Total other income
78,978

 
25,235

 
1,703

 
34,213

 
(14,221
)
 
125,908

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
29,398

 
10,027

 
609

 
12,450

 
—

 
52,484

Cost to provide enrollment services
—

 
—

 
—

 
14,475

 
—

 
14,475

Loan servicing fees
—

 
—

 
5,421

 
—

 
—

 
5,421

Depreciation and amortization
419

 
1,428

 
—

 
2,936

 
—

 
4,783

Other
15,651

 
2,647

 
1,725

 
10,183

 
—

 
30,206

Intersegment expenses, net
9,163

 
1,420

 
14,371

 
(10,733
)
 
(14,221
)
 
—

Total operating expenses
54,631

 
15,522

 
22,126

 
29,311

 
(14,221
)
 
107,369

Income before income taxes and corporate overhead allocation
24,358

 
9,713

 
74,604

 
6,235

 
—

 
114,910

Corporate overhead allocation
(1,860
)
 
(620
)
 
(1,329
)
 
3,809

 
—

 
—

Income before income taxes
22,498

 
9,093

 
73,275

 
10,044

 
—

 
114,910

Income tax (expense) benefit
(8,549
)
 
(3,455
)
 
(27,844
)
 
(763
)
 
—

 
(40,611
)
Net income
13,949

 
5,638

 
45,431

 
9,281

 
—

 
74,299

  Net income attributable to noncontrolling interest
—

 
—

 
—

 
513

 
—

 
513

Net income attributable to Nelnet, Inc.
$
13,949

 
5,638

 
45,431

 
8,768

 
—

 
73,786

 
 
 
 
 
 
 
 
 
 
 
 
Fair Value (Tables)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis 
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the three months ended March 31, 2015.
 
As of March 31, 2015
 
As of December 31, 2014
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
Investments (available-for-sale and trading):
 
 
 
 


 
 
 
 
 
 
Student loan asset-backed securities
$
—

 
142,429

 
142,429

 
—

 
145,000

 
145,000

Equity securities
4,007

 
—

 
4,007

 
3,736

 
—

 
3,736

Debt securities
365

 
—

 
365

 
387

 
—

 
387

Total investments (available-for-sale and trading)
4,372

 
142,429

 
146,801

 
4,123

 
145,000

 
149,123

Fair value of derivative instruments
—

 
36,595

 
36,595

 
—

 
64,392

 
64,392

Total assets
$
4,372

 
179,024

 
183,396

 
4,123

 
209,392

 
213,515

Liabilities:
 

 
 

 
 

 
 
 
 
 
 
Fair value of derivative instruments
$
—

 
85,564

 
85,564

 
—

 
32,842

 
32,842

Total liabilities
$
—

 
85,564

 
85,564

 
—

 
32,842

 
32,842


Fair Value, by Balance Sheet Grouping 
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 
As of March 31, 2015
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,922,872

 
27,897,949

 
—

 
—

 
28,922,872

Cash and cash equivalents
100,046

 
100,046

 
100,046

 
—

 
—

Investments (available-for-sale and trading)
146,801

 
146,801

 
4,372

 
142,429

 
—

Notes receivable
29,476

 
31,806

 
—

 
29,476

 
—

Restricted cash
856,715

 
856,715

 
856,715

 
—

 
—

Restricted cash – due to customers
71,890

 
71,890

 
71,890

 
—

 
—

Restricted investments
9,872

 
9,872

 
9,872

 
—

 
—

Accrued interest receivable
355,372

 
355,372

 
—

 
355,372

 
—

Derivative instruments
36,595

 
36,595

 
—

 
36,595

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,695,072

 
27,815,324

 
—

 
27,695,072

 
—

Accrued interest payable
27,275

 
27,275

 
—

 
27,275

 
—

Due to customers
71,890

 
71,890

 
71,890

 
—

 
—

Derivative instruments
85,564

 
85,564

 
—

 
85,564

 
—

 
As of December 31, 2014
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,954,226

 
28,005,195

 
—

 
—

 
28,954,226

Cash and cash equivalents
130,481

 
130,481

 
130,481

 
—

 
—

Investments (available-for-sale and trading)
149,123

 
149,123

 
4,123

 
145,000

 
—

Notes receivable
28,832

 
30,643

 
—

 
28,832

 
—

Restricted cash
800,164

 
800,164

 
800,164

 
—

 
—

Restricted cash – due to customers
118,488

 
118,488

 
118,488

 
—

 
—

Restricted investments
50,276

 
50,276

 
50,276

 
—

 
—

Accrued interest receivable
351,588

 
351,588

 
—

 
351,588

 
—

Derivative instruments
64,392

 
64,392

 
—

 
64,392

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,809,997

 
28,027,350

 
—

 
27,809,997

 
—

Accrued interest payable
25,904

 
25,904

 
—

 
25,904

 
—

Due to customers
118,488

 
118,488

 
118,488

 
—

 
—

Derivative instruments
32,842

 
32,842

 
—

 
32,842

 
—

Student Loans Receivable (Details) (USD $)
3 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Mar. 31, 2014
Dec. 31, 2013
Mar. 31, 2015
Federally insured loans [Member]
Mar. 31, 2014
Federally insured loans [Member]
Mar. 31, 2015
Private education loans [Member]
Mar. 31, 2014
Private education loans [Member]
Mar. 31, 2015
held for investment [Member]
Dec. 31, 2014
held for investment [Member]
Mar. 31, 2015
held for investment [Member]
Federally insured loans [Member]
Dec. 31, 2014
held for investment [Member]
Federally insured loans [Member]
Mar. 31, 2015
held for investment [Member]
Private education loans [Member]
Dec. 31, 2014
held for investment [Member]
Private education loans [Member]
Mar. 31, 2015
held for investment [Member]
Stafford and Other [Member]
Federally insured loans [Member]
Dec. 31, 2014
held for investment [Member]
Stafford and Other [Member]
Federally insured loans [Member]
Mar. 31, 2015
held for investment [Member]
Consolidation Loans [Member]
Federally insured loans [Member]
Dec. 31, 2014
held for investment [Member]
Consolidation Loans [Member]
Federally insured loans [Member]
Mar. 31, 2015
Non-accretable discount [Member]
held for investment [Member]
Dec. 31, 2014
Non-accretable discount [Member]
held for investment [Member]
Mar. 31, 2015
CommonBond Purchase Commitment [Member]
Private education loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loans receivable, gross
 
 
 
 
 
 
 
 
$ 28,107,088,000 
$ 28,223,908,000 
$ 27,975,575,000 
$ 28,196,430,000 
$ 131,513,000 
$ 27,478,000 
$ 6,287,829,000 
$ 6,030,825,000 
$ 21,687,746,000 
$ 22,165,605,000 
$ 8,900,000,000 
$ 8,500,000,000 
 
Loan discount, net of unamortized loan premiums and deferred origination costs
 
 
 
 
 
 
 
 
157,978,000 1
169,813,000 1
 
 
 
 
 
 
 
 
32,400,000 
28,800,000 
 
Allowance for loan losses
51,161,000 
48,900,000 
54,628,000 
55,122,000 
38,021,000 
42,909,000 
13,140,000 
11,719,000 
 
 
38,021,000 
39,170,000 
13,140,000 
9,730,000 
 
 
 
 
 
 
 
Student loans receivable
27,897,949,000 
28,005,195,000 
 
 
 
 
 
 
27,897,949,000 
28,005,195,000 
 
 
 
 
 
 
 
 
 
 
 
Loans and Leases Receivable, Commitments to Purchase or Sell
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
150,000,000 
Financing Receivable, Significant Purchases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 15,200,000 
Student Loans Receivable and Allowance for Loan Losses Allowance for Loan Losses (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
Allowance for loan losses - balance
$ 48,900 
$ 55,122 
Provision for loan losses
2,000 
2,500 
Charge-offs
(3,825)
(4,052)
Recoveries - non-federally insured loans
254 
371 
Purchase (sale) of federally insured loans and other, net
(230)
100 
Transfer from repurchase obligation related to non-federally insured loans purchased, net
4,062 
587 
Allowance for loan losses - balance
51,161 
54,628 
Federally insured loans [Member]
 
 
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
Provision for loan losses
2,000 
3,000 
Charge-offs
(3,149)
(3,631)
Allowance for loan losses - balance
38,021 
42,909 
Private education loans [Member]
 
 
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
Provision for loan losses
0 
(500)
Charge-offs
(676)
(421)
Allowance for loan losses - balance
$ 13,140 
$ 11,719 
Student Loans Receivable and Allowance for Loan Losses Repurchase Obligations (Details) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Repurchase Obligation [Line Items]
 
 
 
Student loans receivable
$ 27,897,949,000 
 
$ 28,005,195,000 
Other liabilities
174,248,000 
 
167,881,000 
Private education loans sold subject to repurchase agreement [Member]
 
 
 
Repurchase Obligation [Line Items]
 
 
 
Days delinquent to trigger repurchase range, minimum
 
60 
 
Days delinquent to trigger repurchase range, maximum
 
90 days 
 
Student loans receivable
57,700,000 
 
155,300,000 
Other liabilities
3,900,000 
 
11,800,000 
Financing Receivable, Significant Purchases
$ 94,100,000 
 
 
Student Loans Receivable and Allowance for Loan Losses Student Loan Status and Delinquency (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Mar. 31, 2014
Federally insured loans [Member]
 
 
 
Financing Receivable, Recorded Investment [Line Items]
 
 
 
Loans in-school/grace/deferment
$ 2,781,537 
$ 2,805,228 
$ 2,879,382 
Loans in forbearance
3,244,255 
3,288,412 
3,213,638 
Student loans receivable, gross
27,975,575 
28,196,430 
25,745,655 
Loans in repayment status:
 
 
 
Loans current
18,672,471 
18,460,279 
16,498,560 
Loans current, percentage
85.00% 
83.50% 
83.90% 
Loans delinquent 31-60 days
911,653 
1,043,119 
832,381 
Loans delinquent 31-60 days, percentage
4.20% 
4.80% 
4.20% 
Loans delinquent 61-90 days
571,759 
588,777 
522,699 
Loans delinquent 61-90 days, percentage
2.60% 
2.70% 
2.70% 
Loans delinquent 91-120 days
346,857 
404,905 
344,143 
Loans delinquent 91-120 days, percentage
1.60% 
1.80% 
1.80% 
Loans delinquent 121-270 days
1,030,645 
1,204,405 
984,648 
Loans delinquent 121-270 days, percentage
4.70% 
5.40% 
5.00% 
Loans Delinquent Greater than 271 Days
416,398 
401,305 
470,204 
Loans delinquent 271 days or greater, percentage
1.90% 
1.80% 
2.40% 
Total loans in repayment
21,949,783 
22,102,790 
19,652,635 
Total loans in repayment, percentage
100.00% 
100.00% 
100.00% 
Private education loans [Member]
 
 
 
Financing Receivable, Recorded Investment [Line Items]
 
 
 
Loans in-school/grace/deferment
5,006 
905 
2,612 
Loans in forbearance
20 
0 
24 
Student loans receivable, gross
131,513 
27,478 
68,540 
Loans in repayment status:
 
 
 
Loans current
118,278 
18,390 
57,115 
Loans current, percentage
93.50% 
69.20% 
86.60% 
Loans delinquent 31-60 days
1,200 
1,078 
1,223 
Loans delinquent 31-60 days, percentage
0.90% 
4.10% 
1.90% 
Loans delinquent 61-90 days
1,753 
1,035 
1,748 
Loans delinquent 61-90 days, percentage
1.40% 
3.90% 
2.70% 
Loans delinquent 91-120 days
5,256 
6,070 
5,818 
Loans delinquent 91 days or greater, percentage
4.20% 
22.80% 
8.80% 
Total loans in repayment
$ 126,487 
$ 26,573 
$ 65,904 
Total loans in repayment, percentage
100.00% 
100.00% 
100.00% 
Outstanding Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
Bonds and notes payable
$ 27,815,324 
$ 28,027,350 
Debt Instrument, Unamortized Discount (Premium), Net
(384,779)
(393,072)
Variable-rate bonds and notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
27,047,703 
27,025,100 
Bonds and notes based on indices [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
25,850,638 
25,713,431 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum
0.16% 
0.19% 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum
6.90% 
6.90% 
Debt Instrument, Maturity Date Range, Start
Aug. 26, 2019 
May 25, 2018 
Debt Instrument, Maturity Date Range, End
Aug. 26, 2052 
Aug. 26, 2052 
Bonds and notes based on auction or remarketing [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
1,197,065 
1,311,669 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum
0.64% 
0.47% 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum
2.16% 
2.17% 
Debt Instrument, Maturity Date Range, Start
Mar. 22, 2032 
Mar. 22, 2032 
Debt Instrument, Maturity Date Range, End
Nov. 26, 2046 
Nov. 26, 2046 
FFELP warehouse facilities [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
1,010,258 
1,241,665 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum
0.17% 
0.16% 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum
0.29% 
0.26% 
Debt Instrument, Maturity Date Range, Start
Jan. 17, 2016 
Jan. 17, 2016 
Debt Instrument, Maturity Date Range, End
Dec. 17, 2017 
Jun. 11, 2017 
Line of Credit [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
0 
0 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum
0.00% 
0.00% 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum
0.00% 
0.00% 
Debt Instrument, Maturity Date Range, Start
Jun. 30, 2019 
Jun. 30, 2019 
Debt Instrument, Maturity Date Range, End
Jun. 30, 2019 
Jun. 30, 2019 
Junior Subordinated Debt [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
59,837 
71,688 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum
3.65% 
3.63% 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum
3.65% 
3.63% 
Debt Instrument, Maturity Date Range, Start
Sep. 15, 2061 
Sep. 15, 2061 
Debt Instrument, Maturity Date Range, End
Sep. 15, 2061 
Sep. 15, 2061 
Other borrowings [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
82,305 
81,969 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum
1.68% 
1.67% 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum
5.10% 
5.10% 
Debt Instrument, Maturity Date Range, Start
Nov. 11, 2015 
Nov. 11, 2015 
Debt Instrument, Maturity Date Range, End
Dec. 31, 2018 
Dec. 31, 2018 
Bonds and notes payable, gross [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
$ 28,200,103 
$ 28,420,422 
Bonds and Notes Payable Outstanding Lines of Credit (Details) (USD $)
3 Months Ended
Mar. 31, 2015
Jan. 27, 2015
Unsecured Line of Credit [Member]
 
 
Line of Credit Facility [Line Items]
 
 
Maximum financing amount
$ 350,000,000 
 
Amount outstanding
0 
 
Amount available
350,000,000 
 
FFELP warehouse facilities [Member]
 
 
Line of Credit Facility [Line Items]
 
 
Maximum financing amount
2,000,000,000 
 
Amount outstanding
1,010,258,000 
 
Amount available
989,742,000 
 
Advanced as equity support
55,156,000 
 
FFELP warehouse facilities [Member] |
NHELP-III Warehouse [Member]
 
 
Line of Credit Facility [Line Items]
 
 
Maximum financing amount
750,000,000 1
 
Amount outstanding
537,005,000 1
 
Amount available
212,995,000 1
 
Expiration of liquidity provisions
May 05, 2015 1
 
Debt Instrument, Maturity Date
Jan. 17, 2016 1
 
Maximum Advance Rates - range minimum
92.20% 1
 
Maximum advance rates - range maximum
95.00% 1
 
Minimum Advance Rates - range minimum
92.20% 1
 
Minimum advance rates - range maximum
95.00% 1
 
Advanced as equity support
32,515,000 1
 
FFELP warehouse facilities [Member] |
NFSLW-I Warehouse [Member]
 
 
Line of Credit Facility [Line Items]
 
 
Maximum financing amount
750,000,000 2
1,200,000,000 
Amount outstanding
404,020,000 2
 
Amount available
345,980,000 2
 
Expiration of liquidity provisions
Jun. 11, 2015 2
 
Debt Instrument, Maturity Date
Jun. 11, 2017 2
 
Maximum Advance Rates - range minimum
92.00% 2
 
Maximum advance rates - range maximum
98.00% 2
 
Minimum Advance Rates - range minimum
84.00% 2
 
Minimum advance rates - range maximum
90.00% 2
 
Advanced as equity support
19,001,000 2
 
FFELP warehouse facilities [Member] |
NHELP-II Warehouse [Member]
 
 
Line of Credit Facility [Line Items]
 
 
Maximum financing amount
500,000,000 
 
Amount outstanding
69,233,000 
 
Amount available
430,767,000 
 
Expiration of liquidity provisions
Dec. 17, 2015 
 
Debt Instrument, Maturity Date
Dec. 17, 2017 
 
Maximum Advance Rates - range minimum
91.00% 
 
Maximum advance rates - range maximum
97.00% 
 
Minimum Advance Rates - range minimum
91.00% 
 
Minimum advance rates - range maximum
97.00% 
 
Advanced as equity support
$ 3,640,000 
 
Bonds and Notes Payable Asset-backed Securitizations (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Debt Instrument [Line Items]
 
Debt Instrument, Variable Rate Basis
1-month LIBOR 
Asset-backed securitization issuance, Unamortized Discount
$ 0 
Asset-backed securitization issuance, Face Amount
1,288,346 
2015-2 Securitization [Domain]
 
Debt Instrument [Line Items]
 
Asset-backed securitization, issuance date
Mar. 26, 2015 
Asset-backed securitization issuance, Face Amount
722,000 
2015-2 Securitization [Domain] |
2015-2 Securitization Class A-1 [Member]
 
Debt Instrument [Line Items]
 
Asset-backed securitization, issuance date
Mar. 26, 2015 
Asset-backed securitization issuance, Face Amount
122,500 
2015-2 Securitization [Domain] |
2015-2 Securitization Class A-2 [Member]
 
Debt Instrument [Line Items]
 
Asset-backed securitization, issuance date
Mar. 26, 2015 
Asset-backed securitization issuance, Face Amount
584,500 
2015-1 Securitization [Member]
 
Debt Instrument [Line Items]
 
Asset-backed securitization, issuance date
Feb. 27, 2015 
Asset-backed securitization issuance, Face Amount
566,346 
Class A [Member]
 
Debt Instrument [Line Items]
 
Asset-backed securitization issuance, Face Amount
1,260,232 
Long-term Debt, Fair Value
1,260,232 
Class A [Member] |
2015-2 Securitization [Domain]
 
Debt Instrument [Line Items]
 
Asset-backed securitization issuance, Unamortized Discount
0 
Asset-backed securitization issuance, Face Amount
707,000 
Long-term Debt, Fair Value
707,000 
Class A [Member] |
2015-2 Securitization [Domain] |
2015-2 Securitization Class A-1 [Member]
 
Debt Instrument [Line Items]
 
Debt Instrument, Basis Spread on Variable Rate Basis
0.27% 
Asset-backed securitization issuance, Unamortized Discount
0 
Asset-backed securitization issuance, Face Amount
122,500 
Long-term Debt, Fair Value
122,500 
Debt Instrument, Maturity Date Range, End
Mar. 25, 2020 
Class A [Member] |
2015-2 Securitization [Domain] |
2015-2 Securitization Class A-2 [Member]
 
Debt Instrument [Line Items]
 
Debt Instrument, Basis Spread on Variable Rate Basis
0.60% 
Asset-backed securitization issuance, Unamortized Discount
0 
Asset-backed securitization issuance, Face Amount
584,500 
Long-term Debt, Fair Value
584,500 
Debt Instrument, Maturity Date Range, End
Sep. 25, 2042 
Class A [Member] |
2015-1 Securitization [Member]
 
Debt Instrument [Line Items]
 
Debt Instrument, Basis Spread on Variable Rate Basis
0.59% 
Asset-backed securitization issuance, Unamortized Discount
0 
Asset-backed securitization issuance, Face Amount
553,232 
Long-term Debt, Fair Value
553,232 
Debt Instrument, Maturity Date Range, End
Apr. 25, 2041 
Class B [Member]
 
Debt Instrument [Line Items]
 
Asset-backed securitization issuance, Unamortized Discount
(2,950)
Asset-backed securitization issuance, Face Amount
28,114 
Long-term Debt, Fair Value
25,164 
Class B [Member] |
2015-2 Securitization [Domain]
 
Debt Instrument [Line Items]
 
Debt Instrument, Basis Spread on Variable Rate Basis
1.50% 
Asset-backed securitization issuance, Unamortized Discount
(1,793)
Asset-backed securitization issuance, Face Amount
15,000 
Long-term Debt, Fair Value
13,207 
Debt Instrument, Maturity Date Range, End
May 25, 2049 
Class B [Member] |
2015-1 Securitization [Member]
 
Debt Instrument [Line Items]
 
Debt Instrument, Basis Spread on Variable Rate Basis
1.50% 
Asset-backed securitization issuance, Unamortized Discount
(1,157)
Asset-backed securitization issuance, Face Amount
13,114 
Long-term Debt, Fair Value
$ 11,957 
Debt Instrument, Maturity Date Range, End
Jun. 25, 2046 
Bonds and Notes Payable Debt Repurchases (Details) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Debt Instrument [Line Items]
 
 
Gain from debt repurchases
$ 2,524,000 
$ 39,000 
Junior Subordinated Debt [Member]
 
 
Debt Instrument [Line Items]
 
 
Extinguishment of Debt, Amount
11,900,000 
 
Gain from debt repurchases
2,500,000 
 
Asset-backed Securities [Member]
 
 
Debt Instrument [Line Items]
 
 
Extinguishment of Debt, Amount
 
1,400,000 
Gain from debt repurchases
 
$ 39,000 
Derivative Financial Instruments Outstanding (Details) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Derivative [Line Items]
 
 
Bonds and notes payable
$ 27,815,324,000 
$ 28,027,350,000 
1:3 basis swaps [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Type of Interest Rate Paid on Swap
one-month LIBOR 
one-month LIBOR 
Weighted average basis spread on variable rate paid on swap
6.00% 
3.50% 
Derivative, Notional Amount
6,100,000,000 
7,800,000,000 
Derivative, Type of Interest Rate Received on Swap
3-month LIBOR 
3-month LIBOR 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding 1 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
1,000,000,000 
0 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding 2 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
0 
250,000,000 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding 3 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
1,900,000,000 
1,900,000,000 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Oustanding 4 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
2,400,000,000 
3,650,000,000 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding 5 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
0 
250,000,000 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding 6 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
800,000,000 
800,000,000 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding 7 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
0 
100,000,000 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding 8 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
0 
700,000,000 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding 9 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
0 
150,000,000 
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
3,425,000,000 
3,100,000,000 
Derivative, Average Fixed Interest Rate
0.92% 1
0.87% 1
Derivative, Type of Interest Rate Received on Swap
3-month LIBOR 
3-month LIBOR 
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap 1 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
1,100,000,000 
1,100,000,000 
Derivative, Average Fixed Interest Rate
0.89% 1
0.89% 1
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap 2 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
750,000,000 
750,000,000 
Derivative, Average Fixed Interest Rate
0.85% 1
0.85% 1
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap 3 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
1,350,000,000 
1,250,000,000 
Derivative, Average Fixed Interest Rate
0.85% 1
0.86% 1
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap 4 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
100,000,000 
0 
Derivative, Average Fixed Interest Rate
1.02% 1
0.00% 1
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap 5 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
100,000,000 
0 
Derivative, Average Fixed Interest Rate
2.32% 1
0.00% 1
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap 6 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
25,000,000 
0 
Derivative, Average Fixed Interest Rate
2.46% 1
0.00% 1
Interest Rate Swap [Member] |
unsecured debt hedges [Member] |
Maturity 2036 [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
25,000,000 
25,000,000 
Derivative, Average Fixed Interest Rate
4.28% 1
4.28% 1
Derivative, Type of Interest Rate Received on Swap
3-month LIBOR 
3-month LIBOR 
Swaption [Member]
 
 
Derivative [Line Items]
 
 
Increase (Decrease) in Financial Instruments Used in Operating Activities
 
9,100,000 
Derivative, Notional Amount
$ 250,000,000 
 
Derivative, Type of Interest Rate Received on Swap
1-month LIBOR 
1-month LIBOR 
Derivative, Swaption Interest Rate
3.30% 
 
Derivative Financial Instruments Cross-currency Interest Rate Swaps (Details)
In Thousands, unless otherwise specified
3 Months Ended 3 Months Ended
Mar. 31, 2015
USD ($)
Mar. 31, 2014
USD ($)
Dec. 31, 2014
USD ($)
Mar. 31, 2015
Currency Swap [Member]
USD ($)
Mar. 31, 2014
Currency Swap [Member]
USD ($)
Mar. 31, 2015
Currency Swap [Member]
EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
 
 
Bonds and notes payable
$ 27,815,324 
 
$ 28,027,350 
 
 
€ 352,700 
Derivative, Notional Amount
 
 
 
450,000 
450,000 
352,700 
Re-measurement of Euro Notes
 
 
 
48,209 
(952)
 
Change in fair value of cross currency interest rate swaps
(46,072)
2,916 
 
(49,805)
(39)
 
Total impact to statements of income - income (expense)
 
 
 
$ (1,596)1
$ (991)1
 
Derivative Financial Instruments Fair Value of Derivative Instruments (Details) (USD $)
3 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instruments, asset
$ 36,595,000 
$ 64,392,000 
Fair value of derivative instruments, liability
85,564,000 
32,842,000 
Derivative, Name [Domain]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instruments, asset
36,595,000 
64,392,000 
Fair value of derivative instruments, liability
85,564,000 
32,842,000 
1:3 basis swaps [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instruments, asset
30,072,000 
53,549,000 
Fair value of derivative instruments, liability
0 
0 
notional amount of terminated derivatives
2,700,000,000 
 
Proceeds to terminate and or amend derivative instruments
34,400,000 
 
Interest rate swaps - floor income hedges [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instruments, asset
1,756,000 
5,165,000 
Fair value of derivative instruments, liability
6,498,000 
5,034,000 
Swaption [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instruments, asset
4,767,000 
5,678,000 
Fair value of derivative instruments, liability
0 
0 
Interest rate swaps - hybrid debt hedges [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instruments, asset
0 
0 
Fair value of derivative instruments, liability
8,805,000 
7,353,000 
Cross-currency interest rate swaps [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instruments, asset
0 
0 
Fair value of derivative instruments, liability
$ 70,261,000 
$ 20,455,000 
Derivative Financial Instruments Gross/Net (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instruments, asset
$ 36,595 
$ 64,392 
Fair value of derivative instruments, liability
85,564 
32,842 
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instruments, liability
85,564 
32,842 
Derivatives subject to enforceable master netting arrangement, liability
9,761 
12,387 
Cash collateral received
 
1,454 
Cash collateral pledged
6,400 
 
Fair value of derivative instruments, liability, net
69,403 
21,909 
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instruments, asset
36,595 
 
Derivatives subject to enforceable master netting arrangement, asset
(9,761)
(12,387)
Cash collateral pledged
5,556 
0 
Fair value of derivative instruments, asset, net
$ 32,390 
$ 52,005 
Derivative Financial Instruments Income Statement Effect of Derivative Instruments (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
$ (5,215)
$ (6,229)
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
(5,215)
(6,229)
Change in fair value
(46,072)
2,916 
Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense)
48,209 
(952)
Derivative market value and foreign currency adjustments and derivative settlements - income (expense)
(3,078)
(4,265)
1:3 basis swaps [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
266 
881 
Change in fair value
10,969 
1,110 
Interest rate swaps - floor income hedges [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
(5,015)
(6,950)
Change in fair value
(4,872)
3,358 
Interest rate swap option - floor income hedges [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Change in fair value
(912)
0 
Interest rate swaps - hybrid debt hedges [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
(252)
(252)
Change in fair value
(1,452)
(1,513)
Cross-currency interest rate swaps [Member] |
Other Income [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative settlements, net
(214)
92 
Change in fair value
$ (49,805)
$ (39)
Investments and Notes Receivable Summary (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Investment Holdings [Line Items]
 
 
Investments and notes receivable
$ 276,904 
$ 235,709 
Investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
146,801 
149,123 
Investments [Member] |
Available-for-sale investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
132,541 
133,142 
Gross unrealized gains
8,266 
8,420 
Gross unrealized losses
(532)1
(269)
Investments, Fair Value Disclosure
140,275 
141,293 
Investments [Member] |
Available-for-sale investments [Member] |
Student Loan Asset-Backed and Other Debt Securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
130,754 2
131,589 2
Gross unrealized gains
5,998 2
6,204 2
Gross unrealized losses
(484)1 2
(236)2
Investments, Fair Value Disclosure
136,268 2
137,557 2
Investments [Member] |
Available-for-sale investments [Member] |
Equity securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
1,787 
1,553 
Gross unrealized gains
2,268 
2,216 
Gross unrealized losses
(48)1
(33)
Investments, Fair Value Disclosure
4,007 
3,736 
Investments [Member] |
Trading investments [Member] |
Student Loan Asset-Backed and Other Debt Securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
6,526 
7,830 
Other Investments and Notes Receivable (not measured at fair value) [Member] |
Investments accounted for under the cost and equity methods [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
81,912 
36,991 
Other Investments and Notes Receivable (not measured at fair value) [Member] |
Notes Receivable [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
31,806 
30,643 
Other Investments and Notes Receivable (not measured at fair value) [Member] |
Other Investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
$ 16,385 
$ 18,952 
Investments and Notes Receivable Realized Gains (Losses) on Available-for-Sale Securities (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Gain (Loss) on Investments [Line Items]
 
 
Other income
$ 205 
$ 7,073 
Available-for-sale Securities [Member]
 
 
Gain (Loss) on Investments [Line Items]
 
 
Other income
205 
7,073 
Income tax expense
(76)
(2,617)
Net
$ 129 
$ 4,456 
Intangible Assets Intangible Assets (Details) (USD $)
3 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
 
 
Weighted average remaining useful life (months)
178 months 
 
Finite-Lived Intangible Assets, Net
$ 40,183,000 
$ 42,582,000 
Customer Relationships [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
18,820,000 
17,361,000 
Weighted average remaining useful life (months)
211 months 
 
Finite-Lived Intangible Assets, Net
25,871,000 
27,330,000 
Computer Software, Intangible Asset [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
2,472,000 
1,896,000 
Weighted average remaining useful life (months)
39 months 
 
Finite-Lived Intangible Assets, Net
6,393,000 
6,969,000 
Trade Names [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
403,000 
272,000 
Weighted average remaining useful life (months)
230 months 
 
Finite-Lived Intangible Assets, Net
6,019,000 
6,150,000 
Media Content [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Weighted average remaining useful life (months)
21 months 
 
Finite-Lived Intangible Assets, Net
1,575,000 
1,800,000 
Covenants not to compete [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Assets, Accumulated Amortization
30,000 
21,000 
Weighted average remaining useful life (months)
110 months 
 
Finite-Lived Intangible Assets, Net
$ 325,000 
$ 333,000 
Intangible Assets Amortization Expense (Details) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
 
 
 
Amortization of Intangible Assets
$ 2,400,000 
$ 1,000,000 
 
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year
7,196,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Two
6,249,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Three
3,752,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Four
3,533,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Five
2,861,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, after Year Five
16,592,000 
 
 
Amortization of Intangible Assets
$ 40,183,000 
 
$ 42,582,000 
Intangible Assets Goodwill (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Goodwill [Line Items]
 
Goodwill
$ 126,200 
Goodwill, Acquired During Period
0 
Goodwill
126,200 
Student Loan and Guaranty Servicing [Member]
 
Goodwill [Line Items]
 
Goodwill
8,596 
Goodwill, Acquired During Period
0 
Goodwill
8,596 
Tuition Payment Processing and Campus Commerce [Member]
 
Goodwill [Line Items]
 
Goodwill
67,168 
Goodwill, Acquired During Period
0 
Goodwill
67,168 
Asset Generation and Management [Member]
 
Goodwill [Line Items]
 
Goodwill
41,883 
Goodwill, Acquired During Period
0 
Goodwill
41,883 
Corporate and Other Activities [Member]
 
Goodwill [Line Items]
 
Goodwill
8,553 
Goodwill, Acquired During Period
0 
Goodwill
$ 8,553 
Earnings per Common Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
0 
0 
Net income attributable to Nelnet, Inc.
$ 64,765 
$ 73,786 
Weighted average common shares outstanding - basic and diluted
46,290,590 
46,527,917 
Earnings per share - basic and diluted
$ 1.40 
$ 1.59 
Common shareholders [Member]
 
 
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
Net income attributable to Nelnet, Inc.
64,078 
73,125 
Weighted average common shares outstanding - basic and diluted
45,799,873 
46,110,952 
Earnings per share - basic and diluted
$ 1.40 
$ 1.59 
Unvested restricted stock shareholders [Member]
 
 
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
Net income attributable to Nelnet, Inc.
$ 687 
$ 661 
Weighted average common shares outstanding - basic and diluted
490,717 
416,965 
Earnings per share - basic and diluted
$ 1.40 
$ 1.59 
Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Segment Reporting Information [Line Items]
 
 
Total interest income
$ 174,149 
$ 158,875 
Interest expense
71,554 
60,004 
Net interest income
102,595 
98,871 
Less provision for loan losses
(2,000)
(2,500)
Net interest income after provision for loan losses
100,595 
96,371 
Other income:
 
 
Loan and guaranty servicing revenue
57,811 
64,757 
Intersegment servicing revenue
0 
0 
Tuition payment processing, school information, and campus commerce revenue
34,680 
25,235 
Enrollment services revenue
17,863 
22,011 
Other income
6,918 
18,131 
Gain on sale of loans and debt repurchases
2,875 
39 
Derivative market value and foreign currency adjustments, net
2,137 
1,964 
Derivative settlements, net
(5,215)
(6,229)
Total other income (expense)
117,069 
125,908 
Operating expenses:
 
 
Salaries and benefits
61,050 
52,484 
Cost to provide enrollment services
11,702 
14,475 
Loan servicing fees
7,685 
5,421 
Depreciation and amortization
5,662 
4,783 
Other
29,129 
30,206 
Intersegment expenses, net
0 
0 
Total operating expenses
115,228 
107,369 
Income (loss) before income taxes and corporate overhead allocation
102,436 
114,910 
Corporate overhead allocation
0 
0 
Income (loss) before income taxes
102,436 
114,910 
Income tax (expense) benefit
(37,630)
(40,611)
Net income
64,806 
74,299 
Net income attributable to noncontrolling interest
41 
513 
Net income (loss) attributable to Nelnet, Inc.
64,765 
73,786 
Student Loan and Guaranty Servicing [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total interest income
7 
11 
Interest expense
0 
0 
Net interest income
7 
11 
Less provision for loan losses
0 
0 
Net interest income after provision for loan losses
7 
11 
Other income:
 
 
Loan and guaranty servicing revenue
57,811 
64,757 
Intersegment servicing revenue
12,871 
14,221 
Tuition payment processing, school information, and campus commerce revenue
0 
0 
Enrollment services revenue
0 
0 
Other income
0 
0 
Gain on sale of loans and debt repurchases
0 
0 
Derivative market value and foreign currency adjustments, net
0 
0 
Derivative settlements, net
0 
0 
Total other income (expense)
70,682 
78,978 
Operating expenses:
 
 
Salaries and benefits
33,703 
29,398 
Cost to provide enrollment services
0 
0 
Loan servicing fees
0 
0 
Depreciation and amortization
446 
419 
Other
14,600 
15,651 
Intersegment expenses, net
9,700 
9,163 
Total operating expenses
58,449 
54,631 
Income (loss) before income taxes and corporate overhead allocation
12,240 
24,358 
Corporate overhead allocation
(2,153)
(1,860)
Income (loss) before income taxes
10,087 
22,498 
Income tax (expense) benefit
(3,834)
(8,549)
Net income
6,253 
13,949 
Net income attributable to noncontrolling interest
0 
0 
Net income (loss) attributable to Nelnet, Inc.
6,253 
13,949 
Tuition Payment Processing and Campus Commerce [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total interest income
2 
0 
Interest expense
0 
0 
Net interest income
2 
0 
Less provision for loan losses
0 
0 
Net interest income after provision for loan losses
2 
0 
Other income:
 
 
Loan and guaranty servicing revenue
0 
0 
Intersegment servicing revenue
0 
0 
Tuition payment processing, school information, and campus commerce revenue
34,680 
25,235 
Enrollment services revenue
0 
0 
Other income
0 
0 
Gain on sale of loans and debt repurchases
0 
0 
Derivative market value and foreign currency adjustments, net
0 
0 
Derivative settlements, net
0 
0 
Total other income (expense)
34,680 
25,235 
Operating expenses:
 
 
Salaries and benefits
13,321 
10,027 
Cost to provide enrollment services
0 
0 
Loan servicing fees
0 
0 
Depreciation and amortization
2,195 
1,428 
Other
3,802 
2,647 
Intersegment expenses, net
2,614 
1,420 
Total operating expenses
21,932 
15,522 
Income (loss) before income taxes and corporate overhead allocation
12,750 
9,713 
Corporate overhead allocation
(862)
(620)
Income (loss) before income taxes
11,888 
9,093 
Income tax (expense) benefit
(4,518)
(3,455)
Net income
7,370 
5,638 
Net income attributable to noncontrolling interest
0 
0 
Net income (loss) attributable to Nelnet, Inc.
7,370 
5,638 
Asset Generation and Management [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total interest income
172,423 
157,003 
Interest expense
70,540 
59,476 
Net interest income
101,883 
97,527 
Less provision for loan losses
(2,000)
(2,500)
Net interest income after provision for loan losses
99,883 
95,027 
Other income:
 
 
Loan and guaranty servicing revenue
0 
0 
Intersegment servicing revenue
0 
0 
Tuition payment processing, school information, and campus commerce revenue
0 
0 
Enrollment services revenue
0 
0 
Other income
4,576 
4,164 
Gain on sale of loans and debt repurchases
351 
39 
Derivative market value and foreign currency adjustments, net
3,590 
3,477 
Derivative settlements, net
(4,963)
(5,977)
Total other income (expense)
3,554 
1,703 
Operating expenses:
 
 
Salaries and benefits
541 
609 
Cost to provide enrollment services
0 
0 
Loan servicing fees
7,685 
5,421 
Depreciation and amortization
0 
0 
Other
1,068 
1,725 
Intersegment expenses, net
13,040 
14,371 
Total operating expenses
22,334 
22,126 
Income (loss) before income taxes and corporate overhead allocation
81,103 
74,604 
Corporate overhead allocation
(1,078)
(1,329)
Income (loss) before income taxes
80,025 
73,275 
Income tax (expense) benefit
(30,409)
(27,844)
Net income
49,616 
45,431 
Net income attributable to noncontrolling interest
0 
0 
Net income (loss) attributable to Nelnet, Inc.
49,616 
45,431 
Corporate and Other Activities [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total interest income
2,153 
2,658 
Interest expense
1,450 
1,325 
Net interest income
703 
1,333 
Less provision for loan losses
0 
0 
Net interest income after provision for loan losses
703 
1,333 
Other income:
 
 
Loan and guaranty servicing revenue
0 
0 
Intersegment servicing revenue
0 
0 
Tuition payment processing, school information, and campus commerce revenue
0 
0 
Enrollment services revenue
17,863 
22,011 
Other income
2,342 
13,967 
Gain on sale of loans and debt repurchases
2,524 
0 
Derivative market value and foreign currency adjustments, net
(1,453)
(1,513)
Derivative settlements, net
(252)
(252)
Total other income (expense)
21,024 
34,213 
Operating expenses:
 
 
Salaries and benefits
13,485 
12,450 
Cost to provide enrollment services
11,702 
14,475 
Loan servicing fees
0 
0 
Depreciation and amortization
3,021 
2,936 
Other
9,659 
10,183 
Intersegment expenses, net
(12,483)
(10,733)
Total operating expenses
25,384 
29,311 
Income (loss) before income taxes and corporate overhead allocation
(3,657)
6,235 
Corporate overhead allocation
4,093 
3,809 
Income (loss) before income taxes
436 
10,044 
Income tax (expense) benefit
1,131 
(763)
Net income
1,567 
9,281 
Net income attributable to noncontrolling interest
41 
513 
Net income (loss) attributable to Nelnet, Inc.
1,526 
8,768 
Eliminations [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total interest income
(436)
(797)
Interest expense
(436)
(797)
Net interest income
0 
0 
Less provision for loan losses
0 
0 
Net interest income after provision for loan losses
0 
0 
Other income:
 
 
Loan and guaranty servicing revenue
0 
0 
Intersegment servicing revenue
(12,871)
(14,221)
Tuition payment processing, school information, and campus commerce revenue
0 
0 
Enrollment services revenue
0 
0 
Other income
0 
0 
Gain on sale of loans and debt repurchases
0 
0 
Derivative market value and foreign currency adjustments, net
0 
0 
Derivative settlements, net
0 
0 
Total other income (expense)
(12,871)
(14,221)
Operating expenses:
 
 
Salaries and benefits
0 
0 
Cost to provide enrollment services
0 
0 
Loan servicing fees
0 
0 
Depreciation and amortization
0 
0 
Other
0 
0 
Intersegment expenses, net
(12,871)
(14,221)
Total operating expenses
(12,871)
(14,221)
Income (loss) before income taxes and corporate overhead allocation
0 
0 
Corporate overhead allocation
0 
0 
Income (loss) before income taxes
0 
0 
Income tax (expense) benefit
0 
0 
Net income
0 
0 
Net income attributable to noncontrolling interest
0 
0 
Net income (loss) attributable to Nelnet, Inc.
$ 0 
$ 0 
Major Customer (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Concentration Risk [Line Items]
 
 
Concentration Risk, Customer
Department of Education 
Department of Education 
Concentration Risk Dollar Value [Member]
 
 
Concentration Risk [Line Items]
 
 
Loan and guaranty servicing revenue
$ 32.4 
$ 29.9 
Assets and Liabilities that are Measured at Fair Value (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
$ 146,801 
$ 149,123 
Fair value of derivative instruments
36,595 
64,392 
Total assets
183,396 
213,515 
Liabilities, Fair Value Disclosure [Abstract]
 
 
Fair value of derivative instruments
85,564 
32,842 
Total liabilities
85,564 
32,842 
Student loan asset-backed securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
142,429 
145,000 
Equity securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
4,007 
3,736 
Debt securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
365 
387 
Level 1 [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
4,372 
4,123 
Fair value of derivative instruments
0 
0 
Total assets
4,372 
4,123 
Liabilities, Fair Value Disclosure [Abstract]
 
 
Fair value of derivative instruments
0 
0 
Total liabilities
0 
0 
Level 1 [Member] |
Student loan asset-backed securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
0 
0 
Level 1 [Member] |
Equity securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
4,007 
3,736 
Level 1 [Member] |
Debt securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
365 
387 
Level 2 [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
142,429 
145,000 
Fair value of derivative instruments
36,595 
64,392 
Total assets
179,024 
209,392 
Liabilities, Fair Value Disclosure [Abstract]
 
 
Fair value of derivative instruments
85,564 
32,842 
Total liabilities
85,564 
32,842 
Level 2 [Member] |
Student loan asset-backed securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
142,429 
145,000 
Level 2 [Member] |
Equity securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
0 
0 
Level 2 [Member] |
Debt securities [Member]
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
Investments, Fair Value Disclosure
$ 0 
$ 0 
Fair Value of Financial Instruments (Details) (USD $)
Mar. 31, 2015
Dec. 31, 2014
Mar. 31, 2014
Dec. 31, 2013
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
$ 27,897,949,000 
$ 28,005,195,000 
 
 
Cash and cash equivalents
100,046,000 
130,481,000 
107,102,000 
63,267,000 
Investments (available-for-sale and trading)
276,904,000 
235,709,000 
 
 
Restricted cash - due to customers
71,890,000 
118,488,000 
 
 
Accrued interest receivable
355,372,000 
351,588,000 
 
 
Derivative instruments
36,595,000 
64,392,000 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
27,815,324,000 
28,027,350,000 
 
 
Accrued interest payable
27,275,000 
25,904,000 
 
 
Due to customers
71,890,000 
118,488,000 
 
 
Derivative instruments
85,564,000 
32,842,000 
 
 
Fair value [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
28,922,872,000 
28,954,226,000 
 
 
Cash and cash equivalents
100,046,000 
130,481,000 
 
 
Investments (available-for-sale and trading)
146,801,000 
149,123,000 
 
 
Notes Receivable
29,476,000 
28,832,000 
 
 
Restricted cash
856,715,000 
800,164,000 
 
 
Restricted cash - due to customers
71,890,000 
118,488,000 
 
 
Restricted investments
9,872,000 
50,276,000 
 
 
Accrued interest receivable
355,372,000 
351,588,000 
 
 
Derivative instruments
36,595,000 
64,392,000 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
27,695,072,000 
27,809,997,000 
 
 
Accrued interest payable
27,275,000 
25,904,000 
 
 
Due to customers
71,890,000 
118,488,000 
 
 
Derivative instruments
85,564,000 
32,842,000 
 
 
Fair value [Member] |
Level 1 [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
0 
0 
 
 
Cash and cash equivalents
100,046,000 
130,481,000 
 
 
Investments (available-for-sale and trading)
4,372,000 
4,123,000 
 
 
Notes Receivable
0 
0 
 
 
Restricted cash
856,715,000 
800,164,000 
 
 
Restricted cash - due to customers
71,890,000 
118,488,000 
 
 
Restricted investments
9,872,000 
50,276,000 
 
 
Accrued interest receivable
0 
0 
 
 
Derivative instruments
0 
0 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
0 
0 
 
 
Accrued interest payable
0 
0 
 
 
Due to customers
71,890,000 
118,488,000 
 
 
Derivative instruments
0 
0 
 
 
Fair value [Member] |
Level 2 [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
0 
0 
 
 
Cash and cash equivalents
0 
0 
 
 
Investments (available-for-sale and trading)
142,429,000 
145,000,000 
 
 
Notes Receivable
29,476,000 
28,832,000 
 
 
Restricted cash
0 
0 
 
 
Restricted cash - due to customers
0 
0 
 
 
Restricted investments
0 
0 
 
 
Accrued interest receivable
355,372,000 
351,588,000 
 
 
Derivative instruments
36,595,000 
64,392,000 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
27,695,072,000 
27,809,997,000 
 
 
Accrued interest payable
27,275,000 
25,904,000 
 
 
Due to customers
0 
0 
 
 
Derivative instruments
85,564,000 
32,842,000 
 
 
Fair value [Member] |
Level 3 [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
28,922,872,000 
28,954,226,000 
 
 
Cash and cash equivalents
0 
0 
 
 
Investments (available-for-sale and trading)
0 
0 
 
 
Notes Receivable
0 
0 
 
 
Restricted cash
0 
0 
 
 
Restricted cash - due to customers
0 
0 
 
 
Restricted investments
0 
0 
 
 
Accrued interest receivable
0 
0 
 
 
Derivative instruments
0 
0 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
0 
0 
 
 
Accrued interest payable
0 
0 
 
 
Due to customers
0 
0 
 
 
Derivative instruments
0 
0 
 
 
Carrying value [Member]
 
 
 
 
Assets, Fair Value Disclosure [Abstract]
 
 
 
 
Student loans receivable
27,897,949,000 
28,005,195,000 
 
 
Cash and cash equivalents
100,046,000 
130,481,000 
 
 
Investments (available-for-sale and trading)
146,801,000 
149,123,000 
 
 
Notes Receivable
31,806,000 
30,643,000 
 
 
Restricted cash
856,715,000 
800,164,000 
 
 
Restricted cash - due to customers
71,890,000 
118,488,000 
 
 
Restricted investments
9,872,000 
50,276,000 
 
 
Accrued interest receivable
355,372,000 
351,588,000 
 
 
Derivative instruments
36,595,000 
64,392,000 
 
 
Liabilities, Fair Value Disclosure [Abstract]
 
 
 
 
Bonds and notes payable
27,815,324,000 
28,027,350,000 
 
 
Accrued interest payable
27,275,000 
25,904,000 
 
 
Due to customers
71,890,000 
118,488,000 
 
 
Derivative instruments
$ 85,564,000 
$ 32,842,000 
 
 
Legal Proceedings (Details) (Pending Litigation [Member], Grant Keating v. Peterson's Nelnet, LLC et al [Member], USD $)
3 Months Ended
Mar. 31, 2015
Pending Litigation [Member] |
Grant Keating v. Peterson's Nelnet, LLC et al [Member]
 
Loss Contingencies [Line Items]
 
Loss contingency, damages sought, value
$ 500 
Loss contingency, inestimable loss
Due to the uncertainty and risks inherent in class determination and the overall litigation process, the Company believes that a meaningful estimate of a reasonably possible loss, if any, or range of reasonably possible losses, if any, for this lawsuit cannot currently be made.